15 July 2026

ECO Animal Health Group plc

("ECO" or the "Group")

Results for the year ended 31 March 2026

ECO Animal Health (AIM: EAH), a leading global animal health company developing and marketing branded veterinary products to improve livestock productivity and welfare, announces its audited results for the year ended 31 March 2026.

Financial highlights

·      Revenue ahead and adjusted EBITDA 4% ahead of upgraded market expectations following strong second half to the year

·      Group sales of £87.5m (2025: £79.6m), an increase of 10%

o  North America revenue growth of 22% (28% constant currency), contributing a growing share of Group revenues

o  Latin America revenue growth of 15% (21% constant currency), driven by Brazil

·      Constant currency revenue £91.0m (2025: £79.6m), an increase of 14%

·      Gross margin increased to 49% (2025: 45%), due to disciplined cost control

·      Adjusted EBITDA of £8.5m (2025: £7.3m), an increase of 16% and around 5% ahead of consensus

·      Adjusted EBITDA margin improved to 9.8% (2025: 9.2%)

·      Research and development expenditure increased to £8.8m (2025: £8.6m), as planned

·      Profit before tax increased by 35% to £5.4m (2025: £4.0m)

·      Earnings per share increased by 31% to 3.26p (2025: 2.49p)

·      Net cash at the end of the period £25.4m (2025: £25.0m), reinforcing the Group's strong balance sheet with 39% of cash held outside China (2025: 40%)

Operational highlights

·      Aivlosin^® demand continues to be robust in key markets, with particular growth in North America, Latin America and South East Asia

·      EU marketing authorisation granted ahead of schedule for ECOVAXXIN^® MS, the Group's poultry vaccine against Mycoplasma synoviae with further submissions and approvals expected in next 12 months

·      ECOVAXXIN^® MG, the Company's live poultry vaccine targeting Mycoplasma gallisepticum, received a favourable safety assessment from the United States Department of Agriculture (USDA)

·      Broader progress across R&D pipeline, with up to 9 products expected to receive US or EU approval in the next 5 - 6 years

Post-year end highlights

·      US revenue outperformance offsetting reduced revenue in China

·      Gross margins further strengthening

·      Continued growth in South East Asia with current order book covering a high proportion of full year management expectations in that region

·      ECOVAXXIN^® MS successfully launched in July 2026; first orders received

·      Dr Andrew Winder appointed as Head of Business Development, responsible for identifying and securing strategic opportunities

·      RCF facility (£10m) and overdraft (£5m) renewed for a further 5 years on improved terms.  Both facilities remain available and undrawn

·      Continuing operational improvement including further ERP system roll-out across subsidiaries

David Hallas, Chief Executive Officer of ECO Animal Health Group plc, commented: "We are pleased to have delivered a year of significant operational and strategic progress, underpinned by a robust financial performance. Our lead product Aivlosin^® delivered growth in key geographies such as North America, China, Japan and Latin America, which combined with expanded gross margins has resulted in a material increase in adjusted EBITDA for the year.

"Alongside our core business, we have continued to use our generated cash to fund our proprietary R&D pipeline. We were delighted to receive EU marketing authorisation for our first vaccine, ECOVAXXIN^® MS in December 2025. The product successfully launched post-period end, marking our commercial entry into the preventatives medicine space. With further milestones expected over the coming year, we are well positioned to drive our next phase of growth and deliver long-term shareholder value."

The information contained within this announcement is deemed by the Group to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR") as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

Forward-Looking Statements

This announcement contains certain forward-looking statements. The forward-looking statements reflect the knowledge and information available to the Company and Group during preparation and up to the publication of this announcement. By their very nature, these statements depend upon circumstances and relate to events that may occur in the future and thereby involving a degree of uncertainty. Therefore, nothing in this announcement should be construed as a profit forecast by the Company or Group.

Contacts

About ECO Animal Health

ECO Animal Health (AIM: EAH) is a leading global animal health company, developing and marketing branded veterinary products that optimise livestock wellbeing and productivity.

The Group's proprietary lead product, Aivlosin^® is a market leading antibiotic for the treatment of respiratory and intestinal diseases in pigs and poultry, distributed to over 70 markets through an established commercial platform.

