Fagron Sa · EURONEXT:FAGR
Fagron Sa — Fagron Sa Ord — H1 2026 Earnings Presentation
21 slides from Fagron Sa's earnings presentation, Jul 30, 2026
Slide 1: H1 2026 Results
H1 2026 Results Rafael Padilla CEO Karin de Jong CFO 30 July 2026
Slide 2: Disclaimer
Disclaimer The contents of this document, including all statements made therein, are based on estimates, assumptions and other information currently available to the management of Fagron. Certain statements in this presentation may be deemed to be forward-looking. Such forward-looking statements are
Slide 3: Key highlights
Key highlights Rafael Padilla | CEO 3
Slide 4: Strong H1 performance supported by diversified business model and M&A impact
Strong H1 performance supported by diversified business model and M&A impact 3.1% organic growth at CER, driven by EMEA and Latin America H1 2026 YoY change Adjusted EBITDA1 margin down 60bps to 19.4%, reflecting the temporary Total revenue €552.5m 16.0% effects in North America – Pacific Organic re
Slide 5: H1 2026 regional performance highlights
H1 2026 regional performance highlights EMEA Latin America North America - Pacific Broad-based growth aided by Strong Brands and M&A B&E mitigates impact of GLP-1 acquisitions synergies underpin growth phase-out and industry wide IV bag recall +4.1% 22.1% 3 +8.0% 18.6% 2 +0.2% 17.0% 1 Organic Adjust
Slide 6: Focus on integration while maintaining disciplined approach
Focus on integration while maintaining disciplined approach Market consolidation Geographical expansion Product capabilities Company Region Category Company Region Category Company Region Category CareFirst NA-Pacific CS Uni-Chem EMEA B&E Pharmavit EMEA CS Guinama EMEA B&E SB Trade EMEA B&E Vepakum
Slide 7: Expansion projects on track
Expansion projects on track Capacity development $150m $29m capex $200m $39m capex €50m >$500m $100m €15m capex Online Tampa Netherlands Wichita Las Vegas Cumulative capacity 503A FSS 503B 503B added 2025 - 2028 Staff, supply chains and Confident on future All projects on track customers already in
Slide 8: Peptides a potential opportunity for the industry
Peptides a potential opportunity for the industry Broadening acceptance ▪ PCAC recommended inclusion of 6 peptide drugs in 503A Bulks list. Pending final FDA approval Leading global pharmaceutical compounder ▪ 5 more peptide drugs are up for ▪ Ability to leverage global presence in supply-chain proc
Slide 9: Investing in leadership to strengthen quality and execution
Investing in leadership to strengthen quality and execution Amy Jones Kenneth Bonnell Area Leader North America – Pacific Global Head of Quality 15 years of pharmaceutical compounding leadership: built 30+ years of progressive quality, regulatory affairs and Humco's compounding business from the gro
Slide 10: Financial review
Financial review Karin de Jong | CFO 10
Slide 11: H1 2026 financial highlights
H1 2026 financial highlights +16.0% +12.7% 552.5 125.0 107.1 22.0% 476.1 95.0 21.0% 100.0 +3.1% 20.0% 75.0 Org. growth CER 20.0% 19.0% 50.0 19.4% 18.0% 25.0 17.0% - 16.0% H1 2025 H1 2026 H1 2025 H1 2026 Revenue in €m Adjusted EBITDA in €m Adjusted EBITDA margin Broad based revenue growth Gross margi
Slide 12: H1 2026 Revenue bridge and P&L statement
H1 2026 Revenue bridge and P&L statement 650.0 Profit & loss account (€m) H1 2026 H1 2025 Δ 600.0 in €m Net revenue 552.5 476.1 16.0% Gross margin 332.4 299.9 10.8% -7.0 Operating expenses 223.9 203.6 10.0% 550.0 68.7 Share-based payments and LTI 1.4 1.3 11.5% 500.0 6.9 0.4 Adjusted EBITDA 107.1 95.
Slide 13: EMEA: Broader diversification builds platform resilience
EMEA: Broader diversification builds platform resilience Revenue Profitability +23.7% 70.0 +25.9% 24.0% 23.5% 60.0 218.9 50.0 48.5 23.0% 176.9 38.5 22.5% 63.9 40.0 56.5 22.0% +4.1% 30.3 30.0 22.1% 27.6 Org. growth CER 21.8% 21.5% 20.0 21.0% 124.6 92.8 10.0 20.5% - 20.0% H1 2025 H1 2026 H1 2025 H1 20
Slide 14: Latin America: Strong organic revenue growth and M&A contribution
Latin America: Strong organic revenue growth and M&A contribution Revenue Profitability +38.7% 35.0 +48.3% 20.0% 120.5 30.0 19.5% 25.0 22.4 19.0% 86.9 2.3 20.0 18.5% 1.9 41.2 15.1 18.6% +8.0% 15.0 18.0% 31.3 Org. growth CER 10.0 17.5% 76.9 17.4% 53.7 5.0 17.0% - 16.5% H1 2025 H1 2026 H1 2025 H1 2026
Slide 15: North America – Pacific: Robust B&E performance partly offsets short-term headwinds
North America – Pacific: Robust B&E performance partly offsets short-term headwinds Revenue Profitability +0.4% -12.5% 27.0% 60.0 280.0 25.0% 240.0 212.4 213.2 50.0 41.4 36.2 23.0% 200.0 40.0 21.0% 160.0 +0.2% 150.2 30.0 159.4 19.0% 120.0 Org. growth CER 20.0 19.5% 17.0% 11.7 80.0 40.0 10.8 10.0 17.
Slide 16: Robust free cash flow conversion reflects strength of business model
Robust free cash flow conversion reflects strength of business model Cash flow from operating activities development (€m) 64.0 €m H1 2026 H1 2025 0.3 62.0 60.0 3.6 EBITDA 105.1 96.2 58.0 8.9 56.0 61.4 Changes to working capital1 (34.0) (34.3) 54.0 58.1 58.1 52.0 Income tax paid (13.0) (9.4) 52.5 52.
Slide 17: Higher net debt to EBITDA ratio reflects acquisition impact
Higher net debt to EBITDA ratio reflects acquisition impact Net debt evolution €m 6.9 9.4 14.3 29.3 24.3 197.9 58.1 505.4 2.0 283.3 On 31 Dec 2025 Operational cash flow Capital increases Acquisitions Capital expenditure Dividends paid Net interests FX IFRS 16 On 30 June 2026 Net financial debt incre
Slide 18: Reiterate full year outlook
Reiterate full year outlook FY 2026 Revenue Adjusted EBITDA Capex margin Mid- to high-single digit Slight increase in ~3.5% organic growth at CER profitability y-o-y of revenue1 1 Excludes one-off projects 18
Slide 19: Conclusion
Conclusion Rafael Padilla | CEO 19
Slide 20: Together
Global leader in the pharmaceutical compounding market Together we create the future of personalized medicine Defensive Strong Cash Operational Business Model Generation Excellence Disciplined Sustainability Unique Market M&A Focus Positioning 20
Slide 21: Questions
Questions Financial calendar 2026 8 October 2026 Trading update third quarter 2026 21