Interim report
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Almirall, S.A. and Subsidiaries (Almirall Group) Condensed Consolidated Interim Financial Statements and Consolidated Interim Management Report for the six-month period ending 30 June 2025 (Translation of a report originally issued in Spanish. In the event of discrepancy, the Spanish language version prevails)
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(Translation of a report originally issued in Spanish. In the event of discrepancy, the Spanish language version prevails) Almirall, S.A. and Subsidiaries (Almirall Group) Condensed consolidated interim balance sheet as at 30 June 2025 (Thousands of euros) 2 ASSETS Note 30/06/2025 31/12/2024 Unaudited Audited Goodwill 8 315,966 315,966 Intangible assets 9 874,751 936,967 Right-of-use assets 10 44,008 43,586 Property, plant and equipment 11 155,243 153,790 Financial assets 12 19,428 16,350 Deferred tax assets 23 184,473 188,860 NON-CURRENT ASSETS 1,593,869 1,655,519 Stocks 14 179,693 171,783 Trade and other receivables 15 168,829 151,444 Current tax assets 23 24,967 21,632 Other current assets 17,338 18,987 Current financial investments 282 201 Cash and cash equivalents 13 322,943 377,097 CURRENT ASSETS 714,052 741,144 TOTAL ASSETS 2,307,921 2,396,663 LIABILITIES AND EQUITY Note 30/06/2025 31/12/2024 Unaudited Audited Subscribed capital 16 25,774 25,616 Share premium 16 596,078 581,874 Legal reserve 16 4,275 4,275 Other reserves 16 809,839 838,929 Valuation adjustments and other adjustments 16 (31,867) (31,867) Translation differences 16 32,428 59,408 Result for the period 26,579 10,147 EQUITY 1,463,106 1,488,382 Deferred income 17 2,865 4,485 Financial liabilities 18 328,568 332,993 Non-current liabilities from leasing 10 37,310 37,521 Deferred tax liabilities 23 63,243 64,992 Retirement benefit obligations 20 58,293 58,581 Provisions 21 8,121 8,447 Other non-current liabilities 19 47,900 47,838 NON-CURRENT LIABILITIES 546,300 554,857 Financial liabilities 18 12,681 14,373 Current liabilities for leasing 10 7,931 7,061 Trade payables 19 199,390 186,525 Current tax liabilities 23 38,747 42,511 Other current liabilities 19 39,766 102,954 CURRENT LIABILITIES 298,515 353,424 TOTAL LIABILITIES AND EQUITY 2,307,921 2,396,663 Explanatory Notes 1 to 30 are an integral part of the condensed consolidated interim financial statements for the six-month period ending 30 June 2025.
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(Translation of a report originally issued in Spanish. In the event of discrepancy, the Spanish language version prevails) Almirall, S.A. and Subsidiaries (Almirall Group) Condensed consolidated interim income state for the six-month period ending 30 June 2025 (Thousands of euros) 3 Note 2025 Period 2024 Period Unaudited Unaudited Net turnover 22 560,456 497,218 Other Income 22 2,915 2,858 Operating income 563,371 500,076 Work carried out on fixed assets 9 11,263 12,396 Supplies 22 (129,972) (119,328) Staff costs 22 (131,747) (118,110) Depreciation 9, 10 & 11 (76,377) (68,601) Net change in valuation adjustments 275 (1,275) Other operating expenses 22 (193,790) (169,277) Net gains (losses) on disposal of assets 22 - (3,171) Operating profit 43,023 32,710 Financial income 22 4,134 3,749 Financial expenses 22 (8,010) (8,037) Exchange rate differences 22 (1,060) (598) Gains / (losses) on measurement of financial instruments 18 & 22 6,039 2,448 Financial result 1,103 (2,438) Earnings before tax 44,126 30,272 Corporate income tax (17,547) (14,882) Net profit for the period attributable to the Parent Company 26,579 15,390 Earnings / (Loss) per Share (Euros) 26 A) Basic 0.12 0.07 B) Diluted 0.12 0.07 Explanatory Notes 1 to 30 are an integral part of the condensed consolidated interim financial statements for the six-month period ending 30 June 2025.
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(Translation of a report originally issued in Spanish. In the event of discrepancy, the Spanish language version prevails) Almirall, S.A. and Subsidiaries (Almirall Group) Condensed consolidated interim statement of comprehensive income for the six-month period ending 30 June 2025 (Thousands of euros) 4 2025 Period 2024 Period Note Unaudited Unaudited Result for the period 26,579 15,390 Other comprehensive income: Items not to be reclassified to income Retirement benefit obligations 20 - 3,742 Income tax on items that will not be reclassified 23 - (1,048) Others - - Total items not to be reclassified to income - 2,694 Items that can be reclassified subsequently to profit or loss Other changes in value - - Foreign currency translation differences 16 (26,980) 8,162 Total items that can be reclassified subsequently to profit or loss (26,980) 8,162 Other comprehensive income for the period, net of tax (26,980) 10,856 Total comprehensive income for the period (401) 26,246 Attributable to: - Owners of the parent company (401) 26,246 - Non-controlling interests - - Total comprehensive income attributable to owners of the parent company derived from: - Continuing operations (401) 26,246 - Discontinued operations - - Explanatory Notes 1 to 30 are an integral part of the condensed consolidated interim financial statements for the six-month period ending 30 June 2025.
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(Translation of a report originally issued in Spanish. In the event of discrepancy, the Spanish language version prevails) Almirall, S.A. and Subsidiaries (Almirall Group) Condensed consolidated interim statement of changes in equity for the six-month period ending 30 June 2025 (Thousands of euros) 5 Other reserves Other comprehensive income Note Subscribed capital Share premium Legal reserve Other reserves of the Parent Company Treasury shares of the Parent Company Consolidated reserves Valuation adjustments to equity Translation differences Profit attributable to the Parent Company Equity Balance as at 01 January 2024 16 25,127 545,866 4,275 861,193 (2,858) 57,649 (33,205) 43,827 (38,474) 1,463,400 Distribution of profits - - - (60,154) - 21,680 - - 38,474 - Dividends 25 489 36,008 - (39,785) - - - - - (3,288) Treasury shares of the Parent Company 16 - - - - 214 - - - - 214 Total comprehensive income for the period - - - - - - 2,694 8,162 15,390 26,246 Balance as at 30 June 2024 (unaudited) 16 25,616 581,874 4,275 761,254 (2,644) 79,329 (30,511) 51,989 15,390 1,486,572 Other reserves Other comprehensive income Note Subscribed capital Share premium Legal reserve Other reserves of the Parent Company Treasury shares of the Parent Company Consolidated reserves Valuation adjustments to equity Translation differences Profit attributable to the Parent Company Equity Balance as at 01 January 2025 16 25,616 581,874 4,275 762,381 (2,781) 79,329 (31,867) 59,408 10,147 1,488,382 Distribution of profits - - - 121,657 - (111,510) - - (10,147) - Dividends 25 158 14,204 - (40,559) - - - - - (26,197) Treasury shares of the Parent Company 16 - - - 1,240 82 - - - - 1,322 Total comprehensive income for the period - - - - - - - (26,980) 26,579 (401) Balance as at 30 June 2025 (unaudited) 16 25,774 596,078 4,275 844,719 (2,699) (32,181) (31,867) 32,428 26,579 1,463,106 Explanatory Notes 1 to 30 are an integral part of the condensed consolidated interim financial statements for the six-month period ending 30 June 2025.
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(Translation of a report originally issued in Spanish. In the event of discrepancy, the Spanish language version prevails) Almirall, S.A. and Subsidiaries (Almirall Group) Condensed consolidated interim cash flow statement for the six-month period ending 30 June 2025 (indirect method) (Thousands of euros) 6 Note 2025 Period 2024 Period Unaudited Cash Flow Earnings before tax 44,126 30,272 Depreciation 9, 10 & 11 76,377 68,601 Net gains (losses) on disposal of assets 22 - 3,171 Financial income 22 (4,134) (3,749) Financial expenses 22 8,010 8,037 Exchange rate differences 22 1,060 598 Changes in fair value of financial instruments 18 & 22 (6,039) (2,448) Allocation of deferred income 17 (1,620) (857) Change in fair value of Covis Pharma financial assets 12 & 22 - (518) 117,780 103,107 Adjustments for changes in working capital: Change in stocks 14 (9,216) 715 Change in trade and other receivables 15 (27,420) (16,557) Change in trade payables 19 12,857 1,029 Change in other current assets (1,887) 986 Change in other current liabilities (11,631) (6,149) Adjustments for changes in other non-current items: Other non-current assets and liabilities (4,473) 1,651 (41,770) (18,325) Cash flow from taxes: (18,459) (18,468) Net cash flows from operating activities (I) 57,551 66,314 Cash flow from investment activities Interest receivable 3,795 3,034 Investments: Intangible assets 9 & 19 (74,874) (110,352) Property, plant and equipment 11 (11,524) (9,164) Financial assets 12 & 13 (476) (50,369) Divestments: Receivables linked to the contract with Covis/AstraZeneca 12 4,915 7,875 Property, plant and equipment 11 18 751 Financial assets 12 214 - Net cash flows from investment activities (II) (77,932) (158,225) Cash flow from financing activities Interest payable 18 (5,079) (4,995) Equity instruments: Dividends paid 25 (26,197) (3,288) Acquisition/Disposal of own equity instruments 16 82 214 Financial instruments: Repayment of debts with credit institutions 18 (5,000) (5,000) Finance lease payments 10 (4,885) (4,306) Others 7,306 739 Net cash flows from financing activities (III) (33,773) (16,636) Net change in cash and cash equivalents (I+II+III) (54,154) (108,547) Cash and cash equivalents at the start of the reporting period 377,097 387,954 Cash and cash equivalents at the end of the reporting period 322,943 279,407 Explanatory Notes 1 to 30 are an integral part of the condensed consolidated interim financial statements for the six-month period ending 30 June 2025.
