Fevara Plc · LSE:FVA
Fevara — H1 FY2026 Earnings Presentation
28 slides from Fevara's earnings presentation, Apr 22, 2026
Slide 1: 2026 Half Year Results
2026 Half Year Results Fevara plc Joshua Hoopes Chief Executive Officer Gavin Manson Chief Financial Officer 22 April 2026 Purpose led. Performance focused.
Slide 2: Presentation team
Presentation team Joshua Hoopes, Chief Executive Officer Josh became Chief Executive Officer on 1 July 2025. Prior to joining Fevara in 2024, he worked for Associated British Foods plc for more than ten years, including five years as Managing Director at AB Agri where he oversaw the Intellync and AB
Slide 3: Agenda
Agenda • Overview • Financial review • Operational and strategic review • Summary and outlook • Questions Fevara plc Purpose led. Performance focused. 3
Slide 4: What we do
What we do We develop, manufacture and market research-proven supplements, including branded feed licks, blocks, bagged minerals and boluses for cattle, sheep and horses 01 Feed licks 02 03 Bagged minerals Boluses The core product for our business. Fevara plc Purpose led. Performance focused. 4
Slide 5: Who we are
Who we are An international specialist in livestock supplements Multinational manufacturing across four different countries Over 20 countries sold to globally Market leading product brands: Crystalyx®, Smartlic®, Horslic® and Tracesure® Advanced Led by global leadership team with agricultural depth
Slide 6: Our purpose and vision
Our purpose and vision Who we are Our strategy Fevara plc is an international Our goal is to create long-term specialist in livestock supplements. value for our stakeholders. Our purpose To achieve this, we are focused What we do Our purpose is to empower on three strategic pillars: We develop, manu
Slide 7: Medium term growth ambition and trajectory
Medium term growth ambition and trajectory Triple region profit engine combining £5m EBITDA from USA, UK/EU, and Brazil to anchor global >£15m EBITDA >£10m EBITDA >£5m EBITDA > £120m Revenue Existing USA and UK/EU Brazil expansion plan > £15m EBITDA > 10% EBIT Margin > 20% ROCE With a clear strategy
Slide 8: 2026 Half year highlights
2026 Half year highlights Strong strategic delivery and trading continues at pace • Revenue of £50.6m up +2.2% at constant foreign exchange rate • +22% year on year growth in first half Adjusted Operating Profit − +26% growth in fully owned UK business − +5% growth in fully owned USA business • Adju
Slide 9: Financial review
Financial review Fevara plc Purpose led. Performance focused. 9
Slide 10: Revenue and EBIT performance
Revenue and EBIT performance Continuing Operations • 22% growth in adjusted EBIT in first half and 35% growth to £5.0m on LTM basis H1 FY26 H1 FY25 Change £m £m % • Volume growth of 8% in LMB globally offset by planned Revenue UK/Europe 26.6 27.6 12.9% reduction of 14% on lower margin products in UK
Slide 11: Balance sheet
Balance sheet Balance Sheet H1 FY26 FY25 Change • Fixed Assets movement reflects Macal £’m £’m £’m acquisition, capex and JV accrued income Fixed assets 28.1 21.4 +6.7 • Assets held for sale includes three unutilised Net working capital 12.9 11.2 +1.7 properties and Chirton Engineering Assets/liabil
Slide 12: Net Cash/(Debt) Movement
Net Cash/(Debt) Movement Movement in Net Cash/(Debt) (£m) Increase Decrease Total 10 9 6.2 8 -1.1 7 -0.6 -0.3 -0.1 6 5 4 1.4 3 2.6 -0.5 2 -4.3 -1.3 1.4 1 -0.6 0 EBITDA* Capex* Leases* Deferred… Adjusting items* Net Cash H1 FY26 Net Cash FY25 Working Capital* Interest / tax Acquisitions Discontinued
Slide 13: Adjusting items and discontinued operations
Adjusting items and discontinued operations Adjusting Items Continuing Discontinued Total Adjusting Items Costs / (Profits) £’m £’m £’m • M&A activity costs: relate to the acquisition of Macal in M&A activity costs 0.3 - 0.3 December 2025 and preparation for the acquisition of Cia do Sal in March 20
Slide 14: Earnings per share and dividends per share
Earnings per share and dividends per share Adjusted EPS: Continuing Operations (£ pence per share) 12 11.0 10 • Adjusted EBIT from continuing operations for H1 FY26 of £7.2m 8 (H1 FY25: £5.9m) 6 5.1 4 • LTM EBIT from continuing operations of £5.0m (FY25: £3.7m) 2 0 • H1 FY26 earnings per share from
