Slides
Page 1
R GEDEON RICHTER Q2 / H1 2026 Earnings Report 7 August 2026
Page 2
* CER (constant exchange rate) calculation is based on 2025 actual FX rate (HUFEUR = 397.65)2 Q2 2026 highlights – improving dynamics, upgraded cEBIT guidance HUF 455.2bn (EUR 1,228mn) -0.5% Pharma Revenues Pharma Clean EBIT2 HUF 151.8bn (EUR 407mn) +3.0% EBIT1 HUF 143.5bn (EUR 387mn) +2.2% Free Cash-flow3 HUF 137.0bn HUF +26.2bn EPS HUF 566 H1 Q1 Q1-Q3 FY Return on Equity4 15.8% -1.2ppt 1 EBIT: Profit/loss from operations 2 Clean EBIT (cEBIT)**: excludes certain significant non-recurring items from „Profit from operations” such as intangible and PPE impairment charges, restructuring costs, business combination charges and other non-recurring items; 3 Free Cash Flow: Operating Cash flow after changes in Net Working Capital plus interest received less Capex (PP&E) 4 Return on Equity: Cumulative net profit for the last 4 quarters divided by the actual quarter's equity 1 Pharma Revenues (CER*) High-single-digit growth Pharma Clean EBIT (CER*) Upgraded to double- digit growth 2026 guidance H1 2026 CER revenue growth 8.7% H1 2026 CER Clean EBIT growth was 21% -13.7%↓ ↓
Page 3
3 Financial and operational highlights • CER revenue growth was 8.7% in H1 2026, in line with the high-single-digit growth guidance for the full year. FX was a major drag on reported revenues, representing c. 9ppt headwind in H1 (due to the strong HUF). Hence, reported Pharma revenues declined by 0.5% YoY to HUF 455bn in H1 2026. • CER revenue growth was driven by CNS (CER +21% on the back of strong demand growth for both Vraylar® and Reagila®) and BIO (CER +30%), both outperforming expectations. While WHC (+7% CER) and GenMed (-5% CER) both saw improving sales dynamics in Q2, the latter continued to be behind plans. • Gross profit (pharma) fell by 2.2% YoY to HUF 314bn in H1 2026; gross margin declined to 69% (-1.2ppt) despite improving trends in Q2. • CER Clean EBIT (pharma) growth was outstanding at 21% in H1 2026, well above the guidance (high-single- digit) driven by the outperformance of cariprazine, improving WHC profitability and also supported by lower opex. Reported Clean EBIT (pharma) grew by only 3% in H1 2026 to HUF 151.8bn due to the FX headwind. • Free cash flow (before M&A) reached a record-high HUF 137bn in H1 2026, up 24% YoY, driven by lower Net Working Capital funding need vs. a year ago, and higher operating profits, partly offset by FX losses. • Pharma Clean EBIT guidance (CER) for 2026 is upgraded to double-digit growth on the back of the strong H1 performance. • Richter and Acrux agreed to extend their license agreement of the transdermal Estradiol spray, Lenzetto®, a menopause hormone therapy, to cover an additional commercially significant territory (Australia). • Richter and Hetero signed a global collaboration agreement for the joint development, registration, and commercialization of Semaglutide Injection (generic of Ozempic®). • As the next step to build its GLP-1 portfolio, Richter also expanded its global partnership and strategic collaboration with Adalvo across diabetes and obesity care Financial highlights Business drivers and key events (Q2 2026)
Page 4
ESG: Completion of API manufacturing optimization in Hungary 4 Environmental benefits ➢ Reduced hazardous waste generation ➢ Reduced energy demand ➢ Reduced wastewater generation Operational efficiency ➢ API manufacturing centralized in Dorog ➢ Reduced duplication of manufacturing infrastructure Improved industrial footprint ➢ A more compact and efficient Budapest site structure ➢ Removal of API manufacturing activities from Budapest ➢ API wastewater now fully treated through a more advanced treatment infrastructure at Dorog Budapest Dorog Multi-year API manufacturing optimization Completed in 2026 Hazardous waste generation 2 Net impact –11.5% Budapest appr. –3,700 tonnes Dorog appr. +2,000 tonnes Key benefits and outcomes API-related energy demand 1,2 Net impact –54.7% Budapest appr. –45,200 MWh Dorog appr. –27,800 MWh 2 Operational floor area 1,3 Net impact –8% Budapest appr. –30,000 m2 Dorog appr. –2,000 m2 Richter’s Dorog manufacturing site Centralized API manufacturing in Dorog delivers operational and environmental benefits 1 The reduction at the Dorog site was supported by additional efficiency measures and is not solely attributable to the API manufacturing consolidation. 2 Calculated between 2021 and 2025, based on full year data 3 Calculated between 2019 and 2025, based on full year data
Page 5
55 Financial Highlights
Page 6
All data in HUFbn H1 2026 CER revenues +8.7% with double-digit Q2 top-line growth • WHC sales growth (+7% CER in H1) accelerated in Q2, but continued to be affected by lower Eastern European sales and slower dynamics in traditional OC products. The underlying strength of the leading products (Ryeqo®, Lenzetto®, Drovelis® and Bemfola®) remains intact. • Global Vraylar® net revenues by AbbVie reached USD 1.98bn in H1 (+19% YoY), reflecting strong demand growth and market share gains in both bipolar disorder and adjunctive MDD. Richter’s royalty revenues grew by 6% to HUF 124bn. • CNS (ex-Vraylar®) revenues were up by 15% YoY (+25% CER), as Reagila® sales surged in Q2 on higher supply and some high-performing countries (in both Richter and partner territories). • BIO revenues jumped in H1 (+30% CER), driven by biosimilar revenues (very strong teriparatide sales and new product launches). • GenMed revenues fell by 5% in H1 YoY (CER), although sales dynamics have incrementally been improving. The lack of flu season (weak OTC), a high base and the ongoing rationalization of distributors’ inventory holding affected topline. Key messages 6 H1 2026 Revenues, HUFbn Women’s Healthcare 167.3 Vraylar 124.4 Reported growth, % CER growth, % -0.9% 6.4% CNS (ex-Vraylar) 8.6 15.2% GenMed 117.4 -10.3% BIO 35.2 19.6% 30.4% Other 2.3 -43.3% Total Pharma 455.2 -0.5% 8.7% 7.1% 21.3% -4.9% 24.8% -33.5%