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(Translation of a report originally issued in Spanish. In the event of discrepancy, the Spanish language version prevails) Almirall, S.A. and Subsidiaries (Almirall Group) Notes to the Condensed Consolidated Interim Financial Statements for the six-month period ending 30 June 2025 (Thousands of euros) 7 1. General information Almirall, S.A. (hereinafter, the Company or Parent Company) is the parent company of a Group of companies (hereinafter, the Group), the corporate purpose of which consists basically in the purchase, manufacture, storage, marketing and mediation in the sale of pharmaceutical specialities and products, as well as of all types of raw materials used in the preparation of such pharmaceutical specialities and products. Accordingly, the Parent Company’s corporate purpose also includes: a) The purchase, manufacture, storage, marketing, and mediation in the sale of cosmetics and of chemical, biotechnological and diagnostic products for human, veterinary, agrochemical and food use, as well as of all kinds of instruments, complements and access ories for the chemical, pharmaceutical and clinical industry. b) Research on active chemical and pharmaceutical ingredients and products. c) The purchase, sale, rental, subdivision, and development of plots, land and estates of any nature, with the option of choosing to build on or dispose of these, in full, in part, or under the horizontal property regime. d) The provision of prevention services for the undertakings and companies participating in the company pursuant to Art. 15 of Royal Decree 39/1997, of 17 January, which establishes the Prevention Services Regulations, and implementing regulations. This activity may be regulated and carried out jointly for related and participating companies of the Parent Company pursuant to Art. 21 of the aforementioned legal text. It is expressly stated that, according to the law, this activity does not require administrative authorisation. According to Article 15 of Royal Decree 39/1997, this activity may be subcontracted to other specialised entities. e) To direct and manage the Company’s participation in the share capital of other entities through the appropriate organisation of human and material resources. Pursuant to the Parent Company’s articles of association, the aforementioned corporate purpose may be pursued, in whole or in part, directly by the Parent Company itself or indirectly through shareholding or equity interests, or any other rights or interests in companies or other types of entities, with or without legal personality, with registered office in Spain or abroad, which engage in activities identical or similar to those included in the corporate purpose of the Parent Company. Almirall, S.A., which is listed on the Spanish Stock Exchanges included in the Stock Exchange Interconnection System (continuous market), has its registered office and head office at Ronda General Mitre, 151, Barcelona (Spain). 2. Basic principles of presentation a) Regulatory framework of financial reporting applied to the Group In accordance with Regulation (EC) no. 1606/2002 of the European Parliament and of the Council of 19 July 2002, all companies governed by the law of a European Union member state and whose securities are listed on a regulated market of one of the member states must present t heir consolidated annual accounts for the years beginning on or after 1 January 2005 in accordance with the International Financial Reporting Standards previously adopted by the European Union (hereinafter, EU -IFRSs). These condensed consolidated interim financial statements, prepared by the directors of Almirall, S.A. on 24 July 2025, are presented in accordance with IAS 34 and Article 12 of Royal Decree 1362/2007. Pursuant to IAS 34, the Interim Financial Information is prepared solely with the intention of updating the content of the latest consolidated financial statements prepared by the directors of the Parent Company and approved at the General Meeting held on 09 May 2025, with emphasis on new activities, events and circumstances that have occurred during the six -month period, without duplicating the information previously published in the consolidated financial statements for the financial year ending 31 Decemb er 2024. Therefore, for a proper understanding of the information included in these condensed consolidated interim financial statements, prepared in accordance with EU -IFRS, they
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(Translation of a report originally issued in Spanish. In the event of discrepancy, the Spanish language version prevails) Almirall, S.A. and Subsidiaries (Almirall Group) Notes to the Condensed Consolidated Interim Financial Statements for the six-month period ending 30 June 2025 (Thousands of euros) 8 should be read in conjunction with the Group’s consolidated financial statements for the year ended 31 December 2024. b) Comparability of the information The information contained in these condensed consolidated interim financial statements for the first half of the financial year 2025 and/or as at 31 December 2024 is presented solely and exclusively for purposes of comparison with the information for the six-month period ending 30 June 2025. These accounting statements included in the present condensed consolidated interim financial statements have been prepared following the same criteria as the comparative periods as at 30 June 2024 and/or as at 31 December 2024. There have been no changes i n the composition of the Group that would significantly affect the comparability of the condensed consolidated interim balance sheet figures as at 30 June 2025 with those as at 31 December 2024, as well as those in the condensed consolidated interim income statement for the six-month period ending 30 June 2025 with those for the six-month period ending 30 June 2024. 3. Accounting policies The accounting policies, accounting methods and consolidation principles used in the preparation of these condensed consolidated interim financial statements are the same as those applied in the consolidated financial statements for the year ending 31 Dece mber 2024, except for the following standards and interpretations that became effective during the first half of 2025: Standards, amendments and interpretations are mandatory for all fiscal years beginning on or after 1 January 2025: - No exchange of currencies – Amendment to IAS 21. At the preparation date of these condensed consolidated interim financial statements, the IASB and the IFRS Interpretations Committee had published the following standards, amendments and interpretations, pending adoption by the European Union: Standards, amendments and interpretations that have not yet entered into force but may be adopted in advance: - IFRS 18 Presentation and Disclosure in Financial Statements – Replacing IAS 1, effective 1 January 2027. - Classification and Measurement of Financial Assets - Amendments to IFRS 9 - Contracts referencing nature-dependent electricity - Amendments to IFRS 9 and IFRS 7 - Subsidiaries without Public Accountability: Disclosures - Amendments to IFRS 19 Standards, amendments and interpretations of existing standards that cannot be adopted in advance or have not been adopted by the European Union. - There were none at the date of presentation of these condensed interim consolidated financial statements The Group has not considered the early application of the Standards and interpretations detailed above, and in any case, the Group is analysing the impact that these new standards/amendments/interpretations may have on the Group’s consolidated financial st atements, should they be adopted by the European Union, although it considers that their application will not have a significant impact.
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(Translation of a report originally issued in Spanish. In the event of discrepancy, the Spanish language version prevails) Almirall, S.A. and Subsidiaries (Almirall Group) Notes to the Condensed Consolidated Interim Financial Statements for the six-month period ending 30 June 2025 (Thousands of euros) 9 4. Estimates The consolidated results and the determination of consolidated equity are sensitive to the accounting principles and policies, estimates and assessment criteria used to prepare these condensed consolidated interim financial statements. The principal accounting policies and measurement bases are disclosed in Note 5 to the latest consolidated financial statements for 2024. Likewise, in relation to critical accounting judgements and estimates, the same criteria have been applied as those indicated in Note 7 to the latest consolidated financial statements for the year ending 31 December 2024, with no changes that have a significant effect on these condensed consolidated interim financial statements. In these financial statements, estimates made by the Group’s management and ratified by the Parent Company’s directors have been used to quantify certain assets, liabilities, income, expenses and commitments. Basically, these estimates refer to: - Impairment losses on certain goodwill, intangible assets and property, plant and equipment arising from the non-recoverability of the carrying amount recorded for such assets (Notes 8, 9 and 11). - The useful life of intangible assets and of property, plant and equipment (Notes 9 and 11). - The evaluation of the recoverability of deferred tax assets (Note 23). - The fair value of certain unquoted financial assets (Note 12). - Precise assumptions for determination of the actuarial liability for the retirement benefit obligations in coordination with an independent expert (Note 20). - The income tax expense, which, in accordance with IAS 34, is recognised in interim periods on the basis of the best estimate of the weighted average tax rate that the Group expects for the annual period. Although the estimates described above were made on the basis of the best information available to date on the events analysed, events that take place in the future might make it necessary to change these estimates (upwards or downwards) at the close of th e six-month period ending 30 June 2025, or in subsequent financial years, which, if necessary and in accordance with IAS 8, would be done prospectively, recognising the effects of the change in estimate in the consolidated income statement for the years affected. During the six months ending 30 June 2025, there have been no significant changes to the estimates made at the end of 2024. 5. Financial risk management The Group’s activities are exposed to different financial risks: mainly market risk (including exchange rate risk, interest rate risk and price risk), credit risk and liquidity risk. The Group's global risk management program contemplates the uncertainty of financial markets, and seeks to minimise the potential adverse effects on its financial profitability. In 2025, the Group closely monitored developments in the geopolitical and trade environment, paying particular attention to the new tariff policies implemented by the United States. These measures have included the imposition of additional tariffs on pharmaceutical and chemical intermediates of Chinese origin, as well as the introduction of a universal 10% tariff on most imports, excluding those from USMCA countries. As at 30 June 2025, the direct and indirect potential impact of these measures has been assessed, concluding that the tariff policies have not had, nor is it foreseen that they will have, a significant impact on the Group’s operations or strategy and did n ot affect the fair value of its financial assets or liabilities as at the reporting date. There have been no significant changes in the risk management department or in any risk management policy since the end of the previous year.
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(Translation of a report originally issued in Spanish. In the event of discrepancy, the Spanish language version prevails) Almirall, S.A. and Subsidiaries (Almirall Group) Notes to the Condensed Consolidated Interim Financial Statements for the six-month period ending 30 June 2025 (Thousands of euros) 10 6. Other information a) Contingent assets and liabilities Information on contingent assets and liabilities as at 30 June 2025 is provided in Note 27 of the explanatory notes to the accompanying condensed consolidated interim financial statements. b) Seasonality of the Group’s transactions The seasonality of the operations carried out by the Group, basically related to the supply of pharmaceuticals, is inherent in the nature of the products supplied insofar as the accumulation of these products by customers is not distributed in a linear fas hion over the annual periods. The main reason for this is the different development over time of certain diseases and/or conditions. c) Relative importance In determining the information to be disclosed in the explanatory notes on the different items of the financial statements or other matters, the Group, in accordance with IAS 34, has taken into account the relative importance in relation to these condensed consolidated interim financial statements. d) Changes in the composition of the Group During the six-month period ending 30 June 2025, there has been no change in the composition of the Group with respect to 31 December 2024. 7. Business combination During the six months ending 30 June 2025, there have been no business combinations. 8. Goodwill The composition of this heading in the condensed consolidated interim balance sheet is as follows: Thousands of Euros 30/06/2025 31/12/2024 Almirall, S.A. 35,407 35,407 Almirall Hermal GmbH 227,743 227,743 Poli Group 52,816 52,816 Total 315,966 315,966 There have been no changes in the composition of goodwill from that described in the consolidated financial statements for the year ending 31 December 2024. Impairment losses No impairment has been recorded in the six months ending 30 June 2025. As of 30 June 2025, there has been no significant change in the key assumptions on which Management has based its determination of the recoverable amount of the cash -generating units to which the previous goodwill is assigned, nor has there been any indica tion of impairment or change in the sensitivity analyses in relation with Note 5-d to the consolidated financial statements for the year ending 31 December 2024. Therefore, the Management has not updated any impairment calculation for these units for the interim closing date of 30 June 2025.
