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9M 2025 Financial Results & Business Update 10th of November 2025
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This document has been prepared by Almirall, S.A. (the “Company”) exclusively for use during the presentation. This document includes only summary information and does not intend to be comprehensive. This document may not be disclosed or published or used by any person or entity for any reason without the prior, express written consent of the Company. Information in this document about the price at which securities issued by the Company have been purchased or sold in the past, or information about the yield on securities issued by the Company, cannot be relied upon as a guide to the future performance of the Company’s securities. Forward looking information, opinions and statements contained herein are based on the Company’s estimates (using assumptions that the Company believes to be reasonable) and on sources believed to be reliable by the Company, but have not been verified by independent experts. The Company does not warrant the completeness, timeliness or accuracy of any such information, opinions and statements, and, accordingly, no reliance should be placed on them in this connection. 2 Disclaimer Certain statements contained herein that are not historical facts are forward-looking statements. Such forward-looking statements are based on current expectations and projections about future events and are subject to various risks and uncertainties, many of which are difficult to predict and are beyond the control of the Company. Therefore, actual results may differ materially from those discussed in, or implied by, such forward-looking statements. Except to the extent required by the applicable law, the Company expressly disclaims any obligation to revise or update any forward-looking statements, the expectations of the Company, the conditions or circumstances on which the forward-looking statements are based, or any other information or data included herein. This document does not constitute an offer or invitation to acquire or subscribe for securities, in accordance with the provisions of the restated text of the Securities Market Act approved by the Spanish Law 6/2023 of March 17, on Securities Markets and Investment Services. Furthermore, this document does not constitute a purchase, sale or swap offer, nor a request for a purchase, sale or swap offer for securities, or a request for any vote or approval in any other jurisdiction.
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Agenda Carlos Gallardo, Chairman & CEO 9M 2025 Highlights Biologics Growth Drivers Update: Ilumetri® & Ebglyss® Karl Ziegelbauer, CSO Pipeline Updates Jon Garay, CFO Financial Review Carlos Gallardo, Chairman & CEO Closing Remarks 9M 2025 Financial Results & Business Update 3
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9M 2025 Highlights 9M 2025 Financial Results & Business Update 4
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Sustaining strong growth momentum Leading EU products fueling performance Innovation pipeline status Net Sales €820.7 MM +12.8% YoY, driven by strong dermatology performance in Europe +24.5% YoY EBITDA €180.7 MM +27.1% YoY, growing in line with expectations On track to meet 2025 Guidance Biologics growth and operational strength driving results Ilumetri® (psoriasis) Steady performance in 9M 2025. Net sales €170.9 MM +12.1% YoY Ebglyss® (atopic dermatitis) Strong 9M 2025 results as European markets scale after launching in key countries. 9M 2025 Net Sales €75.5 MM +3x YoY Wynzora® (psoriasis) Strong growth & capturing leading market share in key countries. Net sales €25.4 MM +32.3% YoY Klisyri® (actinic keratosis) Solid performance in Europe. Net sales €20.1 MM +22.6% YoY Phase 1 & 2 studies Anti-IL-1RAP mAb entered Phase 2 for Hidradenitis Suppurativa Aim to commence the remaining proof-of- concept studies over the next 9–12 months Efinaconazole (onychomycosis) Approved in Germany in August 2025, following the EU decentralized procedure. Launch planning preparations underway 9M 2025 Financial Results & Business Update 9M 2025 Solid operational and commercial execution in Europe 5