ECO Animal Health is also investing in the next generation of animal health products through a self-funded R&D pipeline, with a particular focus on prevention and vaccines. The first product from ECO's pipeline, ECOVAXXIN^® MS, a poultry vaccine targeting Mycoplasma synoviae infection, was commercially launched in the EU in June 2026.

Headquartered in the UK, with a global presence, ECO Animal Health employs over 200 people worldwide.

View the Group's website or LinkedIn page for further information.

CHAIRMAN AND CHIEF EXECUTIVE OFFICER'S COMBINED STATEMENT

FOR THE YEAR ENDED 31 MARCH 2026

Overview

We are pleased to report a year of significant operational, strategic and financial progress for ECO. We delivered strong growth from our flagship antimicrobial product Aivlosin^®, while achieving several milestones in our ongoing strategy to diversify our business and meet the growing need for preventative medicines in the animal health market. The first vaccine from our R&D portfolio, ECOVAXXIN^® MS, received EU marketing approval during the period, representing a key inflection point in ECO's evolution that paves the way for further approvals and new product launches.

Improved commercial performance with expanding profitability

Trading performance during FY26 was pleasing and ahead of expectations with revenues of £87.5m representing a year-on-year increase of 10% (2025: £79.6 million). We navigated currency headwinds and tariff challenges to deliver growth in North America, China and Japan and Latin America. In the USA, we secured new business wins and increased usage among existing customers, with Aivlosin^® emerging as the product of choice during severe disease outbreaks and for mycoplasma elimination programmes.

Full year revenue in China was strong, though trading slowed in the final quarter as reduced margins for pork producers decreased demand for our products.

The South and Southeast Asia region, excluding India, grew strongly. In India a combination of poor market conditions and distributor cash flow reduced revenue.

We continued to invest in defence against generic competition for Aivlosin^®, with ongoing technical and marketing initiatives proving successful in retaining customers and expanding the business.

Importantly, we again achieved a year on year improvement in gross margins to 48.6% (2025: 45.1%), primarily driven by improved product pricing, cost of goods, and favourable geographical mix towards higher margin markets such as North America. This combination of top-line growth and expanded gross margins has resulted in a material increase in adjusted EBITDA to £8.5m (2025: £7.3m).

As detailed in the report of the Chief Financial Officer, cash generation in the Group has been strong, cash balances held outside of China are consistent with last year and as a result, we have been able to continue fully funding our R&D projects from generated cash as well as end the year with cash ahead of the prior year at £25.4m.

Positioned for growth through R&D milestones

We delivered key milestones in our new product development programme, positioning ECO to begin commercialising its R&D pipeline in FY27 and underpinning the Group's next phase of growth.

ECOVAXXIN^® MS

The first product from our pipeline, ECOVAXXIN^® MS, a poultry vaccine against Mycoplasma synoviae, received marketing approval in the EU in December 2025, several months ahead of schedule. This reflects the high-quality work from our R&D, regulatory, marketing and technical teams in developing the dossier and providing technical responses.

EU commercial launch began with a successful launch event held post the period end on July 1^st and will be followed by several regional events between Q3 2026 and Q1 2027. Our commercial strategy for ECOVAXXIN^® MS leverages our existing EU network and established distribution channels, supplemented where necessary with additional technical and geographical capabilities.

Recent data confirmed ECOVAXXIN^® MS provides a 44-week DOI (duration of immunity) against Mycoplasma synoviae. This data will be submitted for addition to the product's label in July and will represent an important step in generating commercial traction.

The Group is pursuing regulatory approvals for ECOVAXXIN^® MS in additional markets beyond the EU. As announced at our interim results in December 2025, the United States Department of Agriculture (USDA) has now accepted the pivotal efficacy data, with marketing approval expected in the United States by the end of the calendar year. Post period end, dossiers have been submitted in Thailand and Argentina.

ECOVAXXIN^® MG

ECOVAXXIN^® MG is our second Mycoplasma poultry vaccine, targeted against Mycoplasma gallisepticum infection. The USDA delivered a favourable safety assessment of the product in March 2026, with final regulatory submission anticipated in the first half of calendar year 2028.

