===== SIDA 1 ===== Q4 Interim report January - December 20 23 ===== SIDA 2 ===== Interim report January - December 2023 | 2 Interim report January - December 2023 A strong platform for profitable growth Fourth quarter ▪ Revenue increased by 9 per cent to EUR 82.5m (75.5) ▪ Organic growth of 7 per cent, companion animal business 8 per cent (excluding Diagnostics) ▪ Operating profit (EBIT) of EUR 2.7m (11.4) includes a EUR 8m negative impact from adjusting the valuation of the non-current receivable related to the US patent litigation ▪ Adjusted EBITA EUR 22.6m (18.0) at a margin of 27.5 per cent (23.9). Result EUR -6.3m (-21.0) ▪ Earnings per share before and after dilution EUR -0.01 (-0.05) ▪ Cash flow from operating activities of EUR 17.2m (21.1) Full year 2023 reported ▪ Revenue increased by 18 per cent to EUR 331.7m (281.3) ▪ Organic growth of 11 per cent, companion animal business 12 per cent (excluding Diagnostics) ▪ Operating profit (EBIT) EUR 41.3m (39.4) includes a EUR 8m negative impact from adjusting the valuation of the non-current receivable related to the US patent litigation ▪ Adjusted EBITA EUR 87.3m (73.4) at a margin of 26.3 per cent (26.1). Profit EUR 10.5m (-7.2) ▪ Earnings per share before and after dilution EUR 0.02 (-0.02) ▪ Full year cash flow from operating activities EUR -28.6m (25.3) impacted by the litigation payment in the second quarter, excluding this EUR 37.1m Full year 2023 pro-forma (PF) ▪ PF revenue including all acquisitions for the full period 1 January to 31 December 2023, as if Vimian had owned them for the full year period, EUR 335.5m (reported EUR 331.7) ▪ PF adjusted EBITA EUR 88.8m at a margin of 26.5 per cent (reported EUR 87.3m at 26.3 per cent) ▪ Net debt reduced by EUR 2m to EUR 285.6m, includes a EUR 8m negative impact from adjusting the valuation of the non-current receivable related to the US patent litigation. Pro-forma leverage 2.9x (3.0x end of September) ▪ The Board’s proposal to the general meeting in May 2024, is to not distribute a dividend for 2023 Significant events during the fourth quarter ▪ On 1 December MedTech Co-CEO Colleen Flesher stepped down from her position and Guy Spörri, previously Co-CEO Movora, assumed full responsibility as CEO for the MedTech segment ▪ On 21 December Vimian appointed Patrik Eriksson as new Chief Executive Officer, effective 1 January 2024 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 EUR 65.7m in the US litigation case. Q4 Q4 YTD YTD EURm, unless stated otherwise 2023 2022 Δ% 2023 2022 Δ% Revenue 82.5 75.5 9% 331.7 281.3 18% Organic revenue growth (%)¹ 7% 3% 4 pp 11% 4% 8 pp Operating profit (EBIT) 2.7 11.4 -76% 41.3 39.4 5% Adjusted EBITA¹ 22.6 18.0 26% 87.3 73.4 19% Adjusted EBITA margin (%)¹ 27.5% 23.9% 3.6 pp 26.3% 26.1% 0.2 pp Profit for the period -6.3 -21.0 70% 10.5 -7.2 246% Items affecting comparability² -14.3 -1.3 -1,023% -23.8 -15.3 -56% Earnings per share before dilution (EUR) -0.01 -0.05 74% 0.02 -0.02 238% Earnings per share after dilution (EUR) -0.01 -0.05 74% 0.02 -0.02 238% Cash flow from operating activities³ 17.2 21.1 -19% -28.6 25.3 -212.9% Net debt/Adjusted LTM EBITDA, Proforma (x)¹ na na - 2.9x 3.0x -0.1x Q4 2023 9% Total revenue growth 7% Organic revenue growth 26% Adj. EBITA growth 27.5% Adjusted EBITA margin Financial calendar 10 April 2024 Annual report 2023 2 May 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 - December 2023 | 3 Message from our CEO A strong platform for profitable growth I am excited to join Vimian and continue building a global animal health company. A few weeks into the new role, I see a committed and highly dedicated team, a strong product portfolio of well- known brands sold in high growth market niches, and longstanding, trustful relationships with the veterinary community. I see significant potential for value creation going forward through both organic and acquisition driven growth. Looking back at 2023, the global animal health market showed resilience and growth in a year that was characterized by war, geopolitical uncertainty and a tough macroeconomy. Vimian stayed close to its customers, accelerated organic growth to 11 (4) per cent through successful sales and education initiatives. Adjusted EBITA margin improved to 26.3 (26.1) per cent and EPS for the year turned positive to EUR 0.02 (-0.02). Vimian progressed on integration of acquired companies combining operations within markets, internalising distribution, and optimising the global MedTech supply chain. The Group commercialised key innovation projects within allergy and diagnostics and continued to deliver on its ESG agenda focused on people, animals and the planet. Solid fourth quarter In the fourth quarter, Vimian delivered EUR 82.5 million of revenue with an adjusted EBITA margin of 27.5 (23.9) per cent. As we integrate acquired companies and improve financial processes across the Group, the quarter includes the full-year impact of EUR 2 million higher R&D capitalisation. The underlying like-for-like margin shows sequential and year-over-year expansion supported by efficiency measures. Organic growth in the quarter reached 7 per cent with a strong finish to the year in Veterinary Services and continued double-digit growth in Specialty Pharma. MedTech reports slower growth in the fourth quarter, although solid 10 per cent organic growth for the full year. In Diagnostics, fewer disease outbreaks reduced demand for testing in the quarter. Vimian delivered solid cash flow from operations of EUR 17.2 million in the fourth quarter and further reduced net working capital. The company closed one bolt-on acquisition in Specialty Pharma strengthening the US dermatology portfolio and continued to pay down debt amortising EUR 18.5 million in the quarter taking leverage to 2.9x. Healthy trading in early 2024 Vimian entered 2024 with high single digit growth in January with continued strong growth in Specialty Pharma and Veterinary Services and overall solid market development. Following the US patent dispute, the team is progressing work on the indemnification process with the sellers of VOI, and we will update the market once conclusive. Strategy remains the same For my first months at Vimian, I will spend ample time to get to know the business, its challenges, and opportunities. The Board has been clear that the overall strategy remains unchanged. We are building strong global market positions in niches of the animal health market with unmet medical needs and sustainable above market growth potential. We will continue to drive profitable growth and cash flow in our existing operations, keeping a close eye on efficiency and cash generation. Following a year with focus on integration and consolidation, I believe the organisation is ready to execute on select strategic acquisitions during 