Fevara Plc · LSE:FVA
Fevara — Carr's Group — H1 2025 Earnings Presentation
36 slides from Fevara's earnings presentation, May 7, 2025
Slide 1: Interim Results 2025 and Agriculture Strategy Update
Interim Results 2025 and Agriculture Strategy Update 7 May 2025 David White, Chief Executive Officer Gavin Manson, Chief Financial Officer Joshua Hoopes, Chief Executive Officer, Global Agriculture Harry Leighton, Head of Finance, UK Agriculture
Slide 2: Agenda
Agenda Overview Financial Review: H1 2025 Results Agriculture Strategy Update Outlook and Summary 2 2
Slide 3: Overview
Overview Strategic repositioning towards pure-play specialist agriculture supplement business Unlocking value for shareholders Successful disposal of Engineering Division for £75m, post period end Tender Offer process to return up to £70m to shareholders expected to conclude in early July (subject t
Slide 4: Engineering disposal and return of capital
Engineering disposal and return of capital Engineering disposal Completed the disposal of the larger part of the Engineering division for £75m enterprise value on 22 April 2025, post period end Ongoing process to realise value for the remaining part of its Engineering Division, Chirton Engineering R
Slide 5: Financial Review: HY2025 Results
Financial Review: HY2025 Results 5
Slide 6: Continuing Operations
Continuing Operations FY25 FY24 Change Agriculture momentum building: £m £m % YOY variance (%) FY24 FY24 FY25 Revenue: UK Agriculture H1 H2 H1 27.6 24.0 +15.0% Volume UK +11 +13 +13 US Agriculture US -18 -9 +3 23.0 23.3 -1.3% Total UK economy driven feed blocks recovery more 50.6 47.3 +7.0% advanced
Slide 7: Summary Financials – Continuing Operations
Summary Financials – Continuing Operations Revenue (£m) 60.0 47.3 50.6 40.0 28.4 27.6 Progress in seasonal business 24.0 20.0 14.2 23.3 14.2 23.0 H1 FY25 Revenues up 7% on H1 FY24 0.0 H1 FY24 H2 FY24 H1 FY25 H1 FY25 Adjusted Operating Profit up US UK Total £2.3m on H1 FY24 Adjusted Operating Profit
Slide 8: Net Cash/(Debt) Movement
Net Cash/(Debt) Movement Movement in net cash/(debt) (excluding leases) Increase Decrease Total 20.0 1.1 4.5 -1.2 0.0 15.7 15.0 -1.1 5.1 0.3 -0.7 -0.2 -0.1 £m 10.0 8.0 5.0 0.0 -5.0 Key points Main bank facility in place until December 2026 – facility £6m, process to extend commencing shortly Post pe
Slide 9: Balance Sheet
Balance Sheet Statutory Disclosure 28 /2/25 31 /8/24 Net assets held for sale in FY25 & Restated FY24 relate to ‘discontinued £m activities’: £m Change Fixed assets 20.9 21.3 -1.9% ▪ Engineering Division (FY24 and FY25) Net working capital 11.3 10.6 -6.6% ▪ Properties (FY24 and FY25) Assets/liabilit
Slide 10: Adjusting Items
Adjusting Items £’m Continuing Discontinued Total Restructuring costs reflect Head Office and New Zealand Cash Items (continuing) and Afgritech (discontinued) Restructuring costs and costs 0.9 0.4 1.3 to sell assets held for sale Final US ERP implementation costs ERP Implementation 0.1 - 0.1 Pension
Slide 11: Cost efficiencies
Cost efficiencies Progress in simplification and right-sizing of Group operations in line with focus on value generation Completed the sale of eight investment / non-core properties for £7m in year to date Completed the de-risking of its defined benefit pension scheme through a policy buy-in in Janu
Slide 12: Global Agriculture Strategy Update
Global Agriculture Strategy Update 12
Slide 13: A global specialist
© Who we are... A global specialist of feed supplements for cattle, horses, sheep and goatss © Our mission... To deliver research-based products that optimise livestock performance and profitability... ..enabling farms to produce safe, healthy, and sustainable food. Our manufacturing sites @
Slide 14: What makes us different and enables growth..
