Chemical Works Of Gedeon Richter Plc · BET:RICHTER
Chemical Works Of Gedeon Richter — Gedeon Richter Ltd S/Gdr — Q4 2025 Earnings Presentation
40 slides from Chemical Works Of Gedeon Richter's earnings presentation, Feb 27, 2026
Slide 1: Q4/FY2025 Earnings Report
Q4/FY2025 Earnings Report 27 February 2026
Slide 2: 2025 highlights – strong finish to the year, beating cEBIT guidance
2025 highlights – strong finish to the year, beating cEBIT guidance 2025 CER revenue growth was 8.3% (to guidance Pharma Revenues (CER*) close to EUR 2.3bn EUR 2.31bn) 2025 1 Clean EBIT (CER*) + 8-10% 2025 CER Clean EBIT growth was 14% Q1 HUF 914.0bn HUF 306.2bn HUF 292.9bn 1 EBIT: Profit/loss from
Slide 3: Financial and operational highlights
Financial and operational highlights Financial highlights • Pharma revenues rose by 12.5% YoY to HUF 245.2bn in Q4 2025, bringing FY2025 revenues to HUF 914bn (+8.2% YoY) • CER (ex-FX) revenue growth was 8.3% in 2025, slightly above the revised guidance. FX was increasingly a drag on reported revenu
Slide 4: GHG emissions declined considerably in 2025
GHG emissions declined considerably in 2025 Richter Group carbon footprint (kt CO2eq/year) Key ESG messages Scope 1-2-3 -14.1% -9.6% Group-level GHG emissions decreased materially in 2025 341 321 337 324 ➢ Nearly 10% reduction in total greenhouse gas emissions (Scope 1-2-3) 293 YoY at Group level ➢
Slide 5: Financial Highlights
Financial Highlights 5 5
Slide 6: Pharmaceutical revenues (CER) rose by 8.3% in 2025
Pharmaceutical revenues (CER) rose by 8.3% in 2025 Pharmaceutical Revenues, cumulative (HUF bn) Pharmaceutical Revenues by region (HUF bn) +8.2% +8.3% Western Europe 156.2 179.0 914.0 914.8 844.8 Central Europe 174.3 Pharma other 176.4 GM Eastern Europe 172.9 185.8 BIO 255.3 North America 276.4 WHC
Slide 7: WHC, BIO (and Vraylar) grew double-digit in 2025, GM is behind
WHC, BIO (and Vraylar®) grew double-digit in 2025, GM is behind WHC Revenues CNS ex-Vraylar® Revenues Key messages +14.8% +14.8% +7.2% +6.6% • Global Vraylar® net revenues by AbbVie reached USD 3.6bn in 2025 (+11% YoY), while Richter’s royalty revenues grew by 9% to HUF 250bn. 328.6 328.5 14.8 14.7
Slide 8: Temporarily lower R&D, strong cost control reduce Opex in 25
Temporarily lower R&D, strong cost control reduce Opex in 2025 Operating costs as a % of Pharma revenues (%) Operating expenses (pharma) (HUFbn) 40 S&M R&D G&A 36 90.5 35 33 81.9 83.1 31 30 31 31 30 30 30 30 30 76.9 16.3 30 28 73.8 74.7 73.9 14.1 14.3 70.8 12.5 13.3 12.9 12.6 25 20 20 21 20 13.5 19
Slide 9: Very strong Q4 boosts full-year CER Clean EBIT growth to 14%
Very strong Q4 boosts full-year CER Clean EBIT growth to 14% Pharmaceutical Clean EBIT*, cumulative (HUF bn) Key messages +14.3% +14.2% • Clean EBIT (pharma) jumped by 37% YoY in Q4 2025 (from 304.7 a rather low base) to HUF 92bn, bringing full-year 2025 304.4 Clean EBIT to HUF 305bn, up 14.3% YoY 2
Slide 10: Below-the-line: FX losses and non-recurring tax items
Below-the-line: FX losses and non-recurring tax items Net Profit in 2025, below-Clean EBIT items (HUF bn) Includes taxes calculated in line with 306.2 Global Minimum Tax, some deferred -13.3 292.9 tax expenses (HUF 5bn), tax 2.7 provisions (HUF 3bn) and the -25.3 7.8 contribution of higher-tax count
Slide 11: Sustained robust cash generation in 2025
Sustained robust cash generation in 2025 Free Cash Flow in 2025 (HUF bn) Key messages NWC increased by HUF 17bn in Q4, reversing the Q3 decline as Application of Cash Flow • Free Cash Flow was HUF 250bn in 2025, activity level normalized 308.6 slightly higher YoY (+2%). Stronger 32.2 276.4 operating
Slide 12: 2026 guidance and outlook
2026 guidance and outlook ▪ At current spot FX rates, reported revenues would see High-single-digit guidance around 5ppt headwind Pharma Revenues (CER**) growth 2026 ▪ R&D-to-sales to be around 11% in 2026 ▪ Adjusted „Clean EBIT” methodology* High-single-digit ▪ c. EUR 100mn restructuring expenses e
Slide 13: Boosting ex-CNS profitability (cEBIT margin) a top priority