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(Translation of a report originally issued in Spanish. In the event of discrepancy, the Spanish language version prevails) Almirall, S.A. and Subsidiaries (Almirall Group) Notes to the Condensed Consolidated Interim Financial Statements for the six-month period ending 30 June 2025 (Thousands of euros) 11 9. Intangible assets The composition of and movement in this heading of the condensed consolidated interim balance sheet during the six-month period ending 30 June 2025 was as follows: Thousands of euros Balance as at 31 Decemb er 2024 Recogniti ons Transfe rs Derecogniti ons Translati on differenc es Balance as at 30 June 2025 Industrial property 2,193,42 0 774 - - (83,994) 2,110,20 0 Development costs1 111,378 11,263 - - (1,891) 120,750 Computer applications 93,942 966 3,308 - (162) 98,054 Advances and property, plant and equipment in progress 67,840 9,674 (3,308) - 2 74,208 Total cost Intangible Assets 2,466,58 0 22,677 - - (86,045) 2,403,21 2 Accum. A. Industrial property (1,133,2 93) (57,247) - 28 37,737 (1,152,7 75) Accum. A. Development costs (3,243) (1,293) 1 - 164 (4,371) Accum. A. Computer applications (73,950) (4,056) (1) (9) 158 (77,858) Total Accum. A. Intangible assets (1,210,4 86) (62,596) - 19 38,059 (1,235,0 04) Impairment losses (319,127 ) - - - 25,670 (293,457 ) Net Value Intangible assets 936,967 (39,919) - 19 (22,316) 874,751 1 Additions to the Development Expenses heading correspond to expenses generated internally in the six -month period ending 30 June 2025. The intangible assets described in the table above have finite useful lives, and the majority of them have been acquired from third parties or as part of a business combination, with the exception of the internally generated development costs described further below in this Note. There are no assets subject to debt guarantees. During the first six months of 2025, additions of intangible assets amounted to €22.6 million and mainly reflect the following circumstances: - In February 2025, the first Development milestone linked to the exclusive licence agreement for ISB 880, the IL-1RAP antagonist with Ichnos Science, for €5.8 million was reached. - - Following the EMA’s approval of Ebglyss in November 2023 (indicated for atopic dermatitis), certain clinical studies related to this product started to be capitalised (mainly a long-term safety study and a study to collect biomarker data with patients from various countries in Europe). The total amount capitalised in the six-month period ending 30 June 2025 amounts to €11.3 million. The translation differences in the period are mainly due to the evolution of the US dollar exchange rate, mainly linked to the portfolio acquired from Allergan in 2018. There have been no disposals in the six months ending 30 June 2025. Impairment losses During the six months ending 30 June 2025, there have been no significant changes to the estimates made at the end of 2024.
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(Translation of a report originally issued in Spanish. In the event of discrepancy, the Spanish language version prevails) Almirall, S.A. and Subsidiaries (Almirall Group) Notes to the Condensed Consolidated Interim Financial Statements for the six-month period ending 30 June 2025 (Thousands of euros) 12 A sensitivity analysis conducted on the assets that had been analysed as at 31 December 2024 (the Seysara products and Cordran Tape) is included below, updated for reasonably possible variations in the main key assumptions: Cash Generating Units or intangible asset Sensitivity analysis Impact on impairment value (millions of euros) Allergan portfolio - Increase / Reduction of the estimated sales volume by 10% (*) - Increase / Reduction of five points in the growth rate. - Half-point increase/decrease in discount rate +17 / (17) +1 / (4) (3) / +3 (*) Sales volume and costs directly associated with this volume 10. Right-of-use assets The composition of and movement in this heading of the condensed consolidated interim balance sheet during the six months ending 30 June 2025 was as follows: Thousands of euros Balance as at 31 December 2024 Recognitions Derecognitions Translation differences Balance as at 30 June 2025 Construction 59,341 19 (20) (143) 59,197 Machinery 41 - - - 41 Transport equipment 10,008 4,982 (1,167) (298) 13,525 Total cost Rights of use 69,390 5,001 (1,187) (441) 72,763 Accum. A. Construction (21,331) (2,637) 20 6 (23,942) Accum. A. Machinery (41) - - - (41) Accum. A. Transport equipment (4,432) (1,569) 1,167 62 (4,772) Total Accum. A. Rights of use (25,804) (4,206) 1,187 68 (28,755) Net Value Rights of use 43,586 795 - (373) 44,008 The additions for the six-month period ended 30 June 2025 mainly relate to the renewal of vehicle fleets of the sales networks in Spain and Germany. The main asset refers to the lease with a related company of the Group’s headquarters (Note 28), with a net carrying amount of €24.5 million as at 30 June 2025. There are no other contracts that are individually relevant. Lease payments made during this period amounted to €4,885 thousand. Details of lease liabilities are as follows, together with their maturities: Balance as at 30 June 2025 Balance as at 31 December 2024 Liabilities for leasing Non-current 37,310 37,521 Current 7,931 7,061 Total 45,241 44,582 Liabilities for leasing Maturities Thousands of Euros Current Up to 6 months 4,298 From 6 months to 1 year 3,633 Non-current From 1 to 2 years 8,227 From 2 to 3 years 7,366 From 3 to 4 years 6,063 From 4 to 5 years 4,844 More than 5 years 10,810 Total 45,241
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(Translation of a report originally issued in Spanish. In the event of discrepancy, the Spanish language version prevails) Almirall, S.A. and Subsidiaries (Almirall Group) Notes to the Condensed Consolidated Interim Financial Statements for the six-month period ending 30 June 2025 (Thousands of euros) 13 11. Property, plant and equipment The composition of and movement in this heading of the condensed consolidated interim balance sheet during the six months ending 30 June 2025 was as follows: Thousands of euros Balance as at 31 December 2024 Recog nition s Transfers Dere cogni tions Translation differences Balance as at 30 June 2025 Land and construction 102,746 869 6,153 - 1 109,769 Technical installations and machinery 104,935 1,212 10,387 - (429) 116,105 Other facilities, tools and furnishings 254,826 2,017 8,008 (102) (213) 264,536 Other property, plant and equipment 14,446 307 444 (16) (39) 15,142 Advances and property, plant and equipment in progress 30,912 7,119 (25,085) - (166) 12,780 Total cost Property, plant and equipment 507,865 11,524 (93) (118) (846) 518,332 Accum. A. Land and construction (56,096) (1,311) - - - (57,407) Accum. A. Technical installations and machinery (68,061) (2,393) - - 62 (70,392) Accum. A. Other facilities, tools and furnishings (219,859) (4,771) - 65 220 (224,345) Accum. A. Other property, plant and equipment (10,059) (933) - 16 31 (10,945) Total Accum. A. Property, plant and equipment (354,075) (9,408) - 81 313 (363,089) Impairment losses - - - - - - Net value Property, plant and equipment 153,790 2,116 (93) (37) (533) 155,243 The additions for the six months ending 30 June 2025 are mainly due to upgrades at the production centres of the Group’s pharmaceutical plants and improvements at the Group’s headquarters and in the R&D centre. There have been no significant disposals in the six months ending 30 June 2025. 12. Financial assets As detailed in Note 5-i) to the consolidated financial statements for the year ending 31 December 2024, the Group classifies its financial assets into the following valuation categories: - Financial assets measured at fair value through profit or loss: these assets do not meet the criteria for classification at amortised cost in accordance with IFRS 9 because their cash flows do not only represent payments of principal and interest. Conseque ntly, this heading includes not only the balances receivable arising from recognition of the sale of the respiratory business in 2014, as explained below in this Note (agreement with Covis), but also the derivative financial instruments that do not qualify for hedge accounting. - Financial assets measured at fair value through other comprehensive income: this heading includes equity instruments over which the Group does not have control, wherefore they are not included within the scope of consolidation. As of 30 June 2025 and 31 De cember 2024, there are no such instruments. - Financial assets valued at amortised cost: this heading includes fixed-income investments made through deposits with maturities of less than one year, mainly in euros, although they may occasionally be in foreign currencies in the event of a surplus (norma lly dollars). At the date of initial application, the Group’s business model is to hold these investments in order to receive contractual cash flows that only represent payments of principal and interest on the principal amount.
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(Translation of a report originally issued in Spanish. In the event of discrepancy, the Spanish language version prevails) Almirall, S.A. and Subsidiaries (Almirall Group) Notes to the Condensed Consolidated Interim Financial Statements for the six-month period ending 30 June 2025 (Thousands of euros) 14 Non-current financial investments The composition of and movement in this heading of the condensed consolidated interim balance sheet during the six months ending 30 June 2025 was as follows: Thousands of euros Balance as at 31 December 2024 Recognitions Changes in fair value Transfers Derecognitions Translation differences Balance as at 30 June 2025 Fair value through profit or loss 14,698 - - (1,077) - - 13,621 Fair value, changes in equity - - - - - - - Amortised cost 1,652 4,279 - (18) (12) (94) 5,807 Total cost 16,350 4,279 - (1,095) (12) (94) 19,428 Fair value through profit or loss - - - - - - - Fair value, changes in equity - - - - - - - Amortised cost - - - - - - - Total impairment - - - - - - - Net Value 16,350 4,279 - (1,095) (12) (94) 19,428 - Assets at fair value through profit or loss Assets at fair value through profit or loss consist entirely of the financial asset linked to the agreement with Covis. This asset originated in November 2014 when the Group transferred to AstraZeneca the rights to part of its respiratory franchise (Eklira and Duaklir, and other brands with the compound aclidinium bromide), which included several components that involved receiving cash and deferred payments based on certain future milestones. On 5 January 2022, the agreement between AstraZeneca and Covis for the transfer of these rights entered into force. At 30 June 2025 and 31 December 2024, the remaining amount receivable consists entirely of the net present value of royalties receivable from 2026 onwards. The royalties receivable in the upcoming 12 month s are classified under the heading "Trade and other receivables” (Note 15). Note 12 of the notes to the consolidated annual accounts for the year ended 31 December 2024 explains the fair value calculation methodology and the main assumptions for the valuation thereof. Changes in the fair value of this financial asset are recorded under the heading "Other income" in the condensed consolidated interim income statement (Note 22). The changes of these assets in the condensed consolidated interim balance sheet and the cash flows that have occurred, as shown in detail in the condensed consolidated interim cash flow statement, are detailed below: Thousands of euros Balance as at 31 December 2024 Changes in fair value Transfers Cash Flow Balance as at 30 June 2025 Non-current financial assets (Note 12) 14,698 - (1,077) - 13,621 Trade and other receivables (Note 15) 6,243 - 1,077 (4,915) 2,405 Total 20,941 - - (4,915) 16,026 - Assets at amortised cost Assets at amortised cost consist mainly of long-term deposits and certain deferred receivables related to licence transfer agreements.
