Slides
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Summary of the results for the first quarter of 2025 Investors’ Presentation Toruń, May 22, 2025
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2 Agenda 01 NEUCA and the market in the first quarter of 2025 02 Implementation of the pharmacy strategy 03 Manufacture of pharmaceuticals 05 Implementation of the patient strategy 06 Clinical trials 07 Financial results 08 Profit redistribution
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3 01 NEUCA and the market in the first quarter of 2025 01
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4 01: NEUCA and the market in the first quarter of 2025 v v ESTABLISHMENT OF THE PARLIAMENTARY TEAM FOR REGULATION OF THE PHARMACY AND MEDICINAL PRODUCTS MARKET Legal and market events in the first quarter of 2025 → On January 10 this year, a team at the Sejm of the Republic of Poland was established in order to analyse and improve the regulations regarding the pharmacy market and the availability of medicines in Poland. → The principal tasks of the team include: → Analysis of the pharmacy market (in particular, the assessment of the situation in Poland in the European context, including the availability of medicines, the number of pharmacies and their distribution. → Analysis of regulations and laws affecting the market, → Dialogue with stakeholders related to the analysed subjects, → Current status - the first meeting (organisational) was held in March, two substantive meetings were held in April and May. v v WORKS ON THE SO CALLED RAPID AMENDMENT TO THE REIMBURSEMENT ACT (SNUR) → The amendment aims to streamline and correct selected provisions of the 2023 Large Reimbursement Act, → The draft includes several dozen changes, including: → Waiver of the obligation to supply deficit drugs to the 10 largest pharmaceutical wholesalers, → Improving the availability of medicines (including a simplified procedure for foreign-language packaging, a separate reimbursement path for rare diseases, etc.), → Restoring flexibility in reimbursement negotiations (allowing for modification of reimbursement applications), → Introduction of pre-consultations on indications, target population and category of reimbursement availability for new active substances, → Discontinuation of a defective delivery algorithm: SNUR overrides the algorithm for determining drug deliveries introduced under DNUR. → Current status – the draft has been included in the list of legislative works of the Council of Ministers and in public consultations.
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5 9,68 6,18 7,88 8,11 7,94 8,04 8,73 9,08 9,73 9,13 9,67 9,96 10,71 10,05 10,25 10,77 11,58 10,97 11,43 11,80 12,59 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Value of the pharmacy market (PLN bn) Snapshot of the pharmacy market after the first quarter of 2025 Stable value growth of the wholesale market 01: NEUCA and the market in the first quarter of 2025 Pharmacy market and NEUCA market shares* +8.6% (1Q 25/24) 2020 +0.7% 2021 +6.1% 2022 +13.9% 2023 +8.6% → Average annual market growth → Average annual NEUCA shares *Sources: Value of the market for wholesale distribution to pharmacies according to IQVIA % share of NEUCA in the market of wholesale distribution of medicines to pharmacies according to IQVIA 2024 +9.6% 2020 31.7% 2021 31.7% 2022 31.2% 2023 30.2% 2024 29.5% 1Q 2025 28.7% 1Q 2025 +8.6%
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6 Structure of 1Q 2025 retail market growth with significant impact of new drug launches 01: NEUCA and the market in the first quarter of 2025 * Source: PHARMASCOPE (IQVIA) – in-house research by ODOKA 4,3 2,9 2,3 4,5 3,1 3,1 2,7 2,6 2,8 3,6 4,5 4,6 4,8 2,6 3,9 4,4 4,9 5,7 5,2 5,1 5,9 5,8 5,1 4,5 3,9 2,8 10,8 9,6 5,3 2,5 4,7 1,5 -0,3 0,9 3,2 2,7 7,1 2,5 3,3 -0,1 -0,2 -0,2 -0,4 -0,4 -0,6 -0,4 -0,5 -0,5 -0,4 -0,4 -0,3 -0,3 1Q 2022 2Q 2022 3Q 2022 Sales Volume Change Sales New SKUs Delisted Sales Sales Price Change (inflation factor) Market growth factors (in %)* 17,6 16,2 11,7 11.6 4Q 2022 1Q 2023 13.1 2Q 2023 7.1 9.1 3Q 2023 9.0 4Q 2023 11.3 1Q 2024 11.1 2Q 2024 15.7 3Q 2024 10.7 4Q 2024 3,4 2,9 3,9 4,0 5,5 4,8 7,1 1,6 3,9 -0,4 -0,4 -0,4 12.2 9.6 14.1 2022 2023 2024 10.6 1Q 2025
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7 Legal changes have significantly slowed the advantage of the chain pharmacies segment over independent pharmacies* Independent market *Source: in-house study, based on IQVIA market data and internal allocation of pharmacies to the independent market/chain market sales segments. List prepared based on the database of pharmacies with allocated market potential (active with a potential > PLN 0.00) 12.2023 vs 12.2024. Chain market 2016 2017 Σ +245 -421 -306 -635 -644 -266 OpeningsClosures/suspensionsMigrations -352 2018 2019 2020 2021 -100 -210 -69 -77 +32 -54 -134 -118 -25 -22 -1256 -1010 -819 -900 -488 -467 -403 -391 -359 -98 +935 +914 +253 +333 +190 +169 +134 +132 +109 +37 +100 +210 +69 +77 -32 +54 +134 +118 +25 +22 -250 -362 -263 -164 -187 -99 -115 -99 -93 -21 +607 +666 +97 +139 +93 +56 +113 +119 +77 +22 2022-403 Σ+457 +514 -97 +52 -126 +11 +132 5075as at the end of 1Q 2025→7304 as at the end of 1Q 2025 -377 2023 +138 01: NEUCA and the market in the first quarter of 2025 2024-275 +9 1Q 2025-83 +23
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8 140,4 144,5 155,2 177,9 196,4 220,5 224,3 246,6 280,4 288,3 315,4 364,2 393,7 429,0 429,2 470,7 2019 2020 2021 2022 2023 2024 1Q 2024 1Q 2025 Independent pharmacy Chain pharmacy Constant increase in turnover of a statistical pharmacy Value of the markets of chain and independent pharmacies (PLN bn)* Average monthly turnover of pharmacies (PLN ‘000)* 01: NEUCA and the market in the first quarter of 2025 15,5 15,2 15,9 17,5 18,5 19,8 5,1 5,4 16,1 16,6 17,9 21,0 23,3 26,0 6,5 7,2 2019 2020 2021 2022 2023 2024 1Q 2024 1Q 2025 Independent market Chain market +24.1% +10.2%+12.9% +6.7% +17.8% +23.9% +10.0% +9.7% Dynamics of the average pharmacy monthly wholesale turnover in the independent segment in 1Q 2025 compared to the same dynamics of a pharmacy from the chain segment is higher by 0.3 percentage points (10.0 vs 9.7 pp) +29.8% +13.4% +29.9% +26.8% *Sources: Estimated average monthly wholesale turnover of a statistical independent and chain pharmacy based on IQVIA data
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9 NEUCA and the market in 2021 01 Implementation of the pharmacy strategy 02 We provide a better future to all independent pharmacies in Poland.