2024 as pace of consolidation accelerates. We continuously develop our pipeline, building strong relationships with successful entrepreneurs in relevant areas, and see potential for some discussions to pick up momentum during the first half of this year. Stockholm, February 2024 Patrik Eriksson CEO of Vimian Group AB (publ) “ We will continue build strong global market positions in niches of the animal health market with unmet medical needs ===== SIDA 4 ===== Interim report January - December 2023 | 4 Group performance Fourth quarter 2023 Revenue Revenue increased by 9 per cent to EUR 82.5m (75.5). Organic revenue growth was 7 per cent with highest growth in Veterinary Services 22 per cent and Specialty Pharma 10 per cent. Acquisitions contributed to a growth of 5 per cent and currency movements had a negative impact of 3 per cent. Revenue per segment, Q4 2023 Operating profit Operating profit amounted to EUR 2.7m (11.4) at a margin of 3.3 per cent (15.2). This includes a EUR 8m negative impact from adjusting the valuation of the non-current receivable related to the US patent litigation. Excluding this impact, operating profit was 10.7m. Operating profit included items affecting comparability of EUR -14.3m (-1.3). For items affecting comparability EUR -2.6m is in Specialty Pharma primarily related to acquisitions, of which EUR -1m are stay-on bonuses reported as personnel costs, to management of acquired companies. EUR -9.8m is in MedTech, primarily costs related to the US litigation including the valuation adjustment of the non-current receivable. On central level EUR -1.3m primarily relates to the CEO change. For further information on items affecting comparability, refer to Note 3. Adjusted EBITA Adjusted EBITA increased by 26 per cent to EUR 22.6m (18.0) at a margin of 27.5 per cent (23.9). The fourth quarter margin benefits from the full- year impact of EUR 2.0m higher R&D capitalisation in Specialty Pharma, as the segment progresses integration and align accounting standards in all entities. Adjusted for the Q1-Q3 benefit, margin is 25.6 per cent. The like-for-like margin (same accounting principles as previous year) of 25.0 per cent (23.9) shows a sequential and year-over-year improvement. Adjusted EBITA per segment, Q4 20231 1 Adjusted EBITA before central costs. Financial items Net financial items amounted to EUR -9.1m (-29.9). This consists of three main parts: financing costs of EUR -6.3m with an average interest rate of 6.7 per cent during the quarter. On contingent considerations, the quarterly discounting impact of EUR -1.8m is partly offset by the positive impact from probability adjustments of EUR 1.2m, giving a net impact of -0.6m. Negative impact of EUR -2.2m from exchange-rates. Tax The positive tax impact for the quarter of EUR 0.1m (-2.6) reflects the reversal of previously accrued taxes and the utilisation of group contribution rights between Swedish entities. Result for the quarter Result for the quarter amounted to EUR -6.3m (- 21.0). Earnings per share before and after dilution amounted to EUR -0.01 (-0.05). 44% 33% 6% 16% Specialty Pharma MedTech Diagnostics Veterinary Services 53% 28% 3% 15% Specialty Pharma MedTech Diagnostics Veterinary Services “ Solid organic growth and improved margin ===== SIDA 5 ===== Interim report January - December 2023 | 5 January to December 2023 Revenue Revenue increased by 18 per cent to EUR 331.7m (281.3). Organic revenue growth was 11 per cent, primarily driven by Specialty Pharma 14 per cent, MedTech 10 per cent and Veterinary Services 15 per cent. Acquisitions contributed to a growth of 9 per cent and currency movements had a negative impact of 3 per cent. Operating profit Operating profit amounted to EUR 41.3m (39.4), corresponding to a margin of 12.4 per cent (14.0). Operating profit included items affecting comparability of EUR -23.8m (-15.3). For information on items affecting comparability, refer to Note 3. Adjusted EBITA Adjusted EBITA increased by 19 per cent to EUR 87.3m (73.4) at a margin of 26.3 per cent (26.1). Financial items Net financial items amounted to EUR -20.9m (- 38.3). This consists of three main parts: financing costs of EUR -18.7m with an average interest rate of 6.0 per cent during the year. On contingent considerations, the discounting impact of EUR - 7.8m is offset by the positive impact from probability adjustments of EUR 9.1m, giving a net positive impact of 1.3m. Negative impact from exchange-rates of EUR -3.5m. Tax The tax expense for the year amounted to EUR - 9.0m (-8.1). The tax expense as percentage of pre- tax profit amounts to 46 per cent. 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. Profit for the period Profit amounted to EUR 10.5m (-7.2). Earnings per share before and after dilution amounted to EUR 0.02 (-0.02). Capital expenditure Capital expenditure for the full year amounted to EUR 9.0m (8.5). 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 MedTech; investments in equipment for education of veterinary professionals and facilities for 3D printing. Cash flow Consistent improvement in cash flow from operating activities reaching EUR -28.6m (25.3) for the full year. Excluding the litigation payment of EUR -65.7m paid in the second quarter, cash flow from operating activities of EUR 37.1m. Cash flow from investing activities of EUR -77.7m (-188.5). Cash flow from financing activities EUR 100.5m (150.2) primarily reflects the draw down of the RCF to finance the litigation payment in the second quarter, payment of earn-outs during the year and repayment of EUR 60.2m debt. Net working capital Net working capital amounted to EUR 71.1m (59.7) per the end of December at 21 (21) per cent of revenue, a reduction from EUR 77.0m at the end of September (23 per cent of revenue). Inventory reduced by EUR 8m, largest reduction in MedTech. Accounts receivables decline as annual ordering programme customers pay their final instalments. Partly offset by lower accounts payable as the Medtech segment settles some litigation related costs and higher year-end tax provisions. Net debt and cash and cash equivalents At the end of the period, net debt amounted to EUR 285.6m (257.5), down from EUR 287.9m per 30 September 2023. This includes the EUR 8m negative impact from adjusting the valuation of the non-current receivable related to the US patent litigation, see note 2 for further information. Cash and cash equivalents amounted to EUR 37.5m (42.2) at the end of the period down from EUR 49.3m at the end of September. External lending has been paid down to EUR 302m down from EUR 325m per the end of September. Per the 31 December, net debt in relation to pro- forma adjusted EBITDA over the past 12-month period was 2.9x, down from 3.0x per 30 September 2023. ===== SIDA 6 ===== Interim report January - December 2023 | 6 Segment performance Fourth quarter 2023 Vimian operates through four reporting segments: Specialty Pharma, MedTech, Veterinary Services and Diagnostics Segment – Specialty Pharma Revenue Revenue in the fourth quarter grew 14 per cent to EUR 36.6 million (32.2). Solid organic growth 10 per cent, contribution from acquisitions 8 per cent and negative impact from currency movements 4 per cent. Per geography, double-digit organic growth in Benelux, UK, US, Spain, and France. Over 40 per cent growth in the online direct to consumer channel. Per therapeutic area double-digit growth in Specialised Nutrition, Dermatology and European Allergy test and treatments. In the US, allergy is still impacted by slower uptake in the transfer of volumes to the new PAX test. Commercial initiatives to regain momentum launched during the third and fourth quarter. Specialty Pharmaceuticals delivers mid-single digit growth in the fourth quarter, partly impacted by timing of price increases, full-year growth double-digits. During the fourth quarter 13 new products were launched, taking the total for the year to 78. Revenue for the period January to December grew 19 per cent to EUR 147.4 million (124.3). Organic growth 14 per cent, contribution from acquisitions 7 per cent and negative impact from currency movements 2 per cent. Adjusted EBITA Adjusted EBITA increased to EUR 13.0 million (8.9) at a margin of 35.5 per cent (27.7). Following integration and alignment of accounting standards across all entities, the fourth quarter margin benefits from the full-year impact of higher levels of R&D capitalisation of EUR 2.0m. Adjusted for the Q1-Q3 benefit, margin is 31.2 per cent. The like-for- like margin (same accounting principles as previous year) of 29.8 per cent (27.7) shows a sequential and year-over-year improvement as efficiency measures start to pay off. Adjusted EBITA for the period January to December increased to EUR 42.2 million (35.3) at a margin of 28.6 per cent (28.4). The like-for-like margin, on basis of the same accounting principles as previous year, comes in at 27.2 (28.4) per cent for the full-year. Acquisitions and Operational Highlights The segment acquired the assets of US based company VetBiotek, strengthening its portfolio in veterinary dermatology. Through this acquisition Specialty Pharma can launch a complete multi- modal portfolio in the US, like in Europe, and can launch novel formulations in Europe. Focus on integration of acquired companies, operational efficiency and driving organic growth during the quarter: ▪ Commercial roll-out of PAX equine across Europe following launch at the ESVD conference. ▪ Hosted allergy awareness month across Europe with high levels of KOL and educational activity. ▪ Signed new customer contract in Specialized Nutrition US ▪ Advancing allergy vaccine development with Angany, verified positive results from final laboratory dog study in Q4, ensuring move to first client owned dog study in Q1 2024. Q4 Q4 YTD YTD Amounts in EUR 000's 2023 2022 Δ 2023 2022 Δ Revenue 36,580 32,179 14% 147,380 124,258 19% EBITA 10,352 6,498 59% 35,699 26,080 37% Adjusted EBITA 12,977 8,913 46% 42,160 35,293 19% Adjusted EBITA margin (%) 35.5% 27.7% 7.8 pp 28.6% 28.4% 0.2 pp Q4 2023 14% Revenue growth 10% Organic revenue growth 46% Adjusted EBITA growth 35.5% Adjusted EBITA margin ===== SIDA 7 ===== Interim report January - December 2023 | 7 Segment – MedTech Revenue Revenue in the fourth quarter declined by 2 per cent to EUR 27.3 million (27.8). Organic revenue growth of 1 per cent, no contribution from acquisitions and negative impact from currency movements of 3 per cent. Organic growth of 10 per cent for the full-year is ahead of the veterinary orthopedics market estimated to be growing at mid-single digits. Lower organic growth of 1 per cent in the fourth quarter is due to slightly softer trading in the US. Continued solid high-single digit organic growth in Europe and strong acceleration in APAC with double-digit growth. Revenue for the period January to December amounted to EUR 113.5 million (101.4). Organic revenue growth 10 per cent, contribution from acquisitions 5 per cent and negative impact from currency movements of 3 per cent. Adjusted EBITA Adjusted EBITA declined 8 per cent to EUR 6.8 million (7.4) at a margin of 25.1 per cent (26.7). Margin recovers from the third quarter low but is still below last year’s level given sales of high margin products during the fourth quarter last year and investments in the organisation since the second half of last year. Adjusted EBITA for the period January to December amounted to EUR 34.4 million (30.6). The full year margin of 30.3 per cent (30.2) eliminates seasonality and better reflects underlying profitability which is gradually improving as the company continues to integrate acquired entities and realise synergies. Acquisitions and Operational Highlights Focus on integration of acquired companies, operational efficiency and driving organic growth during the quarter: ▪ During the fourth quarter 28 on-site surgery trainings were held with over 250 participants taking the total for the year to 107 trainings with more than 1,000 participants ▪ Merged US and Europe/APAC organisation under the lead of one CEO Guy Spörri ▪ Implemented regional product managers - an extension of our Global Product managers - to further drive the Movora product solutions portfolio by region. ▪ Progressing work to optimise supply chain further reducing global inventory levels in the fourth quarter. Q4 Q4 YTD YTD Amounts in EUR 000's 2023 2022 Δ 2023 2022 Δ Revenue 27,269 27,848 -2% 113,502 101,440 12% EBITA -2,958 10,391 -128% 21,288 30,395 -30% Adjusted EBITA 6,835 7,428 -8% 34,427 30,594 13% Adjusted EBITA margin (%) 25.1% 26.7% -1.6 pp 30.3% 30.2% 0.2 pp Q4 2023 -2% Revenue growth 1% Organic revenue growth -8% Adjusted EBITA growth 25.1% Adjusted EBITA margin ===== SIDA 8 ===== Interim report January - December 2023 | 8 Segment – Veterinary Services Revenue Revenue for the fourth quarter grew 37 per cent to EUR 13.3 million (9.7). Organic revenue growth of 22 per cent, contribution from acquisitions 17 per cent and negative impact from currency movements of 2 per cent. Continued high recruitment pace with more than 500 new members in the quarter driven by Brazil, France and Spain and continued positive conversion to higher membership tiers. Strong organic growth of 22 per cent in the fourth quarter giving full-year organic growth 15 per cent, well ahead of the animal health market. Solid performance in existing markets with high-single to double-digit growth, and positive revenue contribution from new markets Brazil and Belgium. Co-owned clinics account for ~40 per cent of segment revenue. Revenue growth accelerates to high-single digits