Slides
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MEDIOS H1 2026 Results Thomas Meier , CEO Stefan Bauerreis , CFO August 12 , 2026
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2 Agenda H1 2026 Results 1 Executive Summary 2 Acquisition Caelo 3 Financial Overview 4 Focus Activities & Take Aways 5 Q&A 2
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01 Executive Summary
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H1 2026: Robust revenue growth, while profitability decreased Revenue +8.4% YoY first half-year > €1bn €1,075m EBITDA pre (−5.1% YoY) €44.0m EBITDA pre margin (PY: 4.7%) 4.1% H2 focus: profitability, cash conversion and operational efficiency Avanti Medios! implementation on plan showing already positive results Strategic Milestone with the acquisition of Caelo and entry into the German API market Focus points 4
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EBITDA pre¹ (€m/%) QoQ growth -2.3% Revenue (€m) QoQ growth 7.9% Group: Revenue Grew but Lower EBITDA pre Margin – Guidance revised end of July Financial overview Q2/25 vs Q2/26 23,1 23,3 24,0 22,7 21,2 22,7 4,8 4,6 4,5 4,1 4,0 4,2 Q1 Q2 Q3 Q4 Q1 Q2 2025 2026 1 EBITDA is defined as consolidated earnings before interest, taxes, depreciation and amortization; EBITDA pre is adjusted for special charges for stock options, expenses for M&A activities, expenses for ERP-System implementation, restructuring costs, and one-time expenses due to change in the Executive Board 485 507 538 549 528 547 Q1 Q2 Q3 Q4 Q1 Q2 2025 2026 • Organic revenue growth in all operational segments • EBITDA pre margin lower than PY due to lower gross profit margin and increase in operating expenses, which more than offset the positive impact of revenue growth. Conclusion: These effects are expected to continue in H2. In addition, unfavorable legal provisions regarding medicinal Cannabis have in its totality required the guidance adjustment. 5
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Business Highlights 1 Pharmaceutical Supply 2 Patient Specific Therapies 3 International Business • Revenue growth in H1 (+8.5%) • Price pressure on specific high-margin medicines impacted margin (EBITDA pre 2.7%, PY: 3.3%) • Revenue growth in H1 (+8.5%) • Margin improvement in Q2 vs. Q1 as a result of operational excellence measures (EBITDA pre Q2: 10.2%) • Healthy development with institutional customers • Revenue growth in H1 (+6.9%) • Recent months with pressure on profitability in some specific business fields. 6
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Legislation Status / read for Medios Impact 1 Drug price regulation („Hilfstaxe“) DAV ended the GKV cytostatics-invoicing contract (Mar 31); current pricing holds, arbitration ongoing. Agreement expected 2026 — forecast assumes no substantial reimbursement change limited 2 Pharmacy Reform Plan (ApoVWG) No significant influence on Medios neutral 3 GKV Contribution Rate Stabilization Act In force Jul 30 — cannabis flowers excluded from reimbursement Extracts, dronabinol & nabilone still reimbursable under stricter prescribing negative 4 Health Security Act (GeSiG) Mandates minimum stock levels & secured patient flow in crises Medios can contribute as infrastructure operator for infusion therapies opportunity 5 EU Directive 2001/83/EC Approval expected Oct 2026, national law ~H2 2028 — preserves flexibility for compounding, counters shortages supportive Regulatory Radar Financials 7
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02 Acquisition Caelo
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Executive Summary Proposed transaction: • Acquisition of majority stake (74%) of Caesar & Loretz GmbH (Caelo), including put-/ call-option for the remaining 26% of shares • Total consideration € 9.4m consisting of: − € 7.9m for 74% of the shares − € 1.5m control premium, to be netted against future purchase price for remaining shares − Earn-out of € 1.8m deducted from the purchase price and paid out over two years About Caelo: • Caelo is the market leader in the German compounding ingredients market and a lighthouse brand in the German pharmacy market with a long tradition and history Strategic rationale for the transaction: • Major acceleration of market entry in Germany and strong basis for further internationalization across Europe • Complementary product portfolio of Caelo, substantially broadening our current offer range for pharmacies in Germany • Strong margin improvement from combined sourcing, marketing and sales approach with Medios API activities in BE and ES Status of the transaction: • Signing was on August 11th, 2026 (yesterday) • Anti-trust filing is currently in preparation; potential closing after all required regulatory approvals 9
