Full year trading statement

THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018.

Full year trading statement

Anpario plc (AIM:ANP), the independent manufacturer of natural sustainable animal feed additives for health, nutrition and biosecurity, provides the following trading update for the year ended 31 December 2025 ("FY 2025"). The figures set out in this announcement remain subject to audit.

Highlights (unaudited)

· Revenue of approximately £47.1m (up 23% YoY; 2024: £38.2m)

· Adjusted EBITDA expected to be not less than £9.4m (2024: £7.0m)

· Net cash as at 31 December 2025 of £12.4m (31 December 2024: £10.5m)

Trading update

The Group delivered a stronger than expected operating performance in the second half of 2025. Year-end sales were higher than anticipated, and the Group now expects revenue for the 12 months ended 31 December 2025 to be approximately £47.1m* (2024: £38.2m). This strong performance in revenue combined with the Group's high operational gearing, will result in adjusted EBITDA being ahead of current market expectations* and not less than £9.4m (2024: £7.0m).

The results include a full-year contribution from Bio-Vet, which was acquired on 30 September 2024, with integration activities progressing well and according to plan. Bio-Vet saw one of its highest ever half-year sales performances through H2 2025 with strong growth over the revenue achieved in the first six months.

Excluding the contribution from Bio-Vet in both periods, the Group delivered a broad-based increase in performance across territories and operating segments. The Asia segment showed the most significant growth year on year, followed by a strong performance in the Americas and Europe. The IMEA region saw a reduction and consolidation in performance following high growth in the prior year, albeit within which sales in India continued to grow significantly.

Financial position

Our financial position remains strong, with year-end cash balances of £12.4m* (31 December 2024: £10.5m), after accounting for the final payment related to the Bio-Vet acquisition, being £0.8m (USD 1.0m) of contingent consideration which was earned in full and paid in Q4.

Our strong balance sheet enables the Group to invest in innovative natural product solutions, expand our global reach and explore earnings enhancing and complementary acquisitions to continue the profitable development of the Group.

FY 2025 Results

The Group expects to publish its FY 2025 final results on or around 31 March 2026.

*Analyst consensus for FY 2025 immediately prior to this announcement was Revenue of £45.5m, Adjusted EBITDA of £8.2m and net cash of £12.0m.