Anpario – Final Results

Anpario plc

(“Anpario”, “Group” or the “Company”)

Final results

Anpario plc (AIM: ANP), the independent manufacturer of natural and sustainable feed additives for animal health, nutrition and biosecurity, is pleased to announce its full year audited results for the twelve months to 31 December 2025.

Financial Highlights

• 24% increase in revenue to £47.2m (2024: £38.2m).

• Improvement in gross margin to 50.9% (2024: 46.9%).

• 54% increase in profit before tax to £8.0m (2024: £5.2m).

• 38% increase in adjusted EBITDA¹ to £9.6m (2024: £7.0m).

• Basic earnings per share up 63% to 40.20p (2024: 24.66p).

• Diluted adjusted earnings¹ per share up 33% to 39.49p (2024: 29.66p).

• Increase of proposed final dividend to 8.90p (2024: 8.00p) per share, resulting in a total dividend for the year of 12.50p (2024: 11.25p) per share.

• Cash and cash equivalents of £12.4m at the year-end (2024: £10.5m).

Operational Highlights

• Full year contribution from Bio-Vet Inc. (“Bio-Vet”), with integration progressing well and the business delivering one of its strongest ever half-year sales performances in H2.

• Like-for-like (“LFL”) sales, excluding Bio-Vet, increased by 12%.

• Strong LFL growth in the Americas, Europe and Asia.

• Continued high growth in premium product classes such as Orego-Stim®, Optomega® Algae and the contribution from the Bio-Vet range have improved gross margins.

Outlook

• Trading to date in the current year is in line with the strong Q1 performance in the prior year.

• Continued growth in North America under the new organisational structure.

• Strong start and return to growth for the Middle-East region.

• Our logistics teams are working with our customers to mitigate any impact resulting from the current conflict in Iran and the surrounding region.

Richard Edwards, Chief Executive, commented:

“The Group delivered a strong performance in 2025, with momentum building through the second half of the year. This performance reflects the successful execution of our strategy, continued growth in demand for our natural feed-additive solutions and the operational leverage inherent in our business model. The Group had the benefit of a full-year contribution from Bio-Vet, which delivered a strong second-half performance. Integration of the business is progressing well.

On a like-for-like basis, excluding Bio-Vet, our performance was strong and broad‑based across most territories. Clearly recent events in the Middle East will cause disruption, the impact of which it is too early to assess. However, we have an experienced team who have managed through similar periods and our subsidiaries have the benefit of good local inventory with which to continue to service our customers. The Group maintains a strong balance sheet and there is a clear focus on driving long-term and sustained profitable growth.

Finally, this performance is the result of the efforts of Anpario staff across the globe who, through hard work and diligence, have delivered another set of excellent results.”

¹ Adjusted EBITDA and adjusted earnings are defined in note 6 of the financial statements.

Chairman’s statement

Anpario delivered a strong performance in 2025, reflecting the continued execution of the Group’s strategy and the benefits of our focus on higher value-add natural feed additive solutions. Momentum strengthened in the second half of the year, supported by the Group’s operational leverage and disciplined commercial approach.

Financial performance

Revenue increased by 24% to £47.2m (2024: £38.2m), supported by the first full year contribution from the acquisition of Bio‑Vet, which added £6.7m this year and £2.2m of revenue in 2024 in the three months post‑acquisition. Excluding Bio‑Vet, revenue increased by 12% on a like‑for‑like basis to £40.5m (2024: £36.0m), reflecting strong demand across the Group’s territories.

Profitability strengthened, with gross profit increasing by 34% to £24.0m (2024: £17.9m) and gross margin improving to 50.9% (2024: 46.9%). Adjusted EBITDA increased by 38% to £9.6m (2024: £7.0m) and profit before tax rose by 54% to £8.0m (2024: £5.2m), demonstrating the operational leverage in the business model. The balance sheet remained strong, with cash and cash equivalents of £12.4m at the year-end (2024: £10.5m), after dividend payments of £2.1m and final payments related to the Bio-Vet acquisition of £1.0m, reflecting continued strong cash generation.

Strategic progress

The Board sees many long‑term opportunities for the Group, supported by structural demand for sustainable and natural solutions in animal production. During the year, the Group continued to broaden its end‑market exposure and enhance its portfolio through innovation and targeted commercial investment. Progress in higher growth segments and continued product development underpin our strategy to deliver resilient, profitable growth over the medium term.

Bio‑Vet

The acquisition of Bio‑Vet, completed in late 2024, contributed for the full year in 2025 and performed strongly, with integration progressing well and in line with the Board’s expectations under a new combined Americas management team. The acquisition supports the Group’s strategic objectives of broadening species exposure and strengthening our presence in the US, which is a key agricultural market, while providing additional routes to market for both Bio‑Vet and Anpario product ranges across the globe.

Dividend

The Board will recommend at the forthcoming Annual General Meeting (“AGM”) a final dividend of 8.90 pence per share (2024: 8.00 pence) resulting in a total of 12.50 pence per share for the year (2024: 11.25 pence), an increase of 11%. This dividend, payable on 24 July 2026 to shareholders on the register on 10 July 2026 (ex-dividend date of 9 July 2026), reflects the Group’s ability to generate strong cashflows.

Governance, culture and people

During the year, the Board continued to focus on strong governance, effective risk oversight and the long‑term sustainability of the Group. We further enhanced shareholder engagement through regular dialogue and continued to strengthen the clarity of risk ownership and internal control oversight across the Board, Audit Committee and Executive Management. The Board also progressed governance measures to address emerging areas such as the appropriate use of AI tools and data security and remains focused on Board effectiveness. The Board thanks employees and partners for their continued commitment and contribution to the Group’s success.

AGM

The Board plans to hold the AGM in London on Thursday 18 June 2026 providing an opportunity for shareholders to meet and ask questions of the Board. Further details will be announced in due course.

Outlook

We are monitoring the impact of the conflict in Iran, which has affected shipping and logistics into parts of the Persian Gulf region. The Group is well diversified across geographic regions and has a proven track record of operating through periods of disruption and is working closely with customers and logistics partners to mitigate impacts and support continued product availability.

While we remain mindful of ongoing macroeconomic and geopolitical uncertainty, the Group enters 2026 with a strengthened platform and a resilient balance sheet. We will continue to invest in innovation, deepen customer relationships and execute our strategy to deliver sustainable growth and shareholder value.