Slides
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Ypsomed @ 44th Annual J.P. Morgan Healthcare Conference Transforming selfcare, Transforming Ypsomed Samuel Künzli (CFO) San Francisco, 15 January 2026
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| PUBLIC Important information The information contained in this document has not been verified by an independent source. It should be taken with caution, and no assurance or guarantee is given (either explicit or implied) regarding the fairness, accuracy, completeness or correctness of the information or opinions contained herein. Neither Ypsomed Holding AG nor advisors or affiliates of Ypsomed Holding AG shall be liable in any way for losses occurred in conjunction with the use of this document, its contents or any other connection with this document. This document is neither an offer (or part of an offer) for the sale, nor a solicitation for the purchase of shares, and neither the document nor parts thereof form the basis of any contract or otherwise obligation. This document contains future-oriented statements which include uncertainties and risks. Such statements are indicated by such words as “could”, “planned”, “expected”, “believed” and similar expressions or their context. These statements are made based on current knowledge and current assumptions. Due to a variety of different factors, the actual future results, developments or events may deviate considerably from those mentioned here. There is no obligation whatsoever to update future- oriented statements. Ypsomed Holding AG | J.P. Morgan Healthcare Conference 20262
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| PUBLIC Our purpose is to make selfcare simpler and easier 3 Ypsomed Holding AG | J.P. Morgan Healthcare Conference 2026
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| PUBLIC Ypsomed has the widest range of self-injection solutions on the market 4 Ypsomed Holding AG | J.P. Morgan Healthcare Conference 2026
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| PUBLIC Ypsomed, a mission critical link of the Pharma supply chain Manuf. Value Chain Distribution & Commercial Drug Substance Offering: Product / Technologies Drug Product • Caps • Stoppers • Needles Components • Syringes • Cartridges • Vials Devices Autoinjectors Pen injectors Containers • Fill finish • Assembly • Packaging Services 5 Wearable LVI Ypsomed Holding AG | J.P. Morgan Healthcare Conference 2026
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| PUBLIC6 Ypsomed benefits from structural growth drivers Ypsomed Holding AG | J.P. Morgan Healthcare Conference 2026
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| PUBLIC Thanks to its clear strategic focus and solid structure, Ypsomed is uniquely positioned to benefit from significant growth in the end market 7 Pure-play injection specialist Operational excellence Innovation leadership Strong financials Ypsomed Holding AG | J.P. Morgan Healthcare Conference 2026
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| PUBLIC Ypsomed is a pure-play injection specialist 8 Pure-play injection specialist Operational excellence Innovation leadership Strong financials Ypsomed Holding AG | J.P. Morgan Healthcare Conference 2026
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| PUBLIC Ypsomed has completed its transformational journey to become a pure-play self-injection specialist 9 Ypsomed is now a pure play self-injection specialist Completion of the sale of Ypsotec Completion of the sale of the diabetes care business Completion of the sale of the pen needle and BGM business Completion of the sale of the DiaExpert retail business in Germany Transformation from matrix structure to an organization with product areas 2025 2025 2024 2023 2022 Ypsomed Holding AG | J.P. Morgan Healthcare Conference 2026
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| PUBLIC Ypsomed is a leader in the innovation of delivery systems 10 Pure-play injection specialist Operational excellence Innovation leadership Strong financials Ypsomed Holding AG | J.P. Morgan Healthcare Conference 2026
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| PUBLIC We announced three new devices platforms in 2025, and won the CPHI Innovation Award with the new YpsoLoop autoinjector platform 11 YpsoLoop Winner of CPHI Innovation Award Ypsomed Holding AG | J.P. Morgan Healthcare Conference 2026
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| PUBLIC Beyond the US and Europe, Ypsomed launched new products in high-value, first-in-class incretin and Alzheimer therapies in Asia too 12 Launch highlights in HY 2025/26 First dual-agonist incretin therapy launched in the Chinese market Launch of ground-breaking Alzheimer medication in YpsoMate 2.25 ml worldwide Innovative autoimmune therapy for Japanese market Ypsomed Holding AG | J.P. Morgan Healthcare Conference 2026
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| PUBLIC Ypsomed has a diversified and broad customer base with no customer exceeding 15% of revenue currently and in the foreseeable future… Commercial sales by customer HY 2025/26 Illustrative 13 Balanced customer exposure >130 customers of which ~30 in incretins No customer contributes >15% of commercial revenue Ypsomed Holding AG | J.P. Morgan Healthcare Conference 2026
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| PUBLIC … and supports patients with more than 70 approved therapies in various therapeutic areas 14 70+ Products approved Pens Diabetes Fertility Growth Disorders Obesity Osteoporosis Parkinson Polycythaemia Vera Hypoparathyroidism Autoinjectors Asthma Alzheimer Atopic Dermatitis ATTR Amyloidosis Hypercholesterolemia Inflammatory Bowel Disease Migraine Multiple Sclerosis Obesity Oncology Osteoporosis Psoriasis Rheumatoid Arthritis Hereditary Angioedema Familial Chylomicronemia Syndrome Ypsomed Holding AG | J.P. Morgan Healthcare Conference 2026
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| PUBLIC Outside the incretins space, we see sizeable and fast-growing self- medication market subsegments 15 Size of delivery device market today [units] 0−15m >100m >15m Oncology Rare Diseases Insulin Incretins Autoimmune CardiovascularNeurology Hormone Tx Growth [%] Stasis Single-digit Double-digit Tx: Treatment, CV: Cardiovascular. Source: Ypsomed Market Intelligence, based on industry databases Ypsomed Holding AG | J.P. Morgan Healthcare Conference 2026
