Eurofins Scientific Se · EURONEXT:ERF
Eurofins Scientific — FY2024 Earnings Presentation
34 slides from Eurofins Scientific's earnings presentation, Jan 30, 2025
Slide 1: 2024 Full Year Results
CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd, 2025. All rights reserved. This document contains information that is confidential and proprietary to Eurofins Scientific SE and / or its affiliates and is solely for the use of the personnel of Eurofins Scientific SE and all its af
Slide 2: Disclaimer
Disclaimer This presentation does not constitute or form part of, and should not be construed as, an offer or invitation to subscribe for or purchase securities in Eurofins Scientific S.E. and neither this document nor anything contained or referred to in it shall form the basis of, or be relied on
Slide 3: Agenda
Agenda I. Highlights II. Financial review III. Strategic initiatives IV. Outlook & summary CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd [2025]. All rights reserved. Any use of this material without the specific permission of an authorized representative of Eurofins Scientific (
Slide 4: I. Highlights
I. Highlights CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd [2025]. All rights reserved. Any use of this material without the specific permission of an authorized representative of Eurofins Scientific (Ireland) Ltd is strictly prohibited. 4
Slide 5: Eurofins' performance in 2024 demonstrated resumption of pre-COVID historic profit and cash flow growth trends
Eurofins' performance in 2024 demonstrated resumption of pre-COVID historic profit and cash flow growth trends Δ 20193 to CAGR 20193- 20193 2020 2021 2022 2023 2024 2024 2024 Revenues (m€) 5,439 6,718 6,712 (COVID revenues) 4,563 (~€800m) (~€1,400m) (~€600m) 6,515 6,951 + 52% +9% Adj. EBITDA (m€) 93
Slide 6: 5-year programme is almost halfway to completion with strong benefit of hub & spoke, start-ups and digitalisation
5-year programme is almost halfway to completion with strong benefit of hub & spoke, start-ups and digitalisation expected by 2027 Breakdown of capital expenditures 2022-2024 Current status and outlook of strategic investment initiatives (€m) 2022 2023 2024 Investments in laboratory network Leasehol
Slide 7: Reduced SDIs overall, with mature scope already very close to 24% adjusted EBITDA margins
Reduced SDIs1 overall, with mature scope already very close to 24% adjusted EBITDA margins Mature scope Non-mature scope Total (€m) FY 2024 FY 2023 Δ FY 2024 FY 2023 Δ FY 2024 FY 2023 Δ +366 +71 +436 Revenues 6,555 6,189 396 325 6,951 6,515 (+6%) (+22%) (+7%) Reported EBITDA 1,511 1,326 +185 -71 -92
Slide 8: Eurofins has proven its ability to generate sizable distributable cash flow and prudently allocate proceeds
Eurofins has proven its ability to generate sizable distributable cash flow and prudently allocate proceeds to create significant value Capital allocation track record 2019-2024 Capital allocation in 2024 ∑: total 2019-2024 2019-2023 2024 Maintenance ∆: change year 2019 to year • Est. 2.5% of sales
Slide 9: Strong value creation via continuous increase of ROCE in a disciplined capital structure
Strong value creation via continuous increase of ROCE in a disciplined capital structure Δ 20193 to CAGR 20191 2023 2024 2024 20193-2024 Adjusted EBITAS (m€) 574 842 1,017 + 77% +12% Capital Employed (m€) 6,304 8,085 8,338 + 32% +6% Robust profit growth and Returns disciplined deployment of ROCE (%)
Slide 10: Eurofins' M&A and share repurchases are a prudent and value-accretive use of its capital
Compared to multiples paid recently to acquire significant TIC companies, Eurofins’ M&A and share repurchases are a prudent and value-accretive use of its capital Eurofins Enterprise Value (EV) to LTM EBITDA multiples paid to acquire significant TIC companies 1 multiples 20.0x Eurofins M&A and own d
Slide 11: 2024 was a challenging year for some ancillary BioPharma activities
