Earnings release
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F-1 Alvotech _____________________ Unaudited Condensed Consolidated Interim Financial Statements as of 30 September 2025 and for the nine months ended 30 September 2025 and 2024
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F-2 Unaudited Condensed Consolidated Interim Statements of Profit or Loss and Other Comprehensive Income or Loss for the nine months ended 30 September 2025 and 2024 USD in thousands, except for per share amounts Nine months ended 30 September 2025 Nine months ended 30 September 2024 Product and service revenue 237,382 128,018 License and other revenue 182,366 210,459 Other income 261 160 Cost of product and service revenue (174,278) (104,979) Research and development expenses (144,508) (131,050) General and administrative expenses (71,271) (46,435) Operating profit 29,952 56,173 Loss on sale of interest in joint venture — (2,970) Effects resulting from business combination 7,977 — Finance income 170,687 79,079 Finance costs (108,449) (237,683) Exchange rate differences (21,226) 1,657 Gain / (loss) on modification and extinguishment of financial liabilities 17,703 (69,378) Non-operating profit / (loss) 66,692 (229,295) Profit / (loss) before taxes 96,644 (173,122) Income tax benefit 39,822 8,225 Profit / (loss) for the period 136,466 (164,897) Other comprehensive profit / (loss) Item that will be reclassified to profit or loss in subsequent periods: Exchange rate differences on translation of foreign operations 3,310 1,347 Total comprehensive profit / (loss) 139,776 (163,550) Profit / (loss) per share Basic profit / (loss) for the period per share 0.47 (0.63) Diluted profit / (loss) for the period per share 0.47 (0.63)
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F-3 Unaudited Condensed Consolidated Interim Statements of Financial Position as of 30 September 2025 and 31 December 2024 USD in thousands Non-current assets 30 September 2025 31 December 2024 Property, plant and equipment 352,471 284,546 Right-of-use assets 141,709 125,198 Goodwill 12,803 11,330 Other intangible assets 61,869 20,621 Contract assets 58,696 22,710 Other long-term financial assets 4,394 — Other long-term assets 4,727 3,615 Deferred tax assets 340,503 298,360 Total non-current assets 977,172 766,380 Current assets Inventories 207,729 127,889 Trade receivables 58,308 160,217 Contract assets 63,043 67,304 Other current assets 59,078 48,064 Receivables from related parties 1,000 118 Cash and cash equivalents 42,848 51,428 Total current assets 432,006 455,020 Total assets 1,409,178 1,221,400
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F-4 Unaudited Condensed Consolidated Interim Statements of Financial Position as of 30 September 2025 and 31 December 2024 USD in thousands Equity 30 September 2025 31 December 2024 Share capital 2,926 2,826 Share premium 2,103,813 2,007,058 Other reserves 16,649 17,272 Translation reserve 1,092 (2,218) Accumulated deficit (2,301,243) (2,437,709) Total equity (176,763) (412,771) Non-current liabilities Borrowings 1,081,626 1,035,882 Derivative financial liabilities 42,702 210,224 Lease liabilities 144,516 112,137 Contract liabilities 5,489 80,721 Deferred tax liability 7,539 1,811 Total non-current liabilities 1,281,872 1,440,775 Current liabilities Trade and other payables 91,628 67,126 Lease liabilities 13,297 9,515 Current maturities of borrowings 42,722 32,702 Liabilities to related parties 4,353 8,465 Contract liabilities 49,923 15,980 Taxes payable 1,769 204 Other current liabilities 100,377 59,404 Total current liabilities 304,069 193,396 Total liabilities 1,585,941 1,634,171 Total equity and liabilities 1,409,178 1,221,400
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F-5 Unaudited Condensed Consolidated Interim Statements of Cash Flows for the nine months ended 30 September 2025 and 2024 USD in thousands Cash flows from operating activities Nine months ended 30 September 2025 Nine months ended 30 September 2024 Profit / (loss) for the period 136,466 (164,897) Adjustments for non-cash items: Depreciation and amortization 27,438 23,146 Effects resulting from business combination (7,977) — Change in allowance for receivables 703 — Change in inventory reserves 8,713 (3,531) Share-based payments 6,166 7,881 Loss on disposal of property, plant and equipment — 184 Loss on sale of interest in joint venture — 2,970 (Gain) / loss on modification and extinguishment of financial liabilities (17,703) 69,378 Finance income (170,687) (79,079) Finance costs 108,449 237,683 Exchange rate difference 21,226 (1,657) Income tax benefit (39,822) (8,225) Operating cash flow before movement in working capital 72,972 83,853 Increase in inventories (85,871) (47,050) Decrease / (increase) in trade receivables 100,235 (36,128) Increase in receivables with related parties (882) (8,367) Increase in contract assets (29,333) (50,907) Increase in other assets (8,169) (9,853) Increase / (decrease) in trade and other payables 25,092 (27,937) Decrease in contract liabilities (49,694) (30,474) Decrease in liabilities with related parties (1,205) — Increase / (decrease) in other liabilities 12,070 (18,721) Cash from (used in) operations 35,215 (145,584) Interest received 294 97 Interest paid (22,338) (51,583) Income tax paid (455) (571) Net cash from (used in) operating activities 12,716 (197,641) Cash flows from investing activities Acquisition of property, plant and equipment (55,731) (24,091) Acquisition of intangible assets (24,632) (1,857) Net cash outflow on acquisition of subsidiary (14,036) — Restricted cash in connection with amended bond agreement — 26,132 Proceeds from the sale in joint venture 5,950 12,000 Net cash (used in) from investing activities (88,449) 12,184
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F-6 Cash flows from financing activities Nine months ended 30 September 2025 Nine months ended 30 September 2024 Repayments of borrowings (18,402) (745,448) Repayments of principal portion of lease liabilities (8,285) (7,669) Proceeds from new borrowings 12,028 900,805 Transaction cost from new borrowings — (4,236) Gross proceeds from equity offering 82,481 150,451 Fees from equity offering (3,759) (5,812) Proceeds from warrants — 4,843 Stock options exercised — 76 Net cash generated from financing activities 64,063 293,010 (Decrease) increase in cash and cash equivalents (11,670) 107,553 Cash and cash equivalents at the beginning of the year 51,428 11,157 Effect of movements in exchange rates on cash held 3,090 (436) Cash and cash equivalents at the end of the period 42,848 118,274