Page 7
All data in HUFbn Strong FX headwind, flat reported revenues; Eastern Europe a drag Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 237.5 211.2 245.2 217.3 237.9 +0.2% Pharmaceutical Revenues (HUF bn), reported Pharmaceutical Revenues, cumulative (HUF bn), reported 29.4 4.1 H1 2025 2.4 H1 2026 457.6 455.2 168.8 124.4 130.8 167.3 133.0 117.4 35.2 -0.5% Pharmaceutical Revenues by region (HUF bn) Impact of the exchange rate changes on revenues (HUF bn) Western Europe Central Europe Eastern Europe North America Asia & Pacific Latin America Rest of the World 86.0 92.8 91.0 88.1 98.0 85.8 131.2 140.4 31.5 28.1 15.1 15.4 4.7 4.6 H1 2025 H1 2026 0.2 Q1 2026 -2.3 Q2 2026 -2.1 H1 2026 -15.4 -25.6 -41.0 -9.3-3.1-3.3 -10.5-7.5-5.2 -19.8-10.6-8.5 7 Other EUR RUB USD Pharma other BIO GM CNS WHC Pharma other BIO GM CNS WHC
Page 8
Operating expenses (pharma) (HUFbn)* Operating costs as a % of Pharma revenues (%)* All data in HUFbn * All expenses are presented in these charts excluding restructuring cost items; the details of restructuring items can be found on Slide 31 Multi-year efficiency efforts keep opex at bay, FX helps 30 30 31 31 30 30 33 30 32 29 19 19 17 21 20 18 18 16 18 17 11 11 12 13 11 11 9 9 10 10 6 6 6 7 6 6 5 6 0 5 10 15 20 25 30 35 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 6 Q3 25 Q4 25 Q1 26 6 Q2 26 Operating costs as a % of Pharma revenues (%)* Cost of Sales S&M R&D G&A 33 32 31 31 31 30 21 21 19 19 18 18 12 11 10 12 10 10 5 5 6 7 6 0 5 10 15 20 25 30 35 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 6 H1 2026 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 83.1 70.8 73.9 76.1 79.3 43.7 25.1 14.3 37.8 19.5 13.5 38.5 22.9 12.6 40.1 22.6 13.4 41.2 23.0 15.0 -4.6% Key messages • Cost of Sales rose slightly in H1 2026, affected by FX trends, andgross margin (pharma) declined by 0.7ppt to 69.5% despite improving trends in Q2 • Operating expenses continued to benefit from long-term efficiency efforts and FX trends; total opex was down 6% YoY in H1 (-4.6% in Q2 YoY) • R&D expenses declined by 6.5% in H1 YoY, mostly reflecting a material decline in BIO R&D; R&D expenses remained at 10% of sales • Sales & Marketing expenses fell by 7% in H1 YoY (-6% in Q2 YoY), due significant benefit from FX, lower activity in APAC and improvement in commercial efficiency • G&A expenses were flat in H1 YoY (+5.5% in Q2), supported by efficiency projects, favorable FX S&M R&D G&A 8
Page 9
All data in HUFbn Outstanding CER Clean EBIT growth of 21% in H1 2026 57.5 10.6 4.5 -5.2 -1.5 Q3 2025 66.6 14.7 10.6 0.5 Q4 2025 53.2 9.4 6.21.1 -0.1 Q1 2026 60.6 16.2 9.5 -3.0 -1.2 58.5 13.8 9.9 -2.9 Q2 2025 Q2 2026 65.8 91.5 69.7 82.178.7 +4.3% Pharma other BIO GM WHC CNS Pharmaceutical Clean EBIT (HUF bn) Pharmaceutical Clean EBIT, cumulative (HUF bn) -8.5 H1 2025 -2.0 H1 2026 147.4 151.8 107.0 27.8 21.9 -0.8 113.8 25.6 15.7 -1.3 Pharma other BIO GM WHC CNS Key messages • CER Clean EBIT growth accelerated in Q2 and reached 21% in H1 2026 YoY. FX (strong HUF) continued to be a massive headwind, consequently reported Clean EBIT (pharma) increased only by 3% YoY to HUF 151.8bn in H1 2026. • No milestone income was recorded in Q2; H1 milestone income was HUF 3.5bn (vs. HUF 4.5bn a year ago). • The innovative segments, CNS and WHC improved profitability YoY, while BIO and GenMed were broadly flat in HUF-terms (improving CER). • CNS remained the largest earnings contributor in Q2 (and in H1 too) on the back of the strong revenue growth of Vraylar® and Reagila® • WHC Clean EBIT came in at HUF 16.2bn in Q2 with a margin of 18.5%, significantly improving both YoY and QoQ and partly making up for the weaker Q1 despite the FX headwind. • GenMed’s Clean EBIT was HUF 9.5bn in Q2, flat YoY and rebounding from Q1 with improving margins. Profitability continued to be affected by weaker topline growth and FX trends. • BIO Clean EBIT was negative (HUF 3bn) in Q2, as higher revenues and gross profit and lower R&D were offset by rising opex. Yet profitability improved materially in H1 YoY. 9 Reported growth CER growth +3.0% +21.0% H1 2025 H1 2026
Page 10
All data in HUFbn; * Profit for the period attributable to owners of the parent Below-the-line: large FX losses (strong HUF) drive net profit lower Net Profit in H1 2026, below-Clean EBIT items (HUF bn) Includes taxes calculated in line with Global Minimum Tax Key messages • Net financial expenses amounted to HUF 20.3bn in H1 2026 vs a small net financial income reported a year ago. This included large FX losses of HUF 27.1bn, of which HUF 32.1bn FX losses were incurred in Q2 on the back of the sharp HUF appreciation against all relevant currencies. More than half of the reported FX losses were unrealized as of the end of H1. Net interest income of HUF 4.5bn (rising YoY) and positive other financials items of HUF 2.3bn (mostly derivatives) were not enough to offset FX losses. • Taxes are accounted for in accordance with the Global Minimum Tax (15%). • Net profit was HUF 103.5bn in H1 2026, 14% lower YoY, driven by the significant FX losses and despite resilient operating profit. 10 Pharma Clean EBIT -8.3 Other/Non- recurring items EBIT -27.1 FX gain/losses 4.5 Net interest 2.3 Other Fin inc/exp 1.6 Associates -21.1 Taxes -0.1 Minority int. Net Profit* 151.8 143.5 103.5Including HUF 4.4bn restructuring expenses Including Q1: HUF 5.0bn FX gain; Q2: HUF 32.1bn FX loss
