Slides
Page 1
Siegfried delivers strong profitability and continued growth Full-Year Results 2025 Zurich, February 20, 2026
Page 2
|2 This presentation may contain confidential and proprietary information. Any use of the presentation or the information therein without specific permission of Siegfried is prohibited. No representations or warranties of any kind are made with regard to the accuracy or completeness of the information provided in or in connection with this presentation. Any statements, estimates and projections with respect to Siegfried’s anticipated future business or performance were prepared based on assumptions and information available at the time this presentation was prepared. Siegfried does not assume any liability or responsibility for actions or decisions of third parties based on this presentation. Disclaimer Safe harbor statement This document is solely for use in connection with the presentation held by Siegfried Holding AG. It is furnished to you for your information only and you may not reproduce or redistribute it to any other person. No representation or warranty, express or implied, is made to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. Siegfried Holding AG shaIl not have any liability whatsoever for any loss whatsoever arising from any use of this document, or its content, or otherwise arising in connection with this document This document may contain forward-looking statements which involve risks and uncertainties. These statements may be identified by such words as "may", "plans", "expects", "believes" and similar expressions, or by their context. These statements are made on the basis of current knowledge and assumptions. Various factors could cause actual future results, performance or events to differ materially from those described in these statements. No obligation is assumed to update any forward-looking statements. This document does not constitute or form part of an offer to sell or a solicitation of an offer to purchase any shares and neither it nor any part of it shall form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. In particular, this document does not constitute an offering prospectus under Swiss laws nor does it contain an offer of securities for sale in the United States; securities may not be offered or sold in the United States absent registration or an exemption from registration. The distribution of this document may be restricted by law in certain jurisdictions. Persons into whose possession this document comes must inform themselves about, and observe, any such restrictions. By participating in the presentation or by accepting any copy of this document, you agree to be bound by the foregoing.
Page 3
|3 Strong financial performance across all key financial metrics Key highlights full-year 2025 Net sales CHF 1,327.8 million + 4.3% in LC + 2.6% in CHF Core net profit CHF 162.1 million Prior year: CHF 158.9 million EVOLVE+ Acquisition of high-quality drug substance capacity in the US M&A always on Core EBITDA margin 23.5%1 Prior year: 22.1% Outlook 20262 Net sales Drug Products: High-single-digit growth (LC) Drug Substances: Low-single-digit growth (LC) Group: Low-single-digit growth (LC) Above 23% Full-Year 2025 1 Including one-off effect in other income of CHF 7.5 million, 2 excluding acquisition Positive mid-term outlook confirmed Core EBITDA margin
Page 4
|4 Safety, supply reliability and quality are our licenses to do business Operational highlights 2025 Our health and safety program continues to deliver results − Global SHE Management System fully deployed − ~9,200 safety walkthroughs performed Quality Impeccable quality record maintained achieved − 9 (4 FDA) authority inspections with no critical observations − 4 ISO certifications and over 100 customer inspections − A team of more than 200 experts ensures harmonization of quality processes and standards across sites Performance and supply reliability Full focus on maximizing delivery performance and reliability excellence − Supply chain excellence from raw material ordering to customer delivery − All OSD sites certified in Class A (Oliver Wight) − Rollout across entire network ongoing − Maintenance at large DS sites in Switzerland moved from outsourced to in-house lost time injury frequency rate countries Certified to deliver toCompared to 2024 >180-25% Class A Safety Full-Year 2025
Page 5