Additional assets

The mid‑stage portfolio includes our PCV2/Mhyo bivalent vaccine for pigs, where development has advanced to refining the Mhyo component and optimising the formulation, with marketing authorisation anticipated in 2028.

Our PRRS targeted monoclonal antibody programme continues to advance, with reproductive efficacy trials scheduled as the next major milestone with product approval in 2030.

Separately, we have ceased our earlier-stage necrotic enteritis monoclonal project due to a lack of sufficient clinical efficacy. Product development is inherently risky, we maintain a strict stage-gating approach and will terminate assets earlier rather than incur further costs. We were pleased to be able to replace this high risk project with another programme aimed at swine and this has a significantly lower risk profile.

As with ECOVAXXIN^® MS, our entire R&D pipeline is highly complementary to our existing business, and we expect to be able to leverage our infrastructure and experience a smooth progression from approvals into commercial success.

People

On behalf of the Board, we would like to thank our global team for their continued efforts to further our mission to deliver innovative animal health products that optimise livestock wellbeing and productivity. We were pleased to see a further year of strong results in our global engagement survey, reflecting the dedication and qualities of the team as well as the impact of our focussed efforts to enhance the workplace culture.

We have continued to strengthen the Group through targeted hires across science, development and commercial functions. Post-period end, this included the appointment of Dr Andrew Winder as our Head of Business Development, joining us in May 2026. Andrew brings extensive business development expertise to ECO, and will be responsible for identifying and securing strategic opportunities to grow the Group's business and R&D pipeline.

Board changes

On 31 March 2026, we announced that Frank Armstrong, Independent Non-Executive Director of the Company, had informed the Board of his intention to step down from his role, following his election as the Senior Lay Member (Chair) of the Court (Board) of the University of Edinburgh. Dr Armstrong, who also serves as Chair of the Remuneration Committee will step down at this year's Annual General Meeting, which is currently anticipated to be held in September.

On behalf of the Board, we would both like to again thank Frank for his extensive contributions to ECO during his tenure. The Board has commenced a thorough search process to identify a suitable replacement and will provide an update in due course.

Dividend

ECO's current investment strategy is to reinvest its profits to support its R&D pipeline, to deliver significant revenue and profit growth and long-term shareholder value. As such no dividend is recommended in respect of the year ended 31 March 2026.

The Board's intention is that as cashflows are generated from future revenue and profits from our R&D pipeline this will, over time, support a progressive dividend policy.

Outlook

FY2026 saw considerable uncertainty due to an evolving geopolitical and tariff landscape affecting many aspects of our business. Despite these challenges, we were able to deliver strong growth in revenue and profitability ahead of expectations.

Since the year-end, trading and orders received have been in line with the prior year except in China where we have seen weaker performance driven by lower pork prices, however, we expect to see a recovery associated with seasonal demand for Aivlosin^® and improvement in swine economics.

The Board is confident that the improved gross margin performance seen during FY2026 is sustainable, and that ECO will be able to deliver performance in FY2027 in-line with current market expectations for profitability. As with prior years, we expect performance for the Group to be second-half weighted.

Alongside our strong core business, we remain focused on generating shareholder value through our innovative new products, which will underpin our next phase of growth. We will continue the EU commercial roll-out of ECOVAXXIN^® MS and advance towards receiving marketing approvals in additional geographies and progress the rest of our R&D pipeline towards regulatory submissions. We are also actively assessing in-licensing and other strategic opportunities that would complement our pipeline and provide additional future revenue streams.

We look forward to updating shareholders as we continue to drive the next generation of veterinary innovation for animal welfare and sustainable food production.

Dr Joachim Hasenmaier                                                          David Hallas

Chairman                                                                                  Chief Executive Officer

REPORT OF THE CHIEF FINANCIAL OFFICER

FOR THE YEAR ENDED 31 MARCH 2026

Introduction

I am pleased to report a strong year with improving revenue, margins and profits alongside the progress made on our vaccine launch and deeper R&D pipeline.

