Slides
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1Image: Günther Fotodesign INVESTORS’ AND ANALYSTS’ CONFERENCE CALL H1 2026 Grünwald, 25 August 2026
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Dermapharm H1 2026 2Image: Günther Fotodesign AGENDA 1 Financial figures 2 Outlook 2026 3 Q&A
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3 1 Financial figures Dermapharm H1 2026
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Highlights What has happened in H1 2026? 4 Non-operational events in Q2 2026 Share buyback €181.1m less equity, equity ratio declines by 7.8%-pts. to 23.8% €130m higher debt, leverage of 3.0x1 still below the defined covenant per the SFA Preliminary Mucos PPA shows an income of €23.7m (normalised at EBITDA level) Partial impairment of a non-operational financial receivable in the amount of €30m (below EBITDA) Dermapharm H1 2026 Favourable operational trend Branded Pharmaceuticals Strong growth in German and international core business Successful Wobenzym® relaunch in Germany Allergology portfolio continues strong growth trend both in Germany and internationally Other Healthcare Business Arkopharma ahead of Budget Euromed with positive development compared to PY Candoro ethics and Anton Hübner facing challenging market conditions Parallel Import Business Portfolio optimisation continues 1 Leverage = net debt / rolling 12M adjusted EBITDA as of 30 Jun 2026.
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Q2 2025 Q2 2026 Q2 2025 Q2 2026 Dermapharm Group Strong branded-products momentum drives revenue growth and adjusted EBITDA margin expansion 5 Q2 2025 Q2 2026 Branded Pharmaceuticals Parallel Import BusinessOther Healthcare Products EAT2 €m Total Revenue €m EBITDA1 €m, adjusted Dermapharm Group +4.8% YoY 285.2272.1 75.866.7 +13.6% YoY EBITDA Margin 24.5 26.6% 23.2 20.9 +11.0% YoY Q2 revenue increases by +4.8% to €285.2m driven by strong momentum of branded products (+11.4%) with its high-margin existing portfolio (German core growing at +5%) Significant contribution from latest acquisitions Mucos and F. Trenka (+€24.8m) Disproportionate growth of adj. EBITDA (+13.6%) and adj. EBITDA margin expansion (+2.1%-points), income of €23.7m in connection with the preliminary Mucos PPA has been normalised EAT improves by +11% despite an expense from the impairment of non-operational financial assets of €30m 1 EBITDA Q2 2026 adjusted for non-recurring income of -€17.6m in connection with -€19.5m income arising from a provisional (subject to final purchase price allocation) negative difference from the acquisition of Mucos as well as other one-time costs of €1.9m in connection with restructuring of Arkopharma and Mucos | Group EBITDA also includes reconciliation of -€1.5m (Group Holding). EBITDA Q2 2025 adjusted for non-recurring costs of €1.9m in connection with restructuring of mibe Vertrieb and Arkopharma Spain | Group EBITDA also includes reconciliation of -€1.6m (Group Holding). 2 EAT = Earnings after tax. Dermapharm H1 2026
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6M 2025 6M 2026 6M 2025 6M 2026 Dermapharm Group Solid momentum, stronger earnings: H1 outpaces Q2 on EAT 6 6M 2025 6M 2026 Branded Pharmaceuticals Parallel Import BusinessOther Healthcare Products EAT2 €m Total Revenue €m EBITDA1 €m, adjusted Dermapharm Group +2.9% YoY 591.0574.5 163.2148.0 +10.3% YoY EBITDA Margin 25.8 27.6% 68.3 54.1 +26.2% YoY The six-month performance broadly mirrors the stand-alone Q2 trend, with solid revenue growth and a disproportionate increase in adjusted EBITDA, while EAT developed significantly better year to date, rising 26.2% versus 11.0% in Q2. Operating CF increases by remarkable €35.2m 1 EBITDA 6M 2026 adjusted for non-recurring income of -€21.3m in connection with -€23.7m income arising from a provisional (subject to final purchase price allocation) negative difference from the acquisition of Mucos, €1.3m restructuring costs at Arkopharma and Mucos Group as well as other one-time costs of €1.1m | Group EBITDA also includes reconciliation of -€2.8m (Group Holding). EBITDA 6M 2025 adjusted for non-recurring costs of €3.1m in connection with acquisition and PPA-effects of Arkopharma, deconsolidation effects for fitvia Group and mibe UK, impairment of Corat | Group EBITDA also includes EBITDA from reconciliation of € -€2.8m (Group Holding). 2 EAT = Earnings after tax. Dermapharm H1 2026 6M 2025 6M 2026 Operating CF €m Cash Conversion up by +17.1% -pts. 105.3 70.1