|5 We translate our sustainability actions into a competitive advantage Sustainability highlights 2025 Supply chain integrity We help our customers to reduce their environmental footprint of carbon emissions reduced1 reduction of energy and raw material with second-generation processes of high impact suppliers audited 67%-47% -50% We continued to reduce our environmental footprint − One of the few CDMOs to have validated net zero targets by the Science Based Targets initiative (SBTi) − 90% of electricity consumption came from renewable energy sources − Sustainability audits conducted with more than two thirds of high impact suppliers − Risk-based due diligence fully implemented across the entire supplier base – from on-site audits to formal acknowledgement of the Siegfried Supplier Integrity Commitment − Initiated group-wide project “Re-Solve” focused on reducing solvent waste by increasing reuse and recovery of organic solvents We are a sustainability leader in our industry 1 Absolute reduction since 2020 Member of Dow Jones Best-In-Class Europe Index Full-Year 2025
Page 6
|6 Targeted technology upgrades to capture growth opportunities Strategy execution highlights 2025 El Masnou and Barberà – Expansion of production capacity for ophthalmic drugs in El Masnou – Installation of additional manufacturing lines for pre-filled syringes / cartridges in Hameln – Build up of spray drying capacity in Barberà del Vallès ES Drug product expansions Large-scale API manufacturing Manufacturing facility for viral vectors Hameln DE Minden – Transfers underway for first products into the new high-volume drug substance plant in Minden – Manufacturing excellence with cutting-edge synthesis technology and automation DE DINAMIQS CH – Inauguration of DINAMIQS’ new cGMP manufacturing facility – Integration of R&D, clinical, and commercial manufacturing under one roof Full-Year 2025
Page 7
|7 Financial update Full-Year 2025
Page 8
|8 A reflection of the strength of our diversified customer portfolio across multiple markets FY 2025: Another year of continued growth Net sales FY 2025 vs FY 2024 CHF million FY 2025 FY 2024 Change Drug Substances 916.3 891.9 +2.7% (+4.3% in LC) Drug Products 411.6 402.7 +2.2% (+4.3% in LC) Total 1 327.8 1 294.6 +2.6% (+4.3% in LC) − Net sales grew by 4.3% in local currencies (LC) − More pronounced seasonality of net sales with approximately 53.3% in H2 − FX headwind of 5.5% for USD and 1.6% for EUR − Tariff exposure continues to be minimal, less than CHF 5m sales affected Net sales split FY 2024: 31.1% Drug Products, 68.9% Drug Substances, Currency split FY 2024: 40% CHF, 47% EUR, 13% USD; based on individual transactions; each number is rounded individually Comments Net sales split FY 2025 Drug Products Currency split FY 2025 31%69% 50% 13% 37% USD EUR Drug Substances CHF Full-Year 2025
Page 9
|9 From Swiss GAAP FER to core results Reconciliation for FY 2025 Adjustments to core EBITDA CHF -6.3m − Discount rate effect on foreign pension plan (CHF -9.9m) − Current net interest on foreign pension plan (CHF 2.9m) − Transaction costs (CHF 0.8m) 200 0 210 220 230 240 250 260 270 280 290 300 320 310 170 180 190 162.1 Financial result / taxes Core EBITDA Adjustment to core net profit Core net profit DepreciationAdjustments to core EBITDA EBITDA SWISS GAAP FER CHFm Core EBIT 318.5 -6.3 312.3 -94.8 217.5 -0.1-55.4 Note: Each number is rounded individually − Current net interest on foreign pension plan (CHF -2.9m) − Tax effect on core EBITDA adjustments (CHF 2.8m) Adjustments to core net profit CHF -0.1m Core numbers / core adjustments Full-Year 2025
Page 10
|10 Driven by continuous capacity expansion, smart acquisitions and structural margin expansion Profitable growth across the macro cycles Comments − Resilient growth across macro cycles (COVID, inflation, supply disruptions, de-stocking, currency volatility, geopolitics) − Proven ability to replace substantially large products (COVID vaccines) − Structural margin expansion, driven by − Portfolio optimization (focus: drug substances) − Operational excellence − Scale − Balanced growth model: Organic capacity expansion, combined with disciplined, accretive M&A − Substantial currency headwind over the cycle, with no impact on the margin 648 656 754 860 892 916 197 446 476 412 403 412 2020 2021 2022 2023 2024 2025 845 1,102 1,230 1,272 1,295 1,328 Drug Products Drug Substances Core EBITDA margin CAGR 20A-25A18.8% 22.2% 21.5% 9.5% 15.9% 7.2% 22.1% 23.5%17.7% Full-Year 2025 Net sales in CHFm and core EBITDA margin 11.7% 19.5% 8.8% CHF LC Inflation COVID De-stocking Geopolitics, CCY Total
Page 11