Page 11
All data in HUFbn; * Acquiring intangibles predominantly includes the purchase of rights or licenses of products or product portfolios Strong cash generation, record-high FCF in H1 (+24% YoY) Op. CF W/o NWC 9.4 NWC Operative CF Interest received Capex (PP&E) FCF 5.7 Acquiring intangibles* 2.9 Other M&A Dividend (prev. year) 0.0 Share buyback 146.7 137.3 9.9 10.1 137.0 89.1 Free Cash Flow in H1 2026 (HUF bn) 327 322 303 305 312 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Cash Conversion Cycle | days Key messages • Free Cash Flow was HUF 137bn in H1 2026, 24% higher YoY, primarily driven by a much lower Net Working Capital funding need vs. a year ago, and also by higher operating profits, partly offset by the realized FX losses • Net Working Capital increased by HUF 9bn in H1 (of which HUF 10.3bn in Q2); this was a significantly smaller build in NWC than a year ago (HUF 38bn increase in H1 2025) • Cash conversion days – as a consequence – increased slightly from Q1, reflecting seasonality, but remained much lower YoY • Capex activity continued to be limited in H1 (HUF 10.1bn, -21% YoY), and no material M&A transaction took place during the period • The AGM approved HUF 120bn total dividend payment (HUF 96.6bn regular + HUF 23.4bn special dividend), of which HUF 89.1bn was paid out during Q2 with the remaining to be paid in Q3 Application of Cash FlowSmall build in NWC in Q2/H1 2026 11 HUF 30.9bn of the approved total dividend (HUF 120bn) will be paid in Q3
Page 12
Research and Development R&D 1212
Page 13
* Ready-to-Sell Licensed pipeline13 R&D pipeline – changes during Q2 2026 Neuropsychiatry Women’s Healthcare General Medicines Biotechnology new discontinued License Own Clinical phasePreclinical phase Regulatory & Launch Phase 1 Technology Development Phase 2 Phase 3 Clinical phase RSL* Market Own
Page 14
• Tocilizumab biosimilar, Tuyory®, (RGB-14) marketing authorization was granted by the European Commission (EC) and Tuyory® was launched in Europe (Mochida earlier launched the biosimilar in Japan) • The development pipeline is focused on osteoporosis, rheumatology and autoimmune diseases and includes biosimilars in addition to small molecule generic opportunities, such as JAK inhibitors. In-licensing opportunities are also being pursued. • Pre-clinical pipeline in WHC expanded significantly in 2026 through the FimmCyte (FMC2 project) and Celmatix transactions (4 early-stage assets). The CSF-1R project was discontinued due to prioritization of internal resources. The pipeline now includes 6 pre-clinical projects. • The European Commission (EC) granted approval for the marketing authorization of FYLREVY® (Estetrol) as Hormone Replacement Therapy (HRT) for oestrogen deficiency symptoms in postmenopausal women. FYLREVY® was launched in some pilot markets in Europe in June/July. • AbbVie co-development projects proceed as planned, including RGH-932, where potential next steps for the development in bipolar 1 depression are being evaluated • FDA approved IND for the RGH-202 project to initiate a Phase II clinical trial in Social Anxiety Disorder in the U.S. • As the next step to build its GLP-1 portfolio, Richter entered into a global co-development partnership with Hetero for semaglutide injection (genOzempic®) with first MA filing successfully submitted and also expanded global partnership and strategic collaboration with Adalvo to co-develop and supply tirzepatide therapies across diabetes and obesity care • Successfully launched Armadin Long (EtMethydroxypyridine succinate) in Russia, expanding the CNS portfolio with a value-added treatment for cognitive disorders, anxiety, and cerebrovascular diseases. Major developments in R&D in H1 2026 CNS GM BIO WHC Women’s Healthcare Neuropsychiatry Biotechnology General Medicines 14 R&D
Page 15
Neuropsychiatry CNS 1515
Page 16
16 CNS: strong CER revenue growth, unfavorable FX trends Revenue (HUFbn) Clean EBIT (HUFbn)Key messages 64,6 67,1 73,2 62,2 70,8 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 +9.6% (CER: +24.7%) Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 58.5 57.5 66.6 53.2 60.6 +3.6% • CNS revenues increased by 10% in Q2 YoY and 7% in H1 2026; excluding FX effect (CER), growth exceeded 20% in both periods, supported by strong growth of both Vraylar royalty income and Reagila sales. • Clean EBIT increased by 4% in Q2 YoY and 6% in H1 YoY, despite significant milestone income reported in the base period but not in the reported period. • R&D remained the major cost contributor. R&D expenses slightly declined, despite pipeline progress was in line with plans, due to lower CRO spending (some projects, e.g. RGH-202 being ahead of stage gates) CNS | HUF mn Q2 2025 Revenues Gross Profit Sales & Marketing G&A R&D Clawback Inventory and receivable impairment Q2 2026 Ch. % YoY 64,609 64,253 -1,507 -270 -7,898 -402 -153 Gross Margin % Clean EBIT 70,804 70,254 -1,259 -398 -7,689 -326 Cost of Sales -356 Milestone income 4,468 0 -550 10 54 9 99.4 -16 47 -3 -19 58,491 CNS 99.2 cEBIT Margin % 90.5 All data in HUFbn H1 2025 H1 2026 124.4 133.0 +6.9% (CER: +21.5%) H1 2025 H1 2026 107.0 113.8 +6.3% n.a. H1 2025 H1 2026 Ch. % YoY 124,394 132,959 7 -788 -980 24 123,606 131,979 7 99.4 99.3 -2,419 -2,430 0 -526 -635 21 -17,270 -15,973 -8 -634 -644 2 4,505 1,351 -70 -249 107,013 86.0 -9 -94 123 n.a. 60,573 4 113,771 6 85.6 85.6
Page 17
