Slide 1: Full Year 2025 Results and FOCUS-27 plan update
Full Year 2025 Results and FOCUS-27 plan update 4 March 2026
Slide 2: Forward looking statements
Forward looking statements Certain information contained in this press release is forward looking and not historical data. These forward-looking statements are based on opinions, projections and current assumptions including, but not limited to, assumptions concerning the Group’s current and future
Slide 3: Presenting today
Presenting today David Seignolle Olivier Falut Chief Executive Officer Chief Financial Officer P. 3
Slide 4: FY 2025 Results Introduction
FY 2025 Results Introduction David Seignolle Chief Executive Officer P. 4
Slide 5: FY 2025 Key Takeaways
FY 2025 Key Takeaways Challenging business environment APIs sales to Sanofi affected by unfavorable comparison base and lower sales from Sevelamer Topline Growth in Opioids, slowdown in Vitamin B12 Solid Commercial CMO activity with Sanofi in anti-infective and skincare, offset by the discontinuatio
Slide 6: FY 2025 Key Figures
FY 2025 Key Figures Net Sales Core EBITDA CAPEX €848.2m €66.2m €77.0m Core EBITDA margin Dedicated to growth Sanofi* 7.8% 55% €310.9m / (26.4)% EBITDA Net Cash Position Other Clients €9.9m €68.2m €537.3m / +9.7% Non-recurring items Change in Working Capital €56.3m +€120.1M P. 6 *: Since 01 May 2025,
Slide 7: 2025 Key Non-Financial Figures
2025 Key Non-Financial Figures Total GHG emissions % of Solvent Recycled (t CO2 eq- Market Based) 96,466 74% 75% 83,962 2024 2025 2024 2025 Women in Extended Leadership team Total Recordable Injury Frequency (% of total workforce) (per 1m hours worked) 34% 4.6 4.4 28% 2024 2025 2024 2025 P. 7
Slide 8: FY 2025 Results Consolidated Accounts
FY 2025 Results Consolidated Accounts Olivier Falut Chief Financial Officer P. 8
Slide 9: FY 2025 Total Net Sales Evolution
FY 2025 Total Net Sales Evolution 911.9 +0.1% 848.2 -1.2% -5.9% -7.0% 70M€ sales from APIs to be discontinued , including 20M€ from stock pilling 31/12/2024 Currency impact Perimeter Impact Change on a comparative basis 31-déc-25 P. 9
Slide 10: FY 2025 Net Sales Per Activity
FY 2025 Net Sales Per Activity CDMO Sanofi: -4.9% CDMO Other Clients : -13.6% • Solid momentum in Pristinamycin and PLLA (Poly- • Downsizing and discontinuation of pre-carve out L-Lactic-Acid) commercial phase contract mature commercial contracts • Slowdown of early stage CDMO business • Decrease in
Slide 11: Full Year 2025 Core EBITDA
Full Year 2025 Core EBITDA Positive impact from industrial efficiencies and OPEX savings Rounded figures 1.0 -1.4 7.8% 0.3 0.6 0.9 5.5% 1.2 -0.9 0.3 1.3 -1.0 FY 2024 Buserelin Volume Price Discontinued Industrial Energy & Other OPEX Brindisi Haverhill FY 2025 Core Stock Impact & Mix Products Efficie
Slide 12: Full Year 2025 From Net Sales to Core EBITDA
Full Year 2025 From Net Sales to Core EBITDA In € millions FY-2025 FY-2024 Net sales 848.2 911.9 Gross Profit 144.8 142.4 Gross profit margin 17.1% 15.6% €58.8 million in exceptional items linked to FOCUS-27 Core EBITDA 66.2 50.4 plan, of which • €36.1 million of idle costs Core EBITDA margin 7.8% 5
Slide 13: Full Year 2025 From EBITDA to Net Income and EPS
Full Year 2025 From EBITDA to Net Income and EPS In € millions FY-2025 FY-2024 Discontinuation of Vitamin B12 productivity project in Elbeuf due to lower-than-expected economic potential in an EBITDA 9.9 (43.6) increasingly price competitive environment Depreciation and Amortization (62.7) (58.0) Re
Slide 14: Decrease in inventories and improved cash collection
Full Year 2025 Decrease in inventories and improved cash collection Inventory - Months on Hand1 Receivables – DSO2 56 8.0 6.9 7.0 39 36 FY 2023 FY 2024 FY 2025 FY 2023 FY 2024 FY 2025 1. MOH: Months on Hand-Inventories in value on Net Sales 2. DSO: Receivables in Day of Sales P. 14
Slide 15: Full Year 2025 CAPEX
Full Year 2025 CAPEX Focus on Growth 9% of total 2025 sales Optimization of Maintenance and Compliance H1 H2 2025 €108.0m Maintenance 24% 2024 46.7 €77.0m 23% 39.2 53% 55% 25% 61.3 21% 37.8 Compliance 2025 Growth and Performance investments balanced FY 2024 FY 2025 across Budapest, Elbeuf, Frankfurt
Slide 16: Full Year 2025 Net Debt evolution
Full Year 2025 Net Debt evolution € millions – rounded figures 128.5 77.0 Free Cash Flow Before Financing €51.5million Working Capital: €38.9m inventories €45.4m trade receivables €1.6m payables €34.3m Other Current Assets & Liabilities 68.2 8.4 0.5 24.6 Net Cash Position Cash Flow CAPEX Cash Flow F