Slide 15: Performance against medium term ambition
Performance against medium term ambition Continuing Operations Revenue Growth Ambition LTM FY25 FY24 • UK/ Europe and North America: Revenue £120m £78.8m £78.8m £75.7m − Market share EBITDA £15m £6.1m £4.8m £3.8m − Product enhancements EBIT Margin 10% 6.3% 4.7% 3.5% • Brazil: − Low Moisture Blocks R
Slide 16: Operational and strategic review
Operational and strategic review Fevara plc Purpose led. Performance focused. 16
Slide 17: Our strategy
Our strategy Our goal is to create long-term value for our stakeholders To achieve this, we are focused on three strategic pillars: Improve Deliver profitable Expand into operating commercial new growth margins growth markets • Shift portfolio away from • Focus on driving branded, • Deliver profitab
Slide 18: Improve operating margins
Improve operating Strategic procurement and pricing initiatives improve H1 operating margin to 14.2% (+2.5% vs H1 margins FY25) Oklahoma, USA bulk storage capex enacted in FY25 now delivering raw material procurement savings UK bolus production now fully transitioned to Vétalis resulting in net prod
Slide 19: Deliver profitable commercial growth
Low moisture block (LMB) category up +5.8% vs prior Deliver profitable year (+£1.4m adjusted operating profit) commercial growth Strategic focus on LMB to grow distribution and improve marketing driving volume growth: • UK LMB volume growth of +9% in the first half • Overall volume growth of +4.0% f
Slide 20: Expand into new growth markets
Entry into high-potential Brazilian market Expand into new Acquired Macal, marking the Company’s entry into Brazil growth markets and establishing Fevara’s first operational presence in the Southern Hemisphere Acquired Cia do Sal to secure a LMB production facility in Brazil and strength distributio
Slide 21: Brazil surpassed USA as top beef producer in 2025
Brazil surpassed USA as top beef producer in 2025; Fevara’s strategy is to capitalise on this growing market opportunity Beef Production (million tons) Fevara Brazil Footprint 14 13 PA MA 12 RO TO 11 BA MT Key: GO 10 MS MG Macal SP 9 Cia do Sal Dark blue states with 8 highest cattle numbers RS 2006
Slide 22: Acquisition of Macal, Campo Grande, Mato Grosso do Sul (MS)
Acquisition of Macal, Campo Grande, Mato Grosso do Sul (MS) Integration progressing as planned; Trading in line with expectation • Acquired Domino Industria E Comercio LTDA (Macal) on 24 December 2025 Macal delivers Brazil foothold in high MS cattle density state with operational • Initial considera
Slide 23: Acquisition of Cia do Sal, Barretos, São Paulo State (SP)
Acquisition of Cia do Sal, Barretos, São Paulo State (SP) Fevara LMB manufacturing centre; Existing mineral business with growth potential • Acquisition of Marcelo de Carvalho Dias & Cia Ltda (Cia do Sal) announced on 17 March 2026 Cia do Sal delivers a production facility in SP Brazil strengthening
Slide 24: Brazil growth plan
Brazil growth plan Our goal is to deliver a material supplement business in Brazil with significant growth potential • Country leadership and operating model established in line with global and Northern Hemisphere structure Brazil will further internationalise Fevara • Integration for Macal and Cia
Slide 25: Summary and outlook
Summary and outlook Fevara plc Purpose led. Performance focused. 25
Slide 26: Market update
Market update Global beef pricing remains robust supporting industry resilience; Fevara is well positioned to continue to drive operating margin, commercial growth and expansion USA UK/Europe Brazil • 90m cattle (~5% of total global market) • 90m cattle (~5% of total global market) • 230m cattle (~1
Slide 27: Summary and outlook
Summary and outlook Strong foundation to accelerate growth Continued progress Macro resilience Significant market still to target Continued progress, underpinned The Board does not anticipate any Entry into Brazil significantly by disciplined execution and solid near-term material impact on the incr
Slide 28: Thank you
Thank you Fevara plc Warwick Bridge Business Centre Warwick Bridge, Carlisle CA4 8RR Purpose led. United Kingdom T +44 (0) 1228 554600 Performance focused. E [email protected] [email protected] W Fevara plc Fevara plc