Galderma Group Ag · SIX:GALD
Galderma — H1 2026 Earnings Presentation
35 slides from Galderma's earnings presentation, Jul 23, 2026
Slide 1: H1 2026 financial results
H1 2026 financial results JULY 23, 2026
Slide 2: Forward-looking statements
Forward-looking statements Certain statements in this Presentation are forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "plans", "targets", "aims", " believes", "expects", "anticipates", "intends", "estimates",
Slide 3: Performance update, Financial results & outlook, Q&A
Flemming Ørnskov, M.D., MPH 1. Performance update Chief Executive Officer 2. Financial results & outlook Luigi La Corte 3. Q&A and final remarks Chief Financial Officer 3
Slide 4: Performance update
GALDERMA 1. Performance update
Slide 5: Key financial highlights
Key financial highlights Record net sales, surpassing 3 B USD for the H1 2026 3,134 +24.6% first time for the first 6 months, with broad- NET SALES based double-digit growth across geographies M USD Constant currency1 year-on-year growth and product categories, mainly volume-driven H1 2026 802 +42.8
Slide 6: Continued strong growth momentum
Continued strong growth momentum Constant Net sales, in M USD currency growth Reported growth 3,134 +24.6% +28.0% 2,448 1,759 +19.0% +24.8% International 1,409 1,374 +32.3% +32.3% U.S. 1,039 H1 2025 H1 2026 Growth predominantly driven by strong volume, complemented by positive mix effects Note: Due
Slide 7: Injectable Aesthetics
Constant Net sales, in M USD currency growth Reported growth Injectable Aesthetics 1,437 +12.1% +15.9% 1,240 Neuro- 826 +13.4% +16.9% modulators 707 Fillers & 611 534 +10.5% +14.6% Biostimulators H1 2025 H1 2026 7
Slide 8: Injectable Aesthetics: Neuromodulators portfolio play strength
Injectable Aesthetics: Neuromodulators portfolio play strength Continued strong performance Continued International roll-out and endorsement Growth in the U.S. & top International markets, 3 additional launches, including in Majority of healthcare professionals including Europe where Relfydess launc
Slide 9: Injectable Aesthetics: Fillers & Biostimulators further expansion
Injectable Aesthetics: Fillers & Biostimulators further expansion in International markets and the U.S. Scaling recent launches Roll-out of new technology Expansion in new markets China Sculptra ramp-up China launch of the SmartClick syringe Indonesia launch U.S. Restylane new indications Restylane
Slide 10: Dermatological Skincare
Constant Net sales, in M USD currency growth Reported growth Dermatological Skincare 848 719 +16.4% +17.9% H1 2025 H1 2026 NB: Key brands, not exhaustive 10
Slide 11: Dermatological Skincare: Capturing global growth opportunities
Dermatological Skincare: Capturing global growth opportunities Continued strong momentum in fast-growing International markets Scaling portfolio innovation globally Share gains from January to May 2026 (pp), U.S. examples top online Dermatological skincare brands 618 campaign execution Cetaphil Skin
Slide 12: Therapeutic Dermatology
Constant Net sales, in M USD currency growth Reported growth Therapeutic Dermatology 848 +67.9% +73.6% 415 489 358 433 131 H1 2025 H1 2026 NB: Key brands, not exhaustive 12
Slide 13: Therapeutic Dermatology: Nemluvio strong global trajectory and Epiduo lifecycle management
Therapeutic Dermatology: Nemluvio strong global trajectory and Epiduo lifecycle management – U.S. showcase Nemluvio launch progression Epiduo over-the-counter switch Paid NBRx1 weekly market share trend (new patient starts) ~42% ~9% in prurigo nodularis in atopic dermatitis Q2: Majority share of pat
Slide 14: Financial results & outlook
2. Financial results & outlook
Slide 15: Record financial performance in H1 2026
Record financial performance in H1 2026 H1 2026 top-line H1 2026 bottom-line H1 2026 cash & balance sheet 3,134 M USD 802M USD (25.6%1) 1.2x Net sales Core EBITDA (margin) Leverage2 +24.6% +42.8% 104 M USD Constant currency growth Constant currency growth Dividend payment +28.0% 547M USD 302 M USD R
Slide 16: Significant Core EBITDA margin expansion as well as growth of Core net income and Core EPS
Significant Core EBITDA margin expansion as well as growth of Core net income and Core EPS In M USD Constant currency H1 2025 H1 2026 Reported growth growth Net sales 2,448 3,134 +28.0% +24.6% Core Gross Profit 1,826 2,326 +27.4% As % of net sales 74.6% 74.2% -35bps Core EBITDA 555 802 +44.6% +42.8%
Slide 17: Strong operating cash flow reduced net leverage to 1.2x
Strong operating cash flow combined with strong Core EBITDA growth reduced net leverage to 1.2x at the end of June 2026 Net indebtedness1, in M USD, and leverage ratio -36 1,822 1,786 67 104 -572 302 64 Dec 31 2025 Cash flow Investing Repurchase Dividend Others2 Jun 30 2026 from operating activities
Slide 18: Raising 2026 net sales guidance
Raising 2026 net sales guidance Recall: Full-year guidance Updated full-year guidance Group net sales +17-20% +19-21% Growth in constant currency Growth in constant currency Core EBITDA margin Approximately 26% Approximately 26% Margin at constant currency Margin at constant currency NB: Assumes a 1
