Galderma Group Ag · SIX:GALD
Galderma — FY 2025 Earnings Presentation
48 slides from Galderma's earnings presentation, Mar 5, 2026
Slide 1: FY 2025 financial results
FY 2025 financial results MARCH 05, 2026
Slide 2: Forward-looking statements
Forward-looking statements Certain statements in this Presentation are forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "plans", "targets", "aims", " believes", "expects", "anticipates", "intends", "estimates",
Slide 3: Agenda
1. Highlights Flemming Ørnskov, M.D., MPH 2. Performance update Chief Executive Officer 3. Financial results Thomas Dittrich 4. Outlook Chief Financial Officer 5. Q&A and final remarks 3
Slide 4: Highlights
GALDERMA EST. 1981 Highlights
Slide 5: Transformation largely completed as we advance on our journey to build the global dermatology powerhouse
Transformation largely completed as we advance on our journey to build the global dermatology powerhouse 2020-2023 2024-2025 2026+ New stand-alone Capital structure reset as Diversified long-term company owned by PE newly listed, low free float shareholder base Execution Refocused on dermatologists
Slide 6: Dermatology category leader – 2025 select highlights
Dermatology category leader – 2025 select highlights Broadest portfolio with Global scale with omni-channel Market-leading leading science & innovation execution excellence education & services Innovation launched across a portfolio of Growth across our top 10 markets4, with Broad education, trainin
Slide 7: Key financial highlights
Key financial highlights Record net sales, surpassing 5 B USD for the FY 2025 5,207 +17.7% first time, with broad-based growth across NET SALES geographies and product categories, mainly M USD Constant currency1 year-on-year growth volume-driven FY 2025 1,211 +18.9% Core EBITDA margin expansion of +
Slide 8: Performance update
GALDERMA 2. Performance update
Slide 9: Continued strong growth momentum
Continued strong growth momentum Galderma net sales, in M USD 5,207 4,410 Constant currency growth +17.7% Reported growth +18.1% FY 2024 FY 2025 Growth predominantly driven by strong volume complemented by favorable mix 9
Slide 10: Injectable Aesthetics
Constant Net sales, in M USD currency growth Reported growth Injectable Aesthetics +11.5% +11.9% 2,572 2,299 Neuro- 1,471 +14.3% +14.5% modulators 1,285 Fillers & 1,014 1,101 +8.0% +8.5% Biostimulators FY 2024 FY 2025 10
Slide 11: Strong Neuromodulator portfolio strategy, with Relfydess shaping the future of neuromodulation
Strong Neuromodulator portfolio strategy, with Relfydess shaping the future of neuromodulation Celebrating Relfydess’ strong 1st year in the market Progressing on Relfydess’ global expansion Advisory Board confirming perceived benefits Q1 launches underway by healthcare professionals and patients: U
Slide 12: Preparing the next horizon of growth in Fillers & Biostimulators
Preparing the next horizon of growth in Fillers & Biostimulators Restylane innovation & demand generation Regenerative aesthetics expansion Approvals New global campaign Sculptra in China Sculptra Body in Europe Restylane Lyft for the chin in the U.S. Restylane Defyne >30,000 healthcare & Refyne in
Slide 13: Dermatological Skincare
Constant Net sales, in M USD currency growth Reported growth Dermatological Skincare 1,449 1,331 +9.3% +8.9% FY 2024 FY 2025 NB: Key brands, not exhaustive 13
Slide 14: Digital-first strategy an important growth engine for Cetaphil – on a strong momentum
Digital-first strategy an important growth engine for Cetaphil – on a strong momentum Global activations to support engagement & growth Another outstanding performance in China in Q4 2025 Record Double 11 season Ecosystem for one of the world’s Immersive, science-driven pop-up >10 billion media impr
Slide 15: Many expansion opportunities in Dermatological Skincare
Many expansion opportunities in Dermatological Skincare, especially launches Internationally & Alastin growth globally Cetaphil Skin Activator strong Alastin fastest growing physician-dispensed launch uptake in the U.S. skincare brand in the U.S. Top 2 new product introduction since launching in Top
Slide 16: Therapeutic Dermatology
Constant Net sales, in M USD currency growth Reported growth Therapeutic Dermatology 1,185 +50.2% +52.0% 780 733 757 452 23 FY 2024 FY 2025 NB: Key brands, not exhaustive 16
Slide 17: Nemluvio: Outstanding launch trajectory in the U.S.