At its core, the financial priorities are to ensure that ECO delivers on our stated investment case. We do this through optimisation of our existing portfolio of Aivlosin formats, managing our cashflow to support our R&D activity without recourse to external funding, and assessment of M&A, licensing and other business development activity.

We also continue in our role of stewards of the business, ensuring that shareholder's assets are safeguarded by robust controls and processes, and that as we deploy resources to parts of the business this is done in a way that will enhance shareholder value. In the year to 31 March 2026 we derived over £0.5m of savings and additional income through structural review of the finance department, optimisation of tax credits, elimination of wasteful spend and the optimisation of interest income on cash reserves. This is in addition to substantial and ongoing efficiency savings following our implementation of NetSuite.

We are now seeking to lead the implementation of AI across the business to further drive efficiencies by automating certain manual transaction processes, improving reporting by providing quicker and better analysis, providing an AI interrogation interface to the ERP system and enhancing our prospect models.  Further use cases are emerging rapidly as the business embraces the opportunities provided by AI, whilst of course being mindful of the relative immaturity of the technology and the potential for emerging risks.

Trading

Previous years have seen a pattern of stronger trading in the second half of the year. This is associated with disease prevalence in pigs during the northern hemisphere winter. This pattern of trading has continued in the year ended 31 March 2026 with the second half accounting for 55% (2025: 58%) of the annual revenue. The lower second half weighting this year was due to the lower fourth quarter revenue in China (January to March 2026) as the pork market economics worsened.  In other, non-China/Japan, markets the second half weighting of revenue averaged 57%.

The geographical analysis of revenue corresponding to the Group's operating segments is as follows:

Most markets saw growth in this year, except S&SE Asia, where challenges in the Indian market held the segment back, and Europe which also broadly traded sideways. In India shipments were restricted to £0.9m (2025: £5.2m) in order to manage distributor credit risk. Taking into account the reduction in the India market the rest of the South East Asia segment increased by 52% from £6.7m to £10.2m showing good recovery from the previous difficulties in Thailand.

We faced currency headwinds throughout the year as sterling appreciated against other currencies, notably the Dollar and the Yuan. The geographical analysis of revenue on a constant currency basis is as follows:

Notwithstanding a very strong performance during the year ended 31 March 2026 in China, the decline in the pork price during the first quarter of calendar year 2026 resulted in slow trading during that final quarter of the financial year. The current pork market economics have been widely reported and the combination of over supply (more sows with a greater than previously recorded productivity rate (piglets/sow/year) and reduced demand (general economic slowdown resulting in less restaurant consumption and less in-home meat consumption is resulting in losses per farmed pig in all producers by as much as $60/pig.  In such circumstances the decision to treat disease with all products including Aivlosin is impacted. Economists expect a re-balancing of the market in the Autumn.

At £26.1m (constant currency £27.4m), North America continued to grow volume despite the impact of tariffs. Volume growth arose from the superior efficacy of Aivloisin as well as successful initiatives to support pig producers "in barn" directly with mycoplasma disease eradication programs.

Excluding India, the South and South East Asia revenue segment increased by 52%. In Thailand a major customer lost in the prior period was regained. We continued to see good growth in Bangladesh and the Philippines building on last year's successful re-entry to this market.

Latin America, comprises Brazil and Mexico (where the Group operates through wholly owned subsidiaries) and a group of other countries in South America where trade is conducted through exclusive distribution arrangements. A decision was made during the year to sell to more product to Brazilian customers direct rather than through a distributor. This change has proved successful with Brazil revenue growing 25% in the year and at higher gross margins. Mexico recorded a slow year as excess stock in the distribution channel worked through to end users; new local leadership is now in place and key customers have been regained. Outside of Mexico and Brazil, Colombia performed strongly with distributor issues now resolved, and we saw strong growth across Peru, Uruguay and Ecuador.

The European market segment is dominated by sales into Spain - £2.1m (2025: £1.5m) and the UK - £1.2m (2025: £1.1m). A new distributor has been appointed in Spain with a consequent revitalisation of sales initiatives in that market.

