News

PRESS RELEASE

PET SERVICE HOLDING NV PUBLISHES STRONG FULL-YEAR 2024 RESULTS AND CONFIRMS GROWTH AMBITIONS FOR 2025

Zaanstad, April 3, 2025

Pet Service Holding NV (PSH), listed on Euronext Access+ in Paris (ISIN code: NL0015001HZ9 and ticker symbol: MLPET) and on: NXchange Amsterdam (ISIN: NL00150004O8), today announces its audited full-year results for the year 2024.

The company reports a tenfold increase in revenue to €12.5 million (versus €1.2 million in 2023), thanks to an aggressive but well-managed acquisition strategy and a strong focus on integration and margin improvement.

In 2024, PSH realized positive EBITDA, and significantly improved its results, turning net income slightly positive. This performance marks a turning point and highlights the company’s ability to generate value through disciplined execution of mergers and acquisitions.

• Significant improvement in net income, from negative €1 million in 2023 to positive €89,000 in 2024
• Sales increased more than tenfold to €12.5 million (+940% vs. 2023)
• First positive EBITDA in company history of €61,000
• €3.9 million increase in gross profit, with gross margin increasing to 34.7%
• Three strategic acquisitions completed by 2024: Asklepios, Dierapotheek.com and Van Ree
• Strategic partnership formed with Vobra Special Petfoods to strengthen pet food offering
• Strong year-end cash position of €1.48 million to support future growth
• Strategic roadmap 2025 confirmed:o +10% expected organic revenue growth
  • Continued merger and acquisition strategy and integration with expected growth of €5 million in sales by 2025
  • International expansion in Germany and Eastern Europe
  • Launch of Click & Collect service and rollout of digital tools

Commented Ron van Veldhoven, CEO:

“2024 was a year of transformation for Pet Service Holding, marked by exceptional revenue growth, strategic acquisitions and a strengthened market position. These achievements reflect the dedication and energy of our talented team, who work every day to improve the well-being of pets and their owners. In 2025, we will build on these solid foundations by expanding scale in a smart and sustainable way. Our priorities include expanding our customer base through targeted marketing, improving the user experience on our digital platforms, launching services such as Click & Collect and making selective acquisitions that align with our mission. With a clear roadmap

ahead, we are confident that we can continue to create long-term value for our customers, partners and shareholders.”

2024: A year of transition for PSH

PSH entered 2024 with a clear roadmap: grow through acquisitions, generate synergies through integration, and improve margins. That strategy translated into the successful completion of three strategic transactions:

• Acquisition of Asklepios BV (Boxtel) – January 2024The acquisition of Asklepios BV significantly strengthened PSH’s position in the B2B veterinary pharmaceutical market. The company brought with it a trusted network of veterinary professionals and an extensive catalog of more than 4,000 products. This strategic move enhanced PSH’s product offering and deepened its integration within the veterinary healthcare ecosystem in the Netherlands. This acquisition also brought with it valuable intangible assets, including 13 proprietary product registrations, classified as intellectual property. From the outset, CEO Ron van Veldhoven recognized the untapped potential of this portfolio, but chose to capitalize on its value only if it could translate into tangible returns.Recently, two of these assets were sold, generating a significant financial contribution that will be reflected in the company’s half-year results in 2025. This monetization not only strengthens short-term profitability, but also reveals previously non-visible value per share. The company is actively exploring the sale of the remaining 11 registrations. As such, the Asklepios acquisition stands out not only for its operational and strategic benefits, but also for its potential to deliver exceptional shareholder value.
• Acquisition of Van Ree BV (Amsterdam) – January 2024With the acquisition of Van Ree BV, PSH expanded its wholesale operations and strengthened its logistics infrastructure. The transaction expanded PSH’s distribution capabilities throughout the Netherlands, allowing the company to serve a broader B2B customer base more efficiently. It also provided valuable synergies in warehousing, delivery and inventory management.
• Acquisition Dierapotheek.com BV – June 2024

The integration of Dierapotheek.com BV brought valuable expertise in online retail and digital customer engagement. The platform’s established consumer base and

strong brand recognition strengthened PSH’s position in the fast-growing online veterinary drug market. This acquisition expands the company’s direct-to-consumer reach and supports its long-term strategy to strengthen its digital channels.

