Slides
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REPORT FY 2025 Faes Farma
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INDEX Highlights and key figures 2/ Business evolution 2025 2025 results and 2026 guidance 1/ 3/
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1/ Highlights and key figures
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Highlights 2025 4 Business / Total revenues +23% (+11% excluding M&A), in the high guidance range, driven by growth in all business areas. / Pharma revenues +21%, with the LATAM market (+20%) and Licenses (+9%) being the main growth drivers. / Adjusted EBITDA +3,1% excluding Derio's one-off costs and M&A results, in line with guidance. R&D and Portfolio / Approval of pediatric bilastine in Europe <6 years old. / Dossier validated and first round of questions completed with the Reference Member State for the evaluation of Mesalazine 1.5 g gastro-resistant tablets. / Approval in October 2025 of Robaxin 1000 and 1500 mg in Europe. / Approval of Akantior reimbursement in Spain. Finantial situation / 2025 dividend payment: 50% payout , €0.128 per share (interim dividend of €0.041 per share in January and proposed final dividend of €0.087 per share in the middle of the year). / Disbursement of bank financing while maintaining a comfortable liquidity position at Group level, maintaining levels of 2xND/adjusted Ebitda. Other / Group’s New Strategic Plan 2025-2030. / Global Executive Team as a management body. / New Sustainability Strategy. / Start of the transfer of activities to Derio. HIGHLIGHTS AND KEY FIGURES 2025 / Acquisition of Laboratorio Edol in June. in June. / Acquisition of SIFI, S.P.A. in September. / Start of the acquisition integration process. / Driving R&D through dynamic pipeline management and a hybrid model with external collaborations.
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Reported revenues 627.0 M€ Key figures 2025 , in line with guidance Reported EBITDA Adjusted EBITDA * Net debt/adjusted Ebitda 118.0 M€ 132.8 M€ -8.4% +3.1% *Adjusted EBITDA: EBITDA excluding M&A and excluding extraordinary costs from Derio. +23% EBITDA ex. M&A 122.1 M€ -5.3% REVENUES EBITDA Revenue ex. M&A 563.7 M€ +11% +8%/10% guidance -6%/-9% guidance 2025 vs GUIDANCE orgánico +3%/5% guidance 267 M€ x2 Ebitda aj. x2 HIGHLIGHTS AND KEY FIGURES 2025
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2/ Business evolution 2025
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Balanced growth across all areas of the Group 7 Revenues by porfolio line 13% Animal nutrition and health 35% Top 3 molecules 52% Rest of Pharma Rounded data Revenues by portfolio line (€M) BUSINESS EVOLUTION 2025 2025 2024 % Pharma 551.7 456.6 21% Pharma top 3 molecules 219.3 198.3 11% Rest of Pharma 332.4 258.5 29% Animal Nutrition and Health 79.6 52.2 52% Other* -4.3 0.9 Total 627.0 510.0 23% * non-commercial income and exchange rate impact
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Highlights of the main molecules Very positive evolution with excellent performance in both direct sales and Licenses Bilastine 8 BUSINESS EVOLUTION 2025 Calcifediol Mesalazine Strong performance throughout the year, with growth of +8% driven by positive performance in both licensing and direct sales, particularly in Latin American countries. Sales growth for the molecule of +8%, mainly driven by the performance of license sales and direct sales in Latin America and Portugal. Mesalazine is the molecule with the highest percentage growth, at +46% compared to 2024. In this case, growth is driven by the strong performance of the product license in Poland and good performance in Portugal. . 134.2 M€ 63.5 M€ 21.6 M€
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All business areas trending positive 9 Revenues by business area Revenues by business area (€M) 13% Animal nutrition and health 37% Pharma Iberia 32% Pharma International (sin Licences) 18% Licences Rounded data BUSINESS EVOLUTION 2025 2025 2024 % Pharma 551.7 456.6 21% Pharma Iberia 230.8 207.5 11% Pharma International (without licenses) 207.7 145.6 43% Pharma Licenses 113.2 103.7 9% Animal Nutrition and Health 79.6 52.3 52% Other* -4.3 0.9 Total 627.0 510.0 23% * non-commercial income and exchange rate impact
