Slide 1: Q3 Report
Q3 Report PRESENTATION WILL BEGIN SHORTLY
Slide 2: Q3 Report July - Sep 2025
Q3 Report JULY - SEP 2025 with Håkan Lagerberg, CEO Jenny Graflind, CFO
Slide 3: Q3 2025 Highlights
Q3 2025 Highlights Record net revenue & profitability Launch in Big Box: 1400 WM, 1100 CVS and more Organizational overview, realizing synergies – UK & Tampa Small minority investment – VIYO – adding new product group – Nutravet first to launch Q1 2026 in UK High international activity and internal
Slide 4: Financial Highlights Q3 2025
Financial Highlights Q3 2025 Comments Net Revenue • Q: Org +15%, -9% Fx, +5% acq. • YTD • 2B (1,9B) +9% organic • Stabile GM • OpEx • External costs • Cost associated with Amazon is 50% of external costs – increase with sales • Non-Amazon external costs are decreasing as % of sales Operational EBITD
Slide 5: Financial Highlights Q3 2025
Financial Highlights Q3 2025 Comments Net Debt/EBITDA • Improved compared to Q2 • Impacted by payments for acquisitions Net Debt / EBITDA Op. cash flow / Cash conversion Cash • 99% cash conversion vs Op, EBITDA • Driven by inventory reductions • Acquisitions (total 28M) • Minority acq. of Viyo • 2nd
Slide 6: Rolling 4 quarters
Rolling 4 quarters Rolling twelve months - net revenue and EBITDA 600 160 140 500 120 400 100 300 80 60 200 40 100 20 0 0 2020 2021 2022 2023 2024 R12 2025 Q3 2020 Q3 2021 Q3 2022 Q3 2023 Q3 2024 Q3 2025 Net revenue EBITDA Operational EBITDA
Slide 7: Product- and brandsplit – Q3
Product- and brandsplit – Q3 Not adjusted for acquisition or currency +23% 300 120 Contract Manufacturing -2% 250 100 Other +17% +23% Private/ 200 -6% CO Label 80 +53% 150 60 +11% +4% 100 40 -10% +28% +106% +25% 50 +2% +50% 20 -13% - +23% +17% NUTRACEUTICALS TOPICALS/ DENTAL PHARMA OTHER TREATS - DE
Slide 8: Net sales North America 421,7 MSEK
Net sales North America 421,7 MSEK 59% MSEK 8% growth, organic 18% of total net revenue • Pet retail and Online strong, Vet still soft 400 350 • NaturVet – Big Box, expansion in PetSmart and others 300 250 • NaturVet Amazon – acquired inventory sold out, will 200 not affect Q4 and forward 150 100 •
Slide 9: Net sales Europe 162,6 MSEK
Net sales Europe 162,6 MSEK 23% 39% growth, organic 19% of total net revenue • UK and Nordics leading growth 160 140 • Amazon markets making same transition as UK 120 100 • Building out local team in important Amazon 80 markets, Germany Q2, Spain Q4 + more 60 40 • Portugal – now handled from Spanish
Slide 10: Net sales Production 128,7 MSEK
Net sales Production 128,7 MSEK -4% 18% growth, organic 3% of total net revenue 140 • 3 out of 4 DD-growth, the biggest -13%, decline 120 mainly due to Vet market softness in US and inventory 100 optimization 80 • Increased internal demand and last volume products 60 being transferred in Q4/Q1 2026
Slide 11: Priorities 2025
Priorities 2025 Continue our strong growth Enhance operational trajectory, focusing on efficiencies, particularly in present main markets and production and supply chain geographic expansion into chain optimization Asia and South America Strengthen our online Pursue new acquisitions that platforms a
Slide 12: Production Update
Production Update Building a Global CDMO - Vetio Leveraging Vetio Soft Chew Technology Q3 Investor Presentation 22 October 2025 John Kane
Slide 13: Building a Global CDMO - Vetio
Building a Global CDMO - Vetio Vetio Ireland Vetio North Vetio UK Vetio South 2018 2020 2022 2024 2026 2028 Topical Liquids Nutritional Supplements Treats & Non-Sterile Liquids1 Pharma Solid Dosage Pharma Non-Sterile Liquids Sterile Fill & Finish Nutr. Supplements Treats2 Nutr. Supplements Starting
Slide 14: Global Companion Animal Drugs Market - $14 Billion
Global Companion Animal Drugs Market - $14 Billion Parasiticides Flea / Tick / Heartworm Solid Oral Dosage Tablets, Powders, Soft Chews Therapeutics Pain, Diseases (kidney, liver, etc.), Ophthalmology, etc. Parenteral Mainly Injectables (vaccines, insulin), does not pass through GI tract Vaccines gr
Slide 15: Global Pet Supplements & Treats Market - $5 Billion
Global Pet Supplements & Treats Market - $5 Billion Pet Spending by Category – Ex. Pet Supplements Food & Vet Services* Projected Growth *Among Cats & Dogs Source: American Pet Association, American Veterinary Medical Association, US Census Bureau, and Straits Research 7/4/24, Internal Analysis
Slide 16: Leveraging Vetio Soft Chew Technology
Leveraging Vetio Soft Chew Technology • The Vetio soft chew matrix is a highly stable and palatable delivery system consisting of one or more pharmaceutical grade APIs or supplement ingredients. • Vetio’s process & composition chew patent is the result of a decade of development.
Slide 17: Compounding Veterinary Specials
Compounding Veterinary Specials Acquired by Swedencare March 24, 2025, Summit UK offers an extensive suite of animal health specials in the UK. Summit supports a variety of species through its medications including canine, feline, equine and other companion animals. Summit enables over 5.500 veterin
Slide 18: Summary of Production Opportunities
Summary of Production Opportunities Drivers Impact •Vetio investing in sterile capabilities driven by Growth of •Increase in Parenteral (injectable) sponsor client Sterile administration in vet clinics (accuracy, cannot •Opens up large growing market, including Large Products be sold online) Animal
Slide 19: Thank you for participating!
Thank you for participating! Q&A