Bachem Holding Ag Class B · SIX:BANB
Bachem Holding Ag Class B — FY2025 Earnings Presentation
31 slides from Bachem Holding Ag Class B's earnings presentation, Mar 12, 2026
Slide 1: Full Year Results 2025
FULL YEAR RESULTS 2025 Date | March 12, 2026 Location | Zurich / Zoom Call Name | Anne-Kathrin Stoller, Alain Schaffter
Slide 2: Housekeeping
HOUSEKEEPING At the end of the presentation there will be time for questions. Write to us in the Q&A section anytime. This call will be recorded and playback will be posted on bachem.com. 2 Bachem FY Results 2025
Slide 3: Agenda
AGENDA Full Year Results 2025 – Anne-Kathrin Stoller, CEO 01 Financial Review 2025 – Alain Schaffter, CFO 02 03 Outlook 2026 – Anne-Kathrin Stoller, CEO 04 Q & A - all 3 Bachem FY Results 2025
Slide 4: Full Year Results 2025
FULL YEAR RESULTS 2025 Anne-Kathrin Stoller 4 Bachem FY Results 2025
Slide 5: Key Results 2025
KEY RESULTS 2025 CHF 695.1m CHF 214.7m CHF 332.6m sales EBITDA capex invested +14.8% (in CHF) +21.8% (in CHF) CHF 271.6m operating cash flow +19.2% (in local currencies) +32.6% (in local currencies) Key drivers: All product categories contributing. 30.9% 2 511 EBITDA margin FTE (+304) 5 Bachem FY Re
Slide 6: Sales (in CHF million): Bachem with strong growth
SALES (IN CHF MILLION) BACHEMWITHSTRONGGROWTH +15% 695.1 605.3 578.0 532.0 503.0 2021 2022 2023 2024 2025 Sales 6 Bachem FY Results 2025
Slide 7: Larger volume projects driving growth
LARGER VOLUME PROJECTS DRIVING GROWTH Sales distribution by customer tiers in % of sales 100% 100% 100% 100% 100% 37% 39% 37% 42% 44% 15% 22% 17% 17% 17% 44% 48% 41% 39% 42% 2021 2022 2023 2024 2025 Top 5 Top 6-10 Other 7 Bachem FY Results 2025
Slide 8: Sales by product categories (in CHF million)
SALES BY PRODUCT CATEGORIES (IN CHF MILLION) Change in in CHF million 2025 Change in CHF Sales share local currency Research & Specialties 47.7 + 8.8% + 13.8% 6.9% CMC Development 304.0 + 29.7% + 35.6% 43.7% Commercial API 343.4 + 5.0% + 8.2% 49.4% Total sales 695.1 + 14.8% + 19.2% 100.0% Rounding d
Slide 9: 2025 Sales - Growth Drivers
2025 SALES - GROWTHDRIVERS Commercial API: • Increased campaign-mode production (“CMO”) resulting in enhanced planning reliability and more efficient capacity utilization. • Operational excellence measures in Bubendorf materialized. • Shift work implemented and fully operative. CMC Development: • Ma
Slide 10: CMC Projects in Development
CMCPROJECTS INDEVELOPMENT No. of No. of Phase projects projects end 2025 end 2024 • Thoughtful project selection. Preclinical 65 79 • Quality over quantity. Phase 1 36 41 • Balanced pipeline. Phase 2 35 38 Phase 3 16 12 Total 152 170 10 Bachem FY Results 2025
Slide 11: Capacity Expansion Switzerland
CAPACITYEXPANSION SWITZERLAND Bubendorf • Building K: Successful inspection of the first part by RHI (regulatory authorities); unchanged commercial manufacturing launch schedule as aligned with the customer. • Existing campus: Several additions to reduce bottlenecks. Vionnaz • Investments to secure
Slide 12: Capacity Expansion U.S. & Operational Excellence
CAPACITYEXPANSION U.S. & OPERATIONAL EXCELLENCE United States, California • Vista: Ongoing progress of large-scale capacity projects, incl. purchase of a third building adjacent to the current site. • Torrance: Focus on modernization of the site as well as increasing the automation of small-scale ma
Slide 13: Dedication to Continuous Progress and Excellence in Sustainability
DEDICATION TOCONTINUOUS PROGRESS AND EXCELLENCE INSUSTAINABILITY • EcoVadis: Bachem earned the Gold Medal and ranked among the top 5% of all companies evaluated by EcoVadis, and within the top 2% in the category “Manufacture of basic pharmaceutical products and pharmaceutical preparations”. • Scienc
Slide 14: Financial Review 2025
FINANCIAL REVIEW 2025 Alain Schaffter 14 Bachem FY Results 2025
Slide 15: Key Figures 2025
KEY FIGURES 2025 Change in 2025 2024 Change CHF local currency Sales (in CHF million) 695.1 605.3 + 14.8% + 19.2% EBITDA (in CHF million) 214.7 176.3 + 21.8% + 32.6% in relation to sales 30.9% 29.1% EBIT (in CHF million) 167.3 133.0 + 25.7% + 39.8% in relation to sales 24.1% 22.0% Net income (in CHF
Slide 16: Drivers of EBITDA Margin (in %)
DRIVERS OF EBITDA MARGIN (IN %) 30.9 0.1 0.5 2.4 1.7 0.7 29.1 0.2 28.5 EBITDA COGS M&S R&D G&A / Impact from Recurring Other non- Reported margin other currency EBITDA recurring EBITDA 2024 income margin 2025 items margin 2025 In local currency, the recurring EBITDA margin for 2025 is 30.2% and incr