Gross margins were 48.6% in the year ended 31 March 2026 (2025: 45.1%). This improvement in gross margins arose despite the foreign exchange impact of Sterling compared with the US Dollar and the Chinese Yuan. On a constant currency basis the revenues for the year are £91.0m; recalculating the gross margin based on constant currency revenue would provide a gross margin of 50.5%. These better gross margins have been achieved through reductions in product input costs, as well as robust sales pricing.

The Group hedges its largest currency exposures through a layering of forward contracts covering the four successive financial quarters and a portion of the anticipated US Dollar generation. On a quarterly basis these forward contracts are supplemented by additional layers, thus providing an averaging effect to the US Dollar- Sterling exchange rate. The hedging policy provides protection to net profit, earnings per share and cash but has no effect on gross profit or gross margin because the gains and losses are accounted for in finance costs.

Administrative expenses, at £31.7m (2025: £28.7m), increased 10%; personnel costs increased by 12% as a consequence of bonus accruals related to stronger financial performance. Furthermore, additional provisions were made in the year of £3.6m (2025: £0.5m) in respect of receivables and whilst full recovery is planned the ageing profile of the specific accounts requires a provision. Offsetting the above effects were savings in other administrative expense categories and FX gain.

The R&D portfolio progressed well during the year, and the milestone of marketing approval by the European Medicines Agency for our first mycoplasma poultry vaccine was reached - ECOVAXXIN® MS. The group expects further submissions and approvals in the next and following years supporting the targeted investment in innovative vaccine technology. The strong market potential and probability of technical and regulatory success supports the capitalisation of late stage R&D expenditure which showed no indications of impairment. At the current time the Group capitalises expenditure on ECOVAXXIN^® MG and ECOVAXXIN^® MS (work on marketing approvals in other non-EU jurisdictions) as well as a long acting Florfenicol based anti-infective, ECOFlor, for swine respiratory disease.

Total cash expenditure on R&D (inclusive of that amount capitalised) in the year was £8.8m (2024: £8.6m). The total expenditure on R&D is shown below.

Total R&D expenditure in the year was similar to the prior year. Expenditure on late stage assets (capitalised items) was 41% of total expenditure compared with 53% in the prior year. This reduction reflects the completion of the majority of the development work on ECOVAXXIN^® MS and a greater proportion of expenditure on earlier stage programmes. The R&D programme continues to be funded from the Group's cashflow. At 10% of revenue (2025: 11%) the Group is confident that programmes (late, mid and early stage) will receive the required funding to advance them according to plan. The measure of R&D expenditure as a % of revenue is a measure of affordability, not a target. The Group expects to update the market further during an R&D day to be held in the Autumn.

EBITDA is a key performance measure for the Group; the removal of amortisation, depreciation and other non-cash charges to profit provides a good indication of the underlying cash trading performance of the business. The charge for amortisation of intangible assets in the year was £1.1m (2025: £1.2m). The adjusted EBITDA, defined as operating profit excluding exceptional items, share based payments, depreciation, amortisation and foreign exchange gains and losses, at £8.5m (2025: £7.3m) was above market expectations and was achieved through stronger trading at higher gross margins, and in spite of higher bonus payments, expensed R&D investment and provisioning for doubtful debts compared with the year ended 31 March 2025. Furthermore, the adjusted EBITDA margin, expressed as a percentage of revenue in the period, improved further to 9.8% in the year ended 31 March 2026 compared with 9.2% in the year ended 31 March 2025 and 9.0% in the year ended 31 March 2024.

Profit before income tax also continued to improve to £5.4m for the year to 31 March 2026 (2025: £4.0m including an exceptional profit of £1.0m).

There were no exceptional items in the year to 31 March 2026 (the prior year exceptional items were profits on disposal of the non-core product line Ecomectin horse paste to an Italian distributor and parasite treatment licences for Southern Africa).

The Group's effective tax rate was 33% for the year ended 31 March 2026 (2025: 34%). Factors causing the effective rate to be greater than the headline UK rate of 25% are the withholding tax suffered on intragroup dividends received from China. In the year ended 31 March 2026, the Group received marketing approval for the first of its vaccines. The expected profits from this product together with the significantly weaker R&D tax credit regime now in place in the UK mean a deferred tax asset has been recognized in the year as we begin to have visibility of future profits in the Group. The Group expects to use all available tax losses over the next five years and has begun to increase the value of the deferred tax asset it recognises on its tax losses.