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+10.2 +3.7 +1.4 -4.6 -0.7 +2.5 +4.9 -3.2 6M 2025 Branded pharmaceuticals Other healthcare products Parallel import business Other effects SWAP Syn loan interest costs & other Income taxes Depreciation 6M 2026 Earnings after tax (EAT) Stronger operating performance and lower interest costs lift EAT by 26% 7 EAT €m 54.1 68.3 ∆ Interest costs +€1.8m∆ Adjusted EBITDA +€15.2m Minor differences may occur due to rounding. Margin- focused portfolio optimisation Dermapharm H1 2026 Strong organic growth in domestic and international business Expiry of interest rate swaps H1 2026 not impacted by CIT and trade tax payments for prior years Improved leverage Improved gross margin and favourable FX effects Including €24.4m adjustments, mainly resulting PPA related income from Mucos, offset by the €30m impairment of a financial receivable
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Dermapharm Group Adjustments remain limited and mainly restructuring-related, while 2026 normalisation is primarily driven by M&A-related PPA effects 8 €m 6M 2026 6M 2025 One-time income -23.7 Income arising from an income from the preliminary Mucos PPA Restructuring 1.3 2.8 axicorp, mibe Vertrieb, Arkopharma Mucos and Arkopharma Others 1.1 0.3 Unwinding of the FYTA deal, expenses from the PPA (Wellster & Mucos), finance expenses (share buyback) and acquisition costs (F. Trenka & Montavit) Total -21.3 3.1 Dermapharm H1 2026
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Net debt Strong operating momentum lifts interest cover to 7.8x, driven by disproportionate EBITDA growth and lower interest expense 9 Interest cover ratio1 improved to 7.8x as EBITDA growth significantly outpaces financing costs Net debt / adjusted EBITDA2: 3.0x well below the defined covenant per the SFA (Dec 2025: 2.7x) The share buyback leads to an increased net debt number in Q2 2026 driven by two new loan facilities and a lower equity ratio following the cancellation in equity of the related shares and the reclassification of the dividend to liabilities 1 Interest Cover = adj. EBITDA / interest expenses (long and short-term loans). 2 rolling 12M adjusted EBITDA as of 30 Jun 2026. Dermapharm H1 2026 25.2 27.0 25.2 27.7 29.2 30.5 28.4 30.5 31.6 32.3 23.8 Net debt €m 937 849 1,008 31 Dec 2023 31 Mar 30 Jun 30 Sep 31 Dec 2024 31 Mar 30 Jun 30 Sep 31 Dec 2025 31 Mar 30 Jun Equity ratio in % 31 Dec 2023 31 Mar 30 Jun 30 Sep 31 Dec 2024 31 Mar 30 Jun 30 Sep 31 Dec 2025 31 Mar 30 Jun Interest cover ratio in % 5.8 5.3 5.2 5.4 5.6 5.7 6.0 6.2 6.9 7.5 7.8 31 Dec 2023 31 Mar 30 Jun 30 Sep 31 Dec 2024 31 Mar 30 Jun 30 Sep 31 Dec 2025 31 Mar 30 Jun
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691 533 1,153 1,263 343 446 31 Dec 2025 30 Jun 2026 Balance Sheet of Dermapharm Group H1 balance sheet reflects operational working-capital growth but is primarily shaped by M&A, non-operating share buyback, dividend and impairment effects 10 1,484 1,479 703 763 31 Dec 2025 30 Jun 2026 Total assets €m 2,2422,187 Total equity and liabilities €m Non-current assets Current assets Equity Current liabilities Non-current liabilities Increase in assets caused by first-time consolidation of Mucos, generally higher trade receivables reflecting the disproportionate growth of the branded segment (+11.6% YoY), partially offset by the impairment of a non-operational financial receivable Equity and liabilities are mainly impacted by the share buyback and the related cancellation of a corresponding equity figure and the increase in financial liabilities the dividend payable settled in July 2026 the preliminary purchase price payable to finalise the Mucos acquisition, and cut-off driven slightly higher trade payables Dermapharm H1 2026 2,2422,187
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Working capital Business expansion drives NWC growth, while the cash conversion cycle remains stable 11 €m 6M 2026 6M 2025 YoY Inventory 371.0 350.3 5.9% Trade receivables 136.7 117.6 16.2% Trade payables 106.3 100.7 5.6% Net working capital 401.4 367.2 9.3% Days DIO1 113 111 2.7% DSO 42 37 13.5% DPO 79 72 11.3% Cash cycle 76 76 0.0% 1 DIO based on revenue without vaccine revenue. Dermapharm H1 2026