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Caesar & Loretz GmbH at a Glance The company: • Caesar & Loretz GmbH (Caelo) is the leading supplier of APIs, excipients and other raw materials in Germany. • The company is active in the trade of raw materials, narcotics and OTC-products as well as contract manufacturing (mainly filing and packaging) for the pharma, food and cosmetics industries. • Customers include pharmacies, hospitals and industrial clients mainly across Germany. • The Company employs around 240 employees at two locations in Germany in Hilden (HQ, production) and Bonn (production). Financial KPIs: Bonn Hilden Product portfolio / business units Production sites Founded 1886 Headquarter Hilden, Germany Employees ca. 240 Shareholders and transaction scope Key facts Managing Directors Ulrich von der Linde Asiye Dogan Raw materials Contract manufacturing OTC-products Narcotic APIs Von der Linde family C&L GmbH & Co. KG Caesar & Loretz GmbH Transaction scope = 74% 100% Expected revenues 2025/26 € 40m Expected EBITDA 2025/26 € 1.6m 10
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• How the deal fits our strategic objectives • Strengthening our core market in Germany through integration of value-added services for pharmacies in Germany • Acquisition of clear market leader in Germany and a lighthouse brand in the German pharmacy market • Creation of European API platform, building a strong basis for further internationalization • Expected value creation • Significant acceleration of market entry in Germany and immediate market leadership in the German API market • Caelo will become part of our newly created Medios Holding Compounding Essentials GmbH along with Magis Pharma (BE) and Metapharmaceutical (ES), which will bundle our entire API capabilities under one roof • Large efficiencies and growth opportunities in European API operations through aligning and centralizing our product, sales and marketing strategy across all API activities • Synergy opportunities • Access to supplier network for APIs and raw materials enabling broader sourcing capabilities, increased purchasing volumes and better margins • Large untapped production capacities at two repacking facilities in Bonn and Hilden, which can be used to further expand API activities across Europe • Centralized procurement strategy, streamlined production processes and a combined sales and marketing approach across all countries Strategic Rationale for the Acquisition 11
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Financing of Transaction Financial Assessment of the Transaction 12 Synergies (in € million] • Focus on synergies from operational cooperation between Magis Pharma, Metapharmaceutical and Caelo • Providing additional added value for our customers through compounding services as well as supply of compounding essentials Valuation +0,8 +1,7 +2,1 +0,6 +1,0 +1,3 2026/27P 2027/28P 2028/29P • EBITDA multiple (based on 2024/25A): 5.4x • EBITDA multiple (based on 2025/26FC): 7.2x • Purchase price is covered by net assets; no additional premium paid. Synergies on Caelo level Additional synergies on Medios Group level • Bridge financing for 1 year based on the following conditions: • Reference interest rate: €STR • Interest margin: 0.85% • Refinancing expected in 2027 using increase option for existing RCF • Leverage ratio on group level (including leasing obligations) increase from 1.32 to 1.42
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Next Steps • Yesterday (11.08.2026): Signing of share purchase agreement (SPA) • In the following days: Notification to the Competition Authorities and review of the acquisition by the Federal Cartel Office (Bundeskartellamt) • Intended Closing: After final approval from the Federal Cartel Office 13
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03 Financial Overview
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In € million H1 2026 H1 2025 ∆ in % / ppt Revenue 1,074.9 991.7 8.4% Gross profit1 gross margin in % 101.7 9.5% 101.1 10.2% 0.6% -0.7ppt EBITDA pre2 margin in % 44.0 4.1% 46.3 4.7% -5.1% -0.6ppt Conversion rate in % (EBITDA pre/gross profit) 43.2% 45.8% -2.6ppt EBIT 18.6 23.4 20.2% Net Income after tax 8.5 12.7 -32.9% EPS (€), undiluted 0.35 0.50 -30.0% EPS (€), adjusted3 0.87 0.96 -9.4% CF from operating activities 11.2 23.4 -52.1% CF from investing activities -6.0 -0.9 >100% Free cash flow4 (before M&A) 3.1 20.5 -85.0% CF from financing activities -3.9 -40.9 -90.4% 30 Jun 2026 31 Dec 2025 ∆ in % Working capital 166.2 145.6 14.1% Cash & cash equivalents 83.2 81.8 1.6% Equity ratio in % Net debt leverage 523.5 57.0% 1.4 514.2 56.9% 1.3 1.8% 0.0ppt • Strong organic growth in revenues supported by all operational segments • Decreased gross