Disclosure Devil - Summary

BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai - 400 001 Scrip Code: 530019 Jul 31, 2025 National Stock Exchange of India Limited Exchange Plaza, 5th Floor, Bandra-Kurla Complex, Bandra (E), Mumbai - 400051 Symbol: JUBLPHARMA Sub.: Intimation of Investors/ Analysts Meeting Dear Sirs, Pursuant to the provisions of Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we would like to inform you that the management of the Company shall be meeting in person the following institutional investors in a mix of one on one and group meetings on August 6, 2025 in Singapore. These meetings are organized by Nuvama Institutional Equities as a part of their Nuvama India Conference. The schedule may undergo change due to exigencies on the part of Investors / Analysts / Company. 1. Lion Global Investor Ltd 2. Tree Line Investment Management 3. Indea Capital Pte Ltd 4. Persistence Capital 5. Templeton Emerging Markets Group 6. Amansa Investment Advisors Pvt Ltd 7. Ward Ferry Management Ltd 8. Millenium Partners 9. Capital Research We also enclose the presentation to be discussed during the meetings. This is for your information and record. Thanking you, Yours faithfully, For Jubilant Pharmova Limited Naresh Kapoor Company Secretary Investor Presentation Jul’25 2Disclaimer Statements in this document relating to future status, events, or circumstances, including but not limited to statements about plans and objectives, the progress and results of research and development, potential product characteristics and uses, product sales potential and target dates for product launch are forward looking statements based on estimates and the anticipated effects of future events on current and developing circumstances. Such statements are subject to numerous risks and uncertainties and are not necessarily predictive of future results. Actual results may differ materially from those anticipated in the forward-looking statements. Jubilant Pharmova may, from time to time, make additional written and oral forward looking statements, including statements contained in the company’s filings with the regulatory bodies and our reports to shareholders. The company assumes no obligation to update forward-looking statements to reflect actual results, changed assumptions or other factors. • India • USA • Canada • Europe • Singapore • Australia • Africa • China • Sri Lanka, Bangladesh 43,000 people across the globe with ~2,200 in North America • Pharmaceuticals • Life Science Ingredients • Performance Polymers • Food Service (QSR) 3 Strong presence in diverse sectors Global presence through investments Employer of Top Talent • Contract Research & Development Services • Therapeutics • Auto Dealerships • Oil and Gas servicesJubilant Bhartia Group has created value across multiple sectors 4 A global leader with a strong team of 5,500 people CDMO Sterile Injectables Leading manufacturer of Radiopharmaceuticals in North America 2nd largest radiopharmacy network in the US 2nd largest player in the US Allergenic extract market Sole supplier of Venom Immunotherapy in the US Leading contract manufacturer in North America Serves top global innovator pharma companies Integrated drug discovery and development service provider Formidable API player in multiple therapeutic areas Over 50 countries served including regulated markets Broad therapeutic areas : CVS, CNS, GI and MS Two drug programs in clinical trials Developing high potential precision medicines in Oncology Radiopharma Allergy Immunotherapy CRDMO Generics Proprietary Novel DrugsJubilant Pharmova, a diversified pharmaceutical company 5Focus on specialty products & services and Dollar revenues Radiopharma, 46% CDMO - SI, 19% CRDMO, 16% Allergy Immunotherapy, 10% Generics, 9% USD, 93% Rest, 7% Business wise Revenue Split Q1’FY26 Specialty Products (Radiopharma, Allergy Immunotherapy) and Specialty Services (CDMO & CRDMO) contribute majority of revenues Currency wise Revenue Split Q1’FY26 Majority revenues are USD denominated 6Minimal risk from US Tariffs USA, 79% Rest of World, 21% Geography wise Revenue Split Q1’FY26 US market constitutes majority of revenues Origin of Goods & Services sold in the US Q1’FY26 Goods & Services from US , 68% Goods & Services from Canada, 17%* Goods & Services from India, 15%* Goods from Canada (Radiopharmaceuticals) exempted from tariffs under US- Canada – Mexico trade agreement * Goods and Services from Canada 17% : Goods 16%, Services 1% * Goods and Services from India 15% : Goods 7%, Services 8% CDMO – SteriIe Injectables Radiopharmaceuticals NORTH AMERICA INDIA & EUROPE Bengaluru, Karnataka - Drug discovery G. Noida, Uttar Pradesh - Drug discovery 6 Manufacturing facilities 3 Research facilities 45 Radiopharmacies 7 Roorkee, Uttrakhand, India - Generics Nanjangud, Karnataka, India - CDMO API Kirkland, Montreal, Canada CDMO – SteriIe