Good morning, everyone, and welcome to Vimian's 2025 year-end and fourth quarter earnings call. I'm Ollie Tajbakhsh, the new group CEO since end of last year after leading Veterinary Services segment for the past 4 years.

To give you some background, during my 4 years as head of Veterinary Services, the business developed from a Northern European purchasing organization into a global service platform with over 10,000 member clinics. I've personally experienced Vimian's ability to attract talent and entrepreneurs and take something relatively small with potential and build it into global scale and a market leader.

I'm a firm believer in our strategy of organic and acquisition-driven growth, and we operate in an exciting and resilient industry going through change. I know the sector, the customers, the business, and our organization well, and I'm confident about our industry and Vimian's future.

We will now go through Vimian's full-year and fourth quarter, and Carl-Johan will later give you deeper insights into the financials. Looking back at full-year 2025, Vimian delivered revenue growth of 13% and adjusted EBITDA growth of 11%.

We saw broad-based growth across most of our businesses, not least in Specialty Pharma, Veterinary Services, and our MedTech Dental businesses. We also put in focused efforts to address the headwinds within MedTech Orthopedics, in particular in the US.

In fall, we received a positive judgment in the US indemnification process, and all counterparts have now, as per year-end, paid us in full share. The year also delivered a strong operational cash flow of €105.7 million, corresponding to a cash conversion of 101%.

Last but not least, we also completed the list change to Nasdaq main market, where we are now a large-cap company. Going deeper into Q4 and looking at the quarter, we delivered a solid finish to 2025 with 6% organic growth and 6% adjusted EBITDA growth.

Excluding currency effects, adjusted EBITDA grew by 12%. We saw continued momentum within our Specialty Pharma segment.

We saw strong finish with MedTech Dental, while active measures were taken in the quarter within MedTech Orthopedics. Veterinary Services continued to perform at scale, reaching over 10,000 members.

In the quarter, we increased our M&A activity with three acquisitions across three different segments and expanded our M&A pipeline the past few months ahead of 2026. i-vet, an important milestone for diagnostic segment, was signed just before Christmas and is an acquisition to strengthen the companion animal offering within that segment.

The quarter also delivered strong cash conversion. Looking at Q4, we had 4% revenue growth to €109 million.

Our organic revenue growth was 6%, driven by Specialty Pharma, Veterinary Services, and our MedTech Dental business, 3% contributions from acquisition, and we saw 4% negative impact from currency movements, in particular the movements within US dollars. We improved our margin by 60 basis points versus Q4 2024, driven by bolt-on acquisitions, and delivered 6% adjusted EBITDA growth for the quarter.

As I said before, excluding currency effects, adjusted EBITDA growth was 12%. Looking at Specialty Pharma, we continue to see positive performance in the fourth quarter with 6% organic growth following an exceptionally strong Q4 2024, where we reported 22% organic growth.

Normalizing the positive effects from the national sales campaign in the US in the fourth quarter 2024, the underlying organic growth was double digit in the fourth quarter this year. All four therapeutic areas delivered growth in the quarter, with the strongest contribution from our dermatology portfolio.

Overall organic growth continues to be driven by our innovation, cross-sales activities, and veterinary education. Adjusted EBITDA grew 4%, or 7% adjusting for currency effects, to €13.8 million, which is an all-time high quarter for us.

The margin improved from 29.4% to 30%, driven by revenue growth at stronger gross margin. For the full year, Specialty Pharma grew 6% to €182.4 million, and adjusted EBITDA by 10% to €53.9 million.

In January, our head of Specialty Pharma, Magnus, announced his departure after 10 years in the company. I believe the business stands strong, and a recruitment process for a successor is ongoing, and we've secured a strong transition plan with Carl-Johan as interim head of Specialty Pharma.

As interim head of MedTech since end of July, I'm happy to see the accelerated momentum in our dental business in the quarter, as well as early operational improvements within our orthopedic business, although we still have work to be done and the market remains soft. In total, we delivered 4% organic growth in the fourth quarter, supported by strong growth in our dental business and orthopedics in Europe and APAC.

Within orthopedics, we have implemented a reorganization in the quarter with focus on strengthening commercial performance. We built out our field sales organization in the US, and we reviewed and rationalized our product portfolio, where we had over 22,000 SKUs and have decided to discontinue over 4,000 overlapping SKUs.