profit margin due to price reduction of various products mainly in segments PS as well as temporarily higher material costs in IB • EBITDA pre margin at 4.1% and therefore below PY mainly due to price pressure & increased cost base • EPS adjusted at €0.87 below PY • Operating CF as well FCF (before M&A) significantly lower than H1 25 driven by higher tax payments (€-6m), as well as lower net result. Increase in Working capital in H1 2026 was almost on the level of H1 2025 • Investing CF of €-6m mainly consists of capex (€8.1m), divestment and interest received (€2.0m); increased cash outflows mainly due to payments for investments in fixed assets. • Financing CF: scheduled term loan repayments of €12.5m as well as cash inflows from RCF €15m, interest payments for loans (€3.7m), lease payments (€2.6m) • Net Debt leverage at a very healthy level at 1.4 compared to 1.3 in H1 2025 1 Gross profit = Revenue - Cost of materials |2 EBITDA is defined as consolidated earnings before interest, taxes, depreciation and amortization; EBITDA pre is adjusted for special charges for stock options, expenses for M&A activities, expenses for ERP-System implementation, restructuring costs, and one-time expenses due to change in the Executive Board | 3 Adjusted EPS is based on the period result, adjusted for special charges, acquisition-related PPA amortizations, the revaluation of NCI-liabilities and the resulting adjusted tax expense |4 Calculated as follows: Operating CF less CAPEX | RCF Revolving Credit Facility H1 2026 – Strong Revenue Growth and temporarily low Cash Flow Financial overview 15
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H1 2026 – Revenue Growth in All Operational Segments Financial overview 1 EBITDA is defined as consolidated earnings before interest, taxes, depreciation and amortization; EBITDA pre is adjusted for special charges for stock options, expenses for M&A activities, expenses for ERP-System implementation, restructuring costs, and one-time expenses due to change in the Executive Board Pharmaceutical Supply 'PS' Patient-specific Therapies 'PST' International Business 'IB' Services Group YoY in € million H1 26 H1 25 H1 26 H1 25 H1 26 H1 25 H1 26 H1 25 H1 26 H1 25 Segment revenue – extern. delta (YoY in %) 868.4 8.5% 800.1 119.6 8.5% 110.2 86.7 6.9% 81.1 0.2 -0.4% 0.2 1,074.9 8.4% 991.7 EBITDA pre1 delta (yoy in %) 23.6 -10.4% 26.4 11.5 -5.0% 12.1 14.0 1.0% 13.8 -5.1 -14.1% -5.9 44.0 -5.1% 46.3 Margin (% of revenue external) 2.7% 3.3% 9.6% 10.9% 16.1% 17.0% <-100% -100.0% 4.1% 4.7% 16
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PS: Revenue up while EBITDA pre decreased Financial overview Q2/25 vs Q2/26 1 EBITDA is defined as consolidated earnings before interest, taxes, depreciation and amortization; EBITDA pre is adjusted for special charges for stock options, expenses for M&A activities, expenses for ERP-System implementation, restructuring costs, and for 2025 one-time expenses due to change in the Executive Board 389 411 439 449 424 444 Q1 Q2 Q3 Q4 Q1 Q2 2025 2026 11,8 14,6 12,4 13,8 12,1 11,5 3 3,5 2,8 3,1 2,9 2,6 Q1 Q2 Q3 Q4 Q1 Q2 2025 2026 3.0 EBITDA pre¹ (€m/%) QoQ growth -21.1% Revenue external (€m) QoQ growth 8.1% • Good sales development in all areas • Continuous price decreases of selected products overall led to lower gross margin • Medicinal cannabis business started later than planned; positive market penetration in Q2 – gained momentum overall in H1 26 17
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PS: YoY H1 2026 EBITDA pre Bridge Financial overview 1 EBITDA is defined as consolidated earnings before interest, taxes, depreciation and amortization; EBITDA pre is adjusted for special charges for stock options, expenses for M&A activities, expenses for ERP-System implementation, restructuring costs, and one-time expenses due to change in the Executive Board € 26,3755 m -€ 2,700 m € ,800 m -€ ,900 m € 23,5755 m EBITDA pre prior year Continued price drop of various products New business (Novartis and esp. Cannabis) OPEX (sales commissions, personnel costs) EBITDA pre actual 18 € 26.4 m -€ 2.7 m € 0.8 m -€ 0.9 m € 23.6 m
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PST: Revenue and EBITDA pre growth Financial overview Q2/25 vs Q2/26 1 EBITDA is defined as consolidated earnings before interest, taxes, depreciation and amortization; EBITDA pre is adjusted for special charges for stock options, expenses for M&A activities, expenses for ERP-System implementation, restructuring costs, and one-time expenses due to change in the Executive Board 56 54 56 54 60 59 Q1 Q2 Q3 Q4 Q1 Q2 2025 2026 6,3 5,7 6,1 4,1 5,4 6,1 11,3 10,5 10,9 7,5 8,9 10,2 0 5 10 15 20 25 30 35 40 45 50 0 1 2 3 4 5 6 7 Q1 Q2 Q3 Q4 Q1 Q2 2025 2026 3.0 EBITDA pre¹ (€m/%) QoQ growth 5.4% Revenue external (€m) QoQ growth 8.6% • Revenue growth in H1 (+8.5%), supported by higher production volumes across all customer segments • Sequential margin recovery: EBITDA pre margin up to 10.2% in Q2 (Q1: 8.9%) as operational excellence measures take effect • Operational excellence ("Avanti Medios!") and Aschaffenburg site closure to further support margin in H2 19