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(Translation of a report originally issued in Spanish. In the event of discrepancy, the Spanish language version prevails) Almirall, S.A. and Subsidiaries (Almirall Group) Notes to the Condensed Consolidated Interim Financial Statements for the six-month period ending 30 June 2025 (Thousands of euros) 15 Current financial investments At 30 June 2025 and 31 December 2024, this heading mainly includes accrued interest receivable and short-term guarantees. In the case of short -term investments that do not meet the criteria to be considered cash equivalents (Note 13), they are classified under this heading. Investments made during the six-month period ending 30 June 2025 earned an average interest rate of 2.6%. 13. Cash and cash equivalents Cash and cash equivalents include cash on hand, demand deposits with banks and other short -term, highly liquid investments with an original maturity of three months or less, as explained in Note 5 -h to the consolidated financial statements as at 31 Decembe r 2024, otherwise they are considered current financial investments). Part of the bank accounts are interest -bearing, with average interest accruing at 2.0% during the six - month period ending 30 June 2025. 14. Stocks The itemisation of this heading in the condensed consolidated interim balance sheet on 30 June 2025 and 31 December 2024 is as follows: Thousands of Euros 30/06/2025 31/12/2024 Raw materials and packaging materials 41,554 45,748 Semi-finished products 40,538 29,283 Goods 17,103 14,393 Finished products 80,474 82,267 Advances to suppliers 24 92 Total 179,693 171,783 The balance of inventories in the preceding table is presented net of balances impaired due to obsolescence and slow turnover, which, at 30 June 2025 and 31 December 2024, amounts to €12,747 thousand and €13,685 thousand, respectively. There are no stocks subject to warranty, and there are no commitments to purchase stock worthy of note. The Group has taken out insurance policies to cover potential inventory risks at its facilities, as well as losses deriving from transport. 15. Trade and other receivables The itemisation of this heading in the condensed consolidated interim balance sheet on 30 June 2025 and 31 December 2024 is as follows: Thousands of Euros 30/06/2025 31/12/2024 Trade receivables for sales and services 141,774 120,816 Receivable from Covis Pharma (Note 12) 2,405 6,243 Other receivables 26,535 27,902 Provision for impairment losses (1,885) (3,517) Total 168,829 151,444
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(Translation of a report originally issued in Spanish. In the event of discrepancy, the Spanish language version prevails) Almirall, S.A. and Subsidiaries (Almirall Group) Notes to the Condensed Consolidated Interim Financial Statements for the six-month period ending 30 June 2025 (Thousands of euros) 16 The heading "Other debtors" includes the collection rights of loans granted by the CDTI (Centro para el Desarrollo Tecnológico Industrial, a public business entity in Spain, under the Ministry of Science, Innovation and Universities) at 30 June 2025 and 31 December 2024, linked to the performance of various research and development projects (Note 19). The balance of the "Provision for impairment losses" includes €402 thousand at 30 June 2025 (€414 thousand at 31 December 2024) as a result of applying the "expected loss" model (simplified approach) provided for in IFRS 9. Itemised below is the balance of receivables according to their maturity as at 30 June 2025 and 31 December 2024: Thousands of euros Trade receivables for sales and services Receivable from Covis Pharma Other receivables Valuation adjustments for impairment Total receivables Balance as at 30 June 2025 141,774 2,405 26,535 (1,885) 168,829 Not matured 126,155 2,405 26,535 - 155,095 Less than 30 days 12,101 - - - 12,101 From 30 to 60 days 1,276 - - - 1,276 From 60 to 90 days 437 - - (80) 357 From 90 to 180 days 1,384 - - (1,384) - From 180 to 360 days 293 - - (293) - More than 360 days 128 - - (128) - Balance as at 31 December 2024 120,816 6,243 27,902 (3,517) 151,444 Not matured 95,713 6,243 27,902 - 129,858 Less than 30 days 18,774 - - - 18,774 From 30 to 60 days 3,197 - - (385) 2,812 From 60 to 90 days 638 - - (638) - From 90 to 180 days 1,318 - - (1,318) - From 180 to 360 days 383 - - (383) - More than 360 days 793 - - (793) - There is no concentration of credit risk with respect to trade receivables, since the Group has a large number of customers. On 30 June 2025, the percentage of balances with Public Administrations for the hospital business out of the total customer balance for sales and services rendered comes to 8.5% (4.7% on 31 December 2024). There are no guarantees on customer balances. Receivables other than financial assets related to Covis Pharma GmbH (Note 12) are stated at nominal value, since there are no significant differences from their fair value. 16. Equity Share capital The Parent Company’s share capital as at 30 June 2025 is represented by 214,785,198 shares with a par value of €0.12, fully subscribed and paid up (213,468,718 shares as at 31 December 2024). On 11 June 2025, a total of 1,316,480 new shares from the flexible dividend of the Parent Company were admitted to trading on the Barcelona, Madrid, Bilbao and Valencia stock exchanges. These shares were representative of the holders of 33.3% of the rights to be allotted shares at no charge, who opted to receive new shares instead of cash.
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(Translation of a report originally issued in Spanish. In the event of discrepancy, the Spanish language version prevails) Almirall, S.A. and Subsidiaries (Almirall Group) Notes to the Condensed Consolidated Interim Financial Statements for the six-month period ending 30 June 2025 (Thousands of euros) 17 Consequently, the share capital of the Parent Company following the bonus issue of shares increased by €157,977.60. The shareholders with significant holdings in the share capital of Almirall, S.A., both direct and indirect, in excess of 3% of the share capital, of which the Parent Company is aware, according to the information contained in the official records of the N ational Securities Market Commission (CNMV) as at 30 June 2025 and 31 December 2024, are as follows: Name or company name % Interest % Interest of the direct shareholder 30/06/2025 31/12/2024 Grupo Plafin, S.A. 44.5% 44.5% Grupo Corporativo Landon, S.L. 15.6% 15.6% Norbel Inversiones 5.1% 5.1% Total 65.2% 65.2% At 30 June 2025 and 31 December 2024, the Parent Company was not aware of any other holdings equal to or greater than 3% of the share capital or voting rights of the Parent Company, which, although less than the established percentage, would enable the exercise of significant influence over the Parent Company. Share premium The Spanish Capital Companies Act expressly permits the use of the share premium balance to increase capital and does not establish any specific restrictions on the availability of this balance. As a consequence of the increase in fully-paid share capital resulting from the flexible dividend, this item was increased by the difference between the par value of the shares and the value equivalent to the dividend, which amounts to €14,204 thousand. After this capital increase, the balance of the share premium item amounted to €596,078 thousand at 30 June 2025 (€581,874 thousand at 31 December 2024). Legal reserve The part of the balance of the legal reserve that exceeds 10% of the previously increased capital may be used for a capital increase. Except for the aforementioned purpose, the legal reserve can only be used to offset losses if no other reserves are available and as long as it does not exceed 20% of the share capital. The amount of €4,275 thousand present in this account as at 30 June 2025 and 31 December 2024 corresponds to the balance of the Parent Company’s legal reserve. Other reserves The itemisation of this heading in the condensed consolidated interim balance sheet is as follows: Thousands of Euros 30/06/2025 31/12/2024 Reserves Investments Canary Islands - 3,485 Reserve amortised capital 30,540 30,540 Reserve merger 4,588 4,588 Revaluation reserve 2,539 2,539 Reserve for share-based payments 2,367 1,127 Other voluntary reserves 804,685 720,102 Subtotal Other reserves of the Parent Company 844,719 762,381 Reserves in consolidated companies (32,181) 79,329 Treasury shares (2,699) (2,781) Total other reserves 809,839 838,929 There is a limit on distributions that would reduce the balance of reserves to an amount less than the total outstanding balance of development costs, which come to €44.3 million at 30 June 2025 (€33.5 million at 31 December 2024).
