Slides
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Bill Waelke, VP , Global FP&A and Investor Relations
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Safe harbor statement and use of non-GAAP financials Cautionary Note Regarding Forward-Looking Statements. This presentation contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995 (the “PSLRA”). Neogen intends that such forward-looking statements be covered by the safe harbor provisions for forward-looking statements contained in the PSLRA. Forward-looking statements include, but are not limited to, all statements that are not historical facts, including, without limitation, statements containing a projection of revenues, operating expenses, income (loss), earnings (loss) per share, cash flow, planned capital expenditures, or other financial items; any statement of the plans and objectives of management for future operations; any statement of future innovation; any statement of future economic performance; any statement of timing of divestitures; and any statement of the assumptions underlying or relating to any such statement. Words such as “anticipate,” “believe,” “can,” “continue,” “estimate,” “expect,” “may,” “on track,” “plan,” “potential,” “will,” or other words that convey uncertainty of future events or outcomes are used to identify these forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including, but not limited to: the continued integration of the 3M food safety business and the realization of the expected benefits from that acquisition; the relationship with and performance of our transition manufacturing partner; competition; recruitment and retention of key employees; impact of weather on agriculture and food production; global business disruption caused by geopolitical conflicts and related sanctions, such as the Russia-Ukraine war and the conflict in the Middle East; identification and integration of acquisitions; research and development risks; intellectual property protection; increasing and developing government regulation; and company litigation. These and other important risk factors are described more fully in the Risk Factors sections and other sections of Neogen’s Annual Report on Form 10-K for the year ended May 31, 2026; Neogen’s Quarterly Reports on Form 10-Q, and Neogen’s other filings with the SEC, including any Current Reports on Form 8-K. In light of these risks and uncertainties, the events and circumstances discussed in such forward-looking statements may not occur, and Neogen’s actual results could differ materially and adversely from those anticipated or implied thereby. There can be no assurance that the forward-looking statements contained in this presentation will prove to be accurate. You are cautioned not to place undue reliance on forward-looking statements. Any forward-looking statements speak only as of the date of this presentation and are based on information available to Neogen as of the date of this presentation. Except as required by applicable law, Neogen does not undertake, and expressly disclaims, any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. If Neogen does update one or more forward-looking statements, no inference should be drawn that Neogen will make additional updates with respect to those or other forward-looking statements. This cautionary statement is applicable to all forward-looking statements contained in this presentation and in any oral statements made by or on behalf of Neogen. Non-GAAP Financial Information This presentation may include Core Revenue Growth, Adjusted Gross Margin, EBITDA, Adjusted Operating Expenses, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Operating Income, Adjusted Net Income, Adjusted Earnings per Share, Net Debt and Free Cash Flow, which are non-GAAP financial measures. These non-GAAP financial measures are presented for informational purposes only and should not be regarded as a replacement for corresponding GAAP measures. In regards to the forward-looking non-GAAP Adjusted EBITDA included in this presentation, we are not able to reconcile such metrics to the closest corresponding GAAP measures without unreasonable efforts because we are unable to predict the ultimate outcome of certain significant items.
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Food Safety Protecting the world’s food supply Animal Safety $870M Global revenue in FY26 77% 23% Veterinary instruments Dairy processing Ready-to-eat foods & beverage Protein processing Cosmetics Animal care Insect and rodent control
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Combining category expertise with global reach 50K+ Instruments installed 300M+ Tests run annually 90% Business consumables 70K+ Global customers 135 Countries served Global revenue distribution USAC EMEA APAC LATAM
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Mike Nassif, President and CEO
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Neogen has reached an inflection point Execution is improving (1.3%) (1.7%) 4.1% 4.0% 5.8% 8.1% Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Neogen core growth Momentum in Food Safety growth (2.9%) 4.3% Q4 FY25 Q4 FY26 The opportunity is expanding
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Neogen has reached an inflection point Execution is improving The opportunity is expanding >$7B SAM 4%–5% Industry CAGR
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Our strategy as a category leader 30% Target adj. EBITDA margin High-impact innovation True category differentiation through next-generation technology Operational excellence Building a scalable engine for sustained margin expansion Commercial prowess Go-to-market enhancements & early results to accelerate growth
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From stabilization to sustained, category-leading growth Improved execution by focusing on the basics Operational discipline to right-size spending and stabilize EBITDA Controls to strengthen cash predictability and risk management Stabilize FY26 FY27 FY28 Drive share gain and sustainable growth Accelerate mix improvement Focus portfolio on high-value opportunities Accelerate Build category-leading capabilities that expand markets Strengthen differentiation through integrated solutions Drive margin expansion through scale and efficiency Expand Core growth (2.9%) to 4.3%
