Valbiotis Sa · EURONEXT:ALVAL
Valbiotis Sa — Investor Presentation (February 2026)
32 slides from Valbiotis Sa's investor presentation, February 2026
Slide 1: M O D ÈLE C O N FID EN TIEL © | 2025
1 M O D ÈLE C O N FID EN TIEL © | 2025 1
Slide 2: A future French leader in clinically tested natural health supplements
A FUTURE FRENCH LEADER IN CLINICALLY TESTED NATURAL HEALTH SUPPLEMENTS 2 M O D ÈLE C O N FID EN TIEL © | 2025 2
Slide 3: Contents
CONTENTS 1. PROFILE A French laboratory that has made the transition from R&D to marketing clinically tested natural health supplements 2. FRANCE A commercial roll-out underway, reflected in rising revenue in Q4 3. INTERNATIONAL A major strategic partnership in Asia and a distribution agreement in t
Slide 4: 1. Profile
1. PROFILE A French laboratory that has made the transition from R&D to marketing clinically tested natural health supplements 4 M O D ÈLE C O N FID EN TIEL © | 2025 4
Slide 5: Our mission
Our mission To provide healthcare professionals and patients with clinically tested natural health supplements to manage the early stages of cardiometabolic imbalances, their associated signs and everyday health concerns. Cholesterol Metabolic syndrome Blood pressure Metabolic liver disease (MASLD)
Slide 6: 10 years of scientific and clinical research
OUR HISTORY: 10 YEARS OF SCIENTIFIC AND CLINICAL RESEARCH Presentation at the ADA and EASD congresses and Positive results from the first Positive results from the Phase launch of two LabComs: MIMETiv and PHYTOMAR’INNOV Creation of clinical study in humans: II HEART study on LIPIDRIVE® 1st launch in
Slide 7: Market launches backed by strong clinical programs
Market launches backed by strong clinical programs 4 patented active substances, including 3 with unequivocal clinical efficacy 2014 against cardiometabolic disorders Clinical development 2014 2024 Commercialization in France… Lipidrive® Phase II/III Completed Formerly TOTUM•070 HEART 2 study (Janua
Slide 8: 4 products supported by a high level of clinical evidence
4 products supported by a high level of clinical evidence LIPIDRIVE ® TOTUM•63 TENSODRIVE ® TOTUM•448 (Valbiotis PRO ® (Valbiotis PRO ® (ValbiotisPRO ® Cholesterol) Metabolic Health) Cardio - Circulation) 4 clinical studies on 2 clinical studies 1 clinical study 4 clinical efficacy studies 720 parti
Slide 9: Valbiotis Plus for everyday health and signs associated with cardiometabolic disorders
Valbiotis Plus for everyday health and signs associated with cardiometabolic disorders Formulated with precisely selected and dosed active ingredients, this range is based on a solid body of evidence, with proven efficacy and safety widely validated in the scientific literature. Tranquility Multivit
Slide 10: Markets: At the crossroads of three structurally favorable trends
Markets: At the crossroads of three structurally favorable trends Public health State of emergency on metabolic and cardiovascular diseases Dietary Natural solutions supplements A growing demand A fast-growing market for natural products driven by (medicines, supplements) plant-based products 10 M O
Slide 11: Cardiometabolic imbalances: Significant needs still to be met
Cardiometabolic imbalances: Significant needs still to be met Target populations worldwide LDL cholesterol Prediabetes / Arterial Metabolic Metabolic health liver disease 14% of adults hypertension (MASLD(1), formerly NAFLD) 1 in 8 adults 38% of adults without MASH 24% of adults 770 635 2 million ad
Slide 12: 2. France
2. FRANCE A commercial roll-out underway, reflected in rising revenue in Q4 12 M O D ÈLE C O N FID EN TIEL © | 2025 12
Slide 13: A multichannel sales model supported by an ecosystem of partners and trusted prescribers
A multichannel sales model supported by an ecosystem of partners and trusted prescribers PHARMACY/B2B2C Online/B2C Wholesalers/distributors Platforms AN IN-HOUSE Pharmacists SALES FORCE Physicians = Valbiotis 17 Medical Promotion online store Dieticians PATIENTS Officers (MPOs) Naturopaths CONSUMERS
Slide 14: Expansion of product ranges across both channels
Expansion of product ranges across both channels PHARMACY/B2B2C ONLINE/B2C Q2 2024 Q1 2025 Q1 2025 Q2 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 PRO® Cholesterol PRO® PRO® PRO® PRO® PRO® Cholesterol Cholesterol Cholesterol Cholesterol Cholesterol PRO® Metabolic Health PRO® Metabolic Health PRO® PRO® Metab
Slide 15: Pharmacies: Dynamic growth illustrated by operational indicators
Pharmacies: Dynamic growth illustrated by operational indicators In 2025... 474 pharmacies €471 198% established by the Average order value (vs €158 in 2024) end of 2025 65% 40 days Restocking in Average reorder time pharmacies 15 M O D ÈLE C O N FID EN TIEL © | 2025 15
Slide 16: Pharmacies: Stronger penetration among pharmacy networks with 15 partnerships already
Pharmacies: Stronger penetration among pharmacy networks with 15 partnerships already Strengthened pharmacy presence with privileged access to more than 1,500 pharmacies ✓ National Leadersanté is a network of independent pharmacies operating in mainland France and the French overseas territories, cr
