Vimian Group AB - Interim / Quarterly Report 2025

==> picture [596 x 4] intentionally omitted <==

==> picture [596 x 5] intentionally omitted <==

==> picture [596 x 4] intentionally omitted <==

==> picture [596 x 5] intentionally omitted <==

==> picture [596 x 4] intentionally omitted <==

==> picture [596 x 5] intentionally omitted <==

==> picture [596 x 4] intentionally omitted <==

==> picture [596 x 5] intentionally omitted <==

==> picture [596 x 4] intentionally omitted <==

Q3 2025 Interim report January - September

==> picture [596 x 5] intentionally omitted <==

==> picture [596 x 4] intentionally omitted <==

==> picture [596 x 5] intentionally omitted <==

==> picture [596 x 4] intentionally omitted <==

==> picture [596 x 5] intentionally omitted <==

==> picture [596 x 4] intentionally omitted <==

==> picture [596 x 5] intentionally omitted <==

==> picture [596 x 4] intentionally omitted <==

==> picture [596 x 5] intentionally omitted <==

==> picture [596 x 4] intentionally omitted <==

==> picture [596 x 5] intentionally omitted <==

==> picture [596 x 4] intentionally omitted <==

==> picture [596 x 5] intentionally omitted <==

==> picture [596 x 4] intentionally omitted <==

==> picture [596 x 5] intentionally omitted <==

==> picture [596 x 4] intentionally omitted <==

==> picture [596 x 5] intentionally omitted <==

==> picture [596 x 4] intentionally omitted <==

==> picture [596 x 5] intentionally omitted <==

==> picture [596 x 4] intentionally omitted <==

==> picture [596 x 5] intentionally omitted <==

==> picture [596 x 4] intentionally omitted <==

==> picture [596 x 5] intentionally omitted <==

==> picture [596 x 4] intentionally omitted <==

==> picture [596 x 5] intentionally omitted <==

==> picture [596 x 4] intentionally omitted <==

==> picture [596 x 5] intentionally omitted <==

==> picture [596 x 4] intentionally omitted <==

==> picture [596 x 5] intentionally omitted <==

==> picture [596 x 4] intentionally omitted <==

==> picture [596 x 5] intentionally omitted <==

==> picture [596 x 4] intentionally omitted <==

Vimian Group

Interim report January - September 2025

Strong revenue and earnings growth in the third quarter

Third quarter

Net revenue increased by 19 per cent to EUR 104.3m (87.6) with organic growth of 9 per cent
Operating profit (EBIT) of EUR 17.5m (10.1)
EBITA of EUR 23.9 (15.4), including items affecting comparability of EUR -1.7m (-6.5). Adjusted EBITA increased 17 per cent to EUR 25.5m (21.9) corresponding to a margin of 24.5 per cent (25.0)
Net result of EUR 6.8m (-1.9) and earnings per share before and after dilution EUR 0.01 (0.00)
Cash flow from operating activities of EUR 10.8m (16.7)

First nine months

Net revenue increased by 17 per cent to EUR 316.1m (269.9) with organic growth of 6 per cent
Operating profit (EBIT) of EUR 47.6m (36.7)
EBITA of EUR 65.2 (53.2), including items affecting comparability of EUR -14.0m (-17.4). Adjusted EBITA increased 12 per cent to EUR 79.2m (70.7) corresponding to a margin of 25.1 per cent (26.2)
Net result of EUR 20.1m (6.8) and earnings per share before and after dilution EUR 0.04 (0.01)
Cash flow from operating activities of EUR 50.1m (33.7)

Significant events during the third quarter

On 17 July, Vimian announced that CEO Patrik Eriksson steps down with immediate effect and that CFO Carl-Johan Zetterberg Boudrie is appointed interim CEO.

Significant events after the third quarter

No significant events occurred after the end of the third quarter.
On 29 August, the Superior Court of Delaware awarded Vimian USD 40.2 million in the indemnification dispute with the largest seller of Veterinary Orthopedic Implants (VOI).

Financial key ratios

Financial key ratios
EURm,	Jul-Sep Jul-Sep Jan-Sep	Jan-Sep		Oct-Sep	Full-year
unless otherwise stated	2025 2024 Δ% 2025	2024	Δ%	24/25	2024
Revenue	104.3 87.6 19% 316.1	269.9	17%	420.9	374.8
Organic revenue growth (%)¹	9% 10% 6%	7%			9%
EBITA	23.9 15.4 55% 65.2	53.2	22%	83.5	71.6
EBITA margin (%)	22.9% 17.6% 5.3 pp 20.6%	19.7%	0.9 pp	19.8%	19.1%
Adjusted EBITA¹	25.5 21.9 17% 79.2	70.7	12%	103.8	95.2
Adjusted EBITA margin (%)¹	24.5% 25.0% -0.5 pp 25.1%	26.2%	-1.1 pp	24.7%	25.4%
Operating profit (EBIT)	17.5 10.1 74% 47.6	36.7	30%	60.1	49.2
Profit for the period	6.8 -1.9 20.1	6.8	197%	32.7	19.3
Items affecting comparability²	-1.7 -6.5 -14.0	-17.4		-20.2	-23.7
Earnings per share before dilution (EUR)	0.01 -0.00 0.04	0.01		0.06	0.04
Earnings per share after dilution (EUR)	0.01 -0.00 0.04	0.01		0.06	0.04
Cash flow from operating activities	10.8 16.7 -36% 50.1	33.7	48%	74.5	58.1

1 Refer to the section on Alternative performance measures for more information.

2 Refer to Note 3 and the section on Items affecting comparability for more information.

Vimian Group

Interim report January - September 2025

Message from our CEO

Strong revenue and earnings growth in the third quarter

Revenues for the third quarter of 2025 grew 19 per cent to EUR 104.3 million, with healthy organic growth of 9 per cent and 4 per cent negative currency impact. Organic growth was driven by strong performance in our largest segment Specialty Pharma and in Veterinary Services. It was also positive that MedTech returned to organic growth of 5 per cent in the quarter, despite a continued soft US surgery market.

Diagnostics – growth but lower levels of disease outbreaks

Diagnostics grew 4 per cent organically in the quarter despite lower levels of disease outbreak-driven demand in our key geographies. We continue to invest in new product launches and explore M&A opportunities to diversify and strengthen our offering targeting the companion animal diagnostics market.

Positive outcome in US indemnification dispute

We delivered strong adjusted EBITA growth of 17 per cent, reaching EUR 25.5 million. The adjusted EBITA margin was 24.5 per cent (25.0), reflecting investments in the commercial organisation in orthopedics and the consolidation of our dental business iM3.

Specialty Pharma – continued strong performance

Specialty Pharma delivered 11 per cent organic growth with growth across all therapeutic areas and strong contributions from Specialty Pharmaceuticals and Specialised Nutrition. The segment’s crosssales and innovation continued to contribute positively to organic growth with 21 new products on market during the quarter.

The therapeutic area Specialised Nutrition delivered strong growth in the quarter as we completed a successful national sales campaign in US together with one of the leading retailers. A similar campaign was carried out in the fourth quarter of last year.

MedTech – returns to organic growth

MedTech delivered 46 per cent total revenue growth and 5 per cent organic growth driven by Europe and Asia-Pacific, supported by a partial recovery in North America. We are deploying numerous actions to further strengthen our commercial performance in orthopedics including the build-out of our field sales organisation and strengthening our sales offering. Even if it will take some time before we see the full financial benefits of these measures, I am confident that we operationally are taking the right actions. The US surgery market is likely to remain soft over the coming period, but we are convinced about the long-term growth prospects in this market with millions of untreated animals and opportunities to educate more veterinarians to unlock growth.

Our dental operations with our platform acquisition iM3 and the two bolt-on acquisitions completed earlier this year continued to deliver solid growth in the quarter. In the beginning of October, we completed a small acquisition of an AI enabled imaging software that complements and strengthens our dental portfolio.

Veterinary Services – continued strong performance

Veterinary Services continued to deliver strong organic growth of 11 per cent, driven by new member growth and increased penetration of services across the member base. At the end of the quarter, we reached 9,940 member clinics globally.

On 29 August, the Superior Court of Delaware awarded Vimian USD 40.2 million in damages in the indemnification dispute with the largest seller of Vimian’s subsidiary VOI. Together with the previously reached settlements with the other sellers, this means that Vimian is entitled to compensation exceeding the USD 70 million settlement paid by Vimian to DePuy Synthes. On 14 October, the largest seller paid Vimian an initial amount of USD 15 million.

Accelerating our efforts in two-pronged strategy

Vimian’s strategy of combining organic and acquisition driven growth in a fragmented animal health market remains unchanged, and we have intensified our efforts in both aspects over the last few months. We have deployed additional actions to improve performance in MedTech orthopedics and will continue to focus on those initiatives in the coming quarters. On the M&A side we have accelerated our efforts to expand and progress our M&A pipeline with focus on both existing platforms and new market niches. Over the past twelve months we have completed four acquisitions, adding EUR 47 million in annual revenues and welcoming close to 100 new colleagues.

We continue to execute our sustainability agenda focused on animals, our people and the planet. During the quarter, we achieved improved ESG rating with Sustainalytics to Low Risk, and earlier this year MSCI upgraded our rating to AA.

Looking ahead, we are convinced that the market will continue to grow with increase in pet ownership and insurance penetration, humanisation of pets and an ageing pet population, and that Vimian is well-positioned in the current geopolitical landscape with welldiversified operations. Our team remains highly committed to improving animal health by making the market’s most innovative products, services and treatments accessible to more animal health professionals and pet owners. We continue to see significant white space in our market niches with millions of untreated animals and are excited about the opportunities ahead of us in the fragmented animal health market.