Boosting ex-CNS profitability (cEBIT margin) a top priority Clean EBIT margin between 2023-2035E (%) 40 cEBIT margin (ex-CNS) 35 cEBIT margin 30 25 20 15 11.3% 9.5% 8.9% 10 5 0 2023 2024 2025 2031E 2035E Key highlights • In 2025 non-CNS Clean EBIT margin increased by 2.4ppt to 11.3%, the first step
Slide 14: Research and Development
Research and Development R&D 14 14
Slide 15: R&D pipeline – changes during Q4 2025
R&D pipeline – changes during Q4 2025 Market Preclinical phase Clinical phase Regulatory & Launch Phase 1 Phase 2 Phase 3 Own Technology Development Clinical phase Neuropsychiatry Biotechnology Women’s Healthcare Own General Medicines RSL* new discontinued License 15 * Ready-to-Sell Licensed pipelin
Slide 16: Major developments in R&D in Q4 2025
R&D Major developments in R&D in Q4 2025 • At the end of 2025 there are 2 projects in mid-to-late-preclinical phase, and several compounds are planned to be forwarded to IND enabling studies. CSF-1R compound is targeting two indications, women oncology indications and WHC causal endometriosis treatm
Slide 17: Neuropsychiatry
Neuropsychiatry CNS 17 17
Slide 18: CNS revenues grew by 9% in 2025 despite USD headwind
CNS CNS revenues grew by 9% in 2025 despite USD headwind CNS | HUF mn Q4 2024 Q4 2025 Ch. % YoY FY 2024 FY 2025 Ch. % YoY Revenue (HUFbn) Revenues 68 305 73 235 7 242 749 264 701 9 Cost of Sales -290 -505 74 -1 392 -1 656 19 +7.2% +9.0% Gross Profit 68 015 72 730 7 241 357 263 045 9 Gross Margin % 9
Slide 19: Vraylar: continued strong prescription demand growth
CNS Vraylar®: continued strong prescription demand growth Vraylar® Key messages +5.9% +9.2% • Vraylar® royalty income in Q4 2025 approached HUF 69bn, up nearly 6% YoY; while in FY2025, 65.1 64.1 68.9 249.9 royalty revenues grew by 9% to HUF 250bn 60.7 229.0 56.2 194.6 • Global Vraylar® net revenues
Slide 20: Women's Healthcare
Women’s Healthcare WHC 20 20
Slide 21: Strong double-digit topline growth, improving margins
WHC Strong double-digit topline growth, improving margins WHC | HUF mn Q4 2024 Q4 2025 Ch. % YoY FY 2024 FY 2025 Ch. % YoY Revenue (HUFbn) Revenues 69 092 84 264 22 286 218 328 573 15 Cost of Sales -23 242 -28 801 24 -92 889 -109 773 18 +14.8% Gross Profit 45 850 55 463 21 193 329 218 800 13 +22.0%
Slide 22: Focus TAs deliver robust growth; contraception share now <60%
WHC Focus TAs deliver robust growth; contraception share now <60% Total WHC revenues by therapeutic areas (quarterly, HUF bn)* Key messages +22.0% Performance of the fast-growing focus TAs were in line with 89.9 expectation in 2025. Uterine Fibroids (UF)/Endometriosis (EM) Other WHC 84.3 and Menopau
Slide 23: Ryeqo and Lenzetto the star performers of 2025
WHC Highlighted brands | Ryeqo® and Lenzetto® the star performers of 2025 Ryeqo® Lenzetto® +76.1% +75.2% 9.6 6.1 8.7 5.6 7.4 6.5 4.4 5.5 3.5 3.7 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 +90.5% +66.7% 32.3 19.8 16.9 11.9 7.5 6.6 FY 2023 FY 2024 FY 2025 FY 2023 F
Slide 24: Drovelis keeps on expanding; Bemfola recovers; EVRA on track
WHC | Drovelis® keeps on expanding; Bemfola® recovers; Highlighted brands EVRA® on track EVRA® Drovelis® Bemfola® +17.0% +4.7% +8.8% 10.1 7.8 5.3 5.1 9.6 7.0 4.9 8.2 8.1 6.5 6.6 4.3 7.7 6.2 3.6 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q4 2024 Q1 2025 Q2 2025 Q3
Slide 25: Biotechnology
Biotechnology BIO 25 25
Slide 26: Strong Q4; higher revenues and improving profitability in 2025
BIO Strong Q4; higher revenues and improving profitability in 2025 BIO | HUF mn Q4 2024 Q4 2025 Ch. % YoY FY 2024 FY 2025 Ch. % YoY Revenue (HUFbn) Revenues 13 290 20 963 58 54 014 64 157 19 Cost of Sales -8 916 -9 022 1 -33 357 -38 435 15 +57.7% +18.8% Gross Profit 4 374 11 941 173 20 657 25 722 25
Slide 27: Steady teriparatide growth, exceptional CDMO revenues in Q4
BIO Steady teriparatide growth, exceptional CDMO revenues in Q4 Teriparatide Key messages +17.9% +11.7% • Teriparatide biosimilar (incl. Terrosa®) revenues were up by close to 20% Q4 YoY 8.5 8.4 30.7 and also increased by 12% in 2025 YoY, 7.7 27.5 7.1 driven by high-volume shipments in Q4 and 6.1 22
