Cohance Lifesciences Limited

rs,

To The Manager Department of Corporate Services BSE Limited 25th Floor, P. J. Towers, Dalal Street, Mumbai - 400 001 To The Manager Listing Department National Stock Exchange of Ind

INR 425

total shares outstanding now trading on both exchanges. Market capitalization of US$ 4.95 bn (INR 425 bn, CMP INR 1112). 5 "Cohance" reflects the mission to Collaborate with global innovators and En

INR 1112

utstanding now trading on both exchanges. Market capitalization of US$ 4.95 bn (INR 425 bn, CMP INR 1112). 5 "Cohance" reflects the mission to Collaborate with global innovators and Enhance molecules

25%

m comprising science based professionals predominantly PhDs R&D team: comprising 510+ Scientists, 25% are PhDs Operations 3500 KL capacities 14 Plants 7 R&D facilities 7 EXECUTIVE SUMMARY FY2

INR 85

 Over the past year, we have achieved significant progress to realize our vision of becoming $1bn (INR 85bn) integrated, technology-driven CDMO with a global footprint by 2030 o Organisation and Talent:

500 bps

B) Expanded our BD team across the US, Japan, and EU, resulting in a planned upfront investment of 500 bps over FY23 in people cost across leadership and BD/R&D investment for future growth C) Institutiona

34%

hrough broader customer relationships and deeper strategic engagement D) Delivered EBITDA margin of 34% and ROCE of 27%, reflecting disciplined execution o R&D, Quality, Regulatory and ESG: A) Achieve

27%

ustomer relationships and deeper strategic engagement D) Delivered EBITDA margin of 34% and ROCE of 27%, reflecting disciplined execution o R&D, Quality, Regulatory and ESG: A) Achieved 20 successful

9%

owth in FY26 and mid-term basis 9  Update on FY25 performance o FY25 consolidated revenue grew 9% YoY, with Pharma CDMO up 18%, supported by project expansions and new RFQs o EBITDA margin for FY25

18%

sis 9  Update on FY25 performance o FY25 consolidated revenue grew 9% YoY, with Pharma CDMO up 18%, supported by project expansions and new RFQs o EBITDA margin for FY25 stood at 34%, with ROCE at 2

2x

ecution o Pharma CDMO: 18% YoY growth • Continued RFQ traction with a better mix: We witnessed an 2x increase in RFQs (vs FY24); Further, this included a good mix of RFQs from new customers, lateral

10%

covery on low base, healthy growth to sustain in FY26 o API+ continued growth trajectory delivering 10% growth YoY • Completed 8 new product validations (8 filings) and 2 DMFs reviewed. Formulation we r

“We exited FY25 with a healthy balance sheet — Net cash position of ₹358 Mn and continued investments in fixed assets to strengthen long-term execution capacity.”

“EBITDA(Adjusted) includes One-time adjustment for ESOP, Legal and Merger / acquisition costs of INR 963 mn & 632 mn for FY24 & FY25 respectively.”

“FY25 includes consolidation of Sapala and NJ Bio and Cohance Lifesciences.”

“o FY25 RFQs doubled year-on-year across the platform.”

“RoU and Intangible assets Includes RoU under development and intangibles under development respectively Adjusted EBITDA includes One-time adjustment for ESOP,Legal and Merger / acquisition costs of INR 369 mn and INR 303 mn respectively for Q4FY24 and Q4FY25 and INR 963 mn & 632 mn for FY24 & FY25 respectively Q4FY25 and FY25 includes consolidation of Sapala and NJ Bio.”

“FY25 includes consolidation of Sapala and NJ BIO.”

“FY25 marks a pivotal year in the company’s evolution, with the completion of its merger and the adoption of its new identity as “Cohance”—reflecting its mission to collaborate with global innovators and Enhance their molecules for transformative therapeutic solutions.”

“FY25 Financial Performance FY25 revenue grew 9.1% YoY to INR 26.1 billion on a combined platform.”

“Specialty Chemicals witnessed recovery in H2 and is expected to sustain momentum into FY26.”

“The company generated free cash flow of INR 3.61 billion during the year and closed FY25 with INR 2.90 billion in cash and bank balances, despite incurring M&A investments of INR 8.06 billion.”

Note

5

Other notable statistics include

1

Ag-chem

1

Note

1. 2. 3. EBITDA(Adjusted) includes One-time adjustment for ESOP, Legal and Merger/ acquisition costs of INR 369 Mn and INR 303 Mn respectively for Q4FY24 and Q4FY25 respectively. Q4FY25 includes consolidation of Sapala and NJ Bio., Cohance Lifesciences PAT (Adjusted) is after merger /acquisition adjustments of INR 57 Mn and INR 45 Mn respectively for Q4 FY24 & Q4 FY25 largely due to depreciation & Finance costs net of tax 13 INR mn Particulars Revenue from Operations Material costs / COGS Material Margin Material Margin % Manufacturing Expenses Employee Cost Other Expenses Total Expenses EBIDTA (Reported) EBIDTA (Reported) % FX MTM gain Onetime expenses EBIDTA (Adjusted) EBIDTA (Adjusted) % Depreciation & Amortization Finance costs Other income PBT (Adjusted) Exceptional Items Adjusted PBT Tax(Adjusted) PAT (Adjusted) PAT Margin % PAT Reported PAT Reported Margin FY24 23,922 (8,140) 15,782 66.0% (2,506) (3,806) (2,001) (8,313) 7,469 31.2% 102 963 8,534 35.7% (1,139) (406) 731 7,720 - 7