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(Translation of a report originally issued in Spanish. In the event of discrepancy, the Spanish language version prevails) Almirall, S.A. and Subsidiaries (Almirall Group) Notes to the Condensed Consolidated Interim Financial Statements for the six-month period ending 30 June 2025 (Thousands of euros) 18 Reserves Investments Canary Islands In the six-month period ending 30 June 2025, the Parent Company has transferred the entire balance existing at 31 December 2024 to "Other voluntary reserves" as there are no longer any restrictions on its distribution. Reserves for amortized capital In accordance with the revised text of the Spanish Capital Companies Act, these reserves may only be used subject to the same requirements as for the reduction of share capital. On 30 June 2025 and 31 December 2024, the balance of these reserves amounts to €30,540 thousand. Liquidity contract and treasury shares The Parent Company has a liquidity contract with a financial intermediary, effective as from 4 March 2019, with the aim of favouring liquidity and stability of prices of the Company’s shares, within the limits established by the General Shareholders’ Meeti ng and by current regulations, in particular, Circular 1/2017, of 26 April, of the National Securities Market Commission (CNMV), on liquidity contracts. This contract means that, as at 30 June 2025, the Parent Company holds treasury shares representing 0.09% of the share capital (0.10% on 31 December 2024) and an overall nominal value of €23.8 thousand (€24.6 thousand as at 31 December 2024), which have been recognised in accordance with EU -IFRS. The average acquisition price of these shares was €10.6 per s hare. The treasury shares held by the Parent Company are intended to be traded on the market. Valuation adjustments and other adjustments On 30 June 2025 and 31 December 2024, the amount of this heading comes to -€31,867 thousand, and it corresponds to: - Net accumulated actuarial losses due to recalculations of the valuations of the retirement benefit obligations as a result of changes in the calculation assumptions: -€21,775 thousand on 30 June 2025 and 31 December 2024). - Financial assets measured at fair value through other comprehensive income: as explained in Note 12 to the consolidated financial statements for the year ending 31 December 2024, in accordance with IFRS 9, the Group recognised the impairment losses of the investee companies Suneva Medical Inc. and Dermelle LLC under this heading. On 30 June 2025 and 31 December 2024, the accumulated balance is a negative amount of -€10,092 thousand. Translation differences This heading in the accompanying condensed consolidated interim balance sheet includes the net amount of exchange differences arising on the translating the equity of companies with a functional currency other than the euro into the Group’s reporting currency. On 30 June 2025 and 31 December 2024, the breakdown of the balance of this item by companies in the condensed consolidated interim balance sheet is as follows: Thousands of Euros 30/06/2025 31/12/2024 Almirall Inc / Almirall LLC (USA) 31,544 56,792 Almirall Limited (UK) (728) (238) Other subsidiaries 1,612 2,854 Total translation differences 32,428 59,408
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(Translation of a report originally issued in Spanish. In the event of discrepancy, the Spanish language version prevails) Almirall, S.A. and Subsidiaries (Almirall Group) Notes to the Condensed Consolidated Interim Financial Statements for the six-month period ending 30 June 2025 (Thousands of euros) 19 The movement for the six-month period ending 30 June 2025 has been as follows: Thousands of Euros Balance as at 31 December 2024 59,408 Variations due to exchange differences (26,980) Balance as at 30 June 2025 32,428 17. Deferred income The movement and balance of this heading for the six-month period ending 30 June 2025 are as follows: Thousands of Euros Balance as at 31 December 2024 4,485 Additions Allocation to income (Note 22) (1,620) Balance as at 30 June 2025 2,865 This heading includes the difference between the nominal value and the fair value of the loans granted by the CDTI (Note 19). The allocation to income corresponds to the income accrued on the basis of the progress of each of the financed projects (mainly between 1 and 2 years), which is recorded under the heading "Other income" in the condensed consolidated interim income statement (Note 22). There have been no additions in the six-month period ending 30 June 2025. 18. Financial liabilities As detailed in Note 5-i) to the consolidated financial statements for the year ending 31 December 2024, the Group classifies its financial liabilities into the following valuation categories: - Financial liabilities measured at fair value through profit or loss: this heading includes liabilities related to derivative financial instruments, provided that it is not a financial guarantee contract and that it has not been designated as a hedging instrument. - Financial liabilities measured at amortised cost: this heading mainly includes unsecured bonds, bank loans and revolving credit facilities. At the date of initial application, the Group’s business model is to maintain this financing to pay contractual cash flows that represent only payments of principal and interest on the principal amount. The itemisation of this heading in the condensed consolidated interim balance sheet on 30 June 2025 and 31 December 2024 is as follows: Balance drawn down (*) Non-current Limit Current 2026/2027 2027/2028 Rest Total Financial liabilities at amortised cost Credit facilities 275,000 - - - - - - Loans with credit institutions 80,000 40,000 10,000 10,000 10,000 10,000 30,000 Senior unsecured bonds 300,000 298,568 - 298,568 - - 298,568 Financial liabilities at fair value through profit or loss Liabilities for derivative financial instruments N/A 402 402 - - - - Accrued interest to be paid N/A 2,279 2,279 - - - - Total as at 30 June 2025 655,000 341,249 12,681 308,568 10,000 10,000 328,568 (*) Balance drawn down net of issuance costs
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(Translation of a report originally issued in Spanish. In the event of discrepancy, the Spanish language version prevails) Almirall, S.A. and Subsidiaries (Almirall Group) Notes to the Condensed Consolidated Interim Financial Statements for the six-month period ending 30 June 2025 (Thousands of euros) 20 Balance drawn down (*) Non-current Limit Current 2026 2027 Rest Total Financial liabilities at amortised cost Credit facilities 275,000 - - - - - - Loans with credit institutions 80,000 45,000 10,000 10,000 10,000 15,000 35,000 Senior unsecured bonds 300,000 297,993 - 297,993 - - 297,993 Financial liabilities at fair value through profit or loss Liabilities for derivative financial instruments N/A 2,046 2,046 - - - - Accrued interest to be paid N/A 2,327 2,327 - - - - Total as at 31 December 2024 655,000 347,366 14,373 307,993 10,000 15,000 332,993 (*) Balance drawn down net of issuance costs Senior unsecured bonds On 22 September 2021, the Parent Company proceeded to conclude and disburse an issuance of senior unsecured bonds for an aggregate nominal amount of €300 million, at a fixed annual interest rate of 2.125%, maturing on 22 September 2026. The bonds were placed among qualified investors by BNP Paribas and JP Morgan AG, as coordinating entities. The effective interest rate of these bonds is 2.5%. The debt from these bonds is stated at the nominal amount (€300 million) net of issuance costs (which amounted to €5.6 million), which are recorded over the life of the bonds at amortised cost using the effective interest method. Debts with credit institutions Details of debts with credit institutions as at 30 June 2025 and 31 December 2024 are as follows: Limit Balance drawn down Final maturity Nominal interest rate Effective interest rate Debts with credit institutions Revolving credit facility 275,000 - 02/02/2028 3.63% (Euribor + Margin) 3.63% European Investment Bank Loan 80,000 40,000 17/04/2029 1.65% 1.65% Total as at 30 June 2025 355,000 40,000 Limit Balance drawn down Final maturity Nominal interest rate Effective interest rate Debts with credit institutions Revolving credit facility 275,000 - 02/02/2028 4.87% (Euribor + Margin) 4.87% European Investment Bank Loan 80,000 45,000 17/04/2029 1.65% 1.65% Total as at 31 December 2024 355,000 45,000 On 2 February 2024, the revolving credit facility previously signed in 2020 was novated for the same amount (€275 million), maintaining the same contractual conditions and for an initial term of 4 years (until February 2028, with the possibility of an extension of 1 additional year), for general corporate use. On 27 March 2019, the Parent Company arranged a loan facility with the European Investment Bank (EIB) for up to €120 million to fund its research and development efforts, with the objective of providing cutting-edge innovation and differentiated therapies in the area of medical dermatology. On 17 April 2019, the first tranche of €80 million was granted, with 32 equal repayments of principal between 17 July 2021 and 17 April 2029, with the latter date being the final maturity. Due to the issue of new debt in 2021, the interest rate increased by 0.30%. The debt contracts oblige the Parent Company to comply with a series of covenants, which at 30 June 2025 and 31 December 2024 are complied with.
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(Translation of a report originally issued in Spanish. In the event of discrepancy, the Spanish language version prevails) Almirall, S.A. and Subsidiaries (Almirall Group) Notes to the Condensed Consolidated Interim Financial Statements for the six-month period ending 30 June 2025 (Thousands of euros) 21 Derivative financial instruments On 10 May 2018, the Ordinary General Meeting of Shareholders arranged the completion of a swap transaction of interest rate and shares (“Equity swap”). This transaction entered into force by means of a contract dated 11 May 2018 with Banco Santander, S.A., whereby Almirall S.A. is bound to pay variable interest to the bank as compensation and Banco Santander, S.A. undertakes, as the acquirer of underlying ordinary shares of the company Almirall S.A. with a maximum nominal limit of 2.99% of the share capital (5,102,058 shares or €50 million), to hand over the dividend received for its investment in Almirall S.A. Said instrument was renewed in December 2023 for a term of 2 years. In addition, when the fair value is less than 85% of the cost value, the Group must offset the loss by contributing cash to the bank (in this case reducing the recognised value of the derivative). Once a settlement has been made, if the fair value exceeds 110% of the last value at which a settlement occurred, then the Group will reclaim the payments made proportionately up to 100% of the initial value of the derivative (always limited to the cost of acquisition by Banco Santander). For this reason, the Group has opted to classify this asset/liability as current. Consequently, under the heading “Assets resulting from derivative financial instruments” (in the case of unrealised gains) or “Liabilities resulting from derivative financial instruments” (in the case of unrealised losses), the fair value of the derivative has been recognised, which corresponds to the difference between the fair value of the underlying asset and the acquisition cost of the shares for Banco Santander (2,510,952 shares equivalent to €35.1 million, corresponding to 1.2% of the Parent Company’s share capital). €4.4 million was received in the first half of 2025 due to the increase in the share value, partially recovering the amounts previously paid out. As at 30 June 2025, the amounts disbursed amount to €8.0 million. The following table details the impacts at 30 June 2025 and at 31 December 2024: Thousands of euros 30/06/2025 31/12/2024 Underlying asset: Fair value 26,716 20,678 Acquisition cost 35,073 35,073 Capital gain / (capital loss) (8,357) (14,395) Disbursements made to date 7,955 12,349 Asset / (liability) per derivative financial instrument (402) (2,046) Profit / (Loss) for the period (Note 22) 6,039 (477) Other financial debt considerations At the date of preparation of these condensed consolidated interim financial statements, the Parent Company’s Directors consider that no breach of the aforementioned obligations (including the aforementioned series of covenants) has occurred. For the six-month period ending 30 June 2025 and 2024, the average cost of debt was 1.5% and 1.6%, respectively. Most of the Group’s debt has a fixed interest rate, which limits its exposure to interest rate risk. The interest accrued and payable at 30 June 2025 amounts to €2,279 thousand (€2,327 thousand at 31 December 2024), and it corresponds mainly to senior unsecured bonds.