We are still in transition phase in US orthopedics during the initial period of 2026. We continue to drive sequential sales improvements, but do not expect orthopedics to deliver year-on-year growth until later in spring.

The recruitment for a permanent head of MedTech is ongoing and progressing well. The margin in the quarter of 24.6% is a 370 basis point improvement versus Q4 2024, mainly driven by the consolidation of bolt-on acquisition within dentistry in '25.

Adjusted EBITDA grew 23% in the quarter and 32% excluding currency effects. For the full year, MedTech grew revenues by 25% to €155.5 million, where our acquisitions within dentistry contributed 30%.

Full-year adjusted EBITDA grew 15% to €39.6 million. Veterinary Services delivered another strong quarter with 10% organic growth.

In October, we completed the acquisition of a local service platform in Belgium with 300 member clinics and passed the 10,000 milestone when it comes to member clinics, closing the year with 10,900 member clinics. As previously communicated, we are accelerating our investments into new geographies and services in the quarter, taking the margin to 26.6%.

For the full year, Veterinary Services increased revenues by 11% to €64.3 million, and adjusted EBITDA grew 9% to €18.4 million. Michael Theunissen, who has been part of Veterinary Services since 2018, was appointed head of Veterinary Services when I became CEO, and I'm pleased to see how the team has come together and continue to build momentum as the global leading veterinary service platform.

Our diagnostics business reported 5% organic growth in the quarter and a margin of 9.2%, reflecting our investments in new products and personnel to strengthen the companion animal offering. The growth was supported by bluetongue outbreaks in Europe and avian influenza globally.

For the full year, diagnostics grew by 9% to €22.9 million, while adjusted EBITDA declined 3% to €2.2 million. As I said initially, we welcomed five new businesses in 2025 that expanded our portfolio and geographic footprint.

We've seen improving M&A momentum towards the end of the year, with three out of these five acquisitions coming in the fourth quarter. We've built a stronger pipeline over the past months, and I'm optimistic about the M&A opportunities going into 2026.

We continue to focus on successful entrepreneurial-led businesses that can grow and reach their full potential faster as part of Vimian. A good example of that is i-vet, that we signed in December.

i-vet is one of the top three in companion animal diagnostics in Italy and forms an important addition to our diagnostics segment. i-vet is a typical Vimian acquisition: high growth, successful and entrepreneurial-led business, where the entrepreneur, Daniele, is highly motivated and will continue to lead the business as part of Vimian.

Annual revenues of €5.6 million, where two-thirds of the revenues comes from laboratory services, where they have three ref labs in Italy, and the remaining third is from sales in in-clinic diagnostic tests. i-vet also has a well-known educational platform with over 100 courses annually and offer residency program in partnership with universities.

Looking at our sustainability, as we now close 2025, we can see that we continue to make important progress within our ESG agenda. Our sustainability agenda is closely integrated into the core of the business and focuses on animal, our people, and the planet.

During 2025, we educated 65,000 veterinary professionals to improve animal health, and we launched 94 new products to advance veterinary medicine. Our employee net promoter score reached 30, and we have exceptionally high scores from our teams in areas of inclusion, trust, and autonomy.

On the environmental side, we continue to reduce our emissions, in total with 25% since 2022. We also received external recognition for our work with an improved rating at both MSCI to AA and Sustainalytics to low risk.

With that run-through of the year and the quarter, I will now hand over to Carl-Johan.

Thank you, Ollie, and let me give you some further insights to the financials for the fourth quarter and full year. Adjusted EBITDA in the fourth quarter was €26.1 million, an increase of 6%.

This represents a margin of 24.0% for the quarter. The margin increase is primarily an effect of consolidation of bolt-on acquisitions within MedTech Dental during 2025.

Also, our largest segment, Specialty Pharma, contributed to the margin expansion, supported by operation leverage in the business. We report an operating profit of €19.2 million, a significant 54% increase from last year's result of €12.5 million.

Items affecting comparability decreased in the quarter and totaled -€0.7 million. The majority of items affecting comparability is relating to MedTech.

