Recordati S.p.a. · MIL:REC
Recordati — Recordati Industria Chimica e Farmaceutica — FY2025 Earnings Presentation
25 slides from Recordati's earnings presentation, Feb 18, 2026
Slide 1: Full Year 2025 Preliminary Results
FULL YEAR 2025 P R E L I M I N A RY R E S U LT S February 18, 2026
Slide 2: Agenda
AGENDA EXECUTIVE SUMMARY Rob Koremans, Chief Executive Officer FY 2025 PRELIMINARY RESULTS / FY 2026 TARGETS Mike McClellan, Chief Financial Officer I S T U R I S A ®/ m R N A - 3 9 2 7 Scott Pescatore, Executive VP Rare Diseases VALUE PROPOSITION Rob Koremans, Chief Executive Officer 2
Slide 3: Strong Performance in FY 2025, With Increasing Contribution From Rare Diseases
STRONG PERFORMANCE IN FY 2025, WITH INCREASING CONTRIBUTION FROM RARE DISEASES FINANCIAL PERFORMANCE IN -LINE WITH TARGETS N E T A D J . N E T F R E E C A S H E B I T D A 2 R E V E N U E I N C O M E 3 F L O W 4 € 2,618.4 million € 991.1 million € 651.1 million € 558.8 million +11.8% +14.5% +14.5% +4
Slide 4: Rare Diseases: Acceleration of Isturisa Uptake and Strong Enjaymo Contribution
R A R E D I S E A S E S : A CC E L E R AT I O N O F I S T U R I S A ® U P TA K E A N D S T R O N G E N JAY M O ® C O N T R I B U T I O N DRIVE ROBUST DOUBLE-DIGIT GROWTH K E Y H I G H L I G H T S Revenue FY 2025 vs FY 2024 million Euro +29.7% • Continued strong double-digit growth +29.7% vs PY despi
Slide 5: Isturisa: Strong U.S. Patient Trajectory With Investments on Track
I S T U R I S A ®: S T R O N G U . S . P A T I E N T T R A J E C T O R Y W I T H INVESTMENTS ON TRACK TO SUPPORT BROADENED REACH Investments to capture broader U.S. Isturisa® Patient Growth Cushing's syndrome market ~ 1,400 net 220 • Expanded field force, MSLs and additional active patients support
Slide 6: Strategic Collaboration With Moderna for mRNA-3927 in Propionic Acidemia
S T R AT E G I C C O L L A B O R AT I O N W I T H M O D E R N A TO DEVELOP AND COMMERCIALIZE mRNA-3927 FOR PROPIONIC ACIDEMIA mRNA-3927 is an investigational product aimed to restore propionyl-CoA carboxylase (PCC) enzyme activity in patients with propionic acidemia Propionic acidemia is a rare inhe
Slide 7: Specialty & Primary Care: Resilient Growth Despite Weaker Cough & Cold Season
S P E C I A LT Y & P R I M A R Y C A R E : R E S I L I E N T G R O W T H DESPITE WEAKER COUGH & COLD SEASON Pharmaceutical Revenue FY 2025 vs FY 20241 million Euro K E Y H I G H L I G H T S +2.0% • Growth of +2.0% or +3.8% like-for-like2 at CER; continued overperformance of promoted portfolio in mos
Slide 8: Growth Across Most Geographies, With Headwinds in Italy and Türkiye
GROWTH ACROSS MOST GEOGRAPHIES, WITH H E A D W I N D S I N I TA LY A N D L A C K O F P R I C E I N C R E A S E IN TÜRKIYE (million euro) FY 2025 FY 2024 Change % U.S.A. 515.2 391.5 31.6 Italy 322.9 330.5 (2.3) Spain 225.7 214.0 5.4 Russia, other CIS countries and Ukraine 183.5 150.5 21.9 France 179.
