===== SIDA 1 ===== Q3 Interim report January - September 20 23 ===== SIDA 2 ===== Interim report January - September 2023 | 2 Interim report January - September 2023 Strong organic growth and operational cash flow Third quarter ▪ Revenue increased by 13 per cent to EUR 79.9m (70.9) with organic growth of 12 per cent ▪ Operating profit (EBIT) increased by 12 per cent to EUR 9.9m (8.8) ▪ Adjusting for items affecting comparability of EUR -2.6m (-3.6) and PPA related amortisation, adjusted EBITA came in at EUR 18.3m (17.2) at a margin of 22.9 per cent (24.3) ▪ Profit for the quarter totalled EUR 7.6m (-1.6) ▪ Earnings per share before and after dilution EUR 0.02 (-0.00). Adjusted earnings per share EUR 0.02 ▪ Cash flow from operating activities of EUR 11.6m (-5.8). Net cash flow -3.4m (-10.5) after debt repayment of EUR 12.7m in the quarter First nine months ▪ Revenue increased by 21 per cent to EUR 249.3m (205.9) with organic growth of 13 per cent ▪ Operating profit (EBIT) increased by 38 per cent to EUR 38.6m (27.9) ▪ Adjusting for items affecting comparability of EUR -9.6m (-14.1) and PPA related amortisation, adjusted EBITA increased by 17 per cent to EUR 64.7m (55.4) at a margin of 26.0 per cent (26.9) ▪ Profit for the period totalled EUR 16.3m (13.8) ▪ Earnings per share before and after dilution EUR 0.04 (0.04). Adjusted earnings per share EUR 0.06 ▪ Year-to-date cash flow from operating activities EUR -45.8m (4.2) impacted by the litigation payment in the second quarter, excluding this EUR 19.9m. Positive net cash flow EUR 6.0m (-3.9) ▪ Net debt reduced by EUR 8.2m to EUR 287.9m with leverage down to 3.0x from 3.1x end of June Last twelve months pro-forma (October 2022 to September 2023) ▪ Pro-forma revenue, including all acquisitions closed between 1 October 2022 and 30 September 2023, as if Vimian had owned them for the full period, EUR 333m (reported 324.7m) ▪ Pro-forma adjusted EBITA EUR 85.5m (reported 82.7m) at 25.7 per cent margin (reported 25.5) Significant events during the third q uarter ▪ On 14 September the number of votes in Vimian Group AB changed as a result of (i) redemption of 5,320 C-shares, and (ii) conversion of in 6,296,610 C-shares into ordinary shares Financial key ratios 1 Refer to Note 9 and the section on Alternative performance measures for more information. 2 Refer to Note 3 and the section on Items affecting comparability for more information. 3 YTD amount includes settlement payment of USD 65.7m in the US litigation case. Q3 Q3 YTD YTD LTM Full-year EURm, unless stated otherwise 2023 2022 Δ% 2023 2022 Δ% 22/23 2022 Revenue 79.9 70.9 13% 249.3 205.9 21% 324.7 281.3 Organic revenue growth (%)¹ 12% 5% 7 pp 13% 4% 9 pp na 4% Operating profit (EBIT) 9.9 8.8 12% 38.6 27.9 38% 50.0 39.4 Adjusted EBITA¹ 18.3 17.2 6% 64.7 55.4 17% 82.7 73.4 Adjusted EBITA margin (%)¹ 22.9% 24.3% -1.4 pp 26.0% 26.9% -1.0 pp 25.5% 26.1% Profit for the period 7.6 -1.6 574% 16.3 13.8 18% -4.7 -7.2 Items affecting comparability² -2.6 -3.6 -28% -9.6 -14.1 -32% -10.8 -15.3 Earnings per share before dilution (EUR) 0.02 -0.00 503% 0.04 0.04 2% -0.02 -0.02 Earnings per share after dilution (EUR) 0.02 -0.00 503% 0.04 0.04 2% -0.02 -0.02 Cash flow from operating activities³ 11.6 -5.8 na -45.8 4.2 na -24.7 25.3 Net debt/Adjusted LTM EBITDA, Proforma (x)¹ na na - na na - 3.0x 3.0x Q3 2023 13% Total revenue growth 12% Organic revenue growth 6% Adj. EBITA growth 22.9% Adjusted EBITA margin Financial calendar 15 February 2024 Year-end report 2023 10 April 2024 Annual report 2023 25 April 2024 Interim report first quarter 2024 15 August 2024 Interim report second quarter 2024 24 October 2024 Interim report third quarter 2024 For further information, please contact Carl-Johan Zetterberg Boudrie CFO carl-johan.zetterberg@vimian.com +46(0)703 35 84 49 Maria Dahllöf Tullberg Head of IR maria.tullberg@vimian.com +46 736 26 88 86 ===== SIDA 3 ===== Interim report January - September 2023 | 3 Message from our CEO Strong organic growth and operational cash flow In a turbulent world, Vimian continues to deliver strong organic growth ahead of the animal health market. Veterinarians and pet owners value our high-quality products and services that address the unmet medical needs of companion animals across the world. Following two solid reports in 2023, we continue to deliver strong organic growth of 12 per cent in the third quarter with higher net profit and improved operational cash flow. The adjusted EBITA margin reflects the sales pattern in MedTech where the extended annual ordering programme shifted high margin sales to the first quarter, in combination with mix effect from strong growth in US Specialised Nutrition and strategic investments in Specialty Pharma. We continue our efforts to deliver margin expansion over the coming quarters. Improved operational cash flow Cash flow from operating activities improved significantly to EUR 11.6m (-5.8m) in the quarter. During the third quarter MedTech started to reduce inventory, this was offset by higher stock levels in fast growing US Specialised Nutrition in Specialty Pharma. Net debt declined by EUR 8.2m with leverage down to 3.0x and we will continue our efforts for organic deleveraging in the coming quarters. Segment update Specialty Pharma delivered 18 per cent organic growth, double-digit in three out of four therapeutic areas. We continue to build strong market positions, attending 15 veterinary congresses in the quarter of which two were as main sponsors, the European veterinary dermatology specialist congress with 750 veterinarians and UK’s largest equine congress with 800 veterinarians. The team is working actively to strengthen profitability, supporting US customers migrating to our new allergy test and evaluating opportunities to drive further efficiencies across our European entities. In MedTech, slower growth in the third quarter reflects the sales pattern in US with the Annual Ordering Programme and a small buildup of backorders. Year-to-date growth of 13 per cent, and margin of 32.0 (31.5) per cent better reflects the strong underlying performance. Veterinary Services continues to deliver strong growth with high rate of member recruitment and conversion to higher membership tiers. We continue to digitalise our service offering and the team’s skillset and expertise is leveraged for Group-wide integration projects including shared CRM and data warehouse. In Diagnostics we saw another quarter of solid growth and continue to capture market share in a challenging livestock environment and progress innovation projects targeting the companion animal diagnostics market. ESG highlights In the third quarter, we implemented our new carbon reduction plan. Our target is to reduce emissions in scope 1 and 2 by 42% until 2030, in alignment with the Paris agreement and Science Based Targets. We are also in the process of uncovering Scope 3 emissions where we have our most significant climate impact. Current trading While the overall macroeconomy and geopolitical landscape remains challenging, we are confident in the resilience of our sector and see continued market growth. October trading is healthy at high single digits, with acceleration in MedTech as the pull-forward effect abates. The process to retrieve compensation for the US litigation as per the indemnification protection is still ongoing. We cannot speculate in the timing to finalize this but will update the market once conclusive. The recruitment for a new CEO is underway, and I am committed to stay onboard until year-end. We continue to build strong market positions in our select areas of animal health, driving organic growth and continuously evaluating strategic M&A. Near-term, we focus on sustaining strong organic growth while ensuring we capture full benefits on the bottom line and further strengthen cash generation. Stockholm, November 2023 Fredrik Ullman CEO of Vimian Group AB (publ) “ Vimian continues to deliver strong organic growth ahead of the animal health market ===== SIDA 4 ===== Interim report January - September 2023 | 4 Group performance Third quarter 