Note

1. 2. 3. 4. EBITDA(Adjusted) includes One-time adjustment for ESOP, Legal and Merger / acquisition costs of INR 963 mn & 632 mn for FY24 & FY25 respectively. FY25 includes consolidation of Sapala and NJ Bio and Cohance Lifesciences. PAT (Adjusted )is after merger /acquisition adjustments of INR 417 mn and INR 187 mn for FY24 & FY25 respectively largely due to depreciation & Finance costs net of tax Balance Sheet figures are after adjusting for acquisition/merger related entries 14 Consolidated Financials Operational Revenue (INR mn) Adjusted EBITDA (INR Million) Margin (%) Adjusted PAT (INR Million) Margin (%) 7,018 8,412 36.4% 31.3% 24.5% Q4FY24 Q4FY25 2,554 Q4FY24 2,632 Q4FY25 1,721 Q4FY24 17.1% 1,441 Q4FY25 Pharma CDMO (INR mn) Agri & Spec Chem (INR mn) API+ (INR mn) 2,631 3,447 1,478 3,542  2% 3,487 846 Q4FY24 Q4FY25 Q4FY24 Q4FY25 Q4FY24 Q4FY25 Due to the lumpy nature of the CDMO Industry, Quarterly comparisons are not reflective of consistent performance Note: 1) Adjusted EBITDA

Other notable statistics include

 Oncology remains the dominant focus of drug developers, with 30% novel approvals in 2024  Biologic approvals stay constant at 30-35% per year  52% received Orphan Drug Designation for treating rare diseases.  36% were designated Breakthrough designation  56% received priority review, a regulatory designation for therapies that the FDA expects to offer ‘significant improvements over the standard of care The positive trend continues in 2024: In 2024, 50 novel drugs were approved by FDA, of which 34 were small molecules (68%), which includes two Oligos, one Peptide and one Radiopharma Source: Citeline 22 Global Clinical Active Pipeline R&D pipeline growth (CAGR) 2019-24 25,000 20,000 15,000 10,000 5,000 0 Peptides Nucleic Acids (Oligos/mRNA) Antibody-Drug Conjugates (ADC) Vaccines and Viral Vectors Cell and Gene Therapy Biologics- Proteins/Antibodies Small Molecules - General Overall Clinical Pipeline 2% 19% 20% 8% 12% 6% 4% 6% Pharmaceutical Drug R&D Trends Surging Interest in Targ

Ag-chem

 In-line with our communicated expectation, we have seen strong recovery with 75% YoY growth in Q4 in this business segment even though on a full year basis we saw a decline given macro impact in H1 performance. We expect a further recovery and growth in FY26  Our concerted BD efforts and early benefits of SBU strategic focus yielding results and we’re seeing new product discussions and fresh RFQs including from potential new customers and existing strategic partnerships  Development and Commercial manufacturing with focus on intermediates and AIs  Flexible capacity - Dedicated site for AgChem (Vizag), Space for future expansion, Kilo / Pilot scale facility available  Improved processes, introducing EHS Best Practices Spec Chem  Relationships with Originators in Cosmetics, Electronic Chemicals, Photochromic Lens and Energy Industries  Successfully delivered innovator projects from gram to multi kilo scale  Amongst India’s leading manufacturers of high purity electronic chemical

Note

1) Till FY23, proforma and adjusted financials of Cohance entities (RAC, ZCL and Avra) have been extracted from report issued by Deloitte Touche Tohmatsu India LLP. Adjusted P&L numbers are reported numbers adjusted out for one-time expenses and income; FY24 numbers as per audited financials of the merged entity (Cohance). RoU and Intangible assets Includes RoU under development and intangibles under development respectively Adjusted EBITDA includes One-time adjustment for ESOP,Legal and Merger / acquisition costs of INR 369 mn and INR 303 mn respectively for Q4FY24 and Q4FY25 and INR 963 mn & 632 mn for FY24 & FY25 respectively Q4FY25 and FY25 includes consolidation of Sapala and NJ Bio. Adjusted PAT is after merger /acquisition adjustments of INR 57 mn and INR 45 mn respectively for Q4 FY24 & Q4 FY25 and INR 417 mn & 187 mn for FY24 & FY25 respectively largely due to depreciation & Finance costs net of tax 2) 3) 4) 5) 34 INR mn Balance Sheet Snapshot1 FY20 FY21 FY22 FY23 FY24 FY25 Pr

Note

1) 2) 3) 4) Till FY23, proforma and adjusted financials of Cohance entities (RAC, ZCL and Avra) have been extracted from report issued by Deloitte Touche Tohmatsu India LLP. Adjusted P&L numbers are reported numbers adjusted out for one-time expenses and income; FY24 numbers as per audited financials of the merged entity (Cohance). Figures are after adjusting accouting entries relating to merger of AI Pharma and RA Chem. RoU and Intangible assets Includes RoU under development and intangibles under development respectively. FY25 includes consolidation of Sapala and NJ BIO. Balance Sheet figures are after adjusting for acquisition/merger related entries 35 Key Ratios# FY20 FY21 FY22 FY23 FY24 FY25 Basis Net Working Capital (as days of sales) 128 113 132 125 153 136 NWC / Revenue * 365 days PPE (as % of sales) 43.3% 42.2% 36.1% 37.6% 42.9% 57.2% PPE / Revenue Capex spend during the year (INR mn) 1,527 1,918 1,663 4,203 2,607 3,147 Capex spend (as % of sales) 9.0% 9.5% 6.4% 15.7% 10.9% 12