Slide 9: Double-Digit Growth Across Key Metrics
DOUBLE-DIGIT GROWTH ACROSS KEY METRICS % of % of (million Euro) FY 2025 FY 2024 Change % revenue revenue Revenue 2,618.4 2,341.6 11.8 Gross Profit 1,787.7 68.3% 1,600.3 68.3% 11.7 Adjusted Gross Profit1 1,854.4 70.8% 1,637.8 69.9% 13.2 SG&A Expenses (727.0) (27.8%) (654.4) (27.9%) 11.1 R&D Expenses
Slide 10: Free Cash Flow: Strong EBITDA Growth Partially Offset
F R E E C A S H F LO W : S T R O N G E B I T D A G R O W T H PA RT I A L LY O F F S E T BY H I G H E R I N V E N TO R Y ( U . S . ) A N D TA X PAY M E N T S (million Euro) FY 2025 FY 2024 Change EBITDA1 991.1 865.8 125.3 Movements in working capital (148.2) (112.5) (35.7) Changes in other assets & l
Slide 11: FY 2026 Targets
F Y 2 0 2 6 TA R G E T S FY 2025 FY 2026 € million Actual Targets Outlook Net Revenue • Rare Diseases to deliver robust high-teen organic growth at CER, driven by Endocrinology (accelerating Isturisa® growth) and Hema-Oncology Net Revenue 2,618.4 2,730 – 2,800 • SPC low single-digit organic growth a
Slide 12: Clear Unchanged Value Proposition, Well Positioned for Continued Success
CLE AR UNCHANGED VALUE PROPOSITION, WELL POSITIONED FOR CONTINUED SUCCESS Drive organic growth of Sustain high level of Pursue targeted Maintain clear capital diversified business profitability pipeline opportunities allocation policy Maximize volume growth Maintain sector-leading Targeted lifecycle
Slide 13: Questions & Answers
QUESTIONS & ANSWERS
Slide 14: Q&A
Q&A Rob Koremans Mike McClellan Scott Pescatore Alberto Martinez Milan Zdravkovic Chief Executive Chief Financial Executive VP Executive VP Executive VP Officer Officer Rare Diseases Specialty & Research & Primary Care Development 14
Slide 15: Appendix
APPENDIX
Slide 16: Composition of Revenue
COMPOSITION OF REVENUE DIVERSIFIED PORTFOLIO AND FOOTPRINT Therapeutic Areas Geographic Total Revenue FY 2025 Pharmaceutical Revenue FY 2025* Rare Diseases 41.3% Metabolic Specialty & Primary Care Endocrinology Türkiye 2.3% USA (incl. Chemicals) 58.7% Portugal Hema-Oncology North Africa 2.8% Cardiov
Slide 17: Main Product Net Revenue
MAIN PRODUCT NET REVENUE (million Euro) FY 2025 FY 2024 Change % Specialty & Primary Care 1,477.9 1,449.2 2.0 Zanidip® (lercanidipine) and Zanipress® (lercanidipine+enalapril)1 180.5 179.3 0.7 Eligard® (leuprorelin acetate) 129.4 127.7 1.3 Seloken®/Seloken® ZOK/Logimax® 107.0 108.8 (1.6) (metoprolol
Slide 18: FY 2025 Results by Operating Segments
F Y 2 0 2 5 R E S U LT S BY O P E R AT I N G S E G M E N T S Total Revenue FY 2025 EBITDA1 FY 2025 Specialty and Specialty and Primary Care (incl. Primary Care (incl. Chemicals) Chemicals) 41.3% 46.9% Rare Diseases Rare Diseases 58.7% 53.1% Margin on Revenue: Rare Diseases: EBITDA1 43.0% Specialty a
Slide 19: Leverage at Just Below 2.1x EBITDA
L E V E R A G E AT J U S T B E LO W 2 . 1 x E B I T DA (million Euro) FY 2025 FY 2024 Change Cash and cash equivalents 428.8 322.4 106.4 Short-term debts to banks and other lenders (23.8) (22.8) (1.0) Loans and leases - due within one year1 (313.0) (284.9) (28.1) Loans and leases - due after one yea
Slide 20: FY 2025 Results – Adjusting Items
F Y 2 0 2 5 R E S U LT S – A D J U S T I N G I T E M S Reconciliation of Net income to EBITDA1 Summary of key items (million Euro) FY 2025 FY 2024 Change % Net Income 443.6 416.5 6.5 Income Taxes 137.7 130.7 • FX gains of € 15.0 million in FY 2025 vs € 9.3 million losses in Financial (income)/expens
Slide 21: Update on Lifecycle Management Programs
U P DAT E O N L I F E C YC L E M A N A G E M E N T P R O G R A M S PROGRAM UPCOMING MILESTONE Osilodrostat • Uncontrolled hypertension due to Cushing’s Enrollment initiation in 2026 Syndrome (RCT) Pasireotide • Post-Bariatric Hypoglycaemia (PBH)1 Top-line results in Q2 2026 Results from interim anal
Slide 22: Osilodrostat (Isturisa): Phase IV Study in Mild Hypercortisolemia
O S I LO D R O S TAT ( I S T U R I S A ) : P H A S E I V S T U D Y TO G E N E R AT E A D D I T I O N A L D ATA O N C U S H I N G ' S S Y N D R O M E PAT I E N T S W I T H M I L D H Y P E R C O RT I S O L E M I A Objective: Assess efficacy and safety of osilodrostat in adults with mild hypercortisole
Slide 23: Phase 2 Trial of Pasireotide in Post-Bariatric Hypoglycemia
PHASE 2 CLINICAL TRIAL TO ASSESS THE EFFICACY A N D S A F E T Y O F PA S I R E OT I D E I N PAT I E N T S W I T H P O S T - B A R I AT R I C H Y P O G LYC E M I A 3+4 week screening / 12-week core phase 36-week extension phase run-in 200 µg s.c. pasireotide (TID) (N=18) • Bariatric surgery All patie
Slide 24: Company Declarations, Disclaimers and Profile
C O M PA N Y D E C L A R AT I O N S , D I S C L A I M E R S A N D PROFILE Statements contained in this presentation, other than historical facts, are “forward-looking statements” (as such term is defined in the Private Securities Litigation Reform Act of 1995). These statements are based on currentl
Slide 25: Our purpose: Unlocking the full potential of life.
Our purpose: Unlocking the full potential of life. ~ RECORDATI
Recordati Industria Chimica e Farmaceutica — FY2025 Earnings Presentation on 6ix