2023 Revenue Revenue increased by 13 per cent to EUR 79.9m (70.9). Organic revenue growth was 12 per cent with highest growth in Specialty Pharma 18 per cent and Veterinary Services 14 per cent. Acquisitions contributed to a growth of 7 per cent and currency movements had a negative impact of 6 per cent. Revenue per segment, Q3 2023 Operating profit Operating profit amounted to EUR 9.9m (8.8), corresponding to a margin of 12.4 per cent (12.5). Operating profit included items affecting comparability of EUR -2.6m (-3.6). For items affecting comparability EUR -1.3m is in Specialty Pharma primarily related to acquisitions, of which EUR -918k are stay-on bonuses, reported as personnel costs, to management of acquired companies. EUR -682k is in Medtech, primarily legal costs related to the US litigation. Other items affecting comparability relates to restructuring in Diagnostics and implementation of the central consolidation system. For further information on items affecting comparability, refer to Note 3. Adjusted EBITA Adjusted EBITA increased by 6 per cent to EUR 18.3m (17.2) at a margin of 22.9 per cent (24.3). The margin reflects the sales pattern in MedTech where the extended annual ordering programme shifted high margin sales to the first quarter, the mix effect from strong growth in US Specialised Nutrition and strategic investments in Specialty Pharma. Adjusted EBITA per segment, Q3 20231 1 Adjusted EBITA before central costs. Financial items Net financial items amounted to EUR -0.1m (-9.4). This consists of three main parts: financing costs of EUR -5.1m with an average interest rate of 6.3 per cent during the quarter. On contingent considerations, the quarterly discounting impact is offset by positive impact from probability adjustments, giving a net impact of -0.4m. Financial items benefits from a EUR 5.4m positive impact from exchange-rates. Tax The tax expense for the quarter amounted to EUR - 2.2m (-1.0). Tax expense as percentage of pre-tax profit amounts to 23 per cent in the quarter. Profit for the quarter Profit amounted to EUR 7.6m (-1.6). Earnings per share before and after dilution amounted to EUR 0.02 (-0.00). Adjusted for items affecting comparability of EUR -2.6m (-3.6) adjusted earnings per share amounted to 0.02. 47% 31% 7% 15% Specialty Pharma MedTech Diagnostics Veterinary Services 49% 29% 5% 17% Specialty Pharma MedTech Diagnostics Veterinary Services “ Net profit increased significantly during the quarter ===== SIDA 5 ===== Interim report January - September 2023 | 5 January to September 2023 Revenue Revenue increased by 21 per cent to EUR 249.3m (205.9). Organic revenue growth was 13 per cent, primarily driven by Specialty Pharma growing 15 per cent and MedTech 13 per cent. Acquisitions contributed to a growth of 11 per cent and currency movements had a negative impact of 2 per cent. Operating profit Operating profit amounted to EUR 38.6m (27.9), corresponding to a margin of 15.5 per cent (13.6). Operating profit included items affecting comparability of EUR -9.6m (-14.1). For information on items affecting comparability, refer to Note 3. Adjusted EBITA Adjusted EBITA increased by 17 per cent to EUR 64.7m (55.4) at a margin of 26 per cent (26.9). Financial items Net financial items amounted to EUR -11.8m (-8.5). This consists of three main parts: financing costs of EUR -12.5m with an average interest rate of 5.5 per cent year-to-date. On contingent considerations, the year-to-date discounting impact is offset by positive impact from probability adjustments and a technical purchase price adjustment in the second quarter, giving a net impact of 2.0m. Negative impact from exchange- rates of EUR -1.3m. Tax The tax expense for the period January to September amounted to EUR -9.5m (-5.5). The tax expense as percentage of pre-tax profit amounts to 37 per cent year-to-date. This is elevated by a high level of tax losses without recognition of deferred tax assets and non-deductible expenses, mainly non-realised currency impact recognised in the financial items and impairments of contingent liabilities during the first half of the year. Profit for the period Profit amounted to EUR 16.3m (13.8). Earnings per share before and after dilution amounted to EUR 0.04 (0.04). Adjusted for items affecting comparability of EUR -9.6m adjusted earnings per share amounted to 0.06. Capital expenditure Capital expenditure for Vimian Group amounted to EUR 4.4m (5.2). The two main areas for investments are Specialty Pharma; manufacturing facilities and equipment in Specialty Pharmaceuticals, development of the IT platform for allergy customer lifecycle management and capitalized R&D for dermatology product development and MedTech; investments in equipment for education and facilities for 3D printing. Cash flow Cash flow from operating activities amounted to EUR -45.8m (4.2). This includes the litigation payment of EUR -65.7m. Excluding the litigation payment, cash flow from operating activities improved further in the third quarter reaching EUR 19.9m for the period January to September. Cash flow from investing activities of EUR -68.6m (- 157.3). Cash flow from financing activities EUR 120.4m (149.2) primarily reflects the draw down of the RCF to finance the litigation payment in the second quarter and payment of earn-outs during the year. Net working capital Net working capital amounted to EUR 77.0m (63.4) at the end of September at 24 per cent of revenue, slightly higher than EUR 75.6m at the end of June (23 per cent of revenue). Lower inventory in MedTech is offset by higher inventory in fast growing entities in Specialty Pharma. Accounts receivables continues to decline as annual ordering programme customers pay their monthly instalments. Net working capital is unfavourably impacted by currency movements. Net debt and cash and cash equivalents A t the end of the period, net debt amounted to EUR 287.9m, down from EUR 296.1m per 30 June 2023. Cash and cash equivalents amounted to EUR 49.3m at the end of the period down from EUR 50.8m at the end of June. On 4 April 2023, Vimian’s subsidiary Veterinary Orthopedic Implants LLC (“VOI”) reached a settlement agreement with DePuy Synthes Products, Inc. and DePuy Synthes Sales, Inc. resolving the patent dispute between the parties. Under the terms of the agreement, Vimian paid USD 70 million during the second quarter. Vimian has booked a corresponding claim of USD 59 million (USD 70 million minus USD 20 million withheld at acquisition plus USD 9 million of legal costs) towards the sellers of VOI as a “non-current receivable”. The amount of the receivable under the indemnification is deducted from the net debt. Per the 30 September, net debt in relation to pro- forma adjusted EBITDA over the past 12-month period was 3.0x, down from 3.1x per 30 June 2023. Reports Vimian’s financial reports and presentations are published on our website www.vimian.com . ===== SIDA 6 ===== Interim report January - September 2023 | 6 Segment performance Third quarter 2023 Vimian operates through four reporting segments: Specialty Pharma, MedTech, Veterinary Services and Diagnostics Segment – Specialty Pharma Revenue Revenue in the third quarter grew 21 per cent to EUR 37.8 million (31.2). Organic growth of 18 per cent, contribution from acquisitions 8 per cent and negative impact from currency movements of 5 per cent driven by GBP, CAD, NOK, and SEK. Per geography, the strongest organic growth is in the US followed by UK. Positive development in continental Europe with high-teens organic growth in Benelux, Germany and France. Over 20 per cent growth in the online direct to consumer channel. Per therapeutic area, the strongest growth is in Specialised Nutrition (driven by US with over 50 per cent growth). Strong double-digit growth in Specialty Pharmaceuticals and Dermatology. Allergy Test & Treatments sales was strong in Europe with double-digit growth, but US remains held back by slower uptake in the transfer of volumes to the new PAX test. The segment has launched several commercial initiatives to regain momentum in the US allergy