Carl-Johan Zetterberg Boudrie Interim CEO of Vimian Group AB (publ)

Vimian Group

Interim report January - September 2025

Group performance

Third quarter 2025

Revenue

Revenue increased by 19 per cent to EUR 104.3m (87.6). Organic revenue growth was 9 per cent driven by Specialty Pharma and Veterinary Services with 11 per cent organic growth respectively. MedTech total revenue growth was 46 per cent including acquisitions, organic growth was 5 per cent in a continued soft US surgery market. Diagnostics delivered organic growth of 4 per cent.

Acquisitions contributed with 14 per cent and negative impact of -4 per cent from currency movements.

Operating profit

Operating profit (EBIT) amounted to EUR 17.5m (10.1) at a margin of 16.8 per cent (11.5). This includes items affecting comparability of EUR -1.7m (-6.5).

The majority of items affecting comparability relates to MedTech with a total of EUR -1.1 of which -0.6m acquisition related costs. In Group functions a provision of EUR -0.5m was set-up for severance pay to the former CEO. For further information on items affecting comparability, refer to Note 3.

organisation in MedTech to drive growth and consolidation of iM3 that has a different financial profile.

Financial items

Net financial items amounted to EUR -4.1m (-9.3). This consists of three main parts: (1) financing expenses of EUR -4.0m with an average interest rate of 4.6 per cent during the quarter, partly offset by EUR 0.4m interest income on cash funds; (2) a quarterly discounting impact of EUR -0.8m and positive impact of EUR 1.3m from probability adjustments related to contingent considerations; and (3) an impact of EUR -1.0m from exchange rate effects on the revaluation of debt.

Tax

Income tax expense for the quarter was EUR -6.6m (-2.7) at an effective tax rate of 49 per cent. In the third quarter the tax expense as percentage of pre-tax profit is inflated by additional tax paid for reassessment of prior year taxes, tax losses without recognition of deferred tax assets and non-deductible expenses, mainly nonrealised currency impact recognised in the financial items and probability adjustments of contingent liabilities.

EBITA

EBITA increased by 55 per cent to EUR 23.9m (15.4) at a margin of 22.9 per cent (17.6).

Adjusted EBITA

Adjusted EBITA increased by 17 per cent to EUR 25.5m (21.9) at a margin of 24.5 per cent (25.0). The lower margin is a result of lower sales in MedTech orthopedics, investments in the commercial in

Result for the quarter

Result for the quarter amounted to EUR 6.8m (-1.9), negatively impacted by EUR -1.0m from exchange rates included in financial items and positively by EUR 1.3m probability adjustment on contingent liabilities. Earnings per share before and after dilution amounted to EUR 0.01 (0.00).

Quarterly revenue

==> picture [205 x 113] intentionally omitted <==

----- Start of picture text -----

EURm
120
100
80
60
40
20
-
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2023 2023 2024 2024 2024 2024 2025 2025 2025
----- End of picture text -----

Quarterly adjusted EBITA

==> picture [221 x 132] intentionally omitted <==

----- Start of picture text -----

EURm
30 30%
25 25%
20 20%
15 15%
10 10%
5 5%
- 0%
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2023 2023 2024 2024 2024 2024 2025 2025 2025
Adj EBITA Adj EBITA-margin (%)
----- End of picture text -----

Vimian Group

Interim report January - September 2025

January to September 2025

Revenue

Revenue increased by 17 per cent to EUR 316.1m (269.9). Organic revenue growth was 6 per cent with Specialty Pharma 9 per cent and Veterinary Services 12 per cent. MedTech total revenue growth of 35 per cent including the acquisitions, organic growth was -3 per cent in a soft US surgery market. Diagnostics delivered organic growth of 13 per cent. Acquisitions contributed to a growth of 13 per cent and there was a negative impact of -2 per cent from currency movements.

Operating profit

Operating profit amounted to EUR 47.6m (36.7) at a margin of 15.1 per cent (13.6). This includes items affecting comparability of EUR - 14.0m (-17.4).

EBITA

EBITA of EUR 65.2m (53.2) at a margin of 20.6 per cent (19.7).

Adjusted EBITA

Adjusted EBITA increased by 12 per cent to EUR 79.2m (70.7) with the adjusted EBITA margin declining to 25.1 per cent (26.2). The lower margin is a result of lower sales in MedTech orthopedics, investments in the commercial in organisation in MedTech to drive growth, investments in segment Diagnostics to enter companion animal and consolidation of iM3 that has a different financial profile.

consisting of the AllAccem acquisition as well as earn-out payments. Cash flow from financing activities amounts to EUR 34.2m (74.6) which includes the refinancing of existing facilities.

Net working capital

Net working capital amounted to EUR 102.2m (80.8) per the end of September at 24 (23) per cent of revenue, an increase from EUR 99.5m at the end of June 2025 (25 per cent of revenue).

Compared to end of June 2025, net working capital increased by EUR 2.7m mainly related to lower trade payables.

Capital expenditure

Capital expenditure amounted to EUR -9.3m (-8.5). This is split between EUR -3.6m investments in intangible assets (internal R&D, software development and R&D partnerships) and EUR -5.7m investments in property, plant and equipment (the larger investments include new educational equipment in MedTech and other equipment in Specialty Pharma as well as build out of clinic capacity in Veterinary Services).

The capex of EUR -9.3m accounts for 2.9 per cent of sales, compared to 3.2 per cent for the same period in the previous year. The lower capex as a percentage of sales is primarily due to lower investments in intangible assets and capitalized R&D. Investments in mproperty, plant and equipment have increased slightly year on year.

Financial items

Net financial items amounted to EUR -13.1m (-22.8). This consists of three main parts: (1) financing expense of EUR -11.3m with an average interest rate of 4.8 per cent partly offset by EUR 1.4m interest income; (2) year-to-date discounting impact of EUR -3.6m, and impact from probability adjustments of EUR -1.5m related to contingent considerations; (3) a positive impact of EUR 1.8m from exchange-rate effects on revaluation of debt.

Tax

Income tax expense of EUR -14.3m (-7.1) at an effective tax rate of 41 per cent. The tax expense as percentage of pre-tax profit is inflated by additional tax paid for reassessment of prior year taxes, tax losses without recognition of deferred tax assets and non-deductible expenses, mainly non-realised currency impact recognised in the financial items and probability adjustments of contingent liabilities.

Result for the period

Result for the period January to September amounted to EUR 20.1m (6.8). Earnings per share before and after dilution amounted to EUR 0.04 (0.01).

Net debt and cash and cash equivalents

At the end of the period, net debt amounted to EUR 253.5m (140.3), down from EUR 260.6m per 30 June 2025. Cash and cash equivalents amounted to EUR 51.3m (39.2) a decrease compared to EUR 67.5m at the end of June. External lending of EUR 254.0m (240.1).

Per 30 September, net debt in relation to pro-forma adjusted EBITDA over the past 12-month period was 2.1x, unchanged compared to 30 June 2025.

Central Costs

Central costs in the third quarter amounted to EUR -1.8m (-1.9), a decrease of EUR 0.4m compared to the second quarter 2025.

Central costs include EUR -0.3m expenses related to the 2024 and 2025 LTI (employee stock options and investment shares). These are non-cash IFRS expenses that will recur at this level for the duration of the three-year programs.

Cash flow

Cash flow from operating activities reached EUR 50.1m (33.7). Cash flow from investing activities of EUR -95.3m (-106.5) primarily

Vimian Group

Interim report January - September 2025

Segment performance

Third quarter and January - September 2025

Vimian operates through four reporting segments: Specialty Pharma, MedTech, Veterinary Services and Diagnostics

Revenue

Revenue
	Jul-Sep Jul-Sep Jan-Sep	Jan-Sep		Oct-Sep	Full-year
EURm	2025 2024 Δ 2025	2024	Δ	24/25	2024
Specialty Pharma	46.2 42.9 8% 136.4	126.8	8%	181.6	172.0
MedTech	37.1 25.5 46% 115.4	85.5	35%	153.8	123.9
Veterinary Services	15.8 14.3 10% 47.5	42.6	11%	62.9	58.0
Diagnostics	5.2 5.0 3% 16.8	15.0	12%	22.7	20.9
Group	104.3 87.6 19% 316.1	269.9	17%	420.9	374.8

Adjusted EBITA

Adjusted EBITA
	Jul-Sep Jul-Sep Jan-Sep	Jan-Sep		Oct-Sep	Full-year
EURm	2025 2024 Δ 2025	2024	Δ	24/25	2024
Specialty Pharma	13.6 12.0 14% 40.1	35.9	12%	53.4	49.2
MedTech	8.8 7.0 26% 29.7	26.3	13%	37.7	34.3
Veterinary Services	4.6 4.4 4% 13.9	11.9	17%	18.9	16.9
Diagnostics	0.3 0.4 -36% 1.6	1.6	-1%	2.2	2.3
GroupFunctions	-1.8 -1.9 -6% -6.2	-5.1	23%	-8.6	-7.4
Group	25.5 21.9 17% 79.2	70.7	12%	103.8	95.2

Revenue per segment, Q3 2025

==> picture [108 x 113] intentionally omitted <==

----- Start of picture text -----

5%
15%
44%
36%
----- End of picture text -----

==> picture [63 x 69] intentionally omitted <==

----- Start of picture text -----

Specialty Pharma
MedTech
Veterinary Services
Diagnostics
----- End of picture text -----

Adjusted EBITA per segment, Q3 2025[1]

==> picture [202 x 105] intentionally omitted <==

----- Start of picture text -----

1%
17%
Specialty Pharma
MedTech
50%
Veterinary Services
32%
Diagnostics
----- End of picture text -----

1 Adjusted EBITA before central costs.

Vimian Group

Interim report January - September 2025

Segment – Specialty Pharma

	Jul-Sep Jul-Sep Jan-Sep	Jan-Sep		Oct-Sep	Full-year
EURm	2025 2024 Δ 2025	2024	Δ	24/25	2024
Revenue	46.2 42.9 8% 136.4	126.8	8%	181.6	172.0
Organic revenue growth (%)	11% 13% -2 pp 9%	12%	-3 pp		15%
EBITA	13.6 11.0 24% 39.6	31.7	25%	50.1	42.2
EBITA margin (%)	29.5% 25.6% 3.9 pp 29.1%	25.0%	4.0 pp	27.6%	24.5%
Adjusted EBITA	13.6 12.0 14% 40.1	35.9	12%	53.4	49.2
Adjusted EBITA margin (%)	29.5% 28.0% 1.5 pp 29.4%	28.3%	1.1 pp	29.4%	28.6%

Revenue

Net revenue in the third quarter grew 8 per cent to EUR 46.2million (42.9). Organic growth was 11 per cent, contribution from acquisitions 0 per cent and -3 per cent negative impact from currency movements.