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1. EFSA and ECDC zoonoses reports; 2. European Food Safety Authority Budget, USDA Food Safety Budget, Neogen estimates; 3. US DA Economic Research Service cost estimates; 4. IFIC Food Health Survey Foodborne outbreaks Acute need for global food safety 50% 2015–20241 (4,362 to 6,558) Economic burden of foodborne illness $75B Annually3 Government spending 58% 2015–20252 Food safety confidence 15% 2023–20254
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Connecting Neogen’s advantages to drive customer value Neogen combines these advantages at global scale 6 of 10 Platforms have market-leading positions 10K+ SKUs supporting a wide range of customers, specific needs and segments 100+ Validated applications with 100+ AOAC / AFNOR certifications >50% Revenue generated outside the U.S. 80% Food safety revenue with food producers
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Uniquely positioned to lead Global life science and diagnostics Food safety focus Global scale, distribution, and logistics Comprehensive multi-segment portfolio Scientific and industry expertise Centralized labs Digital solution ecosystem Point-of- processing solutions Private competitors
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Three value-creation pillars turn our advantages into performance OPERATIONAL EXCELLENCE Jim Walter, SVP Operations HIGH-IMPACT INNOVATION Dr. Jeremy Yarwood, Chief Scientific Officer COMMERCIAL PROWESS Dr. Tammi Ranalli, General Manager Food Safety and Joe Freels, Chief Commercial Officer FINANCIAL STRATEGY AND TARGETS Bryan Riggsbee, Chief Financial Officer
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Joe Freels, Chief Commercial Officer Dr. Tammi Ranalli, General Manager Food Safety
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Food safety is brand equity, operating risk, and business survival Failure is more than a line item — it means litigation, brand collapse, and sometimes the end of the business for food producers 9 deaths and 700+ ill in 46 states Peanut Corp. of America1 2008–2009 Salmonella (peanuts) Infant formula recall2 2025–2026 144 cases in 99 countries and 6 WHO regions Cereulide toxin (ARA oil) U.S. outbreak waves1 2026 Cyclospora (iceberg lettuce) Salmonella (jalapeños) E. coli O145 (blueberries) 345 ill, 36 hospitalized in 27 states 2 deaths, ~13,000 ill and 570 hospitalized in 21 states 12 ill, 4 hospitalized in 2 states 1. U.S. Centers for Disease Control and Prevention investigations and reports; 2. WHO investigation and reports
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Speed and simplicity, not complexity Faster time to result and simpler workflows now outrank menu breadth in buying decisions Integrated solutions, not individual tests “We don’t want twelve vendors and twelve systems— we want one partner who connects the workflow” Insight and integration, not just a result Analytics, trend visibility, and audit-readiness that turn a single test into a decision Reliable testing at the point of processing Moving beyond fragmented point solutions and slow centralized labs they cannot depend on What our customers tell us they want Themes reflect aggregated customer research; representative statements are illustrative of recurring sentiment. Global customer interviews and voice-of-customer research across food & beverage, protein, and laboratory segments.
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Accelerating the shift to point of processing through our integrated solutions Centralized lab $9B market
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Accelerating the shift to point of processing through our integrated solutions Point of processing $5B market Centralized lab $9B Market $700M shift in testing spend to point of processing over the next five years $140M/year
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Why Neogen wins at the point of processing The market is moving to the line. Neogen is already there. “I need answers on the floor , not in three days” On-site results in minutes to hours, no lab required “We can't afford to sit on inventory waiting for a lab” Testing data connected to release decisions in real time “One partner who connects the workflow” A single portfolio replaces multiple vendors “Results we can defend to an auditor” 100+ AOAC-and AFNOR validated, certified methods trusted by auditors worldwide
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Integrated solutions deepen customer relationships and expand share of wallet Multiple products across multiple vendors More complexity Slower decisions Perishable inventory Pathogen testing Allergen testing Environmental monitoring Sample Collection Digital records Vendor A Vendor B Vendor C Vendor D Vendor E
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Integrated solutions deepen customer relationships and expand share of wallet Faster decisions Simpler workflows Audit-ready insight Pathogens Allergens Sample Collection Neogen Analytics Indicators Integrated solutions One connected partner across the workflow
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Molecular Detection System (MDS ) Reveal® Megazyme® Soleris® Neogen Analytics Petrifilm® Clean-Trace® Sample Collection Our strengths in action in the dairy industry Receiving Storage Pasteurization Processing Packaging Release Processing, equipment, packaging areas Environmental & in -process testing Finished product testing Production environment & finished product Formulation, process & compositional analysis Finished product, shelf life & UHT quality testing Throughout entire process Raw materials, in -process, finished product Raw materials testing Ingredient testing Raw materials & incoming ingredient analysis Connects and delivers insights across entire program