business. During the third quarter >20 new products were launched, taking the total year to date to 65. Revenue for the period January to September grew 20 per cent to EUR 110.8 million (92.1). Organic growth of 15 per cent, contribution from acquisitions 8 per cent and negative impact from currency movements of 3 per cent. Adjusted EBITA Adjusted EBITA increased to EUR 9.7 million (8.6) at a margin of 25.6 per cent (27.6). The lower margin primarily reflects the mix impact from strong growth in US Specialised Nutrition, as well as the temporarily lower margin in the US (lower allergy sales combined with investments in product launches) and strategic investments in the business, including R&D and sales force. Adjusted EBITA for the period January to September increased to EUR 29.2 million (26.4) at a margin of 26.3 per cent (28.6). Acquisitions and Operational Highlights Several milestones in the integration of acquired companies reached during the quarter: ▪ Preparing for direct go-to-market in Spain (ICF, DRN, Dermoscent), Austria (Dermoscent) and Germany (Dermoscent) in 2024 ▪ Six months after internalising distribution in France, sales run-rate to veterinary clients is now at the same level as the distributor was. Sales team was strengthened with 2 FTE’s adding one more during the fourth quarter. ▪ Launched regional allergy immunotherapy in US ▪ Main sponsor of the European veterinary dermatology specialist congress in August with 750 participants and the UK’s largest equine congress in September with 800 participants. Q3 Q3 YTD YTD LTM Full-year Amounts in EUR 000's 2023 2022 Δ 2023 2022 Δ 22/23 2022 Revenue 37,791 31,210 21% 110,800 92,079 20% 142,979 124,258 EBITA 8,398 6,600 27% 2 5,347 19,582 29% 31,845 26,080 Adjusted EBITA 9,658 8,626 12% 29,183 26,380 11% 38,095 35,293 Adjusted EBITA margin (%) 25.6% 27.6% -2.1 pp 26.3% 28.6% -2.3 pp 26.6% 28.4% Q3 2023 21% Revenue growth 18% Organic revenue growth 12% Adjusted EBITA growth 25.6% Adjusted EBITA margin ===== SIDA 7 ===== Interim report January - September 2023 | 7 Segment – MedTech Revenue Revenue in the third quarter declined by 3 per cent to EUR 24.6 million (25.3). Organic revenue growth 4 per cent, contribution from acquisitions 1 per cent and negative impact from currency movements of 8 per cent, with negative development in the USD, CHF, AUD and YEN. Organic growth of 13 per cent year-to-date, ahead of the veterinary orthopedics market estimated to be growing at mid-single digits. Sales are typically lower in the second and third quarter as the annual ordering programme pulls forward sales into the first quarter. There has also been a small build-up of back-orders in US in the quarter. Adjusted for these two factors, organic growth would have been double-digit. Continued solid high-single digit organic growth in Europe and APAC. During the third quarter 19 on-site surgery trainings were held with over 180 participants. Revenue for the period January to September amounted to EUR 86.2 million (73.6). Organic revenue growth 13 per cent, contribution from acquisitions 7 per cent and negative impact from currency movements of 3 per cent. Adjusted EBITA Adjusted EBITA declined 18 per cent to EUR 5.8 million (7.2) at a margin of 23.8 per cent (28.3). Lower profitability is an effect of lower sales in the quarter in combination with investments in the organisation since the second half of last year. The rolling twelve months margin at 30.7 per cent per the end of September adjusts for seasonality and better reflects underlying profitability. Adjusted EBITA for the period January to September amounted to EUR 27.6 million (23.2) at a margin of 32.0 per cent (31.5) an improvement compared to the same period previous year as the company continues to integrate acquired entities and realise synergies. Acquisitions and Operational Highlights Continued work on integration of acquired companies during the quarter: ▪ Started re-branding work for several acquired companies with AdVetis first one to become Movora France per January next year ▪ Rolled out marketing concept by installing regional product managers to focus on a more product driven marketing approach ▪ Progressing work to optimise supply chain starting to reduce inventory by EUR 0.5m during the quarter Q3 Q3 YTD YTD LTM Full-year Amounts in EUR 000's 2023 2022 Δ 2023 2022 Δ 22/23 2022 Revenue 24,603 25,332 -3% 86,233 73,591 17% 114,082 101,440 EBITA 5,167 5,881 -12% 24,246 20,004 21% 34,637 30,395 Adjusted EBITA 5,849 7,157 -18% 27,592 23,166 19% 35,020 30,594 Adjusted EBITA margin (%) 23.8% 28.3% -4.5 pp 32.0% 31.5% 0.5 pp 30.7% 30.2% Q3 2023 -3% Revenue growth 4% Organic revenue growth -18% Adjusted EBITA growth 23.8% Adjusted EBITA margin ===== SIDA 8 ===== Interim report January - September 2023 | 8 Segment – Veterinary Services Revenue Revenue for the third quarter grew 29 per cent to EUR 12.2 million (9.4). Organic revenue growth of 14 per cent, contribution from acquisitions 19 per cent and negative impact from currency movements of 4 per cent. High recruitment pace with 620 new members in the quarter driven by the US, Brazil, Belgium and Spain and continued positive conversion to higher membership tiers. Strong organic growth of 14 per cent in the third quarter giving year-to-date organic growth 13 per cent, well ahead of the animal health market. Solid performance in the legacy business with double digit growth across most markets, and positive revenue contribution from new markets. Co-owned clinics account for ~40 per cent of segment revenue. Mid-single digit revenue growth, in-line with the veterinary market. Work to support clinics to improve efficiency continued and resulted in a 4 per cent improvement in adjusted EBITA margin. Revenue for the period January to September amounted to EUR 36.1 million (23.9). Organic revenue growth 13 per cent, contribution from acquisitions 42 per cent and negative impact from currency movements 3 per cent. Adjusted EBITA Adjusted EBITA grew 60 per cent to EUR 3.3 million (2.1) at a margin of 27.1 per cent (22.0). Margin expansion driven by strong growth in core business, profitability improvement for co-owned clinics and benefit from currency movements with significant cost base in SEK. Adjusted EBITA for the period January to September amounted to EUR 9.2 million (5.6) at a margin of 25.6 per cent (23.4). Acquisitions and Operational Highlights Several milestones in the integration of acquired companies reached during the quarter: ▪ New country manager for Independent Vets of Australia appointed ongoing collaborations with Vettr to realise synergies. ▪ Positive momentum for VerticalVet on the US market with high recruitment pace of new members, strengthened the organisation with a business development manager to support geographical expansion within the US and to expand partnerships with existing and new suppliers. ▪ Digital skillset and expertise is being leveraged across Vimian in several ongoing integration projects, including shared CRM and data warehouse. Q3 Q3 YTD YTD LTM Full-year Amounts in EUR 000's 2023 2022 Δ 2023 2022 Δ 22/23 2022 Revenue 12,180 9,407 29% 36,074 23,855 51% 45,822 33,603 EBITA 3,217 1,971 63% 8,606 2,817 205% 9,717 3,928 Adjusted EBITA 3,304 2,067 60% 9,234 5,588 65% 11,008 7,362 Adjusted EBITA margin (%) 27.1% 22.0% 5.2 pp 25.6% 23.4% 2.2 pp 24.0% 21.9% Q3 2023 29% Revenue growth 14% Organic revenue growth 60% Adjusted EBITA growth 27.1% Adjusted EBITA margin ===== SIDA 9 ===== Interim report January - September 2023 | 9 Segment – Diagnostics Revenue Revenue increased by 7 per cent to EUR 5.3m (4.9). Organic growth of 9 per cent partly offset by negative impact from currency movements of 2 per cent. No impact from acquisitions. Continued solid organic growth of 9 per cent in the third quarter despite tougher market conditions for livestock diagnostics in key region DACH. Revenue for the period January to September amounted to EUR 16.2 million (16.3). Organic revenue was flat, impacted by the phase-out of Covid related sales in the first quarter of 2023. Negative impact from currency