Injectables Allergy Immunotherapy Spokane, Washington, USState-of-the-art manufacturing and research facilitiesenable our growth France - Drug discovery 8 2x Revenue 25% EBITDA Margin Zero Net Debt High Teens RoCE • ( EBIT before exceptional items ) / Average ((Equity + Gross Debt ) less (CWIP adjusted for grant)) Vision 2030: We aspire to double our revenues by FY30and we are on the right track From FY24 To FY30 Rs. 6,703 Cr. Rs. 13,500 Cr. ~ 15 % 23% to 25% Rs. 2,457 Cr. Zero High Single digit High Teens Actual Trailing 12 Months Rs. 7,404 Cr. 17% Rs. 1,535 Cr. End of Q1’FY26 12%* Q1’FY26 Annualised 9 Business Growth Drivers Radiopharma Allergy immunotherapy CDMO - Sterile Injectables CRDMO GenericsThese are our growth drivers to achieve Vision 2030 Leadership in Ruby-Fill® Launch New PET, SPECT and Therapeutic products (MIBG) Invest in 6 high margin PET Radiopharmacies in US Strengthen competitive position and develop new products Double capacity in Spokane, US Add large pharma customers Grow CDMO and custom manufacturing in API Launch new products in the US and Grow profitable Non-US international business Radiopharma SPECT Imaging PET Imaging Radiopharmaceutical Therapeutics Low Energy gamma rays detected by SPECT cameras High Energy positrons detected by a PET scanner Systemically or Locally Delivered radiation using pharmaceuticals Isotopes - Tc99m Isotopes - Rb82, F18, Ga68 Isotopes – I131, Lu177, Ac225 Key Products MAA, DTPA, Sulfur Colloid, Mertiatide Ruby-Fill ®, Pylarify, Illuccix, Neuraceq, FDG HICON® Sodium Iodide I 131, Pluvicto, Lutathera 11 Radiopharmaceuticals have a growing role in treatment of life-threatening diseases e.g. CancerRadiopharmaceuticals 2023 2025 2027 2030 SPECT Imaging PET Imaging Therapies - Conventional Therapies - Advanced ~ 5 US Radiopharmaceutical Market USD Bn. ~ 20 12 PET imaging & advance therapies are driving the market growth CAGR: 20%+ New products in PET Imaging Launch of advanced Therapies • PSMA Therapeutic, Pluvicto for Prostrate Cancer ~USD 2.0 Bn. • PSMA Diagnostics for Prostrate Cancer ~ USD 1.5 Bn. • Broad range of applicability e.g. Alzheimer’s • Special reimbursement for diagnostic products (FIND Act) • Novartis and Mariana Oncology (USD 1 Bn.) • AstraZeneca and Fusion (USD 2.4 Bn.) • Lilly and Point Biopharma (USD 1.4 Bn.) • BMS and Rayzebio (USD 3.6 Bn.) Multiple billion-dollar M&A deals US Radiopharmaceutical market is growing at 20% CAGR Growth Drivers & Trends 13Consolidated Market with high Entry Barriers Forward integration with radiopharmacies helps to gain market share Forward integration with radiopharmacies High capex requirement, long developmental cycle and complex isotope handling requirements for novel product development. Innovative new product development Adherence with extensive license framework. Stringent manufacturing set up required to handle isotopes Stringent manufacturing & regulatory environment Radioactive isotope decays exponentially. The half life could be few hours to few days. Goal is to deliver high activity doses Managing time sensitive logistics • Diversified across diagnostics & therapeutics • Current TAM at USD 400 Mn. • Strong R&D and supply chain • In-house API manufacturing Organ Key Indication Product PET Dx Cardiac Coronary Artery disease Ruby - Fill® SPECT Dx Breast Lymph nodes detection Sulfur Colloid Cardiac Cardiac blood pool imaging Tc99m-Gluceptate Coronary Artery Disease Tc99m-Sestamibi Gastrointestinal Intra-abdominal Infection Tc99m-Exametazime Lung Pulmonary Embolism Tc99m-DTPA Pulmonary Perfusion Tc99m-MAA Muscoskeletal Altered osteogenesis Tc99m-MDP Renal Renal failure Tc99m-Mertiatide Thyroid Localising thyroid malignancies I-131 Therapeutics Thyroid Hyperthyroidism, Thyroid Cancer I-131 HICON® 14We are a leading Radiopharmaceuticals manufacturer in North America 15Market leadership in select products MAA is used in the perfusion phase of a ventilation/perfusion (V/Q) scan to diagnose pulmonary embolism. JDI is leading player in the US market Draximage ® MAA DTPA is used to assess pulmonary ventilation function in association with MAA to perform a Ventilation/perfusion (V/Q) scan. JDI is leading player in the US market Draximage ® DTPA HICON® Sodium Iodine I 131 Solution USP HICON® is a radioactive therapeutic agent indicated for the treatment of hyperthyroidism and selected cases of carcinoma of the thyroid. JDI has no direct competition in the US market It is used for Cardiac PET scan, to evaluate regional myocardial perfusion in adults with suspected or existing coronary artery disease. JDI is the innovative leader in the US market Ruby-Fill ® 16Radiopharmaceuticals Financials : Q1’FY26 • Q1’FY26 revenue grew on back of growth in Ruby-Fill ® and Sulfur Colloid • Q1’FY26 EBITDA stable YoY Particulars ( Rs. Cr.) Q1’FY25 Q4’FY25 Q1’FY26 Y-o-Y Revenue 262 296 271 3% EBITDA 126 136 126 0% EBITDA Margin (%) 48% 