Apiam Animal Health — FY2025 Earnings Presentation
16 slides from Apiam Animal Health's earnings presentation, Aug 27, 2025
Slide 1: Apiam Animal Health FY25 Results
Apiam Animal Health FY25 Results 27 August 2025
Slide 2: FY25 Financial Snapshot
FY25 FINANCIAL SNAPSHOT REVENUE EBITDA (reported) $207.6m ▲1.4% vs FY24 $25.8m ▲5.2% vs FY24 EBITDA NPAT (underlying1, pre AASB 16) (reported, after impairment) $21.0m $0.8m ▲3.2% vs FY24 ▼(83.1)% vs FY24 Notes: 1. Underlying EBITDA is a non-IFRS measures and excludes one-off acquisition, integratio
Slide 3: FY25 Summary
FY25 SUMMARY Group revenues affected by underperformance in Clinical Vet Services segment - Clinical Vet Services revenue (2.2)% vs FY24 - Intensive Animal Veterinary services +13.1% vs FY24 Modest uplift in Group earnings; with some cost efficiencies realised Strategic Reset Program implemented in
Slide 4: Non-Binding Indicative Proposal Received from Adamantem Capital
NON-BINDING INDICATIVE PROPOSAL RECEIVED FROM ADAMANTEM CAPITAL • Apiam has entered into a process deed with Adamantem Capital in respect of a non-binding indicative proposal to acquire the Company by way of a scheme of arrangement for $0.88 cash per share (less any dividends or returns of capital m
Slide 5: Clinical Vet Services Segment Performance – FY25
CLINICAL VET SERVICES Clinical Vet Services % of FY25 Group revenue SEGMENT PERFORMANCE – FY25 (2.2%) Segment revenue growth 75% • Companion & mixed animal clinics: Revenue +1.1% vs FY24 - Growth performance varied across clinics – some continue to perform very strongly - Reduction in high-end speci
Slide 6: Intensive Animal Vet Services Segment Performance – FY25
INTENSIVE ANIMAL VET SERVICES SEGMENT PERFORMANCE – FY25 IMPROVED INDUSTRY CONDITIONS DRIVING STRONG FY25 PERFORMANCE Feedlot + Pigs segment Intensive Animal Vet Services FY23 FY24 FY25 % of FY25 Group revenue % growth vs PCP Revenue (4.1)% +2.3% +13.1% EBIT1 +14.9% 25% • Improved underlying industr
Slide 7: Strategic Reset Program Initiatives – Key Achievements
Strategic Year in ReviewReset Program Initiatives Q4 FY25 – Key Achievements Business Improvement Team: Multi-Disciplinary Clinic Support Group Established • Team launched to focus on clinic performance to ensure delivery of high standards of care to patients (team includes high performing vets and
Slide 8: FY25 Financial Summary
FY25 Financial Summary
Slide 9: FY25 P&L Summary
FY25 P&L SUMMARY • Revenue +1.4%: modest growth amid challenges in Clinical Vet Services Reported P&L Summary ($m) FY25A FY24A Variance % segment Total revenue 207.6 204.8 2.8 1.4% • Gross profit +0.2%: gross margin impacted as Intensive Animal Veterinary Cost of goods sold (70.0) (67.5) (2.5) 3.7%
Slide 10: FY25 EBITDA adjustments
FY25 EBITDA adjustments EBITDA (underlying, pre AASB 16 reconciliation) ($M) FY25 FY24 Chg. % Reported EBITDA 25.8 24.5 1.3 5.2% Add (+) one-off expenses 1.4 1.1 0.3 24.6% Less (-) AASB16 lease adjustments (6.2) (5.3) (0.9) 16.9% Underlying EBITDA (pre AASB 16) 21.0 20.3 0.6 3.2% Underlying EBITDA (
Slide 11: Balance Sheet
BALANCE SHEET Stable and in-line with prior period Key movements: $m 30 June 2025A 30 Jun 2024A • Working capital well managed with a focus on operating cash flow Cash 2.5 1.8 • Intangibles impairment reflects divestment of NSW-based equine clinic Trade & receivables 12.9 13.4 Inventories 15.4 15.1
Slide 12: Cash Flow & Dividend
CASH FLOW & DIVIDEND Cash conversion above Management target of 100% Statutory cashflows $m FY25A FY24A Cashflow Conversion $m FY25A FY24A Net cash provided by operating activities 17.6 18.9 Underlying EBITDA (pre AASB 16 lease adjustment) 21.0 20.3 Acquisition of subsidiary, net of cash (0.3) (
Slide 13: Strategy & outlook
Strategy & outlook
Slide 14: Organic Growth Strategy – FY26
ORGANIC GROWTH STRATEGY – FY26 CLINICAL VET SERVICES INTENSIVE ANIMAL VET SERVICES GROWTH DRIVERS IN FY26 GROWTH DRIVERS IN FY26 Leverage in-house & 3rd party software technology to Strategic Reset Program improve client production and profitability - Business Improvement Team - Clinic-Level Perform
Slide 15: Outlook for FY26
OUTLOOK FOR FY26 • Animal health & veterinary services industries continue to benefit from favourable market dynamics • Implementation and roll-out of Strategic Reset Program to: - Drive revenue growth across Clinical Vet Services segment - Enhance operating efficiencies across Group - “Right-size”
Slide 16: Disclaimer
Disclaimer DISCLAIMER The information presented to you by Apiam Animal Health Limited ACN 604 961 024 (Company) in this presentation and any related documents (together, Materials) has been prepared for information purposes only and is not an offer or invitation to acquire or dispose of shares in th