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10 MONITOR APTECZNY Customer satisfaction NPS Growing trust NUMBER OF PHARMACIES IN THE PROGRAMMES Using our support PATIENT SYNERGIES/BUSINESSES CONSOLIDATED NET PROFIT Financial result MARKET SHARES Growing engagement 10 Road to value creation Value creation path confirmed by the achieved results 02: Implementation of the pharmacy strategy
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11 02: Implementation of the pharmacy strategy - pursuit of the Group’s mission consisting of “providing a better future to all independent pharmacies in Poland”. Entry into force of the AdA 1.0 Act 58,41% 56,43% 52,56% 51,21% 48,90% 47,83% 47,15% 45,53% 44,18% 43,19% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Entry into force of the AdA 2.0 ActCOVID-19 * Source: Estimated % share of the value of the market of wholesale distribution of medicines to independent pharmacies in the value of the entire market of wholesale distribution of medicines to pharmacies based on IQVIA data Y/Y change: NEUCA is the leader in supporting independent pharmacies - a key influence on stabilising the market share of the segment of independent pharmacies -1,98% -3,87% -1,35% -2,31% -1,07% -0,68% -1,62% -1,35% -0,99% Market share of independent pharmacies 44,02% 43,22% 1Q 2024 1Q 2025 -0,80%
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12 4,67 4,66 4,69 4,76 4,00 4,15 4,30 4,45 4,60 4,75 4,90 1Q 2021 3Q 2021 1Q 2022 3Q 2022 1Q 2023 3Q 2023 1Q 2024 3Q 2024 1Q 2025 Average Farmacol PGF NEUCA 4,54 4,56 4,61 4,73 3,90 4,05 4,20 4,35 4,50 4,65 4,80 1Q 2021 3Q 2021 1Q 2022 3Q 2022 1Q 2023 3Q 2023 1Q 2024 3Q 2024 1Q 2025 Average Farmacol PGF NEUCA Logistics services 4,67 4,66 4,68 4,78 4,00 4,15 4,30 4,45 4,60 4,75 4,90 1Q 2021 3Q 2021 1Q 2022 3Q 2022 1Q 2023 3Q 2023 1Q 2024 3Q 2024 1Q 2025 Average Farmacol PGF NEUCA Transport service Telemarketing service 02: Implementation of the pharmacy strategy j – NEUCA is a leader in customer satisfaction * Source: IQVIA data, Monitor Apteczny 4Q 2020 - 1Q 2025 4,43 4,38 4,40 4,49 3,80 3,95 4,10 4,25 4,40 4,55 1Q 2021 3Q 2021 1Q 2022 3Q 2022 1Q 2023 3Q 2023 1Q 2024 3Q 2024 1Q 2025 Average Farmacol PGF NEUCA Promotional offer 4.69 4.55 4.714.72 NEUCA has been a leader in customer satisfaction for many years
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13 4,54 4,49 4,55 4,57 3,90 4,05 4,20 4,35 4,50 4,65 1Q 2021 3Q 2021 1Q 2022 3Q 2022 1Q 2023 3Q 2023 1Q 2024 3Q 2024 1Q 2025 Average Farmacol PGF NEUCA NEUCA has been a leader in customer satisfaction for many years * Source: IQVIA data, Monitor Apteczny 4Q 2020 - 1Q 2025 Continuity of supply Commercial conditions 4,51 4,46 4,47 4,56 3,90 4,05 4,20 4,35 4,50 4,65 1Q 2021 3Q 2021 1Q 2022 3Q 2022 1Q 2023 3Q 2023 1Q 2024 3Q 2024 1Q 2025 Average Farmacol PGF NEUCA Width of assortment 4,59 4,63 4,65 4,74 3,70 3,85 4,00 4,15 4,30 4,45 4,60 4,75 1Q 2021 3Q 2021 1Q 2022 3Q 2022 1Q 2023 3Q 2023 1Q 2024 3Q 2024 1Q 2025 Average Farmacol PGF NEUCA Complaint service 4,54 4,54 4,55 4,61 3,90 4,05 4,20 4,35 4,50 4,65 1Q 2021 3Q 2021 1Q 2022 3Q 2022 1Q 2023 3Q 2023 1Q 2024 3Q 2024 1Q 2025 Average Farmacol PGF NEUCA 4.58 4.69 4.58 4.67 02: Implementation of the pharmacy strategy j – NEUCA is a leader in customer satisfaction
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14 *Source: IQVIA data, Monitor Apteczny 4Q 2020, 3Q 2021 and 4Q2021 Percentage of pharmacies that indicated a given wholesaler among the most important suppliers Numerical penetration (%) Percentage of pharmacies where the distributor acts as the main supplier Order in the supplier list (%) Share of wholesalers in the supply of pharmacies for which it is one of the main suppliers Average share in the pharmacy turnover (%) 75,7 40,6 27,0 79,5 43,7 26,7 75,6 42,7 29,9 NEUCA PGF Farmacol 72,8 29,3 56,4 69,4 31,8 48,1 70,1 31,1 50,0 NEUCA PGF Farmacol 60,0 33,9 48,1 57,1 37,2 45,9 54,6 36,3 45,6 NEUCA PGF Farmacol * Source: IQVIA data, Monitor Apteczny 1Q 2025, 4Q 2024, 1Q 2024 4Q 2024 1Q 2024 1Q 2025 NEUCA NEUCA NEUCA 4Q 2024 1Q 2024 1Q 2025 4Q 2024 1Q 2024 1Q 2025 4Q 2024 1Q 2024 1Q 2025 4Q 2024 1Q 2024 1Q 2025 4Q 2024 1Q 2024 1Q 2025 4Q 2024 1Q 2024 1Q 2025 4Q 2024 1Q 2024 1Q 2025 4Q 2024 1Q 2024 1Q 2025 02: Implementation of the pharmacy strategy j – NEUCA is a leader in customer satisfaction