Vraylar® Reagila® • Vraylar® royalty income reached HUF 66bn in Q2 (+8% YoY) and HUF 124bn in H1 (+6% YoY), as adverse FX trends affected HUF-based revenues, only, partly compensated for by hedging. • AbbVie’s Vraylar® sales were up by 19% in Q2 YoY to USD 1.07bn; growth was driven by double-digit demand increase (share gains in both bipolar disorder and adjunctive MDD) • AbbVie upgraded its full-year 2026 net sales guidance Vraylar® to „approaching USD 4.1bn” driven by continued strong demand growth • Reagila® revenues (from own and partnered territories) saw strong double-digit growth in Q2, reaching HUF 5.1bn in Q2 and HUF 8.6bn in H1 • Growth was driven by higher supply to partners and by some high-performing countries both within Richter and license partners’ territories • In South Africa, our license partner, Adcock obtained the registration approval of further indications (bipolar mania, bipolar depression) Key messages Key messages Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 60.7 64.1 68.9 58.7 65.7 +8.1% H1 2024 H1 2025 H1 2026 102.3 117.0 124.4 +6.4% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 3.9 3.0 4.3 3.4 5.1 +32.4% H1 2024 H1 2025 H1 2026 7.2 7.4 8.6 +15.2% All data in HUFbn17 Vraylar®: continued double-digit demand growth; raised guidance CNS
Page 18
Women’s Healthcare WHC 1818
Page 19
Revenue (HUFbn) Clean EBIT (HUFbn) Key messages Sales growth picking up, margins improving materially in Q2 WHC | HUF mn Q2 2025 Revenues Gross Profit Sales & Marketing G&A R&D Clawback Inventory and receivable impairment Q2 2026 Ch. % YoY 89,917 61,941 -27,390 -7,360 -9,042 -2,203 -2,146 Gross Margin % Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 89.9 75.5 84.3 79.4 87.9 -2.2% (CER: +7.9%) • Reported revenues were broadly flat in H1 (CER growth +7.1%), as growth was accelerating in Q2 with timing of shipment effect flattening out. Underlying in-market sales performance of focus brands (Ryeqo®, Lenzetto®, Drovelis®) remained very strong. • Strong gross margin in 2Q (70.1%) was driven by revenue-mix and continuous efforts to improve CoGS of newly launched products. • Lower S&M expenses reflect reallocation of resources from low performers to increased investments on focus brands. G&A costs remain well controlled and R&D expenses are in line with plans with new pre-clinical projects, including from recent deals (Celmatix and Fimmcyte), are in focus. • Clean EBIT increased in Q2 2026 both YoY and from the weaker Q1 level and reached HUF 16.2bn with a cEBIT margin of 18.5% 87,919 61,613 -25,542 -7,767 -7,174 -2,661 Cost of Sales -27,976 Milestone income 0 -26,306 -2 -6 -1 68.9 -7 6 -21 21 Clean EBIT 13,800 19 WHC cEBIT Margin % 15.3 0 All data in HUFbn H1 2025 H1 2026 168.8 167.3 -0.9% (CER +7.1%) H1 2025 H1 2026 27.8 25.6 -7.8% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 13.8 10.6 14.7 9.4 16.2 +17.6% 70.1 H1 2025 H1 2026 Ch. % YoY 168,761 167,304 -1 -52,894 -56,043 6 115,867 111,261 -4 68.7 66.5 -53,894 -48,457 -10 -14,202 -14,552 2 -13,886 -14,725 6 -3,824 -5,186 36 0 386 -2,302 27,759 16.4 -2,241 4 -3,123 36 16,228 18 25,604 -8 18.5 15.3
Page 20
7.6 Q2 2025 6.8 43.5 8.3 11.3 5.6 Q3 2025 8.6 46.5 9.0 12.9 7.2 Q4 2025 8.9 42.5 8.7 13.4 5.4 Q1 2026 8.0 48.9 9.8 15.0 6.1 Q2 2026 54.0 8.8 10.7 89.9 75.5 84.3 79.4 87.9 9.2 -2.2% Other WHC Fertility Menopause UF and EM Contraception Total WHC revenues by therapeutic areas (quarterly, HUF bn) Diversification of WHC portfolio towards the fast-growing focus TAs was, overall, in line with expectations in Q2/H1 2026. Uterine Fibroids (UF)/Endometriosis (EM) and Menopause have been outperforming strategic plans. Contraception Sales growth is primarily driven by Drovelis®, the latest combined oral contraceptive, and sustained performance of Evra. The volatility between quarters is caused by stock movements in emergency contraception, primarily in China (phased to Q2) Fertility Bemfola® is gradually regaining position. Strong tenders are moderating growth in some countries. Cyclogest® and ExEm Foam show stable progress. Uterine Fibroids & Endometriosis This TA grew nearly 50% YoY in H1 2026, supported by continued high awareness of endometriosis across public and social media in most European countries. Ryeqo® remains a key growth driver, with strong performance across markets and increasing uptake resulting from a rapid switch from first-line treatments. Menopause Revenue in this TA increased by 27% in H1 YoY, driven by strong patient demand across Europe. Lenzetto® continues to be the lead product, while the launch of Fylrevy® in underway. Key messages WHC revenues by therapeutic areas (HUF bn; % in H1 2026) 54,6% 17,0% 11,3% 10,1% Contraception UF and EM Menopause Fertility 6.9% Other WHC All data in HUFbn20 WHC Strong growth in Menopause, UF/EM, stabilizing contraception
Page 21
Ryeqo® Highlighted brands Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 7.4 8.7 9.6 10.7 11.8 +59.7% H1 2024 H1 2025 H1 2026 7.1 13.9 22.5 +61.6% All data in HUFbn | Ryeqo® and Lenzetto®: outstanding growth 21 WHC Lenzetto® Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 4.4 5.6 6.1 5.1 6.8 +55.2% H1 2024 H1 2025 H1 2026 5.1 8.1 11.8 +46.4% • Ryeqo®: outstanding growth in both Uterine Fibroids (UF) and Endometriosis (EM) indications across all markets • Reimbursement for symptomatic treatment of Endometriosis in Poland and France unlocked larger than expected potential • Spain, Germany, Czechia are above expectations; UK and Italy on stable growth trajectory, showing sustained potential • Lenzetto® continues to exceed expectations in terms of demand growth and market expansion driven by rising awareness as menopause becoming an increasingly common social media topic • New launches in Brazil, China and Russia are above plans. Performance of several markets exceed expectations.
