Slides
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REPORT H1 2026 FAES FARMA
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Index Highlights and key figures H1 2026 Results 1/ 3/Business performance 2/
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1/ Highlights and key figures
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Highlights – H1 2026 4 HIGHLIGHTS AND KEY FIGURES R&D and Portfolio Financial Position Business Total revenue +27%. This growth was driven mainly by the integration of acquisitions and the strong performance of international markets, in both direct sales and licensing. Pharma revenue +28%, with the integration of ophthalmology as a key area and a generally positive trend across the other areas. Bilastine was affected by the expiry of patent protection in Japan, as anticipated. EBITDA +24%, including organisational restructuring costs relating to the acquisitions. Excluding these costs, growth would have been 28%. Other Progress is being made on schedule with the integration of SIFI and Edol, maintaining business continuity and strong performance, with progress in optimising the organisational structure. The merger of SIFI Ibérica and the merger of SIFI México are underway. The solid performance of the business allows the leverage ratio to be maintained in line with the company’s targets and projected ranges (<2 times EBITDA) and ensures an adequate level of liquidity. Approval of reimbursement for Akantior in Italy. Approval in Europe of Mesalazine 1500 mg tablets. Completion of patient recruitment for the pivotal clinical trialevaluating the efficacy of Mesalazine Granules. Boost to growth in ophthalmology through the expansion of the development pipeline and the submission of new regulatory dossiers for multiple products in Europe and Latin America. Agreement with Dongkook Pharmaceutical (July 1)for the commercialization in Latin America of a licensed product for the treatment of benign prostatic hyperplasia. Solid progress in industrial consolidation, with the relocation to Derio proceeding according to plan
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Key figures for S1 2026 HIGHLIGHTS AND KEY FIGURES 5 Revenue EBITDA BAI Net profit 391.5 M€ 27% 90.8 M€ 24% 66.8 M€ 8% 57 M€ 9%
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2/ Business performance S1 2026
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Revenue by portfolio segment BUSINESS PERFORMANCE H1 2026 Bilastine Calcifediol Mesalazine Bilastine fell by -9%, mainly due to the expected expiry of patent protection in Japan. Excluding this effect, the molecule’s performance remains positive, with favourable trends in licensed markets and solid growth in the Latin American subsidiaries. Calcifediol sales grew by +17%, in line with the performance recorded in the previous quarter. This growth was driven both by the direct-to-consumer business – boosted in particular by Portugal and Latin America – and by the strong performance of the licensed products. Mesalazine grew by +8%, consolidating the strong performance already seen in the first quarter in Latin America and Portugal. 74.8 38.2 12.9 Ophthalmology With the integration of SIFI and Edol, ophthalmology continues to establish itself as one of the group’s key areas, now accounting for16 % of total revenue.63.8 Millions of € 7Figures are rounded Top 3 Pharma molecules 33% Ophtalmology* 16% Others Pharma 39% Animal Nutrition and Health 12% Millions of euros S1 2026 S1 2025 % Pharma 340.6 266.3 28% Pharma top 3 molecules 125.9 126.9 (1%) Ophthalmology 63.8 1.7 - Rest of Pharma 150.9 137.7 10% Animal Nutrition and Health 46.5 38.4 21% Other* 4.4 2.6 65% Total 391.5 307.4 27% *Ophthalmology includes SIFI+Edol ex Derma) * non-commercial income and exchange rate impact
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Revenue by business area BUSINESS PERFORMANCE H1 2026 8Figures are rounded Milions of euros S1 2026 S1 2025 % Pharma 340.6 266.3 28% Pharma Iberia 132.1 115.7 14% Pharma International (without licenses) 142.4 77.8 83% Pharma Licenses 66.2 72.8 (9%) Animal Nutrition and Health 46.5 38.4 21% Other* 4.4 2.6 65% Total 391.5 307.4 27% * non-commercial income and exchange rate impact Pharma Iberia 34% Pharma International without licenses 37% Pharma licenses 17% Animal Nutrition and Health 12%
