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INTERNAL USE A European Medical Dermatology Leader 44th Annual J.P. Morgan Healthcare Conference 1 January 2026
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INTERNAL USE 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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INTERNAL USE Index Transformational R&D innovation roadmap Closing remarks Our growth story in Dermatology 2026 J.P. Morgan Healthcare Conference
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INTERNAL USE Our growth story in Dermatology 2026 J.P. Morgan Healthcare Conference
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2026 J.P. Morgan Healthcare Conference Almirall today: a European research-focused medical dermatology leader • Partner of choice for dermatologists and patients with a broad and innovative portfolio • Long term vision with a focus on sustained growth. Projecting double-digit Net Sales CAGR in 2023-2030 • Solid base business and exciting dermatology growth engine • Proven track record of commercial execution, with six successful recent launches of both internal & external assets* • Exciting pipeline with 3 Proof of Concept clinical studies ongoing** and 3 to be started in the next 12 months • Strong R&D capabilities covering the whole value chain A global biopharmaceutical leader in Europe, dedicated to medical dermatology and advancing skin science, with the purpose of transforming patients’ lives. Headquartered in Barcelona R&D employees in dermatology Total employees No. of countries present in ~280~2000 +100 €820.7MM Key figures - 9M 2025 Net Sales in Dermatology €483.6MM €102.4MM Net Sales R&D Investment EBITDA €180.7MM +12.8% YoY growth +19.4% YoY growth 12.5% over Net Sales +27.1% YoY growth Dermatology products Psoriasis | Atopic Dermatitis | Acne | Onychomycosis | Actinic Keratosis | Other autoimmune diseases 55 Key disease areas 5* Products launched since 2017 include: Skilarence ®, Ilumetri®, Seysara®, Klisyri®, Wynzora® and Ebglyss ** Atopic dermatitis trial conducted by our partner SIMCERE
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2026 J.P. Morgan Healthcare Conference 28.6 31.7 34.4 36.9 39.1 40.0 40.5 14.6 17.4 20.4 22.7 25.1 28.1 31.5 1.3 1.4 1.4 1.5 1.5 1.6 1.6 0.2 0.7 1.5 2.5 3.5 4.3 5.3 9.5 12.1 13.9 16 18.6 21.5 24.7 2024 2025 2026 2027 2028 2029 2030 6* Source: Evaluate Pharma ** Other derma includes alopecia, onychomycosis, basal cell carcinoma, actinic keratosis, vitiligo and epidermolysis bullosa Global market net sales, $ Bn* Focus on Medical Dermatology: Multiple severe unmet needs + exciting new science = sustainable high growth $54.3 $63.3 $71.6 $79.6 $87.8 $95.5 $103.6 ~2x by 2030 (vs. 2024) Other derma** Atopic dermatitis (AD) Psoriasis (PsO) Acne/Rosacea Hidradenitis suppurativa (HS)
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2026 J.P. Morgan Healthcare Conference Other derma** 7 Atopic dermatitis (AD) Psoriasis (PsO) * Source: Evaluate Pharma ** Other derma includes alopecia, onychomycosis, basal cell carcinoma, actinic keratosis, vitiligo and epidermolysis bullosa Acne/Rosacea Focus on Medical Dermatology: Almirall’s assets in these categories Efinaconazole Hidradenitis suppurativa (HS) Anti-IL-1RAP mAb (Phase II) Anti-IL-21 mAb (Phase II)+
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2026 J.P. Morgan Healthcare Conference 167 242 315 2020 2021 2022 2023 2024 2025 8 Sustained medium term growth: Driven by Ebglyss® & Ilumetri® Ilumetri® + Ebglyss® Atopic dermatitis > €450 MM 2030 High double-digit growth in combined biologics sales (CAGR) projected between 2023 and 2030 ~5x growth potential between 2023 and 2030 Peak Sales Ilumetri® Psoriasis > €300 MM Biologics Peak Sales Combined > €800 MM LTM* * Latest 12 months (Q4 2024 to Q3 2025 inclusively)
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2026 J.P. Morgan Healthcare Conference 9 Ebglyss®: Flow of clinical data readouts to address patient needs, drive growth and value Estimated study completion timelines for selected studies / CRSwNP: Chronic Rhinosinusitis with Nasal Polyps, INCS: Intranasal Corticosteroids, PAR: Perennial Allergic Rhinitis 2026 2027 2028 20302029 ADlong ADHope 2 ADTrust ADorable-1 ADorable-2 ADTouch 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 PAR Observational study to assess impact on well-being and skin manifestations Efficacy & safety in adults / adolescents with CRSwNP treated with INCS 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
