Kvartalsrapport Q1 2025

===== SIDA 1 =====

Q1 presentation
April 2025

===== SIDA 2 =====

/ Strong earnings growth
/ Organic growth impacted by final AOP 
adjustment
/ First day of trading in Large Cap segment 
on Nasdaq Main Market
/ Well-positioned with attractive market 
exposure in uncertain world
Page 2
Q1 Highlights

===== SIDA 3 =====

Q1 development
Net revenue
/ 18% revenue growth to EUR 107.5m
/ 4% organic growth impacted by final 
adjustment of annual ordering programme
/ 12% contribution from acquisitions and 1% 
contribution from currency movements
Adjusted EBITA
/ 18% adjusted EBITA growth to EUR 28.3m
/ Margin at 26.3%
Page 3
Strong adjusted EBITA growth in the quarter
Revenue and Adj. EBITA
x% Organic growth (%)
0
10
20
30
40
50
60
70
80
90
100
110
5
10
15
20
25
30
0
2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25
20.3
81.3
18.3
79.9
22.6
82.5
24.1
91.3
24.7
91.0
21.9
87.6
24.6
104.9
28.3
107.5
+18%
Adj EBITA (EURm) Revenue (EURm) x% Adj EBITA margin
14%
25.0%
1%
26.3%
12%
22.9%
7%
27.5%
11%
27.2% 25.0%
10%
23.4%
15%
26.3%
4%

===== SIDA 4 =====

Specialty Pharma
Page 4
0
5
10
15
20
0
10
20
30
40
50
10.9
1Q24
13.0
2Q24
12.0
3Q24
13.3
4Q24
40.3 43.6 42.9 45.2
1Q25
12.9
44.9
Adj EBITA (EURm) Revenue (EURm)
Revenue and Adj. EBITA
/ Double-digit growth with strong performance in Specialty 
Pharmaceuticals and Dermatology
/ Continued positive momentum supported by new product launches and 
market share gains
/ Margin improvement driven by operational leverage and positive mix
10%
Organic growth
19%
Adj. EBITA growth
27.0% 29.7% 28.0%
 29.4% 28.8%

===== SIDA 5 =====

Page 5
0
10
20
30
40
50
0
5
10
15
10.4
1Q24
8.9
2Q24
7.0
3Q24
8.0
4Q24
12.1
1Q25
32.0
28.0 25.5
38.4 41.1
Adj EBITA (EURm) Revenue (EURm)
Revenue and Adj. EBITA
/ Organic decline due to final adjustment of US orthopaedics annual 
ordering program - high single-digit growth in EMEA and APAC
/ MedTech orthopaedics completed 41 in-person trainings with 564 
participants in the quarter and +1,000 participants in virtual trainings
/ Strong growth in MedTech dental - completed bolt-on acquisition to 
strengthen presence in US
MedTech -7%
Organic growth
16%
Adj. EBITA growth
32.6% 31.6% 27.4% 20.9% 29.4%
YoY margin decline 
driven by final 
phase out of AOP 
and consolidation 
of iM3

===== SIDA 6 =====

Page 6
0
2
4
6
8
0
5
10
15
20
1Q24 2Q24 3Q24 4Q24 1Q25
3.5
13.8
4.0
14.5
4.4
14.3
5.0
15.4
4.7
15.5
Adj EBITA (EURm) Revenue (EURm)
Revenue and Adj. EBITA
Veterinary Services
/ Strong organic growth with continued positive momentum
/ Launched new services platform to strengthen presence in US
/ 400 new members reaching 8,800 members by end of Q1
/ Strong profitability benefits from revenue growth and positive mix
12%
Organic growth 
34%
Adj. EBITA growth
25.4% 27.6% 30.9% 32.5% 30.3%