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Farma Iberia The prescription business showed stable performance during the first half of 2026, supported by above-market growth in calcifediol and the strengthening of the respiratory division’s market position. Bilastina remains well positioned, helping to balance the product mix. Healthcare and Consumer (+6%) . Solid performance driven by strategic brands, which continue to gain ground as their commercial development accelerates. SPAIN PORTUGAL Faes Farma Portugal’s prescription business grew by +10%, driven by growth in strategic products. Performance in Healthcare remains positive, recovering from last year’s trend. Meanwhile, sales at Laboratorio Edol exceeded €17 million. 0.2% 81% BUSINESS PERFORMANCE H1 2026 €132.1 million 14% Revenue H1 2026 95,7 95,9 H1 2025 H1 2026 17,1 18,8 17,4 H1 2025 H1 2026 Spain Portugal 9 Edol The figures are rounded
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International Pharmaceuticals BUSINESS PERFORMANCE H1 2026 Latin America has established itself as the company’s main area of organic growth. Most markets continue to record very significant growth: Mexico (+34 %), Colombia (+22 %), Central America (+20 %), Ecuador (+16 %) and Peru (+16 %), in line with the strategy of continuing to promote strategic products . LATAM 19% ROW 4% ROW (excluding SIFI) is performing strongly, driven by the generally positive performance across all regions, which is offsetting the impact in the Gulf due to geopolitical factors. €142.4 million 83% H1 2026 revenue 49,4 58,7 H1 2025 H1 2026 28,4 29,4 54,2 H1 2025 H1 2026 LATAM Rest of the World 10 SIFI SIFI contributed over €52 million to the half-year results. The business in Italy is performing well and is beginning to drive growth in other direct-sales markets, such as Spain and Mexico. SIFI Figures are rounded
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Pharmaceutical Licences BUSINESS PERFORMANCE H1 2026 Bilastine sales have declined following the expiry of patent protection in Japan, where generics have been launched, including our own generic version, thus marking the start of a new phase in the Japanese bilastine market. The other markets are performing well, particularly in the Asia-Pacific region. BILASTINE LICENCE -12% OTHER LICENCES 0% Revenue from other licences remains stable compared with the first half of the previous year. The solid growth of calcifediol and the favourable performance of mesalazine offset the lower contribution from deflazacort, which we expect to recover in the second half of the year. Calcifediol is maintaining the growth trajectory seen in the first quarter, driven by the strong performance of the most recent launches. Mesalazine continues to be affected by a temporary lag in orders, with expectations that this will normalise as the financial year progresses. €66.2 million -9% Revenue H1 2026 Bilastine licence 16,8 16,7 H1 2025 H1 2026 Other licences 11 56,0 49,4 H1 2025 H1 2026 Figures are rounded
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Farm Faes BUSINESS PERFORMANCE H1 2026 The first half of 2026 can be described as very positive. FARM Faes has maintained growth of 21%, confirming that the strategic focus on ISF and internationalisation is yielding results. This area includes a small veterinary division resulting from the integration of Laboratorio Edol. €46.5 million 21% Revenue H1 2026 38,4 46,5 H1 2025 H1 2026 FARM Faes 12 Figures are rounded
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3/ H1 2026 Results
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H1 2026 RESULTS Income Statement H1 2026 14 REVENUES EXPENSES EBITDA The trend in expenses reflects efficient management of the cost structure, enabling the company to absorb the expansion of its scope of operations and the growth in business whilst maintaining an appropriate level of operational efficiency. Personal expenses also include organisational restructuring costs (€3.2 million) already anticipated in the first quarter. Depreciation and amortisation reflects both the increase in activity at Derio and the impact of the consolidation of SIFI and Edol. Financial expenses have remained contained despite the rise in interest rates, supported by efficient management of the liquidity position and the positive impact of Latin American currencies The increase in revenue is due both to the contribution of the new scope of consolidation and to the solid growth of the companies that already form part of the Group, which underpins a positive and diversified trend in the business base. EBITDA grew by nearly 24% compared with 2025, having included the costs of SIFI’s restructuring incurred in the first quarter. Excluding