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Raw-milk reception Pasteurization & process Neogen Analytics turns connected testing into recurring growth and customer stickiness Finished-product release Environmental monitoring
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Neogen Analytics turns connected testing into recurring growth and customer stickiness Creates recurring consumables pull-through Increases customer switching costs Generates software-linked recurring revenue >1.5x Consumable utilization following Neogen Analytics adoption
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Organizing our commercial model around our right to win What customers need Fast, connected, audit-ready food safety decisions The Neogen advantage Point of processing access Broad portfolio Technical and regulatory credibility Analytics Opportunity to gain share in a growing market
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Expanding category leadership through foundational strengths and focus Portfolio breadth Science and technical support Quality and regulatory credibility Trusted customer relationships
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Expanding category leadership through foundational strengths and focus Global go-to- market focus Solutions-based selling Stronger funnel discipline Clearer accountability Consistent execution across regions Portfolio breadth Science and technical support Quality and regulatory credibility Trusted customer relationships
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Focused strategic account approach 6.2% Q1 strategic account growth Tighter focus is producing stronger outcomes
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Focused strategic account approach Expand share of wallet Broader adoption drives product depth, recurring consumables, and stronger customer retention Standardize solutions Integrated testing, informatics, and workflows expand Neogen’s role across customer enterprise Engage enterprise-wide Dedicated account leadership connects with decision-makers across functions and geographies
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Growth opportunity Current footprint Animal Safety combines attractive recurring demand with significant global expansion opportunity Creating meaningful runway across EMEA, Latin America, and Asia-Pacific ~85% U.S. ~15% International
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Animal Safety combines attractive recurring demand with significant global expansion opportunity Creating meaningful runway across EMEA, Latin America, and Asia-Pacific Activate distribution Extend trusted brands Use Neogen’s global infrastructure to improve reach Growth opportunity
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Increasing effectiveness with differentiated coverage model Smaller or repeat buyers Speed, convenience, and self-service Core accounts Field and channel support Strategic accounts High-touch partnership Better customer experience, broader reach, and more productive growth
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Our revamped commercial model is improving execution and accountability Sharper targeting Pricing discipline Strategic prioritization Sales Operating Model
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1. Results of employee surveys at July 2026 global sales meeting Our revamped commercial model is improving execution and accountability Commercial confidence in direction and leadership1 94% 58% +62% increase
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Note: Data as of Q1 FY27 Immediate short-term impact indicates we are on the right path 32% New opportunities per quarter $142M Total qualified pipeline $13M Opportunity wins 5% On-time fulfillment 27% Product backorders
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Dr. Jeremy Yarwood, Chief Scientific Officer
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Customer need We are investing in innovation where customers tell us they need us most Innovation focus Customer value Rapid diagnostics, automation, advanced imaging Faster release, less waste, longer shelf lifeSpeed and simplicity Connected platforms, Neogen Analytics, workflow integration One connected workflow , higher productivityIntegrated solutions AI-enabled analytics, predictive workflows, digital records Faster and smarter decisions, stronger preventionInsight Next-generation pathogen, allergen, sanitation technologies Faster answers where decisions are made, earlier intervention Reliable point of processing testing
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18 identified projects 15% ROIC Return threshold 10x vitality index Portfolio productivity Disciplined approach to maximize value from a rich funnel Disciplined selection converts a broad funnel into a focused investment portfolio Petrifilm5 Allergens2 FQNA2Others5 Pathogens4
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Organic development Internally developed platforms and products Govt & customer co-development Externally co-developed solutions and platforms Strategic licensing Licensed technology paired with Neogen capabilities Our path to innovation
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Food safety innovation cycle presents rapid path-to-market 6–12 months Neogen Analytics 12–18 months Validations and claim expansion 24–36 months New product innovation $100M Aggregate impact by FY31 Development Commercialization
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Next-generation solutions move testing closer to production Quantitative allergen ELISA-level performance in a simpler format across a broad range of samples General sanitation Instrument connectivity, digital tracking, and expanded analytics capabilities Toxin detection Rapid screening with advanced imaging supporting faster product release decisions
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Risk-based pathogen detection Enabling testing at the point of processing Moves critical testing closer to where production decisions are made
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Petrifilm innovation has the potential to unlock market growth Current food & beverage Broader food & beverage Adjacent applications New markets FY31 $2B Clinical Dx Pharma Cosmetics Personal Care Oil and Gas ~$2B Petrifilm market expansion opportunity >2.5x Potential increase in addressable market