This consists of -€1.6 million in restructuring costs from organizational changes and inventory write-down as a consequence of the product portfolio rationalization, as well as €2.7 million relating to payments net of litigation costs in the US indemnification dispute. Acquisition-related costs amounted to €1.1 million in total for the group.

Net financial items amounted to -€7.5 million and consists of four main parts: financing expenses of -€4.1 million with an average interest rate of 4.5% during the quarter; a quarterly discounting impact of -€1.6 million; and a negative impact of -€3.1 million from probability adjustments related to contingent considerations. The probability adjustments primarily relates to stronger performance within our acquired dental businesses.

A negative result of €0.7 million from liquidation and divestment of subsidiaries; and lastly, a positive impact of €2.2 million from exchange rate effects on the revaluation of debt. Income tax expense for the quarter was €0.8 million with an effective positive tax rate of 7%.

In the fourth quarter, the tax expense as percentage of pretax profit was positively affected by recognition of deferred tax on tax losses carried forward at year-end, amounting to €3.7 million. The effective tax rate was inflated by non-deductible expenses, mainly probability adjustments of contingent liabilities.

In total, this results in a profit for the period of €12.2 million, with an earnings per share of 2 euro cents for the quarter. Cash flow from operating activities reached €55.7 million, including payment from US indemnification dispute of €28.7 million in the quarter.

Excluding the litigation payment, cash conversion was 92% for the fourth quarter. Net working capital amounted to €96.6 million at the end of the quarter, equal to 23% of revenue, a decrease from €102.2 million at the end of the third quarter, which equaled 24% of revenue.

The majority of the €5.6 million decrease in working capital relates to lower current receivables and increase in trade payables. Cash flow from investing activities amounted to -€17.5 million, primarily relating to acquisitions, earn-out payments, and investments in tangible and intangible assets.

Cash flow from financing activities of -€35.5 million from repayment of borrowings. At the end of the quarter, net debt amounted to €245.4 million, which is down from €253.5 million at the end of the third quarter.

Cash and cash equivalents amounted to €55.0 million, an increase compared to €51.3 million at the end of September. External lending was €223.3 million at the end of the fourth quarter.

This resulted in a leverage at the end of the quarter equal to 2.0x, which is down from 2.1 at the end of the third quarter. We remain well-capitalized with an ability to execute on our strengthened acquisition pipeline.

With this financial review, I hand the word back to Ollie for concluding remarks.

Thank you, Carl-Johan. We deliver a solid finish to 2025, and we are well-positioned in a resilient market that continues to grow.

I'm a firm believer in our strategy of combining organic and acquisition-driven growth, and my focus is to accelerate what is working well and address the areas we need to improve. We have an attractive platform for entrepreneurs, and I'm optimistic about our M&A pipeline going into 2026.

I hear frequently from industry peers and partners that the entrepreneurial spirit and the quality of our people consistently stands out. This is something we take pride in and will continue to build upon.

With our focus on global market niches with unmet medical needs and high growth potential, with a strong team in place, and with the product and the services we offer, I'm confident we can deliver a good 2026. Thank you.

Good morning. Thank you for taking my questions.

I have a couple, please. The first was on organic growth from here after the very good exit you've had in Q4.

I understand you don't give annual guidance, but could you give us a sense of how significant an organic acceleration we can expect in 2026? I ask because you have a long-term guidance for double-digit organic growth to 2030, or a sort of 7% for the first 2 years of the plan.

Consensus has you at high single digits for '26, so that obviously implies quite a ramp towards the end of the decade. Are you comfortable with this cadence, or do you think we can start to get closer to that double-digit organic growth target sooner?

Thank you for the question. I think we see the overall animal health market continues to grow, and we have positive business momentum, as I said, in most parts of Vimian.

I think we should be able to deliver a good growth in 2026.

Brilliant. Thank you.

My second question is just on Spec Pharma and the cross-selling initiatives there. If I have it right, it slowed a fair bit sequentially in terms of the contribution to the divisional organic growth in Q4, off Q3 and also off Q2.

Are you just reaching sort of the end of this program? If not, then how much of a contribution can we expect to come from cross-selling for Spec Pharma and group organic growth in 2026, please?

Yes. Thank you.

Cross-selling has been and continues to be a robust contributor to organic growth. We saw in '25, just as we saw in '24, that one-third of the organic growth was driven and supported by our cross-selling initiatives.

