2025 full-year results

March 2026

First 6 months at Virbac & Strategic Execution

Financial Performance & Guidance

2025 FULL-YEAR RESULTS & PERSPECTIVES

Presenters

Paul Martingell

Chief executive officer

Habib Ramdani

Chief financial officer - Deputy CEO

VIRBAC

I

CEO's FIRST 6 MONTHS

II

STRATEGY EXECUTION & PERSPECTIVES

III

FINANCIAL RESULTS

IV

GUIDANCE & 2026 FINANCIAL CALENDAR

V

Q&A SESSION

VIRBAC

I

CEO's FIRST 6 MONTHS

II

STRATEGY EXECUTION & PERSPECTIVES

III

FINANCIAL RESULTS

IV

GUIDANCE & 2026 FINANCIAL CALENDAR

V

Q&A SESSION

2025 Full Year Results

• Revenue €1,464.7M

• EBIT Adjusted1 €234.4M

• Net Income €150.5M

• Operating cash2 €289.1M

1EBIT Adjusted (before amortizations) corresponds to "recurring operating income before amortization of assets arising from acquisitions".

2Operating cash flow corresponds to the EBIT adjusted before amortizations of asset arising from acquisitions (€234.4 million) restated for depreciation & provisions (€56.4m - amortizations from acquisitions adjusted), non-cash items (€1.2m), impacts related to disposals (€1.1m) and other non-current income & expenses (-€4.1m).

Solid 2025 performance in line with our strategy

1. Continued strong financial performance & discipline

   • Solid volume/mix and price driven revenue growth of 7.9% at CERS

   • EBIT adjusted1 margin of 16.0% despite temporary industrial challenges

   • 2026 guidance: Revenue growth between 5.5% and 7.5% at CERS

     (incl. Thyronorm) and en EBIT Adjusted1 margin of around 17%.

     
     
     

2. Continuing investment for future

   • Record-high investments in R&D (€115m) for innovation

   • Record high CAPEX (€102m), and Quality investments for future capacity, agility and customer service

   • 2025 was a landmark year for business development, culminating in a record 9 technology licensing agreements.

     
     
     

3. Executing our M&A strategy

   • Thyronorm acquisition in Dec25 (~€27M annual in-market revenue) complements the existing portfolio and is expected to be accretive to sales and EBITDA margin from 2026

   • The integration process of Sasaeah (Apr24) is on track, while

Mopsan (Dec24) is almost completed.

Virbac outperformed the market by 0.8 ppt in 2025

Virbac revenues grew by a CAGR of 8.3% from FY21 to FY25 (including petfood sales)

Note: the chart above is based on an internal estimate of the market growth and does not include petfood revenues.

Our 'Growing Together' Strategy 2030

Our unique Virbac people & culture; driven by Purpose & Performance

Focus on Priority Growth Drivers

Build leading positions, in areas of high unmet need, with superior products & experiences

'Supercharge' platforms driving growth

Innovation & Critical Capabilities

1. Double-down on innovation (R&D + BD&L)

2. Customer Obsessed,

   Omnichannel vet recommendation

3. Customer Service

Step-change through innovation & omnichannel

Execute with Excellence

1. Commercial Excellence

2. Industrial Excellence

3. Digital, Data & AI Transformation

   Partner of choice in Animal Health

   Fund our Growth

   1. Productivity

   2. Revenue Growth Management

   3. Smart Simplification

Drive GM% to support R&D / A&P + Profit

'Supercharge' platforms driving the growth

Reproduction

The only alternative to surgical castration, avoiding animal mutilation and behavior change

Today <1% of castrations are non-surgical

Dental

Still high unmet need and impact on pet/owner experience & Top5 reasons for Vet visits

Virbac #1 Vet Recommended Brand

Other 'supercharge' platforms :

Therapeutic/Medical petfood

An unmet market need for carnivorous diets offering true therapeutic and medical value

Only pharma company with nutrition as part of holistic animal health

Mobility, Ear, Endocrinology, Ruminants

Continuous in-house R&D and technology licensing efforts

• €115.1M (vs. 108.7 in FY24)

  R&D expenses

• 777 dedicated people

• 6 main R&D centers

  Project pipeline for new products and geo-extensions

• ~ 40 Priority projects >€ 500M peak sales1

• ~ 100 Other projects

• ~ 60 Geo-extension projects

  • 9 technology licensing deals signed in FY25

1Estimated peak sales, non-risk adjusted basis

Major new product launches in 2025

Farm Animals

The first medicalized pet food designed to treat chronic kidney disease in cats.