46% 46% (150) bps 17 Growth drivers: • Ruby-Fill® • New PET & SPECT products • MIBG FY24 FY25 TTM FY30 Revenue: More than 2x of FY24 EBITDA Margin: More than 50% Revenue: Rs. 952 Cr. EBITDA Margin: 50% Revenue: Rs. 1,074 Cr. EBITDA Margin: 47%Radiopharmaceuticals Vision 2030: To more than double the revenues Growth & Margins to improve on the back of new products introduction Revenue: Rs. 1,083 Cr. EBITDA Margin: 47% Competitive advantage • Longer life per generator (7 weeks vs 6 weeks for peer) • Better image quality and consistency • Constant Activity Current Position • Market Size ~ USD 180 Mn. and growing at 12% • Market share ~ 25% and growing Product Innovation • Value engineering to lower cost & improve margin • AI enabled 3D cardiac blood flow quantification 18 Ruby-Fill ® Rubidium 82 generator and Elusion System Growth drivers: • Ruby-Fill® • New PET & SPECT products • MIBGTo become leader in cardiac PET Imaging through Ruby-Fill® 19 Timeline Incremental TAM USD Mn. Potential Peak Annual Sales - USD Mn. No. of launches FY27 50 20 2 FY28 250 60 3 FY29 250 40 4 Total 550 120 9 Developing new products in SPECT Imaging to maintain leadership & in PET Imaging for growth Launch new PET and SPECT imaging products with a TAM of USD 550 Mn Growth drivers: • Ruby-Fill® • New PET & SPECT products • MIBG HICON® Sodium Iodide I 131 - Commercialised MIBG - Undergoing Clinical trials 20 • Used in imaging & treatment for pediatric cancer - Neuroblastoma • Relapsed / Refractory patients have limited treatment options • Potential peak sales USD 70 - 100 Mn. • Data package to FDA by H2’FY26 • Iodine I 131, HICON® is standard care for patients • Used for diagnosis and treatment of Thyroid cancerLaunch MIBG by FY27 Growth drivers: • Ruby-Fill® • New PET & SPECT products • MIBG Radiopharmacy SPECT Radiopharmacy PET Radiopharmacy 22Radiopharmacies are critical in generating value • Consolidated market in the US. Large M&A transactions in Radiopharmacies • Increasing demand for novel PET products driving PET radiopharmacies growth • Stringent USP 825 regulations to drive increase in therapeutics dispensing through Pharmacy • Emerging radioisotopes landscape such as Rb-Sr, Ga-68, Cu-64, Lu-177, Ac-225 Growth Drivers & Trends 23Consolidated market with high Entry Barriers Stringent Regulations Each treatment site is required to obtain a license from Nuclear Regulatory Commission and comply with additional state, local, and hospital regulations for transportation and usage Intricate Supply Chain A robust supply chain is required given short product half-lives and strong customer preference for just-in- time ordering, compared to large bulk orders Complex Care Coordination Requires awareness, education, and collaboration across multiple hospital departments Skilled Manpower Requirement Authorized nuclear pharmacists require at least 4,000 hours of training or experience in nuclear pharmacy practice along with rigorous examinations 1 2 3 4 # of radio pharmacies in the US SPECT pharmacies PET pharmacies # of hospitals served in the US 160+   ~ 4,100 45   ~ 1,800 41  ~ 700 31  ~ 900 42   ~ 200 14  ~ 200 Barriers to Entry Consolidated Market USP<825> JDR network is USP 825 compliant Current Cyclotron Current SPECT 6 customized doses delivered every minute 45 Radiopharmacies with ~ 20% volume market share 1,800 hospitals catered 99%+ on-time deliveries, Use of AI for route optimization Therapeutics distribution is preferred from radiopharmacies Business moat Unique combination of SPECT manufacturing & radiopharmacy network 6 Planning new sites in PET network 24 6 New PET SITES RI NJ MD DE AZ CO NM OK KS NE SD UT WY OR NV CA WD ID MT ND MN AR MO IA PA NY MI WI IL IN OH WV VA KY TN NC SC TX LA GA AL MS FL VT NH ME Portland Loma Lina Denver Minneapolis Kansas City St Louis Dallas Houston Chicago North Chicago South Memphis Hattiesburg Mobile (PET) Pensacola Birmingham Chattanooga Cincinnati Dayton Cleveland Pittsburgh Harris- burgh Boston Wilkes Barre Greater NY New Jersey Metro Phila- delphia Baltimore Beltsville Richmond Raleigh Myrtle Beach Charleston Columbia Savannah Atlanta (PET) Atlanta (SPECT) Athens Macon (PET) Valdosta Tallahassee Jacksonville Daytona Beach Melbourne St. Petersburg Fort Myers Miami Orlando Saginaw Detroit Macon (SPECT) Mobile (SPECT) Los Angeles San FranciscoThe 2 ndlargest radiopharmacy network in the US 25Radiopharmacy Financials : Q1’FY26 • Q1’FY26 revenue grew YoY on the back of increase in volume from new PET products • Q1’FY26 EBITDA lower YoY due to increase in competitive intensity in SPECT radiopharmacies Particulars ( Rs. Cr.) Q1’FY25 Q4’FY25 Q1’FY26 Y-o-Y Revenue 570 600 598 5% EBITDA 13 6 10 (22%) EBITDA Margin (%) 2% 1% 2% (60) bps 26 FY24 FY25 TTM FY30 Revenue: 2x of FY24 EBITDA Margin: ~ 7% to 8% Revenue: Rs. 2,050 Cr. EBITDA Margin: 3%Radiopharmacy Vision 2030: Double the revenues,expand margins