Slide 17: Pharmacies: Stronger penetration among pharmacy networks with 15 partnerships already
Pharmacies: Stronger penetration among pharmacy networks with 15 partnerships already Strengthened pharmacy presence with privileged access to more than 1,500 pharmacies ✓ Regional Santécial is a joint structure bringing together the regional groups of the Evecial alliance. We are integrating 3 new
Slide 18: Pharmacies: Stronger penetration among pharmacy networks with 15 partnerships already
Pharmacies: Stronger penetration among pharmacy networks with 15 partnerships already ✓ Regional PharmaProvence is a network of 30 pharmacies and parapharmacies located in the PACA region, featuring mainly urban profiles in city centers and shopping areas focused on patient care and support. Co&Phar
Slide 19: E-commerce: Steady growth confirmed
E-commerce: Steady growth confirmed 4,030 in 2025 €86 Number of online customers Average order value online 325% (vs €71 in 2024) 70% 948 Reorder rate Online customers in 2024 19 M O D ÈLE C O N FID EN TIEL © | 2025 19
Slide 20: Increasing visibility in the media
Increasing visibility in the media Presence in both consumer and professional media, plus brand ambassadors DIGITAL & INFLUENCE B2B CORPORATE GENERAL PUBLIC TOP SANTÉ AWARD Dr. Franck Gigon Coline Faulquier Léa’s pharmacy advice 20 M O D ÈLE C O N FID EN TIEL © | 2025
Slide 21: Acceleration of revenue growth
Acceleration of revenue growth €573K Sales breakdown in 2025 Half-Year Revenue Trend €332K 48,3% 51,7% €140K €35K H1 2024 H2 2024 H1 2025 H2 2025 Pharmacy/B2B2C Online/B2C In Q4 2025, new acceleration of turnover to €400K (+131% vs Q3 2025) 21 M O D ÈLE C O N FID EN TIEL © | 2025 21
Slide 22: 3. International
3. INTERNATIONAL A major strategic partnership in Asia and a distribution agreement in the Middle East 22 M O D ÈLE C O N FID EN TIEL © | 2025 22
Slide 23: International: Major strategic partnership signed in Asia
International November 2025: Major strategic partnership signed in Asia ● Joint venture created with Chinese partner Aika Zhejiang Asset Management (Aika), dedicated to marketing Valbiotis products in key Asian markets: China, Hong Kong, Japan, Taiwan, Macao, Singapore, Vietnam, Indonesia. Possible
Slide 24: Ambition: To make the joint venture a leader in Asia in dietary supplements
Ambition: To make the joint venture a leader in Asia in dietary supplements targeting cardiometabolic imbalances, with products tailored to the preferences of Asian consumers. 24 M O D ÈLE C O N FID EN TIEL © | 2025 24
Slide 25: Valbiotis–Aika: A strategic partnership
Valbiotis–Aika A strategic partnership Initial territories: Mainland China, Hong Kong, Japan, Macao, Taiwan, Singapore, Indonesia, Vietnam. Rapid start through cross-border e-commerce, first revenue expected in 2026. Territories to be confirmed: South Korea, Philippines, Malaysia, Brunei, Thailand,
Slide 26: International Valbiotis–Aika partnership
Valbiotis–Aika partnership International Introduction of the Valbiotis brand to market by the joint venture in a strategic region Strong potential in the initial zone: population 1.8 billion, accelerated aging, rising incidence of cardiometabolic diseases, growth of the “healthy aging” market Direct
Slide 27: January 2026: Exclusive distribution agreement in the Middle East
January 2026: Exclusive distribution agreement in the Middle East ● An exclusive partnership with the company MENA Nutrition, based in the United Arab Emirates, specializing in the marketing, commercialization and distribution of health and nutrition products in the Middle East and North Africa, wit
Slide 28: 4. Outlook 2026
4. Outlook 2026 High visibility on accelerating growth in France Launch of international operations 28 M O D ÈLE C O N FID EN TIEL © | 2025 28
Slide 29: France: Acceleration drivers in place for 2026
France: Acceleration drivers in place for 2026 PHARMACY/B2B2C + Mechanical increase in average order size in recently established pharmacies + Product range effect with eight ValbiotisPLUS® products listed in pharmacies + An experienced team of 17 Medical Promotion Officers (MPO) as of January 2026
Slide 30: International: Our 2026 priorities
International: Our 2026 priorities ▪ First revenues from partnerships in Asia and the Middle East ▪ Expansion of the partner network into new priority areas Asia China, Japan, Korea, Southeast Asia North America United States, Canada, Mexico Europe Italy, Germany, United Kingdom, Spain Middle East S
Slide 31: Ambitions confirmed!
Ambitions confirmed! 2027 2030 Revenue Revenue EBITDA margin* within a range >€25M >€100M of 25-30% A positive including at least 30% EBITDA* from international sales in France With potential for upward revision depending on the revenue EBITDA = Earnings Before Interest, Taxes, Depreciation and Amor
Slide 32: M O D ÈLE C O N FID EN TIEL © | 2025
32 M O D ÈLE C O N FID EN TIEL © | 2025