We are launching, and we will launch, new cross-selling initiatives going forward. In 2026, eight new cross-selling initiatives will be launched, while we see continuous runway for a solid contribution from cross-sales in 2026 and beyond.

Apologies,

just to clarify. Is it one-third of organic growth in the quarter, because the press release says in 2025, and I think the previous ones give it as year-to-date.

Just to confirm, that would be great.

The one-third is the year-to-date number. For 2025, a third of the organic growth was supported by cross-sales.

Okay. All right.

Fine. Thank you.

Good morning, gentlemen. Ollie, congratulations on the new appointment.

A couple of questions from me as well. Firstly, if we start with MedTech, I believe you said here that you don't expect an acceleration or a year-over-year growth until spring.

Should we read that as some sort of guidance that you do expect MedTech to return to double-digit organic growth by Q2?

We see early operational improvements, but we are undergoing significant change with the new sales team fully in place as of January. I think Q1, or spring, will be a transition phase for us.

We continue to drive sequential sales improvements, but we don't expect it, as you said, to deliver year-on-year growth until later this spring. I think that's all we can say at this stage.

A full recovery would probably require the market to regain momentum as well.

By a full recovery, you mean double digits?

Yes. The market remains soft right now, I think the combination of our efforts into the operational side of the business and the market returning to better growth is needed to get to double digits.

I see. Then you mentioned also a number of SKUs being discontinued.

Have those already been discontinued, or is this an effort that will take place now in 2026 as part of the new commercial efforts?

We've already initiated the work of discontinuing those SKUs, but there are a few that will be transitioned and discontinued now early this year as well.

Would it be possible to quantify what the impact of that was on sales in 2025?

Limited. This is overlapping SKUs, the SKUs we are discontinuing, we have equivalent products that are better and more relevant for our customers to buy.

Great. Then lastly on Veterinary Services, still a high pace of investments.

What's the, I guess, phasing of that? Do you expect a continuation even in 2026, or a slowdown at some stage?

We see continued momentum in Veterinary Services. It's been one of our segments performing very well for a long period of time, and we see that to continue.

The investments we're doing is to ensure that we capture the full potential and the inbound need we get from our partners and veterinarians across the world.

Okay. Thank you.

I'll stop there.

Thank you, and good morning. I was wondering if you could give us a little bit of color on the M&A market right now in terms of number of opportunities, price levels on targets, and also where you focus your efforts on, where do you want to grow, what areas specifically are you looking to go after?

We see an increased M&A momentum. As we stated, three out of the five acquisitions we made in 2025 happened in Q4.

We're also confident about the building of our pipeline going into 2026, where we see Vimian being a good and interesting platform for entrepreneurs within animal health to join. With the acquisition of i-vet in diagnostics, I think we now have four active verticals looking at interesting bolt-on or platform acquisitions.

In terms of price points, has there been any change? Would you say compared to a year ago?

Morning. No, I wouldn't say that we see a change.

We have a historical average of approximately 9 times EBITDA, and we are around that average. As previously communicated, typically a platform acquisition such as iM3 within the dental space come with a slightly higher multiple, whereas add-on acquisitions to that comes with a lower multiple, but the average is 9x.

Okay. Perfect.

Thank you. Then a quick question on the US MedTech market.

What do you hear from your customers? What kind of feedback and what do they tell you in terms of the market sentiment and activity levels?

I think the feedback from our customers are similar going into 2026 than during '25 from a market sentiment perspective. With our approach of now building a field sales team in the US, this allows us to come even closer to our customers and together with them support them in growing the business into the future.

What are they waiting for in terms of for the market to return? Is that sort of higher consumer confidence or what's the sort of inflection point that will drive the market back to normal levels?

A simplified question of that is, of course, macroeconomics in general. This is advanced care, but I think with the macro return, we will see impacts on the business as well.

Okay. Thank you very much.

Good morning, and thanks for taking my questions. First off, on Spec Pharma, do you expect this segment to be able to return to double-digit organic growth in 2026?

If so, it would be great to sort of get your view on what would be the main drivers for this surge in growth. Then secondly, on MedTech, comparisons has become a bit easier, of course, but if we look at the industry data, it seems to have stabilized somewhat since midyear.