movements of 1 per cent, no impact from acquisitions. Adjusted EBITA Adjusted EBITA amounted to EUR 1.1m (0.6) at a margin of 20.2 per cent (11.8) with some impact from higher levels of scrapping. Improving profitability versus last year supported by operating leverage and progress on the cost optimisation programme. Parts of the savings will be reinvested into new growth initiatives and the strengthening of select key functions. Adjusted EBITA for the period January to September amounted to EUR 3.5 million (3.5) at a margin of 21.6 per cent (21.3). Acquisitions and Operational Highlights Continued progress on integration and streamlining between legacy entities. The segment continues to win new opportunities across markets and product segments. The Ovacyte innovation partnership is developing as per plan with good ramp up in installations and usage in the equine and large animal segment during the quarter. Q3 Q3 YTD YTD LTM Full-year Amounts in EUR 000's 2023 2022 Δ 2023 2022 Δ 22/23 2022 Revenue 5,303 4,935 7% 16,166 16,328 -1% 21,846 22,008 EBITA 795 465 71% 2,869 3,164 -9% 2,695 2,990 Adjusted EBITA 1,072 580 85% 3,498 3,484 0% 4,369 4,356 Adjusted EBITA margin (%) 20.2% 11.8% 8.5 pp 21.6% 21.3% 0.3 pp 20.0% 19.8% Q3 2023 7% Revenue growth 9% Organic revenue growth 85% Adjusted EBITA growth 20.2% Adjusted EBITA margin ===== SIDA 10 ===== Interim report January - September 2023 | 10 Central Costs Central costs in the third quarter amounted to EUR -1.6m (-1.2), broadly in-line with the second quarter at -1.5m. Seasonal effects Vimian assesses that its revenues and EBITA to a limited degree are affected by seasonality. The four segments have varying, but limited, seasonality patterns. The strongest seasonality effect can be seen in MedTech, where the first quarter is typically the strongest quarter due to the AOP programme. Trading volumes slightly negatively affected by holiday periods. Risks and uncertainties Vimian Group’s and the parent company’s business risks and risk management, as well as the management of financial risks, are described on pages 58-61 in the 2022 Annual Report published at www.vimian.com . Ownership structure 30 September 2023 Name Capital Votes Fidelio Capital 55.3% 56.8% Handelsbanken Fonder 4.8% 4.9% PRG Investment Holdings 3.9% 3.6% Finn Pharmaceuticals Trust 3.4% 3.5% Danica Pension 2.5% 2.6% SEB Fonder 1.7% 1.7% Swedbank Robur Fonder 1. 7% 1.7% Avanza Pension 1.7% 1.7% Investering & Tryghed A/S 1.6% 1.7% AMF Pension & Fonder 1.4% 1.5% Total 10 78.0% 79.7% Others 22.0% 20.3% Total 100.0% 100.0% ===== SIDA 11 ===== Interim report January - September 2023 | 11 Declaration of the Board of Directors and Chief Executive Officer The Board of Directors and Chief Executive Officer declare that the interim report provides a true and fair view of the development of the Group’s and parent company’s business, its financial position and results, and describes significant risks and uncertainties faced by the parent company and the companies included in the Group. Stockholm, 8 November 2023 Gabriel Fitzgerald Chairman Frida Westerberg Martin Erleman Mikael Dolsten Petra Rumpf Theodor Bonnier Robert Belkic Fredrik Ullman CEO Prior to publication this information constituted inside information that Vimian Group AB is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the above contact persons, at 07:45 am CEST on 8 November 2023. Webcast conference call on 8 November 2023: In connection with the interim report, Vimian will hold a webcast conference call in English at 09:00 am CEST. Vimian will be represented by CEO Fredrik Ullman, CFO Carl-Johan Zetterberg Boudrie and Nextmune CEO Magnus Kjellberg, who will present the interim report and answer questions. Information regarding telephone numbers is available at www.vimian.com/investors. The presentation will be available at www.vimian.com/investors after publication of the interim report. The webcast will be available at the same address after the live broadcast. ===== SIDA 12 ===== Financial reports Group Interim report January - September 2023 | 12 INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS Q3 Q3 Jan-Sep Jan-Sep Full-year kEUR Note 2023 2022 2023 2022 2022 Revenue from contracts with customers 3, 4 79,878 70,884 249,274 205,853 281,308 Revenue 79,878 70,884 249,274 205,853 281,308 Other operating income 321 1,512 457 4,372 6,511 Raw material and merchandise -25,983 -22,165 -77,939 -63,759 -87,315 Other external expenses -14,253 -16,555 -45,075 -45,117 -56,927 Personnel expenses -21,293 -18,695 -63,132 -50,635 -71,012 Depreciation and amortisation -8,279 -6,778 -23,627 -19,301 -27,226 Other operating expenses -479 624 -1,385 -3,501 -5,978 Operating profit 9,912 8,826 38,572 27,913 39,361 Net financial items -124 -9,430 -11,844 -8,466 -38,345 Share of profit of an associate 12 -24 -923 -68 -92 Profit before tax 9,800 -627 25,805 19,379 924 Income tax expense -2,212 -973 -9,507 -5,535 -8,122 Profit for the period 7,588 -1,600 16,298 13,844 -7,198 Profit for the period attributable to: Equity holders of the parent 7,432 -1,618 15,831 13,798 -6,742 Non-controlling interests 156 18 467 46 -456 Earnings per share, before/after dilution (EUR) 0.02 -0.00 0.04 0.04 -0.02 Average number of shares, before/after dilution (Thousands) 457,123 392,948 452,277 390,597 403,114 Q3 Q3 Jan-Sep Jan-Sep Full-year kEUR Note 2023 2022 2023 2022 2022 Profit for the period 7,588 -1,600 16,298 13,844 -7,198 Other comprehensive income Items that may be reclassified to profit or loss: Exchange differences on translation of foreign operations 4,816 3,985 3,275 2,396 -6,929 Items that will not be reclassified to profit or loss: Remeasurement of defined benefit plans -26 2 104 144 87 Other comprehensive income for the period, net of tax 4,790 3,986 3,379 2,539 -6,842 Total comprehensive income for the period, net of tax 4,790 2,386 3,379 16,383 -14,040 Total comprehensive income attributable to: Equity holders of the parent 21,134 2,368 19,212 16,312 -13,609 Non-controlling interests 159 18 465 71 -430 ===== SIDA 13 ===== Financial reports Group Interim report January - September 2023 | 13 INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION kEUR Note 30 Sep 2023 30 Sep 2022 31 Dec 2022 Non-current assets Goodwill 509,080 481,514 464,374 Intangible assets 214,955 212,464 203,992 Property, plant and equipment 24,274 20,945 21,518 R ight-of-use assets 12,291 12,025 13,328 Investment in associates 7,399 1,468 7,578 Non-current financial assets 60,330 1,957 4,103 Deferred tax assets 2,670 2,722 1,976 Total non-current assets 830,998 733,095 716,867 Current assets Inventories 68,223 62,337 61,200 Trade receivables 50,591 41,571 41,168 Current tax receivables 80 595 568 Other receivables 3,992 5,643 57,434 Prepaid expenses and accrued income 11,016 5,049 4,127 Cash and cash equivalents 49,339 51,177 42,194 Total current assets 183,241 166,371 206,692 TOTAL ASSETS 1,014,239 899,468 923,559 kEUR Note 30 Sep 2023 30 Sep 2022 31 Dec 2022 Equity Share capital 74 67 72 Other contributed capital 467,853 344,767 432,985 Reserves -1,187 4,921 -4,460 R etained earnings including this period’s profit 69,047 71,078 53,216 Total equity attributable to equity holders of the parent 535,788 420,833 481,813 Non-controlling interests 154 536 -316 Total equity 535,942 421,369 481,497 Non-current liabilities Liabilities to credit institutions 324,704 284,809 207,112 Lease liabilities 8,999 9,581 9,029 Deferred tax liabilities 27,795 34,210 24,406 Other non-current liabilities 5 35,341 38,690 35,229 Non-current provisions 140 30 30 Total non-current liabilities 396,981 367,320 275,806 Current liabilities Liabilities to credit institutions 281 -0 - Lease liabilities 3,590 2,403 4,816 Trade payables 25,576 16,197 18,328 Current tax liabilities 8,361 8,472 8,179 Other current liabilities 5 28,136 64,618 113,576 Accrued expenses and prepaid income 15,373 19,090 21,358 Total current liabilities 81,317 110,779 166,256 TOTAL EQUITY AND LIABILITIES 1,014,239 899,468 923,559 ===== SIDA 14 ===== Financial reports Group Interim report January - September 2023 | 14 INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY kEUR Share capital Other contributed capital Translation reserve Retained earnings including this period’s profit Total equity attributable to equity holders of the parent Non- controlling interests Total equity Opening balance 1 January 2022 64 294,984 2,407 59,958 357,413 1,226 358,640 Profit for the period - - - 13,798 13,798 46 13,844 Other comprehensive income - - 2,514 - 2,514 25 2,539 Total comprehensive income - - 2,514 13,798 16,312 71 16,383 Transactions with owners Share issue 3 - - - 3 - 3 Ongoing share issue - - - - - -4 -4 Shareholder contributions - 49,783 - - 49,783 - 49,783 Transactions with non- controlling interests - - - -2,678 -2,678 -757 -3,435 Total 3 49,783 - -2,678 47,108 -761 46,347 Closing balance 30 September 2022 67 344,767 4,921 71,078 420,833 536 421,369 Opening balance 1 January 2023 72 432,985 -4,461 53,216 481,812 -315 481,497 Profit for the period - - - 15,831 15,831 467 16,298 Other comprehensive income - - 3,275 - 3,275 2 3,277 Total comprehensive income - - 3,275 15,831 19,106 469 19,575 Transactions with owners Share issue 2 34,494 - - 34,496 - 34,496 Transaction costs - -40 - - -40 - -40 Warrant program - 413 - - 413 - 413 Transactions with non- controlling interests - - - - - - - Total 2 34,868 - - 34,870 - 34,870 Closing balance 30 September 2023 74 467,853 -1,186 69,047 535,788 154 535,942 Equity attributable to equity holders of the parent ===== SIDA 15 ===== Financial reports Group Interim report January - September 2023 | 15 INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS 1 Year-to-date 2023 amount includes settlement payment in US litigation case Q3 Q3 Jan-Sep Jan-Sep Full-year kEUR 2023 2022 2023 2022 2022 Operating activities Operating profit 9,912 8,826 38,572 27,913 39,361 Adjustments for non-cash items 8,773 5,021 24,997 23,562 30,702 Interest received 301 8 352 15 21 Interest paid -5,923 -3,319 -12,700 -8,253 -10,389 Paid income tax -1,321 353 -9,264 -6,900 -7,677 Cash flow from operating activities before change in working capital 11,742 10,889 41,957 36,337 52,017 Change in inventories 524 -10,063 -6,189 -20,954 -19,817 Change in operating receivables 3,549 -1,590 -16,002 -5,997 -3,758 Change in operating liabilities¹ -4,183 -5,037 -65,552 -5,208 -3,130 Cash flow from operating activities 11,632 -5,801 -45,787 4,177 25,313 Investing activities Acquisition of a subsidiary, net of cash acquired -5,691 -26,930 -59,020 -149,011 -171,261 Investments in associates - -58 - -878 -6,964 Proceeds from sale of associates - - - - - Dividend from associates - - - - - Investments in intangible assets -841 -1,116 -3,078 -3,144 -4,486 Investments in property, plant and equipment -1,217 -860 -5,135 -3,895 -5,822 Proceeds from sale of property, plant and equipment -19 22 24 235 - Investments in other financial assets -1,437 -624 -1,365 -624 - Proceeds from sale of financial assets - -99 - - - Cash flow from investing activities -9,205 -29,665 -68,575 -157,316 -188,533 Financing activities New share issue - 49,786 - 49,786 137,969 Warrant program 413 - 413 - 1,658 Shareholder contributions - - - - - Transaction costs -40 - -40 - -1,619 Transaction costs arrangement fees - - - - - Proceeds from borrowings 7,511 20,792 164,683 146,275 150,549 Repayment of borrowings -12,742 -44,933 -41,766 -44,933 -133,160 Payment of lease liabilities -1,001 -702 -2,937 -1,925 -5,168 Transactions with non-controlling interests - - - - - Cash flow from financing activities -5,857 24,943 120,353 149,202 150,229 Cash flow for the period -3,430 -10,523 5,992 -3,937 -12,990 Cash and cash equivalents at beginning of the period 50,786 61,701 42,194 55,114 55,114 Exchange-rate difference in cash and cash equivalents 1,983 -1 1,153 - 70 Cash and cash equivalents at end of the period 49,339 51,177 49,339 51,177 42,194 ===== SIDA 16 ===== Financial reports Group Interim report January - September 2023 | 16 CONDENSED PARENT COMPANY INCOME STATEMENT AND BALANCE SHEET Q3 Q3 Jan-Sep Jan-Sep Full-year KSEK 2023 2022 2023 2022 2022 Revenue - 7,182 - 20,542 26,031 Other operating income 9,292 1,506 24,414 3,665 12,242 Total operating income 9,292 8,689 24,414 24,207 38,273 Other external expenses -12,985 -5,705 -42,905 -35,147 -51,282 Personnel expenses -6,463 -5,237 -21,793 -11,638 -17,470 Depreciation and amortisation -33 -33 -99 -99 -132 Other operating expenses -930 -979 -1,172 -317 -423 Operating profit -11,119 -3,264 -41,555 -22,994 -31,033 Group contributions - - - - 13,071 Net financial items 6,924 -8,720 135,522 -16,888 -56,254 Profit before tax -4,195 -11,984 93,966 -39,882 -74,207 Income tax expense 2,605 10,543 2,605 10,543 - Profit for the period -1,590 -1,441 96,572 -29,339 -74,207 KSEK 30 Sep 2023 30 Sep 2022 31 Dec 2022 ASSETS Non-current assets Intangible assets 13,780 11,735 16,875 Property, plant and equipment 459 592 559 Shares in subsidiaries 6,169,308 6,169,308 6 ,169,308 Non-current group receivables 6,034,102 3,882,280 4,060,975 Total non-current assets 12,217,650 10,063,915 10,247,717 Current assets Group receivables 0 -10,877 52,954 Other receivables 10,260 1,021,337 2,053 Prepaid expenses and accrued income 3,339 581 750 Cash and cash equivalents - - - Total current assets 13,599 1,011,041 55,757 TOTAL ASSETS 12,231,249 11,074,956 10,303,474 Equity Share capital 941 736 736 Share premium 5,372,128 6,151,406 6,167,328 Retained earnings 2,959,984 1,842,220 1,825,345 Profit for the period 96,710 -28,396 -74,207 Total equity 8,429,763 7,965,965 7,936,077 Non-current liabilities Liabilities to credit institutions 3,723,938 3,100,226 2,295,854 Group non-current liabilities 1,546 - - Total non-current liabilities 3,725,484 3,100,226 2,295,854 Current liabilities Group payables 69,532 - 3,786 Trade payables 3,124 4,218 61,267 Other current liabilities 452 934 1,215 Accrued expenses and prepaid income 2,894 3,613 5,275 Total current liabilities 76,002 8,765 71,543 TOTAL EQUITY AND LIABILITIES 12,231,249 11,074,956 10,303,474 ===== SIDA 17 ===== Financial reports Group Interim report January - September 2023 | 17 NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Note 1. Significant accounting policies The interim condensed consolidated financial statements comprise of the Swedish parent company Vimian Group AB (publ), with corporate identity number 559234-8923, and its subsidiaries. The Group’s primary operations are offering products and services in animal health for domestic pets and livestock around the world. The Group offers goods and services in Specialty Pharma, MedTech and Diagnostics as well as services and advice for veterinary professionals. The Parent Company is a limited liability company with its registered office in Stockholm, Sweden. The address of the head office is Riddargatan 19, 114 57 Stockholm. The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU). The Group’s interim report is prepared in accordance with IAS 34 Interim financial reporting and applicable parts of the Swedish Annual Accounts Act (1995:1554). The interim report of the parent company is prepared in accordance with the Swedish Annual Accounts Act chapter 9, Interim financial reporting and Recommendation RFR 2 Accounting for Legal Entities. The Group and Parent Company have applied the same accounting principles, basis of calculation, and assumptions as those applied in the Consolidated financial statements of Vimian Group AB as of and for the financial year ended 31 December 2022. For a complete description of the Group’s and Parent Company’s applied accounting principles, see note 1 of the Consolidated financial statements of Vimian Group AB as of and for the financial year ended 31 December 2022. Disclosures according to IAS 34 are presented in the financial statements as well as corresponding notes on page 22-38, which are an integrated part of the interim condensed consolidated financial statements. All amounts are presented in thousands of Euro (“kEUR”), unless otherwise indicated. Note 2. Key estimates and assumptions In preparing the interim financial