Slide 1: 2025 half-year results & perspectives
2025 half-year results & perspectives September 2025
Slide 2: Disclaimer
DISCLAIMER This presentation contains forward-looking statements with respect to Virbac’s profitability and financial condition, business operations, projects and outlook. Although Virbac’s management believes that such forward-looking statements are based on reasonable assumptions, as made as of the
Slide 3: Presenters
Financial Performance Introduction & Strategy execution Presenters Paul Martingell Habib Ramdani Chief executive officer Chief financial officer - Deputy CEO
Slide 4: Virbac CEO appointment - Paul Martingell
VIRBAC CEO APPOINTMENT - PAUL MARTINGELL Work Experience ➢ 25+ Years leadership in FMCG, Consumer Health & Human Pharma ➢ Leading transformation in international roles across Europe, Americas & Asia ➢ Most recently 11yrs in the Executive Committee driving the performance and integration of Sanofi & B
Slide 5: Financial results and guidance
Financial results and guidance Strategy execution & perspectives 2025 financial calendar Q&A session 2025 HALF-YEAR RESULTS & PERSPECTIVES
Slide 6: 2025 half-year financials - summary (1/3)
2025 HALF-YEAR FINANCIALS - SUMMARY (1/3) Strong revenue growth of 7.8% at CER composed of 5.6% organic growth €738.3 m in HY25 (vs €702.9 m in S1’24) and 2.2% M&A contribution from Sasaeah acquisitions ● Solid performance in all geographies to the exception of Pacific Revenue +7.8% @CER ● The organi
Slide 7: 2025 half-year financials - summary (2/3)
2025 HALF-YEAR FINANCIALS - SUMMARY (2/3) €97.4 m in HY25 (vs €116.1 m in HY24) ● Net cash flow generation of €97.4 million in HY25 in line with Net Cash Flow our performance -16% vs HY24 €53.9 m in HY25 ● Capex at €53.9 million in HY25 increased by 98% compared to (vs €27.2 m in HY24) HY24, this is
Slide 8: 2025 half-year financials - summary (3/3)
2025 HALF-YEAR FINANCIALS – SUMMARY (3/3) Revenues EBIT(A) 1 8 EBIT(A): current operating profit before depreciation of assets arising from acquisitions
Slide 9: Revenue growth drivers
REVENUE GROWTH DRIVERS Scope impact arising from Sasaeah +5.6% acquisitions (Apr24) in growth Japan @CERS1 In H1, our revenues amounted to €738.3 million versus €702.9 million in 2024, an overall increase of +5.0%. - Excluding currency effects, revenues showed significant growth of +7.8%. - The Sasaea
Slide 10: Revenues and growth by region
REVENUES AND GROWTH BY REGION Virbac performance by geography Strong revenue growth in all geographies (especially in Latin America and IMEA) to the exception of Pacific (decrease in Australia due to destocking and market conditions) Note: in € million - values at actual rates and growth % at CER
Slide 11: Focus geographies
FOCUS GEOGRAPHIES Mexico USA India France Australia +15.3% @CER in +5.9% @CER in +6.8% @CER in -0.4% @CER in -11.4% @CER in HY25 HY25 HY25 HY25 HY25 Strong performance of Strong performance Strong performance on Performance is impacted This decrease is mainly the affiliate in a growing despite Vet mar
Slide 12: Revenue growth by segment (1/3)
REVENUE GROWTH BY SEGMENT (1/3) HY25 Revenue €738.3m Note: in € million in actual rate; in % at constant exchange rates and scope 12
Slide 13: Revenue growth by segment (2/3)
REVENUE GROWTH BY SEGMENT (2/3) COMPANION ANIMALS +7.1% GROWTH +4.9% at CERS at actual rates €71.8m €47.0m €89.8m €65.4m €63.8m €84.7m (+13.9%) (-0.8%) (+12.5%) (+2.7%) (+6.4%) (+5.1%) Note: in € million - at constant exchange rates and scope
Slide 14: Revenue growth by segment (3/3)
REVENUE GROWTH BY SEGMENT (3/3) FARM ANIMALS +5.1% GROWTH +7.0% at CERS at actual rates €63.4 m €51.8 m €49.7 m €46.7 m €32.9 m €20.6 m (+11.7%) (-3.9%) (+5.4%) (+10.9%) (8.0%) (-5.3%) Note: in € million - at constant exchange rates and scope
