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FY 2025 Financial Results & Business Update 23rd of February 2026
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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. 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 FY 2025 Highlights & Guidance Biologics Growth Drivers Update: Ilumetri® & Ebglyss® Karl Ziegelbauer, CSO Pipeline Updates Jon Garay, CFO Financial Review Carlos Gallardo, Chairman & CEO Closing Remarks FY 2025 Financial Results & Business Update
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FY 2025 Financial Results & Business Update FY 2025 Highlights & Guidance FY 2025 Financial Results & Business Update
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FY 2025 Financial Results & Business Update 5 FY 2025 Results & 2026 Guidance Delivered FY 2025 guidance, paving the way for continued growth in upcoming years FY 2026 Guidance: Healthy growth in Net Sales and EBITDA EBITDA Between €270 MM and €290 MM Net Sales 9% to 12% growth vs. 2025 (€1,108.1 MM) FY 2025 Guidance met: On the right trajectory towards our mid-term targets Net Sales 10% to 13% growth vs 2024 (€985.7 MM) ✓ +12.4% YoY EBITDA Between €220 MM and €240 MM ✓ €232.9 MM
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FY 2025 Financial Results & Business Update Mid-term Guidance Sustained top-line growth & ongoing EBITDA margin expansion 6 Net Sales Double-digit CAGR 2023-2030 EBITDA Margin ~ 25% by 2028
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FY 2025 Financial Results & Business Update Closing 2025 with solid performance Relevant EU products powering growth Innovation pipeline progressing well 2025 Guidance met Supported by biologics growth, commercial excellence and operational strength Net Sales €1,108.1 MM +12.4% YoY, driven by further acceleration in Europe dermatology performance+25.6% YoY EBITDA €232.9 MM +20.9% YoY, solid and in line with expectations Ilumetri® (psoriasis) Steady performance. Net sales €234.4 MM +12.3% YoY Ebglyss® (atopic dermatitis) Strong results as European markets start to scale after key launches. Net Sales €110.8 MM +3x YoY Wynzora® (psoriasis) Solid growth with leading market share in key regions. Net sales €33.8 MM +30.5% YoY Klisyri® (actinic keratosis) Robust performance in Europe. Net sales €32.8 MM +33.9% YoY 3 PoC/Phase II studies ongoing Anti-IL-1RAP mAb in hidradenitis suppurativa; IL-2muFc in alopecia areata; IL-2muFc in atopic dermatitis (by partner Simcere) 3 PoCs planned in next 12 months Anti-IL-21 mAb in hidradenitis suppurativa; IL-2muFc and Anti-IL-1RAP mAb, both in other inflammatory skin diseases Start of Phase I for anti-IL-13/OX40L BsAb in the coming months FY 2025 highlights Strong 2025 results reinforcing progress toward mid-term targets 7
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FY 2025 Financial Results & Business Update Ilumetri® & Ebglyss® Biologics Growth Drivers Update 8
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FY 2025 Financial Results & Business Update 209 234 2024 2025 FY 2025 Net Sales in Europe of €234 MM +12% YoY Ilumetri® highlights Continues to hold a favorable position in advanced psoriasis treatment, supported by real -world data Anti-IL-23 continues to lead in advanced psoriasis treatments*, with Ilumetri well-placed within this category and supported by the added flexibility of the 200 mg dose Steady double-digit growth in FY 2025; >€300 MM peak target on track POSITIVE study 2-year data at EADV 2025 reinforces sustained value & patient benefit 9 +25 * Source: IQVIA & ATU 2025 € Millon
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FY 2025 Financial Results & Business Update €111 MM Net Sales in FY 2025, up more than 3x YoY following successful roll-out across all key European markets Reflects good commercial and operational execution, establishing presence in large and growing AD market Compelling real-world evidence presented at EADV 2025, ongoing life cycle management and clinical partnerships to further drive access & value 33 111 2024 2025 FY 2025 Net Sales in Europe of €111 MM >3x YoY Ebglyss® highlights Encouraging growth and uptake following launches in all key European markets 10 +78 € Millon