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Ilumetri® & Ebglyss® Biologics Growth Drivers Update 9M 2025 Financial Results & Business Update 6 6
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42 44 49 52 52 56 55 58 58 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Europe 9M 2025 Net Sales of €170.9 MM +12% YoY * Source: IQVIA & ATU 2025 9M 2025 Financial Results & Business Update Ilumetri® highlights POSITIVE study data strengthens Ilumetri’s profile in the psoriasis space Anti-IL-23 remains the leading class in advanced psoriasis treatment*. The 200mg option adds dosing flexibility for Ilumetri’s® patients, reinforcing its competitive profile 9M 2025 sales show steady double-digit growth YoY; on track to meet the >€300 MM peak target 2-year POSITIVE study data, presented at EADV Paris 2025, underpins Ilumetri’s® long-term value & real-world impact on patients’ well-being 7
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4 7 10 13 19 25 31 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Europe 9M 2025 Net Sales of €75.5 MM +3x YoY* * Growth figures may not correlate to published figures due to rounding 9M 2025 Financial Results & Business Update Ebglyss® highlights Solid growth trajectory with key EU launches now completed Solid quarterly growth momentum as European markets scale after launch in most countries Strengthening our position in the AD segment: €75.5 MM sales in the 9M 2025 +3x YoY 8 Presented compelling real-world data at the 2025 EADV. Active in life cycle management & clinical collaboration to drive access & value
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Pipeline Updates 9M 2025 Financial Results & Business Update 9
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Anti-IL-1RAP mAb Hidradenitis suppurativa Anti-IL-21 mAb Inflammatory skin disease IL-2muFc Alopecia areata + Inflammatory skin disease ZKN-013 Rare dermatology (RDEB/JEB)** * Molecule name Indication Phase I Phase II Phase III Registration Geography Sarecycline Acne Tirbanibulin Actinic keratosis (large field) Tildrakizumab Psoriatic arthritis Lebrikizumab Atopic dermatitis pediatric New Molecular Entities (NMEs) Life-cycle management (label extension) * Worldwide ex-Greater China. ** RDEB / JEB – Recessive Dystrophic Epidermolysis Bullosa / Junctional Epidermolysis Bullosa 9M 2025 Financial Results & Business Update A dynamic pipeline spanning early & late-stage programs 10
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Financial Review 9M 2025 Financial Results & Business Update 11
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Highlights SG&A at €366.7 MM +6.2% vs 9M 2024, with lower growth in Q3 2025 YoY, expected to pick up in Q4 Net Debt of €18.6 MM: Net Debt/EBITDA at 0.1x. Provides strategic flexibility to pursue potential inorganic growth opportunities Gross Margin moderating to 64.9%, reflecting ongoing pressure linked to Ilumetri® royalties R&D at €102.4 MM, 12.5% of Net Sales, in line with expectations Net Sales €820.7 MM +12.8% year- on-year, driven by strong momentum in European dermatology, on track with 2025 Guidance EBITDA of €180.7 MM, +27.1% vs 9M 2024, driven primarily by incremental sales and lower SG&A weight in Q3 2025 YoY Consistent top-line growth & solid cash flow generation 9M 2025 Results 9M 2025 Financial Results & Business Update 12