statements, corporate management and the Board of Directors must make certain assessments and assumptions that impact the carrying amount of asset and liability items and revenue and expense items, as well as other information provided. The actual outcome may then differ from these assessments if other conditions arise. The key estimates and assumptions correspond to the ones described in the Consolidated financial statements of Vimian Group AB as of and for the financial year ended 31 December 2022. ===== SIDA 18 ===== Financial reports Group Interim report January - September 2023 | 18 Note 3. Operating segments 1 In Specialty Pharma, EUR 918k of the acquisition-related costs are stay-on bonuses, reported as personnel costs in the period, to management of acquired companies. ² Main items in other are legal fees other than the VOI litigation. Jul-Sep 2023 Specialty Pharma MedTech Diagnostic s Veterinary Services Total segments Group functions Eliminations Group total Revenue Revenue from external customers 37,791 24,603 5,303 12,180 79,878 - - 79,878 Revenue from internal customers 9 45 3 18 76 - -76 - Total revenue 37,800 24,648 5,307 12,198 79,954 - -76 79,878 Adjusted EBITA 9,658 5,849 1,072 3,304 19,883 -1,582 - 18,301 Items affecting comparability -1,260 -682 -277 -87 -2,306 -296 - -2,602 EBITA 8,398 5,167 795 3,217 17,577 -1,878 - 15,699 Amortisation of acquisition- related intangible assets -3,103 -1,504 -228 -954 -5,789 - - -5,789 Net financial items 6,829 -5,305 -307 -1,801 -583 459 - -124 Share of profit of an associate and joint venture - - - 12 12 - - 12 Profit before tax 12,124 -1,641 260 476 11,218 -1,418 - 9,800 Specification of items affecting comparability Acquisition-related costs¹ 1,232 15 - 12 1,259 - - 1,259 Systems update - - - - - 63 - 63 Restructuring costs - - 277 74 351 - - 351 Inventory step-up - - - - - - - - IPO and financing related costs - - - - - 87 - 87 Other² 27 668 - 1 696 146 - 842 Total items affecting comparability 1,260 682 277 87 2,306 296 - 2,602 Other disclosures Investments 774 900 387 63 2,125 - - 2,125 Total assets 498,370 296,706 49,939 156,935 1,001,950 12,291 -2 1,014,239 Total liabilities 73,291 31,908 8,319 40,913 154,430 347,353 -23,485 478,298 ===== SIDA 19 ===== Financial reports Group Interim report January - September 2023 | 19 1 In Specialty Pharma, EUR 1,310 of the acquisition-related costs are earnout payments, reported as personnel costs in the period, to management of acquired companies. 2 Majority of costs in Other relates to legal fees in USA due to patent litigation in MedTech. Jul-Sep 2022 Specialty Pharma MedTech Diagnostic s Veterinary Services Total segments Group functions Eliminations Group total Revenue Revenue from external customers 31,210 25,332 4,935 9,407 70,884 - - 70,884 Revenue from internal customers -152 - 329 188 365 - -365 - Total revenue 31,057 25,332 5,264 9,596 71,249 - -365 70,884 Adjusted EBITA 8,626 7,157 580 2,067 18,431 -1,186 - 17,244 Items affecting comparability -2,026 -1,277 -115 -96 -3,514 -102 - -3,616 EBITA 6,600 5,881 465 1,971 14,917 -1,288 - 13,628 Amortisation of acquisition- related intangible assets -2,290 -1,529 -213 -770 -4,803 - - -4,803 Net financial items -2,612 -1,599 104 -3,191 -7,298 -2,132 - -9,430 Share of profit of an associate and joint venture - - - -24 -24 - - -24 Profit before tax 1,697 2,753 356 -2,014 2,792 -3,420 - -627 Specification of items affecting comparability Acquisition-related costs 1,921 260 103 96 2,380 - - 2,380 Systems update - - - - - - - - Restructuring costs 64 - - - 64 - - 64 Inventory step-up - - - - - - - - IPO and financing related costs - - - - - - - - Other¹ 41 1,017 12 - 1,070 102 - 1,172 Total items affecting comparability 2,026 1,277 115 96 3,514 102 - 3,616 Other disclosures Investments 1,243 273 171 -285 1,402 203 - 1,605 Total assets 463,167 239,394 46,245 144,584 893,391 14,459 -8,383 899,468 Total liabilities 92,062 62,043 14,475 33,896 202,475 284,937 -9,314 478,098 ===== SIDA 20 ===== Financial reports Group Interim report January - September 2023 | 20 1 In Specialty Pharma, EUR 2,768k of the acquisition-related costs are stay-on bonuses, reported as personnel costs in the period, to management of acquired companies. ² Main items in other are legal fees related to the VOI litigation. Jan-Sep 2023 Specialty Pharma MedTech Diagnostic s Veterinary Services Total segments Group functions Eliminations Group total Revenue Revenue from external customers 110,800 86,233 16,166 36,074 249,274 - - 249,274 Revenue from internal customers 23 55 23 65 167 - -167 - Total revenue 110,823 86,288 16,190 36,139 249,440 - -167 249,274 Adjusted EBITA 29,183 27,592 3,498 9,234 69,506 -4,817 - 64,689 Items affecting comparability -3,836 -3,346 -629 -628 -8,438 -1,137 - -9,575 EBITA 25,347 24,246 2,869 8,606 61,068 -5,954 - 55,115 Amortisation of acquisition- related intangible assets -8,684 -4,664 -680 -2,514 -16,542 - - -16,542 Net financial items -1,470 -19,510 321 -7,816 -28,476 16,631 - -11,844 Share of profit of an associate and joint venture - - - -923 -923 - - -923 Profit before tax 15,193 73 2,506 -2,644 15,127 10,678 - 25,805 Specification of items affecting comparability Acquisition-related costs¹ 3,203 550 75 415 4,243 5 - 4,247 Systems update - 21 - - 21 728 - 749 Restructuring costs - - 554 207 761 - - 761 Inventory step-up - - - - - - - - IPO and financing related costs - - - - - 199 - 199 Other² 633 2,775 - 5 3,413 206 - 3,618 Total items affecting comparability 3,836 3,346 629 628 8,438 1,137 - 9,575 Other disclosures Investments 1,667 1,858 607 245 4,378 - - 4,378 Total assets 498,370 296,706 49,939 156,935 1,001,950 12,291 -2 1,014,239 Total liabilities 73,291 31,908 8,319 40,913 154,430 347,353 -23,485 478,298 ===== SIDA 21 ===== Financial reports Group Interim report January - September 2023 | 21 1 In Specialty Pharma, EUR 3,234 of the acquisition-related costs are earnout payments, reported as personnel costs in the period, to management of acquired companies. 2 Majority of costs in Other relates to legal fees in USA due to patent litigation in MedTech. Jan-Sep 2022 Specialty Pharma MedTech Diagnostic s Veterinary Services Total segments Group functions Eliminations Group total Revenue Revenue from external customers 92,079 73,591 16,328 23,855 205,853 -0 - 205,853 Revenue from internal customers -77 - 830 598 1,351 - -1,351 - Total revenue 92,002 73,591 17,158 24,452 207,204 -0 -1,351 205,853 Adjusted EBITA 26,380 23,166 3,484 5,588 58,618 -3,202 - 55,416 Items affecting comparability -6,798 -3,162 -321 -2,771 -13,051 -1,001 - -14,052 EBITA 19,582 20,004 3,164 2,817 45,567 -4,203 - 41,364 Amortisation of acquisition- related intangible assets -7,008 -4,098 -667 -1,679 -13,452 - - -13,452 Net financial items -6,477 -3,343 186 -4,293 -13,927 5,461 - -8,466 Share of profit of an associate and joint venture - - - -68 -68 - - -68 Profit before tax 6,097 12,563 2,683 -3,223 18,121 1,258 - 19,379 Specification of items affecting comparability Acquisition-related costs 6,693 885 224 2,347 10,149 57 - 10,206 Systems update - - - - - 67 - 67 Restructuring costs 64 - 26 327 417 14 - 432 Inventory step-up - - - - - - - - IPO and financing related costs - 8 35 - 43 44 - 88 Other¹ 41 2,268 36 96 2,441 819 - 3,260 Total items affecting comparability 6,798 3,162 321 2,771 13,051 1,001 - 14,052 Other disclosures Investments 2,294 1,663 694 74 4,724 446 - 5,170 Total assets 463,167 239,394 46,245 144,584 893,391 14,459 -8,383 899,468 Total liabilities 92,062 62,043 14,475 33,896 202,475 284,937 -9,314 478,098 ===== SIDA 22 ===== Financial reports Group Interim report January - September 2023 | 22 Note 4. Revenue from contracts with customers Revenue from external customers in Sweden amounted to EUR 14.0m during the period January to September 2023. Jul-Sep 2023 Specialty Pharma MedTech Diagnostics Veterinary Services Group total Geographic region Europe 20,785 8,098 2,997 9,963 41,843 North America 14,064 10,560 1,048 1,680 27,353 Rest of the World 2,942 5,944 1,258 538 10,682 Revenue from contracts with customers 37,791 24,603 