Continued organic growth across all therapeutic areas, with strong contribution from Specialty Pharmaceuticals and Specialised Nutrition in the quarter. In Specialised Nutrition, a national sales campaign in US supported strong revenue growth. Excluding the impact from this campaign, organic growth in Specialty Pharma was 5 per cent. A similar campaign was carried out in the fourth quarter of last year.

acquisitions 0 per cent and -1 per cent negative impact from currency movements.

The segment’s cross-selling and internationalisation initiatives accounted for approximately 40 per cent of the organic growth year to date.

Adjusted EBITA

Adjusted EBITA for the third quarter increased by 14 per cent to EUR 13.6 million (12.0) at a margin of 29.5 per cent (28.0). The year-overyear margin improvement was driven by revenue growth.

Adjusted EBITA for the period January to September increased by 12 per cent to EUR 40.1 million (35.9) at a margin of 29.4 per cent (28.3).

During the third quarter 21 new products were launched.

Net revenue during January to September grew 8 per cent to EUR 136.4 million (126.8). Organic growth of 9 per cent, contribution from

Quarterly revenue Specialty Pharma

==> picture [205 x 113] intentionally omitted <==

----- Start of picture text -----

EURm
50
40
30
20
10
-
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2023 2023 2024 2024 2024 2024 2025 2025 2025
----- End of picture text -----

Quarterly adjusted EBITA Specialty Pharma

==> picture [221 x 133] intentionally omitted <==

----- Start of picture text -----

EURm
16 40%
12 30%
8 20%
4 10%
- 0%
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2023 2023 2024 2024 2024 2024 2025 2025 2025
Adj EBITA Adj EBITA-margin (%)
----- End of picture text -----

Vimian Group

Interim report January - September 2025

Segment – MedTech

	Jul-Sep Jul-Sep Jan-Sep	Jan-Sep		Oct-Sep	Full-year
EURm	2025 2024 Δ 2025	2024	Δ	24/25	2024
Revenue	37.1 25.5 46% 115.4	85.5	35%	153.8	123.9
Organic revenue growth (%)	5% 4% 1 pp - 3%	- 1%	-2 pp		0%
EBITA	7.8 2.1 271% 19.5	14.4	35%	25.1	20.0
EBITA margin (%)	20.9% 8.2% 12.7 pp 16.9%	16.9%	0.0 pp	16.3%	16.2%
Adjusted EBITA	8.8 7.0 26% 29.7	26.3	13%	37.7	34.3
Adjusted EBITA margin (%)	23.7% 27.4% -3.7 pp 25.8%	30.8%	-5.0 pp	24.5%	27.7%

Revenue

Net revenue in the third quarter increased 46 per cent to EUR 37.1 million (25.5). Organic growth of 5 per cent, 47 per cent from acquisitions in veterinary dental and -6 per cent negative impact from currency movements.

Organic growth was driven by Europe and Rest of the World that delivered mid to high single digit growth. Sales in North America was in line with the same period last year in a continued soft US surgery market. The veterinary dental business, with the platform acquisition of iM3 consolidated from 1 October 2024 and the two bolt-on acquisitions completed in 2025, continued to deliver solid growth during the third quarter.

first quarter and by a continued soft US surgery market. Acquisitions within the dental sub-segment contributed with 40 per cent growth. Negative impact from currency movements of -3 per cent.

Adjusted EBITA

Adjusted EBITA in the third quarter increased to EUR 8.8 million (7.0) at a margin of 23.7 per cent (27.4). The margin development is primarily driven by investments in the commercial organisation in orthopedics to drive growth and the consolidation of the dental business iM3 that has a different financial profile.

Adjusted EBITA for the period January to September increased by 13 per cent to EUR 29.7 million (26.3).

Net revenue during January to September grew 35 per cent to EUR 115.4 million (85.5). The decline in organic growth of -3 per cent, was driven by the final phase out of the annual ordering program in the

Quarterly revenue MedTech

==> picture [205 x 113] intentionally omitted <==

----- Start of picture text -----

EURm
50
40
30
20
10
-
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2023 2023 2024 2024 2024 2024 2025 2025 2025
----- End of picture text -----

Quarterly adjusted EBITA MedTech

==> picture [221 x 133] intentionally omitted <==

----- Start of picture text -----

EURm
15 40%
12
30%
9
20%
6
10%
3
- 0%
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2023 2023 2024 2024 2024 2024 2025 2025 2025
Adj EBITA Adj EBITA-margin (%)
----- End of picture text -----

Vimian Group

Interim report January - September 2025

Segment – Veterinary Services

	Jul-Sep Jul-Sep Jan-Sep	Jan-Sep		Oct-Sep	Full-year
EURm	2025 2024 Δ 2025	2024	Δ	24/25	2024
Revenue	15.8 14.3 10% 47.5	42.6	11%	62.9	58.0
Organic revenue growth (%)	11% 17% -6 pp 12%	16%	-5 pp		16%
EBITA	4.6 4.4 4% 13.8	11.3	22%	18.3	15.8
EBITA margin (%)	29.1% 30.9% -1.8 pp 29.0%	26.5%	2.5 pp	29.1%	27.3%
Adjusted EBITA	4.6 4.4 4% 13.9	11.9	17%	18.9	16.9
Adjusted EBITA margin (%)	29.1% 30.9% -1.8 pp 29.3%	28.0%	1.3 pp	30.1%	29.2%

Revenue

Net revenue for the third quarter grew 10 per cent to EUR 15.8 million (14.3). Organic growth of 11 per cent, no contribution from acquisitions and -1 per cent from currency movements.

The member base continued to increase reaching 9,940 members by the end of the third quarter. The combination of continued growth in new members, development of the service offering and conversion of existing members to higher membership tiers supported the double-digit organic growth.

Adjusted EBITA

Adjusted EBITA for the third quarter increased 4 per cent to EUR 4.6 million (4.4) at a margin of 29.1 per cent (30.9).

The margin showed sequential improvement, supported by strong organic growth and continued cost management. The year-over-year margin was slightly impacted by initial investments in new market entries and services.

Adjusted EBITA for the period January to September increased by 17 per cent to EUR 13.9 million (11.9) at a margin of 29.3 per cent (28.0).

Co-owned clinics account for approximately a third of segment revenue and delivered mid-single digit growth in the quarter.

Net revenue for the period January to September grew 11 per cent to EUR 47.5 million (42.6). Organic growth of 12 per cent, no contribution from acquisitions or from currency movements.

Quarterly revenue Veterinary Services

==> picture [205 x 113] intentionally omitted <==

----- Start of picture text -----

EURm
20
15
10
5
-
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2023 2023 2024 2024 2024 2024 2025 2025 2025
----- End of picture text -----

Quarterly adjusted EBITA Veterinary Services

==> picture [221 x 133] intentionally omitted <==

----- Start of picture text -----

EURm
8 40%
6 30%
4 20%
2 10%
- 0%
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2023 2023 2024 2024 2024 2024 2025 2025 2025
Adj EBITA Adj EBITA-margin (%)
----- End of picture text -----

Vimian Group

Interim report January - September 2025

Segment – Diagnostics

	Jul-Sep Jul-Sep Jan-Sep	Jan-Sep		Oct-Sep	Full-year
EURm	2025 2024 Δ 2025	2024	Δ	24/25	2024
Revenue	5.2 5.0 3% 16.8	15.0	12%	22.7	20.9
Organic revenue growth (%)	4% - 5% 9 pp 13%	- 7%	19 pp		- 2%
EBITA	0.2 0.4 -58% 1.4	1.6	-12%	2.0	2.2
EBITA margin (%)	3.0% 7.3% -4.3 pp 8.5%	10.7%	-2.3 pp	8.7%	10.4%
Adjusted EBITA	0.3 0.4 -36% 1.6	1.6	-1%	2.2	2.3
Adjusted EBITA margin (%)	4.9% 7.8% -2.9 pp 9.7%	10.9%	-1.3 pp	9.9%	10.8%

Revenue

Net revenue increased by 3 per cent to EUR 5.2 million (5.0). Organic growth of 4 per cent, 0 per cent from acquisitions and -1 per cent negative impact from currency movements.

Organic growth was held back by lower levels of disease outbreaks during the third quarter and supported by new customer acquisitions and adoption of new products across all regions.

Adjusted EBITA

Adjusted EBITA for the third quarter amounted to EUR 0.3 million (0.4) at a margin of 4.9 per cent (7.8).

The lower margin reflects the continued investments in diversifying the offering into companion animal diagnostics.

Adjusted EBITA for the period January to September amounted to EUR 1.6 million (1.6) at a margin of 9.7 per cent (10.9).

Net revenue for the period January to September increased 12 per cent to EUR 16.8 million (15.0). Organic growth of 13 per cent, 0 per cent from acquisitions and -1 per cent negative impact from currency movements.