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Turning insights into action Translating data into action with a leading global food producer Identifying and correcting an emerging Listeria issue 20+ Site deployment 100+ Factory opportunity CORE Functionality enhancements OPEN Distribution beyond partner
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Every product interaction strengthens Neogen’s innovation flywheel Food traceability: Sourcing, transport, and material inputs Customer metadata: Quality, sanitation, operations, and infrastructure Testing platforms: Pathogen, allergen, sanitation, and mycotoxin Environmental: Climate, disease, and traceability inputs Connected sources More adoption and deeper engagement Better customer decisions and risk management Improved algorithms, workflows and solutions Customer and risk insights
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Hinalea’s technology platform: opportunity for multiple pathways for future growth Today Reinforce the core Next Solve adjacent customer needs Long term Expand the market
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1. Illustrative rendering Reducing time to result unlocks customer value and expands the opportunity 50% Target reduction in time to result Next-generation Petrifilm Reader1 $1.2B Culture media addressable market 70% culture media 30% Petrifilm
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Neogen’s innovation engine goals through FY31 $100M Revenue contribution from new product innovation 15% Targeted ROIC, 10x vitality index 5+ New product launches per year
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Jim Walter, SVP Operations
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1. Q1 FY27 YoY A stronger operating platform positions Neogen to scale the next phase of growth Stabilize the business Accelerate the business 65% Reduction in complaints1 23% Reduction in inventory1 45% Service-level improvement1 Restore control across quality, service, inventory, and the global operating network Managing capacity, demand, inventory, quality, and investment as an integrated global system Completed In progress
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Operations creates the leverage to scale growth into stronger margins Expand gross margin, strengthen cash generation, and create a scalable path to higher EBITDA margins Accelerate innovation Improve structural cost Scale efficiently
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Focused growth vectors enable efficient scaling Strategic accounts Deepen share of wallet Focused markets Win where Neogen is strongest Petrifilm expansion Scale adoption of a proven platform Position capacity and inventory around committed account growth Configure the network to serve priority markets reliably and efficiently Build manufacturing readiness ahead of adoption and launch demand
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Petrifilm manufacturing is ready to begin the transition Occupancy permit received Production equipment is 100% validated Critical external certifications are on track 75,000+ plates have been tested through validation ~3x current Petrifilm capacity
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A controlled transition protects customers while expanding margins FY29 Start FY27 Start Today Nov 2026 FY28 Start Operational and performance qualification Manufacturing scale-up and transition Process optimization New innovation commercialization Majority of SKUs fully validated
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Operations expands the pathways from innovation to commercialization Innovation sources Internal R&D Strategic partners Strategic suppliers Operations and supply chain Unified innovation engine Commercial outcomes More innovation pathways Faster time to market Lower launch risk Broader growth opportunity
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Dedicated pilot-line can accelerate product development and process optimization New SKUs can be validated and commercialized without disrupting commercial production Creates an innovation engine that supports a larger pipeline of future growth opportunities Petrifilm pilot line enables efficient innovation
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Operations will create structural leverage to support margin expansion Productivity Automation and process improvement Higher productivity Planning Integrated demand and supply decisions Better asset utilization Logistics Simplified, data-led fulfillment network Lower cost to serve
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Operational excellence is creating the potential for gross margin expansion FY26 Automation efficiencies Planning Logistics FY31 Low 50% High 50%
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Automation has the potential to create profitability across the portfolio 82% Line operating efficiency Soleris AI-enabled manufacturing pilot 10%+ Annual growth Clean-Trace CAM2 consumables line 5x Throughput capacity Sample collection High-speed automated line
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Planning turns insight into action See sooner Global sales & operations planning (S&OP) and network visibility surface excess and shelf-life risk earlier Decide earlier Dedicated ownership aligns demand, production, inventory, and service trade-offs Act with discipline Root-cause cadence and replenishment controls stop new exposure from forming Sustain the gain We believe common metrics and governance afford the opportunity to turn inventory improvement into a repeatable capability
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Logistics is creating leverage through better service and lower cost ~5% reduction Outbound freight costs1 6.1 1.2 days Order cycle time1 Simplify the network Less fixed cost and complexity Optimize transportation Lower freight cost Improve fulfillment flow Faster , more reliable service 1. Q1 FY27 YoY