Nemluvio: Outstanding launch trajectory in the U.S. Paid NBRx1 weekly market share trend (new patient starts) ~35% ~8% in prurigo nodularis in atopic dermatitis Itch relief – fast Relieves the urge to scratch in some 8/10 adults maintained significant Majority patients as soon as itch relief after 1
Slide 18: Nemluvio: Itch relief main reason to prescribe
Nemluvio: Itch relief main reason to prescribe, while real world experience provides conviction also on skin clearance Share of U.S healthcare professional that rate brand attributes high in moderate-to-severe atopic dermatitis Nemluvio Leading brand Prescribers with low/ limited Nemluvio adopters (
Slide 19: Broad-based performance momentum
Constant Net sales, in M USD currency growth Reported growth Broad-based 5,207 performance 4,410 momentum 2,976 +13.8% +14.4% International 2,600 U.S. 2,231 +23.3% +23.3% 1,810 FY 2024 FY 2025 19
Slide 20: We continue to advance our ESG agenda as an integral part of our strategy
We continue to advance our ESG agenda as an integral part of our strategy Advanced our ESG Strategy, delivering against all Continued progress on non-financial disclosure our 2025 non-financial objectives and growing external recognition 9 We leveraged Galderma's inaugural double materiality We obta
Slide 21: Financial results
GALDERMA EST.1981 3. Financial results
Slide 22: Record financial performance in FY 2025
Record financial performance in FY 2025 FY 2025 top-line FY 2025 bottom-line FY 2025 cash & balance sheet 5,207 M USD 1,211 M USD (23.3%1) 1.5x Net sales Core EBITDA (margin) Leverage2 +17.7% +18.9% 240 M USD Constant currency growth Constant currency growth Gross debt repaid early +18.1% 871 M USD
Slide 23: Core EBITDA margin expansion at constant currency and significant core net income growth
Core EBITDA margin expansion at constant currency and significant core net income growth In M USD Constant currency FY 2024 FY 2025 Reported growth growth Net sales 4,410 5,207 +18.1% +17.7% Core Gross Profit 3,290 3,847 +16.9% As % of net sales 74.6% 73.9% -71bps Core EBITDA 1,031 1,211 +17.4% +18.
Slide 24: Continued improvement in underlying profitability, in a year of key launches
Continued improvement in underlying profitability, in a year of key launches beyond Nemluvio and reinvestments into growth Core EBITDA margin evolution ILLUSTRATIVE ONLY – BAR SIZE NOT AT SCALE Core EBITDA margin 24.9% 27.0% 28.5% 28.7% excl. nemolizumab Nemolizumab Nemolizumab costs1 : Nemolizumab
Slide 25: Cash generation allowing for debt repayment, share repurchases and dividend payment
Cash generation allowing for debt repayment, share repurchases and dividend payment In M USD -257 -154 1,441 -708 780 457 Cash Cash generated Interests Capex and Financing cash Cash Jan 01 2025 from operations1 and taxes2 milestones flow and FX3 Dec 31 2025 +1,211 Core EBITDA4 -146 Interest -131 Cor
Slide 26: Leverage reduced to 1.5x at December 31st 2025
Leverage reduced to 1.5x at December 31st 2025 Net indebtedness1, in M USD, and leverage ratio -534 2,356 Including 23 M USD milestone payments 1,822 -1,154 41 61 363 154 Jan 01 2025 Net cash Investing Repurchases Dividend Non-cash Dec 31 2025 generation 2 activities of shares payment impacts 3 2.3x
Slide 27: Focused capital allocation: Organic growth still the priority
Focused capital allocation: Organic growth still the priority, with increased strategic optionality Priorities 2025 key achievements 1. Organic Investing behind the growth momentum of the current business Continued strong sales growth trajectory, growth investing to outpace the market Business 2. de
Slide 28: Outlook
GALDERMA EST. 1981 Outlook
Slide 29: 2026: Expanding opportunities to drive growth
2026: Expanding opportunities to drive growth 1 Ramping-up significant launches 2025-26 includes Nemluvio, Relfydess, Sculptra (China), Restylane SHAYPE (Brazil), new Restylane indications (U.S.), and Dermatological Skincare ongoing innovation 5 Dynamic approach 2 Global opportunity for further mark
Slide 30: 2026 guidance
2026 guidance Group Net sales +17-20% Growth in Constant Currency Core EBITDA margin Approximately 26% Core EBITDA margin at Constant Currency NB: Assumes a 15% U.S. tariff on the import value of Restylane and Sculptra 30
Slide 31: Nemluvio: Raising expectations on a strong trajectory with significant demand
Nemluvio: Raising expectations on a strong trajectory with significant demand From To Peak sales potential in AD & PN > 2 B USD > 4 B USD Break-even year 2027 2026 Quarterly blockbuster run-rate Towards end 2027 Approach in Q3 2026 31
Slide 32: Specifying 2023-2027 mid-term guidance, within or above the previously stated ranges