Quarterly revenue Diagnostics

==> picture [205 x 113] intentionally omitted <==

----- Start of picture text -----

EURm
8
6
4
2
-
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2023 2023 2024 2024 2024 2024 2025 2025 2025
----- End of picture text -----

Quarterly adjusted EBITA Diagnostics

==> picture [221 x 132] intentionally omitted <==

----- Start of picture text -----

EURm
1.5 30%
1.0 20%
0.5 10%
- 0%
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2023 2023 2024 2024 2024 2024 2025 2025 2025
Adj EBITA Adj EBITA-margin (%)
----- End of picture text -----

Vimian Group

Interim report January - September 2025

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.

==> picture [262 x 187] intentionally omitted <==

----- Start of picture text -----

Stockholm, 22 October 2025
Magnus Welander Gabriel Fitzgerald
Chairman
Pia Marions Petra Rumpf
Theodor Bonnier
Carl-Johan Zetterberg Boudrie
Interim CEO
----- End of picture text -----

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 22 October 2025.

Webcast conference call on 22 October 2025: 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 interim CEO CarlJohan Zetterberg Boudrie and Magnus Kjellberg CEO Nextmune/Specialty Pharma, 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.

Vimian Group

Interim report January - September 2025

Report on Review of Interim Financial Information

Introduction

We have reviewed the interim financial information (interim report) for Vimian Group AB per September 30, 2025 and for the nine-month period then ended. The board of directors and the CEO are responsible for the preparation and fair presentation of this interim financial information in accordance IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion on this 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 consequently does 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 interim report is not prepared, in all material respects, for the Group in accordance with IAS 34 and the Annual Accounts Act, and for the Parent Company in accordance with the Annual Accounts Act.

Stockholm, October 22, 2025

Grant Thornton Sweden AB

Carl-Johan Regell

Authorized Public Accountant

Vimian Group

Interim report January - September 2025

INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT AND LOSS

		Jul-Sep Jul-Sep Jan-Sep	Jan-Sep	Full-year
EURm unless otherwise stated	Note	2025 2024 2025	2024	2024
Revenue from contracts with customers	3,4	104.3 87.6 316.1	269.9	374.8
Revenue		104.3 87.6 316.1	269.9	374.8
Other operating income		-0.1 -0.1 -0.3	-0.2	-0.1
Raw material and merchandise		-32.0 -26.4 -96.9	-81.3	-116.5
Other external expenses		-18.0 -19.0 -61.8	-56.9	-79.2
Personnel expenses		-26.5 -23.5 -80.5	-69.1	-94.9
Depreciation and amortisation		-9.9 -8.3 -27.8	-24.9	-33.7
Other operatingexpenses		-0.3 -0.3 -1.2	-0.8	-1.3
Operating profit		17.5 10.1 47.6	36.7	49.2
Net financial items		-4.1 -9.3 -13.1	-22.8	-20.3
Share ofprofit of an associate		- - -	0.0	0.0
Profit before tax		13.4 0.7 34.4	13.9	28.9
Income tax expense		-6.6 -2.7 -14.3	-7.1	-9.5
Profit for the period		6.8 -1.9 20.1	6.8	19.3
Profit for the period attributable to:
Equity holders of the parent		6.5 -2.1 19.2	6.2	18.5
Non-controlling interests		0.3 0.2 1.0	0.5	0.8
Earnings per share, before dilution (EUR)		0.01 -0.00 0.04	0.01	0.04
Earnings per share, after dilution (EUR)		0.01 -0.00 0.04	0.01	0.04
Average number of shares, before dilution (Thousands)		526,707 522,420 524,960	497,065	503,823
Average number of shares, after dilution (Thousands)¹		526,820 522,718 525,072	497,363	504,496
Number of shares at the end of the period (Thousands)		526,903 522,420 526,903	522,420	523,891

1 The dilution effect relates to outstanding warrants connected to the LTI 2023.

INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

		Jul-Sep Jul-Sep Jan-Sep	Jan-Sep	Full-year
EURm	Note	2025 2024 2025	2024	2024
Profit for the period		6.8 -1.9 20.1	6.8	19.3
Other comprehensive income
Items that may be reclassified to profit or loss:
Exchange differences on translation of foreign operations		-3.5 -5.2 -41.5	-6.3	7.2
Items that will not be reclassified to profit or loss:
Remeasurement of defined benefitplans		0.0 0.0 0.1	0.0	0.0
Other comprehensive income for theperiod,net of tax		-3.5 -5.2 -41.4	-6.3	7.2
Total comprehensive income for the period, net of tax		3.3 -7.1 -21.3	0.5	26.5
Total comprehensive income attributable to:
Equity holders of the parent		3.0 -7.3 -20.5	0.1	26.6
Non-controlling interests		0.3 0.1 -0.8	0.4	-0.1

Vimian Group

Interim report January - September 2025

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

EURm	Note	30 Sep2025	30 Sep2024	31 Dec 2024
Non-current assets
Goodwill		589.0	506.6	576.5
Intangible assets		240.4	199.6	226.3
Property, plant and equipment		29.7	24.0	28.6
Right-of-use assets		15.4	10.9	17.4
Investment in associates		9.3	9.1	9.1
Non-current financial assets		24.6	38.5	28.1
Deferred tax assets		1.5	1.9	1.0
Total non-current assets		909.9	790.7	887.1
Current assets
Inventories		80.9	63.2	78.4
Trade receivables		57.6	53.8	55.2
Current tax receivables		2.2	2.9	2.5
Other receivables		8.5	96.9	11.7
Prepaid expenses and accrued income		12.2	11.4	10.0
Cash and cash equivalents		51.3	39.2	64.8
Total current assets		212.6	267.4	222.7
TOTAL ASSETS		1,122.5	1,058.0	1,109.8
EURm	Note	30 Sep2025	30 Sep2024	31 Dec 2024
Equity
Share capital		0.1	0.1	0.1
Other contributed capital		625.2	608.9	614.8
Reserves		-36.2	-10.7	3.5
Retained earnings includingthisperiod’sprofit		97.0	69.3	81.5
Total equity attributable to equity holders of the parent		686.1	667.5	699.9
Non-controllinginterests		9.6	0.7	6.6
Total equity		695.7	668.2	706.5
Non-current liabilities
Liabilities to credit institutions and bonds		254.0	240.1	215.9
Lease liabilities		11.0	8.1	13.0
Deferred tax liabilities		36.9	26.2	29.4
Other non-current liabilities	5	28.8	20.7	33.8
Non-currentprovisions		1.5	1.1	1.2
Total non-current liabilities		332.2	296.2	293.4
Current liabilities
Liabilities to credit institutions and bonds		0.0	0.0	0.0
Lease liabilities		5.0	3.2	4.7
Trade payables		18.5	23.7	21.8
Current tax liabilities		10.6	7.1	6.9
Other current liabilities	5	38.8	43.5	58.3
Accrued expenses and prepaid income		21.4	16.1	18.1
Provisions		0.3	-	-
Total current liabilities		94.6	93.6	109.9
TOTAL EQUITY AND LIABILITIES		1,122.5	1,058.0	1,109.8

Vimian Group

Interim report January - September 2025

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

EURm	Share capital Other contribut ed capital Translation reserve Retained earnings including this period’sprofit Total equity attributable to equity holders of theparent Non- controlling interests Total equity Equityattributable to equityholders of theparent
Opening balance 1 January 2024 Profit for the period Other comprehensive income	0.1 467.9 -4.6 63.1 526.4 0.3 526.7 - - - 6.2 6.2 0.5 6.8 - - -6.1 - -6.1 -0.2 -6.3
Total comprehensive income Transactions with owners Share issue Transaction costs Warrantprogramme	- - -6.1 6.2 0.2 0.4 0.5 0.0 142.7 - - 142.7 - 142.7 - -1.7 - - -1.7 - -1.7 - 0.0 - - 0.0 - 0.0
Total	0.0 141.0 - - 141.0 - 141.0
Closing balance 30 September 2024	0.1 608.9 -10.7 69.3 667.5 0.7 668.2
Opening balance 1 January 2025 Profit for the period Other comprehensive income	0.1 614.8 3.5 81.5 699.9 6.6 706.5 19.2 19.2 1.0 20.1 -39.6 -39.6 -1.7 -41.4
Total comprehensive income Transactions with owners Share issue Transaction costs Warrant program Transactions with non-controlling interests	- - -39.6 19.2 -20.4 -0.8 -21.2 10.1 10.1 10.1 -0.1 -0.1 -0.1 0.4 0.4 0.4 -3.7 -3.7 3.7 -
Total	- 10.3 - -3.7 6.6 3.7 10.3
Closing balance 30 September 2025	0.1 625.1 -36.2 97.0 686.1 9.6 695.7

