Kvartalsrapport Q2 2025

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

Q2 presentation
July 2025

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

Page 2
Introductory remarks from the 
Chairman of the Board
/ Leadership changes to drive long-term success 
implemented – strong interim solution in place
/ Continuing to execute a robust strategy of 
profitable organic and acquisition driven growth 
/ Board is confident in Vimian’s ability to deliver on 
full-year plans and 2030 financial target

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

/ Continued positive momentum in Specialty 
Pharma, Veterinary Services and Diagnostics
/ A weak quarter in MedTech with 
underperformance in orthopedics
/ Strengthened MedTech dental offering through 
acquisition of AllAccem
/ Attractive long-term growth prospects in 
resilient sector
Page 3
Q2 Highlights

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

Q2 development
Net revenue
/ 15% revenue growth to EUR 104.3m
/ 5% organic growth impacted by decline in 
MedTech orthopedics
/ 12% contribution from acquisitions and 3% 
negative impact from currency movements
Adjusted EBITA
/ 3% adjusted EBITA growth to EUR 25.4m
/ Margin at 24.3% impacted by lower Medtech 
sales and consolidation of iM3
Page 4
Q2 performance impacted by challenges in MedTech
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
22.6
4Q23
24.1
1Q24
24.7
2Q24
21.9
3Q24
24.6
28.3
1Q25
25.4
2Q25
82.5
91.3 91.0 87.6
104.9 107.5 104.3
4Q24
+15%
Adj EBITA (EURm) Revenue (EURm) x% Adj EBITA margin
1%
26.3%
7%
27.5%
11%
27.2% 25.0%
10%
23.4%
15%
26.3%
4%
24.3%
5%

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

Specialty Pharma
Page 5
0
5
10
15
20
0
10
20
30
40
50
13.0
2Q24
12.0
3Q24
13.3
4Q24
12.9
1Q25
13.6
2Q25
43.6 42.9 45.2 44.9 45.3
Adj EBITA (EURm) Revenue (EURm)
Revenue and Adj. EBITA
/ Underlying momentum remains positive with growth across all four 
therapeutic areas – strongest contribution from Dermatology and 
Allergy
/ Product launches and cross-sales activities are progressing well
/ Margin improvement driven by operational leverage
6%
Organic growth
5%
Adj. EBITA growth
29.7% 28.0%
 29.4% 28.8% 30.0%

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

Page 6
0
10
20
30
40
50
0
5
10
15
8.9
2Q24
7.0
3Q24
8.0
4Q24
12.1
1Q25
8.8
2Q25
28.0 25.5
38.4 41.1
37.1
Adj EBITA (EURm) Revenue (EURm)
Revenue and Adj. EBITA
/ Organic decline in MedTech orthopedics in continued soft US surgery 
market
/ Additional actions to strengthen performance - Alireza Tajbakhsh 
assumes interim operational responsibility for the MedTech segment
/ Continued strong growth in MedTech dental (iM3)
MedTech -4%
Organic growth
-1%
Adj. EBITA decline
31.6% 27.4% 20.9% 29.4%
YoY margin decline 
driven by lower 
sales in orthopedics 
and consolidation 
of iM3
23.7%

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

/ Leading provider of dental sealant SANOS® in US
/ USD 9m in revenues LTM April 2025
/ Strong double-digit growth, very high margins
/ Clinically proven and well-reputed product
/ Leverage iM3’s commercial infrastructure
Page 7
AllAccem – expanding dental offering

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

Page 8
0
2
4
6
8
0
5
10
15
20
4.0
2Q24
4.4
3Q24
5.0
4Q24
4.7
1Q25
4.6
2Q25
14.5 14.3 15.4 15.5 16.2
Adj EBITA (EURm) Revenue (EURm)
Revenue and Adj. EBITA
Veterinary Services
/ Strong organic growth with continued positive momentum
/ 9,700 member clinics by end of Q2
/ Improved YoY margin driven by revenue growth and positive mix
12%
Organic growth 
16%
Adj. EBITA growth
27.6% 30.9% 32.5% 30.3% 28.7%

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

Page 9
0
1
2
3
4
5
6
0.0
0.5
1.0
1.5
2.0
0.4
2Q24
0.4
3Q24
0.6
4Q24
0.9
1Q25
0.5
2Q25
4.9 5.0
5.9 6.0 5.7
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 18%
Organic growth
32%
Adj. EBITA 
growth
8.2%
 7.8% 10.4% 14.2% 9.2%

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

Page 10
Second Quarter 
Financials

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

Q2 Income Statement
/ Operating profit (EBIT) EUR 14.5m (13.2)
/ Items affecting comparability EUR -5.3m (-5.8)
• Litigation legal costs in MedTech
• M&A costs in MedTech
• Provision relating to LTI 2022
/ Net financial items of EUR -1.6m (-5.5)
• Finance expense EUR -2.3m – interest rate 4.6%
• Contingent considerations – quarterly discounting impact EUR -1.2m and 
impact of EUR -0.2m from probability adjustments
• Positive FX impact EUR 1.6m from revaluation of debt 
/ Tax expense EUR -4.2m (-2.7)
Page 11
EURm Q2 2025
April – June
Q2 2024
April – June
Adjusted EBITA 25.4 24.7
Adjusted EBITA margin (%) 24.3% 27.2%
Items affecting comparability -5.3 -5.8
PPA related amortisation -5.6 -5.7
Operating profit (EBIT) 14.5 13.2
EBIT margin (%) 13.9% 14.5%
Net financial items -1.6 -5.5
Profit before tax 12.9 7.7
Tax -4.2 -2.7
Profit for the period 8.6 5.1

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

Q2 Cash Flow
/ NWC EUR 99.5m at 25% of revenues per end of June
/ Compared to end of March 2025, net working capital increased by EUR 
5.2m driven by lower trade payables
/ Cash flow from operating activities EUR 22.2m (5.9) 
/ Cash flow from investing activities EUR -77.6m (-11.2) 
/ Cash flow from financing activities EUR 65.4 m (8.0) 
Page 12
EURm Q2 2025
April – June
Q2 2024
April – June
EBIT 14.5 13.2
Cash flow from operating activities 
before change in NWC 30.0 11.6
Change in NWC -7.7 -5.7
Cash flow from operating activities 22.2 5.9
Cash flow from investing activities -77.6 -11.2
Cash flow from financing activities 65.4 8.0
Cash flow for the period 10.0 2.6
Cash and cash equivalents 67.5 41.2

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

Net Debt and Leverage
/ Net debt per 30 June 2025 EUR 260.6m
/ Cash and cash equivalents EUR 67.5m
/ Net Debt / LTM Proforma Adjusted EBITDA 2.1x
Page 13
288 285 287
144 140
222 212
261
0
20
40
60
80
100
120
140
160
180
200
220
240
260
280
300
3.0x
3Q23
2.9x
4Q23
3.0x
1Q24
1.4x
2Q24
1.3x
3Q24
2.0x
4Q24
1.8x
1Q25 2Q25
2.1x
Leverage Net Debt (EUR m)

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

Page 14
Concluding remarks from the 
Chairman of the Board
/ Leadership changes to drive long-term success 
implemented – strong interim solution in place
/ Continuing to execute a robust strategy of 
profitable organic and acquisition driven growth 
/ Board is confident in Vimian’s ability to deliver on 
full-year plans and 2030 financial target

===== SIDA 15 =====

Page 15
Q&A