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Pharma Iberia, sustained growth in prescription and the incorporation of Laboratorio Edol Pharma /01 SPAIN +0,1% Prescription grew slightly +2% with positive evolution especially in bilastine +3% and the respiratory franchise which grew double digit +18% gaining competitiveness. /02 PORTUGAL +68% Growth mainly in prescription +11% ,highlighting the behaviour of calcifediol, offsetting the performance of some healthcare products. Incorporation in June of Laboratorio Edol, progressing at a good pace. 10 This growth offsets the temporary slowdown in Healthcare & consumer (-2%), we are continuing with the strategy initiated at the end of the year, focusing on priority brands to drive this division forward. Spain Portugal Iberia revenues: 230.8 M€ +11% Revenues of Pharma Iberia in €M Rounded data 174.1173.9 2024 2025 +0,1% 56.7 33.7 +68% 2024 2025 Laboratorio Edol BUSINESS EVOLUTION 2025
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Pharma International, Latam as the growth engine Pharma /01 LATAM +20% Latin America is the company's main area of organic growth. Chile +12%, Colombia +19%, Ecuador +34%, Peru +28% and Mexico +34% continue to grow at a good pace, focused on the strategy of promoting strategic products. The Mexican market is the most important and has the greatest potential, with future synergies with SIFI Mexico. 11 /02 ROW (Rest of the World) +88% Row (excluding SIFI) +5%, moderate revenue growth and margin improvement, supporting a solid foundation for future growth. Completion of the acquisition of SIFI in September, adding four montsh of revenue. International revenues: 207.7 M€, +43% Revenues of Pharma International in €M Rounded data and at a constant exchange rate. LATAM Rest of the world* 117.1 97.5 +20% 2024 2025 90.6 48.1 +88% 48,1 50,7 2024 2025 SIFI BUSINESS EVOLUTION 2025
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Licences, good performance across all molecules Pharma 12 Licences revenues: 113.2 M€ +9% Licences revenues in €M Bilastine Other Licences /01 BILASTINE +3% Bilastine continues to grow, driven mainly by Asia Pacific, with good overall performance in both mature markets and expanding territories, offsetting pressures in Canada and Europe from generics. /02 OTHER LICENCES +37% Performance in this area has been exceptional, driven mainly by strong growth in mesalazine, which has consolidated its leadership in Poland with a 60% market share, as well as a notable increase in the Nordic countries. Meanwhile, calcifediol continues to expand strongly in Eastern Europe thanks to the redistribution of regional agreements, which increase local sales, with particular relevance in Eastern Europe, France, and Italy. By 2026, we expect traction in new markets such as Greece, Australia, and the nordic countries, where it has recently been launched. Rounded data 2024 2025 86.384 +3% 2024 2025 26.9 19.7 +37% BUSINESS EVOLUTION 2025
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Animal nutrition and health Farm 13 FARM Faes revenues: 79.6 M€ +52% FARM Faes revenues in €M /01 Rounded data Significant growth in revenue, with the ISF business as the main driver, with revenue continuing to exceed expectations. Margins are under pressure from the product mix. FARM Faes strengthens its leadership in animal nutrition, especially in the piglet segment, thanks to the new ISF plant. 2024 2025 79.6 52.3 +52% BUSINESS EVOLUTION 2025
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CROSS-CUTTING MEASURES Plan for Climate Change Mitigation: a 42% reduction in scope 1 and 2 emissions by 2030. Role of ‘Patient Relations Specialist’. Approach to patient associations. Board of Directors: 50% women. 55% women in the workforce. 3.6% gender pay gap. 50% independent directors. CONDUCT PARTNERSHIPPEOPLE PATIENTS ENVIRONMENTAL 14 Update of the 'Third Party Code of Ethics’. Integration of the SIFI and Edol subgroups in terms of sustainability reporting. Sustainability “Focused on a sustainable F uture”, new 2025-2030 sustainability strategy aligned with the global strategy
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3/ Results and outlook
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Clear financial priorities Financial integration of Sifi y Edol. Business profitability. Cash flow management. Discipline in capital allocation. Solid balance sheet and strengthened liquidity.