Vimian Group

Interim report January - September 2025

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

	Jul-Sep Jul-Sep Jan-Sep	Jan-Sep	Full-year
EURm	2025 2024 2025	2024	2024
Operating activities
Operating profit	17.5 10.1 47.6	36.7	49.2
Adjustments for non-cash items	8.8 15.1 40.4	32.1	44.2
Interest received	0.4 0.9 1.4	1.4	2.0
Interest paid	-4.0 -3.4 -10.0	-15.3	-20.4
Paid income tax	-9.0 -4.5 -13.3	-11.8	-15.1
Cash flow from operating activities before change in working capital	13.7 18.3 66.1	43.1	60.0
Change in inventories	-1.1 -0.2 -7.6	-3.1	-0.3
Change in operating receivables	3.3 0.5 -6.1	-14.0	-9.2
Change in operatingliabilities	-5.1 -1.9 -2.3	7.8	7.6
Cash flow from operating activities	10.8 16.7 50.1	33.7	58.1
Investing activities
Acquisition of a subsidiary, net of cash acquired, Note 5 and 6	-1.3 -1.5 -87.2	-16.2	-81.3
Investments in associates	-0.0 0.2 -0.0	-1.2	-1.2
Investments in intangible assets	-1.2 -1.4 -3.6	-4.5	-7.9
Investments in property, plant and equipment	-1.9 -1.2 -5.7	-4.1	-6.3
Proceeds from sale of property, plant and equipment	0.0 0.0 0.0	0.1	0.1
Investments in / sales of other financial assets	-0.7 -85.3 1.3	-80.6	20.7
Cash flow from investing activities	-5.1 -89.2 -95.3	-106.5	-76.0
Financing activities
New share issue	0.0 -0.0 10.1	142.7	142.7
Warrant program	0.2 -0.0 0.4	0.0	0.0
Transaction costs	-0.1 -1.1 -0.1	-1.7	-1.7
Proceeds from borrowings	-0.4 78.5 272.4	78.5	80.4
Repayment of borrowings	-20.5 -5.9 -245.0	-142.4	-172.9
Payment of lease liabilities	-1.2 -0.8 -3.6	-2.5	-3.7
Cash flow from financing activities	-22.0 70.7 34.2	74.6	44.8
Cash flow for the period	-16.3 -1.8 -11.0	1.8	26.9
Cash and cash equivalents at beginning of the period	67.5 41.2 64.8	37.5	37.5
Exchange-rate difference in cash and cash equivalents	- -0.3 -2.6	-0.2	0.2
Cash and cash equivalents at end of the period	51.3 39.2 51.3	39.2	64.8

Vimian Group

Interim report January - September 2025

CONDENSED PARENT COMPANY INCOME STATEMENT AND BALANCE SHEET

	Jul-Sep Jul-Sep Jan-Sep	Jan-Sep	Full-year
SEKm	2025 2024 2025	2024	2024
Revenue	11.1 13.2 35.5	39.5	52.3
Other operatingincome	- - -	-	-
Total operating income	11.1 13.2 35.5	39.5	52.3
Other external expenses	-13.2 -8.1 -38.7	-28.9	-43.2
Personnel expenses	-13.6 -16.0 -63.3	-36.4	-51.4
Depreciation and amortisation	-0.7 -0.0 -2.2	-0.1	-0.8
Other operatingexpenses	-0.2 -0.9 -1.8	-2.3	-2.5
Operating profit	-16.5 -11.8 -70.5	-28.2	-45.6
Group contributions	- -0.0 -	-	-95.0
Net financial items¹	-7.5 -25.7 -177.3	147.8	371.7
Profit before tax	-24.0 -37.5 -247.9	119.6	231.1
Income tax expense	-16.1 - -16.1	-	-
Profit for the period	-40.2 -37.5 -264.0	119.6	231.1

1 Net financial items for the year includes interest income of SEK 255.6m (298.8), dividend from subsidiary 95.0 (0), interest expenses (including bank fees) of SEK -127.9m (-161.7) and exchange rate differences of SEK -400.1m (10.8).

SEKm	30 Sep2025	30 Sep2024	31 Dec 2024
ASSETS
Non-current assets
Intangible assets	11.0	13.8	13.1
Property, plant and equipment	0.2	0.3	0.3
Shares in subsidiaries	6,242.1	6,169.3	6,246.4
Non-current group receivables	7,175.4	6,828.2	6,936.9
Other non-current assets	-	-	-
Total non-current assets	13,428.7	13,011.7	13,196.7
Current assets
Group receivables	220.0	105.4	107.0
Other receivables	0.2	13.9	10.6
Prepaid expenses and accrued income	4.9	2.5	2.1
Total current assets	225.1	121.8	119.7
TOTAL ASSETS	13,653.8	13,133.5	13,316.4
Equity
Share capital	0.9	0.9	0.9
Development fund	13.1	-	13.1
Share premium	8,387.9	8,188.2	8,264.9
Retained earnings	2,064.4	1,860.0	1,839.6
Profit for theperiod	-264.0	116.7	231.1
Total equity	10,202.3	10,165.7	10,349.6
Non-current liabilities
Liabilities to credit institutions and bonds	2,804.2	2,708.4	2,475.4
Groupnon-current liabilities	-	1.5	-
Total non-current liabilities	2,804.2	2,709.9	2,475.4
Current liabilities
Group payables	594.3	246.6	471.6
Trade payables	2.2	2.0	4.4
Other current liabilities	1.7	1.7	1.8
Accrued expenses andprepaid income	49.0	7.5	13.7
Total current liabilities	647.3	257.8	491.5
TOTAL EQUITY AND LIABILITIES	13,653.8	13,133.5	13,316.4

Vimian Group

Interim report January - September 2025

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 medicine, diagnostics and medtech 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) issued by the International Accounting Standards Board (IASB) and interpretations issued by the IFRS Interpretations Committee (IFRS IC) 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 2024.

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 2024. Disclosures according to IAS 34 are presented in the financial statements as well as corresponding notes on page 12-21, which are an integrated part of the interim condensed consolidated financial statements. All amounts are presented in millions of Euro (“MEUR”), 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 2024.

Significant estimates during the financial year 2025 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 of 2023.

In the indemnification dispute with the VOI sellers, VOI entered into settlement agreements with three of the four sellers in 2024. Each of the three sellers has agreed to compensate Vimian for their entire pro rata shares of the USD 70 million settlement payment to DePuy Synthes. The total value of the three settlements amounts to approximately USD 32 million of which approximately USD 9 million has been contributed by means of dismissal of the contingent closing note from the acquisition of VOI. Two of the sellers have fully paid their settlements and the third seller is paying according to his agreement.

On 29 August 2025, the Superior Court of Delaware awarded Vimian USD 40.2 million in damages in the indemnification dispute with the largest seller of VOI. On 1 October the court confirmed the decision from 29 August and also awarded Vimian prejudgement interest of USD 8.6 million. The deadline for an appeal is 31 October 2025. Together with the previously reached settlements with the other sellers, this means that Vimian is entitled to compensation exceeding the USD 70 million settlement paid by Vimian to DePuy Synthes.

The total receivable relating to the litigation as of 30 September 2025 amounts to EUR 23.3 million. An amount of EUR 0.3 million is classified as short term in line with the payment schedule. The remaining part is included in the non-current financial assets. There have been no changes in assumptions relating to the litigation compared to 2024.

Vimian Group

Interim report January - September 2025

Note 3. Operating segments

mEUR	Specialty			Veterinary	Total	Group		Group
Jul-Sep2025	Pharma	MedTech	Diagnostics	Services	segments	functions	Eliminations	total
Revenue
Revenue from external customers	46.2	37.1	5.2	15.8	104.3	-	-	104.3
Revenue from internal customers	0.0	0.0	-	0.0	0.1	-	-0.1	-
Total revenue	46.2	37.1	5.2	15.9	104.4	-	-0.1	104.3
Adjusted EBITA	13.6	8.8	0.3	4.6	27.3	-1.8	0.0	25.5
Items affecting comparability	0.0	-1.1	-0.1	0.0	-1.1	-0.5	-	-1.7
EBITA	13.6	7.8	0.2	4.6	26.2	-2.3	0.0	23.9
Amortisation of acquisition-related intangible
assets	-3.0	-2.4	-0.2	-0.7	-6.3	-	-	-6.3
Net financial items	-2.1	-6.3	-0.2	0.2	-8.4	4.3	0.0	-4.1
Share ofprofit of an associate andjoint venture	-	-	-	-	-	-	-	-
Profit before tax	8.5	-0.9	-0.3	4.1	11.4	2.0	0.0	13.4
Specification of items affecting comparability
Acquisition-related costs¹	-0.0	0.6	0.1	-0.0	0.7	-	-	0.7
Systems update	-	0.2	-	-0.0	0.2	-	-	0.2
Restructuring costs	-0.0	0.1	-	-	0.1	-	-	0.1
IPO and financing related costs	-	-	-	-	-	-0.0	-	-0.0
Other²	-0.0	0.1	0.0	-	0.1	0.5	-	0.6
Total items affecting comparability	-0.0	1.1	0.1	-0.0	1.1	0.5	-	1.7
Other disclosures
Investments	1.9	0.7	0.3	0.5	3.3	-	-	3.3
Total assets	514.5	472.7	52.6	163.3	1,203.0	707.3	-787.8	1,122.5
Total liabilities	343.6	359.0	34.3	131.0	867.9	346.7	-787.8	426.8

1 In Medtech the majority of the acquisition related costs relate to the acquisitions of AllAccem and Dental Focus, closed in Q2-2025. ² Main items in other are severance pay to the former CEO.

mEUR	Specialty			Veterinary	Total	Group		Group
Jul-Sep2024	Pharma	MedTech	Diagnostics	Services	segments	functions	Eliminations	total
Revenue
Revenue from external customers	42.9	25.5	5.0	14.3	87.6	-	-	87.6
Revenue from internal customers	0.0	0.0	-	0.0	0.1	0.0	-0.1	-
Total revenue	42.9	25.5	5.0	14.4	87.7	0.0	-0.1	87.6
Adjusted EBITA	12.0	7.0	0.4	4.4	23.8	-1.9	0.0	21.9
Items affecting comparability	-1.0	-4.9	-0.0	-0.0	-5.9	-0.6	-	-6.5
EBITA	11.0	2.1	0.4	4.4	17.9	-2.5	0.0	15.4
Amortisation of acquisition-related intangible
assets	-3.1	-1.2	-0.2	-0.7	-5.3	-	-	-5.3
Net financial items	-6.3	-3.0	0.0	-1.1	-10.5	1.1	-	-9.4
Share ofprofit of an associate andjoint venture	-	-	-	-	-	-	-	-
Profit before tax	1.6	-2.2	0.1	2.6	2.1	-1.4	-	0.7
Specification of items affecting comparability
Acquisition-related costs¹	0.9	2.1	0.0	-0.0	3.0	-	-	3.0
Systems update	-	0.3	-	0.0	0.3	-	-	0.3
Restructuring costs	0.1	-	-0.0	0.0	0.1	-	-	0.1
IPO and financing related costs	-	-	-	-	-	0.1	-	0.1
Other²	0.0	2.5	0.0	0.0	2.6	0.5	-	3.0
Total items affecting comparability	1.0	4.9	0.0	0.0	5.9	0.6	-	6.5
Other disclosures
Investments	1.5	0.5	0.4	0.3	2.6	-	-	2.6
Total assets	521.7	368.3	53.5	162.3	1,105.8	657.8	-705.6	1,058.0
Total liabilities	363.8	249.4	36.0	144.7	793.9	301.4	-705.6	389.8

1 In Specialty Pharma, EUR 0.9m of the acquisition-related costs are stay-on bonuses, reported as personnel costs, to management of acquired companies. In Medtech, the majority of the acquisition related costs relate to the acquisition of iM3, closed in Q4.