Financial highlights – fiscal year 2024 vs. fiscal year 2023

€ x1000	2024	2023
Turnover	12.489	1.208
Gross margin	4.334	421
EBITDA	61	-855
EBIT	-386	-1.025
Net income	89	-1.020
Cash position (year-end)	1.476	137

Operations: Margin improvement and cost discipline

Reported sales increased sharply from €1.2 million in 2023 to €12.5 million in 2024, driven by the contribution of recent acquisitions and the first benefits of commercial synergies. This nearly tenfold increase in sales shows the transformative impact of PSH’s expansion strategy.

While scaling up operations in 2024, Pet Service Holding NV maintained a disciplined approach to cost control. Marketing expenses increased to €1.16 million, as expected, as a result of strategic investments in customer acquisition and brand awareness. These efforts supported the commercial rollout of the recently acquired entities and contributed to the acceleration of sales growth.

Personnel costs increased during the year as the company expanded its team to support integration and ongoing operations. However, this increase was carefully managed and overall operating costs remained stable over all, highlighting PSH’s focus on efficiency and ability to scale up without disproportionately increasing overhead.

One of the most telling indicators of improved operating performance was the significant increase in gross margin. In absolute terms, gross profit rose from €0.4 million to €4.3 million, an increase of €3.9 million, representing growth of approximately 975%. This increase was driven by higher sales, both organic and from acquisitions, a more favorable product mix, economies of scale and improved purchasing conditions.

This strong improvement in profitability underscores the effectiveness of post-acquisition integration efforts, including procurement synergies and improved pricing discipline, and also reflects the quality of execution by the management team.

EBITDA improved significantly, rising from a negative €0.8 million in 2023 to a positive €61,000 in 2024. This turnaround was achieved thanks to strong performance in the second half of the year and reflects the company’s ability to control costs while scaling up operations.

Overall, operating expenses developed in line with revenue growth, allowing the company to protect its margin profile while continuing to expand. As a result of this disciplined cost management and operating leverage, PSH achieved positive EBITDA for the first time in its history. This is a significant milestone for the company and confirms its transition from an innovative startup to a phase of scale-up.

Operating income (EBIT) also showed significant progress, falling from a loss of €1,025 million in the previous year to a negative EBIT of €386,000. After accounting for a tax benefit of nearly €500,000 from loss carryforwards, net income for 2024 was positive by €89,000, compared with a net loss of €1 million in 2023.

Finally, the company ended the year with a cash balance of €1.48 million, compared to €137,000 at the end of 2023. This improved cash position gives PSH more flexibility to pursue further growth initiatives in 2025 and beyond.

Strategic debt management and strong year-end liquidity

To support its acquisition-focused growth strategy, Pet Service Holding NV secured a diversified mix of financing instruments through 2024. The company raised €1.0 million through a mortgage loan at an interest rate of 7% secured by the assets of Asklepios BV. This facility provided a stable base for the transaction while maintaining operating cash flow.

At the same time, PSH issued €2.1 million of convertible bonds with coupon rates between 7% and 8%. These bonds, maturing in 2026 and 2027, were structured to attract long-term investors who are comfortable with the company’s growth division, while minimizing immediate dilution. The issue was important for financing both acquisitions and working capital. PSH is in the process of converting about 60% of its outstanding bond balance into equity. In addition, PSH arranged approximately €0.2 million in vendor loans as part of the transaction structures.

As a result of this prudent and flexible approach to financing, PSH ended the fiscal year with a solid cash position of €1.48 million. This strong liquidity profile gives the company the financial headroom needed to pursue further growth opportunities in 2025, either through organic expansion or selective strategic acquisitions.

Outlook for 2025

Going forward, Pet Service Holding NV intends to build on the solid foundation laid in 2024. The company plans to continue implementing its growth strategy in 2025 through a balanced combination of organic growth, strategic acquisitions and international expansion. The outlook is supported by a clear set of operational and commercial priorities aimed at strengthening PSH’s position as a leading player in the European pet care market.

First, the company will focus on deepening the integration of the companies acquired in 2024. This includes consolidating logistics and procurement functions, harmonizing back-office systems and fostering collaboration among the newly acquired teams. By doing so, PSH aims to leverage the full potential of its platform and generate further operational leverage.

A second priority is improving internal processes and digital infrastructure. The company is investing in developing scalable IT systems to support growing operations and ensure robust data management. These upgrades are designed to streamline day-to-day functions, improve the customer experience and provide greater insight into the commercial performance of the growing portfolio of brands.