in the fourth quarter, ahead of the veterinary market. Work to support clinics to improve efficiency continued and resulted in a 2.5 percentage points improvement in adjusted EBITA margin. Revenue for the period January to December amounted to EUR 49.4 million (33.6). Organic revenue growth 15 per cent, contribution from acquisitions 34 per cent and negative impact from currency movements 3 per cent. Adjusted EBITA Adjusted EBITA grew 109 per cent to EUR 3.7 million (1.8) at a margin of 27.8 per cent (18.2). Margin expansion mainly driven by strong growth in core business, profitability improvement for co- owned clinics and favourable currency movements with significant cost base in SEK. Adjusted EBITA for the period January to December amounted to EUR 12.9 million (7.4) at a margin of 26.2 per cent (21.9). Acquisitions and Operational Highlights Focus on integration of acquired companies, operational efficiency and driving organic growth during the quarter: ▪ New country manager for Independent Vets of Australia started during quarter and collaborations with Vettr to realise synergies are ongoing. ▪ High activity in several integration and operational projects within the segment, including data management, financial reporting, and ERP-implementation. ▪ Continued focus on leveraging the segment's digital skillset and expertise in several integration projects across Vimian, including shared CRM and data warehouse. ▪ Continued strong momentum in all markets and in particular US, with positive member recruitment momentum and strong partner collaborations. Q4 Q4 YTD YTD Amounts in EUR 000's 2023 2022 Δ 2023 2022 Δ Revenue 13,327 9,748 37% 49,402 33,603 47% EBITA 3,545 1,111 219% 12,151 3,928 209% Adjusted EBITA 3,704 1,774 109% 12,938 7,362 76% Adjusted EBITA margin (%) 27.8% 18.2% 9.6 pp 26.2% 21.9% 4.3 pp Q4 2023 37% Revenue growth 22% Organic revenue growth 109% Adjusted EBITA growth 27.8% Adjusted EBITA margin ===== SIDA 9 ===== Interim report January - December 2023 | 9 Segment – Diagnostics Revenue Revenue declined 7 per cent to EUR 5.3m (5.7). Organic decline of 5 per cent and negative impact from currency movements of 2 per cent. No impact from acquisitions. Organic decline of 5 per cent in the fourth quarter reflects lower levels of outbreaks and market testing in key regions, primarily DACH. Revenue for the period January to December amounted to EUR 21.4 million (22.0). Organic revenue declined by 2 per cent, impacted by the phase-out of Covid related sales in the first quarter of 2023 and challenging market conditions in livestock diagnostics. Excluding impact of Covid sales, organic growth at 9 per cent, ahead of the livestock market. Negative impact from currency movements of 1 per cent, no impact from acquisitions. Adjusted EBITA Adjusted EBITA amounted to EUR 0.8m (0.9) at a margin of 14.9 per cent (15.3). Adjusted EBITA for the period January to December amounted to EUR 4.3 million (4.4) at a stable margin of 20.0 per cent (19.8). Negative impact of lower sales from the phase out of Covid related to first quarter 2023 was offset by the benefit of the cost optimisation programme. 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 recently launched OvaCyte platform (AI powered parasitology platform) is developing as per plan with good ramp up in installations and usage in the equine and large animal segment during the quarter, ahead of the launch of the companion animal solution in 2024. Q4 Q4 YTD YTD Amounts in EUR 000's 2023 2022 Δ 2023 2022 Δ Revenue 5,280 5,679 -7% 21,446 22,008 -3% EBITA 414 -174 -338% 3,283 2,990 10% Adjusted EBITA 789 871 -9% 4,287 4,356 -2% Adjusted EBITA margin (%) 14.9% 15.3% -0.4 pp 20.0% 19.8% 0.2 pp Q4 2023 -7% Revenue decline -5% Organic revenue decline -9% Adjusted EBITA decline 14.9% Adjusted EBITA margin ===== SIDA 10 ===== Interim report January - December 2023 | 10 Central Costs Central costs in the fourth quarter amounted to EUR -1.7m (-1.5) at broadly the same level as the third quarter. For the full-year central costs of EUR -6.5m (-4.2m) reflects the build-up of the central team responsible for finance, ESG, legal, data and people. 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. For all segments, trading volumes are 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 31 December 2023 Name Capital Votes Fidelio Capital 55.3% 56.8% Handelsbanken Fonder 4.8% 5.0% PRG Investment Holdings 3.9% 3.6% Finn Pharmaceuticals Trust 3.4% 3.5% Danica Pension 2.5% 2.6% Swedbank Robur Fonder 1.9% 2.0% Avanza Pension 1.8% 1.8% SEB Fonder 1.7% 1.8% Investering & Tryghed A/S 1.6% 1.7% Mikael Sjögren 1.4% 1.0% Total 10 78.4% 79.6% Others 21.6% 20.4% Total 100.0% 100.0% ===== SIDA 11 ===== Interim report January - December 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, 15 February 2024 Gabriel Fitzgerald Chairman Frida Westerberg Martin Erleman Mikael Dolsten Petra Rumpf Theodor Bonnier Robert Belkic Patrik Eriksson CEO This report has been reviewed by the company’s auditors. 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 15 February 2024. Webcast conference call on 15 February 2024: 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 Patrik Eriksson, CFO Carl-Johan Zetterberg Boudrie and Movora CEO Guy Spörri, 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 ===== Interim report January - December 2023 | 12 Auditors’ review report Vimian Group AB (publ), reg. no. 559234-8923 Introduction We have reviewed the condensed consolidated interim financial information of Vimian Group AB (publ) as of December 31, 2023 and for the twelve-month period then ended. The Board of Directors and the Managing Director are responsible for the preparation and fair presentation of this condensed consolidated interim financial information in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this condensed consolidated interim financial information based on our review. Scope of Review We conducted our review in accordance with International Standard on Review Engagements 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity.” A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the condensed consolidated interim financial information is not prepared, in all material aspects, in accordance with IAS 34 and the Swedish Annual Accounts Act for the Group and the Swedish Annual Accounts Act for the Parent company. Stockholm 15 February 2024 Grant Thornton Sweden AB Carl-Johan Regell Authorized Public Accountant ===== SIDA 13 ===== Financial reports Group Interim report January - December 2023 | 13 INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS Q4 Q4 Jan-Dec Jan-Dec kEUR Note 2023 2022 2023 2022 Revenue from contracts with customers 3, 4 82,456 75,455 331,730 281,308 Revenue 82,456 75,455 331,730 281,308 Other operating income -396 2,139 61 6,511 