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15 12 15 24 34 37 38 58 68 68 69 70 0 31 3 3436 58 2014** 2015** 2016** 2017 2018 2019 2020 2021 2022 2023 2024 NEUCA PGF Farmacol Medium-sized and small wholesalers * Net Promoter Score referral rate: “How likely is it that you would recommend to another pharmacist a cooperation with X wholesale warehouse”. Yearly average data ** Wholesaler selected quarterly from the group of medium and small wholesalers, changing quarterly Net Promoter Score of pharmaceutical distributors* 02: Implementation of the pharmacy strategy – NEUCA is a leader in customer trust 67 69 70 69 70 70 69 69 67 31 28 22 40 55 49 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025
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16 Further increase in the number of participants in the Świat Zdrowia and Partner support programmes 4,25 3,7 3,8 3,9 4 4,1 4,2 4,3 4,4 4,5 1000 1200 1400 1600 1800 2000 2200 1Q 2021 2Q 2021 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Świat Zdrowia and Partner Σ 1919 Σ 1445 Σ 1844 +4.1% Very high level of key strategic measures** 42.61% (+0.36 pp q/q) Quantitative share of customers for whom NEUCA is the first supplier 87.28% (-0.58 pp q/q) Value share of cooperating customers (market potential) 81.87% (+0.06 pp q/q) Value share of retention customers 4.48 4.42 Satisfaction barometer 1Q 2025: 4.48* * Source: In-house study based on the results of the Pharmacist Satisfaction Barometer (pharmacy), NEUCA, issue 03.2025 ** Green-coloured data for LTM up to 1Q 2025 02: Implementation of the pharmacy strategy – NEUCA is a leader in customer satisfaction
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17 02: Implementation of the pharmacy strategy – NEUCA is a leader in customer satisfaction High satisfaction of participants of the “Świat Zdrowia” programme - NPS at 56 points Results of the survey dedicated to the programme show that the Świat Zdrowia has a significant impact on the operations and competitiveness of pharmacies 1% 4% 3% 3% 5% 3%1% 1% 3% 3% 5%13% 14% 15% 12% 15% 24% 22% 49% 41% 48% 36% 46% 45% 42% 35% 41% 34% 45% 33% 25% 24% 0% 1% More competitive price range Attracting new Patients 2% 1% Distinguishing the pharmacy against competition thanks to the Świat Zdrowia products 1% Better pharmacy management 2% 1% Better availability of products 1% 2% Development of the pharmacy 2% Improved bottom line of the pharmacy 5 - very large impact 4 - large impact 3 - medium impact 2 - low impact 1 - no impact Hard to say 84% 82% 82% 81% 79% 69% 66% Total high impact (4) and very high impact (5) NPS 56 +7 points y/y
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18 Stable share of the Group in the strategic segment of independent pharmacies Market shares in individual market segments* 02: Implementation of the pharmacy strategy – growth in the customer engagement 28,9% 28,5% 29,2% 31,7% 31,7% 31,2% 30,2% 29,5% 28,7% 31,9% 31,5% 32,4% 36,0% 37,3% 38,2% 37,6% 37,4% 37,6% 25,7% 25,4% 26,1% 27,9% 26,7% 25,4% 24,5% 23,4% 22,0% 2017 2018 2019 2020 2021 2022 2023 2024 1Q 2025 Total Independent pharmacies Chain pharmacies *Sources: - % share of NEUCA in the market of wholesale distribution of medicines to pharmacies according to IQVIA, - Estimated % share of NEUCA in the value of the market of wholesale distribution of medicines to independent and chain pharmacies based on IQVIA data
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19 01 03 Manufacture of pharmaceuticals (Synoptis Pharma, GLOBAL PHARMA CM, PPH-H “Ewa” in Krotoszyn)
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20 44,5 17,3 16,8 16,5 15,6 14,8 13,2 11,7 11,3 10,2 8,3 7,9 6,9 6,9 6,6 6,4 5,9 5,9 5,8 5,4 3,0% -0,3% -2,9% 10,6% 3,8% -1,3% 3,1% 2,1% -4,0% -2,8% 8,1% 4,1% 11,2% 7,1% 10,3% 0,5% -4,5% 5,5% 2,1% -6,2% -15,0% -10,0% -5,0% 0,0% 5,0% 10,0% 15,0% 20,0% 25,0% 30,0% 35,0% 0,0 10,0 20,0 30,0 40,0 50,0 Sprzedaż (mln szt.) Dynamika sprzedaży (%) In the entire pharmacy market (RX + non-RX), Synoptis Pharma reached the fourth best growth rate in the number of packages sold to the patient TOP 20 concerns (by sales volume) along with the YTD development 03.2025 vs YTD 03.2024* 03: Manufacture of pharmaceuticals *Source: Omnibus PEX. The analysis does not include anonymised pharmacies’ own brands Summary includes data on sales to the patient at retail prices (on this and subsequent slides). PPG for the market YTD 03/2025: 3.5%