2024 was a challenging year for some ancillary BioPharma activities representing less than 10% of Group revenues, but improvement is expected in 2025 and long-term market opportunities remain compelling Revenues and organic growth Activities Commentary in FY 2024 Central Laboratory • Early terminati
Slide 12: II. Financial review
II. Financial review CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd [2025]. All rights reserved. Any use of this material without the specific permission of an authorized representative of Eurofins Scientific (Ireland) Ltd is strictly prohibited. 12
Slide 13: FY 2024 results significantly higher than FY 2023
FY 2024 results significantly higher than FY 2023 Full Year 2024 Full Year 2023 • Revenues increased y-o-y by 6.7% supported by organic growth in the Core +/- Δ +/- Δ Business of 4.7%1 and a strong pace of Adjusted SDIs Reported Adjusted SDIs Reported (€m) Adjusted Reported acquisitions, with modera
Slide 14: Revenue bridge
Revenue bridge (€m) FY 2024: zero 6,951 FY 2023: just over €20m H1 2024: +5.6%1 H2 2024: +3.9%1 FY 2024: +4.7%1 • FX headwind of only 0.3% • Organic revenue growth in the Core Business1 of 4.7% (mostly affected by only 10% of Group businesses) • M&A contribution of €132m to consolidated revenues (FY
Slide 15: Organic growth by activity
Organic growth by activity Revenues (€m) Commentary Core Business1 • Food and Feed Testing: Growth recovery in Europe supported by pricing attainment and volume increases, while North America experienced strong growth driven by steady demand and market share organic growth Life gains. +4.7% • Enviro
Slide 16: Financial performance by operating segment
Financial performance by operating segment - Europe is starting to close profitability gap with North America Europe North America Rest of the World (€m) FY 2024 FY 2023 Δ FY 2024 FY 2023 Δ FY 2024 FY 2023 Δ Revenues 3,549 3,306 +7.3% 2,660 2,507 +6.1% 742 701 +5.8% Reported EBITDA 598 463 +29% 721
Slide 17: FY 2024 cash flow overview
FY 2024 cash flow overview FY 2023 FY 2024 Δ Δ% €m €m €m • Strong improvement in NWC intensity to 3.8% Reported EBITDA 1,234 1,439 +205 of revenues vs 5.1% in FY 2023 Change in net working capital (NWC) -65 44 +109 Income taxes paid -140 -161 -21 • Disciplined capex spend: Other effects1 -12 -4 +8 N
Slide 18: Net working capital
Net working capital 2.2% 2.1% NWC intensity 2.0% Inventory €146m €139m €142m • Lower net working capital 2022 2023 2024 intensity at 3.8% of 20.0% 20.4% 19.4% revenues vs 5.1% in 2023 5.1% • Stable inventory at 2.0% of receivable1 Accounts revenues vs 2.1% in 2023 4.2% €1,342m €1,381m €1,400m 3.8% €
Slide 19: Continued investment to expand and enhance our physical and technological presence
Continued investment to expand and enhance our physical and technological presence – progress towards completion of 5-year Hub & Spoke digitalisation programme Net capex (€m) IT1 Net operating Machinery and laboratory equipment capex Leasehold improvements (LHI) & others Capex/Revenues: 9.6% Real es
Slide 20: Strong credit profile and long maturities
Strong credit profile and long maturities Leverage1 Debt maturity profile2 (€m) Key Highlights Eurofins’ balance sheet remains very solid Hybrid (1st call) at the end of 2024: Schuldschein 3.2x Eurobond • Financial leverage1 declined to 1.9x at the end of 2024 vs 2.0x at the end of 2023 and well wit
Slide 21: III. Strategic initiatives
III. Strategic initiatives CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd [2025]. All rights reserved. Any use of this material without the specific permission of an authorized representative of Eurofins Scientific (Ireland) Ltd is strictly prohibited. 21
Slide 22: Continued increase in site ownership, creating significant long-term value
Continued increase in site ownership, creating significant long-term value Discretionary decision to increase proportion of owned sites Site ownership has high value: Surface area (m2) by site ownership Site ownership is key to expanding high-throughput laboratory campuses: 3.5x total • Unlocking ec
Slide 23: Expanding proportion of owned sites in our global laboratory network