Slide 19: Q&A and final remarks
Closing Q&A and final remarks
Slide 20: Driving strong growth in another year of opportunities
Driving strong growth in another year of opportunities, with continued execution of Galderma’s proven, growth- driven integrated dermatology strategy Record net sales performance above 3 B USD in H1 for the first time, with broad-based, double-digit growth across geographies and product categories S
Slide 21: Galderma
GALDERMA EST. 1981
Slide 22: Appendix
Appendix NANANANANSNANANANIA NINA NIN NANI NANI NI NI NINA LNAN\ASNASNANAS NANA NANI NINA NINA NANI NIN INIA NINN N\ANANANANANANANANANINA NANA NA NANI NA NSA NI NING YN\ANSNASNSNANANANIANI NANA NANA NIN NIL NI NS NINIL SN NANANANANANANANANS NANA NANA NANI NANA NANNING LYNANASNANISNS NANA NANI NINA N
Slide 23: Basis of financial information
Basis of financial information Y • Galderma has one reportable segment for financial reporting purposes Disclosure • Galderma provides additional Net Sales disclosure on product categories (Injectable Aesthetics, Dermatological Skincare, Therapeutic Dermatology) • Galderma also provides additional N
Slide 24: Strong growth momentum in net sales
Strong growth momentum in net sales H1 2026 constant currency year-on-year growth DERMATOLOGICAL THERAPEUTIC INJECTABLE AESTHETICS SKINCARE DERMATOLOGY +12.1% +16.4% +67.9% +24.6% Volume as the primary FILLERS & growth driver NEUROMODULATORS BIOSTIMULATORS +13.4% +10.5% +19.0% International +32.3% U
Slide 25: H1 2026 net sales by product category and geography
H1 2026 net sales by product category and geography Net sales Year-on-year growth In M USD H1 2025 H1 2026 Constant currency Reported Group total 2,448 3,134 24.6% 28.0% By product category Injectable Aesthetics 1,240 1,437 12.1% 15.9% Neuromodulators 707 826 13.4% 16.9% Fillers & Biostimulators 534
Slide 26: Q2 2026 net sales by product category and geography
Q2 2026 net sales by product category and geography Net sales Year-on-year growth In M USD Q2 2025 Q2 2026 Constant currency Reported Group total 1,320 1,661 23.8% 25.8% By product category Injectable Aesthetics 693 790 11.3% 13.9% Neuromodulators 396 462 14.1% 16.7% Fillers & Biostimulators 297 328
Slide 27: Overview of foreign exchange exposure
Overview of foreign exchange exposure Exchange rates for top FX impacts, compared to the USD FY 2025 March 2026 June 2026 average rate closing rate (recall) closing rate AUD 0.6448 0.6847 0.6870 BRL 0.1790 0.1899 0.1927 CHF 1.2058 1.2522 1.2352 CNY 0.1391 0.1447 0.1472 EUR 1.1297 1.1470 1.1392 INR 0
Slide 28: Reconciliation of H1 2026 reported to certain Core P&L items
Reconciliation of H1 2026 reported to certain Core P&L items Exceptional and IFRS - as transformation In M USD reported related items Amortization Depreciation Impairment Core reporting % Net Sales1 Net Sales 3,134 - - - - 3,134 Other revenue 14 - - - - 14 Cost of goods sold (938) - 104 13 - (821) G
Slide 29: Reconciliation of H1 2026 Net income to Core EBITDA and Core net income
Reconciliation of H1 2026 Net income to Core EBITDA and Core net income In M USD H1 2025 H1 2026 Core EBITDA 555 802 % margin 22.7% 25.6% Exceptional and transformation related adjustments (9) - Other income/(expenses) (29) (8) 1 Total EBITDA adjustments (38) (8) EBITDA 517 794 % margin 21.1% 25.3%
Slide 30: Reconciliation of H1 2026 reported to Core CAPEX
Reconciliation of H1 2026 reported to Core CAPEX In M USD H1 2025 H1 2026 Expenditure on property, plant and equipment 43 56 Expenditure on intangible assets 30 8 Total capital expenditure 73 64 - IP and operating rights acquisitions (23) - Core CAPEX 70 64 30
Slide 31: Reconciliation of H1 2026 Core EBITDA adjustments
Reconciliation of H1 2026 Core EBITDA adjustments In M USD H1 2025 H1 2026 Description Litigation costs primarily relate to legal fees, the largest item of which relate to legal arbitration Litigation and onerous items (9) (11) cases. No material onerous items were recognized in the first half of 20
Slide 32: H1 2026 Total Net Indebtedness
H1 2026 Total Net Indebtedness In M USD 31-Dec-25 30-Jun-26 Total Indebtedness 2,602 2,625 Cash and Cash Equivalents (780) (839) Total Net Indebtedness 1,822 1,786 NB: Indebtedness includes financial debt and lease liabilities 32
Slide 33: Additional modelling metrics
Additional modelling metrics FY 2025 actuals H1 2026 actuals FY 2026 Non-core adjustments1 40 M USD 17 M USD 30 – 40 M USD 4.0%4 Effective tax rate2 19.8% ~ 20% (20.8% excl. one-time benefit) Core CAPEX, 2.5% 2.1% ~ 3% as a % of net sales Net working capital, -4.2% -2.1% -1 – -3% as a % of net sales
Slide 34: 2023-2027 mid-term guidance
2023-2027 mid-term guidance 2023-2027 guidance (as updated in March 2026) Group Net Sales +15 - 17% constant currency CAGR Injectable Aesthetics +10 - 12% constant currency CAGR Topline Dermatological Skincare +8.5 - 10.5% constant currency CAGR Therapeutic Dermatology >30% constant currency CAGR Co
Slide 35: For more information, please visit our website
For more information, please visit our website: Investors | Galderma For any questions, please reach out by email at: investors@galderma.com