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| PUBLIC Ypsomed has a strong focus on operational excellence 16 Pure-play injection specialist Operational excellence Innovation leadership Strong financials Ypsomed Holding AG | J.P. Morgan Healthcare Conference 2026
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| PUBLIC Ypsomed builds a global manufacturing footprint, producing local for local Holly Springs opening 2027 Burgdorf HQ (CH) Burgdorf (CH) Burgdorf (CH)Solothurn (CH) 17 Suzhou (CN) (Contract Manufacturer) Changzhou (CN) Schwerin (D) Schwerin II (D) opening 2026 Ypsomed Holding AG | J.P. Morgan Healthcare Conference 2026
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| PUBLIC18 We are expanding local for local, to install 1 billion devices capacity by the beginning of the next decade with a flexible customer agnostic set up CN (Changzhou) US (Holly Springs) Installed capacity beginning of next decade Illustrative CH (Solothurn / Burgdorf) DE (Schwerin) 1 billion devices Ypsomed Holding AG | J.P. Morgan Healthcare Conference 2026
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| PUBLIC Germany: Ypsomed celebrated the topping-out ceremony for Schwerin 2 in October 2025 19 Ypsomed Holding AG | J.P. Morgan Healthcare Conference 2026
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| PUBLIC China: Ypsomed opened first production site in Changzhou in June 2025 20 Ypsomed Holding AG | J.P. Morgan Healthcare Conference 2026
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| PUBLIC USA: Ypsomed accelerated its timeline to expand to the US with a brown- field site selected in Holly Springs, North Carolina, to open in Q4 2027 21 Ypsomed Holding AG | J.P. Morgan Healthcare Conference 2026
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| PUBLIC Ypsomed has a strong and robust financial position 22 Pureplay injection specialist Operational excellence Innovation leadership Strong financials Ypsomed Holding AG | J.P. Morgan Healthcare Conference 2026
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| PUBLIC 211 259 308 385 501 Ypsomed Delivery Systems business achieved significant topline growth in the last 5 years Net sales Historical 2020/21 2021/22 2022/23 2023/24 2024/25 +24% Benefiting from tailwinds in several key segments Key areas of growth include Autoimmune, Rare Disease, Diabetes and Hormones High-runners include YpsoMate 1 ml, YpsoMate 2.25 ml and UnoPen Guidance for FY 2025/26: 20% top- line growth in Delivery Systems 23 in million CHF Ypsomed Holding AG | J.P. Morgan Healthcare Conference 2026
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| PUBLIC Ypsomed secured significant clinical project revenue, paving the way to future commercial sales Project Revenue Commercial Sales 311 548.5 385 501399 74 102 Project revenue insights Project revenue emanate from clinical devices and customization Clinical project revenues define the mid-term sales +20% in million CHF 24 2023/24 2024/25 Ypsomed Holding AG | J.P. Morgan Healthcare Conference 2026 Net sales Historical
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| PUBLIC Ypsomed enjoys a unique topline visibility Typical contract duration of ~10 years Indexation for major cost blocks (plastic, energy, labor) Co- investment by customers to share risks and align interests Majority of contracts in CHF (natural hedge) Listing as combination product 21 CFR FDA (US) CHF 25 Ypsomed Holding AG | J.P. Morgan Healthcare Conference 2026
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| PUBLIC EBIT of CHF 87 million in H1 2025/26 in Delivery Systems business EBIT Ypsomed Group 26 EBIT drivers 32.4% EBIT margin for the continued business Ypsomed Delivery Systems (YDS) in H1 Other includes a book profit from the Diabetes Care divestment 152 87 70 EBIT HY 2025/26 reported -5YDC Other YDS in million CHF Ypsomed Holding AG | J.P. Morgan Healthcare Conference 2026
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| PUBLIC Capacity extended ahead to enable and harness future growth Growth Capex program of CHF 1.5 billion Illustrative, total fixed assets investments 2024/25 2025/26 2026/27 2027/28 2028/29 Capital intensity Phasing of investment slightly frontloaded due to Schwerin and US Approved investment includes significant customer upfront capex contribution and capacity reservation fee 27 in million CHF 2029/30 Ypsomed Holding AG | J.P. Morgan Healthcare Conference 2026
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| PUBLIC Capacity extended ahead to harness future growth – we invest CHF 1.5 per CHF 1 annual additional revenue in coming years Capex dynamics for a new production site Illustrative Cumulative CAPEXCOGS Annual Sales Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Insights Up to two years for production ramp-up ~1.5:1 Capex to Sales Ratio >20% IRR 28 Ypsomed Holding AG | J.P. Morgan Healthcare Conference 2026
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| PUBLIC Considerations Strong operating Cash Flow generation Positive Free Cash Flow in next 2 years Healthy Balance Sheet and low leverage with Net debt / EBITDA at record low 0.3x We achieved a ROCE of around 21% in the core business (YDS) in H1 Positive Free Cash Flow expected in 2 years 29 Free Cash Flow Illustrative 2029/30 2023/24 2024/25 2025/26 2026/27 2027/28 2028/29 Ypsomed Holding AG | J.P. Morgan Healthcare Conference 2026
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| PUBLIC Ypsomed is set to continue to grow significantly CM YDS Other (Ypsotec, YDC & CM YDC) Commercial Sales Project Revenue Mid-term ambition (FY 2029/30) CHF 0.9 − 1.1 billion sales in Delivery Systems (mid-point 5-year CAGR 15%) CHF 280 − 340 million EBIT (not less than 30% EBIT margin) Stable ROCE ~20% (all years) 30 2025/26 2026/27 2027/28 2028/29 2029/30 Net Sales Illustrative Note: Graph is purely conceptual to outline trends Ypsomed Holding AG | J.P. Morgan Healthcare Conference 2026
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We look forward to your questions.