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P&L /01 – Income • Double-digit growth exceeding guidance, driven by International Pharmaceuticals and licensing, demonstrating the robust growth of the three strategic molecules as a whole. The addition of Edol in June and SIFI in September raises growth to 23%. /03 EBITDA • Both EBITDA from organic business (-5.3%) and adjusted EBITDA (the former excluding extraordinary costs in Derio, +3.1%) ended the year in line with guidance. • Reported EBITDA includes the two M&A transactions, both their contribution and the costs arising from the transactions, including restructuring costs. /02 – Expenditure • Increase in expenses in line with the priorities of the strategic plan, together with expenses arising from M&A operations and restructuring. • Impact of non-recurring expenses expenses during the year for the new Derio plant of €10.7 million. • Increases in depreciation due to the start-up of new plants and the incorporation of SIFI and Edol. • Financial expenses arising from financing for acquisitions. Results RESULTS AND OUTLOOK 17 Highlights 2025 Thousand € 2025 2024 %change Ordinary income (sales) 610,464 493,647 23,7% Other operating income 16,524 16,394 0,8% Tota Income 626,988 510,041 22,9% Cost of sales -214,550 -167,108 28,4% Gross margin 412,438 342,933 20,3% Personnel expenses -138,418 -104,867 32,0% Other operating expenses -156,163 -109,218 43,0% Gains (losses) on disposal of fixed assets 179 55 - EBITDA 118,036 128,903 -8,4% EBITDA ex M&A* 122 128,903 -5,3% Adjusted EBITDA** 132,844 128,903 3,1% Depreciation and impairment fixed assets -28,775 -21,819 31,9% EBIT 89,261 107,085 -16,6% Financial gain/losses -3,847 492 -882,5% Profit before tax 85,414 107,576 -20,6% Corporate tax -5,570 3,538 -262.5% Net Profit -79,664 111,114 -28.3% Profit to the Parent Company 79,630 111,360 -28.5% *Ebitda ex M&A *Ebitda ex-Edol excluding Derio effect and M&A costs for Edol and SIFI
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Free cash Flow. Resilience in a year of inorganic growth 18 /02 – Capex Decline in investment following the approval of the Derio pharmaceutical plant and the start-up of the ISF plant for animal nutrition. /03 – Financial expenses Increase derived from bank debt obtained on favourable terms to finance acquisitions. /04 – Taxes Normal tax burden following the application of deductions for the start-up of Derio in 2024. /01 –Working capital Increase resulting from the rise in stocks related to the transfer process to the new plant in Derio and the integration of Sifi and Edol. RESULTS AND OUTLOOK Free Cash Flow miles € 2025 Total net income 626,988 Gross margin 412,438 Ebitda 118,036 Change in working capital -17,187 Capex -23,645 Other adjustments 3,968 Operating cash flow 81,172 Financial payments -2,517 Tax payments -13,074 Total generated during the period 65,581
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Capital allocation aligned with our Strategic Plan Execution of two inorganic growth operations in 2025 to support and accelerate the Group’s growth and expand both its product portfolio and international presence. Throughout 2026, the move to the new Derio plant will be completed, thus culminating the largest organic investment in the history of Faes Farma. Commitment to R&D supported by improved governance, dynamic pipeline management and a hybrid model with external collaborations. Maintaining strict financial discipline with a long-term debt ratio of less than 2x and conservative management of debt maturities. Commitment to an attractive dividend policy compatible with the policy of international expansion and both organic and inorganic growth.
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Solid balance sheet, strengthened liquidity and comfortable maturity profile Net debt evolution (€ M) -66,8 -81,2 2,5 13 344,2 55,6 267,3 DN 2024 FCO Financieros Impuestos Adquisiciones Dividendo DN 2025 5 5 4 6 28 72 84 192 2026 Q1 2026 Q2 2026 Q3 2026 Q4 2027 2028 2029 2030+ Debt maturities (€M) Net debt/adjusted EBITDA ≈ 2x ND 2024 FCO Financials Taxes Acquisitions Dividend ND 2025 118 11 20 149 Caja Inversiones c/p Líneas crédito TOTAL Liquidity (€M) Cash st invesments Lines of credit TOTAL
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2026 Guidance and main drivers REVENUES 2026 EBITDA 2026* Main growth drivers 2026 +17% / +19% +28% / +31 % LEVERAGE 2026 < 2x Ebitda ∕ Growth in the strategic international areas of LATAM and Gulf offsetting the impact of the LOE of the bilastine license in Japan. ∕ Full incorporation fo SIFI and Edol. ∕ Commercial synergies reinforcing the presence in prescription the omnichannel approach established in Faes Spain and Portugal. ∕ Growth of SIFI supported by the launches of Akantior and new CDMO contracts. ∕ Transfer of production activity to Derio. Operational efficiency plan. vs 118 M€, 2025Vs. 627 M€, 2025 21*Including the remaining extraordinary costs from Derio.