Page 22
Bemfola®EVRA® Highlighted brands • Bemfola®: sales trend showing the gradually rebuilding of trust of customers after supply chain disruption in previous years • Solid performance in France and significant growth in UK have contributed to strong double-digit growth (CER) • Evra® performance in Q2 was affected primarily by the timing of tenders in Mexico and stock movements in Eastern Europe • Partner business was balanced better than expected in Canada, while worse in Argentina, Saudi Arabia and South Africa Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 4.9 3.6 5.1 5.0 5.5 +13.7% H1 2024 H1 2025 H1 2026 9.4 10.1 10.5 +3.9% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 9.6 10.1 8.1 8.1 8.1 -15.1% H1 2024 H1 2025 H1 2026 17.6 17.8 16.3 -8.4% | Solid Drovelis®; EVRA® affected by seasonality, Bemfola® regaining strength 22 All data in HUFbn WHC Drovelis® Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 6.6 7.8 7.0 7.8 8.7 +30.6% H1 2024 H1 2025 H1 2026 7.8 12.9 16.5 +28.2% • Drovelis®: solid growth in Q2, as some volatility in Eastern Europe was more than offset by strong partner business • Strong and better than expected revenues in Japan, Canada, Spain and Belgium • Slight slowdown in CIS region
Page 23
Biotechnology BIO 2323
Page 24
Continued strong revenue growth, higher gross margin, lower R&D Revenue (HUFbn) Clean EBIT (HUFbn)Key messages Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 16.4 13.8 21.0 16.7 18.5 +12.9% (CER: +26.8%) Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 -2.9 -5.2 0.5 1.1 -3.0 • Revenues continued to show steady growth in Q2 2026 (+13% in HUF, +27% CER), driven primarily by higher biosimilars sales. Teriparatide remains the key contributor, but the share of new launches is steadily growing. CDMO revenues were steady. • Gross margin improved in both Q2 and H1 YoY, driven by increased sales and manufacturing volumes despite the challenging pricing of the new launches. Clean EBIT dropped in Q2 vs. Q1, due to the lack of milestone income and higher S&M expenses. R&D continues to be down YoY. • Revenue growth and profitability for the rest of the year will be impacted by opposing trends. New revenue generation will be further boosted by new product launches, but price erosion coupled with sustained S&M and R&D expenses may keep cEBIT below breakeven yet. BIO | HUF mn Q2 2025 Revenues Gross Profit Sales & Marketing G&A R&D Clawback Inventory and receivable impairment Q2 2026 Ch. % YoY 16,383 5,716 -1,497 -1,184 -5,533 -147 -296 Gross Margin % Clean EBIT 18,491 7,356 -3,090 -1,475 -4,109 -516 Cost of Sales -10,667 Milestone income 0 -29 -11,135 13 4 29 34.9 106 25 -26 251 -2,941 24 BIO 39.8 n.a. cEBIT Margin % -18.0 All data in HUFbn H1 2025 H1 2026 29.4 35.2 +19.6% (CER: +30.3%) H1 2025 H1 2026 -8.5 -2.0 -76.9% n.a. 3 H1 2025 H1 2026 Ch. % YoY 29,443 35,212 20 -19,024 -21,731 14 10,419 13,481 29 35.4 38.3 -3,620 -5,679 57 -2,215 -2,778 25 -12,037 -7,576 -37 -219 -929 324 -10 1,806 n.a. -853 -8,535 -29.0 -1,173 -296 -65 -3,036 -1,971 -77 -16.4 -5.6
Page 25
• Teriparatide biosimilar (incl. Terrosa®) revenues reached further record highs in Q2 2026 and increased by 10% YoY (in HUF) due to improved sales performance of Richter affiliates and partners alike. Revenues were 22% higher in 1H 2026. Some flattening of the growth curve is expected in H2, even though further geographical expansion still underway. • CDMO revenues show strengthening in Q2 2026 versus a weaker Q1 performance, resulting in a modest decline in HUF-terms revenues in H1 YoY (but and small growth in CER). We continue to expect around flat CDMO revenues in 2026, implying stronger revenues in the rest of the year. • Denosumab biosimilar sales continue to take a growing share of revenues, but very steep Europan price erosion limits growth. Tocilizumab biosimilar launches shall continue to support revenue growth. Teriparatide Key messages Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 8.5 7.7 8.4 8.6 9.3 +9.5% H1 2024 H1 2025 H1 2026 13.0 14.6 17.9 +22.3% CDMO services 7,9 6,1 11,1 6,0 7,8 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 -0.7% 13,5 14,8 13,8 H1 2024 H1 2025 H1 2026 -6.8% All data in HUFbn Biosimilar sales show solid growth, CDMO revenues pick up from Q1 25 BIO
Page 26
General Medicines GM 2626
Page 27
Incrementally better, still down YoY Revenue (HUFbn) Clean EBIT (HUFbn) Key messages Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 65.3 53.6 65.1 57.7 59.7 -8.5% (CER: -1.3%) Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 9.9 4.5 10.6 6.2 9.5 -4.3% • CER revenues declined by 1% in Q2 2026 YoY, with sales dynamics picking up from the Q1 levels. FX trends (strong HUF) continued to adversely affect reported revenues (-8.5% YoY to HUF 59.7bn). • In-market sales trends remained broadly positive across most Rx markets and products. OTC performance was, however,hit by the absence of a flu season in H1. Q2 performance was also affected by a high base in some markets as well as ongoing commercial efforts to rationalize distributors’ inventory holding. • Profitability improved sequentially, but margins and cEBIT are lower YoY. Strong opex discipline remains in place to mitigate the cEBIT decline. Higher R&D expenses reflect targeted investments in GLP-1 assets. GM | HUF mn Q2 2025 Revenues Gross Profit Sales & Marketing G&A R&D Clawback Inventory and receivable impairment Q2 2026 Ch. % YoY 65,289 35,317 -13,296 -5,337 -2,629 -215 -3,913 Gross Margin % Clean EBIT 59,708 31,166 -11,264 -5,303 -4,077 -480 Cost of Sales -29,972 -28,542 -9 -5 -12 54.1 -15 -1 55 123 9,927 27 GM 52.2 cEBIT Margin % 15.2 n.a. All data in HUFbn H1 2025 H1 2026 130.8 117.4 -10.3% (CER: -4.9%) H1 2025 H1 2026 21.9 15.7 -28.5% H1 2025 H1 2026 Ch. % YoY 130,830 117,410 -10 -59,321 -57,141 -4 71,509 60,269 -16 54.7 51.3 -27,718 -24,581 -11 -11,056 -10,258 -7 -5,667 -7,417 31 -891 -1,061 19 -4,280 21,897 16.7 -545 -1,292 -70 9,497 -4 15,660 -28 15.9 13.3