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FY 2025 Financial Results & Business Update Ebglyss® life cycle management Estimated completion timelines for select studies 11 2026 2027 2028 20302029 ADlong ADHope 2 ADTrust ADorable-1 ADorable-2ADTouch PREPARED-1 CONTRAST-NP Long-term efficacy & safety up to 5 years Efficacy & safety in patients with atopic hand and foot dermatitis 16-week efficacy & safety in pediatric patients Study to assess 24- week effectiveness & safety Efficacy & safety in adults with Perennial Allergic Rhinitis Observational study to assess impact on well-being and skin manifestations Efficacy & safety in adults / adolescents with Chronic Rhinosinusitis with Nasal Polyps treated with intranasal corticosteroids 52-week long-term safety in pediatric patients ADHope-2 includes an amended maintenance phase to explore a Q12W regimen (2×250 mg) LumiNE Efficacy & safety in adults with Nummular Eczema Adults and Adolescents With Moderate Atopic Dermatitis (Eczema) and High Itch Burden ADsolve
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FY 2025 Financial Results & Business Update Pipeline Updates
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FY 2025 Financial Results & Business Update 13 Molecule name Brand name Indication Phase I Phase II Phase III Registration Geography Sarecycline Seysara® Acne Tirbanibulin Klisyri® Actinic keratosis (large field) Tildrakizumab Ilumetri® Psoriatic arthritis Lebrikizumab Ebglyss® Atopic dermatitis pediatric Lebrikizumab Ebglyss® Nummular eczema Life-cycle management (label extension) Life cycle management of marketed products Continuing to drive improved access and value for patients ✓
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FY 2025 Financial Results & Business Update 14 • Chronic, idiopathic inflammatory skin disease • Pruritic, discoid-shaped eczematous lesions, most commonly on extremities • Often recurrent and difficult to control, with severe itch and significant QOL impact • Many patients inadequately controlled on topical treatment • No approved targeted systemic therapies Unmet need • Associated with impaired epidermal barrier function, inflammation and microbial skin colonization • Type 2 inflammation plays a central role in pathophysiology • Significant elevation of Th2 cytokines, including IL-13, observed in lesions Mechanism of Disease • IgG4 mAb targeting IL-13 with high affinity • Blocks IL-13 signaling via IL-4Rα/IL-13Rα1 pathway, inhibiting downstream effects Mechanism of Action • Targeting IL-13 addresses a central pathophysiologic pathway in nummular eczema • Lebrikizumab has the potential to deliver meaningful itch reduction and skin clearance in a disease with no approved targeted systemic options Ambition Nummular eczema Lebrikizumab Current status New Phase III study (LumiNE) expected to start enrolling in Q2 2026 Ebglyss® active life cycle management: nummular eczema
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FY 2025 Financial Results & Business Update * Worldwide ex-Greater China ** Atopic dermatitis trial conducted by SIMCERE *** RDEB / JEB: Recessive Dystrophic / Junctional Epidermolysis Bullosa SMOL: Small Molecule, mRNA: Messenger RNA, LNP: Lipid Nanoparticle Disruptive pipeline potential with 6 PoC studies shaping future growth 15 Anti-IL-1RAP mAb Hidradenitis suppurativa Anti-IL-1RAP mAb Inflammatory skin disease Anti-IL-21 mAb Hidradenitis suppurativa IL-2muFc Alopecia areata IL-2muFc Inflammatory skin disease IL-2muFc Atopic dermatitis Readthrough inducer Rare dermatology (RDEB/JEB)*** Anti-IL-13/OX40L BsAb Atopic dermatitis SMOL oral Th2-driven diseases mRNA/LNP Non-melanoma skin cancer * Molecule name Indication Phase I Phase II Phase III Registration Geography * ** Almirall Partner Discovery (advanced) / Preclinical