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The operating platform converts growth into financial leverage High 50% Target adj. gross margin 30% Target adj. EBITDA margin Stronger Free cash flow Scale efficiently Accelerate commercialization Improve structural cost
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Bryan Riggsbee, Chief Financial Officer
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Recent stabilization efforts have prepared Neogen for its next chapter Improvements to commercial execution by “focusing on the basics” Operational discipline to right-size spending and stabilize adj. EBITDA margin Stabilization Acceleration and Expansion Governance and controls to strengthen cash predictability and risk management Portfolio optimization, including divestitures to accelerate deleveraging and fund reinvestment
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Targeting by FY31 Disciplined capital deployment, with a focus on ROIC 1. FCF Conversion calculated as Free Cash Flow divided by Net Income. Recent stabilization efforts have prepared Neogen for its next chapter Long-term goal of HSD-to-LDD growth Stabilization High 50% Adj. Gross margin 30% Adj. EBITDA margin 80% FCF conversion1 Acceleration & Expansion ~
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Transforming our financial profile through operational improvements Enhanced targeting and customer segmentation through new GTM strategy Deeper, more strategic engagement with most important customers Enhancements to commercial capabilities Increase R&D investment in FY27, focusing on critical markets Evaluate technology licensing deals to solidify market-leading position Reinvigoration of innovation pipeline Aggressively address areas of value leakage Pursuit of operational efficiency and technology enablement
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Neogen has a clear path to consistent HSD-to-LDD growth FY24 – FY25 growth Normalization of core business FY26 – FY27 growth Market growth Commercial execution Innovation Non-organic growth Long-term outlook Successful business stabilization efforts HSD-to-LDD long- term growth
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There are multiple drivers of long-term gross margin expansion Global manufacturing/ logistics Petrifilm manufacturing transition Supplier management savings Innovation- driven margin benefits Infrastructure and scale benefits Targeting a high 50% gross margin by FY31 through manufacturing, sourcing, and innovation drivers
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Areas of focus for FY27 EBITDA improvement Neogen FY27 Industry best-in-class Targeted improvements to inventory write-offs ~$15M long-term targeted reduction Focus on product pricing and supplier costs to reduce spend on materials and components Achieve 15%+ Sample Collection gross margin by FY28 through automation investments
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Our EBITDA margin goal is supported by a disciplined plan Incremental R&D spend Low 20% 30% Target Current adj. EBITDA margin FY31E adj. EBITDA margin Operational efficiency Expected to partially offset inflationary cost growth (300) bps impact to drive innovation Gross margin expansion Low 50% in FY26 to high 50% in FY31
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Neogen has multiple levers to improve our free cash flow generation Lower interest expense Debt repayment and lower interest rates through refinancing could reduce interest expense Declining capital expenditures Normalization of capital spend following completion of larger projects Improvements to net working capital Improvement toward industry best-in-class levels Long-term FCF conversion goal of ~80% of adj. net income
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Disciplined capital deployment strategy Higher ROIC with accelerated payback R&D: targeting ~5% of revenue by FY31 M&A: focus on accretion and returns exceeding cost of capital Achieve net leverage target of <2.5x by paying down debt Return excess cash through share repurchase
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Executive summary Building a platform to support continuous, robust top-line growth HSD-to-LDD long-term growth Clear pathway to industry-leading gross and adj. EBITDA margins by FY31 High 50% adj. gross margin and 30% adj. EBITDA margin Transitioning our balance sheet to a position of strength by driving significant improvements in cash generation and improving our debt structure Long-term net leverage of <2.5x Capital deployment strategy is focused on internal technology and innovation investments, coupled with integrating bolt-on, accretive acquisitions Continued investments in enterprise capabilities, R&D, and accretive acquisitions Long-term targets
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We are confident in the path forward Good morning, everyone! I’m thrilled to be here as Neogen’s Chief Scientific Officer to share insights on how we believe innovation can drive real value for our customers and our business. Since I’ve joined the company, I’ve had the opportunity to meet with customers around the globe, from small, regional players to major multinationals. Almost without exception, they are looking at us to be a holistic solution provider and a real partner in solving their Food Safety challenges. As a category leader , we the have presence and ability to deliver solutions throughout the value chain. T o do so, we are building on both existing capabilities and harnessing new ones to enable rapid, high-confidence decision-making, seamless integration into their larger workflows, driving insights that eliminate the risk of contamination, and allowing testing to happen nearest the point of processing. We believe we have the team, capabilities, and discipline to deliver The business is stable and growing Momentum is building Increasing global food safety risks Driving demand for our trusted solutions Neogen uniquely positioned Solving customer challenges at scale
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SHAPING THE FUTURE OF FOOD SAFETY