Page 28
Q2 2025 16.0 16.2 11.4 5.1 4.8 Q3 2025 19.4 19.2 15.7 6.0 4.9 Q4 2025 21.8 17.2 22.3 5.2 5.1 Q1 2026 22.5 18.4 9.3 4.5 20.9 4.9 Q2 2026 11.5 5.8 4.9 65.3 53.6 65.1 57.7 59.7 8.4 -8.5% Blood&metabolic non-strategic TA OTC Cardiology Pain&neurology Total GenMed revenues by therapeutic areas (quarterly, HUF bn) • Pain & neurology category saw a decent recovery from the Mydocalm/Mydeton out-of-stock situation. CNS launch brands are performing strongly in CEE retail markets (DMF, fingolimod, teriflunomide in HU, SK) achieving top generic ranks. Richter launched Armadin Long in Russia, a value- added asset indicated for the treatment of cognitive disorders, anxiety, and cerebrovascular diseases. • Cardio performance has been stabilizing, driven by an improving performance in HU and CIS, while fighting an exceptionally high base in PL, RO • Blood & metabolic brands’ market position has been improving in several key markets, becoming leading brand for the dabigatran molecule in HU, SK. The category saw continued price erosion impacting topline and offsetting higher volumes. Generic brands in diabetes are also suffering from similar price pressure while market position plateaus. • OTC brands performance was affected by lack of flu season in both Q1 and Q2, which resulted in a general decline in volumes and strong pressure in pricing. Key messages GenMed revenues by therapeutic areas (HUF bn; % in H1 2026) 37,7% 30,3% 15,1% 8,6% 8,3% Pain&neurology Cardiology OTC Blood&metabolic non-strategic TA All data in HUFbn Gradually improving, fighting a high base in Q2 28 GM
Page 29
Appendix 2929
Page 30
Key messages • Net financial expenses amounted to HUF 20.3bn in H1 2026, compared to a small, HUF 3.2bn net financial income a year ago, primarily driven by large FX gains recorded on the sharp HUF appreciation in Q2 2026 • Exchange rates bring volatility to the below-the-line financial items, mostly through unrealized (and realized) gains/losses recorded on working capital items. In Q2 2026 FX losses amounted to HUF 32.1bn on the back of the appreciating HUF (against all currencies), more than reversing the Q1 FX gains and resulting in total of HUF 27.1bn FX losses for H1 2026 (vs. HUF 5.8bn FX losses a year ago). • Net interest income amounted to HUF 4.5bn in H1 2026, higher YoY due to the larger net cash position • Richter continues to use hedging transactions to mitigate some of the risks resulting from the volatility of the functional currency (or commodities), and these transactions had some positive impact (net gain) on net financials in H1 2026 -15.1 Unrealised exchange (loss)/gain -1.4 Realised exchange (loss)/gain -2.0 Result of realised & unrealised forward exchange contracts 0.6 Interest income / (Interest expense) -2.8 Other financial items -20.7 Profit (loss) from financial operations Diff Q2 All data in HUFbn30 6.6 -12.4 2.3 2.5 4.2 3.2 H1 2025 Large FX losses dominate financial items in Q2/H1 2026 -23.0 1.6 -3.1 2.0 -1.0 -23.5 Diff H1 -7.5 -8.2 1.2 0.8 3.5 -10.2 Q2 2025 -16.4 -10.7 -0.8 4.5 3.2 -20.3 H1 2026Q2 2026 -9.6 -0.8 1.5 0.6 -22.5 -30.9
Page 31
All data in HUFbn31 Business units’ P&L in H1 2026 H1 2026 WHC Revenues 167.3 Cost of Sales -56.0 CNS BIO GM Pharma other Pharma total Restructuring items Other & Eliminations Group total 133.0 35.2 117.4 2.4 455.2 6.4 461.6 -1.0 -21.7 -57.1 -2.9 -138.8 -3.9 -144.8 Gross Profit 111.3 132.0 13.5 60.3 -0.5 316.5 2.5 316.8 Sales & Marketing -48.5 -2.4 -5.7 -24.6 -0.1 -81.3 -1.1 -83.1 General & Administrative -14.6 -0.6 -2.8 -10.3 -0.2 -28.4 -0.9 -30.0 Research & Development -14.7 -16.0 -7.6 -7.4 0.0 -45.7 0.0 -45.7 Clawback -5.2 -0.6 -0.9 -1.1 0.0 -7.8 0.0 -7.8 Milestone income 0.4 1.4 1.8 0.0 0.0 3.5 0.0 3.5 Inventory and receivable impairment -3.1 0.1 -0.3 -1.3 -0.4 -5.0 -0.1 -5.8 Other income / (exp.) excl. from Clean EBIT Reversal of imp. on fin. and contr. assets Profit from operations 143.5 0 -2.2 -2.2 -0.8 -0.7 -0.1 0.0 0.0 -0.7 Clean EBIT 25.6 113.8 -2.0 15.7 -1.3 151.8 -4.4 0.0 Note: The items of the Pharmaceutical segment's profit and loss statement are allocated to the business units by product groups, where direct correspondence exists. For the remaining items, Richter Group uses allocation keys based on historical data and management accounting estimation. -4.4 0.5
Page 32
