Slide 1: Year-end presentation
Improving animal health through science and technology for better lives Year-end presentation February 2026
Slide 2: Full-year summary 2025
Full-year summary 2025 +13% Total revenue growth / Broad-based growth across the Group / Expanded our MedTech dental platform +6% Organic revenue growth / Addressing headwinds in MedTech orthopedics / Strong operational cash generation +11% Adjusted EBITA growth / Completed list change to Nasdaq Mai
Slide 3: Q4 Highlights
Q4 Highlights Solid finish to 2025 / Continued positive momentum in Specialty Pharma / Strong development in MedTech dental - actions taken to strengthen US orthopedics / Veterinary Services continued to perform at scale / Increased M&A activity – signed I-Vet to Diagnostics / Strong cash generation
Slide 4: Solid finish to 2025
Solid finish to 2025 Revenue and Adj. EBITA x% Adj EBITA margin x% Organic growth (%) Q4 development +4% / Net revenue 107.5 109.0 110 104.9 104.3 104.3 / 4% revenue growth to EUR 109.0m 100 91.0 28.3 30 90 87.6 25.4 25.5 26.1 / 6% organic growth driven by Specialty 80 24.7 24.6 21.9 25 Pharma and V
Slide 5: Specialty Pharma
Specialty Pharma Continued strong momentum +6% Organic revenue growth / 6 per cent organic growth on the back of the exceptionally strong Q424 +4% / Growth across all therapeutic areas with strong contribution from Dermatology Adj. EBITA growth / Margin improvement driven by operating leverage and i
Slide 6: MedTech
MedTech Strong growth in dental +4% Organic revenue growth / 4 per cent organic growth with strong growth in dental and continued solid performance in orthopedics in Europe/APAC / Reorganisation of orthopedics, built out field sales organisation in North America and +23% Adj. EBITA growth streamline
Slide 7: Veterinary Services
Veterinary Services Investing for growth +10% Organic revenue growth / Continued positive momentum with 10 per cent organic growth / Reached 10,900 members at year-end -11% Adj. EBITA growth / Acquired services platform with 300 member clinics in Belgium / Margin driven by communicated growth invest
Slide 8: Diagnostics
Diagnostics Diversifying into companion animal diagnostics +5% Organic revenue growth / 5 per cent organic growth with support from outbreak driven demand / Continuing to invest in new products and personnel to diversify into companion -8% Adj. EBITA growth animal diagnostics / Signed the acquisitio
Slide 9: Improving M&A momentum in Q4
Improving M&A momentum in Q4 Acquisition Segment Closing Dental Focus MedTech April 2025 AllAccem MedTech June 2025 David AI MedTech October 2025 Blossom Vets Vet Services October 2025 I-Vet Diagnostics March 2026 I-Vet – leading provider of companion animal diagnostics in Italy / Annual revenues of
Slide 10: Creating a sustainable leader in animal health
Creating a sustainable leader in animal health Sustainability strategy Animals People Planet We improve animal health We create a great place to work in We minimize our environmental through innovation, education, an engaging and inclusive footprint by reducing emissions and responsible treatments.
Slide 11: Fourth Quarter Financials
2 Fourth Quarter Financials Page 12
Slide 12: Q4 Income Statement
EURm Q4 2025 Oct – Dec Q4 2024 Oct – Dec Q4 Income Statement Net revenue 109.0 104.9 / Operating profit (EBIT) grew 54% to EUR 19.2m Adjusted EBITA 26.1 24.6 / Items affecting comparability of EUR -0.7m (-6.2) Adjusted EBITA margin (%) 24.0% 23.4% / Net financial items of EUR -7.5m (2.5) Items affec
Slide 13: Q4 Cash Flow
EURm Q4 2025 Oct – Dec Q4 2024 Oct – Dec Q4 Cash Flow EBIT 19.2 12.5 / NWC EUR 96.6m at 23 per cent of revenue per end of Cash flow from operating activities December 23.2 16.9 before change in NWC • Compared to end of September 2025, net working capital decreased by EUR 5.6m driven by lower current
Slide 14: Net Debt and Leverage
Leverage Net Debt (EUR m) Net Debt and Leverage 300 287 / Net debt per 31 December 2025 EUR 245.4m 280 261 / Cash and cash equivalents EUR 55.0m 260 254 245 240 222 / Net Debt / LTM Proforma Adjusted EBITDA 2.0x 220 212 200 180 160 3.0x 144 140 140 120 2.0x 2.1x 2.1x 2.0x 100 1.8x 80 1.3x 60 1.4x 40
Slide 15: Concluding remarks
Concluding remarks / Solid finish to 2025 / Continuing to build upon the broad momentum across the Group while addressing the performance in US orthopedics / Expanding and progressing M&A pipeline across all segments / Well-positioned in attractive market segments Page 16
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