Slide 15: Sales breakdown by region & segment
SALES BREAKDOWN BY REGION & SEGMENT Note: X.X% as percentage of total revenues at constant exchange rate - 🡻/🡻% HY25 growth at constant exchange rates - Other relates to contract manufacturing 15
Slide 16: EBIT A by geography and P&L statement
EBIT A BY GEOGRAPHY AND P&L STATEMENT The adjacent table shows Virbac’s P&L in HY25 compared to HY24 at actual rates and scope In HY25 Virbac achieved an EBIT(A) of €135m resulting €738.3m revenues offset by cost of materials (€240.9m), net expenses (€334.4m), and depreciation (€28m). The actual EBIT
Slide 17: Net free cash flow HY25 vs HY24
NET FREE CASH FLOW HY25 VS HY24 Virbac cash generation HY25 net cash generation stand at €97.4 million offset by increasing Capex expenses (+98% due to major industrial projects) and usual working capital seasonality. Net free cash flow stand at -41.1 million. Note: in €m - 🡻/🡻% HY25 growth…
Slide 18: Net debt as of Jun25 vs Dec24
NET DEBT as of Jun25 vs Dec24 Recurring working capital seasonality Strong cash effect on the first generation semester in HY25 Closing net debt at constant rate & scope +€210.7m (+€42.2m vs Dec24) Net debt situation of €201.4 million compared to €168.5 million as of Dec24 Net debt/Ebitda ratio1 at
Slide 19: Condensed balance sheet analysis
CONDENSED BALANCE SHEET ANALYSIS Balance sheet from Jun24 to Jun25 Slight increase in net debt (net debt to Equity ratio up to 18.9% as of Jun25 vs 16.2% as of Dec24) due to increasing capex requirements and working capital seasonality.
Slide 20: Shareholding structure as of June 2025
SHAREHOLDING STRUCTURE AS OF JUNE 2025 Number Voting of shares Rights 8 390 660 20
Slide 21: Strategy execution & perspectives
Financial results and guidance Strategy execution & perspectives 2025 financial calendar Q&A session 2025 HALF-YEAR RESULTS & PERSPECTIVES
Slide 22: Vision 2030 - clear roadmap
VISION 2030 - CLEAR ROADMAP ● Corporate culture and purpose Teams ● ● HSE & CSR Great Place to Work ● Compliance & ethics Innovation Acquisition Competitiveness ● R&D acceleration and ● Programmatic M&A and ● Industrial strategy and Portfolio “Busters” programs dynamic licensing competitiveness Targ
Slide 23: Illustration of progresses in 2025
ILLUSTRATION OF PROGRESSES IN 2025 Excellent contribution of new products: Trilotab, Ursolyx, Product launches Swine vaccines ... Prevexto & Vikaly to come R&D Pipeline progressing well. Launch of 1st Chinese product developed in China Innovation Submission of updated R&D and regulatory data to meet
Slide 24: M&A integration - status update
M&A INTEGRATION - STATUS UPDATE SASAEAH MOPSAN Integration process very well advanced Integration process very well advanced ● Japan Leadership Team complete with ● Brand identity switch done combined the onboarding of both the new general with new product launches and manager and the new head of Hu
Slide 25: Full year 2025 guidance
FULL YEAR 2025 GUIDANCE Sasaeah acquisition to add 1 point of net revenue growth and to be neutral on the Ebita ratio 1 EBIT(A): current operating profit before depreciation of assets arising from acquisitions 25
Slide 26: 2025 financial calendar
Financial results and guidance Strategy execution & perspectives 2025 financial calendar Q&A session 2025 HALF-YEAR RESULTS & PERSPECTIVES
Slide 27: 2025 financial calendar - upcoming events
2025 FINANCIAL CALENDAR – UPCOMING EVENTS October 16, 2025* Q3 sales January 15, 2026* Q4 full-year 2025 sales 27 *after market close
Slide 28: Q&A session
Financial results and guidance Strategy execution & perspectives 2025 financial calendar Q&A session 2025 HALF-YEAR RESULTS & PERSPECTIVES
Slide 29: 2025 half-year results & perspectives
2025 half-year results & perspectives September 2025