Pharma | Pharmaceuticals segment Name of the Business Units Brief description Key strategic goal Therapeutic areas CNS Neuropsychiatry Leveraging our world class early phase R&D capability in the central nervous system domain we build a pipeline of small molecule drug candidates mainly in the field of neuropsychiatry Maximize the potential of cariprazine, while developing and partnering original R&D projects that provide the basis for revenue and earnings growth beyond 2030 Neuropsychiatry1 WHC Women’s Healthcare We look after women’s health globally by setting trends in female contraception, fertility, menopause, uterine fibroids/endometriosis, urinary tracts, PMOS and in women’s oncology As thought leaders in women's healthcare, Richter is committed to addressing unmet medical needs by developing and delivering market-leading solutions in its established therapeutic segments, while also introducing novel therapies in urinary tracts, PMOS and women's oncology Women’s Healthcare BIO Biotechnology Leverage our biotechnology platform to develop and manufacture biosimilar drugs for global markets By scaling up we aim to become a relevant biosimilar player in the Immunology and Musculoskeletal TA, while we leverage our biotechnology expertise in providing value to third-party clients through our contract development and manufacturing services Immunology, Musculoskeletal GM General Medicines Comprises our established and generic portfolio in various therapeutic areas in the Central and Eastern European regions Provide broad access to high quality and affordable medications while remaining a reliable source of revenue growth, scale and margins Cardiology, Blood&Metabolic, Pain&Neurology2 Other | Other segment Non-pharmaceutical activities 1Cariprazine and innovative neuropsychiatry pipeline, 2Off-patent original CNS products and generics Strategic positioning and vision of the business units 32
Page 33
Consolidated Income Statement 33 2025 Consolidated P&L H1 2026 H1 2025 Change HUFm HUFm HUFm % 928 962 Revenues 461 596 465 509 -0.8% 259 719 of which royalty 129 849 122 122 6.3% (288 051) Cost of Sales (144 797) (141 191) 2.6% 640 911 Gross Profit 316 799 324 318 -2.3% (166 128) Sales & marketing expenses (83 083) (88 853) -6.5% (56 663) General & administrative expenses (29 998) (29 369) 2.1% (91 185) Research & development expenses (45 747) (48 860) -6.4% (30 871) Other income & expense (15 920) (15 298) 4.1% (11 895) of which clawback (7 820) (5 568) 40.4% 5 335 of which milestone income 3 543 4 495 -21.2% (3 213) (Impairment)/Reversal of impairment on financial and contract assets 1 433 (1 554) n.a. 292 851 EBIT (Profit from operations) 143 484 140 384 2.2% 68 208 Finance income 45 211 49 515 -8.7% (79 000) Finance costs (65 549) (46 339) 41.5% (10 792) Net financial (loss)/income (20 338) 3 176 n.a. 2 688 Share of profit/(loss) of associates and joint ventures 1 570 1 495 5.0% 284 747 Profit before income tax 124 716 145 055 -14.0% (46 561) Income and deferred tax (16 887) (21 001) -19.6% (5 958) Local business tax and innovation contribution (4 193) (3 943) 6.3% 232 228 Profit for the period 103 636 120 111 -13.7% Profit attributable to: 232 335 Owners of the parent 103 548 119 978 -13.7% (107) Non-controlling interest 88 133 -33.8% HUF Earning per share (EPS) HUF HUF 1 271 Basic 566 656 -13.7% 1 271 Diluted 566 656 -13.7%
Page 34
Consolidated Balance Sheet - ASSETS 34 Consolidated Balance Sheet 30 June 2026 31 Dec 2025 Change HUFm HUFm % ASSETS 1 690 958 1 698 220 -0.4% Non-current assets 887 423 918 967 -3.4% Property, plant and equipment 368 946 383 667 -3.8% Goodwill 40 319 42 155 -4.4% Other intangible assets 271 896 293 428 -7.3% Investments in associates and joint ventures 18 987 17 516 8.4% Non-current financial assets at amortised cost 13 160 6 156 113.8% Non-current financial assets at FVTPL 86 036 73 656 16.8% Non-current financial assets at FVOCI 31 673 43 344 -26.9% Derivative financial instruments 8 653 12 038 -28.1% Deferred tax assets 41 626 39 486 5.4% Long term receivables 6 127 7 521 -18.5% Current assets 803 535 779 253 3.1% Inventories 211 919 214 114 -1.0% Trade receivables 238 369 244 395 -2.5% Contract assets 7 951 7 822 1.6% Other current assets 45 685 39 134 16.7% Current financial assets at amortised cost 10 223 44 049 -76.8% Financial assets at FVTPL - 773 n.a. Short term financial assets at FVOCI 5 910 1 523 n.a. Derivative financial instruments 7 234 6 982 3.6% Current tax asset 2 047 3 038 -32.6% Cash and cash equivalents 269 056 211 817 27.0% Assets classified as held for sale 5 141 5 606 -8.3%
Page 35
Consolidated Balance Sheet - EQUITY AND LIABILITIES 35 Consolidated Balance Sheet 30 June 2026 31 Dec 2025 Change HUFm HUFm % EQUITY AND LIABILITIES 1 690 958 1 698 220 -0.4% Capital and reserves 1 361 721 1 400 889 -2.8% Share capital 18 638 18 638 0.0% Treasury shares (34 040) (34 021) 0.1% Share premium 15 214 15 214 0.0% Capital reserves 3 475 3 475 0.0% Foreign currency translation reserves 27 302 47 722 -42.8% Revaluation reserves for financial assets at FVOCI (19 604) (15 488) 26.6% Cash-flow hedge reserve 4 446 3 791 17.3% Retained earnings 1 343 896 1 359 063 -1.1% Non-controlling interest 2 394 2 495 -4.0% Non-current liabilities 116 979 119 056 -1.7% Borrowings 937 1 015 -7.7% Deferred tax liability 11 733 13 304 -11.8% Non-current financial liabilities at FVTPL 65 984 61 123 8.0% Derivative financial instruments 6 078 9 078 -33.0% Lease liability 12 448 14 128 -11.9% Other non-current liabilities and accruals 12 384 12 986 -4.6% Provisions 7 415 7 422 -0.1% Current liabilities 212 258 178 275 19.1% Borrowings 474 194 144.3% Trade payables 40 283 55 636 -27.6% Contract liabilities 1 858 2 600 -28.5% Current tax liabilities 41 307 35 021 17.9% Current financial liabilities at FVTPL 3 741 6 306 -40.7% Derivative financial instruments 860 8 n.a. Lease liability 5 354 5 808 -7.8% Other current liabilities and accruals 109 341 60 362 81.1% Provisions 7 576 10 526 -28.0% Liabilities related to assets classified as held for sale 1 464 1 814 -19.3%