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FY 2025 Financial Results & Business Update 16 • Complex, chronic inflammatory skin disease • Characterised by painful nodules, abscesses, and draining tunnels, with substantial impact on QOL • Disease heterogeneity suggests that durable disease control requires targeting multiple, distinct inflammatory pathways Unmet need • Pathophysiology driven by both innate and adaptive immune dysregulation • Key contributors include: – Neutrophil-mediated inflammation and epithelial hyperproliferation – Chronic T-cell and B-cell-mediated immune activation • Addressing these distinct but interconnected mechanisms underpins portfolio strategy Mechanism of Disease • Blocks IL-1RAP, a shared co-receptor for IL-1, IL-33 and IL-36 • Simultaneous inhibition of three inflammatory pathways • Deeper suppression of neutrophil-driven inflammation and epithelial hyperproliferation Mechanism of Action Hidradenitis suppurativa Anti-IL-1RAP mAb • Deliver enhanced control of neutrophilic inflammation and tissue pathology and address disease features insufficiently controlled by current therapies Ambition Current status POC/Phase IIb ongoing Anti-IL-21 mAb • IL-21 blockade dampens both: – T-cell activation and Th17 differentiation – B-cell class switching and IgG/IgA production • Provides dual modulation of adaptive immune responses • Target adaptive immune dysregulation to provide a complementary, mechanistically distinct approach to the management of hidradenitis suppurativa Phase I completed; approaching Phase II initiation Anti-IL-1RAP mAb & Anti-IL-21 mAb: two approaches to hidradenitis suppurativa
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FY 2025 Financial Results & Business Update 17 Alopecia areata • Serious condition, with physical, emotional and social impact • Third most common dermatosis in children • <30% of patients have satisfactory response with approved drugs • High unmet need for new therapies with improved efficacy and safety profile Unmet need • Reduced regulatory T cells (Tregs), which protect hair follicles from autoreactive T cells • Treg survival and expansion relies on IL-2 signaling via IL-2R • IL-2R has a dimeric (IL-2Rβγ) and a trimeric form (IL-2Rβγ plus IL-2Rα) • Dimeric IL-2R promotes effector T-cell activity, while trimeric IL-2R promotes Treg survival Mechanism of Disease • Treg enhancement has potential to rebalance the immune system and induce immune tolerance Ambition IL-2muFc • Biologic with a novel mechanism • Engineered IL-2 analogue with a longer half-life than native IL-2 • Designed to selectively activate Tregs vs T-effectors, due to a decreased affinity for for dimeric vs trimeric receptor Mechanism of Action Current status Extensive patchy alopecia areata Active patch of alopecia areata Alopecia universalis Entered POC/Phase IIb Sources: Nat Rev Dis Prim (2017) 3:17011 IL-2-mutant fusion protein: a novel MoA aiming at the treatment of alopecia areata
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FY 2025 Financial Results & Business Update Financial Review
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FY 2025 Financial Results & Business Update Highlights SG&A at €501.1 MM +7.9% vs FY 2024, with higher Q4 2025 YoY growth, as anticipated Net Debt/EBITDA at 0x, solid balance sheet and new €250 MM bond provide additional flexibility in pursuing inorganic growth opportunities Gross Margin landed at 64.4%, reflecting continued pressure from Ilumetri® royalties R&D at €138.1 MM, 12.5% of Net Sales, in line with expectations Net Sales of €1,108.1 MM +12.4% year-on-year, driven by accelerating European dermatology performance EBITDA of €232.9 MM, +20.9% vs FY 2024, boosted by solid growth in revenue and benefits of operating leverage Ongoing revenue momentum & margin expansion FY 2025 Results 19