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PST: YoY H1 2026 EBITDA pre Bridge Financial overview 1 EBITDA is defined as consolidated earnings before interest, taxes, depreciation and amortization; EBITDA pre is adjusted for special charges for stock options, expenses for M&A activities, expenses for ERP-System implementation, restructuring costs, and one-time expenses due to change in the Executive Board € 12,0600 m € 1,500 m -€ ,8850 m -€ ,600 m -€ ,600 m € 11,4750 m EBITDA pre prior year Volume effect EBITDA pre actual Increase in personnel costs Others (external services, maintenance, logistics) Drug price regulation 20 € 12.1 m € 1.5 m -€ 0.6 m-€ 0.6 m-€ 0.9 m € 11.5 m
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IB: Revenue up, EBITDA pre Margin above PY level Financial overview Q2/25 vs Q2/26 1 EBITDA is defined as consolidated earnings before interest, taxes, depreciation and amortization; EBITDA pre is adjusted for special charges for stock options, expenses for M&A activities, expenses for ERP-System implementation, restructuring costs, and one-time expenses due to change in the Executive Board 40 42 43 45 43 44 Q1 Q2 Q3 Q4 Q1 Q2 2025 2026 7,3 6,5 8,2 7,1 6,3 7,7 18,4 15,7 19,0 15,8 14,7 17,5 0 5 10 15 20 25 30 35 40 45 50 0 1 2 3 4 5 6 7 8 9 Q1 Q2 Q3 Q4 Q1 Q2 2025 2026 3.0 EBITDA pre¹ (€m/%) QoQ growth 17.0% Revenue external (€m) QoQ growth 5.1% • Revenue growth in Q2 2026 (+4.8% vs Q2 2025) • Q2 EBITDA pre up to €7.7m (Q2 2025: €6.5m), supported by higher volume as well as labour efficiency • Higher material costs with eye syringes to be solved in H2 • EBITDA pre margin recovered to 17.5% in Q2 2026 (Q1: 14.7%), above prior-year Q2 (15.7%) 21
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IB: YoY H1 2026 EBITDA pre Bridge Financial overview 1 EBITDA is defined as consolidated earnings before interest, taxes, depreciation and amortization; EBITDA pre is adjusted for special charges for stock options, expenses for M&A activities, expenses for ERP-System implementation, restructuring costs, and one-time expenses due to change in the Executive Board € 13,8275 m € 4,200 m -€ 1,600 m € ,800 m -€ 1,700 m -€ 1,400 m € ,700 m -€ ,900 m € 13,9275 m EBITDA pre prior year Volume effects (customer and new products) Disinvestments in Q1-25 with positive EBITDA pre effect in 2025 Disinvestments in Q2-26 EBITDA pre actual Higher material costs (silicon- free eye syringes) Wage increase Personnel cost savings Other OPEX (external hiring, legal and consulting) 22 € 13.8 m € 4.2 m -€ 1.6 m € 0.8 m -€ 1.7 m -€ 1.4 m € 0.7 m -€ 0.9 m € 13.9 m
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Pharmaceutical Supply • Price pressure on specific high-margin medicines in the market to continue in H2 2026 • Implication of new law (GKV- Beitragssatzstabilisierungsgesetz) with negative impact on profitability with Cannabis Flowers due to stop of reimbursement • Assumed implementation of new law: Immediately and therefore negative impact in H2 2026 revenues and margin expected International Business • Last months with pressure on profitability in some specific business fields with negative impact on expected performance in H2 2026 • Improvements in implementation phase with positive impact expected in 2027 Patient-Specific Therapies • Margin improvements expected due to implementation of cost optimizations (e.g. Avanti Medios!) • Closure of Aschaffenburg with delivery of all customers from other locations with positive impact on margin Medios Group: Revision of Guidance 2026 as of July 28, 2026 Financial overview 0 500 1000 1500 2000 2500 2026 (old) 2026 (revised) Sales (€bn) €2.0 – 2.12 €2.1 – 2.16 0 20 40 60 80 100 120 2026 (old) 2026 (revised) EBITDA pre (€m) €94 – 102 €88 – 92 23
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04 Focus activities & Take-aways
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Focus Activities 2026 — status after H1 One Team Medios Harmonize business & planning processes; ERP/SAP (S/4HANA) roll-out for Medios Pharma; improve transparency and collaboration for faster decision-making Strategy Cornerstones Operational Excellence Network optimization based on a Capital Master Plan; business integration based on a Digitalization Roadmap Accelerate organic growth Increase compounding business growth rate with current and new customers; benefit from market trends and regulatory adjustments Selective M&A activities Value accretive add-on acquisitions Status H1: roll-out in progress Status H1: Aschaffenburg site closure completed Status H1: Organic growth in all operating segments (+8.4%) Status H1: Signing of Caelo- acquisition 25