Expanding proportion of owned sites in our global laboratory network Examples of owned sites completed in 2024 Planned additions to owned sites in 2025-2026 Genomic Services Forensic Services Louisville, U.S. Tamworth, U.K. Leiden, Netherlands 6,500 m² 5,000 m2 Amersfoort, Netherlands Lenexa, Kansas
Slide 24: Start-ups continue to contribute materially to growth while losses are on the decline
Start-ups continue to contribute materially to growth while losses are on the decline Long track record Strategic rationale Contributions by start-ups in FY 2024 Number of start-ups initiated Complements M&A strategy: • When acquisitions are too expensive or Organic growth contribution Programme Tot
Slide 25: 31 acquisitions closed in 2024 to bolster our technological capabilities and global footprint
31 acquisitions closed in 2024 to bolster our technological capabilities and global footprint Acquired companies generated revenues of €225m1 in 2024 Cost of €343m reflects sales multiple of 1.5x North America Europe Rest of the World 12 acquisitions 15 acquisitions 4 acquisitions Acquired: Acquired
Slide 26: We continue to lead in terms of innovation
We continue to lead in terms of innovation Some 2024 examples SH2scan NeXGen Fungal / AFB NGS On Farm Solutions Source: trinamiX Eurofins Agro Testing’s On Farm Solutions, Eurofins Viracor’s NeXGen , a first-of-its- a collaboration with trinamiX, provides real- Eurofins Discovery’s SH2scanTM assay,
Slide 27: IV. Outlook and summary
IV. Outlook and summary CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd [2025]. All rights reserved. Any use of this material without the specific permission of an authorized representative of Eurofins Scientific (Ireland) Ltd is strictly prohibited. 27
Slide 28: Objectives for FY 2025 and to FY 2027
Objectives for FY 2025 and to FY 2027 • Confirm long-term average organic growth target of 6.5% p.a. and potential average revenues from acquisitions of €250m p.a. over the period consolidated at mid-year • Adj. EBITDA margin objective for FY 2027 remains 24%. Objective for SDI at the EBITDA level r
Slide 29: Summary
Summary FY 2024 successfully concluded Looking ahead to 2025 and towards 2027 Financial achievements • Even with transient softness in some of our ancillary end markets • Stable +4.7% organic growth in the Core Business1 with softness in very few areas affecting our short-term organic growth outlook
Slide 30: Q&A
Q&A CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd [2025]. All rights reserved. Any use of this material without the specific permission of an authorized representative of Eurofins Scientific (Ireland) Ltd is strictly prohibited. 30
Slide 31: Appendix
Appendix CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd [2025]. All rights reserved. Any use of this material without the specific permission of an authorized representative of Eurofins Scientific (Ireland) Ltd is strictly prohibited. 31
Slide 32: Breakdown of revenue by Operating Segment
Breakdown of revenue by Operating Segment Organic growth €m FY 2024 As % of total FY 2023 As % of total Y-o-Y variation % in the Core Business1 Europe 3,549 51% 3,306 51% +7.3% +4.9% North America 2,660 38% 2,507 38% +6.1% +3.6% Rest of the World 742 11% 701 11% +5.8% +7.8% Total 6,951 100% 6,515 10
Slide 33: Breakdown of revenue by Area of Activity
Breakdown of revenue by Area of Activity Organic growth Y-o-Y variation €m FY 2024 As % of total FY 2023 As % of total in the % Core Business1 Life 2,869 41% 2,607 40% +10.0% +7.4% BioPharma 2,010 29% 1,970 30% +2.0% +0.9% Diagnostic Services & Products 1,370 20% 1,276 20% +7.4% +4.3% Consumer & Tec
Slide 34: Definitions / Alternative Performance Measures (APMs)
Definitions / Alternative Performance Measures (APMs) APMs used in this presentation Adjusted results – reflect the ongoing performance of the mature and recurring activities excluding “separately disclosed items”. Separately disclosed items (SDI) – include: • one-off costs from network expansion, i