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FY 2025 Financial Results & Business Update 60% 40% €1,108.1 MM FY 2025 Net Sales breakdown of the business FY 2025 Net Sales breakdown by geography €1,005.9 MM 90.8% EU €45.2 MM 4.1% US €57.0 MM 5.1% 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 Net Sales Breakdown by Products Million € FY 2025 FY 2024 % Chg YoY Europe 1,005.9 875.2 14.9% Dermatology 608.0 484.1 25.6% General Medicine & OTC 397.9 391.1 1.7% Ebastel franchise 52.1 53.5 (2.6%) Crestor 41.4 43.4 (4.6%) Sativex franchise 36.0 36.9 (2.4%) Almax 35.7 34.9 2.3% Parapres 19.8 20.3 (2.5%) Eklira franchise 19.6 15.0 30.7% Almogran franchise 17.3 17.1 1.2% Others Europe* 176.0 170.0 3.5% US 45.2 55.4 (18.4%) Dermatology 45.2 55.4 (18.4%) RoW 57.0 55.1 3.4% Dermatology 16.2 8.6 88.4% General Medicine 40.8 46.5 (12.3%) Net Sales 1,108.1 985.7 12.4% FY 2025 Results 20 60% 40% 100% 28% 72%
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FY 2025 Financial Results & Business Update Dermatology Sales Breakdown Million € FY 2025 FY 2024 % Chg YoY Europe 608.0 484.1 25.6% Ilumetri 234.4 208.8 12.3% Ebglyss 110.8 33.2 n.m. Ciclopoli franchise 48.2 48.3 (0.2%) Decoderm franchise 39.5 37.2 6.2% Wynzora 33.8 25.9 30.5% Solaraze 23.4 23.9 (2.1%) Skilarence 22.6 19.7 14.7% Klisyri 23.5 18.1 29.8% Others Europe 71.8 69.0 4.1% US 45.2 55.4 (18.4%) Seysara 18.6 22.6 (17.7%) Klisyri 7.3 6.4 14.1% Others US 19.3 26.4 (26.9%) RoW 16.2 8.6 88.4% Total Almirall Derma 669.4 548.1 22.1% €669.4 MM 60.4% of Net Sales FY 2025 Results 21 Europe; 91% US; 7% RoW; 2%
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FY 2025 Financial Results & Business Update EBITDA increased by topline momentum and better operating leverage SG&A reflects continued Ebglyss® launch investments but with lower growth than Net Sales Net Sales growth fueled by strong Dermatology performance in Europe, led by Ilumetri® & Ebglyss® R&D up mainly due to early & mid-stage clinical trials Net financial result improved, largely tied to gains from the Equity Swap valuation following recent share price increase Income Statement FY 2025 Results Million € FY 2025 FY 2024 % Chg YoY Total Revenues 1,114.5 990.6 12.5% Net Sales 1,108.1 985.7 12.4% Other Income 6.4 4.9 30.6% Cost of Goods (394.8) (348.3) 13.4% Gross Profit 713.3 637.4 11.9% % of sales 64.4% 64.7% R&D (138.1) (124.2) 11.2% % of sales (12.5%) (12.6%) SG&A (501.1) (464.6) 7.9% % of sales (45.2%) (47.1%) SG&A w/o Amort. & Dep. (371.3) (345.3) 7.5% % of sales (33.5%) (35.0%) SG&A Amort. & Dep. (129.8) (119.3) 8.8% Other Op. Exp 1.2 - n.m. EBIT 81.7 53.5 52.7% % of sales 7.4% 5.4% Amort. & Dep. 151.2 139.1 8.7% % of sales 13.6% 14.1% EBITDA 232.9 192.6 20.9% % of sales 21.0% 19.5% Gains on sale of assets (0.2) (1.8) (88.9%) Other costs (1.2) (1.3) (7.7%) Restructuring costs (7.2) (2.6) 176.9% Impairment reversals / (losses) - (11.7) (100.0%) Net financial income / (expenses) 1.5 (8.5) (117.6%) Exchange rate differences (0.1) (1.1) (90.9%) Profit before tax 74.5 26.5 181.1% Corporate income tax (28.3) (16.4) 72.6% Net Income 46.2 10.1 n.m. Normalized Net Income 52.6 25.6 105.5% 22 Effective Tax Rate normalization progress as we improve our profitability in Europe
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FY 2025 Financial Results & Business Update Net Debt Position Financial debt 283.7 347.4 (63.7) Pension plans 52.1 58.6 (6.5) Cash and cash equivalents (337.8) (377.1) 39.3 Net Debt / (Cash) (2.0) 28.9 (30.9) Balance Sheet FY 2025 Results Million € Dec 2025 Dec 2024 Var €MM Goodwill & Intangible assets 1,251.1 1,296.5 (45.4) Property, plant & equipment 168.9 153.8 15.1 Financial assets 22.7 16.4 6.3 Other non current assets 180.5 188.9 (8.4) Total Non Current Assets 1,623.2 1,655.6 (32.4) Inventories 178.1 171.8 6.3 Accounts receivable 158.5 151.4 7.1 Other current assets 39.5 40.8 (1.3) Cash & cash equivalents 337.8 377.1 (39.3) Total Current Assets 713.9 741.1 (27.2) Total Assets 2,337.1 2,396.7 (59.6) Shareholders Equity 1,487.1 1,488.4 (1.3) Financial debt 283.7 347.4 (63.7) Non current liabilities 229.4 221.9 7.5 Current liabilities 336.9 339.0 (2.1) Total Equity & Liabilities 2,337.1 2,396.7 (59.6) Goodwill & Intangible assets declined mainly driven by annual depreciation exceeding new milestones Financial debt and cash decline reflects the new senior unsecured notes issued in December 2025, with the reduced issued value vs prior bond (€50 MM less) Strong liquidity & low leverage, 0x Net Debt/EBITDA* * EBITDA 12-month trailing 23
