Eurofins Scientific : Q1 2024 Trading Update Presentation

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Q1 2024 Trading Update

Eurofins achieves organic growth of 6.8% in Q1 2024, ahead of its objectives

24 April 2024

CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd [2024]. All rights reserved. Any use of this material without the specific permission of an authorized representative of Eurofins Scientific (Ireland) Ltd is strictly prohibited.

www.eurofins.com

Disclaimer

This presentation does not constitute or form part of, and should not be construed as, an offer or invitation to subscribe for or purchase securities in Eurofins Scientific S.E. and neither this document nor anything contained or referred to in it shall form the basis of, or be relied on in connection with, any offer or commitment whatsoever.

The statements made during this presentation or as response to questions during the Question & Answers period that are not historical facts are forward looking statements. Furthermore, estimates and judgements may be made based on market and competitive information available at a certain time. Forward looking statements and estimates represent the judgement of Eurofins Scientific's management and involve risks and uncertainties including, but not limited to, risks associated with the inherent uncertainty of research, product/service development and commercialisation, the impact of competitive products and services, patents and other risk uncertainties, including those detailed from time to time in period reports, including prospectus and annual reports filed by Eurofins Scientific with the Luxembourg Stock Exchange and regulatory authorities, that can cause actual results to differ materially from those projected. Eurofins Scientific expressly disclaims any obligation or intention to release publicly any updates or revisions to any forward-looking statement or estimate.

Eurofins provides in the Income Statement certain alternative performance measures (non-IFRS information as "Adjusted Results and Separately Disclosed Items") that exclude certain items because of the nature of these items and the impact they have on the analysis of underlying business performance and trends. (Please refer to description of these terms in the company's Annual Report). The management believes that providing this information enhances investors' understanding of the company's core operating results and future prospects, consistent with how management measures and forecasts the company's performance, especially when comparing such results to previous periods or objectives and to the performance of our competitors. This information should be considered in addition to, but not in lieu of, information prepared in accordance with IFRS. These APMs are described in more detail in the Consolidated Financial Statements 2023 in Notes 1.20 and 1.21.

Alternative Performance Measures (APMs) are also defined at the end of this presentation.

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Key financial and operational highlights

Reported Revenues

€1,653m

Core Business1 Org. Growth

+6.8%2 vs Q1 2023

Key Highlights

• Increase of 5.0% in reported revenues vs Q1 2023 driven by organic growth but slightly restrained by FX (-1.0%). The period also comprised nearly one less public working day, an effect that will mostly reverse in Q2 2024.
• Adjusted for public working days in Q1 2024, organic revenue growth in the Core Business (excluding COVID-19 related clinical testing and reagent revenues) was 6.8%, ahead of objectives:
• • In Europe, organic growth of 6.1% was supported by a moderate recovery in Food and Feed Testing and continued strong demand in Environment Testing.
  • In North America, organic growth remained resilient at 7.2%, with significant growth observed in Environment Testing and solid growth in Food and Feed Testing as well as Consumer and Technology Product Testing.
  • In Rest of the World, strong organic growth of 8.8% was led by strong business momentum in China, Taiwan, Australia and India.
  • Start-upscontributed 1.2% to organic growth in Q1 2024, with 11 new start-up laboratories and 5 blood collection points established in the period.

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1Excluding COVID-19 clinical reagents and testing revenues

2Adjusted for public working days

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Breakdown of Revenue by Operating Segment

							Organic growth
						Organic growth	in the Core
					Y-o-Y	Business *
€m	Q1 2024	As % of total	Q1 2023	As % of total	in the Core
					variation %	Business *	adjusted for
						public working
							days
Europe	850	51.4%	797	50.6%	6.6%	4.1%	6.1%
North America	628	38.0%	607	38.5%	3.5% **	7.2%	7.2%
Rest of the	175	10.6%	170	10.8%	2.5%	6.9%	8.8%
World
Total	1,653	100%	1,574	100%	5.0%	5.5%	6.8%

*

**

Excluding COVID-19 related clinical testing and reagent revenues

Impacted by discontinuation of the OmniGraf dual-biomarker rejection panel following revised billing guidance by MolDX in the U.S. effective 1 April 2023

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Revenue bridge

(€m)								1,653
				Q1 2024: zero
				Q1 2023: just below €10m
								• FX headwind (-1.0%) due to the strength
			1,586					of the Euro against the US Dollar and
							numerous Asian currencies
1,574								• Adjusted for one less public working day
								in Q1 2024, organic revenue growth in
								the Core Business (excluding COVID-19
								related clinical testing and reagent
								revenues) was 6.8%, ahead of
								objectives
						Q1 2024: +6.8%1	• Strong pace of acquisitions in Q1 2024,
						as Eurofins closed 7 business
								combinations with FY 2023 pro-forma
								revenues of over €110m (contribution to
								Q1 2024 consolidated revenues: €6m)
Q1 2023	Q1 2023	Q1 2023	Q1 2023	FX	COVID2	Core Business1	M&A / disposals	Q1 2024
reported	acquisitions	revenues of	pro-forma			organic growth		reported
revenues	revenue part not	discontinued	revenues					revenues
	consolidated in	activities /
	Q1 2023	disposals
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1 Core Business (excluding COVID-19 clinical testing and reagents revenue) organic growth adjusted for public working days impact (PWD)	2 Year-on-year change in COVID-19 testing and reagents revenues
								5

2024 and 2027 Objectives confirmed

(€m)	FY 2024
Revenues	€7.075bn - €7.175bn
Adj. EBITDA	€1.525bn - €1.575bn
FCFF before investment in	€800m - €840m
owned sites

Mid-term objectives

+6.5% organic growth p.a.