Slide 17: Cash Flow Analysis (in CHF million)
CASH FLOW ANALYSIS (IN CHFMILLION) • Capex -329.4 • Sale of Building +3.5 • Other items +0.9 +56.9 23.4 271.6 85.4 214.7 58.1 54.1 • Dividend distributed -63.7 10.3 1.2 • Loan from Ingro Finanz AG +33.0 • Loans from banks +24.3 • Addition own shares -2.9 • Other items -0.6 325.0 9.9 0.8 -64.1 EBITDA
Slide 18: Balance Sheet Analysis (in CHF million)
BALANCE SHEET ANALYSIS (IN CHF MILLION) Net Debt Prepayments Customers Balance Sheet and Equity ratio 369 2109 95 1923 286 182 95 93 31 0 72% 69% 193 187 -57 -26 Dec. 31, 2024 Dec. 31, 2025 Dec. 31, 2024 Dec. 31, 2025 Dec. 31, 2024 Dec. 31, 2025 Cash and cash equivalents Current prepayments from cus
Slide 19: Capex Overview 2021 – 2025 and Outlook
CAPEX OVERVIEW 2021 – 2025 AND OUTLOOK Outlook 2026: Above CHF 400million 332.6 292.2 269.0 142.6 130.7 46.6 48.3 47.4 28.4 33.3 47.9 37.4 43.3 26.0 26.8 2021 2022 2023 2024 2025 CAPEX in CHF M Depreciation in CHF M CAPEX in % of sales 19 Bachem FY Results 2025
Slide 20: Outlook 2026
OUTLOOK 2026 Anne-Kathrin Stoller 20 Bachem FY Results 2025
Slide 21: The need for chemically manufactured TIDES is growing
THE NEED FOR CHEMICALLY MANUFACTURED TIDES IS GROWING 1 Increasing complexity of molecules Peptides and 2 More convenient oral administration oligonucleotides New indications, both in in rare diseases as well as growth is driven by 3 large patient populations 21 Bachem FY Results 2025
Slide 22: Peptide market driven by metabolic launches
PEPTIDE MARKET DRIVEN BY METABOLIC LAUNCHES Growing Global Peptide Pipeline1 Phase 3 Peptide Projects by Indication1 196 184 185 178 175 160 Oncology 149 145 149 20% 130 Metabolic 30% 90 Neurology 85 88 78 80 9% 69 60 Cardiovascular 48 48 39 4% Hormonal 4% Other 32% 2021 2022 2023 2024 2025 Phase 1
Slide 23: Current trends in peptide drug development
CURRENT TRENDS IN PEPTIDE DRUG DEVELOPMENT Metabolic Increasing Interest in Increasing Complexity 01 Indications Peptides Fueled by GLPs of Target Molecules Note. From 677494821, by Halfpoint, Adobe Stock Note. From 1560211035, by Tanvir, Adobe Stock Note. AI generated, Bachem • $120B+ Metabolic Meg
Slide 24: Oligo market moving towards larger indications
OLIGO MARKET MOVING TOWARDS LARGER INDICATIO Growing Global Oligo Pipeline1 Phase 3 Oligo Projects by Indication2 120 9% Cardiovascular 98 95 94 16% 80 Musculosceletal 75 72 9% 63 Sensory 50 Metabolic 38 13% 9% 22 24 23 21 23 22 Oncology 14 14 16 17 Anti-infective 9% 13% 2021 2022 2023 2024 2025 Oth
Slide 25: Current trends in oligo drug development
CURRENT TRENDS IN OLIGO DRUG DEVELOPMENT Extrahepatic Expansion into AI-driven drug 01 Delivery Broader Indications development Fleming, N., 2018. How artificial intelligence is changing drug discovery. Nature, 557(7706), pp.S55-S55. Note. From 209765194, by Kzenon, Adobe Stock Several recent collab
Slide 26: Three operating modes driving sustainable success
THREEOPERATING MODES DRIVING SUSTAINABLE SUCCESS Leading expert in TIDES: leverage development expertise and Strategic partner: reliable large- continue to drive innovation scale manufacturing «Trailblazing» CDMO CMO CDMO CMO Going beyond today’s Contract Contract Manufacturing Development and Contr
Slide 27: Business Priorities 2026
BUSINESS PRIORITIES 2026 Bachem priorities 2026 • Consistent, high-quality execution of existing contracts; client satisfaction. • Ramp-up of the first part of Building K while finishing the constructions of the second part. • Partnership in the Sisslerfeld project. • Prepare the ground for Bachem's
Slide 28: 2026 Outlook
2026 OUTLOOK 2026 Sales 35% - 45% growth in local currencies. Profitability EBITDA margin in low thirties in local currencies. 28 Bachem FY Results 2025
Slide 29: Q & A
Q&A All 29 Bachem FY Results 2025
Slide 30: Thank you for your attendance
THANK YOU FOR YOUR ATTENDANCE Question? Upcoming financial events Send an e-mail to… Annual General Meeting April 29, 2026 ir@bachem.com Half-year 2026 report July 30, 2026 media@bachem.com Capital Markets Day November 26, 2026 30 Bachem FY Results 2025
Slide 31: Disclaimer
DISCLAIMER This presentation contains certain forward-looking statements. These forward-looking statements may be identified by words such as ‘believes’, ‘expects’, ‘anticipates’, ‘projects’, ‘intends’, ‘should’, ‘seeks’, ‘estimates’, ‘future’ or similar expressions or by discussion of, among other