Raw material and merchandise -24,365 -23,556 -102,304 -87,315 Other external expenses -23,471 -11,810 -68,546 -56,927 Personnel expenses -22,236 -20,377 -85,368 -71,012 Depreciation and amortisation -8,405 -7,926 -32,032 -27,226 Other operating expenses -885 -2,477 -2,271 -5,978 Operating profit 2,698 11,448 41,271 39,361 Net financial items -9,055 -29,879 -20,900 -38,345 Share of profit of an associate 0 -24 -923 -92 Profit before tax -6,357 -18,455 19,448 924 Income tax expense 77 -2,587 -8,963 -8,122 Profit for the period -6,281 -21,042 10,484 -7,198 Profit for the period attributable to: Equity holders of the parent -6,458 -20,540 9,840 -6,742 Non-controlling interests 177 -502 644 -456 Earnings per share, before/after dilution (EUR) -0.01 -0.05 0.02 -0.02 Average number of shares, before/after dilution (Thousands) 457,118 440,063 453,497 403,114 Q4 Q4 Jan-Dec Jan-Dec kEUR Note 2023 2022 2023 2022 Profit for the period -6,281 -21,042 10,484 -7,198 Other comprehensive income Items that may be reclassified to profit or loss: Exchange differences on translation of foreign operations -3,546 -9,324 -270 -6,929 Items that will not be reclassified to profit or loss: Remeasurement of defined benefit plans -9 -57 95 87 Other comprehensive income for the period, net of tax -3,554 -9,381 -175 -6,842 Total comprehensive income for the period, net of tax -9,835 -30,423 10,309 -14,040 Total comprehensive income attributable to: Equity holders of the parent -10,019 -29,921 9,660 -13,609 Non-controlling interests 184 -502 649 -430 ===== SIDA 14 ===== Financial reports Group Interim report January - December 2023 | 14 INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION kEUR Note 31 Dec 2023 31 Dec 2022 Non-current assets Goodwill 505,577 464,374 Intangible assets 213,550 203,992 Property, plant and equipment 24,237 21,518 Right-of-use assets 11,419 13,328 Investment in associates 8,030 7,578 Non-current financial assets 49,539 4,103 Deferred tax assets 2,396 1,976 Total non-current assets 814,747 716,867 Current assets Inventories 60,291 61,200 Trade receivables 46,116 41,168 Current tax receivables 1,892 568 Other receivables 3,997 57,434 Prepaid expenses and accrued income 9,139 4,127 Cash and cash equivalents 37,500 42,194 Total current assets 158,936 206,692 TOTAL ASSETS 973,684 923,559 kEUR Note 31 Dec 2023 31 Dec 2022 Equity Share capital 74 72 Other contributed capital 467,878 432,985 Reserves -4,635 -4,460 Retained earnings including this period’s profit 63,056 53,216 Total equity attributable to equity holders of the parent 526,373 481,813 Non-controlling interests 338 -316 Total equity 526,711 481,497 Non-current liabilities Liabilities to credit institutions 302,042 207,112 Lease liabilities 8,269 9,029 Deferred tax liabilities 27,362 24,406 Other non-current liabilities 5 34,300 35,229 Non-current provisions 109 30 Total non-current liabilities 372,081 275,806 Current liabilities Liabilities to credit institutions 27 - Lease liabilities 3,463 4,816 Trade payables 19,747 18,328 Current tax liabilities 8,050 8,179 Other current liabilities 5 27,915 113,576 Accrued expenses and prepaid income 15,618 21,358 Provisions 72 - Total current liabilities 74,892 166,256 TOTAL EQUITY AND LIABILITIES 973,684 923,559 ===== SIDA 15 ===== Financial reports Group Interim report January - December 2023 | 15 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 - - - -6,742 -6,742 -456 -7,198 Other comprehensive income - - -6,868 - -6,868 25 -6,842 Total comprehensive income - - -6,868 -6,742 -13,609 -430 -14,040 Transactions with owners Share issue 7 137,961 - - 137,969 - 137,969 Ongoing share issue - - - - - -4 -4 Transaction costs - -1,619 - - -1,619 - -1,619 Warrant programme - 1,658 - - 1,658 - 1,658 Transactions with non- controlling interests - - - - - -1,107 -1,107 Total 7 138,001 - - 138,008 -1,111 136,898 Closing balance 31 December 2022 72 432,985 -4,461 53,216 481,812 -315 481,497 Opening balance 1 January 2023 72 432,985 -4,461 53,216 481,812 -315 481,497 Profit for the period - - - 9,840 9,840 644 10,484 Other comprehensive income - - -175 - -175 9 -166 Total comprehensive income - - -175 9,840 9,665 653 10,318 Transactions with owners Share issue 2 34,494 - - 34,496 - 34,496 Transaction costs - -44 - - -44 - -44 Warrant program - 443 - - 443 - 443 Transactions with non- controlling interests - - - - - - - Total 2 34,893 - - 34,895 - 34,895 Closing balance 31 December 2023 74 467,878 -4,636 63,056 526,372 338 526,711 Equity attributable to equity holders of the parent ===== SIDA 16 ===== Financial reports Group Interim report January - December 2023 | 16 INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS 1 Year-to-date 2023 amount includes settlement payment in US litigation case EUR 65.7m Q4 Q4 Jan-Dec Jan-Dec kEUR 2023 2022 2023 2022 Operating activities Operating profit 2,698 11,448 41,271 39,361 Adjustments for non-cash items 11,795 7,140 36,793 30,702 Interest received 197 6 549 21 Interest paid -6,227 -2,136 -18,927 -10,389 Paid income tax -136 -777 -9,401 -7,677 Cash flow from operating activities before change in working capital 8,328 15,681 50,285 52,017 Change in inventories 6,730 1,137 542 -19,817 Change in operating receivables 7,754 2,240 -8,248 -3,758 Change in operating liabilities¹ -5,601 2,079 -71,154 -3,130 Cash flow from operating activities 17,211 21,136 -28,576 25,313 Investing activities Acquisition of a subsidiary, net of cash acquired -2,562 -22,250 -61,583 -171,261 Investments in associates - -6,086 - -6,964 Proceeds from sale of associates - - - - Dividend from associates - - - - Investments in intangible assets -3,901 -1,342 -6,979 -4,486 Investments in property, plant and equipment -2,791 -1,928 -7,926 -5,822 Proceeds from sale of property, plant and equipment -1 -235 23 - Investments in other financial assets 154 624 -1,212 - Proceeds from sale of financial assets - - - - Cash flow from investing activities -9,102 -31,217 -77,677 -188,533 Financing activities New share issue - 88,183 - 137,969 Warrant program 29 1,658 443 1,658 Shareholder contributions - - - - Transaction costs -4 -1,619 -44 -1,619 Transaction costs arrangement fees - - - - Proceeds from borrowings 14 4,275 164,697 150,549 Repayment of borrowings -18,477 -88,226 -60,242 -133,160 Payment of lease liabilities -1,372 -3,243 -4,309 -5,168 Transactions with non-controlling interests - - - - Cash flow from financing activities -19,809 1,027 100,544 150,229 Cash flow for the period -11,701 -9,053 -5,709 -12,990 Cash and cash equivalents at beginning of the period 49,339 51,177 42,194 55,114 Exchange-rate difference in cash and cash equivalents -138 70 1,014 70 Cash and cash equivalents at end of the period 37,500 42,194 37,500 42,194 ===== SIDA 17 ===== Financial reports Group Interim report