Page 36
Consolidated Cash Flow Statement 36 31 Dec 2025 Consolidated cash flow 30 June 2026 30 June 2025 Change HUFm HUFm HUFm % Operating activities 284 747 Profit before income tax 124 716 145 055 -14.0% 60 463 Depreciation and amortisation 30 327 29 039 4.4% 9 690 Non cash items 6 259 (6 458) n.a. (5 402) Net interest and dividend income (3 952) (1 898) 108.2% - Other impairment recognised on intangible assets and goodwill 6 694 - n.a. 2 839 Other items (1 976) 830 n.a. (9 254) Interest paid (5 458) (5 397) 1.1% (35 895) Income tax paid (9 923) (7 197) 37.9% 1 414 Gain on disposal of subsidiaries - - n.a. 308 602 Net cash flow from operating activities before changes in working capital 146 687 153 974 -4.7% (32 199) Movements in working capital (9 427) (38 125) -75.3% (3 507) Increase in trade and other receivables 4 035 (23 718) n.a. (9 232) Increase in inventories (4 170) (13 162) -68.3% (19 460) (Increase) / decrease in payables and other liabilities (9 292) (1 245) 646.3% 276 403 Net cash flow from operating activities 137 260 115 849 18.5% Cash flow from investing activities (42 579) Payments for property, plant and equipment (10 144) (12 890) -21.3% (23 825) Payments for intangible assets (5 721) (5 242) 9.1% 2 564 Proceeds from disposal of property, plant and equipment 2 913 1 146 154.2% (54 427) Payments to acquire financial assets 21 884 (11 432) n.a. 9 635 Proceeds on sale or redemption on maturity of financial assets (1 919) 17 067 n.a. 660 Disbursement of loans net 618 246 n.a. 15 905 Interest received 9 922 7 860 26.2% 22 Dividend received 98 43 127.9% - Net cash outflow on purchase of group of assets - - n.a. (935) Net cash outflow on acquisition of subsidiaries - (935) n.a. 1 079 Net cash inflow from disposal of subsidiaries - - n.a. (91 901) Net cash flow to investing activities 17 651 (4 137) n.a. Cash flow from financing activities (1 988) (Purchase) / disposal of treasury shares - - n.a. (93 074) Dividend paid (89 120) (93 007) -4.2% (7 694) Principal elements of lease payments (4 439) (3 605) 23.1% - Obligations assumed during acquisitions - - n.a. (204) Repayment of borrowings (7) (70) -90.0% - Proceeds from borrowings - - n.a. (102 960) Net cash flow (to) / from financing activities (93 566) (96 682) -3.2% 81 542 Net increase / (decrease) in cash and cash equivalents 61 345 15 030 308.2% 135 627 Cash and cash equivalents at beginning of year 211 817 135 627 56.2% (5 352) Effect of foreign exchange rate changes on cash and cash equivalents (4 106) (3 925) 4.6% 211 817 Cash and cash equivalents at end of period 269 056 146 732 83.4%
Page 37
Financial calendar | 7 August 2026 – Q2/H1 2026 results | 10 November 2026 – Q3/Q1-Q3 2026 results Contacts Company name: Gedeon Richter Plc. Sector: Pharmaceutical Company address: 1103 Budapest, Gyömrői street 19-21., Hungary Telephone: +36 1 431 5764 Investor relations manager Róbert Réthy, CFA +36 20 342 2555 investor.relations@gedeonrichter.com https://www.gedeonrichter.com/en/ https://www.linkedin.com/company/richter-gedeon-hungary/ 3737
Page 38
38 Disclaimer This presentation may contain forward-looking statements, that may include, but are not limited to, those regarding capital, inv estment, cash flows, demand, earnings, efficiency, production, profits. These forward -looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from those expressed or implied by these forward -looking statements. These risks, uncertainties and other factors include, but are not limited to developments in government regulations, foreign exchange rates, political stability, economic growth, and the completion of on -going transactions. Many of these factors are beyond the company's ability to control or predict. Given these and other uncertainties, you are ca utioned not to place undue reliance on any of the forward-looking statements contained herein or otherwise. The company cannot guarantee the performa nce and does not undertake any obligation to release publicly any revisions to these forward -looking statements to reflect events or cir cumstances after the date hereof or to reflect the occurrence of unanticipated events, except as maybe required under applicable laws. Statements and data contained in this presentation and the associated slides and discussions, which relate to the performance of Richter in this and future years, represent plans, targets, or projections. The presentation does not constitute an offer to sell or issue, o r solicitation of an offer to purchase or subscribe for securities, or a recommendation. Any data in this presentation are based on publicly available i nformation of the company and can be accessed by anyone on the company’s website. Investors (gedeonrichter.com) 38