Slide 17: 2026 Outlook
2026 Outlook David Seignolle Chief Executive Officer P. 17
Slide 18: 2026 key operational drivers
2026 key operational drivers Increased competitive pressure Net sales Negative impact of the portfolio rationalization (between €(55) and (60) million impact expected in 2026) Reduced demand from Sanofi and discontinuation of commercial CMO projects Industrial efficiencies more than offset by unfavo
Slide 19: 2026 Outlook
2026 Outlook Due to the impact of portfolio rationalization, and considering the challenging business environment, the company expects a decrease of around 10% in net sales in 2026 (on a comparable basis) In this context, EUROAPI will accelerate its transformation to protect profitability and expect
Slide 20: FOCUS-27 updated to strengthen the operating model
V2 FOCUS-27 updated to strengthen the operating model David Seignolle Chief Executive Officer P. 20
Slide 21: Streamlined API portfolio, focused on highly differentiated profitable products
Streamlined API portfolio, Focused CDMO offer Rationalized industrial Organizational focused on highly leveraging recognized footprint and high-return transformation differentiated profitable capabilities and technology CAPEX products platforms P. 21
Slide 22: 2024-2025 progress: Timely completion of key milestones
2024-2025 progress Timely completion of key milestones 70% of CDMO projects in 66% of 2025 sales Portfolio APIs portfolio streamlined in differentiated products late-stage at the end of 2025 Workshop consolidation Improved productivity Industrial on track in Frankfurt - Haverhill site divested acros
Slide 23: 2024-2025 progress: Decrease in CAPEX to Sales ratio
2024-2025 progress Decrease in CAPEX to Sales ratio Planned investment and current Expected Main growth projects status completion date In €M in % of sales Peptides & Oligonucleotides End of 2027, with 14% (Frankfurt) €23M (compared to an initial €32M) a first tranche Capacity Increase On track comp
Slide 24: End of 2025 financial metrics
End of 2025 financial metrics 2024-2027 2024-2025 initial forecast actuals Current Status Footprint rationalization 110 to 120M€ 44M€ Initial restructuring program & transformation costs (25% in 24 & 25) ahead of schedule 2026 and 2027 topline expected to be below initial assumptions, with Increment
Slide 25: The fast-evolving business environment requires adapting our plan
The fast-evolving business environment requires adapting our plan Focus 27 plan and Transformation of the company on track Need to accelerate execution, and launch additional initiatives Accelerated competition from low-cost Asian players Increased price pressure in mature products P. 25
Slide 26: Shaping EUROAPI for long term profitable growth
Shaping EUROAPI for long term profitable growth Accelerated Execution Additional initiatives APIs Portfolio Further reduce exposure Enhance Corticosteroids Confirm leadership to commoditized low and Opiates value proposition in Prostaglandins Enhance Commercial Excellence margin small molecules thro
Slide 27: Long term ambition
Long term ambition Clear European-based sovereign supplier for complex APIs Strategic Reliable CMO partner Positioning Trusted CDMO for new drug development Sustainable Cost competitive supply chain Operating Lean & Capital-efficient industrial footprint Model Agile Organization P. 27
Slide 28: Full Year 2025 Results and FOCUS-27 plan update
Full Year 2025 Results and FOCUS-27 plan update 4 March 2026
Slide 29: Appendix
CULfOAPI Appendix
Slide 30: FY-2025 Net Sales Breakdown by molecules and clients
FY-2025 Net Sales Breakdown by molecules and clients 2025 2025* Large molecules Other Clients 7% HP APIs 2024 10% 2024 37% 10% 10% 14% 46% 12% 54% Bio-fermentation 68% 63% 69% Sanofi Complex chemistry * :Including an adjustment in the allocation of sales following the change in Opella’s majority sha
Slide 31: Glossary
Glossary Net Sales at Constant Exchange Rate (CER) FY 2024 sales at FY 2023 Exchange rates On a comparable basis At constant perimeter and constant exchange rates EBITDA and Core EBITDA EBITDA corresponds to operating income (loss) restated for depreciation and amortization and net impairment of int
Slide 32: Financial calendar
Financial calendar 27 May 2026 Annual General Meeting 28 July 2026 First-half 2026 results P. 32
Slide 33: Contacts
Contacts Sophie Palliez-Capian + 33 6 87 89 33 51 sophie.palliez@euroapi.com Léa Massonneau Tel: +33 (0)7 60 32 29 50 lea.massonneau@euroapi.com ir@euroapi.com P. 33