January - December 2023 | 17 CONDENSED PARENT COMPANY INCOME STATEMENT AND BALANCE SHEET Q4 Q4 Jan-Dec Jan-Dec KSEK 2023 2022 2023 2022 Revenue - 5,489 - 26,031 Other operating income 5,771 8,577 30,185 12,242 Total operating income 5,771 14,066 30,185 38,273 Other external expenses -8,239 -16,135 -51,145 -51,282 Personnel expenses -21,489 -5,832 -43,282 -17,470 Depreciation and amortisation -33 -33 -132 -132 Other operating expenses -796 -106 -1,969 -423 Operating profit -24,787 -8,039 -66,342 -31,033 Group contributions - 13,071 - 13,071 Net financial items -65,301 -39,357 70,221 -56,245 Profit before tax -90,087 -34,325 3,879 -74,207 Income tax expense 6,588 -10,543 9,193 - Profit for the period -83,500 -44,868 13,072 -74,207 KSEK 31 Dec 2023 31 Dec 2022 ASSETS Non-current assets Intangible assets 13,780 16,875 Property, plant and equipment 426 559 Shares in subsidiaries 6,169,308 6,169,308 Non-current group receivables 5,706,129 4,060,975 Other non-current assets 8,888 - Total non-current assets 11,898,532 10,247,717 Current assets Group receivables 44,391 52,954 Other receivables 9,843 2,053 Prepaid expenses and accrued income 2,910 750 Cash and cash equivalents - - Total current assets 57,144 55,757 TOTAL ASSETS 11,955,677 10,303,474 Equity Share capital 762 736 Share premium 6,564,700 6,167,328 Retained earnings 1,768,013 1,825,345 Profit for the period 13,072 -74,207 Total equity 8,346,548 7,936,077 Non-current liabilities Liabilities to credit institutions 3,345,750 2,295,854 Group non-current liabilities 0 - Total non-current liabilities 3,345,750 2,295,854 Current liabilities Group payables 243,877 3,786 Trade payables 3,148 61,267 Other current liabilities 1,708 1,215 Accrued expenses and prepaid income 14,646 5,275 Total current liabilities 263,379 71,543 TOTAL EQUITY AND LIABILITIES 11,955,677 10,303,474 ===== SIDA 18 ===== Financial reports Group Interim report January - December 2023 | 18 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. Significant estimates during the financial year 2023 concerns the value of the non-current receivable related to the US patent litigation. 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 originally 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”. Per the 31 December the valuation of the non-current receivable is adjusted down by USD 8.6m (EUR 8m) to ensure a prudent accounting approach. The amount of the receivable is deducted from the net debt. We cannot speculate on timing or outcome of the process but will provide information to the market once conclusive. ===== SIDA 19 ===== Financial reports Group Interim report January - December 2023 | 19 Note 3. Operating segments 1 In Specialty Pharma, EUR 1,007k 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 and the valuation adjustment of the non-current receivable related to the US patent litigation. Oct-Dec 2023 Specialty Pharma MedTech Diagnostics Veterinary Services Total segments Group functions Eliminations Group total Revenue Revenue from external customers 36,580 27,269 5,280 13,327 82,456 - - 82,456 Revenue from internal customers 5 4 -3 21 27 - -27 - Total revenue 36,585 27,274 5,277 13,348 82,483 - -27 82,456 Adjusted EBITA 12,977 6,835 789 3,704 24,306 -1,657 - 22,648 Items affecting comparability -2,625 -9,793 -375 -159 -12,952 -1,314 - -14,266 EBITA 10,352 -2,958 414 3,545 11,353 -2,971 - 8,382 Amortisation of acquisition- related intangible assets -3,108 -1,504 -229 -843 -5,684 - - -5,684 Net financial items -7,813 -1,800 92 1,954 -7,566 -1,489 - -9,055 Share of profit of an associate and joint venture - - - 0 0 - - 0 Profit before tax -569 -6,262 281 4,654 -1,897 -4,460 - -6,357 Specification of items affecting comparability Acquisition-related costs¹ 2,564 - 13 128 2,705 - - 2,705 Systems update - - - - - 141 - 141 Restructuring costs - - 362 27 389 - - 389 Inventory step-up - - - - - - - - IPO and financing related costs - - - - - 135 - 135 Other² 61 9,793 - 4 9,858 1,038 - 10,896 Total items affecting comparability 2,625 9,793 375 159 12,952 1,314 - 14,266 Other disclosures Investments 2,645 1,419 186 407 4,656 - - 4,656 Total assets 491,633 270,159 49,337 152,330 963,460 10,227 -3 973,684 Total liabilities 69,681 26,936 8,881 41,201 146,700 313,458 -13,185 446,972 ===== SIDA 20 ===== Financial reports Group Interim report January - December 2023 | 20 1 In Specialty Pharma, EUR 1,564 of the acquisition-related costs are earnout payments, reported as personnel costs in the period, to management of acquired companies. 2 Negative items affecting comparability in Medtech reflects the reversal of legal fees related to the patent litigation in the US of EUR 5,506k in Q4 2022 which has been activated on the balance sheet. Oct-Dec 2022 Specialty Pharma MedTech Diagnostics Veterinary Services Total segments Group functions Eliminations Group total Revenue Revenue from external customers 32,179 27,848 5,679 9,748 75,455 - - 75,455 Revenue from internal customers 34 - 297 151 482 - -482 - Total revenue 32,213 27,848 5,976 9,899 75,937 - -482 75,455 Adjusted EBITA 8,913 7,428 871 1,774 18,987 -983 - 18,003 Items affecting comparability -2,415 2,963 -1,045 -663 -1,161 -110 - -1,271 EBITA 6,498 10,391 -174 1,111 17,826 -1,093 - 16,733 Amortisation of acquisition- related intangible assets -2,478 -1,739 -222 -845 -5,284 - - -5,284 Net financial items -8,127 628 -550 -3,256 -11,305 -18,574 - -29,879 Share of profit of an associate and joint venture - - - -24 -24 - - -24 Profit before tax -4,108 9,280 -945 -3,014 1,213 -19,667 - -18,454 Specification of items affecting comparability Acquisition-related costs 1,914 390 851 -35 3,120 0 - 3,120 Systems update - - - - - - - - Restructuring costs 256 348 194 125 923 - - 923 Inventory step-up - - - - - - - - IPO and financing related costs - - - - - -0 - -0 Other¹ 245 -3,701 - 574 -2,882 110 - -2,772 Total items affecting comparability 2,415 -2,963 1,045 663 1,161 110 - 1,271 Other disclosures Investments 1,157 516 943 1 2,618 729 - 3,347 Total assets 450,622 276,256 52,021 146,810 925,709 9,877 -12,027 923,559 Total liabilities 78,163 100,970 12,546 35,821 227,501 215,610 -1,050 442,062 ===== SIDA 21 ===== Financial reports Group Interim report January - December 2023 | 21 1 In Specialty Pharma, EUR 3,776k 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 and valuation adjustment of the non-current receivable related to the US patent litigation. Jan-Dec 2023 Specialty Pharma MedTech Diagnostics Veterinary Services Total segments Group functions Eliminations Group total Revenue Revenue from external customers 147,380 113,502 21,446 49,402 331,730 - - 331,730 Revenue from internal customers 28 60 20 86 193 - -193 - Total revenue 147,408 113,562 21,466 49,488 331,923 - -193 331,730 Adjusted EBITA 42,160 34,427 4,287 12,938 93,812 -6,474 - 87,337 Items affecting comparability -6,461 -13,139 -1,004 -787 -21,390 -2,451 - -23,841 EBITA 35,699 21,288 3,283 12,151 72,421 -8,925 - 63,496 Amortisation of acquisition- related intangible assets -11,792 -6,168 -909 -3,357 -22,226 - - -22,226 Net financial items -9,283 -21,310 413 -5,862 -36,042 15,142 - -20,900 Share of profit of an associate and joint venture - - - -923 -923 - - -923 Profit before tax 14,624 -6,190 2,787 2,009 13,230 6,217 - 19,448 Specification of items affecting comparability Acquisition-related costs¹ 5,767 550 13 543 6,873 5 - 6,877 Systems update - 21 - - 21 869 - 890 Restructuring costs - - 991 234 1,225 - - 1,225 Inventory step-up - - - - - - - - IPO and financing related costs - - - - - 334 - 334 Other² 694 12,568 - 9 13,271 1,244 - 14,514 Total items affecting comparability 6,461 13,139 1,004 787 21,390 2,451 - 23,841 Other disclosures Investments 4,312 3,277 793 652 9,034 - - 9,034 Total assets 491,633 270,159 49,337 152,330 963,460 10,227 -3 973,684 Total liabilities 69,681 26,936 8,881 41,201 146,700 313,458 -13,185 446,972 ===== SIDA 22 ===== Financial reports Group Interim report January - December 2023 | 22 1 In Specialty Pharma, EUR 4,797 of the acquisition-related costs are earnout payments, reported as personnel costs in the period, to management of acquired companies. 2 Negative items affecting comparability in Medtech reflects the reversal of legal fees related to the patent litigation in the US of EUR 5,506k in Q4 2022 which has been activated on the balance sheet. Jan-Dec 2022 Specialty Pharma MedTech Diagnostics Veterinary Services Total segments Group functions Eliminations Group total Revenue Revenue from external customers 124,258 101,440 22,008 33,603 281,308 -0 - 281,308 Revenue from internal customers -43 - 1,127 749 1,832 - -1,832 - Total revenue 124,215 101,440 23,135 34,351 283,141 -0 -1,832 281,308 Adjusted EBITA 35,293 30,594 4,356 7,362 77,605 -4,185 - 73,420 Items affecting comparability -9,213 -199 -1,366 -3,434 -14,212 -1,111 - -15,323 EBITA 26,080 30,395 2,990 3,928 63,393 -5,296 - 58,097 Amortisation of acquisition- related intangible assets -9,486 -5,837 -889 -2,524 -18,736 - - -18,736 Net financial items -14,605 -2,715 -363 -7,549 -25,232 -13,113 - -38,345 Share of profit of an associate and joint venture - - - -92 -92 - - -92 Profit before tax 1,989 21,843 1,738 -6,236 19,333 -18,409 - 924 Specification of items affecting comparability Acquisition-related costs 8,607 1,275 1,075 2,312 13,269 57 - 13,326 Systems update - - - - - 67 - 67 Restructuring costs 320 348 220 452 1,340 14 - 1,355 Inventory step-up - - - - - - - - IPO and financing related costs - 8 35 - 43 44 - 88 Other¹ 286 -1,432 36 670 -441 928 - 488 Total items affecting comparability 9,213 199 1,366 3,434 14,212 1,111 - 15,323 Other disclosures Investments 3,451 2,179 1,637 75 7,342 1,175 - 8,517 Total assets 450,622 276,256 52,021 146,810 925,709 9,877 -12,027 923,559 Total liabilities 78,163 100,970 12,546 35,821 227,501 215,610 -1,050 442,062 ===== SIDA 23 ===== Financial reports Group Interim report January - December 2023 | 23 Note 4. Revenue from contracts with customers Revenue from external customers in Sweden amounted to EUR 18.6m (10.0) during the period January to December 2023. Oct-Dec 2023 Specialty Pharma MedTech Diagnostics Veterinary Services Group total Geographic region Europe 19,720 5,534 3,415 10,947 39,616 North America 13,585 19,613 678 1,765 35,641 Rest of the World 3,274 2,122 1,187 616 7,199 Revenue from contracts with customers 36,580 27,269 5,280 13,327 82,456 Oct-Dec 2022 Specialty Pharma MedTech Diagnostics Veterinary Services Group total Geographic region Europe 17,413 6,289 3,645 7,837 35,184 North America 13,592 17,149 879 1,696 33,317 Rest of the World 1,174 4,410 1,156 214 6,954 Revenue from contracts with customers 32,179 27,848 5,679 9,748 75,455 Jan-Dec 2023 Specialty Pharma MedTech Diagnostics Veterinary Services Group total Geographic region Europe 79,658 24,614 13,006 40,169 157,448 North America 57,661 73,442 3,333 6,838 141,273 Rest of the World 10,060 15,446 5,107 2,395 33,008 Revenue from contracts with customers 147,380 113,502 21,446 49,402 331,730 Jan-Dec 2022 Specialty Pharma MedTech Diagnostics Veterinary Services Group total Geographic region Europe 72,057 23,930 14,235 27,483 137,704 North America 49,756 62,791 3,601 4,911 121,058 Rest of the World 2,446 14,720 4,172 1,209 22,546 Revenue from contracts with customers 124,258 101,440 22,008 33,603 281,308 ===== SIDA 24 ===== Financial reports Group Interim report January - December 2023 | 24 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 will be settled in cash. The contingent considerations are included in the following line items in the statement of financial position: other non-current liabilities 26,579 kEUR Q4 2023 (31,071 kEUR Q4 2022) and other current liabilities 21,146 kEUR Q4 2023 (43,520 kEUR Q4 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 December 2023: Contingent consideration Jan - Dec 2023 Jan - Dec 2022 Opening balance 74,591 24,700 Business combinations 17,696 43,202 Paid out -44,476 -17,981 Change in fair value recognised in P&L 557 26,020 Exchange differences on translation of foreign operations -643 -1,351 Closing balance 47,725 74,591 Company Deal type % acquired Based Segment Consolidation month Annual 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 Mar 10.0 34.0 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 3.4 0.3 Kruth-Halling Professional Corporation Asset 100% Canada MedTech May 0.2 0.0 0.1 Respit LLC Asset 100% United States Specialty Pharma Aug 0.2 0.0 0.0 Vetbiotek LLC Asset 100% United States Specialty Pharma Dec 1.0 0.0 0.6 ===== SIDA 25 ===== Financial reports Group Interim report January - December 2023 | 25 Preliminary purchase price allocations per operating segment during the period January-December 2023: For the acquisitions closed during the period January to December 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 7,551 pre-tax profit EURk 2,249 and Veterinary Services income EURk 5,578 and pre-tax profit EURk 1,285. On a pro-forma basis if all acquisitions had closed 1 Januari 2023 this would have been Specialty Pharma income EURk 10,620, pre-tax profit EURk 3,428, and Veterinary Services income EURk 6,247 and pre-tax profit EURk 1,510. Acquired net assets on acquisition date based on preliminary PPA Specialty Pharma MedTech Diagnostics Veterinary Services Group total Intangible assets 25,739 157 - 2,880 28,776 Property, plant and equipment 976 - - 91 1,066 Right-of-use assets - - - - - Non-current financial assets - - - - - Deferred tax assets - - - - - Inventories 417 48 - 150 615 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 -5,675 - - -704 -6,379 Trade payables and other