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21 485 463 378 245 183 182 145 125 116 109 103 100 98 98 96 96 94 88 88 80 7,7% 16,0% 4,2% 14,2% 7,2% 6,2% 11,0% 17,1% 15,7% 18,8% 4,3% 1,8% 4,7% 10,5% -0,8% 12,1% 6,3% 6,7% 11,0% 9,7% -25,0% -15,0% -5,0% 5,0% 15,0% 25,0% 0 100 200 300 400 500 600 Sprzedaż (mln zł) Dynamika sprzedaży (%) In the entire non-RX market in Q1 2025, Synoptis achieved the second best sales growth rate 03: Manufacture of pharmaceuticals *Source: Omnibus PEX. The analysis does not include anonymised pharmacies’ own brands Summary includes data on sales to the patient at retail prices (on this and subsequent slides). PPG for the non-RX market (YTD): 9.9% TOP 20 concerns non-RX market (by sales value) along with the YTD development 03.2025 vs YTD 03.2024*
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22 428 364 293 183 175 162 145 132 128 122 11% 10% 7% 4% 11% 22% 23% 8% 7% 7% -25% -15% -5% 5% 15% 25% 0 100 200 300 400 500 600 Sprzedaż 2024/2025 (mln zł) Dynamika sprzedaży (%) Growth rate 2 times higher than the non-RX market was reached despite the fact that the main growth factor was a strong infectious season where Synoptis does not yet have a strong product representation 03: Manufacture of pharmaceuticals *Source: Omnibus PEX. The analysis does not include anonymised pharmacies’ own brands Synoptis Pharma is not among the TOP 10 companies in this area Sales value of non-RX infectious products – TOP 10 concerns* PPG for the non-RX infection market 2024/2025 vs 2023/2024: 10% 7,7% 8,0% 8,5% 11,7% 12,2% 12,3% 12,9% 13,2% 14,1% 14,8% 19,8% 19,9% 20,5% 21,8% 22,3% 24,6% 28,8% 0,0% 10,0% 20,0% 30,0% PREPARATIONS FOR SORE THROAT PRIOBIOTICS MAGNESIUM PREPARATES EYE MOISTURISERS NASAL DECONGESTANTS PAINKILLERS - ADULTS VITAMIN D PREPARATIONS PAINKILLERS - CHILDREN HYPNOTICS AND SEDATIVES BURNS/IRRITATIONS/WOUNDS EXPECTORANTS PREPARATIONS FOR SINUSES NORMAL SKIN - BODY PREPARATIONS FOR JOINTS - ORAL FORMS VITAMIN C PREPARATIONS ANTITUSSIVES GENERAL COMMON COLD The strongest growing category of non-RX in Q1 2025 was the area of products used in the treatment of colds TOP OTC3 in terms of sales value increase for the period YTD 03.2025 (retail prices in PLN m) PPG for the non-RX market (YTD) 9.9%
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23 17,7 12,4 8,6 8,5 6,9 5,7 4,9 3,2 3,1 3,0 2,9 2,8 2,8 2,6 2,6 2,3 2,1 2,1 2,1 1,9 -1,3% 3,5% -4,9% 9,3% 5,8% -3,6% 2,2% -2,7% 4,5% -5,9% 7,8% 4,7% 2,5% 20,4% 5,7% 4,2% -8,4% 0,8% 0,2% 19,3% -25,0% -15,0% -5,0% 5,0% 15,0% 25,0% 0,0 5,0 10,0 15,0 20,0 Sales (m pcs) Sales dynamics (%) Synoptis reached the runner up position in the growth ranking thanks to a consistent strategy of medicalising the portfolio. In Q1 2025, the Company's OTC drugs were growing 10 times faster than the market 03: Manufacture of pharmaceuticals *Source: Omnibus PEX. The analysis does not include anonymised pharmacies’ own brands Summary includes data on sales to the patient at retail prices (on this and subsequent slides). PPG for the OTC drugs market (YTD): 2.5% TOP 20 concerns OTC drugs (by sales volume) along with the YTD development 03.2025 vs YTD 03.2024*
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24 Medicalisation of the portfolio in Q1 2025 and in the long term . . 03: Manufacture of pharmaceuticals 1Q 2025 prospects - implementation allergy, new MA in the infectious category Long-term prospects - business development 1 1 3 4 7 18 Diabetology Medicinal cannabis Allergy Cardiology Psychiatry Painkillers Therapeutic category → We received one marketing authorisation for the OTC product under the national procedure - Ibunoven ZATOKI (Ibuprofenum + Pseudoephedrine hydrochloride, soft capsules, 200 mg + 30 mg). → In 2024, we add levocetirizine to the offer, in 2025 (February) we launch cetirizine building a position in the category of antihistamines. → In Q1 2025, Levalergedd has a 12% sell out in the entire molecule market. After Q1 2025 Synoptis Pharma has: . → 80 projects in the pipeline of which 43% in strategic categories, → 18 registrations in progress, including the first European registration).