² Main items in other are legal fees related to the VOI litigation and costs related to the uplisting to Nasdaq Stockholm Main Market.

Vimian Group

Interim report January - September 2025

mEUR	Specialty			Veterinary	Total	Group		Group
Jan-Sep2025	Pharma	MedTech	Diagnostics	Services	segments	functions	Eliminations	total
Revenue
Revenue from external customers	136.4	115.4	16.8	47.5	316.1	-	-	316.1
Revenue from internal customers	0.0	0.0	-	0.2	0.2	-	-0.2	-
Total revenue	136.5	115.4	16.8	47.7	316.3	-	-0.2	316.1
Adjusted EBITA	40.1	29.7	1.6	13.9	85.4	-6.2	-	79.2
Items affecting comparability	-0.5	-10.2	-0.2	-0.1	-11.1	-2.9	-	-14.0
EBITA	39.6	19.5	1.4	13.8	74.3	-9.1	-	65.2
Amortisation of acquisition-related intangible
assets	-9.2	-5.6	-0.7	-2.1	-17.6	-	-	-17.6
Net financial items	-5.5	-15.3	-0.4	-0.5	-21.8	12.6	-4.0	-13.2
Share ofprofit of an associate andjoint venture	-	-	-	-	-	-	-	-
Profit before tax	24.9	-1.4	0.3	11.2	35.0	3.4	-4.0	34.4
Specification of items affecting comparability
Acquisition-related costs¹	0.2	2.5	0.2	0.1	3.0	-	-	3.0
Systems update	-	0.8	-	0.0	0.8	-	-	0.8
Restructuring costs	0.3	0.1	-	-	0.4	-	-	0.4
IPO and financing related costs	-	-	-	-	-	0.6	-	0.6
Other²	0.0	6.8	0.0	-	6.9	2.3	-	9.2
Total items affecting comparability	0.5	10.2	0.2	0.1	11.1	2.9	-	14.0
Other disclosures
Investments	4.6	1.9	1.0	2.0	9.5	-	-	9.5
Total assets	514.5	472.7	52.6	163.3	1,203.0	707.3	-787.8	1,122.5
Total liabilities	343.6	359.0	34.3	131.0	867.9	346.7	-787.8	426.8

1 In Medtech the majority of the acquisition related costs relate to the acquisitions of iM3, AllAccem and Dental Focus.

² Main items in other are legal fees related to the VOI litigation and provision for compensation to participants in the LTI 2022 programme.

EURm

EUR
m	Specialty			Veterinary	Total	Group		Group
Jan-Sep2024	Pharma	MedTech	Diagnostics	Services	segments	functions	Eliminations	total
Revenue
Revenue from external customers	126.8	85.5	15.0	42.6	269.9	-	-	269.9
Revenue from internal customers	0.0	0.0	-	0.2	0.2	0.0	-0.2	-
Total revenue	126.9	85.5	15.0	42.8	270.1	0.0	-0.2	269.9
Adjusted EBITA	35.9	26.3	1.6	11.9	75.7	-5.1	-	70.7
Items affecting comparability	-4.1	-11.9	-0.0	-0.6	-16.7	-0.8	-	-17.4
EBITA	31.7	14.4	1.6	11.3	59.1	-5.8	-	53.2
Amortisation of acquisition-related intangible
assets	-9.4	-4.3	-0.7	-2.2	-16.6	-	-	-16.6
Net financial items	-21.2	-7.9	-1.3	-8.8	-39.3	16.5	-	-22.8
Share ofprofit of an associate andjoint venture	-	-	-	0.0	0.0	-	-	0.0
Profit before tax	1.2	2.2	-0.4	0.2	3.3	10.7	0.0	13.9
Specification of items affecting comparability
Acquisition-related costs¹	2.9	2.4	0.0	0.5	5.9	-	-	5.9
Systems update	-	1.1	-	0.1	1.2	-	-	1.2
Restructuring costs	1.0	-	0.0	0.0	1.0	-	-	1.0
IPO and financing related costs	-	-	-	-	-	0.1	-	0.1
Other²	0.3	8.4	0.0	0.0	8.7	0.7	-	9.3
Total items affecting comparability	4.1	11.9	0.0	0.6	16.7	0.8	-	17.4
Other disclosures
Investments	4.2	1.9	1.2	1.1	8.5	-	-	8.5
Total assets	521.7	368.3	53.5	162.3	1,105.8	657.8	-705.6	1,058.0
Total liabilities	363.8	249.4	36.0	144.7	793.9	301.4	-705.6	389.8

1 In Specialty Pharma, EUR 2.9m of the acquisition-related costs are stay-on bonuses, reported as personnel costs, to management of acquired companies.

² Main items in other are legal fees related to the VOI litigation and cost related to the uplisting to Nasdaq Stockholm Main Market.

Vimian Group

Interim report January - September 2025

Note 4. Revenue from contracts with customers

EURm	Specialty			Veterinary
Jul-Sep2025	Pharma	MedTech	Diagnostics	Services	Grouptotal
Geographic region
Europe	24.7	10.7	3.3	12.5	51.1
North America	18.0	19.8	0.9	2.6	41.4
Rest of the World	3.5	6.6	1.0	0.7	11.8
Revenue from contracts with customers	46.2	37.1	5.2	15.8	104.3
EURm	Specialty			Veterinary
Jul-Sep2024	Pharma	MedTech	Diagnostics	Services	Grouptotal
Geographic region
Europe	23.6	6.0	3.2	11.3	44.1
North America	16.3	14.8	0.8	2.3	34.1
Rest of the World	3.0	4.7	0.9	0.8	9.4
Revenue from contracts with customers	42.9	25.5	5.0	14.3	87.6
EURm	Specialty			Veterinary
Jan-Sep2025	Pharma	MedTech	Diagnostics	Services	Grouptotal
Geographic region
Europe	75.6	35.3	10.3	37.5	158.7
North America	50.9	60.3	2.9	7.7	121.7
Rest of the World	10.0	19.8	3.5	2.3	35.6
Revenue from contracts with customers	136.4	115.3	16.8	47.5	316.0
EURm	Specialty			Veterinary
Jan-Sep2024	Pharma	MedTech	Diagnostics	Services	Grouptotal
Geographic region
Europe	69.2	19.5	9.0	34.0	131.8
North America	49.0	52.1	2.4	6.6	110.2
Rest of the World	8.6	13.8	3.6	1.9	28.0
Revenue from contracts with customers	126.8	85.5	15.0	42.6	269.9

The group has significant exposure to the US, 36 per cent (37) and the UK, 13 per cent (13) markets. All other markets individually represent less than 10 per cent of net revenue. Net revenue from external customers in Sweden amounted to EUR 4.9m (3.5) during the third quarter 2025. No individual customer accounts for more than 10 per cent of Group net revenue.

On Group level, 78 per cent (77) of net sales in the third quarter is generated from products sold whilst 22 per cent (23) of net sales is generated from services. Most of sales in Specialty Pharma, MedTech and Diagnostics consist of products sold, except for trainings, testing and repairs which qualifies as a service (during the third quarter revenue from services amounted to 15 per cent (15) of Specialty Pharma, 1 per cent (1) of Medtech and 2 per cent (2) of Diagnostics). Most of sales in Veterinary Services consists of services, although 5 per cent (6) of the segment’s revenue comes from products sold through the co-owned veterinary clinics.

Vimian Group

Interim report January - September 2025

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 for 30 September 2025: other non-current liabilities EUR 28.8 million (11.9) and other current liabilities EUR 13.0 million (33.3). 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.

The contingent considerations consist of earn-out agreements in business combinations. The earn-out hurdles are typically linked to sales or EBITDA targets for periods ranging 1-5 years after the acquisition date. The earn-outs are discounted and revaluated on an ongoing basis, based on the current performance and forecasted figures for the acquired companies.

There are currently 27 separate obligations, all with their own targets, capped at a maximum amount. The maximum amount payable if all acquisitions would reach their capped amounts is EUR 111.8 million. A 10 per cent increase in the underlying metric (sales or EBITDA) for all acquisitions compared to the current assumptions would lead to an increase of the contingent consideration of EUR 12.4 million.

Contingent consideration,EURm	Jan-Sep2025	Jan-Sep2024	Jan-Dec 2024
Opening balance	63.7	47.7	47.7
Business combinations	7.9	0.7	20.4
Paid out	-33.4	-13.8	-13.9
Change in fair value recognised in P&L	3.6	7.2	10.1
Probability adjustments recognised in the P&L	1.5	2.9	-1.5
Exchange differences on translation of foreign operations	-1.5	0.5	1.0
Closing balance	41.8	45.2	63.7

Note 6. Business combinations

The following acquisitions have been completed during the period January – September 2025:

	Deal				Consolidation	Annual
EURm	type	Acquired %	Based	Segment	month	sales
Dental Focus LLC	Share	100%	United States	Medtech	Apr	2.0
AllAccem Inc	Share	100%	United States	Medtech	Jun	9.0

Dental Focus LLC

On 1 April 2025, the Group acquired 100% of the shares in Dental Focus LLC. Dental Focus is a highly reputable provider of veterinary dental imaging equipment and services, primarily x-ray units and sensors. Dental Focus has annual sales of around 2 million USD

AllAccem Inc

On 13 June 2025, the Group acquired 100% of the shares in AllAccem Inc. AllAccem Inc is a leading provider of a veterinary dental sealant product in the US. AllAccem Inc. had revenues of around USD 9 million for the twelve months ending April 2025.