===== SIDA 7 =====

Page 7
0
1
2
3
4
5
6
0.0
0.5
1.0
1.5
2.0
0.9
1Q24
0.4
2Q24
0.4
Q324
0.6
Q424
5.2 4.9 5.0
5.9
Q125
0.9
6.0
Adj EBITA (EURm) Revenue (EURm)
Revenue and Adj. EBITA
/ Continued double-digit organic growth driven by livestock 
diagnostics offering
/ Profitability reflects investments in diversifying the business into 
companion animal diagnostics market 
Diagnostics 16%
Organic growth
-1%
Adj. EBITA 
decline
16.6% 8.2%
 7.8% 10.4% 14.2%

===== SIDA 8 =====

2024 Sustainability (ESG) highlights
Planet -13%
Emissions in
Scope 1&2 (CO2e)
65k
Emissions in
Scope 1, 2 & 3 (CO2e)
94%
Material suppliers assessed against 
our standards (Supplier Code)
People
29
eNPS
41%
Female senior leaders 
100%
Employees trained in 
ethics
Animals 40,000
Educated animal health 
professionals 
427
Products reducing use of 
antimicrobials 
82
New products
Reduce climate impact 
and foster a responsible 
value chain.
Create a great place to 
work.
Drive innovation to 
improve animal welfare 
and reduce AMR.

===== SIDA 9 =====

Page 9
Fourth Quarter 
Financials

===== SIDA 10 =====

Q4 Income Statement
/ Operating profit (EBIT) EUR 15.6m (13.4)
/ Items affecting comparability EUR -7.0m (-5.1)
• Litigation legal costs in MedTech
• M&A costs in MedTech related to iM3
/ Net financial items of EUR -7.5m (-7.9)
• Finance expense EUR -5.0m – interest rate 5.1%
• Contingent considerations – quarterly discounting impact EUR -1.5m and 
impact of EUR -2.8m from probability adjustments
• Positive FX impact EUR 1.3m from revaluation of debt – non-cash effect
/ Tax expense EUR -3.4m (-1.8)
Page 10
EURm Q1 2025
January – March
Q1 2024
January – March
Adjusted EBITA 28.3 24.1
Adjusted EBITA margin (%) 26.3% 26.3%
Items affecting comparability -7.0 -5.1
PPA related amortisation -5.7 -5.6
Operating profit (EBIT) 15.6 13.4
EBIT margin (%) 14.5% 14.6%
Net financial items -7.5 -7.9
Profit before tax 8.1 5.5
Tax -3.4 -1.8
Profit for the period 4.7 3.7

===== SIDA 11 =====

Q1 Cash Flow
/ NWC EUR 94.3m at 23% of revenues per end of March
/ Compared to end of December 2024, net working capital decreased by 
EUR 5.8m driven by higher payables
/ Cash flow from operating activities EUR 17.1m (11.2) 
/ Cash flow from investing activities EUR -12.6m (-6.1) 
/ Cash flow from financing activities EUR -9.2m (-4.1) 
Page 11
EURm Q1 2025
January – 
March
Q1 2024
January – 
March
EBIT 15.6 13.4
Cash flow from operating activities 
before change in NWC 22.5 13.2
Change in NWC -5.4 -2.1
Cash flow from operating activities 17.1 11.2
Cash flow from investing activities -12.6 -6.1
Cash flow from financing activities -9.2 -4.1
Cash flow for the period -4.6 1.0
Cash and cash equivalents 60.1 38.1

===== SIDA 12 =====

Net Debt and Leverage
/ Net debt per 31 March 2025 EUR 212.2m
/ Cash and cash equivalents EUR 60.1m
/ Net Debt / LTM Proforma Adjusted EBITDA 1.8x
Page 12
296 288 285 287
144 140
222 212
0
20
40
60
80
100
120
140
160
180
200
220
240
260
280
300
3.1x
2Q23
3.0x
3Q23
2.9x
4Q23
3.0x
1Q24
1.4x
2Q24
1.3x
3Q24
2.0x
4Q24 1Q25
1.8x
Leverage Net Debt (EUR m)

===== SIDA 13 =====

Page 13
Concluding remarks
/ Attractive exposure to resilient and growing market
/ Limited impact from tariffs
/ Continuing to execute a robust strategy
/ Well-positioned in uncertain world

===== SIDA 14 =====

Page 14
Q&A