Slide 1: Q4 presentation February 2025
Together, we improve animal health through science and technology for better lives Q4 presentation February 2025
Slide 2: Q4 Highlights
Q4 Highlights / All-time high revenues for an individual quarter / Strong organic growth / Strong cash flow from operations / Positive start for iM3 as part of Vimian Page 2
Slide 3: Continued double-digit organic growth in Q4
Continued double-digit organic growth in Q4 Revenue and Adj. EBITA Adj EBITA (EURm) Revenue (EURm) x% Adj EBITA margin x% Organic growth (%) Q4 development +27% Net revenue 10 104.9 / 27% revenue growth to EUR 104.9m 00 91.3 91.0 30 90 88.1 87.6 81.3 79.9 82.5 24.7 24.6 / 15% organic growth with exc
Slide 4: Year-over-year margin development
Year-over-year margin development Adjusted EBITA, % YoY Margin development in the quarter 27.5 / Specialty Pharma negatively impacted by (i) 1.9 25.6 full-year capitalisation effect in Q423 and (ii) 0.9 accounts receivable write-off relating to one 1.6 23.4 customer 0.3 / MedTech margin impacted by
Slide 5: Specialty Pharma
Specialty Pharma 22% Organic growth / Very strong organic performance with double-digit growth in three therapeutic areas 2% Adj. EBITA growth / One third of organic growth generated from cross-selling and internationalisation initiatives in 2024 / Q423 included higher capitalisation of EUR 1.5m rel
Slide 6: MedTech
MedTech 4% Organic growth / Consolidated veterinary dental business iM3 on 1st October 18% / 4% organic growth in a continued challenging US surgery market Adj. EBITA growth / MedTech orthopedics completed 52 in-person trainings with 855 participants in the quarter and +800 participants in virtual t
Slide 7: Veterinary Services
Veterinary Services 16% Organic growth / Strong organic growth with continued positive momentum across key geographies 35% Adj. EBITA growth / 159 new members reaching 8,400 members by year-end / Strong profitability benefits from revenue growth and positive mix Revenue and Adj. EBITA 20 8 14.5 15.4
Slide 8: Diagnostics
Diagnostics 12% Organic growth / Strong organic growth in a continued volatile market 23% / Low profitability reflects investments in diversifying the business Adj. EBITA decline into companion animal diagnostics market Revenue and Adj. EBITA 5.9 6 2.0 5.3 5.2 4.9 5.0 5 1.5 4 3 0.8 0.9 1.0 0.6 2 0.4
Slide 9: Fourth Quarter Financials
Fourth Quarter Financials Page 9
Slide 10: Q4 Income Statement
EURm Q4 2024 Q4 2023 Q4 Income Statement October – October – December December / Operating profit (EBIT) EUR 12.5m (2.7) Adjusted EBITA 24.6 22.6 Adjusted EBITA margin (%) 23.4% 27.5% / Items affecting comparability EUR -6.2m (-14.3) • Litigation legal costs in MedTech Items affecting comparability
Slide 11: Q4 Cash Flow
EURm Q4 2024 October – Q4 2023 October – Q4 Cash Flow December December EBIT 12.5 2.7 / NWC EUR 100.1m at 25% of revenues per end of December Cash flow from operating activities / Compared to end of September 2024, net working capital increased by 17.0 8.3 before change in NWC EUR 13.9m due to the a
Slide 12: Net Debt and Leverage
Net Debt and Leverage Leverage Net Debt (EUR m) 293 296 288 285 287 / Net debt per 31 December 2024 EUR 221.9m / Cash and cash equivalents EUR 64.8m 222 / Net Debt / LTM Proforma Adjusted EBITDA 2.0x 3.1x 3.1x 3.0x 3.0x 2.9x 144 140 2.0x 1.3x 1.4x 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 Page 12
Slide 13: Full-year summary
Full-year summary 13% Total revenue growth / Solid organic growth despite challenging US surgery market 9% Organic revenue growth / Strong cash flow from operations of EUR 58.1 million / New financial targets and successful rights issue 9% Adjusted EBITA growth / Entered new fast-growing market nich
Slide 14: Vimian priorities
Vimian priorities / Drive strong organic growth / Operational improvements / Create the best place to work / Advance M&A pipeline / Nasdaq Stockholm Main Market Page 14
Slide 15: Q&A
Q&A Page 15