5,303 12,180 79,878 Jul-Sep 2022 Specialty Pharma MedTech Diagnostics Veterinary Services Group total Geographic region Europe 19,664 1,739 3,074 7,464 31,941 North America 11,343 19,925 834 1,532 33,633 Rest of the World 203 3,669 1,027 411 5,310 Revenue from contracts with customers 31,210 25,332 4,935 9,407 70,884 Jan-Sep 2023 Specialty Pharma MedTech Diagnostics Veterinary Services Group total Geographic region Europe 59,938 19,080 9,591 29,222 117,832 North America 44,044 53,829 2,655 5,073 105,601 Rest of the World 6,818 13,324 3,920 1,779 25,841 Revenue from contracts with customers 110,800 86,233 16,166 36,074 249,274 Jan-Sep 2022 Specialty Pharma MedTech Diagnostics Veterinary Services Group total Geographic region Europe 54,643 13,212 10,590 19,646 98,092 North America 36,163 51,026 2,722 3,215 93,126 Rest of the World 1,272 9,353 3,016 994 14,636 Revenue from contracts with customers 92,079 73,591 16,328 23,855 205,853 ===== SIDA 23 ===== Financial reports Group Interim report January - September 2023 | 23 Note 5. Financial instruments The carrying amount of the Group’s financial instruments measured at fair value regards contingent considerations (see below). The carrying amount of other financial assets and liabilities is deemed to be a good approximation of the fair value. Contingent consideration In some of the Group’s business combinations, part of the purchase price has been in the form of contingent consideration. The contingent considerations depend on the future earnings or sales of the acquired companies. The contingent considerations are included in the following line items in the statement of financial position: other non- current liabilities 27,887 kEUR Q3 2023 (38,564 kEUR Q3 2022) and other current liabilities 20,557 kEUR Q3 2023 (30,896 kEUR Q3 2022). The contingent considerations are measured at fair value by discounting the expected cash flows by a risk adjusted discount rate. The contingent considerations are classified as level 3 in the fair value hierarchy. Note 6. Business combinations The following acquisitions have been completed during the period January to September 2023: Contingent consideration Jan - Sep 2023 Jan - Sep 2022 Jan - Dec 2022 Opening balance 74,591 24,700 24,700 Business combinations 17,268 47,630 43,202 Paid out -44,476 -3,290 -17,981 Change in fair value recognised in P&L 814 -279 26,020 Exchange differences on translation of foreign operations 247 699 -1,351 Closing balance 48,444 69,461 74,591 Company Deal type % acquired Based Segment Consolidation month Annua l sales Good- will Transaction costs Axaeco Logistics AB Share 100% Sweden Specialty Pharma Jan 1.9 0.2 0.1 Viking Blues Pty Ltd Share 100% Australia Specialty Pharma Jan 10.0 28.4 0.8 Din Veterinär i Helsingborg Holding AB Share 100% Sweden Veterinary Services Feb 4.9 6.2 0.1 Vettr Pty Ltd Share 100% Australia Veterinary Services Apr 1.2 5.0 0.3 Kruth-Halling Professional Corporation Asset 100% Canada MedTech May 0.2 0.2 0.1 Respit LLC Asset 100% United States Specialty Pharma Aug 0.2 0.0 0.0 ===== SIDA 24 ===== Financial reports Group Interim report January - September 2023 | 24 Preliminary purchase price allocations per operating segment during the period January-September 2023: For the acquisitions closed during the period January to September 2023, the amount of income and pre-tax profit included in the group's report on comprehensive income for the reporting period are per segment: Specialty Pharma income EURk 6,219, pre-tax profit EURk 72 and Veterinary Services income EURk 3,972 and pre-tax profit EURk 1,017. On a pro-forma basis if all acquisitions had closed 1 Januari 2023 this would have been Specialty Pharma income EURk 8,440, pre-tax profit EURk 783, and Veterinary Services income EURk 4,623 and pre-tax profit EURk 1.136. Acquired net assets on acquisition date based on preliminary PPA Specialty Pharma MedTech Diagnostic s Veterinary Services Group total Intangible assets 23,176 - - 2,880 26,055 Property, plant and equipment 976 - - 91 1,066 Right-of-use assets - - - - - Non-current financial assets - - - - - Deferred tax assets - - - - - Inventories 428 - - 150 578 Trade receivable and other receivables 1,591 - - 224 1,816 Cash and cash equivalents 434 - - 1,196 1,630 Interest-bearing liabilities - - - - - Lease liabilities - - - - - Deferred tax liabilities - - - -704 -704 Trade payables and other operating liabilities -699 - - -723 -1,421 Identified net assets 25,906 - - 3,114 29,021 Non-controlling interest measured at fair value - - - - - Goodwill 28,642 205 - 9,592 38,439 Total purchase consideration 54,549 205 - 12,706 67,459 Purchase consideration comprises: Cash 7,452 205 - 8,518 16,174 Equity instruments 32,749 - - - 32,749 Contingent consideration and deferred payments 14,338 - - 4,188 18,526 Total purchase consideration 54,539 205 - 12,706 67,450 Impact of acquisition on Group’s cash flow Specialty Pharma MedTech Diagnostic s Veterinary Services Group total Cash portion of purchase consideration -7,452 -205 - -8,518 -16,174 Acquired cash 434 - - 1,196 1,630 Total -7,017 -205 - -7,322 -14,544 Acquisition-related costs -875 - - -370 -1,245 Net cash outflow -7,892 -205 - -7,692 -15,789 ===== SIDA 25 ===== Financial reports Group Interim report January - September 2023 | 25 Note 7. Related-party transactions There have been no significant changes in the relationships with related parties for the Group or the Parent Company compared to the information provided in the Annual Financial statements. During the third quarter of 2023 Fidelio capital invoiced Vimian SEK 2.7m of legal fees that they have incurred on behalf of Movora in relation to the US litigation process. Note 8. Events after the balance-sheet date No significant events after the balance-sheet date Note 9. Alternative performance measures Alternative Performance Measures (APMs) are financial measures of historical or future financial performance, financial position or cash flows that are not defined in applicable accounting regulations (IFRS). APMs are used by Vimian when it is relevant to monitor and describe Vimian’s financial situation and to provide additional useful information to users of financial statements. These measures are not directly comparable to similar key ratios presented by other companies. Definitions and reason for usage Key Ratios Definition Organic Revenue Growth Vimian reports organic revenue growth to show performance of the underlying business. It is calculated as the like for like revenue growth excluding impact from acquisitions, divestments, and currency impacts. Acquired companies are included in organic growth when they have been part of the group for 12 months. EBITA Vimian reports EBITA to show the operating profitability independent of taxes, financing structure and amortisation. It is calculated as operating profit excluding amortisation of intangible assets that were originally recognised in connection with business combinations. EBITA margin EBITA margin, calculated as EBITA in relation to revenue, allows the Group to track development of profitability. Adjusted EBITA Vimian reports adjusted EBITA, EBITA excluding costs that are considered as non- recurring, to give a clearer view of the underlying performance of the operations. Majority of non-recurring items are related to acquisitions. Adjusted EBITA margin The adjusted EBITA margin shows adjusted EBITA in relation to revenue and provides a view of how profitable the core operations of the business are. Adjusted EPS Vimian reports adjusted EPS, excluding the impact of non-recurring items, to give a clearer view of net profit for the Group excluding costs that are considered non- recurring. Items affecting comparability Income and expense items that considered to be non-recurring. Vimian reports adjusted EBITA, EBITDA and EPS, which are adjusted for items affecting comparability to give a fairer view of the underlying business. Amortisation PPA related Amortisation of intangible assets that were originally recognised in connection with business combinations. Net debt Vimian reports