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2026 J.P. Morgan Healthcare Conference Lebrikizumab: New Phase III study (LumiNE) in Nummular Eczema (NE) expected to start enrolling patients in Q2 2026 • Pruritic, discoid-shaped, eczematous lesions • Most frequently upper and lower extremities • Often chronic & recursive, hard to treat and very itchy, and severely affects quality of life • Distinct clinical manifestation that may occur with or without coexisting atopic dermatitis • Type 2 inflammation plays an important role in NE pathophysiology • Significant elevations of T helper (Th) 2 cytokines, including interleukin (IL)-13 in the skin Idiopathic chronic inflammatory skin disease with significant unmet medical need Thought to be induced by an impaired epidermal barrier, inflammation, and microbial skin colonization 10 ❖ Topical corticosteroids and topical calcineurin inhibitors often used initially to treat NE ❖ However many patients remain uncontrolled ❖ Currently no approved targeted systemic therapies
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2026 J.P. Morgan Healthcare Conference 11 Guidance: Sustained growth and margin uplift Mid-term Guidance: Sustained growth and margin uplift EBITDA Margin ~ 25% by 2028 Net Sales Double-digit CAGR 2023-2030 2025 Guidance reiterated: On track to deliver 2025 guidance Net Sales 10% to 13% growth vs 2024 (€985.7 MM) ✓ Total EBITDA Between €220 MM & €240 MM ✓
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INTERNAL USE Transformational R&D innovation roadmap 2026 J.P. Morgan Healthcare Conference
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2026 J.P. Morgan Healthcare Conference A significant unmet need remains across many core dermatology indications – a key focus of Almirall’s R&D 13 0% 100% Psoriasis AD (mod-sev) HS Urticaria AA Vitiligo laBCC laSCC PASI 90 @W10-16 IGA 0/1 @W12-16 HiSCR 90 @W16 UAS7=12 @W12 SALT ≤ 10 @W24-36 F-VASI 90 @W24 Disease control % of patients achieving selected outcome Relative unmet need (illustrative) Complete Response Complete Response Immune-Mediated Inflammatory Diseases NMSC Note: The efficacy across different indications cannot be directly compared, as each disease is assessed using distinct endpo ints and timepoints AD: Atopic dermatitis, HS: Hidradenitis suppurativa, AA: Alopecia areata, laBCC: Basal-cell carcinoma, laSCC: Squamous-cell carcinoma IL-2muFc Anti-IL-13/OX40L BsAb SMOL oral Anti-IL-1RAP mAb Anti-IL-21 mAb IL-2muFc mRNA/LNP + mRNA/LNP Readthrough inducer Rare dermatology RDEB/JEB
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2026 J.P. Morgan Healthcare Conference Disruptive pipeline with 3 PoC/Phase II studies ongoing** and 3 planned to be started in the next 12 months, setting the foundation for future growth 14 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 * * Worldwide ex-Greater China ** Atopic dermatitis trial conducted by our partner SIMCERE *** RDEB / JEB: Recessive Dystrophic / Junctional Epidermolysis Bullosa SMOL: Small Molecules, mRNA: Messenger RNA, LNP: Lipid Nanoparticle ** Discovery (advanced) / Preclinical Almirall Partner Discovery (advanced) / Preclinical
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2026 J.P. Morgan Healthcare Conference Almirall´s commitment to Hidradenitis Suppurativa: Anti-IL-1RAP mAb PoC/Phase II ongoing, Anti-IL-21 mAb approaching ❖ Inhibition of IL-1 signaling has provided clinical benefit ❖ Clinical data indicates IL-36R blockade impacted draining tunnels Anti-IL-1RAP mAb for deeper suppression of neutrophil- mediated inflammation ❖ Activity seen with IL-17A/F blocker and BTK/SyK inhibitors suggest that both T- and B-cells are involved in the pathophysiology of HS ❖ Blocking IL-21 could have a dual MoA in HS, by dampening T-cell and B-cell activation Anti-IL-21 mAb for dual modulation of T-cell and B-cell components • IL-21 is secreted by activated T-cells where it then can autocrine polarize T-cells towards Th17 and cytokine production • IL-21 also stimulates B-cell class switching and IgG & IgA production • mAb that blocks co-receptor IL-1RAP enabling concurrent inhibition of three different inflammatory pathways: IL-1, IL-33 and IL-36 • Such concurrent inhibition provides a differentiated additive approach for deeper impact on neutrophilic inflammation and epithelial hyperproliferation Figures created with BioRender Sources: Sabat R 2020, Wolk K 2020, van Straalen K 2022, Sabat R 2025. 15 This dual strategy, targeting substantially different pathways, increases chances for success to offer potential disruptive and differentiated options for patients compared to current developments HS is a complex, chronic inflammatory skin disease leading to painful nodules, abscesses, and tunnels that significantly impact quality of life, likely requiring targeting multiple, diverse pathways for full relief