by adding 6 PET Radiopharmacies Revenue: Rs. 2,314 Cr. EBITDA Margin: 1% Growth on track Margins to improve as PET Pharmacy revenues increase Revenue: Rs. 2,342 Cr. EBITDA Margin: 1% 27 • Strengthened network to enable long term contracts with PET radiopharmaceutical manufacturers • Fully operational by FY28. Funding through internal accruals and long-term credit • Expect Asset turnover of 1.0x and RoCE 20% + on the USD 50 Mn. investmentExpanding PET Radiopharmacy network from current 3 sites to 9 sites Growth driver: • PET expansion Continue to increase in PET radiopharmacy revenues from the current 3 sites Allergy Immunotherapy Allergies Testing Treatment 29 • 20% + global population have allergies e.g. Asthma and Allergenic Rhinits • Allergy Immunotherapy requires repeated shots of allergic antigens to develop immunityAllergy immunotherapy is the sole way to fundamentally reduce allergen hypersensitivity 30Global Allergy Immunotherapy market is expected to grow by ~ 7% Growth Drivers and Trends • Concentrated US market with 3 players • Complex supply chain from sourcing to processing • Grandfathered approvals, new product needs BLA • Market increasing in Sub-Lingual delivery • Challenging reimbursement landscape Global Allergy Immunotherapy Market USD Bn.CAGR (5yr): ~ 7% 0.2 0.3 2.0 2.7 2023 2028 Non-US US 2.2 3.0 31 • 100-year-old ‘HollisterStier’ brand • Sole Supplier of Venom extracts in the US • 200+ allergenic & 6 venom extracts2 ndlargest player in the US Sub-Cutaneous Allergy Immunotherapy market Venom Extracts Allergenic Extracts Skin Testing Devices Venom extracts for Honey Bee and other insects Allergenic extracts for Dog, Cat, Mite, Tree, Pollen etc. Multiple skin testing systems • Onshore US FDA approved manufacturing • Dedicated sales force in the US • 2,000+ Allergists / ENTs as customers • Q1’FY26 revenue grew on the back of revenue growth in the US market • Q1’FY26 EBITDA stable YoY. EBITDA margins in the normalized range Particulars ( Rs. Cr.) Q1’FY25 Q4’FY25 Q1’FY26 Y-o-Y Revenue 168 192 181 8% EBITDA 63 88 63 (1%) EBITDA Margin (%) 38% 46% 35% (300) bps 32Allergy Immunotherapy Financials : Q1’FY26 33 FY24 FY25 TTM FY30 Revenue: Rs. 714 Cr. EBITDA Margin: 34% Revenue: ~1.5x of FY24 EBITDA Margin: 35% to 40% Revenue: Rs. 679 Cr. EBITDA Margin: 40%Allergy Immunotherapy Vision 2030: Solidify position as a scientific leader Growth & Margins on track Revenue: Rs. 701 Cr. EBITDA Margin: 35% 34 Strengthen competitive position in US • Retain and grow Venom customers & patient base • Increase US revenue in Allergenic extracts through targeted marketingAllergy Immunotherapy Growth Drivers Grow outside US business • Increase outside US Venom sales through strategic partnerships in European markets Increase investment in R&D • Develop new products & technologies • Build treatment innovation through partnerships and alliances CDMO - Sterile Injectables 36CAGR ~ 11% Year 2023 2024 2025 2026 2027 Demand 4.9 5.2 5.7 6.2 6.8 Supply 5.5 5.8 6.1 6.1 6.1 Vial filling ( Units in Billions ) 13 14 16 17 20 2023 2024 2025 2026 2027 Global CDMO-SI Market Size USD Bn Demand supply gap of 700 Mn. vials in 2027, to be further widened by industry consolidationCDMO -Sterile Injectables is seeing demand supply gap widening Growth Drivers & Trends • Innovator Pharma companies, for their US requirement, are planning to shift the manufacturing from Europe to US, as a risk mitigation measure due to impending Tariffs by the US Govt. • Consolidation in supply due to large acquisitions - Catalent Inc. by Novo Holding • Increasing number of drugs in Biologics pipeline and Loss of exclusivity • Reduction in offshoring by innovators due to regulatory and supply chain advantages 37Market with high Entry Barriers • Majority of commercial contracts are typically long duration (typically 3 years or more with auto renewal) • Greenfield expansion is considerably difficult due to high up-front capex required with ongoing opex to support initial product commercialization • Innovator companies prefer onshore North American manufacturers with a good quality track record in light of continuing supply challenges • Attractive niches & Technology (e.g., Isolator Technology, Multi Dose Preservative Free ophthalmic drops, etc.) have emerged, driven by requirements of differentiated technologies, higher quality standards, people capabilities and capital investment • High switching costs for customers due to significant tech transfer time (18-24 months), other challenges, e.g., quality • Stringent regulatory requirements (FDA) for sterile manufacturing, with ever evolving landscape making difficult for new entrants • 5 of the top 20 pharma companies as customers • 25+ customers across the world with multiple products having patent protection and limited competition • 5+ years average relationship time with Top 10 Customers • 90%+ repeat customer business • 24 months of switching timelines for customers • Full suite of services including sterile fill and finish (Liquid & Freeze dried), Ophthalmic (Liquids, Ointments and creams) and Biologics • 10+ years of US FDA compliant status at flagship site in Spokane 38We are a leading North American CDMO player with unique capabilities and strong customer relationships The business is engaged in Fill and Finish for Sterile Injectables, where a sterile drug is transferred from a filling needle into a sterile vial and then a stopper is applied, except in cases, where the drug requires sterile lyophilization. 