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(Translation of a report originally issued in Spanish. In the event of discrepancy, the Spanish language version prevails) Almirall, S.A. and Subsidiaries (Almirall Group) Notes to the Condensed Consolidated Interim Financial Statements for the six-month period ending 30 June 2025 (Thousands of euros) 22 Moreover, in application of the amendment to IAS 7, below we provide a reconciliation of the cash flows arising from financing activities with the corresponding liabilities in the opening and closing statements of financial position, separating the movements that involve cash flows from those that do not. Balance 01.01.2025 Cash flow Interest paid Interest accrued Changes in fair value Balance 30.06.2025 Financial liabilities at amortised cost Credit facilities - - - - - - Loans with credit institutions 45,000 (5,000) - - - 40,000 Senior unsecured bonds 297,993 - - 575 - 298,568 Financial liabilities at fair value through profit or loss Liabilities for derivative financial instruments 2,046 4,395 - - (6,039) 402 Accrued interest to be paid 2,327 - (5,079) 5,031 - 2,279 Total Financial debt 347,366 (605) (5,079) 5,606 (6,039) 341,249 Balance 01.01.2024 Cash flow Interest paid Interest accrued Changes in fair value Balance 30.06.2024 Financial liabilities at amortised cost Credit facilities - - - - - - Loans with credit institutions 55,000 (5,000) - - - 50,000 Convertible bond 296,851 - - 571 - 297,422 Financial liabilities at fair value through profit or loss Liabilities for derivative financial instruments 1,569 - - - (1,569) - Accrued interest to be paid 2,399 - (4,995) 4,905 - 2,309 Total Financial debt 355,819 (5,000) (4,995) 5,476 (1,569) 349,731 19. Trade payables and Other liabilities Trade payables On 30 June 2025 and 31 December 2024 this heading is itemised as follows: Thousands of Euros 30/06/2025 31/12/2024 Suppliers 82,431 80,224 Trade payables 116,959 106,301 Total short-term trade payables 199,390 186,525 Other liabilities On 30 June 2025 and 31 December 2024 this heading is itemised as follows: Thousands of Euros Non-current Current 2026/2027 2027/2028 Rest Total Loans linked to research 736 443 942 18,868 20,253 Debts for purchases of fixed assets 8,647 8,430 8,430 Remuneration to be paid 30,229 5,691 1,046 1,439 8,176 Long-term tax liabilities - 6,573 6,573 Other debts 154 4,468 4,468 Total as at 30 June 2025 39,766 6,134 1,988 39,778 47,900
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(Translation of a report originally issued in Spanish. In the event of discrepancy, the Spanish language version prevails) Almirall, S.A. and Subsidiaries (Almirall Group) Notes to the Condensed Consolidated Interim Financial Statements for the six-month period ending 30 June 2025 (Thousands of euros) 23 Thousands of Euros Non-current Current 2026 2027 Rest Total Loans linked to research 1,121 327 516 19,272 20,115 Debts for purchases of fixed assets 62,898 - - 8,224 8,224 Remuneration to be paid 38,624 2,069 4,895 1,508 8,472 Long-term tax liabilities - - - 6,573 6,573 Other debts 311 - - 4,454 4,454 Total as at 31 December 2024 102,954 2,396 5,411 40,031 47,838 There are no significant differences between the fair value of the liabilities and the recognised amount. Research-linked loans correspond mainly to loans at subsidised interest rates and/or with grace periods, granted by the Ministry of Science and Technology to promote research. The granting of these loans is subject to compliance with carrying out certain i nvestments and expenses during the years for which they are granted, and the loans mature between 2025 and 2041. No new loans have been granted in the first half of 2025. The difference between the nominal value and the fair value of said loans is recorded under deferred income (Note 17). Debts for purchases of fixed assets refer basically to disbursements pending for the acquisition of goods, products and marketing licenses contracted in the fiscal year and prior years, among them the milestones described in Note 9. The current balance of Remunerations to be paid mainly includes the balances to be paid to employees for the accrued portions of special payments, as well as the Group’s bonuses for achieving targets and the provision for long-term remunerations, both the SEUS plan and the Performance Shares Plan (see Note 5-s to the consolidated financial statements for the year ending 31 December 2024). Finally, as a result of applying IFRIC 23, "Uncertainty regarding income tax treatment" (Note 5 -q to the consolidated financial statements for the year ending 31 December 2024), at 30 June 2025 an amount of €6,573 thousand has been classified as "Long-term tax liabilities” (€6,573 thousand at 31 December 2024). 20. Retirement benefit obligations The retirement benefit obligations are related to the subsidiaries Almirall Hermal, GmbH, Almirall, AG and Polichem, S.A. and are related to unfunded plans (there are no assets assigned to these plans). Thousands of Euros Balance as at 31 December 2024 58,581 Actuarial losses / (gains) - Interest cost 946 Benefits paid (1,234) Balance as at 30 June 2025 58,293 There has been no significant change in the recorded liabilities compared to 31 December 2024. 21. Provisions The composition of and movement in this heading of the condensed consolidated interim balance sheet during the six-month period ending 30 June 2025 was as follows: Thousands of Euros Balance as at 31 December 2024 8,447 Additions / provisions - Reversal (326) Balance as at 30 June 2025 8,121
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(Translation of a report originally issued in Spanish. In the event of discrepancy, the Spanish language version prevails) Almirall, S.A. and Subsidiaries (Almirall Group) Notes to the Condensed Consolidated Interim Financial Statements for the six-month period ending 30 June 2025 (Thousands of euros) 24 This refers mainly to the Group’s estimate of the disbursements that it would have to make in the future to meet other liabilities arising from the nature of its business. There have been no significant variations with respect to 31 December 2024. 22. Income and expenses Net turnover The tables below detail the net turnover for the six -month periods ending on 30 June 2025 and 2024, broken down by items and segments: Thousands of Euros 2025 Period 2024 Period Sales of products 538,072 491,029 Income from granting licenses 22,384 6,189 Net turnover 560,456 497,218 Thousands of Euros 2025 Period 2024 Period Marketing through own network 475,123 434,351 Marketing through licensees 64,351 48,692 Manufacturing for third parties and intermediation 20,982 14,175 Net turnover 560,456 497,218 The net turnover amount by geographic area, together with details of the main countries in which it is obtained, is shown below: Thousands of Euros 2025 Period 2024 Period Spain 179,604 159,254 Europe and Middle East 334,208 283,829 America, Asia and Africa 46,644 54,135 Net turnover 560,456 497,218 Thousands of Euros 2025 Period 2024 Period Spain 179,604 159,254 Germany 155,762 132,742 Italy 51,000 45,835 United States 24,007 27,974 France 21,449 19,186 United Kingdom 19,308 13,379 Other countries 109,326 98,848 Net turnover 560,456 497,218
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(Translation of a report originally issued in Spanish. In the event of discrepancy, the Spanish language version prevails) Almirall, S.A. and Subsidiaries (Almirall Group) Notes to the Condensed Consolidated Interim Financial Statements for the six-month period ending 30 June 2025 (Thousands of euros) 25 Finally, the contribution from the main therapeutic areas of the various products sold by the Group is detailed: Thousands of Euros 2025 Period 2024 Period Dermatology and others 318,312 268,793 Gastrointestinal and metabolism 46,804 47,690 Respiratory 65,144 57,988 Cardiovascular 43,240 44,402 Central nervous system 49,980 41,522 Musculoskeletal 18,159 17,541 Other therapeutic specialities 18,817 19,282 Net turnover 560,456 497,218 Other income The following table provides an itemisation of the composition of this heading for the six -month periods ending 30 June 2025 and 2024: Thousands of Euros 2025 Period 2024 Period Income due to agreement with Covis (Note 12) - 518 Allocation of deferred income (Note 17) 1,620 857 Others 1,295 1,483 Other income 2,915 2,858 Supplies The itemisation of this heading for the six-month periods ending 30 June 2025 and 2024 is as follows: Thousands of Euros 2025 Period 2024 Period Purchases 137,950 118,753 Change in stocks of finished or semi-finished products (9,462) (4,214) Change in stocks of raw materials and goods 1,484 4,789 Supplies 129,972 119,328 Staff The itemisation of staff costs for the six-month periods ending 30 June 2025 and 2024 is as follows: Thousands of Euros 2025 Period 2024 Period Payroll and salaries 97,933 91,470 Social security payable by the company 19,559 17,237 Compensation payments 5,020 1,522 Other welfare expenses 9,235 7,881 Staff costs 131,747 118,110 The average number of employees of the Group for the six -month periods ending 30 June 2025 and 2024, by professional category and gender, is as follows: 2025 Period 2024 Period Men Women Total Men Women Total Directors 1 - 1 1 - 1 Executives 69 49 118 63 40 103 Managers 104 98 202 104 92 196 Technical staff 508 700 1,208 462 646 1,108 Administrative staff 271 259 530 266 276 542 Others - 2 2 - 2 2 Total 953 1,108 2,061 896 1,056 1,952
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(Translation of a report originally issued in Spanish. In the event of discrepancy, the Spanish language version prevails) Almirall, S.A. and Subsidiaries (Almirall Group) Notes to the Condensed Consolidated Interim Financial Statements for the six-month period ending 30 June 2025 (Thousands of euros) 26 On 30 June 2025 and 31 December 2024, the make-up of the staff was as follows: 30 June 2025 31 December 2024 Men Women Total Men Women Total Directors 1 - 1 1 - 1 Executives 70 48 118 66 46 112 Managers 108 108 216 106 97 203 Technical staff 508 696 1,204 488 688 1,176 Administrative staff 280 263 543 271 261 532 Others - 2 2 - 2 2 Total 967 1,117 2,084 932 1,094 2,026 In addition, at 30 June 2025 the number of non-employee directors was 10, of whom 4 were women and 6 were men (at 31 December 2024, there were 10, of whom 4 were women and 6 were men). The number of Group employees at 30 June 2025 with a functional limitation of equal to or greater than thirty-three per cent is 41 people (40 people on 31 December 2024). Other operating expenses The itemisation of this heading for the six-month periods ending 30 June 2025 and 2024 is as follows: Thousands of Euros 2025 Period 2024 Period R&D activities 48,649 38,057 Leases and fees 34,204 25,918 Repairs and maintenance 11,355 11,103 Independent professional services 13,680 13,563 Transport 8,531 7,652 Insurance premiums 2,170 1,688 Bank services and similar 405 378 Congresses and other promotional activities 50,673 46,527 Supplies 2,344 2,487 Other services 20,497 21,057 Other taxes 1,282 847 Other operating expenses 193,790 169,277 The heading of leases and royalties includes royalties linked mainly to several of the licence agreements described in Note 9. The amounts corresponding to the six -month periods ending 30 June 2025 and 2024 amounted to €25.7 million and €18.5 million, respectively. The increase is mainly explained by the growth in sales of products marketed under the Ilumetri, Wynzora and Ebglyss brands. Net gains (losses) on disposal of assets The details of this heading for the six-month periods ending 30 June 2025 and 2024 are as follows: Thousands of Euros 2025 Period 2024 Period Gains Losses Gains Losses For disposal or retirement of intangible assets - - - (2,426) For disposal or retirement of property, plant and equipment - - - (745) - - - (3,171) Net gains (losses) on disposal of assets - (3,171)
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(Translation of a report originally issued in Spanish. In the event of discrepancy, the Spanish language version prevails) Almirall, S.A. and Subsidiaries (Almirall Group) Notes to the Condensed Consolidated Interim Financial Statements for the six-month period ending 30 June 2025 (Thousands of euros) 27 Financial result The details of the Financial result for the six -month periods ending 30 June 2025 and 2024 are as follows: Thousands of Euros 2025 Period 2024 Period Income Expenses Income Expenses Bond issuance costs (Note 18) - (3,720) - (3,720) Financial and similar income / (expenses) 4,134 (4,290) 3,749 (4,317) Change in fair value of financial instruments (Note 18) 6,039 - 2,448 - Exchange rate differences - (1,060) - (598) 10,173 (9,070) 6,197 (8,635) Financial result 1,103 (2,438) The breakdown of “Other finance income/(expenses) and similar” includes financial expenses derived from bank loans, as well as the impact of the financial restatement of liabilities carried at amortised cost and the financial cost of the pension payments, with the exception of the financial cost of the senior unsecured bonds (as described in Note 18), which is included in the breakdown of “Bond issuance costs” (€3.7 million in both periods). In addition, the Group earned interest income of €4.1 million, mostly from investments in deposits and certain interest-bearing accounts. The result recorded under the heading "Change in fair value of financial instruments" corresponds to the change in the fair value of the Equity swap (as explained in Note 18), with a profit of €6.0 million in 2025 (€2.5 million in 2024). 23. Tax situation Balances held with the Public Administration The balances receivable from and payable to the Public Administrations as at 30 June 2025 and 31 December 2024 are as follows: Thousands of Euros 30/06/2025 31/12/2024 Public Treasury (Hacienda) VAT owed 10,139 8,344 Public Treasury (Hacienda) Corporate Income Tax owed 14,791 13,229 Other debts 37 59 Total debtor balance 24,967 21,632 Public Treasury (Hacienda) VAT paid 5,777 6,181 Personal income tax 5,421 8,845 Social Security Agencies creditors 4,456 4,179 Public Treasury (Hacienda) Corporate Income Tax creditor 23,093 23,306 Total credit balances 38,747 42,511 Fiscal years subject to tax inspection The Parent Company and the companies forming a part of the Spanish tax group are currently open to audits for fiscal years 2020 to 2024 regarding Corporate Income Tax and for fiscal years 2021 to 2025 for all other applicable taxes. During the financial year 2022, the following inspection procedure was communicated in respect of the Group's following foreign company: Almirall Inc. and investee companies (United States). This inspection has to do with Corporate Income Tax for 2015, 201 6, 2018 and 2020. At the date of preparation of these condensed consolidated interim financial statements, this inspection is still in progress.