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FY 2025 Financial Results & Business Update Million € FY 2025 FY 2024 Profit Before Tax 74.4 26.5 Depreciation and amortization 151.2 139.1 Impairment (reversals) / losses - 10.0 Change in working capital (29.1) 0.1 Other adjustments 13.6 9.3 CIT Cash Flow (35.6) (24.2) Cash Flow from Operating Activities (I) 174.5 160.8 Interest Collections 6.2 6.8 Ordinary Capex (70.2) (63.0) Investments (68.4) (98.7) Divestments 5.7 14.9 Cash Flow from Investing Activities (II) (126.7) (140.0) Interest Payment (11.5) (10.5) Dividend Payment (26.2) (3.3) Debt increase/(decrease) and Others (73.3) (18.0) Other cash flows 23.9 0.2 Cash Flow from Financing Activities (87.1) (31.6) Cash Flow generated during the period (39.3) (10.8) Free Cash Flow (III) = (I) + (II) 47.8 20.8 Cash Flow FY 2025 Results Profit Before Tax increased by c. €48 MM, +180% YoY Investments mainly reflect sales milestones for Ilumetri®, Ebglyss®, and Wynzora®, Anti-IL-1RAP mAb milestone upon phase I completion, and early- stage 2024 R&D milestones settled in H1 2025 Divestments include royalty inflows from the Covis agreement, decreasing versus last year, as expected Working Capital increased on higher receivables and biologics inventory following the rollout of Ebglyss® 24 Ordinary capex include post Phase III studies for commercialized products, industrial and IT capex
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FY 2025 Financial Results & Business Update Between €270 MM and €290 MM Between 9% and 12% vs. 2025 (€1,108.1 MM) FY 2026 Guidance: key moving parts 25 Full Year Guidance Expectations Net Sales growth EBITDA Be mindful of quarterly phasing Key moving parts & considerations Revenue Growth rate below salesSG&A Around 12.5% relative to Net SalesR&D Should keep moving down toward the mid-20s percent targetTax Rate
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FY 2025 Financial Results & Business Update Closing Remarks
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FY 2025 Financial Results & Business Update Strong biologics momentum with 6 PoC/Phase II programs advancing in 2026 27 Building on a proven platform to drive sustainable profitable growth Poised to lead in an expanding dermatology market with a broad & relevant portfolio Turning strategy into results via disciplined execution Would consider opportunistic bolt on acquisitions in commercialized assets On the lookout for early-stage licensing deals in promising advanced therapies Disruptive pipeline potential focused on immune-mediated skin diseases, rare dermatology and non-melanoma skin cancer 3 studies undergoing PoC/Phase II + 3 more planned to start in the next 12 months On track to deliver mid-term guidance: Double-digit sales growth & 25% EBITDA Executing the Ebglyss launch and managing Ilumetri’s maturing growth phase
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Appendices FY 2025 Financial Results & Business Update
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FY 2025 Financial Results & Business Update 29 Almirall’s innovation & licensing network Our main global discovery, research and licensing partnerships from early discovery to late -stage assets Collabroration including in-licensed rights (Global ex-China) IL-2muFc for Alopecia Areata and Inflammatory Skin Disease. Simcere is developing it in Atopic Dermatitis In-licensed rights (Global) Anti-IL-21 mAb for Hidradenitis Suppurativa In-licensed rights (Global) Readthrough inducer for Rare dermatology (Recessive Dystrophic / Junctional Epidermolysis Bullosa) Non-exclusive license (Global) Use of technology for bispecific antibodies Discovery collaboration with in-licensing rights (Global) mRNA/LNP for Non-Mealnoma Skin Cancer Discovery collaboration Oral smols in derma indications Discovery collaboration with in-licensing rights (Global) Discovery of antibodies using AI based technology Discovery of antibodies Using proprietary transgenic mice technology Collaboration including in-licensed rights (Europe) Lebrikizumab for Nummular Eczema & pediatric Atopic Dermatitis Collaboration Including in-licensed rights (Europe) Tildrakizumab for Psoriatic arthritis In-licensed rights (Global) Anti-IL-1RAP for Hidradenitis Suppurativa & Inflammatory Skin Disease Discovery collaboration including in- licensing rights (Global ex-China) Multispecific Antibodies