|11 Margins at all levels reached new highs Strong margin expansion drives higher profitability Comments Note: Growth rates are calculated using the exact numbers 329.1 285.6 200.9 158.9 354.0 312.3 217.5 0 100 200 300 1,300 1,400 1,294.6 1,327.8 162.1 Core net profitCore EBITCore EBITDACore gross profitNet sales CHFm +2.6% +7.6% +9.3% +8.3% +2.0% 2024 2025 Margin in % 15.5 16.4 12.3 12.222.1 23.525.4 26.7 − Resilient, well diversified business portfolio: Profitability further increased − Growth of net sales translates into substantial growth of other profit aggregates − Keys to success − Strict cost discipline − Operational excellence, including process excellence − Active portfolio optimization Full-Year 2025
Page 12
|12 12 | Diversification drives resilience Diversified customer and product base supports growth Siegfried offers its breadth of products and services to a variety of customers in different development phases. Customer diversification Product diversification Life-cycle diversification Customer 1 (13-17%) Customer 2 (10%) Customer 3-10 (31%) Others (44%) Large pharma (43%) Mid-small pharma (57%) Top product (6%) Product 2-10 (26%) Others (68%) Exclusives (70%) Multi-clients (30%) Preclinical / Phase 1 (<1%) Phase 2 (1%) Phase 3 (2%) Commercial (96%) CHF CHF CHF CHF CHF Full-Year 2025
Page 13
|13 Increased profitability through operational excellence, portfolio optimization and cost discipline FY 2025: Profitability further increased Note: Each number is rounded individually, 1 Including one-off effect of CHF 7.5 million CHF million FY 2025 FY 2024 Net sales 1 327.8 1 294.6 Cost of goods sold -973.8 -965.5 Core gross profit 354.0 329.1 Marketing and sales costs -18.6 -18.1 Core research and development costs -46.2 -41.1 Core administration and general overhead costs -86.4 -78.7 Other operating income1 14.7 9.7 Core EBIT 217.5 200.9 Core financial result (loss) -11.6 -9.5 Exchange rate differences (loss) -6.4 3.5 Core profit before income taxes 199.5 194.8 Core income taxes -37.5 -35.9 Core net profit 162.1 158.9 Depreciation 94.8 84.7 Core EBITDA 312.3 285.6 Comments – Core gross profit further increased, driven by portfolio optimization and operational excellence – Operating expenses remained disciplined at 11.4% of sales despite perimeter expansion (Acceleration Hub) and targeted strategic investments – Other operating income benefitted from a one-off insurance income, related to 2021 fraudulent payments (CHF 7.5m) – Core financial expenses remained under control at CHF 11.6m despite higher average debt levels – Effective tax rate at 19.3% Full-Year 2025
Page 14
|14 14 | Significant improvement in operating cash flow Proposals to the AGM on April 16, 2026 include a par value repayment of CHF 0.40 per share reflecting Siegfried’s strong financial performance and commitment to shareholder returns. Note: Each number is rounded individually; Free cash flow is calculated as operating cash flow minus purchase of PPE and intangibles (net) CHF million FY 2025 FY 2024 Operating cash flow before changes in NWC 322.1 268.0 Change in NWC -93.9 -99.2 Operating cash flow 228.2 168.8 Purchase of PPE and intangibles -231.5 -180.8 Acquisitions 0 -10.1 Other investing activities 0.2 0.6 Cash flow from investing activities -231.2 -190.3 Free cash flow -3.1 -11.6 Cash flow from financing activities 68.5 3.0 Net change in cash 65.4 -18.5 Comments Full-Year 2025 – Strong operating cash flow of CHF 228.2m, up 35% year-on- year, driven by higher profitability and disciplined working capital management – Continued focus on net working capital efficiency, despite timing effects from higher year-end revenue recognition – Strategic investments accelerated: CHF 231.5m invested in PPE and intangibles, supporting future growth and capacity expansion – Successful placement of a CHF 300m senior bond. Introduction of factoring solution – Balance sheet remains solid with net debt / core EBITDA at 1.5x, maintaining financial flexibility for future growth initiatives, beyond the announced acquisition
Page 15
|15 Well positioned to capture long-term growth Full-Year 2025
Page 16
|16 Paving the way to outpace market growth across our key segments Our strategy EVOLVE+ Commercial Excellence Development Excellence Operational Excellence Enter and grow new areas Cell and gene therapy (CGT) DS antibodies Data analytics Grow existing core Aseptic liquid dosage forms Oral / inhalation solid dosage forms Grow the network in US and Europe End-to-end offering of DS and DP Small molecules (DS and DP) Broaden our technological offering Advanced production technologies Bridging technologies Viral vectors Synthetic biology Aseptic technologies EVOLVE+ Full-Year 2025
Page 17