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Q&A
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DISCLAIMER This presentation has been prepared and published by Faes Pharma Group for information purposes only. This presentation does not constitute a prospectus or an offer or recommendation to invest. This presentation does not constitute a commitment to subscribe, an offer of financing or an offer to sell or buy securities of Faes Farma. The information contained in this presentation has not been independently verified and some of the information is in summary form. No representation or warranty, express or implied, is made by the Faes Pharma Group, its directors, officers, employees or representatives as to the fairness, accuracy, completeness or correctness of the information or opinions expressed in this document and it should not be relied upon as a reliable basis for investment decisions. Neither any member of the Faes Pharma Group nor any of its directors, officers, employees or representatives accepts any liability (whether for negligence or otherwise) for any loss, damage, cost or injury, whether direct or consequential, arising from the use of this presentation or its contents or otherwise in connection with the presentation, Except for any liability for fraud, Faes Pharma disclaims all liability, whether direct or indirect, express or implied, contractual, tortious, regulatory or otherwise, for the accuracy or completeness of the information in relation to the opinions contained in this document or for any errors, omissions or inaccuracies contained in this presentation. Faes Pharma does not guarantee the accuracy or completeness of the information contained in this presentation. The information contained herein has been obtained from sources believed to be reliable by Faes Pharma, but Faes Pharma makes no representation or warranty as to its completeness or accuracy, particularly with respect to data provided by third parties. This presentation contains information and statements or projections about Faes Pharma, S.A. Such statements include financial projections and estimates with underlying assumptions that are not historical facts. In this respect, although Faes Pharma, S.A. believes that the expectations reflected in such statements are reasonable, it warns that information and statements with forward-looking projections are subject to risks and uncertainties, known and unknown, which may cause the Group's business performance to differ from that expressed or implied and may affect its realisation.
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Appendix *Minimal variations due to reorganisation in line with accounting criteria. REVENUES INTERNACIONAL (without licensing) 2025 2024* %var 2025 2024* %var 2025 2024* %var 2025 2024* %var Pharma Spain 174.1 173.9 0% International 207.7 145.6 43% Licensing 113.2 103.7 9% Animal health and nutrition 79.6 52.3 52% Prescription 115.0 113.3 2% Subsidiaries LATAM 117.1 97.5 20% 0,0 0,0 Iberia 78.9 51.3 Bilastine 17.5 17.0 Central American Caribbean 32.3 28.8 Bilastine 86.3 84.1 3% Subsidiaries LATAM 0.7 1.0 Calcifediol 42.0 42.6 Colombia 29.0 24.4 Mesalazine 6.9 7.1 Chile 19.5 17.4 Other products 26.9 19.7 37% Other products 48.6 46.5 Mexico 16.8 12.6 Healthcare & Consumer 59.1 60.6 -2% Ecuador 12.1 9.0 Peru 3.9 3.0 2025 2024 %var Rest 3.4 2.3 Pharma Portugal 56.7 33.7 68% 2025 2024 ROW (without SIFI) 50.7 48.1 5% Faes Farma Portugal 33.3 33.7 -1% Exportaciones ROW 31.6 32.3 Laboratorio Edol 23.4 0.0 Faes Gulf 6.9 6.7 Italia 11.5 8.5 Nigeria 0.7 0.5 SIFI 39.9 0.0 Other non-commercial income 0.7 0.6 Exchange rate differences -5.0 0.4 REVENUES FARM FAESREVENUES PHARMA IBERIA REVENUES LICENSING