Earnings per share (EPS) has improved from 2.49 pence in the year ended 31 March 2025 to 3.26 pence per share in the year ended 31 March 2026.  The Group's Employee Benefit Trust has purchased shares in the Group and is holding these shares to satisfy option exercises under all of the Group's share incentive programmes:

                                                                                    No. of shares

This will result in reduced dilution upon vesting as EBT shares will be transferred before new shares are issued.

Operating cash inflow before movements in working capital was £8.5m (2025: £7.3m). Operating cash flow was £10.2m (2025: £12.1m). The jurisdiction of cash balances were as follows:

The Group repatriates cash from China by annual dividend declaration; this is subject to withholding taxes of 5% and is paid according to the relevant shareholdings. On a day-to-day basis, the Board considers the cash held in the Group's subsidiaries in China to be unavailable to the Group outside of China; accordingly, treasury management decisions and funds available for investment in R&D are based upon the cash balances outside of China.

During June 2025, two dividends totalling £3.4m (post withholding tax) were received from China. In addition, during June 2026, a dividend of £3.1m (post withholding tax) was received from the Group's 100% owned subsidiary in China. In addition, a further dividend from the Group's 51% owned subsidiary is expected to be received during July or August 2026.

The Group's banking facilities were successfully renewed during June 2026 for a further five years on terms more favourable than the previous arrangements. The facilities total £15.0m, being a £5.0m overdraft facility and a committed £10.0m revolving credit facility. These facilities were undrawn as at 31 March 2026.

The Group's inventory balance reduced to £13.5m on 31 March 2026 from £14.6m on 31 March 2025. This reduction was principally in finished goods and reflected the strong end to the year particularly in USA, in particular. Overall inventory days declined from 122 days to 109 days.

Trade receivables decreased from £28.5m at 31 March 2025 to £24.0m on 31 March 2026 with average debtor days (expressed as an average of the annual revenue) declining from 131 days to 100 days.

Trade payables decreased from £15.1m as at 31 March 2025 to £11.9m as at 31 March 2026. This largely represented the timing of payment for large shipments of the key active pharmaceutical ingredient in the prior year. Payable days dropped accordingly from 126 to 97 days.

Simplified presentation of the Group

In response to certain stakeholder requests to provide a simplified description of the Group's performance we present the following analysis. The ECO Group can be thought of in three components, the first, a core trading business which manufactures and sells its products worldwide through wholly owned subsidiaries, distributors or direct to market.  This applies to all territories except China where ECO operates through a 51% owned subsidiary. Cash returns from this China subsidiary is by way of a dividend.

The second component to this analysis of the Group is an investment in a China business that pays the Group an annual dividend.  The third component of this analysis is an R&D business which employs a team of people undertakes studies and trials through third parties and has developed a body of intellectual property with rich potential for high future returns. 

With these three components in mind one can disaggregate the Group results using already disclosed information, as follows:

**Note rounding difference when compared with income statement.

ECO Animal Health Group plc - Disaggregation analysis continued

*The Group own 51% of ECO Biok with 49% owned by a minority shareholder. Details of ECO Biok are disclosed in Note 15.

By performing this analysis for prior years the following comparative performance for the core group can be set out as follows:

The dividend from the China based 100% owned subsidiary in respect of the year ended 31 December 2025 has been received in June 2026 at £3.1m (2025: £0.9m).  The dividend for the Group's interest in the 51% owned China subsidiary is expected to be declared in July 2026 and is expected to be not be less than £2.5m (2025: £2.5m).

In summary the Group can be described as a core trading business which has delivered consistent (and rising) profitability in the last four years approaching £11m, rising cash generation and cash balances and which receives a consistent annual dividend of £2m - £3m and from which a new product development programme is being funded which in turn is now creating new revenue streams.

Christopher Wilks

Chief Financial Officer

14 July 2026