operating liabilities -699 - - -723 -1,421 Identified net assets 22,784 205 - 3,114 26,103 Non-controlling interest measured at fair value - - - - - Goodwill 34,317 - - 9,481 43,799 Total purchase consideration 57,101 205 - 12,596 69,902 Purchase consideration comprises: Cash 10,014 205 - 8,518 18,736 Equity instruments 32,749 - - - 32,749 Contingent consideration and deferred payments 14,338 - - 4,078 18,416 Total purchase consideration 57,101 205 - 12,596 69,902 Impact of acquisition on Group’s cash flow Specialty Pharma MedTech Diagnostics Veterinary Services Group total Cash portion of purchase consideration -10,014 -205 - -8,518 -18,736 Acquired cash 434 - - 1,196 1,630 Total -9,579 -205 - -7,322 -17,106 Acquisition-related costs -1,477 - - -370 -1,848 Net cash outflow -11,057 -205 - -7,692 -18,954 ===== SIDA 26 ===== Financial reports Group Interim report January - December 2023 | 26 Preliminary purchase price allocations for individually significant acquisitions during the period January-December 2023: Acquired net assets on acquisition date based on preliminary PPA Viking Blues Pty Ltd Intangible assets 22,791 Property, plant and equipment 976 Right-of-use assets - Non-current financial assets - Deferred tax assets - Inventories - Trade receivable and other receivables 1,458 Cash and cash equivalents 388 Interest-bearing liabilities - Lease liabilities - Deferred tax liabilities -5,675 Trade payables and other operating liabilities -625 Identified net assets 19,312 Non-controlling interest measured at fair value - Goodwill 34,071 Total purchase consideration 53,383 Purchase consideration comprises: Cash 6,469 Equity instruments 32,749 Contingent consideration and deferred payments 14,165 Total purchase consideration 53,383 Impact of acquisition on Group’s cash flow Viking Blues Pty Ltd Cash portion of purchase consideration -6,469 Acquired cash 388 Total -6,082 Acquisition-related costs -812 Net cash outflow -6,894 ===== SIDA 27 ===== Financial reports Group Interim report January - December 2023 | 27 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 fourth 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. Items affecting comparability Income and expense items that are considered to be non-recurring. Vimian reports adjusted EBITA and EBITDA, which are adjusted for items affecting comparability to give a fairer view of the underlying business. Generally accepted NRI’s include acquisition and integration related costs, litigation related costs if material, significant restructuring costs, costs related to projects such as the initial public offering. 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). Net debt / Adjusted EBITDA Net debt in relation to the last 12 months adjusted EBITDA. ===== SIDA 28 ===== Financial reports Group Interim report January - December 2023 | 28 Key Ratios Definition 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 29 ===== Financial reports Group Interim report January - December 2023 | 29 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 (EURm, unless otherwise stated) 2023 2022 2023 2022 Revenue growth (%) 9% 55% 18% 62% Organic revenue growth (%) 7% 3% 11% 4% EBITDA 11,176 19,374 73,312 66,587 EBITDA margin (%) 13.6% 25.7% 22.1% 23.7% Adjusted EBITDA 25,442 20,644 97,153 81,910 Adjusted EBITDA margin (%) 30.9% 27.4% 29.3% 29.1% EBITA 8,382 16,732 63,495 58,097 EBITA margin (%) 10.2% 22.2% 19.1% 20.7% Adjusted EBITA 22,648 18,003 87,336 73,419 Adjusted EBITA margin (%) 27.5% 23.9% 26.3% 26.1% Operating profit 2,698 11,448 41,271 39,361 Operating margin (%) 3.3% 15.2% 12.4% 14.0% Capital expenditure -4,656 -3,347 -9,034 -8,517 Cash flow from operating activities¹ 17,211 21,136 -28,576 25,313 1 Oct-31 Dec 1 Jan-31 Dec 1 Jan - 31 Dec (EURm, unless otherwise stated) LTM (2023) Proforma revenue 335,532 Adjusted EBITDA, Proforma 98,589 Adjusted EBITDA margin, Proforma 29.4% Net debt 285,575 Net debt / Adjusted EBITDA, Proforma (x) 2.9x ===== SIDA 30 ===== Financial reports Group Interim report January - December 2023 | 30 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 Shareholder 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 The value of the non-current receivable related to the US patent litigation has been adjusted down by EUR 8m (EUR thousands, unless otherwise stated) 2023 2022 2023 2022 Adjusted EBITA and EBITDA Revenue 82,456 75,455 331,730 281,308 EBITA 8,382 16,732 63,497 58,097 EBITDA 11,176 19,374 73,312 66,587 Items affecting comparability 14,266 1,271 23,841 15,323 Adjusted EBITA 22,648 18,003 87,337 73,420 Adjusted EBITDA 25,442 20,644 97,153 81,910 Adjusted EBITA margin (%) 27.5% 23.9% 26.3% 26.1% Adjusted EBITDA margin (%) 30.9% 27.4% 29.3% 29.1% 1 Oct-31 Dec 1 Jan-31 Dec (EUR thousands, unless otherwise stated) 2023 2022 Net debt Liabilities to credit institutions (long term) 302,042 207,112 Lease liabilities (long term) 8,269 9,029 Other non-current liabilities 34,300 35,229 Liabilities to credit institutions (short term) 27 -0 Lease liabilities (short term) 3,463 4,816 Other items¹ 21,146 43,520 Cash & Cash Equivalents -37,500 -42,194 Other non-current receivables³ -46,172 - Net debt 285,575 257,512 1 Oct-31 Dec (EUR thousands, unless otherwise stated) 2023 2022 Net working capital Inventory 60,291 61,200 Trade receivables 46,116 41,168 Current tax receivables 1,892 568 Other current receivables 3,997 4,908 Prepaid expenses and accrued income 9,139 4,127 Trade payables -19,747 -18,328 Current tax liabilities -8,050 -8,179 Other current liabilities² -6,700 -4,404 Provisions -180 -30 Accrued expenses and deferred income -15,618 -21,358 Net working capital 71,141 59,674 31 Dec ===== SIDA 31 ===== Financial reports Group Interim report January - December 2023 | 31 1 Jan - 31 Dec 1 Jan-31 Dec (EUR thousands, unless otherwise stated) LTM (2022/2023) 2022 Proforma revenue Reported revenue 331,730 281,308 Proforma period, revenue 3,802 15,698 Proforma revenue 335,532 297,006 Adjusted EBITA, Proforma Reported Adjusted EBITA (12 months) 87,337 na Proforma period Adjusted EBITA 1,424 na Adjusted EBITA, Proforma 88,761 na Adjusted EBITA margin, Proforma Proforma Revenue 335,532 na Adjusted EBITA, Proforma 88,761 na Adjusted EBITA margin, Proforma 26.5% na Adjusted EBITDA, Proforma Reported Adjusted EBITDA (12 months) 97,153 81,910 Proforma period Adjusted EBITDA 1,436 3,789 Adjusted EBITDA, Proforma 98,589 85,699 Adjusted EBITDA margin, Proforma Proforma Revenue 335,532 297,006 Adjusted EBITDA, Proforma 98,589 85,699 Adjusted EBITDA margin, Proforma 29.4% 28.9% Net debt/Adjusted EBITDA, Proforma Net debt 285,575 257,512 Adjusted EBITDA, Proforma 98,589 85,699 Net debt/Adjusted EBITDA, Proforma (x) 2.9x 3.0x ===== SIDA 32 ===== Vimian Group AB (publ) Reg. no. 559234-8923 Riddargatan 19 114 57 Stockholm Sweden www.vimian.com