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25 In Q1 2025, the OTC drug segment showed the highest growth rate. Consistently planned for years, the rise in the medicalisation of the portfolio (increase in the share of drugs) of Synoptis Pharma responds to the observed market trends 03: Manufacture of pharmaceuticals Out of all registration statuses on the non – RX market, OTC drugs are the only one that also grows due to an increase in the volumes Market growth drivers YTD 03/2025 vs YTD 03/2024* 0,5% 3,2% 1,2% 6,5% 11,5% 0,0% 5,0% 10,0%15,0% NOWE BRANDY NOWE SKU ZMIANA WOLUMENU ZMIANA CENY DYNAMIKA WZROSTU WARTOŚCIOWO OTC DRUGS SUPPLEMENTS 1,8% 7,3% -3,4% 3,2% 8,8% -10,0% 0,0% 10,0% NOWE BRANDY NOWE SKU ZMIANA WOLUMENU ZMIANA CENY DYNAMIKA WZROSTU WARTOŚCIOWO COSMETICS MEDICINAL PRODUCTS 0,6% 6,8% -1,8% 1,2% 6,8% -10,0% 0,0% 10,0% NOWE BRANDY NOWE SKU ZMIANA WOLUMENU ZMIANA CENY DYNAMIKA WZROSTU WARTOŚCIOWO 0,9% 5,1% -0,5% 2,4% 7,8% -10,0% 0,0% 10,0% NOWE BRANDY NOWE SKU ZMIANA WOLUMENU ZMIANA CENY DYNAMIKA WZROSTU WARTOŚCIOWO 46,8% 42,7% 48,4% 54,4%53,2% 57,3% 51,6% 45,6% 2021 2022 2023 2024 Medicines Other products 22,0% 23,0% 33,0% 45,0% -2,0% 5,0% 2022 2023 2024 Medicines Other products Medicines vs other products sold by SP to the chain (% proportion) Growth rate of SP drug sales to chain customers (% YoY) Drug portfolio of Synoptis Pharma tends to be attractive for all the segments, including the chain clients
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26 Stable growth of the operating scale of the manufacture of pharmaceuticals segment 26 26 03: Manufacture of pharmaceuticals Sales revenues of the segment PLN 6.4 m Revenues from sales of Synoptis Pharma products realised by the wholesale medicine distribution segment (PLN m) 52,3 64,7 67,4 12,9 17,4 20,0 15,9 12,1 1Q 2023 1Q 2024 1Q 2025 Σ 99.5 * Σ 65.2 Σ 97.9 84,5 98,0 109,3 1Q 2023 1Q 2024 1Q 2025 Operating profit (PLN m) 10,2 24,3 22,5 20,3 3,3 3,4 3,4 3,9 3,8 3,8 0,7 1Q 2023 1Q 2024 1Q 2024 PF 1Q 2025 Synoptis Pharma GLOBAL PHARMA CM PPH “Ewa” Σ 24.8 Σ 13.6 Σ 31.5 +29.4% +11.5% * Consolidation of GLOBAL PHARMA CM started early 2022, and PPH “Ewa” in August 2023 ** Amount of reported Synoptis Pharma operating profit in Q1 2024 did not take into account the rules adopted since the beginning of 2025 for the settlement of promotions between the drug manufacturing and drug distribution segments. EBIT of Synoptis Pharma in the first quarter of 2024 would amount to PLN 22.5 m. Σ 29.7**
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04 We facilitate access to healthcare and improve the quality of life and a sense of security among patients Implementation of the patient strategy
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In the the first quarter of 2025, the Medical Operator provided medical and pharmaceutical care for nearly 799,000 patients. Health portals generated over 8.6 m visits (+ 21% YoY). E-commerce patients Insurance patients Other patients in medical centres POZ patients 245 246 264 266 268 270 271 272 290 145 144 133 133 143 142 130 123 124 199 212 223 237 258 269 276 280 285 72 73 78 83 85 86 86 92 99 660 675 698 720 755 767 762 768 799 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 04: Implementation of the patient strategy Segment: Medical Operator Number of patients (‘000) +5.8% 28 28
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Prevention/Diagnostics/Treatment OPERATOR’S PATIENTS → NFZ, FFS, Subscription, Occupational Medicine. PARTNERS’ PATIENTS Organisation of health benefits Implementation of health benefits Reservation of medicines Implementation of prescriptions Digital tools (WWW, Mój Świat Zdrowia) Świat Zdrowia Medical Hotline ~ 627,000 cases (+12% y/y) Świat Zdrowia Digital Outpatient Medical Care Clinic ~ 47,000 consultations (-4% y/y) Świat Zdrowia Medical Centres 85 medical centres Partner facilities ~ 3800 Apteline Świat Zdrowia ~ 348,000 orders (+10% y/y) PHARM ACIES The Świat Zdrowia Medical Operator develops a coordinated model of medical and pharmaceutical care over patients. 04: Implementation of the patient strategy Segment: Medical Operator → Insurance companies, → Medical entities. As at March 31, 2025 29 29
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+23.1% 04: Implementation of the patient strategy Segment: Medical Operator +xx% y/y 21 12 11 16 12 13 In the first quarter, the network of the Świat Zdrowia own facilities expanded by 3 new locations Poznań, Gostyń, Orneta New locations • 6,200 POZ declarations • AOS contracts • contracts for services for subscription patients • 16,200 POZ declarations • AOS contracts • contracts for services for subscription patients The Świat Zdrowia Medical Operator continues the stable development of its own network, reaching the number of 85 facilities throughout the country at the end of the first quarter of 2025. The completed acquisitions increased the portfolio of primary care patients by 16,200 and expanded the scope of outpatient specialist care services. Common region Number of its own facilities in a given region 30