39CDMO Sterile Injectables Financials : Q1’FY26 • Q1’FY26 revenue grew YoY due to increase in sales volume • Q1’FY26 EBITDA increased YoY, EBITDA margins lower QoQ due to annual maintenance shutdown at Spokane facility Particulars ( Rs. Cr.) Q1’FY25 Q4’FY25 Q1’FY26 Y-o-Y Revenue 324 340 370 14% EBITDA 57 95 62 9% EBITDA Margin (%) 18% 28% 17% (90) bps 40 FY24 FY25 TTM FY30 Revenue : More than 2x of FY24 EBITDA Margin : More than 25% Revenue : Rs. 1,117 Cr. EBITDA Margin : 17%CDMO -Sterile InjectablesVision 2030 :Double revenues by doubling of capacity at Spokane Revenue : Rs. 1,272 Cr. EBITDA Margin : 23% Growth ahead of expectations Margins on track Revenue : Rs. 1,318 Cr. EBITDA Margin : 23% Timeline FY’24 FY’25 FY’26 FY’27 FY’28 LINE 3 LINE 4 Commercial Production Media Fill Installation Commercial Production Media Fill Installation Construction Design Tech Transfer 41 • Total investment at USD 285 Mn. ( RoCE > 20%) including US Govt. funding of USD 150 Mn. • New lines have incremental revenue potential of USD 160 Mn. to USD 180 Mn • Excellent traction on RFPs incl. from Big Pharma. Expect to finalize these within FY26 • Expect to reach full Capacity utilization for Line 3 in 3 years vs 4 years (as expected earlier) Growth driver: • Doubling CapacityLine 3 to start commercial production in FY26Multiple Tech transfers underway CRDMO: Drug Discovery Services, CDMO API Drug Discovery Services Market Size USD Bn. 8 10 2023 2028 CDMO API Market Size USD Bn. 43CRDMO: Drug Discovery, CDMO -APIIndia uniquely positioned to benefit from Friendshoring Drug Discovery Market • Biosecure Act advantage • Rise in specialized technologies such as ADCs and oligonucleotides CDMO API Market • Rising interest in custom generics • Rapid momentum in specialized CDMO services Growth Drivers & Trends 95 130 2023 2028 44We are a leading CRDMO for science with superior customer relationships • 8 of the top 20 pharma companies as customers with 5x increase in revenue share from Large Pharma • Indian Leader for “Integrated Drug Discovery”, with a track record of +85 programs and Big pharma strategic partnership • Strengthen European penetration, with multifold revenue increase • Fully integrated Chemistry powerhouse from mg to multi-tons • Successful launch of new CDMO services for Biotech and Large Pharma 45…with state of the art integrated CRDMO platform CoE Biologics ( St. Julien, France ) Integrated Drug Discovery Centre (IDDC, Bengaluru) Chemistry Research Innovation Centre (CIRC, G. Noida) Contract Development & Manufacturing Centre (API CDMC) Advanced Intermediate & API Manufacturing ~ 35 Scientists ~ 350 Scientists ~ 750 Scientists ~250 Scientists 900+ MT of capacity Antibody Drug Conjugates, Biologics Identifying target to candidate selection Synthetic, Medicinal, Analytical and Computational Chemistry Process Research Chemistry & Manufacturing US FDA, Japan PMDA, Korea KFDA, Brazil ANVISA Immune - oncology Expertise +85 Integrated Programs delivered ~40 clients in last 3 years From mg to kg Supporting Scale-up up to 20 kg Potent API expertise OEB Class 1-4 API potency Drug Discovery Services & Early CDMO Late CDMO & APIs 46Drug Discovery Financials : Q1’FY26 Particulars ( Rs. Cr.) Q1’FY25 Q4’FY25 Q1’FY26 Y-o-Y Revenue 113 156 161 42% EBITDA 22 41 32 46% EBITDA Margin (%) 19% 26% 20% 60 bps • Q1’FY26 revenue increased YoY from scaling Large Pharma contracts • Q1’FY26 EBITDA increased YoY, EBITDA margins lower QoQ due to change in project mix and investment in business development 47 FY24 FY25 TTM FY30 Revenue: ~ 3x of FY24 EBITDA Margin: More than 25% Revenue: Rs. 449 Cr. EBITDA Margin: 24%Drug Discovery Vision 2030 : Triple revenues & maintain profitability Revenue: Rs. 570 Cr. EBITDA Margin: 24% On track to reach our Vision 2030 aided by Large Pharma strategy Revenue: Rs. 617 Cr. EBITDA Margin: 24% Proposed Biosecure Act • Act passed in Sep’24 by US House of Representatives • American pharma companies to look for alternatives besides China 48 • Executing strategy on Large Pharma • Footprint in EU • Introduction of ADCs, mAbs, and Biologics platformsDrug Discovery Services: Leverage Large Pharma potential Growth driver: • Add Large Pharma 49 Expansion at current sites, Greater Noida & Bengaluru Expansion at new site, Devanahalli, Bengaluru