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Cash flows and cash conversion Cash conversion improves significantly by 17.1 %-points to 64.5% 12 Increasing CF from operating activities mainly driven by significantly lower CIT and trade tax payments CF from investing activities largely unchanged Cash conversion increases by 17.1%-points to 64.5% of adj. EBITDA Cash flow and cash conversion1 €m and in % of Group EBITDA 70.1 105.3 -19.2 -22.0 6M 2025 6M 2026 Cash conversion 47.4% 64.5% 1 Cash conversion defined as operating cash flow / (adjusted) EBITDA. CF from operating activities CF from investing activities FCF 50.9 83.4 Dermapharm H1 2026
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Cash flow from operating activities Higher cash EBITDA and significantly lower tax payments drive a €35.2m increase in operating cash flow 13 6M 2026 6M 2025 YoY EBT 91.5 82.2 9.3 Depreciation / amortisation fixed assets 72.5 40.0 32.5 Impairment of the long-term financial receivable Net interest expense 17.9 20.6 -2.7 Lower interest expense following the improved leverage Other non-cash items, gain / loss on disposal of non-current assets -24.8 4.8 -29.6 Non-cash items mainly comprise the preliminary non-cash income from the Mucos PPA Cash EBITDA 157.1 147.6 9.5 Cash EBITDA increased by €9.5m to €157.1m, reflecting solid revenue growth and strong operating leverage Broad working capital (assets and liabilities) -26.8 -25.1 -1.7 Cash flow from WC largely unchanged mirroring the underlying business dynamic Income tax payments -25.0 -52.3 27.3 Significantly lower CIT and trade tax payments vs. prior year, which was burdened by tax payments related to prior years Cash flow from operating activities 105.3 70.1 35.2 Dermapharm H1 2026
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2 Outlook 2026
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Outlook 2026 FY 2026 guidance confirmed, underpinned by broad-based growth and stronger H2 momentum 15 Branded Pharmaceuticals: Growth is expected to continue, driven by portfolio expansion, seasonal demand for anti-allergy products, international growth and improved product availability. No material impact from the German Financial Stabilisation Act is anticipated in 2026 Other Healthcare Products: Revenue growth is expected to recover in H2, supported by continued momentum at Cernelle and Euromed and a strong second half at Arkopharma Parallel Import Business: The positive earnings trend is expected to continue, providing further support to Group profitability Group outlook: FY 2026 guidance confirmed for revenue and adjusted EBITDA growth across the Group Revenue EBITDA (adjusted) Growth strategy $ of €1,182m-1,218m vs. previous year (€1,165.0m) of €331m-341m vs. previous year (€324.8m) Dermapharm H1 2026
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Dermapharm PPT Master 2026 16 3 Q&A
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Backup
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Dermapharm H1 2026 Branded Pharmaceuticals Strong organic growth, M&A contributions and strong operating leverage drive profitable growth 18 1 EBITDA 6M 2025 adjusted for non-recurring costs of €1.2m in connection with restructuring cost of mibe Vertrieb of €0.9m and other effects of €0.3m. EBITDA 6M 2026 adjusted for non-recurring income of -€21,8m due to a provisional (subject to the final allocation of the purchase price) negative difference arising from the acquisition of Mucos of -€23,7m, restructuring costs at Mucos of €0.8m and other one-off costs of €1.5m. 2 Hübner Naturarzneimittel (Other Healthcare Products) was merged with mibe GmbH Arzneimittel (Branded Pharmaceuticals). For comparability reasons the 6M 2025 segments have been adjusted. Revenue increase by 11.6% to €321.9m, driven by strong organic growth (+4.6%) in the domestic market (DACH) and international business first-time consolidation of F. Trenka (since Oct 2025) and Mucos Group (since Jan 2026) Strong performance of key brands, including Allergovit®, Volon®, Novo-Helisen® Depot and Myditin® / Myopridin® Adjusted EBITDA increase by +8.0% to €137.0m, supported by strong operating performance, reported EBITDA increase by 26.4% to €158.8m 6M 2025 6M 2026 Revenue €m +11.6% YoY EBITDA1 €m, adjusted 321.9288.5 EBITDA Margin 43.9% 42.6% 137.0126.8 +8.0% YoY 2 26M 2025 6M 2026