€250m revenues added from M&A p.a.

Continued growth investments in:

Ownership of strategic sites

Start-up programme

Bespoke proprietary IT solutions

FY 2027

Approaching €10bn

Margin: 24%

Approaching €1.5bn

• Eurofins targets average organic growth of 6.5% p.a. and potential average revenues from acquisitions of €250m p.a. over the 5-year period (from 2023-2027) consolidated at mid-year
• The FY 2024 and FY 2027 objectives assume same average exchange rates as in FY 2023 and zero contribution from COVID-19 testing and reagents

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Q&A

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Appendix

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Revenue by activity in Q1 2024

Q1 2023: +6.6%1

Q2 2023: +7.5%1

~10%

~20%

~40%

~30%

Life		Diagnostic Services & Products
BioPharma		Consumer & Technology Products Testing

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Activities are defined as follows:

• Life:
• • Food and Feed Testing
  • Agro Testing
  • Environment Testing
• BioPharma:
• • BioPharma Services
  • Agrosciences
  • Genomics
  • Forensic Services
• Diagnostic Services & Products:
• • Clinical Diagnostics Testing
  • In Vitro Diagnostics (IVD) Solutions
• Consumer & Technology Products Testing:
• • Consumer Product Testing
  • Advanced Material Sciences

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Definitions / Alternative Performance Measures (APMs)

APMs used in this presentation

Adjusted results - reflect the ongoing performance of the mature and recurring activities excluding "separately disclosed items".

Separately disclosed items (SDI) - include:

• one-offcosts from integration and reorganisation;
• discontinued operations;
• other non-recurring income and costs;
• temporary losses and other costs related to network expansion, start-ups and new acquisitions undergoing significant restructuring;
• share-basedpayment charge;
• acquisition-relatedexpenses, net - impairment of goodwill, amortisation/impairment of acquired intangible assets, negative goodwill, transaction costs related to acquisitions as well as income from reversal of such costs and from unused amounts due for business acquisitions;
• gain and loss on disposal of subsidiaries, net;
• net finance costs related to borrowing and investing excess cash and one-off financial effects (net of finance income);
• net finance costs related to hybrid capital;
• and the related tax effects.

EBITDA - Earnings before interest, taxes, depreciation and amortisation, share-based payment charge, acquisition-related expenses, net and gain and loss on disposal of subsidiaries, net.

Share-based payment charge and acquisition-related expenses, net - Share-based payment charge, impairment of goodwill, amortisation of acquired intangible assets, negative goodwill, and transaction costs related to acquisitions as well as income from reversal of such costs and from unused amounts due for business acquisitions.

Net capex - Purchase, capitalisation of intangible assets, purchase of property, plant and equipment, less proceeds from disposals of such assets less capex trade payables change of the period.

Free Cash Flow to the Firm (FCFF) - Net cash provided by operating activities, less Net capex.

Organic growth for a given period (Q1, Q2, Q3, Half Year, Nine Months or Full Year) - non-IFRS measure calculating the growth in revenues during that period between 2 successive years for the same scope of businesses using the same exchange rates (of year Y) but excluding discontinued operations.For the purpose of organic growth calculation for year Y, the relevant scope used is the scope of businesses that have been consolidated in the Group's income statement of the previous financial year (Y-1). Revenue contribution from companies acquired in the course of Y-1 but not consolidated for the full year are adjusted as if they had been consolidated as of 1st January Y-1. All revenues from businesses acquired since 1st January Y are excluded from the calculation.

Discontinued activities / disposals: discontinued operations are a component of the Group's Core Business or product lines that have been disposed of or liquidated; or a specific business unit or a branch of a business unit that has been shut down or terminated, and is reported separately from continued operations. For more information, please refer to Note 2.26 of the Consolidated Financial Statements for the year ended 31 December 2023.

Free Cash Flow to the Firm before investment in owned sites - Free Cash Flow to the Firm less Net capex spent on purchase of land, buildings and investments to purchase, build or modernise owned sites/buildings (excludes laboratory equipment and IT).

Mature scope: excludes start-ups and acquisitions in significant restructuring. A business will generally be considered mature when: i) The Group's systems, structure and processes have been deployed; ii) It has been audited, accredited and qualified and used by the relevant regulatory bodies and the targeted client base; iii) It no longer requires above-average annual capital expenditures, exceptional restructuring or abnormally large costs with respect to current revenues for deploying new Group IT systems. The list of entities classified as mature is reviewed at the beginning of each year and is relevant for the whole year.

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