Slides
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First-Half 2026 Results Presentation 30 July 2026
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2 Forward looking statements Certain information contained in this documents is forward looking and not historical data. These forward-looking statements are based on opinions, projections and current assumptions including, but not limited to, assumptions concerning the Group’s current and future strategy, financial and non-financial future results and the environment in which the Group operates, as well as events, operations, future services or product development and potential. Forward- looking statements are generally identified by the words “expects”, “anticipates”, “believes”, “intends”, “estimates”, “plans” and similar expressions. Forward looking statements and information do not constitute guarantees of future performances, and are subject to known or unknown risks, uncertainties and other factors, a large number of which are difficult to predict and generally outside the control of the Group, which could cause actual results, performances or achievements, or the results of the sector or other events, to differ materially from those described or suggested by these forward-looking statements. These risks and uncertainties include those that are indicated and detailed in Chapter 3 “Risk factors” of the Universal Registration Document approved by the French Financial Markets Authority (Autorité des marchés financiers, AMF) March 27th, 2026. These forward-looking statements are given only as of the date of this press release and the Group expressly declines any obligation or commitment to publish updates or corrections of the forward-looking statements included in this press release in order to reflect any change affecting the forecasts or events, conditions or circumstances on which these forward-looking statements are based.
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3 Introduction David Seignolle Chief Executive Officer
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4 H1 2026 Key Figures Net Sales €356.5m Sanofi* €123.0m / (19.0)% Other Clients* €233.5m / (10.3)% Core EBITDA €20.7m Core EBITDA margin 5.8% EBITDA €(43.1)m Non-recurring items €63.8m CAPEX €39.1m Dedicated to growth 64% Net Debt Position €(37.9)m Change in Working Capital €(42)m *: Restated of the change in allocation of Opella sales from Sanofi to Other Clients (in 2025, the allocation of sales between Sanofi and Other Clients evolved following the change in Opella's majority shareholder)
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5 H1 2026 Key messages Confirmed commercial and operational resilience Sales As expected, net sales affected by the evolution of our portfolio towards more value-added products with €(13) million negative impact from the discontinuation of non-differentiated APIs Core EBITDA • Cost efficiency improvement offset by under-activity • Continued reduction in Sales and General expenses, reflecting sustained discipline FOCUS 27 Continued manufacturing footprint rationalization and organizational transformation • Agreement signed to sell the Brindisi site to Huvepharma • Operations streamlined in Germany and France • Commercial organization improved towards long-term ambition
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Consolidated Results Olivier Falut Chief Financial Officer
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7 H1 2026 Total Net Sales Evolution 30-Jun-25 4.8 Currency Impact -13.5 Perimeter Impact -47.0 Organic Growth 30-Jun-26 412.1 356.5 *: at Constant Exchange Rate and Perimeter Change as reported -13.5% Change on a comparable basis*: -11.8%
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8 H1 2026 Net Sales Per Activity 30-Jun-25 API Solutions Sanofi API Solutions Other Clients CDMO Sanofi CDMO Other Clients 30-Jun-26 412.1 356.560.2 52.2 200.1 99.6 55.2 59.5 178.2 63.6 API Solutions Sanofi1 API Solutions Other Clients1 CDMO Sanofi CDMO Other Clients API Solutions Sanofi API Solutions Other Clients CDMO Sanofi CDMO Other Clients -36.2% -11.0% +13.8% -8.2% 1: Restated of the change in allocation of Opella sales from Sanofi to Other Clients (in 2025, the allocation of sales between Sanofi and Other Clients evolved following the change in Opella's majority shareholder)
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9 H1 2026 Core EBITDA In % point - Rounded figures 30-Jun-2025 Core EBITDA Margin Volume Impact Price & Mix -5.9 Industrial Efficiencies 0.3 Energy & Raw Materials -0.6 FX Impact -0.3 OPEX 0.2 Brindisi -0.5 Haverhill 30-Jun-2026 Core EBITDA Margin 1.8 1.1 9.6% 5.8%
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10 H1 2026 From Net Sales to Core EBITDA In € millions H1 2026 H1 2025 Net Sales 356.5 412.1 Gross Profit 55.8 76.6 Gross Profit margin 15.7% 18.6% Core EBITDA 20.7 39.5 Core EBITDA margin 5.8% 9.6% Non recurring items 63.8 34.6 EBITDA (43.1) 5.0 €63.8 million in non-recurring items linked to FOCUS-27 plan, of which: €11.1 million of idle costs €10.1 million of transformation expenses €42.5 million of employee-related costs Including phasing impact in Frankfurt site’s redundancy plan
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11 H1 2026 From EBITDA to Net Income and EPS In € millions H1 2026 H1 2025 EBITDA (43.1) 5.0 Depreciation and Amortization (92.6) (32.7) Operating Income (135.7) (27.8) Financial Result (3.4) (2.3) Income before Tax (139.2) (30.1) Income Tax (2.4) 1.5 Net Income (141.5) (28.5) Basic EPS (1.49) (0.30) Decrease in Net Income primarily driven by restructuring costs €63.0 million impairment triggered by a revision of mid-term customer demand for certain small molecules manufactured in Frankfurt (€26.8 million impact), and the impact of the divestment of Brindisi based on the agreement signed with Huvepharma on July 29th, 2026 (€35.7 million impact)
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12 H1 2026 CAPEX Breakdown of H1 2026 CAPEXBelow 8% CAPEX to Sales targeted for the full-year 41.2 37.8 2025 2026 79.0 39.1 H2 H1 64% 36% Growth and Performance Maintenance FY 2025 H1 2026
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13 H1 2026 Net Debt evolution Net Cash Position 31-Dec-2025 -64.3 Cash Flow Operating Activities -39.1 CAPEX -4.2 Cash Flow Financing Activities 1.4 Exchange Rate Net Debt Position 30-Jun-2026 68.2 -37.9 € millions – rounded figures Working Capital: • € (42.7)m inventories • € 3.2m trade receivables • €12.8m payables • €(15.6)m Other Current Assets & Liabilities Free Cash Flow Before Financing €(103.4) millions
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14 2026 outlook and conclusion David Seignolle Chief Executive Officer
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15 2026 Outlook adjusted from adverse FX Despite an increasingly challenging business environment, FY 2026 net sales are expected in line with initial outlook*. For the balance of the year, the operational improvements and cost discipline resulting from our transformation will be more than offset by the impact of the recent appreciation of the Hungarian Forint on our local cost base, which is expected to weigh approximately €(9) million on FY 2026 Core EBITDA. As a result, the FY 2026 Core EBITDA margin is now expected to be around 6%**. *: decrease of around 10% on a comparative basis **: Based on the 2025 perimeter, i.e. excluding the impact on FY2026 Net Sales and Core EBITDA of the deconsolidation of the Brindisi site before year-end
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First-Half 2026 Results Presentation
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17 Contacts Sophie Palliez-Capian + 33 6 87 89 33 51 sophie.palliez@euroapi.com Léa Massonneau Tel: +33 (0)7 60 32 29 50 lea.massonneau@euroapi.com ir@euroapi.com P. 17