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Medios Next Level Medios 2nd Capital Markets Day September 29, 2026 | Breda, The Netherlands Welcome at Ceban and network dinner on Sep 28 Strategy & vision | business deep dives | mid-term ambition | site tour Ceban 26
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Key takeaways 1 2 3 Broad-based growth Revenue up 8.4% to €1,075m — the first half- year above €1bn, with all operating segments contributing. PST with margin- improvement First visible results of our operational excellence initiative Avanti Medios! Acquisition of Caelo Strategic milestone to broaden portfolio towards German pharmacies with compounding products, opening new opportunities in the European market. 27
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Katrin Neuffer Director Investor & Communications Phone +49 30 232 566 800 katrin.neuffer@medios.group Contact 28
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Disclaimer This presentation has been produced by Medios AG (the „Company“). The facts and information contained herein are as up to date as is reasonably possible and are subject to revision in the future. None of the Company or its directors, officers, employees or advisors nor any other person makes any representation or warranty, express or implied as to, and no reliance should be placed on, the accuracy or completeness of the information contained in this presentation. None of the Company or any of its directors, officers, employees and advisors nor any other person shall have any liability whatsoever for any loss howsoever arising, directly or indirectly, from any use of this presentation. The same applies to information contained in other material made available at the presentation. While all reasonable care has been taken to ensure the facts stated herein are accurate and that the opinions contained herein are fair and reasonable, this presentation is selective in nature and is intended to provide an introduction to, and overview of, the business of the Company. Where any information and statistics are quoted from any external source, such information or statistics should not be interpreted as having been adopted or endorsed by the Company as being accurate. This presentation contains certain forward-looking statements relating to the business, financial performance and results of the Company and /or the industry in which the Company operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words »believes«, »expects«, »predicts«, »intends«, »projects«, »plans«, »estimates«, »aims«, »foresees«, »anticipates«, »targets« and similar expressions in English or equivalent expressions in German. 29 The forward-looking statements, including but not limited to assumptions, opinions and views of the Company or information from third party sources, contained in this presentation are based on current plans, estimates, assumptions and projections and involve uncertainties and risks. Various factors could cause actual future results, performance or events to differ materially from those described in these statements. The Company does not guarantee that the assumptions underlying such forward-looking statements are free from errors nor does it accept any responsibility for the future accuracy of the opinions expressed in this presentation or the actual occurrence of the forecasted developments. No obligation is assumed to update any forward- looking statements. This presentation does not constitute or form a part of, and should not be construed as, an offer or invitation to subscribe for, or purchase, any securities and neither this presentation nor anything contained herein shall form the basis of, or be relied on in connection with, any offer or commitment whatsoever. In particular, this presentation does not constitute an offer of securities for sale or a solicitation of an offer to purchase securities in the United States. The shares in the Company may not be offered or sold in the United States or to or for the account or benefit of „U.S. persons“ (as such term is defined in Regulation S under the U.S. Securities Act of 1933, as amended (the „Securities Act“)) absent registration or an exemption from registration under the Securities Act. The shares in the Company have not been and will not be registered under the Securities Act. This presentation speaks as of August 2026. Neither the delivery of this presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date.