Slide 28: General Medicines
General Medicines GM 28 28
Slide 29: A difficult year despite Q4 brings partial recovery
GM A difficult year despite Q4 brings partial recovery GM | HUF mn Q4 2024 Q4 2025 Ch. % YoY FY 2024 FY 2025 Ch. % YoY Revenue (HUFbn) Revenues 64 519 65 143 1 250 712 249 534 0 Cost of Sales -33 236 -32 758 -1 -120 525 -120 526 0 -0.5% +1.0% Gross Profit 31 283 32 385 4 130 187 129 008 -1 Gross Mar
Slide 30: Cardio is back on track, strong OTC, Pain & neurology is recovering
GM Cardio is back on track, strong OTC, Pain & neurology is recovering Total GenMed revenues by therapeutic areas (quarterly, HUF bn) Key messages +1.0% • Blood & metabolic category saw mixed developments: on 64.5 65.5 65.3 65.1 the one hand, an encouraging trend in sales growth Blood&metabolic 5.8
Slide 31: Appendix
Appendix 31 31
Slide 32: FX losses pushed net financials into negative in 2025
FX losses pushed net financials into negative in 2025 Q4 2024 Q4 2025 Diff Q4 FY 2024 FY 2025 Diff FY 2025 2.8 6.1 3.3 Unrealised exchange (loss)/gain 2.3 2.0 -0.2 8.2 -6.7 -14.9 Realised exchange (loss)/gain 10.6 -27.3 -37.9 Result of realised & unrealised -1.8 0.4 2.2 -2.1 4.7 6.8 forward exchange
Slide 33: Business units' P&L in 2025
Business units’ P&L in 2025 Pharma Pharma FY 2025 WHC CNS BIO GM Other Eliminations Group total other total Revenues 328.6 264.7 64.2 249.5 7.0 914.0 25.6 -10.6 929.0 Cost of Sales -109.8 -1.7 -38.4 -120.5 -8.7 -279.1 -20.4 11.4 -288.1 Gross Profit 218.8 263.0 25.7 129.0 -1.7 634.9 5.2 0.8 640.9 Sal
Slide 34: Strategic positioning and vision of the business units
Strategic positioning and vision of the business units Pharma | Pharmaceuticals segment Name of the Business Units Brief description Key strategic goal Therapeutic areas Leveraging our world class early phase R&D capability Maximize the potential of cariprazine, while developing in the central nervo
Slide 35: Consolidated Income Statement
Consolidated Income Statement 2025 2024 Change Consolidated P&L HUFm HUFm % Revenues 928 962 857 545 8.3% of which royalty 259 719 236 591 9.8% Cost of Sales (288 051) (266 807) 8.0% Gross Profit 640 911 590 738 8.5% Sales & marketing expenses (166 128) (163 808) 1.4% General & administrative expens
Slide 36: Consolidated Balance Sheet - ASSETS
Consolidated Balance Sheet - ASSETS 31 Dec 2025 31 Dec 2024 Change Consolidated Balance Sheet HUFm HUFm % ASSETS 1 681 258 1 602 991 4.9% Non-current assets 909 103 961 934 -5.5% Property, plant and equipment 383 667 378 860 1.3% Goodwill 42 155 38 777 8.7% Other intangible assets 293 428 306 189 -4
Slide 37: Consolidated Balance Sheet - EQUITY AND LIABILITIES
Consolidated Balance Sheet - EQUITY AND LIABILITIES 31 Dec 2025 31 Dec 2024 Change Consolidated Balance Sheet HUFm HUFm % EQUITY AND LIABILITIES 1 681 258 1 602 991 4.9% Capital and reserves 1 400 889 1 303 862 7.4% Share capital 18 638 18 638 0.0% Treasury shares (34 021) (33 852) 0.5% Share premiu
Slide 38: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement 31 Dec 2025 31 Dec 2024 Change Consolidated cash flow HUFm HUFm % Operating activities Profit before income tax 284 747 281 077 1.3% Depreciation and amortisation 60 463 49 521 22.1% Non cash items 9 690 4 180 131.8% Net interest and dividend income (5 402) (5 692) -
Slide 39: Contacts and Financial calendar
Contacts Financial calendar Company name: Gedeon Richter Plc. | 27 February 2026 – Q4/FY 2025 results Sector: Pharmaceutical | 29 April 2026 – AGM Company address: 1103 Budapest, Gyömrői street 19-21., Hungary | 12 May 2026 – Q1 2026 results Telephone: +36 1 431 5764 | 7 August 2026 – Q2/H1 2026 res
Slide 40: Disclaimer
Disclaimer This presentation may contain forward-looking statements, that may include, but are not limited to, those regarding capital, investment, cash flows, demand, earnings, efficiency, production, profits. These forward-looking statements are subject to risks, uncertainties, and other factors,
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