KBC Healthcare Conference

Constantijn van Rietschoten

New York, 28 September 2017

Fagron at a glance

FArmaceutische GRONdstoffen was founded in

Rotterdam in 1990

2016 H1 2017

Turnover € 421.8m € 221.7m

REBITDA € 90.6m € 48.1m

Active in 34 countries on 5 continents

1,924 FTE, incl. >200 pharmacists

Leading pharmaceutical compounding company,

bringing personalized pharmaceutical care to

hospitals, pharmacies, clinics and patients

Listed on Euronext Brussels and Amsterdam

since 5 October 2007

Fagron global presence

FCS Essentials & Brands Office or repacking only facility Combination FCS / Essentials & Brands

Strategy

Pharmaceutical raw materials,

excipients, and equipment &

supplies used in compounding

Personalized ready-to-use

medication that is prepared in

compounding facilities

Innovative products and

concepts for specific segments

of the healthcare market

Our business - segments

Fagron

Essentials BrandsCompounding Services

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Our business - geographical

Europe North AmericaSouth America

59% of sales 18% of sales23% of sales

Essentials

FCS - sterile

FCS - non-sterile

Brands

Essentials

FCS - sterile

FCS - non-sterile

Brands

Essentials

FCS - non-sterile (FACO)

Brands

Fagron

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Results H1 2017

LETS GEL KIT is a topical anaesthesia convenience pack used for the prevention of pain when suturing.

The kit includes SuturaGel, pre-weighed active ingredients and topical syringes.

Headlines H1 2017

TURNOVER GROWTH

5.5%

€ 221.7morganic: 6.0%

REBITDA GROWTH

5.6%

€ 48.1m21.7% of turnover

EBIT GROWTH

13.5%

€ 38.4m17.3% of turnover

NET PROFIT GROWTH

27.0%

€ 21.1m

NET DEBT/

REBITDA RATIO

2.66

STRONG OPERATIONAL

CASH FLOW

€ 49.5m

Consolidated turnover

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(x € 1,000) H1 2017 H1 2016 Total growth Total growth

CER

Organic

growth

Organic

growth CER

Fagron 218,265 205,678 +6.1% +1.3% +6.6% +1.8%

HL Technology 3,461 4,559 -24.1% -25.4% -24.1% -25.4%

Total 221,725 210,237 +5.5% +0.7% +6.0% +1.2%

CER = constant exchange rates

Positive turnover developments in core activities in Europe, North America and

South America

Turnover developmentExcluding HL Technology (in € 1,000)

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205.678

218.2653.050 600

9.860-924

Turnover H1 2016 Europe* South America North America Currency effect Turnover H1 2017

* The Europe segment consists of the operations of Fagron in Europe, South Africa and Australia. The increase for Europe includes the negative effect of € 1m due to the sale of a small

compounding facility in Marseille (France) in 2016.

Fagron Europe

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(x € 1,000) H1 2017 H1 2016 Change

Turnover 128,886 125,346 +2.8%

REBITDA 32,724 30,920 +5.8%

REBITDA margin 25.4% 24.7%

Organic turnover growth of 3.7% (+3.3% CER)

REBITDA increases 5.8%; margin increases 70bps to 25.4%

Opening of sterile facility in the Netherlands, specializing in prefilled glass syringes

Sale of a compounding facility in France with limited profitability/growth potential

Acquisition of Kemig, a leading supplier of raw materials in Croatia and Bosnia and

Herzegovina

Fagron South America

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(x € 1,000) H1 2017 H1 2016 Change

Turnover 49,498 42,234 +17.2%

REBITDA 10,054 8,741 +15.0%

REBITDA margin 20.3% 20.7%

Organic turnover growth of 17.2% (-2.2% CER)

REBITDA increases 15.0%; margin decreases 40bps to 20.3%

Significant volume growth in H1 2017, but

• Majority of Fagron Brazil’s purchases are in US dollars

• Lower purchase prices, due to substantial strengthening of BRL/USD, fully

passed on to customers

• Decrease of prices in BRL had a negative impact on turnover growth at CER

Fagron North America

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(x € 1,000) H1 2017 H1 2016 Change