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59% 41% Dermatology, 59% General Medicine & OTC; 41% 18% 82% 98% 2% €820.7 MM 9M 2025 Net Sales breakdown of the business 9M 2025 Net Sales breakdown by geography €750.4 MM 91.4% EU €35.7 MM 4.4% US €34.6 MM 4.2% RoW Dermatology General Medicine & OTC * Includes Algidol® divestment & Sekisan® out-licensing in Q1 2025, with a €12 MM upfront payment and net full year impact of approximately €15 MM vs 2024 9M 2025 Financial Results & Business Update Net Sales Breakdown by Products Million € 9M 2025 9M 2024 % Chg YoY Europe 750.4 647.2 15.9% Dermatology 442.4 355.2 24.5% General Medicine & OTC 308.0 292.0 5.5% Ebastel franchise 44.3 45.6 (2.9%) Crestor 31.0 32.9 (5.8%) Sativex franchise 27.2 28.1 (3.2%) Almax 26.8 25.0 7.2% Parapres 15.0 15.3 (2.0%) Eklira franchise 15.0 11.6 29.3% Almogran franchise 13.0 12.6 3.2% Others Europe* 135.7 120.9 12.2% US 35.7 42.2 (15.4%) Dermatology 35.1 41.3 (15.0%) General Medicine 0.6 0.9 (33.3%) RoW 34.6 38.2 (9.4%) Dermatology 6.1 8.4 (27.4%) General Medicine 28.5 29.8 (4.4%) Net Sales 820.7 727.6 12.8% 9M 2025 Results 13
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9M 2025 Financial Results & Business Update Dermatology Sales Breakdown Million € 9M 2025 9M 2024 % Chg YoY Europe 442.4 355.2 24.5% Ilumetri 170.9 152.5 12.1% Ebglyss 75.5 20.4 n.m. Ciclopoli franchise 38.7 38.0 1.8% Decoderm franchise 29.1 27.8 4.7% Wynzora 25.4 19.2 32.3% Solaraze 17.6 17.7 (0.6%) Skilarence 15.8 15.1 4.6% Klisyri 14.8 12.2 21.3% Others Europe 54.6 52.3 4.4% US 35.1 41.3 (15.0%) Seysara 14.4 16.8 (14.3%) Klisyri 5.3 4.2 26.2% Others US 15.4 20.3 (24.1%) RoW 6.1 8.4 (27.4%) Total Almirall Derma 483.6 404.9 19.4% Europe; 92% US; 7% RoW; 1% €483.6 MM 58.9% of Net Sales 9M 2025 Results 14
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9M 2025 EBITDA bolstered by European sales momentum and lower SG&A weight in Q3 2025 YoY SG&A increased in 9M 2025, reflecting ongoing investments in recent & upcoming Ebglyss® launches and expected to pick up in Q4 2025 9M 2025 Net Sales were driven by strong Dermatology growth in Europe, led by Ilumetri® & Ebglyss® R&D in 9M 2025 primarily driven by early & mid- stage clinical trials Net financial result improved, mainly because of the gains from the Equity Swap valuation linked to recent share price appreciation 9M 2025 Financial Results & Business Update Income Statement 9M 2025 Results Million € 9M 2025 9M 2024 % Chg YoY Total Revenues 825.6 731.2 12.9% Net Sales 820.7 727.6 12.8% Other Income 4.9 3.6 36.1% Cost of Goods (287.8) (256.3) 12.3% Gross Profit 532.9 471.3 13.1% % of sales 64.9% 64.8% R&D (102.4) (90.1) 13.7% % of sales (12.5%) (12.4%) SG&A (366.7) (345.2) 6.2% % of sales (44.7%) (47.4%) SG&A w/o Amort. & Dep. (269.7) (256.2) 5.3% % of sales (32.9%) (35.2%) SG&A Amort. & Dep. (97.0) (89.0) 9.0% Other Op. Exp (1.3) (1.1) 18.2% EBIT 67.4 38.5 75.1% % of sales 8.2% 5.3% Amort. & Dep. 113.3 103.7 9.3% % of sales 13.8% 14.3% EBITDA 180.7 142.2 27.1% % of sales 22.0% 19.5% Gains on sale of assets - (1.4) (100.0%) Other costs (1.2) (0.5) 140.0% Restructuring costs (2.4) - n.m. Impairment reversals / (losses) - (1.7) (100.0%) Net financial income / (expenses) 1.8 (5.3) n.m. Exchange rate differences (0.5) (1.0) (50.0%) Profit before tax 65.1 28.6 127.6% Corporate income tax (26.0) (21.4) 21.5% Net Income 39.1 7.2 n.m. Normalized Net Income 41.8 9.9 n.m. 15