Vimian Group

Interim report January - September 2025

Preliminary purchase price allocations per operating segment during the period January – September 2025

Acquired net assets on acquisition date based on preliminary	Specialty			Veterinary
PPA,EURm	Pharma	MedTech	Diagnostics	Services	Grouptotal
Intangible assets		40.6			40.6
Property, plant and equipment		1.0			1.0
Right-of-use assets		-			-
Non-current financial assets		-			-
Deferred tax assets		-			-
Inventories		0.2			0.2
Trade receivable and other receivables		1.0			1.0
Cash and cash equivalents		0.5			0.5
Interest-bearing liabilities		-			-
Lease liabilities		-			-
Deferred tax liabilities		-11.5			-11.5
Tradepayables and other operatingliabilities		-0.2			-0.2
Identified net assets		31.6			31.6
Non-controlling interest measured at fair value		-			-
Goodwill		29.9			29.9
Total purchase consideration		61.5			61.5
Purchase consideration comprises:
Cash		53.5			53.5
Equity instruments		-			-
Contingent consideration and deferredpayments		8.2			8.2
Total purchase consideration		61.7			61.7
	Specialty			Veterinary
Impact of acquisition on Group’s cash flow,EURm	Pharma	MedTech	Diagnostics	Services	Grouptotal
Cash portion of purchase consideration		53.5			53.5
Acquired cash		-0.5			-0.5
Total		53.0			53.0
Acquisition-related costs		0.8			0.8
Net cash outflow		53.8			53.8

The purchase price allocations of Dental Focus and AllAccem are deemed preliminary since the purchase price adjustments and/or opening balances have not been finalized. The group does not expect any material deviations from the current numbers.

Vimian Group

Interim report January - September 2025

Note 7. Related-party transactions

Note 9. Seasonal effects and risks

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 for 2024. All related party transactions are at arm’s length.

Year-to-date transactions with minority interests within the diagnostics segment amounted to EUR 0.4m, being a loan.

Year to date an amount of EUR 7.3m in licensing income was invoiced to an entity owned by Nick Bova, manager within the Specialty Pharma segment, that owns Pharmacy licenses as part of regulatory restrictions.

Other related party transactions include rent and fee payments to former owners of acquired businesses. The amounts paid in these transactions are insignificant both individually and as a whole. Additionally, the company has received settlement payments from the sellers of VOI, totalling EUR 0.8m.

Note 8. Events after the balance-sheet date

No significant events have occurred after the end of the third quarter.

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. During 2024 and 2025 Vimian have reduced the AOP to better align shipments with customer demand for the MedTech segment. As a consequence, the revenue will be more evenly spread throughout the year with limited seasonality for MedTech. 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 48-55 in the 2024 Annual Report published at www.vimian.com.

The group has limited exposure to the current geopolitical environment, mainly being the international supply chain for both finished products and raw materials. In case of tariffs or conflicts this could hurt the groups competitive advantage in certain businesses. To mitigate these risks the group is diversifying its supply chains and implementing contingency plans.

Vimian Group

Interim report January - September 2025

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.

Key Ratios	Definition	Reason for usage
Organic Revenue	Change in Revenue in relation to the comparative period	Organic growth is used by investors, analysts and the company’s
Growth	adjusted for acquisition and divestment effects and any	management to monitor the underlying development of revenue between
	currency impacts. Acquired businesses are included in	different periods at constant currency and excluding the impact of any
	Organic growth when they have been part of the Group for	acquisitions and/or divestments.
	12 months.
	The Currency impact is calculated by translating the
	accounts for year N-1 of subsidiaries having a functional
	currency different than the currency of the issuer with N
	exchange rate.
EBIT	Operating profit as reported in the Income statement, i.e.	The measure shows the profitability from the operations of the parent
	profit for the period excluding finance income, finance	company and its subsidiaries.
	costs, share of profit of an associate and income tax
	expense.
EBITA	Operating profit excluding amortisation of intangible assets	The measure reflects the business’s operating profitability and enables
	that were originally recognised in connection with business	comparison of profitability over time, regardless of amortisation of
	combinations.	intangible assets as well as independent of taxes and the Company’s
		financing structure.
EBITDA	Operating profit excluding amortisation, depreciation and	The measure reflects the business’s operating profitability and enables
	impairment of intangible and tangible assets.	comparison of profitability over time, regardless of amortisation and
		depreciation of intangible and tangible fixed assets as well as
		independent of taxes and the Company’s financing structure.
Adjusted EBITA	EBITA adjusted for items affecting comparability.	The measure reflects the business’s operating profitability and enables
		comparison of profitability over time, regardless of amortisation of
		intangible assets as well as independent of taxes and the Company’s
		financing structure. The measure is also adjusted for the impact of items
		affecting comparability to increase comparability over time.
Adjusted EBITA	Adjusted EBITA in relation to Revenue.	The measure reflects the business’s operating profitability before
margin		amortisation of intangible assets. The measure is an important
		component, together with revenue growth, to follow the Company’s value
		creation. The measure is also adjusted for the impact of items affecting
		comparability to increase comparability over time.
Adjusted EBITDA	EBITDA adjusted for items affecting comparability.	The measure reflects the business’s operating profitability and enables
		comparison of profitability over time, regardless of amortisation and
		depreciation of intangible and tangible fixed assets as well as
		independent of taxes and the Company’s financing structure. The
		measure is also adjusted for the impact of items affecting comparability to
		increase comparability over time.
Adjusted EBITDA	Adjusted EBITDA in relation to Revenue.	The measure reflects the business’s operating profitability before
margin		amortisation and depreciation of intangible and tangible fixed assets. The
		measure is an important component, together with revenue growth, to
		follow the Company’s value creation. The measure is also adjusted for the
		impact of items affecting comparability to increase comparability over
		time.
Items affecting	Income and expense items that are considered to be	A separate disclosure of items affecting comparability is relevant to
comparability	important to specify to users of the financial information	provide to users of the financial information to give further understanding
	since they affect comparability.	of the financial performance when comparing of financial performance
		between periods.
	Generally accepted NRI’s include acquisition and
	integration related costs, litigation related costs if material,
	significant restructuring costs (e.g., the consolidation of
	production footprint in Diagnostics going from four to two
	production sites), costs related to projects such as the
	initial public offering.

Vimian Group		Interim report January - September 2025
Key Ratios	Definition	Reason for usage
Amortisation PPA	Amortisation of intangible assets that were originally	Specification of amortisation in different categories since management
related	recognised in connection with business combinations.	differentiates amortisation when calculating EBITA.
Net debt	Cash and cash equivalents less liabilities to credit	Net debt is a measure used to follow the development of debt and the
	institutions, lease liabilities, other non-current liabilities and	size of the refinancing need. Since cash and cash equivalents can be used
	specific items included in other current liabilities	to pay off debt at short notice, net debt is used instead of gross debt as a
	(contingent considerations, deferred payments, vendor	measure of the total loan financing.
	notes and shareholder loans related to business
	combinations).
Net debt /	Net debt in relation to a 12 month period of Adjusted	The measure is a debt ratio that shows how many years it would take to
Adjusted EBITDA	EBITDA (pro-forma).	pay off the Company’s debt, provided that its net debt and Adjusted
(pro-forma)		EBITDA are constant and without taking into account the cash flows
		regarding interest, taxes and investments. Net Debt / Adjusted EBITDA is
		referred to in the report as leverage.
Net Working	Inventory, Trade receivables, Current tax receivables, Other	Working capital is a measure of the company’s short-term financial status
Capital	current receivables, Prepaid expenses and Accrued income,
	less Trade payables, Current tax liabilities, Accrued
	expenses and deferred income, Provisions and Other
	current liabilities (excluding contingent considerations,
	deferred payments, vendor notes and shareholder loans
	related to business combinations)
Capex	Total cash flow from investments in tangible and intangible	Capex is a measure of the company’s historical investments and is used
	assets during the period. This includes costs for internally	as input in calculating Free cash flow and Cash conversion.
	developed assets.
Proforma	Reported revenue for the last twelve months plus revenue	The measure reflects a fair view of the business’s revenue for a full year
revenue	for all acquisitions closed during the last twelve months, as	period.
	if they had been consolidated the full period.
Adjusted EBITA,	Reported adjusted EBITA for the last twelve months adding	The measure reflects the business’s operating profitability and enables
Proforma	the adjusted EBITA for all acquisitions closed during the	comparison of profitability over time, regardless of amortisation and
	last twelve months, as if they had been consolidated the full	depreciation of intangible and tangible fixed assets as well as
	period.	independent of taxes and the Company’s financing structure. The
		measure is adjusted for the impact of items affecting comparability to
		increase comparability over time. The measure also reflects all closed
		acquisitions as if they were consolidated for the full period.
Adjusted	Reported adjusted EBITDA for the last twelve months	The measure reflects the business’s operating profitability and enables
EBITDA,	adding the adjusted EBITDA for all acquisitions closed	comparison of profitability over time, regardless of amortisation and
Proforma	during the last twelve months, as if they had been	depreciation of intangible and tangible fixed assets as well as
	consolidated the full period.	independent of taxes and the Company’s financing structure. The
		measure is adjusted for the impact of items affecting comparability to
		increase comparability over time. The measure also reflects all closed
		acquisitions as if they were consolidated for the full period.
Adjusted EBITA	Adjusted proforma EBITA and EBITDA in relation to	The measure reflects the business’s operating profitability and enables
and EBITDA	proforma revenue.	comparison of profitability over time, regardless of amortisation and
margin, Proforma		depreciation of intangible and tangible fixed assets as well as
		independent of taxes and the Company’s financing structure. The
		measure is an important component, together with revenue growth, to
		follow the Company’s value creation. The measure is also adjusted for the
		impact of items affecting comparability to increase comparability over
		time. The measure also reflects all closed acquisitions as if they were
		consolidated for the full period.
Acquisition	Expenses related to legal and financial due diligence as well
related expenses	as in some cases stay on bonuses to key personnel. If
	specific initial integration costs are required, and agreed
	upon during the acquisition process, this can be considered
	as acquisition related expenses.
Restructuring	Costs relating to significant change of business model or
costs	operational structure. Possibly linked to integration
	between legacy and acquired businesses. The most
	significant restructuring project to date is the consolidation
	of production footprint in Diagnostics going from four to
	two production sites.