© What makes us different and enables growth.. Global specialist in livestock supplements for grazing-based customers Strategically located operations with local sales execution Patented, research-backed product portfolio
Slide 15: A Clear and Focused Strategy to Deliver Value
A Clear and Focused Strategy to Deliver Value 1515 15
Slide 16: H1 Delivery Made Across Each Strategic Pillar
H1 Delivery Made Across Each Strategic Pillar Proposed closure of Animax H1 market share gains made New distribution model into site announced with plans to in UK and Belle Fourche New Zealand delivering as move to outsourced bolus geography (Poteau remains planned supplier under development) Ongoin
Slide 17: Outlook and Summary
Outlook and Summary Post Engineering Division disposal, Group performance will be more seasonal with typically lower second-half trading activity across northern hemisphere agriculture markets Trading conditions in the US remain challenging, largely due to climate-related challenges, with the antici
Slide 18: Q&A
Q&A 18
Slide 19: Appendix: Full Global Agriculture Strategy
19 Appendix Full Global Agriculture Strategy
Slide 20: (ees ORT
(ees ORT
Slide 21: A global specialist
© Who we are.. A global specialist of feed supplements for cattle, horses, sheep and goats @® Multinational manufacturing across 3 different countries © Over 20 countries sold to globally © 5market leading product brands: Crystalyx®, Smartlic®, Feed ina Drum®, Horslyx® and Tracesure® ® Ledbyglobal l
Slide 22: Our mission
© Our mission... © Po deliver research-based products that optimise livestock performance and profitability... ..enabling farms to produce safe, healthy, and sustainable food.
Slide 23: What makes us different and enables growth..
© What makes us different and enables growth.. Global specialist in livestock supplements for grazing-based customers ® Strategically located operations with local sales execution Patented, research-backed product portfolio
Slide 24: What we do: manufacture and sell
© What we do... ® Manufacture and sell research proven supplements delivered through block, bolus Feed and bagged mineral formats: The core product for our business. Making up 90% of our revenue. Bagged minerals Boluses
Slide 25: Why farmers purchase our products
e Why farmers purchase our products... Because forages aren’t enough, Crystalyx nutrition solutions help maximise your herd’s potential and your profits, ® Our products improve the health, performance, and fertility of livestock © We boost microbial activity in the rumen which enhances feed digestib
Slide 26: Why our products are different
© Why our products Our products, produce are different. global astounding results independent Our research backed products deliver farmers supplements they can trust and deliver a minimum 2:1 return on investment 2 42.2% increase in dairy heifer daily liveweight gain. e Zhe improvement in bull ferti
Slide 27: Our strategy
e Our strategy... Improve operating margin across Global Agriculture portfolio Deliver profitable commercial Drive shareholder returns growth in the core business and growth by leveraging our feed supplement expertise Expand into new extensive as a global specialist for grazing based growth geograph
Slide 28: Portfolio shift away from low margin, commodity-based products
Portfolio shift away from low margin, commodity-based products • Recent closure and disposal of Afgritech (New York, USA based rumen bypass business) Introduce operational excellence programme • Integrated UK operations leadership across three sites • Oklahoma USA site leadership change Execute cost
Slide 29: Focus on driving branded, differentiated and patented products
Focus on driving branded, differentiated and patented products within portfolio • Farm level marketing and demand generation investment initiated • Global NPD programme established Reinvigorated commerciality and sales capability • New UK commercial leadership with integrated sales team across all p
Slide 30: Expand into new growth geographies
The OECD has forecast beef consumption will increase to 76Mt between 2020 and 2029, while the FAO New distribution partner and model established for New predicts global protein Zealand market availability from beef • Volume growth expected will rise 8% in the 10 • Cost reduction in progress years to
Slide 31: H1 Delivery Made Across Each Strategic Pillar
H1 Delivery Made Across Each Strategic Pillar Proposed closure of Animax H1 market share gains made New distribution model into site announced with plans to in UK and Belle Fourche New Zealand delivering as move to outsourced bolus geography (Poteau remains planned supplier under development) Ongoin
Slide 32: Increasing demand
Increasing demand ° Industry growth and ten deta 4| population growth future demand... rising affluence Global Cattle Stocks (millions) Global Sheep Stocks (millions) Global Goats Stocks (millions) 1700 1700 1700 1500 1500 1500 1300 1300 1300 1100 1100 1100 900 goo g00 700 Growth CAGR | owth CAGR 5
Slide 33: Cattle, Sheep and Goat Stocks
© Continued... ® Cattle Stocks __ (millions per sq km) ® Sheep Stocks (millions per sq km) ® Goat Stocks (millions per sq km) Source: faoorg
Slide 34: Continued…
Continued… Strategic use of supplements can improve productivity, rural livelihoods and food security. Global Cattle Meat Yields (Kg per animal) 400 +65% 350 300 +97% 250 World 200 Average 150 100 50 0 Mexico Brazil Turkey Kenya Pakistan World Average Tanzania United States United Kingdom Uzbekistan
Slide 35: Carr's Group is well-positioned for growth
CGarr's Group is well-positioned for growth with strong product offerings, strategic market presence, and a Clear focus on delivering shareholder value, Delivering today, building our future
Slide 36: Carr's Group plc contact details
Carr’s Group plc Telephone: +44 (0) 1228 554600 Email: [email protected] or [email protected] or [email protected] Warwick Mill Business Centre, Warwick Bridge, Carlisle, Cumbria, CA4 8RR www.carrsgroup.com Alternatively contact Hudson Sadler Telephone: +44 (0) 20 7796