A medicated collar providing long-lasting protection against external parasites in dogs and cats

Suigen cough

Companion Animals

Vikaly

Prevexto

Swine respiratory vaccine that provides robust protection against coughing and respiratory infections

Intramar

Intramammary treatment to combat clinical mastitis and protect udder health in dairy herds

Trilotab

Therapeutic solution for the treatment of the Cushing's syndrome (end of 2024)

Ursolyx

An innovative soft chew designed to combat muscle atrophy

Multimin Boost

Injectable trace mineral to boost immunity and reproductive performance in cattle and sheep during critical production phases

Programmatic M&A: Scaling Our Impact

M&A Targets focus Virbac-compatible, high margin assets that complement our portfolio

and offer significant potential for geographic expansion

Virbac power

Strong balance sheet and the agility to move fast with a structured M&A Team

Thyronorm Acquisition

• Perfect fit for Virbac: specialty product with differentiated liquid form

• Key geographies covered: the product is commercialized in Europe and USA

• Growing market:

  rising number of household cats and longer lifespan

• Accretive deal:

on Sales and EBIT margin

£100m transaction with €27m in market sales

4 strategic and actionable priorities

Act for Animals

Investing in responsible R&D and setting high standards for animal welfare.

Act for People

Fostering safety, equity diversity and inclusion to build a fulfilling and engaging work environment.

Act for Society

Ensuring business Ethics, responsible purchasing, volunteer and foundation programs.

Act for Planet

Minimizing our environmental footprint via progressive climate transition and resources optimization.

Continued focus on Sustainable Value Creation

Revenue

Consistently outperforming the market growth rate

Programmatic M&A

To further support our 2030 strategic priorities & guidance

Margin

Commitment to 20% Adjusted EBIT margin by 2030

Cash Focus

Operational & NWC efficiency to drive cash generation

VIRBAC

I

CEO's FIRST 6 MONTHS

II

STRATEGY EXECUTION & PERSPECTIVES

III

FINANCIAL RESULTS

IV

GUIDANCE & 2026 FINANCIAL CALENDAR

V

Q&A SESSION

Key takeaways - FY25 financials

€1464.7m in FY25

(vs €1397.4m in FY24)

Revenue +8.7% @CER EBIT Adj.

€234.4m in FY25

(vs €231.8m in FY24)

16,5% margin @CER

(-0,1 ppt vs FY24)

Net result

€150.5m in FY25

(vs €145.8m FY24)

• 7.9% annual revenue growth at constant scope and rate

• Solid 2025 dynamic, across geographies

• 0.8% M&A contribution from Sasaeah acquisitions

• Robust 16.3% adjusted EBIT margin

  at constant scope and rate

• Strong FX impact

• Temporary industrial challenges

• Partially offset by improved operating expense to revenue ratio

  ● + 3.2% net result compared to 2024

• Lower other non recurring expenses

  €3.5 million (vs €10.4 million in 2024)

• Partially offset by higher corporate income taxed (+4.8m)

  Other financial indicators

• Net cash flow generation of €188.0m in FY25 vs €206.0m in FY24. The decrease is mainly due FX impacts

• Capex at €102.1m in FY25 vs €80.4m in FY24 driven by ongoing major industrial investments

• Working capital requirements decreased by €6.7 million in FY25 driven by increasing efforts on our inventory levels

• Net debt stand at €172.8m as of Dec25 stable vs 2024 mainly impacted by Capex and the Thyronorm acquisition

Strong revenue growth in all geographies to the exception of the Pacific

Actual Revenue

€1,465m

growth @CERS

7.9%

1EBIT(A): current operating profit before depreciation of assets arising from acquisitions

III. FINANCIAL RESULTS AND GUIDANCE

Strong FX headwinds in 2025 impacting revenues by €54.3m and EBIT Adjusted by €16.4M

III. FINANCIAL RESULTS AND GUIDANCE

Revenue split companion animals vs farm animals

FY25

Revenue

€1,465m

Note: in € million in actual rate; in % at constant exchange rates and scope