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(Translation of a report originally issued in Spanish. In the event of discrepancy, the Spanish language version prevails) Almirall, S.A. and Subsidiaries (Almirall Group) Notes to the Condensed Consolidated Interim Financial Statements for the six-month period ending 30 June 2025 (Thousands of euros) 28 During the six-month period ending 30 June 2025, no inspections additional to those mentioned above have been initiated. All other foreign companies of the Group are currently open to audits regarding the applicable taxes for the corresponding years in each of the local legislations. The Parent Company's Administrators do not expect any liabilities to arise as a result of the above inspections that would materially affect these condensed consolidated interim financial statements as at 30 June 2025. In general, due to the different ways in which the tax regulations may be interpreted, the results of the inspections that are being carried out, or that may be carried out in the future by the tax authorities, for the years subject to verification, may gi ve rise to tax liabilities of an amount that cannot be objectively quantified at present. In the opinion of the Parent Company’s administrators, however, the possibility of significant liabilities arising in this respect, in addition to those recognised, i s remote. Deferred taxes In relation to the recoverability of deferred tax assets (mainly originating in the Spanish tax group), there has been no significant change in the estimate of future taxable profits made in the recoverability analysis described in Note 22 of the notes to the consolidated financial statements for the year ending 31 December 2024. During the six months ended 30 June 2025, there have been no significant movements in deferred tax assets and liabilities. Corporate income tax expense The corporate income tax expense is recognised on the basis of the best estimate for the period, which does not differ significantly from the weighted average tax rate expected for the annual accounting period. Global minimum complementary tax In March 2022, the Organisation for Economic Co -operation and Development (OECD) approved its Pillar 2 international taxation model, which establishes a global minimum corporate tax rate of 15% for groups with a turnover of more than €750 million. On 23 May 2023, the IASB published an amendment to IAS 12 pertaining to Pillar 2 standards, effective for periods beginning as from 1 January 2023. The amendments to IAS 12 provide a mandatory temporary exemption from recognition of the deferred tax balances arising from the implementation of Pillar 2 legislation. Likewise, in Spain, on 19 December 2023, the Council of Ministers approved the draft bill transposing the European directive to guarantee this minimum overall taxation of 15%. In this regard, the Group is assessing the potential impact of this measure, and based on the analyses carried out, it does not expect to have significant impacts in the application thereof. 24. Business segments Segmentation criteria The segmentation criteria used in the preparation of the consolidated interim financial information of the Almirall Group are consistent with those used in the preparation of the consolidated financial statements for the year ending 31 December 2024. Note 23 of these consolidated financial statements provides details on the basis and methodology used to prepare the financial information by segments, where there are no intersegment revenues.
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(Translation of a report originally issued in Spanish. In the event of discrepancy, the Spanish language version prevails) Almirall, S.A. and Subsidiaries (Almirall Group) Notes to the Condensed Consolidated Interim Financial Statements for the six-month period ending 30 June 2025 (Thousands of euros) 29 Segment reporting by business Segmented income statement for the six months ending 30 June 2025: Commercial areas Other areas Own network (Europe) Own network (USA) Licensees R & D Corporate services and manufacturing Reclassifications Total Net turnover 451,116 24,007 64,351 - 20,982 - 560,456 Other Income 6 - 5 1,620 1,284 - 2,915 Operating income 451,122 24,007 64,356 1,620 22,266 - 563,371 Work carried out on fixed assets - - - 11,263 - 11,263 Supplies (121,464) (5,110) (22,947) - (20,376) 39,925 (129,972) Staff costs (50,779) (8,758) (754) (18,803) (31,592) (21,061) (131,747) Depreciation (35,139) (14,857) (4,069) (4,371) (11,620) (6,321) (76,377) Net change in valuation adjustments (385) 277 - - 383 - 275 Other operating expenses (89,274) (11,272) (3,126) (59,073) (18,502) (12,543) (193,790) Operating profit 154,081 (15,713) 33,460 (69,364) (59,441) - 43,023 Financial income - - - - 4,134 - 4,134 Financial expenses - - - - (8,010) - (8,010) Exchange rate differences - - - - (1,060) - (1,060) Valuation gains on financial instruments - - - - 6,039 - 6,039 Earnings before tax 154,081 (15,713) 33,460 (69,364) (58,338) - 44,126 Corporate income tax - (32) - - (17,515) - (17,547) Net profit for the year attributable to the Parent Company 154,081 (15,745) 33,460 (69,364) (75,853) - 26,579
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(Translation of a report originally issued in Spanish. In the event of discrepancy, the Spanish language version prevails) Almirall, S.A. and Subsidiaries (Almirall Group) Notes to the Condensed Consolidated Interim Financial Statements for the six-month period ending 30 June 2025 (Thousands of euros) 30 Segmented income statement for the six months ending 30 June 2024: Commercial areas Other areas Total Own network (Europe) Own network (USA) Licensees R & D Corporate services and manufacturing Reclassifications Total Net turnover 406,380 27,974 48,690 - 14,174 - 497,218 Other Income - - - 2,858 - 2,858 Operating income 406,380 27,974 48,690 - 17,032 - 500,076 Work carried out on fixed assets - - - 12,396 - - 12,396 Supplies (110,977) (5,551) (21,472) (731) (17,990) 37,393 (119,328) Staff costs (42,124) (7,869) (748) (16,217) (31,803) (19,349) (118,110) Depreciation (31,972) (13,121) (4,964) (4,188) (8,787) (5,569) (68,601) Net change in valuation adjustments (598) 585 (9) - (1,253) - (1,275) Other operating expenses (70,175) (13,178) (3,185) (48,063) (22,201) (12,475) (169,277) Net gains (losses) on disposal of assets - - - - (3,171) - (3,171) Operating profit 150,534 (11,160) 18,312 (56,803) (68,173) - 32,710 Financial income - - - - 3,749 - 3,749 Financial expenses - - - - (8,037) - (8,037) Exchange rate differences - - - - (598) - (598) Valuation gains on financial instruments - - - - 2,448 - 2,448 Earnings before tax 150,534 (11,160) 18,312 (56,803) (70,611) - 30,272 Corporate income tax - - - - (14,882) - (14,882) Net profit for the year attributable to the Parent Company 150,534 (11,160) 18,312 (56,803) (85,493) - 15,390 Assets of the condensed consolidated interim balance sheet on 30 June 2025 segmented: Commercial areas Other areas Own network (Europe) Own network (USA) Licensees R & D Corporate services and manufacturing Total Goodwill 270,550 - 45,416 - - 315,966 Intangible assets 419,963 143,303 129,568 139,528 42,389 874,751 Right-of-use assets 5,544 1,646 66 - 36,752 44,008 Property, plant and equipment 1,406 5,086 12 35,259 113,480 155,243 Financial assets - 213 3,500 - 15,715 19,428 Deferred tax assets 3,379 2,211 5,740 - 173,143 184,473 NON-CURRENT ASSETS 700,842 152,459 184,302 174,787 381,479 1,593,869 Stocks 124,838 8,615 5,855 40,385 179,693 Trade and other receivables 95,959 18,073 30,797 - 24,000 168,829 Current tax assets 1,695 203 679 - 22,390 24,967 Other current assets 1,178 1,661 - - 14,491 17,330 Current financial investments 282 282 Cash and cash equivalents - 322,951 322,951 CURRENT ASSETS 223,670 28,552 37,331 - 424,499 714,052 TOTAL ASSETS 924,512 181,011 221,633 174,787 805,978 2,307,921
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(Translation of a report originally issued in Spanish. In the event of discrepancy, the Spanish language version prevails) Almirall, S.A. and Subsidiaries (Almirall Group) Notes to the Condensed Consolidated Interim Financial Statements for the six-month period ending 30 June 2025 (Thousands of euros) 31 Assets of the consolidated balance sheet on 31 December 2024 segmented: Additions to non-current assets by segment during the six-month periods ending: Thousands of euros 30/06/2025 30/06/2024 Own network (Europe) 1,192 - R & D 21,022 27,041 Corporate services and manufacturing 16,981 16,594 Total additions 39,195 43,635 The Group does not itemise information about relevant clients by segments, as none of them individually represents more than 10% of the Group's net turnover. 25. Dividends paid by the Parent Company The dividends paid by the Parent Company during the first six-month periods ending 30 June 2025 and 2024 are shown below: First Half Year 2025 First Half Year 2024 % of nominal Euros per share Amount (Thousands of Euros) % of nominal Euros per share Amount (Thousands of Euros) Ordinary shares 158% 0.19 40,559 158% 0.19 39,785 Total Dividends paid 158% 0.19 40,559 158% 0.19 39,785 Dividends charged to income statement 158% 0.19 40,559 158% 0.19 39,785 The 2025 and 2024 dividend payments have been implemented as a flexible dividend in which shareholders have been offered the choice between receiving newly issued Parent Company shares or the cash amount equivalent to the dividend. In 2025, the cash payment was chosen by 66.7% of the rights (which meant a disbursement of €26.2 million), and the remaining 33.3% opted to receive new shares, each at par value, which were issued as a capital increase (Note 16). In 2024, the cash payment was chosen by 8.5% of the rights (which meant a disbursement of €3.3 million), while the remaining 91.5% opted to receive new shares, each at par value, which were issued as a capital increase (Note 16). When a dividend is approved, which may be settled in cash or through the issue of fully paid-up shares at the investor’s option, i.e., remuneration with shares for a specific value, the corresponding liability Commercial areas Other areas Own network (Europe) Own network (USA) Licensees R & D Corporate services and manufacturing Total Goodwill 270,550 - 45,416 - - 315,966 Intangible assets 482,698 171,255 137,675 126,944 18,395 936,967 Right-of-use assets 6,600 2,220 70 - 34,696 43,586 Property, plant and equipment 1,434 6,009 14 28,300 118,033 153,790 Financial assets - - - - 16,350 16,350 Deferred tax assets - - - - 188,860 188,860 NON-CURRENT ASSETS 761,282 179,484 183,175 155,244 376,334 1,655,519 Stocks 118,350 8,125 4,673 - 40,635 171,783 Trade and other receivables 68,979 22,403 28,669 25,104 6,289 151,444 Current tax assets - 5,096 - - 16,536 21,632 Other current assets - 3,180 - - 15,807 18,987 Current financial investments - - - - 201 201 Cash and cash equivalents - - - - 377,097 377,097 CURRENT ASSETS 187,329 38,804 33,342 25,104 456,565 741,144 TOTAL ASSETS 948,611 218,288 216,517 180,348 832,899 2,396,663