Capacity : 1,000 FTE’s ( FY25 )  2,000 FTE’s ( FY28 ) 4,000 FTE’s ( FY30 ) Increasing capacity in a phased manner ; Total Capex USD 150 Mn. ( Expect RoCE > 20% )Drug Discovery Services: Expansion at current and new sites to enable revenue growth 50Drug Discovery Services: Added capability in Biologics through strategic partnership with Pierre Fabre • Expanded TAM by USD 1.4 Bn. in mAbs and ADCs • Added strategic footprint in the EU • Enhanced domain expertise in ADC • Unique & cost-effective delivery model Integration in progress; Investing in Business development team 51API Financials : Q1’FY26 Particulars ( Rs. Cr.) Q1’FY25 Q4’FY25 Q1’FY26 Y-o-Y Revenue 130 182 141 9% EBITDA 16 39 22 36% EBITDA Margin (%) 12% 21% 15% 310 bps • Q1’Y26 revenue increased YoY on the back of increased volume in select products. Industry wide pricing pressure continues • Q1’FY26 EBITDA margins increased YoY due to profitable product mix added by sustainable cost control measures 52 FY24 FY25 TTM FY30 Revenue: Rs. 593 Cr. EBITDA Margin: 16% Revenue: 2x of FY24 EBITDA Margin: More than 15% Revenue: Rs. 645 Cr. EBITDA Margin: 10%API Vision 2030 : Double revenues and increase profitability Growth momentum is starting Margin improvement on track Revenue: Rs. 581 Cr. EBITDA Margin: 15% APIGrow CDMO and custom manufacturing in API • Further Strengthen CDMO: Leverage GMP manufacturing capabilities for Innovative New Chemical Entities • Custom Manufacturing: Partner with large pharma to manufacture products requiring life cycle management • China plus one strategy: Resilient supply chain through increased backward integration & diversified supplier base Growth driver: • Grow CDMO API • Proposed sale and transfer of API business to “Jubilant Biosys”, wholly owned subsidiary of company • Transaction will lead to housing of Drug Discovery services and CDMO API business in one entity • Combined platform to improve operational efficiency and superior brand recall of “Jubilant Biosys” • Increase asset utilization of API business by improving revenue mix towards Custom manufacturing & CDMO 53 Generics 55 Generics Market USD BnCAGR: ~ 5 to 6 % ~ 406 ~ 532 242 310 149 203 15 19 2023 2028 Developed Markets Pharmerging Markets RoW MarketsGlobal Generics market expected to grow by ~ 5% to 6% Growth Drivers and Trends Developed Market • US market to grow at 2%, signs of decrease in price reductions • Non-US market to grow by 5 - 7% India Market • India market to grow in excess of 8% • Brand building, in-clinic effectiveness of sales is key Non-US international market • Broad therapeutic coverage - CVS, CNS, GI and multi specialty • 1 key market with triple digit revenue in INR Cr., Build total of 3 - 4 markets (B2B2C) • Global presence in 50+ markets - US, Europe, Canada, Japan, Australia • CMO to few large branded generics customers Indian Market • Developing 3 to 4 profitable therapeutic areas / indications US Market • Focusing on profitable portfolio and customers • Serving through Roorkee facility & CMO network 56We are building a growing, profitable & agile business model 57Generics Financials : Q1’FY26 • Q1’FY26 revenue increased YoY due to increase in revenue from Non-US markets • Q1’FY26 EBITDA and EBITDA margins increased YoY due to focus on profitable products Particulars ( Rs. Cr.) Q1’FY25 Q4’FY25 Q1’FY26 Y-o-Y Revenue 156 157 166 7% EBITDA (11) (17) 12 214% EBITDA Margin (%) (7%) (11%) 7% 1,400 bps 58 FY24 FY25 TTM FY30 Revenue : ~2x of FY24 EBITDA Margin : 15% to 17% Revenue : Rs. 775 Cr. EBITDA Margin : (18%)Generics Vision 2030:Reach top quartile profitability for similar size companies Revenue : Rs. 685 Cr. EBITDA Margin : 3% Growth momentum is starting Margin improvement on track Revenue : Rs. 696 Cr. EBITDA Margin : 7% GenericsGrowth Drivers Launch new products • Relaunch dormant ANDAs from Roorkee and CMO network • Secure ANDAs approvals Grow the profitable Non-US international market • Launch 6 to 8 new products every year • Scale 3 to 4 key markets Build branded business • Build presence in Diabetes, Dyslipidemia and Hypertension • Scale in weight management • Grow 1.5 times the Industry growth rate 59 Proprietary Novel Drugs 61Proprietary Novel Drugs • Develop precision oral medicines with enhanced safety and therapeutic efficacy • Focused on specific set of patients, not responding to other therapies • Low-cost in-house discovery engine to generate drug candidates, validated through partnerships • Guided by world’s leading oncologists from Memorial Sloan Kettering and Dana Farber • FDA Orphan drug designations for leading programs JBI-802 and JBI-778 62 JBI-802 Blood Cancer ET/MPN Lung Cancer NSCLC Leukemia Post MPN AML • Company sponsored Phase II trial underway • Highly differentiated for safety and efficacy than peers • Total Addressable Market in US: USD 3.3 Bn. • Investigator led trial initiated • Demonstrated