net debt to allow investors to assess the Group’s ability to make strategic investments and meet its financial obligations. Net debt is calculated as cash and cash equivalents less liabilities to credit institutions, lease liabilities, other non-current liabilities and specific items included in other current liabilities (contingent considerations, deferred payments, vendor notes and shareholder loans related to business combinations). ===== SIDA 26 ===== Financial reports Group Interim report January - September 2023 | 26 Key Ratios Definition Net debt / Adjusted EBITDA Net debt in relation to the last 12 months adjusted EBITDA. Net Working Capital Vimian reports net working capital as a measure of the Group’s short term financial status. It contains inventory, trade receivables, current tax receivables, other current receivables, prepaid expenses and accrued income, less trade payables, current tax liabilities, accrued expenses and deferred income, provisions and other current liabilities. Capex Vimian’s definition of cash flow from investments in tangible and intangible assets excludes investments in real estate and internally generated intangible assets. Tangible and intangible assets included in the net assets of business combinations are excluded. Proforma revenue Vimian reports pro-forma revenue to show a fair view of the size of the Group including all entities that it owns per the date of the report. It is calculated by taking reported revenue for the last twelve months with revenue for all acquisitions closed during the last twelve months, as if they had been consolidated the full period Adjusted EBITDA, Proforma Vimian reports pro-forma EBITDA to show a fair view of the size of the Group including all entities that it owns per the date of the report. It is calculated by taking reported adjusted EBITDA for the last twelve months with adjusted EBITDA for all acquisitions closed during the last twelve months, as if they had been consolidated the full period. Adjusted EBITDA margin, Proforma Adjusted proforma EBITDA in relation to proforma revenue. Acquisition related expenses Expenses related to legal and financial due diligence as well as integration costs. Restructuring costs Costs relating to integration and synergies between legacy and acquired businesses ===== SIDA 27 ===== Financial reports Group Interim report January - September 2023 | 27 Alternative performance measures not defined in accordance with IFRS for the group - Based on reported figures 1 Year-to-date cash flow from operating activities includes settlement payment in US litigation case Alternative performance measures not defined in accordance with IFRS for the group - Based on proforma figures 1 Jan-31 Dec (EURm, unless otherwise stated) 2023 2022 2023 2022 2022 Revenue growth (%) 13% 71% 21% 65% 62% Organic revenue growth (%) 12% 5% 13% 4% 4% EBITDA 18,128 15,605 62,136 47,214 66,587 EBITDA margin (%) 22.7% 22.0% 24.9% 22.9% 23.7% Adjusted EBITDA 20,729 19,221 71,711 61,266 81,910 Adjusted EBITDA margin (%) 26.0% 27.1% 28.8% 29.8% 29.1% EBITA 15,699 13,629 55,115 41,365 58,097 EBITA margin (%) 19.7% 19.2% 22.1% 20.1% 20.7% Adjusted EBITA 18,301 17,245 64,689 55,417 73,419 Adjusted EBITA margin (%) 22.9% 24.3% 26.0% 26.9% 26.1% Operating profit 9,912 8,826 38,572 27,913 39,361 Operating margin (%) 12.4% 12.5% 15.5% 13.6% 14.0% Capital expenditure -2,125 -1,605 -4,378 -5,170 -8,517 Cash flow from operating activities¹ 11,632 -5,801 -45,787 4,177 25,313 1 Jul-30 Sep 1 Jan-30 Sep 1 Oct - 30 Sep (EURm, unless otherwise stated) LTM (2023) Proforma revenue 333,011 Adjusted EBITDA, Proforma 95,220 Adjusted EBITDA margin, Proforma 28.6% Net debt 287,879 Net debt / Adjusted EBITDA, Proforma (x) 3.0x ===== SIDA 28 ===== Financial reports Group Interim report January - September 2023 | 28 ALTERNATIVE PERFORMANCE MEASURES Reconciliation of alternative performance measures not defined in accordance with IFRS for the group Certain statements and analyses presented include alternative performance measures (APMs) that are not defined by IFRS. The Company believes that this information, together with comparable defined IFRS metrics, are useful to investors as they provide a basis for measuring operating profit and ability to repay debt and invest in operations. Corporate management uses these financial measurements, along with the most directly comparable financial metrics under IFRS, to evaluate operational results and value added. The APMs should not be assessed in isolation from, or as a substitute for, financial information presented in the financial statements in accordance with IFRS. The APMs reported are not necessarily comparable to similar metrics presented by other companies. The reconciliations are presented in the tables below. 1 S hareholder loans, deferred payments, vendor notes and contingent considerations included in other current liabilities 2 Other current liabilities as reported in the statement of financial position less shareholder loans, deferred payments, vendor notes and contingent considerations related to business combinations 3 Following settlement in the US litigation case Vimian has booked a claim of USD 59m (USD 70m less USD 20m withheld at acquisition plus USD 9m of legal costs and interest) towards the sellers of VOI as a “non-current receivable” 1 Jan-31 Dec (EUR thousands, unless otherwise stated) 2023 2022 2023 2022 2022 Adjusted EBITA and EBITDA Revenue 79,878 70,884 249,274 205,853 281,308 EBITA 15,699 13,629 55,115 41,365 58,097 EBITDA 18,128 15,605 62,136 47,214 66,587 Items affecting comparability 2,602 3,616 9,575 14,052 15,323 Adjusted EBITA 18,301 17,245 64,689 55,417 73,420 Adjusted EBITDA 20,729 19,221 71,711 61,266 81,910 Adjusted EBITA margin (%) 22.9% 24.3% 26.0% 26.9% 26.1% Adjusted EBITDA margin (%) 26.0% 27.1% 28.8% 29.8% 29.1% 1 Jul-30 Sep 1 Jan-30 Sep 1 Jan-31 Dec (EUR thousands, unless otherwise stated) 2023 2022 2022 Net debt Liabilities to credit institutions (long term) 324,704 284,809 207,112 Lease liabilities (long term) 8,999 9,581 9,029 Other non-current liabilities 35,341 38,690 35,229 Liabilities to credit institutions (short term) 281 -0 -0 Lease liabilities (short term) 3,590 2,403 4,816 Other items¹ 20,556 56,565 43,520 Cash & Cash Equivalents -49,339 -51,177 -42,194 Other non-current receivables³ -56,254 - - Net debt 287,879 340,870 257,512 1 Jan-30 Sep 31 Dec (EUR thousands, unless otherwise stated) 2023 2022 2022 Net working capital Inventory 68,223 62,337 61,200 Trade receivables 50,591 41,571 41,168 Current tax receivables 80 595 568 Other current receivables 3,992 5,643 4,908 Prepaid expenses and accrued income 11,016 5,049 4,127 Trade payables -25,576 -16,197 -18,328 Current tax liabilities -8,361 -8,472 -8,179 Other current liabilities² -7,580 -8,053 -4,404 Provisions - -30 -30 Accrued expenses and deferred income -15,373 -19,090 -21,358 Net working capital 77,013 63,353 59,674 30 Sep ===== SIDA 29 ===== Financial reports Group Interim report January - September 2023 | 29 1 Oct - 30 Sep 1 Jan-31 Dec (EUR thousands, unless otherwise stated) LTM (2022/2023) 2022 Proforma revenue Reported revenue 324,729 281,308 Proforma period, revenue 8,282 15,698 Proforma revenue 333,011 297,006 Adjusted EBITA, Proforma Reported Adjusted EBITA (12 months) 82,692 na Proforma period Adjusted EBITA 2,834 na Adjusted EBITA, Proforma 85,526 na Adjusted EBITA margin, Proforma Proforma Revenue 333,011 na Adjusted EBITA, Proforma 85,526 na Adjusted EBITA margin, Proforma 25.7% na Adjusted EBITDA, Proforma Reported Adjusted EBITDA (12 months) 92,355 81,910 Proforma period Adjusted EBITDA 2,864 3,789 Adjusted EBITDA, Proforma 95,220 85,699 Adjusted EBITDA margin, Proforma Proforma Revenue 333,011 297,006 Adjusted EBITDA, Proforma 95,220 85,699 Adjusted EBITDA margin, Proforma 28.6% 28.9% Net debt/Adjusted EBITDA, Proforma Net debt 287,879 257,512 Adjusted EBITDA, Proforma 95,220 85,699 Net debt/Adjusted EBITDA, Proforma (x) 3.0x 3.0x ===== SIDA 30 ===== Vimian Group AB (publ) Reg. no. 559234-8923 Riddargatan 19 114 57 Stockholm Sweden www.vimian.com