At the same time, PSH will continue to expand its customer base through targeted and innovative marketing campaigns in both the B2C and B2B segments. Special emphasis will be placed on improving the user experience on the company’s online platforms, with the goal of increasing conversion and customer retention. As part of this effort, PSH plans to launch a “Click & Collect” service, allowing consumers to pick up their online purchases directly from one of the company’s distribution centers. This initiative is expected to offer customers more flexibility while reducing delivery costs.

From a strategic perspective, PSH continues to actively seek additional acquisition opportunities that complement its existing portfolio and align with its mission to improve the health and well-being of pets. The company will continue to assess targets that offer operational synergies and potential for margin expansion with a disciplined approach to valuation and integration planning.

In 2025, PSH will also benefit from its recent long-term partnership agreement with Vobra Special Petfoods, the manufacturer of SANIMED, a leading pet food brand. This partnership reflects the company’s growing presence in the pet food segment and its ability to establish reliable partnerships that strengthen its market position. SANIMED products, known for their scientifically developed and animal-friendly formulas, are now available on all of PSH’s platforms. This partnership not only strengthens PSH’s offering in the veterinary segment, but also responds to increasing consumer demand for high-quality, functional pet food.

PSH is also actively exploring opportunities for international expansion, with a particular focus on Eastern Europe. One option under consideration is opening an office in Sofia, Bulgaria, a market experiencing rapid growth in pet ownership and pet food consumption. This option would allow PSH to better serve a growing customer base in the region while strengthening its commitment to international development. In Germany, the company already operates through DrPetCare.de, which successfully distributes high-quality pet food products, including the SANIMED range.

The company now plans to move its listing to Euronext Growth Paris – a platform better suited to PSH’s current size and growth ambitions. Euronext Growth targets small and medium-sized companies and provides access to a broader base of professional investors. The move is expected to increase trading volume and visibility. Depending on Euronext’s approval, and market conditions, the move should take place later this year.

Taking these initiatives into account, Pet Service Holding expects organic revenue growth of approximately 10% in 2025, in addition to a similar improvement in EBITDA. With a strengthened platform, growing market presence and a focused execution strategy, the company is well positioned to once again achieve meaningful progress and value creation.

A platform for future expansion

Pet Service Holding NV has successfully laid the foundations for long-term scalable growth. Looking ahead, PSH remains determined to become a leading consolidator of the European pet care sector. Pet food market,

veterinary products and related services continues to grow steadily, with structural growth estimated at 4-5% across Europe. This trend is supported by an increase in pet ownership, a growing demand for high-quality and specialized pet foods, and an increasing awareness of animal health.

Within this favorable market environment, PSH is ideally positioned to grow profitably through further acquisitions, leveraging its operating platform, distribution network and digital infrastructure. The company will continue to seek opportunities to unlock synergies between its brands and regions, with the aim of optimizing the supply chain, increasing margins and broadening its customer base.

At the same time, PSH is focused on delivering value to shareholders through prudent capital allocation, disciplined execution and a strategy aimed at sustainable and profitable growth. With a strengthened organization, a clear vision and a growing presence in key European markets, the company enters 2025 as a stronger, more agile and future-proof company.

Upcoming events (*):

• 2024 Annual Report: April 23, 2025
• Annual General Meeting: June 30, 2025
• 2025 Turnover first half of 2025: July 31, 2025
• 2025 First half 2025 results: Sept. 30, 2025

(*) Information that may be subject to change

For more information, visit the company’s website: www.petserviceholding.com or contact:

Tel: +31757-572685

E-mail: info@petserviceholding.com

Disclaimer

This press release contains statements that are not historical facts, including, but not limited to, statements about future results and other future events. These statements are based on the current view and assumptions of the management of Pet Service Holding NV. They involve known and unknown risks and uncertainties that could cause actual results,

profitability or events are materially different from those anticipated. In addition, Pet Service Holding NV, its shareholders and its respective affiliates, officers, directors, boards of directors and employees have not verified the accuracy of any statistical data or forward-looking information contained in this press release that originate from or are derived from third-party sources or industry publications and make no representations or warranties with respect thereto. Such statistical data and forward-looking information are used in this press release for informational purposes only.

About Pet Service Holding NV

Pet Service Holding NV is a leader in the field of animal care in the Netherlands. We aim to distinguish ourselves in this competitive market by bringing together a range of services and capitalizing on its valuable experience and expertise in this field. With a focus on animal supplies and nutrition and supplies for veterinary practices, we are well positioned to meet the needs of animals and their owners in Europe.

Ticker: MLPET (Euronext Access+ Paris) ISIN: NL0015001HZ9

Also listed on: NXchange Amsterdam (ISIN: NL00150004O8).