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CMŚZ sales revenues (PLN m)* * Świat Zdrowia Medical Centres (CMŚZ) +23.1% Stable growth in revenues of Świat Zdrowia Medical Centers (+11.6% y/y) 04: Implementation of the patient strategy Segment: Medical Operator +xx% y/y * Świat Zdrowia Medical Centre (CMŚZ) CMŚZ sales revenues (in PLN m)* NPS: 67 +11.6% +28.8% 62,3 80,3 89,6 1Q 2023 1Q 2024 1Q 2025 31
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04: Implementation of the patient strategy Segment: Medical Operator EBITDA CMŚZ* (in PLN m) * Świat Zdrowia Medical Centre (CMŚZ) Stable growth in EBITDA CMŚZ (+66% y/y) +66.0% +160% 2,37 5,12 8,5 1Q 2023 1Q 2024 1Q 2025 32 32
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The Medical Operator develops digital tools: swiatzdrowia.pl website, Mój Świat Zdrowia patient account with functionalities in the field of prevention, diagnostics and treatment. PLN 35.2 m E-commerce sales revenues 20% y/y increase 348,000 Number of orders placed by patients 10% y/y increase 2.5 m user sessions 23,000 accounts set up 40,000 consultations 04: Implementation of the patient strategy Segment: Medical Operator 33 33
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Development of the Świat Zdrowia ecosystem through convenient access to digital services. 6 m site sessions (5.2 m in 1Q 2024) 11,000 pharmaceutical consultations 2,600 pick-up points (pharmacies) throughout Poland 04: Implementation of the patient strategy Segment: Medical Operator 34 34
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as at April 16, 2025 NEUCA Group increased its share in TU Zdrowie to 97.1% From the second quarter of 2025, nearly 100% of the result of TU Zdrowie will contribute to the result of NEUCA Group. Acquisition value for 46.9% of shares in TU Zdrowie amounted to PLN 78.4 m. 04: Implementation of the patient strategy Segment: Insurance activities 35 35
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+46.5% In the first quarter of 2025, as part of the insurance segment, Towarzystwo Ubezpieczeń Zdrowie earned over PLN 51.4 m in revenues, growth by over PLN 7.4 m, or 16,8% as compared to the same period last year. Improving performance thanks to a consistently implemented patient care strategy based on coordination and increasing the scale of business – 285,000 patients as against 258,000 in the first quarter of 2024 04: Implementation of the patient strategy Segment: Insurance activities TU Zdrowie sales revenues (PLN m) 28,5 32,4 35,6 38,4 44,0 47,3 50,1 51,3 51,4 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 +16.8% 36
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37 01 Clinical trials 05
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38 38 05: Segment of clinical trials Key events in 1Q 2025 Pratia (SMO): → Humaneva Group company signed a final cooperation agreement with Essen Healthcare and its subsidiary eCare, the largest medical operator in the Bronx (NY). → The purpose of the agreement is the construction and development of clinical trials as part of the therapeutic option for patients under the care of Essen Healthcare. → The Bronx population is characterised by above-average statistics (in the negative sense of the word) in the context of the occurrence of chronic diseases and major cancers (such as lung, breast and cervical cancers). → Pratia established a central clinical research centre that includes 45 Essen and eCare clinics, reaching almost 1.6 m patients. → Pratia noted an improvement in the results of the implemented projects, both in the Czech Republic (where last year it faced major challenges related to regulatory changes) and in the MTZ centre in Warsaw.
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39 39 05: Segment of clinical trials Key events in 1Q 2025 Kapadi (CRO): → The CRO area, despite improvements in the backlog and the strong book-to-bill ratio of 1.42* at the end of the first quarter, recorded a lot of pressure at the level of profitability of current results. → Due to difficult market conditions related to the decisions of sponsors of clinical trials regarding the launch of new projects (which have been and are still being delayed), the company is struggling with a temporary decrease in the margin at the level of revenues and costs, the so-called indirect, which directly affects financial performance. → In the medium term, we expect the above-mentioned indicators to improve with the launch of new projects, but both the first quarter and the next two will pose a challenge for the company (at the level of activation of indirect costs and the way they are reported in relation to US GAAP regulations). → At the same time, the first quarter of 2025 was characterised by an increase in the acquisition of new projects (year- on-year) and an increase in the average value of projects in the tender phase which in the long term translates into good prospects. * The book-to-bill ratio is a measure of the ratio of new orders (i.e. "book", i.e. contracts signed with clients) to projects that have already been completed and settled ("bill") in a given period. In practice: A value > 1 means that in a given period more new orders were sourced than completed (which suggests a potential increase in demand and business development). A value < 1 indicates that the company is implementing more projects than results from the current new orders (which may indicate a slowdown or exhaustion of the current order base).