clinical efficacy in two NSCLC patients in phase 1 study • Total Addressable Market in US: USD 3.1 Bn. • Investigator led trial under planning • Blood cancer progression to Leukemia is a serious complication • Total Addressable Market in US: USD 0.8 Bn. Phase II trial underwayJBI-802 to address unmet medical needsin difficult to treat cancers 63JBI -802 has demonstrated transformative treatment in two patients • Non small cell lung cancer patient progressed to last stage after immunotherapy. Post taking JBI-802 treatment, patient has been doing very well even after two years. Major symptoms have disappeared with confirmed partial response with ~40% tumor reduction • Over 50% shrinkage of the patient’s liver metastasis and a complete resolution of related portal hypertension and improvement in quality of life Image only for reference 64 JBI-778 Lung Cancer NSCLC with EGFR mutation Brain Tumor HGG Head & Neck cancer ACC • Total Addressable Market in US: USD 2.0 Bn. • High unmet need with no effective treatment option • Total Addressable Market in US: USD 1.7 Bn. • Chemotherapy, current treatment option has low efficacy • Highly sensitive to treatment mechanism of JBI-778JBI-778 to address unmet medical needs in difficult to treat cancers Phase I trial underway Company sponsored First-in- human Phase I trial ongoing in India 65ProprietaryNovel Drugs Financials : Q1’FY26 • Continue to invest in a calibrated manner in two lead programs Particulars ( Rs. Cr.) Q1’FY25 Q4’FY25 Q1’FY26 Y-o-Y Revenue 0 0 0 EBITDA (6) (4) (6) (3%) 66Proprietary Novel Drugs to explore monetization • Expect clinical data readouts in CY 2026 • Explore monetization through licensing or external fund raising 67Consolidated Reported Financials –Q1’FY26Solid revenue growth (YoY) along with EBITDA & PAT margin expansion (YoY) • Q1’FY26 Revenue grew YoY on the back of growth in revenue across all business units • Q1’FY26 EBITDA margins increased YoY due to improved performance in CRDMO and Generics • Q1’FY26 Normalised PAT margins increased YoY due to improved operating performance and reduction in finance cost Normalised PBT is after adjusting for Exceptional items Normalised PAT is after adjusting for Exceptional items and tax Particulars ( Rs. Cr. ) Q1’FY25 Q4’FY25 Q1’FY26 Y-o-Y Revenue 1,732 1,929 1,901 10% Other Income 14 12 12 Total Income 1,746 1,941 1,913 10% EBITDA 266 357 302 14% EBITDA Margin (%) 15.2% 18.4% 15.8% 60 bps Exceptional Income / (expense) 396 (3) 0 PBT 500 206 154 PBT Margin 28.6% 10.6% 8.1% Normalised PBT1 104 209 154 49% Normalised PBT Margin 5.9% 10.8% 8.1% 210 bps Reported PAT 482 151 103 Reported PAT Margin 27.6% 7.8% 5.4% Normalised PAT1 69 139 103 48% Normalised PAT Margin 4.0% 7.1% 5.4% 140 bps 68Key RatiosNet Debt / Ebitda to remain range bound Exchange Rate : 1 USD = INR 85.76 on Jun 30,2025, 1 USD = INR 85.47 on Mar 28,2025 • Investing consciously to maintain Net debt / Ebitda range bound Particulars ( Rs. Cr. ) Mar 31, 2025 June 30, 2025 Net Debt ( On constant currency, Net of DIC ) 1,348 1,535 Net Debt / Equity 0.22 0.24 Net Debt / EBITDA (TTM) 1.1 1.2 Long Term Capex Creditors 453 455 69SustainabilityReceived KPMG ESG Excellence award for Mid / Small Cap category in the Pharma & Healthcare in FY25 2001 2002 2003 2005 2008 2009 2010 2013 2015 2019 2021 ISO 14000 Certification Sustainability Policy Adopted Sustainability Report Released Became GRI Organization Stakeholder Member Jubilant Bhartia Foundation CSR Wing Launched Climate Change Mitigation and Green Supply Chain Policy Became UNGC Signatory and Participation in CDP 1st EvoVadis Review conducted SoFI Sustainability Software Launched Sustainability Goals created aligned with UNSDG Dow Jones Sustainability Index (DJSI) Sustainability Performance 13 percentage points increase in renewable in purchased power v/s FY 25 target 21% reduction in Specific Greenhouse Gas Emissions v/s FY 25 target All Indian manufacturing plants are Zero Liquid Discharge 19% reduction in Specific Water Consumption v/s FY 25 target Investment in renewable energy 2024 Monitoring yearly sustainability targets DJSI Score 60% EcoVadis Score 65 Winner – Mid/Small Cap Category B - Water Security, D - Climate Member since 2005 Member since 2010 CoP submitted, 3rd July 25 ESG Score 68 Category I ERP 70Summary –Q1’FY26 Radio Pharmaceuticals : Ruby-Fill® maintaining growth momentum. New Products to drive margin expansion Radio Pharmacies : Competitive intensity higher in SPECT, Commercial distribution of PLYARIFY® in PET continue to grow Allergy Immunotherapy : Revenue grew YoY; EBITDA margins in normalized range CDMO Sterile Injectable : Capacity expansion at Spokane on track. Line 3 progressing ahead of expectations CRDMO DDS: Continue to increase revenue share from large pharma clients. Medium term outlook continues to be positive CRDMO API : Focus on profitable products and CDMO. Taking