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2026 J.P. Morgan Healthcare Conference IL-2-mutant fusion protein: Entered POC/Phase II in Alopecia Areata Extensive patchy alopecia areata • Our ambition is to rebalance the immune system by stimulating the expansion of Tregs to treat different auto-immune diseases, including alopecia areata • IL-2muFc is an engineered IL-2 analogue designed to produce a selective activation of Tregs vs T-effectors due to decreased affinity for IL-2Rβγ vs IL-2Rα with a prolonged half-life compared to wild-type IL-2 Serious condition beyond hair loss, with physical, emotional and social impact IL-2muFc selectively expands regulatory T cells (Tregs) Treg enhancement has potential to rebalance the immune system and induce immune tolerance • Prevalence 0.1 to 0.2% (but lifetime incidence of 2%), 44% of cases are moderate-to-severe • Third most common dermatosis in children Sources: Nat Rev Dis Prim (2017) 3:17011 Alopecia Universalis: complete loss of body hair Active patch of alopecia areata Alopecia universalis ❖ < 30% of patients achieve satisfactory symptom score with the approved drugs ❖ High unmet need for new therapies providing improved efficacy & safety profile 16
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2026 J.P. Morgan Healthcare Conference Oral small molecule readthrough inducer for Junctional & Recessive Dystrophic Epidermolysis Bullosa: Currently in Phase I 1 Graf et al. 2023 J Mol Med 2 Sothiselvam et al. 2011 Cell Rep; 3 Vazquez-Laslop et al. 2025 Trends Biochem Sci; Image from eloxxpharma.com. ZKN-013 is licensed from Eloxx Pharmaceuticals. 17 Treatment aims to restore functional Collagen VII in RDEB patients with nonsense mutations creating premature stop codons Mechanism of action aims to improve cutaneous and systemic manifestations in RDEB patients Premature Stop Codons due to nonsense mutations lead to the expression of truncated non- functional proteins which are degraded Treatment expected to strengthen skin and mucosal tissues, which will lead to reduced blistering and systemic e.g. esophageal disease improvement Lack of Collagen VII causes skin blisters and mucosal erosion, leading to inflammation, pain, and scarring. Patients face high risk of early death from infections, organ failure, and skin cancer, with significant clinical, economic, and social burden. Absence of functional collagen VII formation in RDEB leads to blister formation The compound allows incorporation of a near cognate amino acid at the nonsense mutation and allows the synthesis of the full-length protein, i.e. Collagen VII 1,2,3
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2026 J.P. Morgan Healthcare Conference 18 • A novel bispecific antibody blocking IL-13 and OX40L activity • The dual targeting of non-overlapping pathogenic pathways in AD could possibly lead to broader and deeper efficacy • On track to start Phase I in H1 2026 • Preclinical toxicology package has been completed with no adverse findings Potential for broader and deeper efficacy by simultaneously inhibiting two clinically validated pathways in AD Anti-IL-13/OX40L bispecific antibody for Atopic Dermatitis: A novel bispecific antibody
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INTERNAL USE Closing remarks 2026 J.P. Morgan Healthcare Conference
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2026 J.P. Morgan Healthcare Conference Building on a proven platform to drive sustainable profitable growth Poised to lead in an expanding dermatology market with a broad & relevant portfolio Powering robust biologics growth, with 6 PoC/Phase II advancing in 2026 Turning strategy into results via disciplined execution 20 Would consider opportunistic bolt on acquisitions in commercialized assets On the lookout for early-stage licensing deals for promising advanced therapies Pipeline focused on autoimmune-mediated skin diseases, rare dermatological diseases and non-melanoma skin cancer Disruptive pipeline with 3 PoC/Phase II studies ongoing and 3 planned to be started in the next 12 months Focus on delivering mid-term guidance: Double-digit sales growth & 25% EBITDA Executing the launch of Ebglyss and managing Ilumetri’s maturing growth phase
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INTERNAL USE Thank you. 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