Slide 1: Fiscal Year 2026 Fourth-Quarter Results
Fiscal Year 2026 Fourth-Quarter Results July 30, 2026
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, among others, statements regarding our outlook, guidance and objectives; plans and expectatio
Slide 3: Financial Highlights
Financial Highlights FY27 Guide for Improved FCF +5.8% Core Revenue Growth1 of 3% Q4 FY26 Food Safety core growth1 accelerates to 5.8% - Reflects improvement over FY26 core Generated $26.2 million in FCF2 highest rate since FY23 revenue growth1 of 1.9% in Q4 FY26 (1) Excludes the impacts of foreign
Slide 4: Building on our Leadership in Food Safety
Building on our Leadership in Food Safety D R I V I N G I M P R O V E D , M O R E P R E D I C TA B L E O P E R AT I O N A L P E R F O R M A N C E Strengthening our commercial engine by deploying Commercial an enhanced go-to-market strategy, a global Prowess solutions-based selling model, & rigorous
Slide 5: Building a Winning Commercial Culture at Neogen
Building a Winning Commercial Culture at Neogen FY26 FY27 FOUNDATION SCALING EXCELLENCE • Reset expectations and • Commercial Focused go-to-market laid foundations of strategy winning culture • Focused geographic Excellence • Critical hires, deployment organizational • Disciplined Joe Freels enhance
Slide 6: Plans to Elevate our Global Commercial Performance
Plans to Elevate our Global Commercial Performance Global go-to-market strategy • Disciplined segment Drive share gains through implementation with focus deployment targeted initiatives and on high ROIC countries, • Strategic accounts special incentive programs segments, and products Enhance enterpr
Slide 7: Innovation Focus - 50% Increase in FY27 R&D Spend
Innovation Focus - 50% Increase in FY27 R&D Spend 1 2 3 Petrifilm Innovation Technology Licensing Organic Development • SKU expansion • Evaluating new technology • Next-generation platform platforms development in areas such as • New market exploration in pathogen detection and general pharmaceutica
Slide 8: Plans to Drive Operational Efficiency Across the Enterprise
Plans to Drive Operational Efficiency Across the Enterprise Manufacturing S&OP Transformation & Excellence Enhancements Technology • First fully validated Petrifilm SKU • Significant reduction in inventory Initiatives anticipated by the end of August • Enterprise level, end-to-end 2026 supply chain
Slide 9: Key Financial Highlights for the Quarter
Key Financial Highlights for the Quarter (2) Adjusted Net Income(3) Revenue ($M) Adjusted EBITDA ($M) ($M, excl. per share) $225.5 $211.2 $225.3 $48.2 $45.4 $19.4 $40.6 $18.7 $11.3 $0.09 $0.09 18.0% 22.8% 20.2% $0.05 Adjusted Adjusted (3) (3) Margin Margin Margin Adjusted EPS EPS (3) EPS Q4 FY25 Q3
Slide 10: Balance Sheet & Capital Allocation
Balance Sheet & Capital Allocation Current Debt Improving FCF Trends $26.2 Gross Debt $11.1 $7.7 $794M Less: Cash & Equivalents 1Q26A 2Q26A 3Q26A 4Q26A $186M ($13.1) (1) • Repaid $20M in term loan at end of June 2026 Net Debt $608M • Planned Genomics divestiture expected to generate $160M in gross p
Slide 11: FY27 Financial Guidance
FY27 Financial Guidance (2) FY27 Revenue Guidance FY27 Adjusted EBITDA Guidance $920 FY27 Revenue Guidance: $190 $880-$885 million (2) FY27 Adj. EBITDA Guidance: $882.5 $180-$182 million $880 $870.4 $6 $181.0 $180 $177.8 $840 ≈3% core (1) $92 growth at $92 midpoint $13 $800 $13 $170 $760 $791 $773 $
Slide 12: Quarterly Performance Summary
Quarterly Performance Summary • Fundamentals improving – highest Food Safety core growth since FY23 • New commercial strategy positioned to drive enhanced growth in FY27 and beyond • Innovation a high priority, focused on Petrifilm, informatics, licensing opportunities, and 2nd generation platforms
Slide 13: Thank you for joining us.
To view the earnings press release and Thank you for presentation, visit: WWW.NEOGEN.COM/INVESTOR-RELATIONS joining us. © 2026 Neogen Corporation. All rights reserved. | 13
Slide 14: Appendix
Appendix
Slide 15: Non-GAAP Reconciliations: Adjusted Gross Profit
Non-GAAP Reconciliations Adjusted Gross Profit Three months ended May 31, Twelve months ended May 31, 2026 2025 2026 2025 Gross Profit $ 107.8 $ 92.9 $ 408.5 $ 421.4 (1) Transaction costs 0.2 - 0.7 - (2) 3M integration costs 0.4 0.3 1.5 5.7 (3) Sample collection transition and ramp up costs (1.0) 10
Slide 16: Non-GAAP Reconciliations: Adjusted Operating Income
Non-GAAP Reconciliations Adjusted Operating Income Three months ended May 31, Twelve months ended May 31, 2026 2025 2026 2025 Operating Income (Loss) $ 3.1 $ (611.2) $ (21.6) $ (1,061.0) Amortization of acquisition-related intangibles 22.2 23.2 89.1 92.4 Share-based compensation 3.0 4.3 13.4 17.3 (1
Slide 17: Non-GAAP Reconciliations: Adjusted EBITDA
Non-GAAP Reconciliations Adjusted EBITDA (USD in millions) Three months ended May 31, Twelve months ended May 31, 2026 2025 2026 2025 Net Loss $ (11.3) $ (612.2) $ (7.9) $ (1,092.0) Income tax benefit (0.8) (19.0) (1.1) (41.1) Depreciation and amortization 29.4 30.3 116.3 119.5 Interest expense, net
Slide 18: Non-GAAP Reconciliations: Adjusted Net Income
Non-GAAP Reconciliations Adjusted Net Income (USD in millions) Three months ended May 31, Twelve months ended May 31, 2026 2025 2026 2025 Net Loss $ (11.3) $ (612.2) $ (7.9) $ (1,092.0) Amortization of acquisition-related intangibles 22.2 23.2 89.1 92.4 Share-based compensation 3.0 4.3 13.4 17.3 FX
Slide 19: Non-GAAP Reconciliations: Adjusted Operating Expenses
Non-GAAP Reconciliations Adjusted Operating Expenses Three months ended May 31, Twelve months ended May 31, 2026 2025 2026 2025 Total Operating Expenses $ 104.7 $ 704.1 $ 430.1 $ 1,482.4 Amortization of acquisition-related intangibles 22.2 23.2 89.1 92.4 Share-based compensation 3.0 4.3 13.4 17.3 Tr
Slide 20: Non-GAAP Reconciliations: Core Revenue Growth and Free Cash Flow
Non-GAAP Reconciliations Core Revenue Growth and Free Cash Flow (USD in millions) Year-over-Year % Change From Q4 FY26 Q4 FY25 Growth Foreign Currency Acquisitions/Divestitures Core Revenue Growth Food Safety $ 166.8 $ 161.8 3.1% 2.3% (5.0%) 5.8% Animal Safety 58.5 63.7 (8.2%) 0.7% (9.4%) 0.5% Total