initiatives to reduce operating costs Generics : Improving growth & profitability outlook Prop Novel Drugs : Patient dosing progressing in both lead programs 1 2 3 4 5 6 71Financial Results Table Total Income ( Rs. Cr. ) Q1’FY25 Q4’FY25 Q1’FY26 Revenue (A) 1,732 1,929 1,901 a. Radiopharma 832 895 869 Radiopharmaceuticals 262 296 271 Radiopharmacies 570 600 598 b. Allergy Immunotherapy 168 192 181 c. CDMO Sterile Injectables 324 340 370 d. CRDMO 243 338 302 Drug Discovery Services 113 156 161 CDMO – API 130 182 141 e. Generics 156 157 166 f. Proprietary Novel Drugs 0 0 0 Unallocable Corporate Income 10 7 13 Other Income (B) 14 12 12 Total Income (A+B) 1,746 1,941 1,913 EBITDA ( Rs. Cr. ) Q1’FY25 Margin Q4’FY25 Margin Q1’FY26 Margin a. Radiopharma 138 17% 141 16% 136 16% Radiopharmaceuticals 126 48% 136 46% 126 46% Radiopharmacies 13 2% 6 1% 10 2% b. Allergy Immunotherapy 63 38% 88 46% 63 35% c. CDMO Sterile Injectables 57 18% 95 28% 62 17% d. CRDMO 38 16% 79 23% 54 18% Drug Discovery Services 22 19% 41 26% 32 20% CDMO – API 16 12% 39 21% 22 15% e. Generics (11) (7%) (17) (11%) 12 7% f. Proprietary Novel Drugs (6) (4) (6) Unallocable Corporate ( Expenses) / Income (15) (26) (18) Total EBITDA 266 15.2% 357 18.4% 302 15.8% 72 Reach 2x from FY24 to FY30 23% to 25% by FY30 Zero by FY30 High Teens by FY30 Revenue EBITDA Margin Net Debt RoCEVision 2030 Annexure Arvind Chokhany Group CFO, Whole-time Director Shyam S Bhartia Chairman Hari S Bhartia Co-Chairman Priyavrat Bhartia Managing Director Arjun S Bhartia Joint Managing Director Shantanu Jha Group CHRO Arvind Chokhany Group CFO, Whole-time Director 74 Dr Tushar Gupta Head - Corporate StrategyExecutive Leadership Team Dr Syed Kazmi CEO - Jubilant Therapeutics Giuliano Perfetti CEO - CRDMO, Biosys Dr Jaidev Rajpal CEO - Jubilant Generics Chris Preti CEO - CDMO Sterile Injectables Kyle Ferguson CEO - Allergy Immunotherapy Harsher Singh CEO - Jubilant Radiopharma 75Executive Leadership Team 76Shareholding PatternAs on 30thJune 2025 47.7% 9.5% 17.4% 24.8% 0.6% Promoter and Promoter Group Domestic Institutions Foreign Institutions Non - Institutions Employee Benefit Trust Abbreviation Details CVS Cardiovascular System CNS Central Nervous System CDMO Contract Development Manufacturing Organization CRDMO Contract Research & Development Manufacturing Organization F18 Fluorine-18 Radioisotope PSMA Prostate Specific Membrane Antigen Lu177 Lutetium-177 Radioisotope Ac225 Actinium-225 Radioisotope MAA Macro Aggregated Albumin DTPA Diethylenetriaminepentacetic Acid-Chelating Agent HICON Pharmaceutical Grade Radioactive Iodine I 131 Iodine-131 Radioisotope MIBG Metaiodobenzylguanidine USP (USP 825 Guideline) U.S. Pharmacopeia (USP) general chapter ,825 (Related to Radiopharmaceuticals: Preparation, Compounding, Dispensing, and Repackaging) Ga 68 Gallium-68 Radioisotope Rb Rubidium (chemical element) Sr Strontium (chemical element) Cu 64 Copper-64 Radioisotope NRC Nuclear Regulatory Commission (U.S.) GPOs Group Purchasing Organisation IDNs Integrated Delivery Network SCIL Sublingual immunotherapy (Allergy treatment - Dust mites & Seasonal allergy) SCIT Subcutaneous Immunotherapy (Allergy treatment Insect venom, pet dander, Mold, and other allergens) APAC Asia Pacific MEA Middle East Africa NSCLC Non-small cell lung cancer SCLC Small cell lung cancer Abbreviation Details MEA Middle East Africa LATAM Latin America LOE Loss of exclusivity FDA (US) U.S. Food and Drug Administration PMDA (Japan) Pharmaceutical and Medical Device Agency KFDA (Korea) Korea Food Development Authority ANVISA (Brazil) Brazilian Health Regulatory Agency TGA (Australia) Therapeutic Goods Administration API Active Pharmaceutical Ingredient MENA Middle East North Africa GMP Good Manufacturing Practices B2B2C Business-to-Business-to-Consumer B2B Business-to-Business ET/MPN Essential thrombocythemia / Myeloproliferative neoplasm (rare chronic blood cancer) coREST Inhibitor/ CRISPR-Cas9 Endomorphic RNA Symptomatic Inhibitor (RNA based therapy targeting genetic disease) Epigenetic Modulating Agent Medications that modify gene expression patterns PRMT5 Inhibitor Protein Arginine Methyltransferase 5 inhibtor (Blocks enzyme activity involved in adding methyl groups to arginine residues, affecting gene expression regulation) Brain Penetrant Cerebral blood flow enhancers or cognitive-enhancing drugs (supplements) PD-L1 Inhibitor Programmed death Ligand-1 inhibitor (blocks the PD-L1 pathway, enhancing immune response against cancer cells) PAD4 Inhibitor poly(ADP-ribose) polymerase 4 inhibitor (Disrupts DNA repair mechanisms in cancer cells, leading to their death) LSD1/HDAC6 inhibitor Lysine specific demethylase 1/Histone deacetylase 6 inhibtor (Blocks enzymes involved in modifying histones, impacting gene expression regulation in cancer therapy) NSCLC Non-small cell lung cancer SCLC Small cell lung cancerGlossary Thanks!