Slide 1: Q1 presentation May 2024
Together, we improve animal health through science and technology for better lives Q1 presentation May 2024
Slide 2: Q1 Highlights
Q1 Highlights / Reduced annual ordering programme in US MedTech to better phase sales across the year, with no impact on full year / Strong organic growth in Veterinary Services and Specialty Pharma / Completed successful capital raise and announced new financial targets Page 2
Slide 3: Q1 group performance impacted by normalising sales pattern in MedTech
Q1 group performance impacted by normalising sales pattern in MedTech Revenue and Adj. EBITA Q1 development Adj EBITA (EURm) AOP revenue Revenue (EURm) x% Adj EBITA margin x% Organic growth (%) Net revenue +4% 100 35 91.3 / Lower organic growth of 1% reflects 90 88.1 82.5 5.5 30 reduced US MedTech A
Slide 4: Specialty Pharma
Specialty Pharma 11% Organic growth / Strong organic growth 11% primarily driven by US Specialised Nutrition and European Allergy / Positive impact from cross-sales, rolling out products in new channels 17% Adj. EBITA growth and markets / Initiated studies on client-owned dogs in the development for
Slide 5: MedTech
MedTech -12% Organic decline / Organic revenue decline of 12% reflects reduction of annual ordering programme to better match sales with customer consumption -29% / AOP reduced with EUR 4.5m – sales to be fulfilled in remaining quarters Adj. EBITA decline / Continued high-single digit organic growth
Slide 6: Veterinary Services
Veterinary Services 15% Organic growth / Strong 15% organic growth across key geographies / Solid recruitment pace with 350 new members, good conversion to 28% higher membership tiers Adj. EBITA growth / Co-owned clinics delivers high-single-digit growth, ahead of the veterinary clinic market Revenu
Slide 7: Diagnostics
Diagnostics -6% Organic decline / Organic decline 6% reflects lower levels of disease outbreaks / Progressing innovations targeting companion animal diagnostics, ramping -24% Adj. EBITA up investments over the year decline / Launching the new AI based parasitology platform Ovacyte for companion anim
Slide 8: 2023 Sustainability (ESG) highlights
2023 Sustainability (ESG) highlights 32 78 94% 51% People Best place to work eNPS Inclusion index Employees trained Female leaders in ethics Animals Leading innovator of solutions that improve 15k Trained animal health 111 Products launched 425 SKUs reducing use of welfare and reduce AMR professiona
Slide 9: First Quarter Financials
First Quarter Financials Page 9
Slide 10: Q1 Income Statement
EUR m Q1 2024 January – March Q1 2023 January – March Q1 Income Statement / Operating profit (EBIT) EUR 13.4m (18.5) Adjusted EBITA 24.1 26.1 Adjusted EBITA margin (%) 26.3% 29.6% / Non-recurring items EUR -5.1m (-2.6) • Litigation related costs in MedTech Non-recurring items -5.1 -2.6 • M&A related
Slide 11: Q1 Cash Flow
EUR m Q1 2024 January – Q1 2023 January – Q1 Cash Flow March March / NWC EUR 75.3m at 22% of revenue, up from EUR EBIT 13.4 18.5 71.1m at the end of December Cash flow from operating activities 13.2 21.3 / Inventory down EUR -0.6m –continued inventory reduction in MedTech before change in NWC Change
Slide 12: Net Debt and Leverage
Net Debt and Leverage Leverage Net Debt (EUR m) / Net debt per 31 March 2024 EUR 287.4m 350 340 341 325 293 296 / Cash and cash equivalents EUR 38.1m 300 288 285 287 275 267 4.3x 258 250 4.1x / Repayment of external debt of EUR 3m in Q1 225 3.6x 200 3.1x 3.1x 3.0x 3.0x / Net Debt / LTM Pro-forma EBI
Slide 13: Helping our members to improve today and be ready for tomorrow
Helping our members to improve today and be ready for tomorrow
Slide 14: VetFamily is a global, leading veterinary services platform supporting 7,550 clinics across 11 markets
VetFamily is a global, leading veterinary services platform supporting 7,550 clinics across 11 markets Overview Geographic footprint Revenue split, % (2023) • Membership-based platform providing services and a vibrant Europe 81% community for vet clinics and partners NA 14% • Unrivalled scale and th
Slide 15: Being an independent clinic is challenging and overwhelming with all non-care work tasks
Being an independent clinic is challenging and overwhelming with all non- care work tasks Supplier portals… AI… Pet food subscription… HR problems… Recruiting… Online Preventive marketing… Machine care… Pet owner learning... apps… Helping animals is always my key priority Online consultation … Suppl
Slide 16: Our business can on a high level be divided into three main areas
Our business can on a high level be divided into three main areas Partner services Clinic services Clinic operations Co-ownership in 11 clinics Commercial agreements on local, Value adding services regional and global level with key Leverage VF offering to simplify clinic industry partners The more
Slide 17: Achievements since the IPO
Achievements since the IPO >3x VetFamily at IPO VetFamily today total revenue growth since IPO Commentary FY20 EUR 14.5m reported FY23 EUR 49.4m reported Revenue CAGR 51% FY20-23 revenue revenue Strong growth in both existing and 2,600+ member clinics 7,550+ member clinics new markets 3 acquis
Slide 18: Clear strategy to drive accelerated growth and improve profitability
Clear strategy to drive accelerated growth and improve profitability Increase # of member clinics in existing markets + Grow service offering to member clinics and partners + Expand organically into new geographical markets + Extend market reach and product offering through M&A + Leverage Vimian’s g
Slide 19: Q&A
Q&A Page 20