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Net Debt Position Financial debt 337.1 347.4 (10.3) Pension plans 58.1 58.6 (0.5) Cash and cash equivalents (376.6) (377.1) 0.5 Net Debt / (Cash) 18.6 28.9 (10.3) 9M 2025 Financial Results & Business Update Balance Sheet 9M 2025 Results Million € Sep 2025 Dec 2024 Var €MM Goodwill & Intangible assets 1,217.2 1,296.5 (79.3) Property, plant & equipment 156.9 153.8 3.1 Financial assets 22.6 16.4 6.2 Other non current assets 183.4 188.9 (5.5) Total Non Current Assets 1,580.1 1,655.6 (75.5) Inventories 189.4 171.8 17.6 Accounts receivable 160.1 151.4 8.7 Other current assets 51.3 40.8 10.5 Cash & cash equivalents 376.6 377.1 (0.5) Total Current Assets 777.4 741.1 36.3 Total Assets 2,357.5 2,396.7 (39.2) Shareholders Equity 1,475.1 1,488.4 (13.3) Financial debt 337.1 347.4 (10.3) Non current liabilities 239.9 221.9 18.0 Current liabilities 305.4 339.0 (33.6) Total Equity & Liabilities 2,357.5 2,396.7 (39.2) Goodwill & Intangible assets declined, primarily due to depreciation Financial debt reflects the senior notes issued in September 2021, maturing in Q3 2026. The decline is mainly driven by EIB loan repayments Strong liquidity & leverage, 0.1x Net Debt/EBITDA* * EBITDA 12-month trailing 16
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Million € 9M 2025 9M 2024 Profit Before Tax 65.1 28.6 Depreciation and amortization 113.3 103.7 Change in working capital (16.1) (11.5) Other adjustments 16.2 11.3 CIT Cash Flow (32.2) (26.0) Cash Flow from Operating Activities (I) 146.3 106.1 Interest Collections 5.1 5.9 Ordinary Capex (55.5) (45.9) Investments (59.6) (96.0) Divestments 5.9 12.1 Cash Flow from Investing Activities (II) (104.1) (123.9) Interest Payment (9.0) (9.2) Dividend Payment (26.2) (3.3) Debt increase/(decrease) and Others (14.6) (14.4) Other cash flows 7.1 (0.1) Cash Flow from Financing Activities (42.7) (27.0) Cash Flow generated during the period (0.5) (44.8) Free Cash Flow (III) = (I) + (II) 42.2 (17.8) 9M 2025 Financial Results & Business Update Cash Flow 9M 2025 Results Profit Before Tax improved significantly versus 9M 2024, in line with strong EBITDA growth Investments include the Ilumetri® sales milestone, Anti-IL1-RAP mAb milestone, Wynzora® sales milestone and early-stage 2024 R&D milestones settled in H1 2025 Divestments include royalty inflows from the Covis agreement Working Capital increased, driven by higher receivables and elevated inventory levels for biologics 17
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Closing Remarks 9M 2025 Financial Results & Business Update 18
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9M 2025 Financial Results & Business Update Driving robust growth in biologics & progressing promising new pipeline opportunities to the next phase Turning strategy into results through disciplined execution Poised to lead in a rapidly expanding EU dermatology market Building on a proven platform to drive sustainable growth 19
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Appendices 9M 2025 Financial Results & Business Update 20
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Indication Title Study Objective ADlong NCT05916365 Long-term safety up to 5 years ADhope-1 NCT05990725 Study to assess 24-week effectiveness and safety ADhope-2 NCT06526182 ADTrust NCT06815380 Observational study to assess impact on well-being and skin manifestations Atopic Dermatitis ADorable-1 NCT05559359 16-week efficacy & safety in pediatric patients ADorable-2 NCT05735483 52-week long-term safety in pediatric patients ADTouch NCT06921759 Efficacy and safety in patients with atopic hand and foot dermatitis PAR PREPARED-1 NCT06339008 Efficacy & safety in adults with perennial allergic rhinitis CRSwNP CONTRAST-NP NCT06338995 Efficacy & safety in adults and adolescents with chronic rhinosinusitis and nasal polyps treated with intranasal corticosteroids Atopic Dermatitis 9M 2025 Financial Results & Business Update 21 Lebrikizumab Life cycle management & clinical collaboration to drive access & value
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22 9M 2025 Financial Results & Business Update 2025 EADV: Anti-IL1RAP mAb (LAD191) Safety, pharmacokinetics & pharmacodynamics in adults with HS: results from part 3 of a Phase I study (link in image)