|17 Structurally high demand meets limited US capacities Our recent acquisition doubles down on the long-term growth trends Increasing number of innovations from small and mid-size pharma Increasing complexity of new molecular entities Ongoing outsourcing trend in the pharma industry Increased cost awareness in the pharma industry EVOLVE+ Demand push – Re-shoring and supply chain resilience initiatives – Largest pharma market with sustained growth – Small / mid-size pharma with limited in-house capacity Structural bottleneck in US-based CDMO capacity Constrained supply – Less than 15 large-scale chemical CDMO sites in US – Greenfield expansions take a long time Full-Year 2025
Page 18
|18 Wilmington and Pennsville – Complementary pharma manufacturing cluster due to proximity and product portfolio – Controlled substances footprint to be optimized across the two sites – Wilmington to be repurposed for innovative products Athens and Grafton – To form best-in-class Acceleration Hub – Comprehensive offering for early phase development – Filling the pipeline for innovative products Acquisition significantly strengthens our footprint in the US Exceptional US-based capacity further enhances our customer offering Comprehensive drug substances offering US footprint passes critical size: 5 sites and 700 employees Irvine Athens Pennsville WilmingtonGrafton Full-Year 2025
Page 19
|19 Integration team fully mobilized to unlock the full value of the acquisition Unique opportunity: 6 to 8 years head start over greenfield projects Signing Comments – Experienced team of 15 workstream leaders, most of them already involved with the integration of the Spanish sites – Transfer activities of new business to start on day 1 after closing – First innovative products to be produced in Wilmington by 2028 – Full ramp up of capacity for innovative products until 2030 Timeline for Wilmington site ramp up 2030 Development and tech transfer activities of new business Freeing up capacity for innovative products Ramp up 2026 2028 80m3 capacity available for innovative business Closing Full-Year 2025
Page 20
|20 Unique offering: from preclinical to commercial and with dual supply points ensuring supply chain resilience Acquired US sites further strengthen our global drug substances network Each site has a dedicated purpose covering the entire lifecycle Dual supply points: US for US, Europe for Europe and Europe for rest of the world Preclinical Phase 1 Phase 2a Phase 2b Phase 3 Commercial Off patent Athens Grafton Evionnaz Zofingen Wilmington Pennsville Minden Nantong Full-Year 2025 St. Vulbas
Page 21
|21 21 | Therapeutic areas: New emerging trends are driving higher molecular complexity Increasing demand for complex small-molecule APIs and advanced OSD capabilities With specialized facilities and advanced manufacturing expertise, we are well positioned to deliver complex therapies from drug substances to the finished dosage forms. Complex molecules increase demand for advanced CDMO services Mechanisms of action: Emerging trends − Obesity − Alzheimer’s disease − CNS − Longevity − Non-alcoholic fatty liver disease − Continued modality innovation in oncology Full-Year 2025 More synthesis steps Number of reactor hours increaseExample: Protein degraders − Mostly small molecules in tablet/capsule form − High molecular complexity Lower drug solubility Spray drying required
Page 22
|22 Laser focus on margin expansion and M&A Capital allocation framework for long-term value creation EVOLVE+ − Disciplined pay-out ratio − Committed dividend program − Growth in dividend per share at a CAGR of c.9% since 2014 − M&A is always on − Adding – Scale – Abilities – Technology − Will continue to be very selective − Focus on creating value for customers and shareholders − Capital efficient alternative to organic deployment of capital Cash flow generative Profitable with expanding margins Investments in growth Strong top- line growth Value accretive M&A Dividends Leverage Flexibility − Strong balance sheet to preserve financial flexibility − Enables long-term value creation − Committed to conservative leverage level − Strong cash flow generation expected Full-Year 2025
Page 23
|23 Positive mid-term outlook confirmed Onwards and upwards, step-by-step and year after year Siegfried is set to outpace market growth across key segments Outlook 20261 Net sales: Drug Products: High-single-digit growth (LC) Drug Substance: Low-single-digit growth (LC) Group: Low-single-digit growth (LC) Core EBITDA margin: Above 23% M&A always on Capital expenditures of low teens Stepwise expanding profitability Continued profitable growth above market (excl. M&A) 1 Excluding acquisition Full-Year 2025
Page 24
|24 Q&A
Page 25
|25 Thank you for your attention April 16, 2026 Annual General Meeting August 21, 2026 Half-Year Results
Page 26
Thank you for your attention