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40 Pratia strategic measures (SMO)* 05: Segment of clinical trials XX XXXX YY YYY → Values in PLN → Nominal values in USD * USD conversion methodology: NNB – at the average exchange rate in the period, Backlog - at the exchange rate on the last day of the period (at the end of 1Q 2025: 3.8643), Revenues – at the monthly exchange rate (per month) ** Backlog value at the end of 4Q 2024 was PLN 217,592,000 (=USD 53,348,000). 43,62935,700 58,85739,151 Revenues from ongoing contracts Net value of acquired contracts NNB (Net New Business) → Net contract values, i.e. the value of new contracts acquired in a given period adjusted by the value of annexes concluded in a given period to contracts concluded earlier and the value of contracts cancelled by the sponsor (e.g. resignation from the development of a given molecule or postponement of the project) in a given period. → Revenues resulting from the implementation of contracts. → The sum of the concluded contracts minus the revenue already recognised on them, taking into account any changes made to these contracts (annexes, cancellations and other changes) at the end of the period. 1Q 2024 1Q 2025 Period 216,505Contracts backlog (period closing) Backlog (closing)** 8,940 10,911 9,800 14,753 +50% +22% +22% +51% 230,641 58,158 55,845 -4% -6%
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41 Kapadi strategic measures (CRO)* 05: Segment of clinical trials 73,97966,683 106,706105,024 Revenues from ongoing contracts Net value of acquired contracts NNB (Net New Business) → Net contract values, i.e. the value of new contracts acquired in a given period adjusted by the value of annexes concluded in a given period to contracts concluded earlier and the value of contracts cancelled by the sponsor (e.g. resignation from the development of a given molecule or postponement of the project) in a given period. → Revenues resulting from the implementation of contracts. → The sum of the concluded contracts minus the revenue already recognised on them, taking into account any changes made to these contracts (annexes, cancellations and other changes) at the end of the period. 1Q 2024 1Q 2025 Period 952,059Contracts backlog (period closing) Backlog (closing)** 16,713 18,532 26,348 26,330 XX XXXX → Values in PLN YY YYY → Nominal values in USD +2% +11% +11% 0% 896,330 226,015 245,572 +9% +6% * USD conversion methodology: NNB – at the average exchange rate in the period, Backlog - at the exchange rate on the last day of the period (at the end of 1Q 2025: 3.8643), Revenues – at the monthly exchange rate (per month) ** Backlog value at the end of 4Q 2024 was PLN 966,509,000 (=USD 236,965,000).
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42 Humaneva strategic measures* 05: Segment of clinical trials 117,608102,383 165,563144,175 Revenues from ongoing contracts*** Net value of acquired contracts NNB (Net New Business) → Net contract values, i.e. the value of new contracts acquired in a given period adjusted by the value of annexes concluded in a given period to contracts concluded earlier and the value of contracts cancelled by the sponsor (e.g. resignation from the development of a given molecule or postponement of the project) in a given period. → Revenues resulting from the implementation of contracts. → The sum of the concluded contracts minus the revenue already recognised on them, taking into account any changes made to these contracts (annexes, cancellations and other changes) at the end of the period. 1Q 2024 1Q 2025 Period Contracts backlog (period closing) Backlog (closing)** 36,148 41,083 XX XXXX YY YYY → Values in PLN → Nominal values in USD +15% +14% 25,653 29,443 +15% * USD conversion methodology: NNB – at the average exchange rate in the period, Backlog - at the exchange rate on the last day of the period (at the end of 1Q 2025: 3.8643), Revenues – at the monthly exchange rate (per month) ** Backlog value at the end of 4Q 2024 was PLN 1,184,101,000 (=USD 290,313,000). *** Humaneva's total revenues include the following areas: SMO, CRO and Hyggio. 1,168,5641,126,971 284,173 301,417 +6% +4% +15%
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43 01 Financial results 06
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44 Sales revenues in the Group (in PLN bn) Stable growth of sales in the Group 44 06: Financial results → The Group achieves assumed sales values resulting in stable profitability of the business 3,16 3,37 1Q 2024 1Q 2025 +6.4%
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45 Increase in the gross profit on sales value and margin Gross profit on sales (PLN m) 45 45 06: Financial results 362,9 390,7 11,5% 11,6% 1Q 2024 1Q 2025 Gross profit on sales (in PLN m) Profitability ( %) +7.7%
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46 January-March this year with a similar y/y EBIT and EBITDA EBIT (PLN m) 46 46 06: Financial results → In the reported periods, there were no one-time items affecting the EBIT/EBITDA profits. → In 1Q 2025, the Group recorded a 7.1% increase in amortisation and depreciation (to PLN 31.1 m). Excluding amortisation and d epreciation resulting from lease agreements, EBITDA would amount to PLN 103.6 m (compared to PLN 108.7 m in Q1 2024). 85,9 79,3 2,7% 2,4% 1Q 2024 1Q 2025 EBIT (PLN m) Profitability ( %) -7.7% EBITDA (PLN m) 46 -3.9% 85,9 79,3 29,2 31,2 3,6% 3,3% 1Q 2024 1Q 2025 EBIT (PLN m) Amortisation and depreciation (PLN m) EBITDA profitability (%) Σ 115.0 Σ 110.5
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47 Financial results of individual segments of the Group (in PLN m) 06: Financial results Wholesale distribution of medicines 2 913,2 3 092,8 1Q 2024 1Q 2025 +6.2% 110,7 124,5 1Q 2024 1Q 2025 Manufacture of pharmaceuticals 97,9 99,5 1Q 2024 1Q 2025 +1.6% Medical Operator Insurance activities Clinical trials 44,0 51,4 1Q 2024 1Q 2025 +16.8% 104,4 117,2 1Q 2024 1Q 2025 +12.3%+12.5% 52,2 50,4 1Q 2024 1Q 2025 -3.5% 0,90 4,24 1Q 2024 1Q 2025 31,5 24,8 1Q 2024 1Q 2025 -21.1% 0,34 0,56 1Q 2024 1Q 2025 +64.4% 1,82 (0,77) 1Q 2024 1Q 2025 - PLN 2.58 m+4658% Wholesale distribution of medicines Manufacture of pharmaceuticals Medical Operator Insurance activities Clinical trials OPERATING PROFIT SALES REVENUES * Amount of reported Synoptis Pharma operating profit (included in the manufacturing segment) in Q1 2024 did not take into account the rules adopted since the beginning of 2025 for the settlement of promotions between the drug manufacturing and drug distribution segments. EBIT of Synoptis Pharma in the first quarter of 2024 would amount to PLN 22.5 m, and total EBIT of the segment would be: PLN 29.7 m *