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Million € 9M 2025 CER 9M 2025 Var 9M 2024 % Var CER YoY % Chg YoY Total Revenues 826.1 825.6 (0.5) 731.2 13.0% 12.9% Net Sales 821.2 820.7 (0.5) 727.6 12.9% 12.8% Other Income 4.9 4.9 - 3.6 36.1% 36.1% Cost of Goods (288.5) (287.8) 0.7 (256.3) 12.6% 12.3% Gross Profit 532.7 532.9 0.2 471.3 13.0% 13.1% % of sales 64.9% 64.9% 64.8% R&D (102.3) (102.4) (0.1) (90.1) 13.5% 13.7% % of sales (12.5%) (12.5%) (12.4%) SG&A (367.7) (366.7) 1.0 (345.2) 6.5% 6.2% % of sales (44.8%) (44.7%) (47.4%) SG&A w/o Amort. & Dep. (270.2) (269.7) 0.5 (256.2) 5.5% 5.3% % of sales (32.9%) (32.9%) (35.2%) SG&A Amort. & Dep. (97.5) (97.0) 0.5 (89.0) 9.6% 9.0% Other Op. Exp (1.3) (1.3) - (1.1) 18.2% 18.2% EBIT 66.3 67.4 1.1 38.5 72.2% 75.1% % of sales 8.1% 8.2% 5.3% Amort. & Dep. 113.8 113.3 (0.5) 103.7 9.7% 9.3% % of sales 13.9% 13.8% 14.3% EBITDA 180.1 180.7 0.6 142.2 26.7% 27.1% % of sales 21.9% 22.0% 19.5% Gains on sale of assets - - - (1.4) (100.0%) (100.0%) Other costs (1.1) (1.2) (0.1) (0.5) 120.0% 140.0% Restructuring costs (2.4) (2.4) - - n.m. n.m. Impairment reversals / (losses) - - - (1.7) (100.0%) (100.0%) Net financial income / (expenses) 1.8 1.8 - (5.3) n.m. n.m. Exchange rate differences (0.5) (0.5) - (1.0) (50.0%) (50.0%) Profit before tax 64.1 65.1 1.0 28.6 124.1% 127.6% Corporate income tax (26.0) (26.0) - (21.4) 21.5% 21.5% Net Income 38.1 39.1 1.0 7.2 n.m. n.m. Normalized Net Income 40.7 41.8 1.1 9.9 n.m. n.m. EURO CER Sep 2025 CZK 25.08 24.83 DKK 7.46 7.46 PLN 4.31 4.24 USD 1.08 1.11 CHF 0.96 0.94 GBP 0.85 0.85 NOK 11.59 11.71 SEK 11.41 11.10 9M 2025 Financial Results & Business Update Income Statement CER 9M 2025 Results 23
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9M 2025 Financial Results & Business Update Leading Product Net Sales 9M 2025 Results Million € 9M 2025 9M 2024 % Chg YoY Ilumetri® 170.9 152.5 12.1% Ebglyss® 75.5 20.4 n.m. Ebastel® franchise 54.7 57.5 (4.9%) Ciclopoli® franchise 40.2 40.2 - Almax® 31.5 31.6 (0.3%) Crestor® 31.0 32.9 (5.8%) Decoderm® franchise 29.4 28.2 4.3% Sativex® franchise 27.2 28.1 (3.2%) Wynzora® 25.4 19.2 32.3% Klisyri® 20.1 16.4 22.6% Rest of the products 314.8 300.6 4.7% Net Sales 820.7 727.6 12.8% 24
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9M 2025 Financial Results & Business Update Reconciliations with financial statements Operating Profit 63.9 34.9 Directly traceable with annual accounts Amortization & Depreciation 113.3 103.7 Net gain (loss) on asset disposals - 3.2 Non directly traceable with annual accounts Staff costs 2.4 - Other gain / (Loss) from operating expenses 1.1 0.4 EBITDA 180.7 142.2 Million € 9M 2025 9M 2024 Net Sales(1) 820.7 727.6 Procurements(1) (191.4) (175.4) Other manufacturing costs(2) Staff costs (31.5) (29.1) Amortization & Depreciation (9.7) (8.4) Other operating costs (18.5) (18.2) Royalties(2) (41.2) (28.7) Others(2) 4.5 3.5 Gross Profit 532.9 471.3 As % of Revenues 64.9% 64.8% Million € 9M 2025 9M 2024 (1) As per Annual Account Terminology. (2) Data included in the corresponding caption of the profit and loss account. Gross Margin & EBITDA 25
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Million € 9M 2025 9M 2024 EBITDA 180.7 142.2 Amortization & Depreciation (113.3) (103.7) EBIT 67.4 38.5 Financial income 5.5 5.5 Financial cost (11.9) (11.6) Financial derivative 8.2 0.8 Net Financial income / (expenses) 1.8 (5.3) 9M 2025 Financial Results & Business Update Reconciliations with audited financial statements EBIT & Net Financial income/(expenses) 26
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For further information, please contact: Pablo Divasson del Fraile Senior Director of Investor Relations Tel. +34 610 546 296 pablo.divasson@almirall.com Or visit our website: www.almirall.com