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Million € FY 2025 FY 2025 CER Var FY 2024 % Var CER YoY % Chg YoY Total Revenues 1,114.5 1,116.2 (1.7) 990.6 12.7% 12.5% Net Sales 1,108.1 1,109.8 (1.7) 985.7 12.6% 12.4% Other Income 6.4 6.4 - 4.9 30.6% 30.6% Cost of Goods (394.8) (395.8) 1.0 (348.3) 13.6% 13.4% Gross Profit 713.3 714.0 (0.7) 637.4 12.0% 11.9% % of sales 64.4% 64.3% 64.7% R&D (138.1) (138.6) 0.5 (124.2) 11.6% 11.2% % of sales (12.5%) (12.5%) (12.6%) SG&A (501.1) (503.5) 2.4 (464.6) 8.4% 7.9% % of sales (45.2%) (45.4%) (47.1%) SG&A w/o Amort. & Dep. (371.3) (372.7) 1.4 (345.3) 7.9% 7.5% % of sales (33.5%) (33.6%) (35.0%) SG&A Amort. & Dep. (129.8) (130.8) 1.0 (119.3) 9.6% 8.8% Other Op. Exp 1.2 1.2 - - n.m. n.m. EBIT 81.7 79.5 2.2 53.5 48.6% 52.7% % of sales 7.4% 7.2% 5.4% Amort. & Dep. 151.2 152.2 (1.0) 139.1 9.4% 8.7% % of sales 13.6% 13.7% 14.1% EBITDA 232.9 231.7 1.2 192.6 20.3% 20.9% % of sales 21.0% 20.9% 19.5% Gains on sale of assets (0.2) (0.2) - (1.8) (88.9%) (88.9%) Other costs (1.2) (1.2) - (1.3) (7.7%) (7.7%) Restructuring costs (7.2) (7.2) - (2.6) (176.9%) (176.9%) Impairment reversals / (losses) - - - (11.7) (100.0%) (100.0%) Net financial income / (expenses) 1.5 1.5 - (8.5) (117.6%) (117.6%) Exchange rate differences (0.1) (0.1) - (1.1) (90.9%) (90.9%) Profit before tax 74.5 72.3 2.2 26.5 172.8% 181.1% Corporate income tax (28.3) (27.6) (0.7) (16.4) 68.3% 72.6% Net Income 46.2 44.7 1.5 10.1 n.m. n.m. Normalized Net Income 52.6 51.2 1.4 25.6 100.0% 105.5% EURO CER 2025 CZK 25.12 24.69 DKK 7.46 7.46 PLN 4.31 4.24 USD 1.08 1.12 CHF 0.95 0.94 GBP 0.85 0.86 NOK 11.63 11.72 SEK 11.43 11.07 FY 2025 Financial Results & Business Update Income Statement CER FY 2025 Results 30
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FY 2025 Financial Results & Business Update Leading Product Net Sales FY 2025 Results Million € FY 2025 FY 2024 % Chg YoY Ilumetri® 234.4 208.8 12.3% Ebglyss® 110.8 33.2 n.m. Ebastel® franchise 66.4 69.8 (4.9%) Ciclopoli® franchise 50.5 51.3 (1.6%) Almax® 42.4 44.8 (5.4%) Crestor® 41.4 43.4 (4.6%) Decoderm® franchise 39.7 37.7 5.3% Sativex® franchise 36.0 36.9 (2.4%) Wynzora® 33.8 25.9 30.5% Klisyri® 32.8 24.5 33.9% Rest of the products 419.9 409.4 2.6% Net Sales 1,108.1 985.7 12.4% 31
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FY 2025 Financial Results & Business Update Reconciliations with financial statements Operating Profit 73.1 36.1 Directly traceable with annual accounts Amortization & Depreciation 151.2 139.1 Net gain (loss) on asset disposals 0.2 3.5 Loss (Gain) on recognition (reversal) of impairment of property, plant and equipment, intangible assets and goodwill - 10.0 Non directly traceable with annual accounts Staff costs 7.2 2.6 Other gain / (Loss) from operating expenses 1.2 1.3 EBITDA 232.9 192.6 Million € FY 2025 FY 2024 Net Sales(1) 1,108.1 985.7 Procurements(1) (264.5) (238.4) Other manufacturing costs(2) Staff costs (43.3) (39.7) Amortization & Depreciation (12.4) (11.3) Other operating costs (23.8) (24.7) Royalties(2) (56.0) (39.8) Others(2) 5.2 5.6 Gross Profit 713.3 637.4 As % of Revenues 64.4% 64.7% Million € FY 2025 FY 2024 (1) As per Annual Account Terminology. (2) Data included in the corresponding caption of the profit and loss account. Gross Margin & EBITDA 32
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Million € FY 2025 FY 2024 EBITDA 232.9 192.6 Amortization & Depreciation (151.2) (139.1) EBIT 81.7 53.5 Financial income 6.8 7.7 Financial cost (16.9) (15.6) Financial derivative 11.6 (0.5) Net Financial income / (expenses) 1.5 (8.5) FY 2025 Financial Results & Business Update Reconciliations with audited financial statements EBIT & Net Financial income/(expenses) 33
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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