Recordati S.p.a. · MIL:REC
Recordati — Recordati Industria Chimica e Farmaceutica — H1 2026 Earnings Presentation
22 slides from Recordati's earnings presentation, Jul 29, 2026
Slide 1: First Half 2026 Results
FIRST HALF 2026 R E S U LT S July 29, 2026
Slide 2: Agenda
AGENDA EXECUTIVE SUMMARY Rob Koremans, Chief Executive Officer H1 2026 RESULTS Mike McClellan, Chief Financial Officer 2
Slide 3: Continued solid performance across key metrics driven by momentum in rare diseases
CONTINUED SOLID PERFORMANCE ACROSS KEY METRICS DRIVEN BY MOMENTUM IN RARE DISEASES FINANCIAL PERFORMANCE 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 € 1,410.8 million € 540.2 million € 349.9 million € 299.4 million +6.6% +8.8% +6.7% +€ 42.6 million 9.1% li
Slide 4: Rare Diseases: robust performance led by Isturisa
RARE DISE ASES: ROBUST PERFORMANCE LED BY ISTURISA ® G R O W T H A N D E N J AY M O ® M O M E N T U M Revenue H1 2026 vs H1 2025 million Euro KEY HIGHLIGHTS Endocrinology +17.1% • Double-digit growth +17.1% vs PY (+22.0% like-for-like1 at CER) supported by continued momentum in Hema-Oncology Endocri
Slide 5: Specialty & Primary Care: resilient performance
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 P E R F O R M A N C E D E S P I T E ONE-OFF HEADWINDS AND LOW COUGH & COLD SEASON Pharmaceutical Revenue H1 2026 vs H1 2025(1)(2) million Euro K E Y H I G H L I G H T S Cardiovascular -0.1% • Sales broadly stable vs previous year, -0.1% or
Slide 6: Strong U.S. momentum partially offset by one-off headwinds
S T R O N G U . S . M O M E N T U M PA R T I A L LY O F F S E T B Y O N E - O F F HEADWINDS IN SELECT REGIONS (million euro) H1 2026 H1 2025 Change % U.S. 312.4 241.3 29.5 Italy 166.5 181.9 (8.5) Spain 123.9 110.4 12.2 France 88.3 93.2 (5.3) Russia, other CIS countries and Ukraine 87.4 81.1 7.7 Germ
Slide 7: Growth across all key metrics
GROWTH ACROSS ALL KEY METRICS % of % of (million Euro) H1 2026 H1 2025 Change % revenue revenue Revenue 1,410.8 1,323.8 6.6 Gross Profit 1,008.8 71.5% 882.6 66.7% 14.3 Adjusted Gross Profit1 1,008.8 71.5% 929.5 70.2% 8.5 SG&A Expenses (394.3) (28.0%) (368.4) (27.8%) 7.0 R&D Expenses (179.1) (12.7%)
Slide 8: Higher free cash flow driven by strong EBITDA performance
HIGHER FREE CASH FLOW DRIVEN BY STRONG EBITDA PERFORMANCE (million Euro) H1 2026 H1 2025 Change EBITDA1 540.2 496.3 43.9 Movements in working capital (106.3) (102.9) (3.4) Changes in other assets & liabilities 29.6 (2.7) 32.3 Interest received/(paid) (45.1) (45.5) 0.4 Income tax paid (104.6) (75.9)
Slide 9: Confirming FY targets
C O N F I R M I N G 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-di
Slide 10: Questions & Answers
QUESTIONS & ANSWERS
Slide 11: 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 11
Slide 12: Appendix
APPENDIX
Slide 13: Composition of revenue
COMPOSITION OF REVENUE DIVERSIFIED PORTFOLIO AND FOOTPRINT Therapeutic Areas Geographic Total Revenue H1 2026 Pharmaceutical Revenue H1 2026* Rare Diseases 42.8% Metabolic Specialty & Primary Care Endocrinology Türkiye 2.0% USA (incl. Chemicals) 57.2% Portugal Hema-Oncology North Africa Cardiovascul
Slide 14: Main products net revenue
MAIN PRODUCTS NET REVENUE (million Euro) H1 2026 H1 2025 Change % Specialty & Primary Care 773.5 774.4 (0.1) Zanidip® and Zanipress® (lercanidipine+enalapril)1 99.7 106.6 (6.4) Eligard® (leuprorelin acetate) 69.1 63.1 9.5 Avodart® (dutasteride) and Combodart®/Duodart® 50.4 52.7 (4.3) (dutasteride/ta
Slide 15: Results by operating segments
H 1 2 0 2 6 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 H1 2026 EBITDA1 H1 2026 Specialty and Specialty and Primary Care (incl. Primary Care (incl. Chemicals) Chemicals) 42.8% 48.2% Rare Diseases Rare Diseases 57.2% 51.8% Margin on Revenue: Rare Diseases: EBITDA1 43.1% Specialty a
Slide 16: Leverage below 1.9x EBITDA
LEVERAGE BELOW 1.9x EBITDA (million Euro) 30-June-26 31-Dec-25 Change Cash and cash equivalents 391.4 428.8 (37.4) Short-term debts to banks and other lenders (22.7) (23.8) 1.1 Loans and leases - due within one year1 (596.8) (313.0) (283.8) Loans and leases - due after one year1 (1,689.0) (2,129.3)
Slide 17: Results – adjusting items
H 1 2 0 2 6 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) H1 2026 H1 2025 % Net Income 269.7 216.1 24.8 Income Taxes 92.2 68.2 • Net FX losses of € 4.2 million in H1 2026 vs € 7.5 million net Financial (income)/expenses, net 57
Slide 18: R&D program update
R & D P R O G R A M U P DAT E PROGRAM UPCOMING MILESTONE Osilodrostat • Hypertension caused by hypercortisolemia Enrollment initiation to begin in August 2026 due to Cushing’s syndrome Pasireotide • Post-Bariatric Hypoglycemia (PBH)1 Phase 3 development plan to be finalized by year-end 2026 • High R
Slide 19: Osilodrostat (Isturisa): Phase IV study in hypertension due to Cushing's syndrome
O S I L O 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 I N PAT I E N T S W I T H H Y P E RT E N S I O N C A U S E D BY HYPERCORTISOLEMIA DUE TO CUSHING'S SYNDROME Objective: Assess efficacy and safety of osilodrostat in adults with mild hypercortisolemia and uncontrolled hypertension (
Slide 20: Phase 2 clinical 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 21: 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 22: Our purpose
Our purpose: Unlocking the full potential of life. ~ RECORDATI
Recordati Industria Chimica e Farmaceutica — H1 2026 Earnings Presentation on 6ix