Turnover 39,880 38,098 +4.7%

REBITDA 5,452 5,045 +8.1%

REBITDA margin 13.7% 13.2%

Turnover growth of 4.7% (+1.6% CER)

REBITDA increases 8.1%; margin increases 50bps to 13.7%

Sterile activities

• Turnover growth of 22.7% (+19.1% CER)

• Wichita facility obtained 46 licenses and is performing in line with expectations

Raw materials and compounding concepts activities

• Turnover decline of 26.7% (-28.8% CER)

• Second consecutive quarter of improvement

• Introduction of new innovations like Lets Gel Kit®

Financial review H1 2017

Pigmerise® MD is a medical devise class 1 indicated as coadjuvant of the skin dyschromia treatment, especially in cases such as

hyperpigmentation caused by vitiligo.

Financial review

Turnover

(in € million)

221.7

+5.5%

Gross margin

(in € million)

138.6

+3.8%

Operating costs

(in € million)

-90.5

+2.9%

Turnover increase of 5.5% or 0.7% at CER

Organic increase of 6.0% or 1.2% at CER

Gross margin as percentage of turnover decreases by 100bps to

62.5% compared to H1 2016

Gross margin increases 30bps compared to H2 2016

Operating costs as percentage of turnover decrease by 100bps to

40.8% compared to H1 2016

Operating costs decrease by 20bps compared to H2 2016

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Financial review

REBITDA*

(in € million)

48.1

+5.6%

Non-recurring

(in € million)

-0.9

-44.6%

EBITDA

(in € million)

47.2

+7.5%

REBITDA increases 5.6% to € 48.1m or 21.7% of turnover

REBITDA growth driven by core activities in Europe, North and

South America

Non-recurring result decreases by 44.6% compared to

-€ 1.7m in H1 2016

EBITDA increases 7.5% to € 47.2m or 21.3% of turnover

* REBITDA is EBITDA before non-recurring result.15

Financial review

DA

(in € million)

-8.7

-12.8%

EBIT

(in € million)

38.4

+13.5%

Fin. result*

(in € million)

-13.3

-13.9%

D&A decreases 12.8% to € 8.7m

The decline was mainly due to the accelerated depreciation of

assets in 2016 (in US and Switzerland)

EBIT increases 13.5% to € 38.4m

EBIT as percentage of turnover increases 120bps to 17.3%

Financial result amounts to -€ 13.3m, a decrease of 13.9%

Financial costs decrease € 7.6m due to lower interest

expenses and non-recurring costs related to refinancing

Financial income decreases by € 9.2m. The decrease was

due to the non-recurring recognition of an income item in H1

2016 as a result of the received waivers* Financial result excl. revaluation financial derivatives.16

Financial review

Taxes

(in € million)

-4.8

-30.5%

Net profit

(in € million)

21.1

+27.0%

Effective tax rate is 18.6% (29.4% in 1H 2016)

Net profit increases 27.0% to € 21.1m

Net profit per share decreases 34.1% to € 0.29

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Consolidated – Net financial debt

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285.408

245.168

3.511 49.50112.669 103

31 December 2016 Net interest paid Investment activities Exchange ratedifferences

Operating cash fllow 30 June 2017

Net debt decreases € 40.2m to € 245.2m

Net debt/REBITDA-ratio of 2.66, significantly below

the level of 3.25 as agreed in the RCF and Note

Purchase agreement

Summary

Solid results with positive turnover

developments in core activities

Operating costs well under control

Profitability increasing faster than

turnover

Financial position significantly

strengthened

Portfolio:

• Facility in Wichita licensed in 46 states

• Opening of a sterile facility in NL

• Acquisition of Kemig (Croatia)

• Sale of non-sterile facility in France

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FagronLab® LF-800UV - Laminar flow cabinet, designed for

compounding pharmacies.

Q&A

Disclaimer

Important information about forward-looking statements

Certain statements in this presentation may be considered “forward-looking”. Such

forward-looking statements are based on current expectations, and, accordingly, entail

and are influenced by various risks and uncertainties. The Company therefore cannot

provide any assurance that such forward-looking statements will materialize and does

not assume an obligation to update or revise any forward-looking statement, whether as

a result of new information, future events or any other reason.

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