Do you view this as a genuine inflection point, and how would you characterize the overall market sentiment right now?

Good morning, Arvid. I'll start with your question on Specialty Pharma.

We have a good momentum in Specialty Pharma. If we look through the full year and if we look at the fourth quarter 2025, all of our four therapeutic areas grew, and at a good momentum.

In the end of the year in the fourth quarter, we delivered 12% organic growth if we exclude and normalize for the national sales campaign that we did in Q4 of 2024 that we did in Q3 of 2025. We see a continued positive momentum in Specialty Pharma, and we see that as a double-digit growth business.

In terms of what will take us sort of continue to deliver on a good growth momentum, we have a two-pronged strategy in terms of organic growth and inorganic growth. From the organic growth perspective, we are focusing, as we discussed before, on cross-sales, on innovation, and on education.

We see that all those three, could say, organic initiatives will drive and contribute to continued good momentum in organic growth in Specialty Pharma.

Great. Just a quick follow-up on that one.

How would you characterize the pipeline for 2026 versus 2025 if you would sort of size the growth opportunities?

We have a continued good momentum in the business, and we see continued opportunities to sort of expand in existing areas and to find new growth in new areas.

Okay. Fair enough.

Then to your MedTech market question, I think going into 2026, we see the US surgery market conditions remaining relatively unchanged. There's signs of stabilization, but I don't think it's returned to healthy growth yet.

With that said, we are confident in our strong product portfolio and the brands we offer, and combining that with actions I mentioned we're taking, over time, I think we will get back to good growth and also beat the market. Given that we have a new sales team fully in place as of January, we believe that Q1 and spring is still a transition phase, but we see sequential sales improvements quarter by quarter.

Great. Thanks a lot.

Those were all my questions.

Hi, guys. Pleased to meet you, Ollie, and good morning to you as well.

I have a few questions, please. First off, could you provide perhaps some more details here into the field sales organization buildout in the MedTech business in the US?

Kind of also, we've had a previous question regarding the portfolio streamlining, but kind of could you give some more color, I guess, on what to expect as for impact the business over the coming year? Could there be some positive mix effects?

I think with the field sales in place as of January, we're convinced that that's the right strategy going forward, being close to our customers and together, through our educational platforms and efforts we do, drive growth. Given that it's a new sales team in place and investment we're doing into that, we believe that as I said before, Q1 and the spring will be slightly soft.

Over time, with driving sales up on the back of having a strong and present field sales with our customers, that will also drive margin up. With that said, we expect the margin to be fairly flat beginning of the year.

There's no specific mix effect with reducing the SKUs there? In terms of gross margins or EBIT margins?

Nothing substantial.

No. Okay.

Another question regarding mix effects. You had some negative ones in the VetFamily business.

What should we expect going forward, and kind of what were the results there?

I think the VetFamily margin, as we guided throughout last year as well, on the back of these investments, has gone down, although there are some mix effects as well. We believe the margin will improve throughout the year on the back of these investments starting to show signs of effect.

Right. Okay.

Regarding here the recruitment of a potential successor here for Kjellberg of Nextmune, kind of what profile are you prioritizing here, and could his departure perhaps prompt any shift in strategy in any way, shape, or form?

No, Magnus has been a very appreciated colleague and has built Specialty Pharma throughout the last 10 years. We believe that with him departing, we will look for a strong operator, somebody that can help us take the business and continue the successes we've had and take the next step.

There is so much more things we believe Specialty Pharma can do and continue to grow. At the same time, the leadership bench within Specialty Pharma and also Vimian is very strong.

I believe the business is run by our strong operators in the markets, I'm confident that what we built up until now will continue to drive similar success in the future.

Okay. Thanks.

Last question here. I don't know if I missed this, but what was the main reason here behind a large change in the operating receivables in the quarter?

Is this purely the patent litigation, or did I miss something?

To large extent, that's driven by the patent litigation, as we received €28.7 million in the quarter.

That was all for me. Thank you very much.

Thank you.

No. Thank you very much for listening in on our Q4 call.

As I started off with, we are extremely ready for 2026. We delivered a solid finish to 2025, and we look forward to continue growing the business together with all the fantastic employees we have within Vimian.

Thank you very much.