Specifying 2023-2027 mid-term guidance, within or above the previously stated ranges Previously stated mid-term guidance, 2023-2027E CC CAGR Updated 2023-2027 ‘Teens’ defined as numbers greater than 10% and lower than 20% guidance1 ‘Low to mid-teens2’ CAGR +15 - 17% Group Net Sales incl. nemolizumab
Slide 33: Q&A and final remarks
Closing Q&A and final remarks
Slide 34: Accelerated growth in 2025, widespread across geographies and product categories
Accelerated growth in 2025, widespread across geographies and product categories, driven by Galderma’s proven integrated dermatology strategy Record net sales of 5.207 B USD for the full year, surpassing 5 B USD for the first time, growing +17.7% at constant currency, mainly driven by volume Full ye
Slide 35: Galderma
GALDERMA EST. 1981
Slide 36: Appendix
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Slide 37: Basis of financial information
Basis of financial information Y • Galderma has one reportable segment for financial reporting purposes Disclosure • Galderma provides additional Net Sales disclosure on product categories (Injectable Aesthetics, Dermatological Skincare, Therapeutic Dermatology) • Galderma also provides additional N
Slide 38: Strong growth momentum in net sales
Strong growth momentum in net sales FY 2025 constant currency year-on-year growth DERMATOLOGICAL THERAPEUTIC INJECTABLE AESTHETICS SKINCARE DERMATOLOGY +11.5% +9.3% +50.2% +17.7% Volume as the primary FILLERS & growth driver NEUROMODULATORS BIOSTIMULATORS +14.3% +8.0% +13.8% International +23.3% U.S
Slide 39: Full year 2025 net sales by product category and geography
Full year 2025 net sales by product category and geography Net sales Year-on-year growth In M USD FY 2024 FY 2025 Constant currency Reported Group total 4,410 5,207 17.7% 18.1% By product category Injectable Aesthetics 2,299 2,572 11.5% 11.9% Neuromodulators 1,285 1,471 14.3% 14.5% Fillers & Biostim
Slide 40: Q4 2025 net sales by product category and geography
Q4 2025 net sales by product category and geography Net sales Year-on-year growth In M USD Q4 2024 Q4 2025 Constant currency Reported Group total 1,151 1,469 25.2% 27.6% By product category Injectable Aesthetics 601 701 14.5% 16.6% Neuromodulators 358 418 15.0% 16.7% Fillers & Biostimulators 243 283
Slide 41: Overview of foreign exchange exposure
Overview of foreign exchange exposure Sales exposure by currency (2025) Significant exchange rates, compared to the USD Predominantly FY 2025 average rate Feb 2026 closing rate EUR, AUD and USD BRL 1.206 CHF 1.294 44% Other 58% EUR 1.130 1.181 BRL 0.179 0.195 AUD 0.645 0.713 Core EBITDA by currency
Slide 42: Reconciliation of FY 2025 reported to certain Core P&L items
Reconciliation of FY 2025 reported to certain Core P&L items Exceptional and IFRS - as transformation In M USD reported related items Amortization Depreciation Impairment1 Core reporting % Net Sales2 Net sales 5,207 - - - - 5,207 Other revenue 34 - - - - 34 Cost of goods sold (1,632) - 209 24 5 (1,3
Slide 43: Reconciliation of FY 2025 Net income to Core EBITDA and Core net income
Reconciliation of FY 2025 Net income to Core EBITDA and Core net income In M USD FY 2024 FY 2025 Core EBITDA 1,031 1,211 % margin 23.4% 23.3% Exceptional and transformation related adjustments (60) (16) Other income / (expenses) (33) (43) 1 Total EBITDA adjustments (93) (59) EBITDA 938 1,152 % margi
Slide 44: Reconciliation of FY 2025 reported to Core CAPEX
Reconciliation of FY 2025 reported to Core CAPEX In M USD FY 2024 FY 2025 Expenditure on property, plant and equipment 128 113 Expenditure on intangible assets 147 41 Total capital expenditure 276 154 - Transformation-related investments (3) - - IP and operating rights acquisitions (126) (23) Core C
Slide 45: Reconciliation of FY 2025 Core EBITDA adjustments
Reconciliation of FY 2025 Core EBITDA adjustments In M USD FY 2024 FY 2025 Description Litigation costs primarily relate to legal fees, the largest item of which relate to legal arbitration cases initiated by Litigation and onerous items (12) (20) Galderma. Onerous items includes cost associated wit
Slide 46: 2025 Total Net Indebtedness
2025 Total Net Indebtedness In M USD 31-Dec-24 31-Dec-25 Total Indebtedness 2,813 2,602 Cash and Cash Equivalents (457) (780) Total Net Indebtedness 2,356 1,822 NB: Indebtedness includes financial debt and lease liabilities 46
Slide 47: Additional modelling metrics
Additional modelling metrics 2025 actuals 2026 40 M USD Non-core adjustments1 30 – 40 M USD (59 M USD incl. Operating Fx) 4.0%4 Effective tax rate2 ~ 20% (20.8% excl. one-time benefit) Core CAPEX, 2.5% ~ 3% as a % of net sales Net working capital, -4.2% -1 – -3% as a % of net sales Net financial exp
Slide 48: For more information, please visit our website
For more information, please visit our website: Investors | Galderma For any questions, please reach out by email at: investors@galderma.com