Vimian Group

Interim report January - September 2025

Alternative performance measures not defined in accordance with IFRS for the group - Based on reported figures

EURm(unless otherwise stated)	2025 2024 1 Jul-30 Sep	1 Jan-31 Dec 2025 2024 2024 1 Jan-30 Sep
Revenue growth (%) Organic revenue growth (%) Revenue EBITDA EBITDA margin (%) Items affecting comparability Adjusted EBITDA Adjusted EBITDA margin (%) EBITA EBITA margin (%) Adjusted EBITA Adjusted EBITA margin (%) Operating profit Operating margin (%) Capital expenditure Cash flow from operatingactivities	19% 10% 9% 10% 104.3 87.6 27.4 18.4 26.3% 21.0% 1.7 6.5 29.1 24.9 27.9% 28.5% 23.9 15.4 22.9% 17.6% 25.5 21.9 24.5% 25.0% 17.5 10.1 16.8% 11.5% -3.1 -2.6 10.8 16.7	17% 8% 13% 6% 7% 9% 316.1 269.9 374.8 75.4 61.6 82.9 23.9% 22.8% 22.1% 14.0 17.4 23.7 89.4 79.0 106.6 28.3% 29.3% 28.4% 65.2 53.2 71.6 20.6% 19.7% 19.1% 79.2 70.7 95.2 25.1% 26.2% 25.4% 47.6 36.7 49.2 15.1% 13.6% 13.1% -9.3 -8.5 -14.2 50.1 33.7 58.1

Alternative performance measures not defined in accordance with IFRS for the group - Based on proforma figures

EURm(unless otherwise stated)	1 Oct - 30 Sep
	LTM(2024/2025)
Proforma revenue Adjusted EBITDA, Proforma Adjusted EBITDA margin, Proforma Net debt Net debt / Adjusted EBITDA,Proforma(x)	428.6 122.0 28.5% 253.5 2.1x

Vimian Group

Interim report January - September 2025

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:

EURm(unless otherwise stated)	2025 2024 1 Jul-30 Sep	1 Jan-31 Dec 2025 2024 2024 1 Jan-30 Sep
EBITA/EBITDA and Adjusted EBITA/EBITDA Revenue EBIT Amortisation of acquisition related intangibles EBITA Other depreciation EBITDA Items affecting comparability Adjusted EBITA Adjusted EBITDA	104.3 87.6 17.5 10.1 6.3 5.3 23.9 15.4 3.5 3.0 27.4 18.4 1.7 6.5 25.5 21.9 29.1 24.9	316.1 269.9 374.8 47.6 36.7 49.2 17.6 16.6 22.3 65.2 53.2 71.6 10.2 8.4 11.3 75.4 61.6 82.9 14.0 17.4 23.7 79.2 70.7 95.2 89.4 79.0 106.6
EBITA margin (%) EBITDA margin (%) Adjusted EBITA margin (%) Adjusted EBITDA margin(%)	22.9% 17.6% 26.3% 21.0% 24.5% 25.0% 27.9% 28.5%	20.6% 19.7% 19.1% 23.9% 22.8% 22.1% 25.1% 26.2% 25.4% 28.3% 29.3% 28.4%

EURm(unless otherwise stated)	31 Dec 2025 2024 2024 30 Sep
Net debt Liabilities to credit institutions (long term) Lease liabilities (long term) Other non-current liabilities Liabilities to credit institutions (short term) Lease liabilities (short term) Other items¹ Cash & Cash Equivalents Other receivables²	254.0 240.1 215.9 11.0 8.1 13.0 28.8 20.7 33.8 -0.2 0.0 0.0 5.0 3.2 4.7 30.7 30.6 47.4 -51.3 -39.2 -64.8 -24.6 -123.2 -28.1
Net debt	253.5 140.3 221.9

EURm(unless otherwise stated)	31 Dec 2025 2024 2024 30 Sep
Net working capital Inventory Trade receivables Current tax receivables Other current receivables Prepaid expenses and accrued income Trade payables Current tax liabilities Other current liabilities³ Provisions Accrued expenses and deferred income	80.9 63.2 78.4 57.6 53.8 55.2 2.2 2.9 2.5 8.5 9.3 11.7 12.2 11.4 10.0 -18.5 -23.7 -21.8 -10.6 -7.1 -6.8 -8.3 -12.9 -11.0 -0.3 - -0.2 -21.4 -16.1 -18.1
Net working capital	102.2 80.8 100.1

1 Shareholder loans, deferred payments, vendor notes and contingent considerations included in other current liabilities

2 Other receivables related to the US patent litigation

3 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

Vimian Group

Interim report January - September 2025

EURm(unless otherwise stated)	1 Oct - 30 Sep 1 Jan-31 Dec
	LTM(2024/2025) 2024
Proforma revenue Reported revenue Proformaperiod,revenue	420.9 374.8 7.7 27.2
Proforma revenue Adjusted EBITA, Proforma Reported Adjusted EBITA (12 months) Proformaperiod Adjusted EBITA	428.6 402.0 103.8 95.2 4.7 5.5
Adjusted EBITA, Proforma Adjusted EBITA margin, Proforma Proforma Revenue Adjusted EBITA,Proforma	108.5 100.7 428.6 402.0 108.5 100.7
Adjusted EBITA margin, Proforma Adjusted EBITDA, Proforma Reported Adjusted EBITDA (12 months) Proformaperiod Adjusted EBITDA	25.3% 25.0% 116.9 106.6 5.0 5.8
Adjusted EBITDA, Proforma Adjusted EBITDA margin, Proforma Proforma Revenue Adjusted EBITDA,Proforma	122.0 112.4 428.6 402.0 122.0 112.4
Adjusted EBITDA margin, Proforma Net debt/Adjusted EBITDA, Proforma Net debt Adjusted EBITDA,Proforma	28.5% 28.0% 253.5 221.9 122.0 112.4
Net debt/Adjusted EBITDA, Proforma (x)	2.1x 2.0x

==> picture [596 x 282] intentionally omitted <==

Financial calendar

12 February 2026 Year-end report 2025 19 March 2026 Annual Report 29 April 2026 Interim Report Q1 2026 Annual General Meeting

For further information, please contact

Carl-Johan Zetterberg Boudrie CFO and interim CEO [email protected] +46 703 35 84 49

Maria Dahllöf Tullberg Head of IR, Communications & ESG [email protected] +46 736 26 88 86

Vimian Group AB (publ)[Reg. no. 559234-8923 ] Riddargatan 19 114 57 Stockholm Sweden www.vimian.com

AI assistant

Vimian Group AB — Interim / Quarterly Report 2025

8618_10-q_2025-10-22_2ded5ac0-03d9-41ea-b799-235b46255bdf.pdf

Interim report January - September 2025

Strong revenue and earnings growth in the third quarter

Third quarter

First nine months

Significant events during the third quarter

Significant events after the third quarter

Financial key ratios

Message from our CEO

Strong revenue and earnings growth in the third quarter

Diagnostics – growth but lower levels of disease outbreaks

Positive outcome in US indemnification dispute

Specialty Pharma – continued strong performance

MedTech – returns to organic growth

Veterinary Services – continued strong performance

Accelerating our efforts in two-pronged strategy

Group performance

Third quarter 2025

Revenue

Operating profit

Financial items

Tax

EBITA

Adjusted EBITA

Result for the quarter

Quarterly revenue

Quarterly adjusted EBITA

January to September 2025

Revenue

Operating profit

EBITA

Adjusted EBITA

Net working capital

Capital expenditure

Financial items

Tax

Result for the period

Net debt and cash and cash equivalents

Central Costs

Cash flow

Segment performance

Third quarter and January - September 2025

Revenue

Adjusted EBITA

Revenue per segment, Q3 2025

Adjusted EBITA per segment, Q3 2025[1]

Segment – Specialty Pharma

Revenue

Adjusted EBITA

Quarterly revenue Specialty Pharma

Quarterly adjusted EBITA Specialty Pharma

Segment – MedTech

Revenue

Adjusted EBITA

Quarterly revenue MedTech

Quarterly adjusted EBITA MedTech

Segment – Veterinary Services

Revenue

Adjusted EBITA

Quarterly revenue Veterinary Services

Quarterly adjusted EBITA Veterinary Services

Segment – Diagnostics

Revenue

Adjusted EBITA

Quarterly revenue Diagnostics

Quarterly adjusted EBITA Diagnostics

Declaration of the Board of Directors and Chief Executive Officer

Report on Review of Interim Financial Information

Introduction

Scope of Review

Conclusion

INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT AND LOSS

INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

CONDENSED PARENT COMPANY INCOME STATEMENT AND BALANCE SHEET

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Vimian Group AB Interim / Quarterly Report 2025