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48 Segments of patient businesses and clinical trials in 1Q 2025 – increases in the scale of activities EBITDA of the medical operator PLN 8.8 m EBITDA on clinical trials PLN 4.2 m EBITDA on insurance activities PLN 0.8 m EBITDA E-commerce* PLN 2.0 m +32% +108% -30% EBITDA of the segments of patient businesses and clinical trials 13.8 PLN m +28% Revenues of the medical operator PLN 124.5 m Revenues from clinical trials PLN 117.2 m Revenues from insurance activities PLN 51.4 m E-commerce revenues* PLN 35.7 m +32% +20% +12% +12% Revenues of the segments of patient businesses and clinical trials 293.1 PLN m +13% 06: Financial results +21% * Sales and financial results of e-commerce (Apteline.pl) and telemedicine are included in the results of the pharmacy wholesalesegment – internal data +40%+17%
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49 In Q1 2025, the balance of financial revenues/expenses was negatively affected by the balance of exchange rate differences 4,0 4,1 4,2 4,3 4,4 4,5 4,6 4,7 4,8 06: Financial results → A positive decrease in Interest and commissions as a result of a stabilisation of debt figures, → Adverse impact of exchange rate differences in Q1 2025 compared to the same period a year ago (net difference of PLN 5.88 m), → The vast majority of exchange differences result from the valuation of balance sheet items (including loans between companies). (PLN m) 1Q 2024 1Q 2025 Interest revenues 6.41 7.18 Other financial revenues, including: 2.19 0.87 Positive foreign exchange differences 2.09 0.78 Others 0.10 0.09 Financial revenues 8.60 8.06 Interest and commissions 18.31 16.43 Negative foreign exchange differences 0.21 4.75 Others 0.18 0.16 Financial expenses 18.71 21.33 Balance of financial revenues/expenses -10.11 -13.27 4.1839 (end of 1Q 25) 1Q 20251Q 2024 3,5 3,7 3,8 4,0 4,1 4,3 4,4 4,6 3.8643 (end of 1Q 25) 1Q 20251Q 2024 EUR/PLN exchange rate USD/PLN exchange rate Impact of exchange rates on the Group’s operations: → In the short term: USD exchange rate increases are favourable (due to short-term assets held in USD), while EUR exchange rate increases are adverse (due to lease liabilities in warehouses and liabilities due to subsidies for shares), → In the long term: increases in USD and EUR exchange rates are favourable (positive impact on revenues generated in USD and EUR of greater importance/scale compared to the adverse factors indicated above). 4.2730 (end of 4Q 24) 4.1012 (end of 4Q 24)
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50 Net result of NEUCA Group 50 50 06: Financial results → The net profit attributable to the shareholders of the Parent in 1Q 2025 amounted to PLN 48.4 m ( -14.3% y/y) and the resulting difference consists mainly of the financial results of Humaneva Inc. Group companies, TU Zdrowie, Global Pharma and PPH “Ewa”. → In the reported periods, there were no one-time items affecting net profit levels. Net profit (PLN m) 59,6 50,6 1,9% 1,5% 1Q 2024 1Q 2025 Net profit (PLN m) Profitability ( %) -15.1%
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51 Cash flows 1Q 2025 → Reported net credit debt amounted to PLN 642.0 m as at March 31, 2025, net debt/EBITDA at the level of 1.64 (excluding amortisation/depreciation on leases: 1.77). → Taking into account the reverse factoring, the hypothetical full net interest debt as at March 31, 2025 amounted to PLN 752.6 m. The net debt/EBITDA ratio would be 1.93 (excluding amortisation/depreciation on leases: 2.08). 06: Financial results 109,8 113,8 7,8 -18,9 -47,1 5,9 24,5 -4,7 -9,5 -51,0 -9,8 120,7 OPERATING ACTIVITIES FINANCING ACTIVITIESINVESTING ACTIVITIES Flows before change in working capital Cash January 1, 2025 Inflows from credits and loans and repayment of credits, loans and interest Proceeds from exercising warrants under the incentive scheme and others Cash March 31, 2025 Acquisitions and replacement expenses Others Change in inventory, receivables, trade liabilities and factoring Income tax and others Repayment of lease liabilities Data in PLN m Buy-back of its own shares Others
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52 01 Redistribution of profits 07
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53 Attractive and growing dividends NEUCA has paid shareholders over PLN 950 m in dividends and buy-backs over 19 years 2,7 2,7 4,8 5,8 7,3 8,8 10,2 11,6 14,4 17,3 19,8 22,1 26,3 29,6 33,1 37,1 44,2 50,7 57,2 64,8 72,70 1,00 1,00 1,23 1,48 1,85 2,00 2,30 2,60 3,20 3,80 4,33 5,00 5,75 6,40 7,40 8,65 10,00 11,50 13,00 14,50 16,00* (zł2,00) zł0,00 zł2,00 zł4,00 zł6,00 zł8,00 zł10,00 zł12,00 zł14,00 zł16,00 0 10 20 30 40 50 60 70 80 90 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Total dividend amount [PLN m] Dividend per share [PLN] +14.9%CAGR of dividends per share in 2005 - 2025 PLN 470.6 m Sum of all dividends paid in the years 2005- 2024 PLN 491.0 m A total of expenses for buy back transactions in the years 2012-25 07: Profit redistribution → Following the exercise of the share purchase offer announced on November 27, 2024 NEUCA purchased on December 9 8,927 of its own shares at PLN 800 per share. On January 8, 2025, the company announced a new offer to buy shares under which it purchased 60,000 shares at a price of PLN 850 per share. After the settlement of the above shares, NEUCA holds 68,927 treasury shares constituting 1.52% of the share capital and giving 1.52% of votes at the Gen eral Meeting of Shareholders. → * In 2025, the Board of Directors’ recommendation assumes the payment of PLN 16 dividend per share to shareholders, i.e. a to tal of approx. PLN 72.7 m.
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Thank you Investors’ Presentation Toruń, May 22, 2025