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Other Healthcare Products Improved gross margin and favourable FX effects drive strong profitability growth 19 1 EBITDA 6M 2025 adjusted for non-recurring costs of €0.7m due restructuring of Arkopharma. EBITDA 6M 2026 adjusted for non-recurring costs of €0.5m due restructuring of Arkopharma. 2 Hübner Naturarzneimittel (Other Healthcare Products) was merged with mibe GmbH Arzneimittel (Branded Pharmaceuticals). For comparability reasons the 6M 2025 segments have been adjusted. Revenue slightly decreasing by 1.2% to €177.4m Positive performance of Euromed’s herbal extract business and Cernelle cannot fully offset softer consumer demand impacting Anton Hübner lower sales in medical cannabis business Adjusted EBITDA increases over-proportionately by +14.5% to €29.3m (reported EBITDA +15.5% to €28.8m) Earnings are positively impacted by both, favourable FX effects and lower material costs more than offsetting decline in revenue. 6M 2025 6M 2026 Revenue €m -1.2% YoY EBITDA1 €m, adjusted 177.4179.5 EBITDA Margin 14.3% 16.5% 29.325.6 +14.5% YoY Dermapharm H1 2026 2 6M 2025 6M 20262
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6M 2025 6M 2026 Parallel Import Business Portfolio optimisation continues to improve profitability 20 Revenues decrease by -14.0% to €91.6m while EBITDA improves to -€0.2m, caused by Continued contribution margin-focused portfolio optimisation Improved product mix and profitability despite lower revenue volumes No exceptional items impact earnings in H1 2026 Revenue €m -14.0% YoY EBITDA1 €m, adjusted 91.6106.5 -0.2-1.6 +87.5% YoY Dermapharm H1 20261 EBITDA 6M 2025 adjusted for non-recurring costs of €1.2m in connection with the restructuring of axicorp. EBITDA Margin -1.5% -0.3% 6M 2025 6M 2026
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6M 2025 6M 2026 Earnings before tax (Group EBT) Strong operating performance lifts EBT by 11.3% despite a non-operating impairment 21 EBT increased by +11.3% to €91.5m translating to an EBT margin of 15.5% (6M 2025: 14.3%) Increase in EBT result mainly driven by a €39.6m increasing in reported EBITDA to €184.5m lower net interest expenses due to improved leverage partly offset by the impairment of a non- operating financial receivable Earnings before tax (EBT)1 €m EBT Margin 14.3% 15.5% 91.5 +11.3% YoY 1 Calculation of EBT based on unadjusted Group EBITDA of €184.5m (6M 2026) and €144.9m (6M 2025), respectively. Dermapharm H1 2026 82.2
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2026 2027 Financial calendar 2026 22 10 March 31 March Annual Report 2025 Non-financial Report 2025 Analysts‘ and Investors‘ Call FY 2025 13 May 11 August 12 November26 June 25 August Quarterly Statement as at 31 March 2026 Preliminary figures for H1 2026 Annual General Meeting 2026 Half-year Financial Report as at 30 June 2026 Quarterly Statement as at 30 September 2026 Preliminary figures for FY 2025 Dermapharm H1 2026
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Disclaimer 23 This publication includes statements, estimates, opinions and projections with respect to the anticipated future performance of Dermapharm Holding SE (together with its consolidated subsidiaries, “Dermapharm”) and such statements, estimates, opinions and projections (“Forward-Looking Statements”) reflect various assumptions concerning anticipated results based on Dermapharm’s current business plan or publicly available sources which have not been independently verified or assessed by Dermapharm and which may prove to be incorrect. The Forward-Looking Statements reflect current expectations based on the current business plan and various other assumptions, involve significant risks and uncertainties, should not be read as a guarantee of future performance or results and may not necessarily be accurate indications of whether or not such results will be achieved. The Forward-Looking Statements only speak as of the date of this publication. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of Dermapharm and the estimates given herein. These factors include those discussed in Dermapharm’s financial statements which are available on Dermapharm’s website. Each recipient of this publication should make its own assessment of the validity of Forward-Looking Statements and other assumptions and, Dermapharm accepts no liability with respect to any Forward-Looking Statements or other assumptions. Except as provided by law, Dermapharm assumes no obligation whatsoever to update or revise any of the information, Forward-Looking Statements and conclusions contained herein, or to reflect new events or circumstances or to correct any inaccuracies which may become apparent subsequent to the date hereof. Dermapharm H1 2026
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For information, please contact Britta Hamberger Investor Relations & Corporate Communications Dermapharm Holding SE E-Mail: ir@dermapharm.com Phone: +49 (0) 89 64186-233