these costs, growth would have been +28%. Thousand € H1 2026 H1 2025 % change Net turnover 382,897 296,162 29.3% Other operating income 8,563 11,229 -23.7% Total Income 391,460 307,391 27.3% Cost of sales -121,840 -101,169 20.4% Gross margin 269,620 206,222 30.7% Personnel expenses -89,736 -62,081 44.5% Other operating expenses -89,057 -70,970 25.5% Gains (losses) on disposal of fixed assets 0 174 - EBITDA 90,827 73,345 23.8% Depreciation and impairment of fixed assets -19,869 -11,596 71.3% Operating profit (EBIT) 70,958 61,748 14.9% Financial result -4,128 -123 - Profit before tax 66,830 61,625 8.4% Corporate income tax -9,814 -9,426 4.1% Consolidated net profit 57,016 52,199 9.2% Profit attributable to the Parent Company 56,883 52,334 8.7%
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H1 2026 RESULTS Free cash flow 15 WORKING CAPITAL CAPEX TAXES A restrained level of investment, in line with a policy of capital discipline, prioritising projects with high expected returns and a strong contribution to long-term value creation. A temporary increase in working capital resulting from the normalisation and operational integration of SIFI, the usual seasonality of the Licensing business (in line with previous financial years), and the rise in stock levels associated with the relocation and commissioning of the new Derio plant. A trend towards a gradual normalisation of the effective tax rate, whilst continuing to make full use of the tax deductions and incentives linked to our investment and innovation activities, which helps to optimise the Group’s tax burden Financial expenses associated mainly with the financing arranged for the acquisitions of SIFI and Edol, structured on favourable terms and with a competitive cost profile. FINANCIAL EXPENSES Free Cash Flow Thousand € H1 2026 Total net income 391,460 Gross margin 269,620 Ebitda 90,827 Change in working capital -50,670 Capex -11,714 Other adjustments -223 Operating cash flow 28,220 Financial payments -3,927 Tax payments -5,429 Total generated during the period 18,864
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H1 2026 RESULTS Financial strength and a balanced debt profile 16 267,5 -90,8 50,7 11,7 0,2 5,4 3,9 12,8 261,4 DN EBITDA WC Capex Otros Impuestos Intereses Dividendos DN 26H1 Net debt evolution (€M) FCO: 28.2 FCF: 18.9 4 6 7 6 26 71 84 192 Q3 2026 Q4 2026 Q1 2027 Q2 2027 Rest of 2027 2028 2029 2030+ Debt Maturities (€M) Net debt /EBITDA* <2 *EBITDA for the last 12 months (143 M€) 124 13 20 157 Cash ST investments Credit Lines Total Liquidity (€M) Other Impuestos Interest Dividends
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2026 guidance reaffirmed following a strong half-year REVENUE 2026 EBITDA 2026* Key growth drivers for 2026 +17% / +19% +28% / +31% NET DEBT 2026 < 2x EBITDA ∕ Driving growth in strategic international markets, particularly Latin America, to offset the impact of the loss of exclusivity (LOE) for the bilastine licence in Japan. ∕ Full integration of SIFI and Edol’s operations into the Group. ∕ Generating commercial synergies by strengthening our presence in the prescription market and the omnichannel approach established in our wholly-owned subsidiaries. ∕ Relocation of production operations to Derio and improvement in operational efficiency. vs €118 million, 2025vs €627 million, 2025 *Including remaining one-off costs relating to Derio 17
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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 *Minor variations due to reclassification in line with accounting standards Split of revenue H1 2026 H1 2025 Var % Iberia 132.1 115.7 14% Pharma Spain 95.9 95.7 0% Prescription 62.0 63.7 -3% Bilastine RX 10.6 12.8 -17% Calcifediol 23.4 22.8 3% Mesalazine 3.5 3.5 -2% Other 24.6 24.6 -0% Healthcare & Consumer 33.9 31.9 6% Portugal Pharma 36.2 20.0 81% Faes Farma Portugal 18.8 17.1 10% Laboratorio Edol 17.4 2.9 - International (excl. licenses) 142.4 77.8 83% LATAM Subsidiaries 58.7 49.4 19% Central America & Dominican Rep. 15.7 13.1 20% Colombia 15.2 12.5 22% Chile 9.1 8.7 5% Mexico 9.2 6.9 34% Ecuador 5.8 5.0 16% Peru 2.0 1.7 16% Other 1.7 1.5 14% ROW (excl. SIFI) 29.4 28.4 4% ROW Exports 19.2 19.0 1% Faes Gulf 3.0 3.1 -5% Italy (Colpharma) 6.8 5.9 15% Nigeria 0.4 0.4 27% SIFI 54.2 - Licenses 66.2 72.8 -9% Bilastine 49.4 56.0 -12% Other Products 16.7 16.8 -0% Animal Nutrition & Health 46.5 38.4 21% Iberia 46.1 38.1 21% LATAM Subsidiaries 0.4 0.4 6% Other 0.2 0.2 -24% Exchange Rate Variation 4.2 2.4 72% TOTAL REVENUE 391.5 307.4 27%