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(Translation of a report originally issued in Spanish. In the event of discrepancy, the Spanish language version prevails) Almirall, S.A. and Subsidiaries (Almirall Group) Notes to the Condensed Consolidated Interim Financial Statements for the six-month period ending 30 June 2025 (Thousands of euros) 32 must be recognised with a charge to reserves equivalent to the fair value of the rights to be allotted shares at no charge. If the investor opts to subscribe for fully paid -up shares, then the corresponding capital increase will be recognised. If the inves tor elects to collect the dividend, then the liability will be derecognised with a credit to the cash paid. 26. Basic earnings / (loss) per share Basic earnings per share is calculated by dividing the net profit for the period that can be attributed to the Parent Company by the weighted average number of ordinary shares outstanding during the period, excluding the average number of treasury shares held for the entire period. Diluted earnings per share are calculated by dividing net profit for the period attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period, adjusted by the weighted average number of ordinary shares that would be issued if all the potential ordinary shares were converted into ordinary shares of the Parent Company. The calculation takes into account the consolidated profit for the year attributable to the Parent Company, excluding the expense incurred by financial instruments convertible into shares, net of the related tax effect, if any. At th e end of the six-month periods ending 30 June 2025 and 2024, there were no financial instruments with dilutive effects. Accordingly: 2025 Period 2024 Period Net result of the year (thousands of euros) 26,579 15,390 No. of weighted average ordinary shares available (*) 213,408 213,408 No. of weighted average diluted shares (**) 213,408 213,408 Basic earnings per share (euros) 0.12 0.07 Diluted earnings per share (euros) 0.12 0.07 (*) Number of issued shares, less treasury shares (**) Average number of ordinary shares available. As described in Note 16, during the six -month period ending 30 June 2025, a total of 1,316,480 new shares of the Parent Company were created in the capital increase on 11 June 2025. In accordance with the provisions of IAS 33, this capital increase has been taken into account in the earnings per share corresponding to the first half of 2024, whose amount has remained the same as the figure published in the condensed consolidated inter im financial statements of the six -month period ending 30 June 2024. 27. Commitments, contingent liabilities and contingent assets a) Commitments As a result of the research and development activities carried out by the Group, at 30 June 2025 and at 31 December 2024, firm agreements existed for the performance of these activities for the amount of €68.8 and €74.5 million, respectively, that must be paid in future periods. All other commitments remain as detailed in the notes to the consolidated financial statements for the year ending at 31 December 2024, with no significant changes.
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(Translation of a report originally issued in Spanish. In the event of discrepancy, the Spanish language version prevails) Almirall, S.A. and Subsidiaries (Almirall Group) Notes to the Condensed Consolidated Interim Financial Statements for the six-month period ending 30 June 2025 (Thousands of euros) 33 b) Contingent liabilities At the date of preparation of these condensed consolidated interim financial statements, there are no contingent liabilities that could involve significant cash outflows, except for those mentioned in Note 9, related to contingent payments for the acquisition of intangible assets. c) Contingent assets As at 30 June 2025 and 31 December 2024, there are no contingent assets. 28. Transactions with related parties Transactions between the Parent Company and its subsidiaries have been eliminated during consolidation and are not itemised in this note. Balances and transactions with other related parties During the interim six -month periods ending 30 June 2025 and 2024, Group companies have carried out the following transactions with related parties and have recorded the following balances as at 30 June 2025 and 31 December 2024: Company Related party Concept Period Thousands of Euros Transactions Balances - Debtor / (Creditor) (*) Transactions - Income/(Expense s) Commercial Lease liabilities Almirall, S.A. Sinkasen, S.L.U. Leases 2025 (1,694) - (27,557) 2024 (1,647) - (29,251) Almirall, S.A. Sinkasen, S.L.U. Re-invoicing works 2025 132 - 2024 19 10 - Almirall, S.A. Grupo Corporativo Landon, S.L. Others 2025 (9) (4) 2024 - - - (*) Balances are at 30 June 2025 and 31 December 2024 The Group leases its headquarters from Sinkasen S.L.U., a related entity whose sole shareholder is Grupo Corporativo Landon, S.L. The lease was renewed in January 2023 for a minimum of ten years, until 31 December 2032. Transactions with related parties are carried out at market price. 29. Remuneration of the Board of Directors and Senior Management The amount accrued during the six -month periods ending 30 June 2025 and 2024 by the current and former members of the Parent Company’s Board of Directors for all remuneration items (salaries, bonuses, allowances, remuneration in kind, life insurance, compe nsations, incentive schemes and social security contributions) amounted to €1,573 thousand and €1,426 thousand, respectively. There are life insurance policies accrued for an amount of €1,000 in the six-month period ending 30 June 2025 (€1,000 in the same period of 2024). During the six-month period ending on 30 June 2025, third-party liability insurance premiums amounting to €111 thousand (€119 thousand in the same period of 2024) were accrued to cover possible damages caused by members of the Board of Directors and Senior Management in the performance of their duties. In addition, the remuneration accrued, paid and unpaid, by the Parent Company’s Board of Directors due to multi-year incentive and loyalty schemes and the SEUS Plan (see Note 5 -s to the consolidated financial statements for the financial year ending at 31 December 2024) amounted to €498 thousand in the six-month period ending 30 June 2025 (€422 thousand for the same period in 2024). The balance of the provision for these plans totals €1,439 thousand at 30 June 2025 (€1,094 thousand at 31 December 2024). There are no other pension commitments contracted with the current and former members of the Parent Company’s Board of Directors as at 30 June 2025 and 31 December 2024.
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(Translation of a report originally issued in Spanish. In the event of discrepancy, the Spanish language version prevails) Almirall, S.A. and Subsidiaries (Almirall Group) Notes to the Condensed Consolidated Interim Financial Statements for the six-month period ending 30 June 2025 (Thousands of euros) 34 The Group has included the members of the Management Committee as senior management for the purposes of the consolidated financial statements, as long as they are not on the Board of Directors. The amount accrued during the six-month periods ending on 30 June 2025 and 2024 by senior managers who are not members of the Parent Company’s Board of Directors for all remuneration items (salaries, bonuses, allowances, remuneration in kind, life insurance, severances, incentive schem es and social security contributions) came to €2,944 and €3,394 thousand, respectively. In addition, accrued remuneration, both paid and unpaid, for the Group’s senior management under the multi-year incentive and loyalty schemes and the SEUS Plan totalled €782 thousand and €825 thousand in the six-month periods ending on 30 June 2025 and 202 4, respectively. The balance of the provision for these plans totals €3,128 thousand at 30 June 2025 (€4,179 thousand at 31 December 2024). There are no other pension commitments to the Senior Managers as at 30 June 2025 and 31 December 2024. The members of the Board of Directors and Senior Management of the Group have not received any shares or share options during the six-month period ending 30 June 2025, nor have they exercised any options or have any options outstanding, nor have they been granted any advances or loans. 30. Subsequent events No significant events have occurred subsequent to the end of the reporting period as at the date of preparation of these condensed consolidated interim financial statements.