Slide 1: Q2 presentation August 2024
Together, we improve animal health through science and technology for better lives Q2 presentation August 2024
Slide 2: Q2 Highlights
Q2 Highlights / Strong organic growth and margin expansion / Strong profit growth in line with financial target / Finalised capital raise, leverage down to 1.4x / Advancing M&A pipeline Page 2
Slide 3: 11% organic growth and positive margin development
11% organic growth and positive margin development Revenue and Adj. EBITA Q2 development Adj EBITA (EURm) Revenue (EURm) x% Adj EBITA margin x% Organic growth (%) Net revenue +12% 100 35 91.3 91.0 / 12% revenue growth to EUR 91.0m 90 88.1 81.3 82.5 30 79.9 80 / 11% organic growth with strong perform
Slide 4: Specialty Pharma
Specialty Pharma 13% Organic growth / Strong organic growth 13% with solid growth across all therapeutic areas / YTD one third of organic growth generated from cross-selling and 27% Adj. EBITA growth internationalisation efforts / Strong margin development driven by positive mix impact and continued
Slide 5: MedTech
MedTech 10% Organic growth / Organic growth of 10% with good growth across US, Europe and APAC – annual ordering programme (AOP) recovery as planned / Margin improvement as AOP sales is spread more evenly over the year 24% Adj. EBITA growth / Completed 26 on-site surgery trainings with 300 participa
Slide 6: Veterinary Services
Veterinary Services 18% Organic growth / Strong 18% organic growth across key geographies / Continued high recruitment pace with 400 new members 25% Adj. EBITA growth / Co-owned clinic growth accelerates to double-digits, well ahead of the veterinary clinic market / Improved profitability supported
Slide 7: Diagnostics
Diagnostics -9% Organic decline / Organic decline 9% in a continued challenging livestock market -69% / As highlighted in Q1, the lower profitability reflects investments in the roll- Adj. EBITA decline out of new parasitology test, diversifying the business into companion animal market Revenue and
Slide 8: Second Quarter Financials
Second Quarter Financials Page 8
Slide 9: Q2 Income Statement
EUR m Q2 2024 April – June Q2 2023 April – June Q2 Income Statement / Operating profit (EBIT) EUR 13.2m (10.1) Adjusted EBITA 24.7 20.3 Adjusted EBITA margin (%) 27.2% 25.0% / Non-recurring items EUR -5.8m (-4.3) • Litigation related costs in MedTech Non-recurring items -5.8 -4.3 • M&A related costs
Slide 10: Q2 Cash Flow
EUR m Q2 2024 April – June Q2 2023 April – June Q2 Cash Flow / NWC EUR 82.0m at 24% of revenue (EUR 75.3m end of March) EBIT 13.2 10.1 / Inventory increase by EUR 4.6m with equal contribution from MedTech, Cash flow from operating activities Specialty Pharma and Diagnostics 11.6 8.9 before change in
Slide 11: Net Debt and Leverage
Net Debt and Leverage Leverage Net Debt (EUR m) 350 340 341 / Net debt per 30 June 2024 EUR 144.1m 325 293 296 300 288 285 287 / Cash and cash equivalents EUR 41.2m 275 267 4.3x 258 250 4.1x / Proceeds from rights issue of EUR 142.7m used to 225 3.6x repay EUR 136.5m of debt 200 3.1x 3.1x 3.0x 3.0x
Slide 12: Our key priorities
Our key priorities / Organic growth / Acquisition-driven growth with strong strategic fit / Operational improvements / Attracting, developing and retaining top talent Page 12
Slide 13: Q&A
Q&A Page 13