Dermapharm Holding Se · XETR:DMP
Dermapharm — Q1 2026 Earnings Presentation
21 slides from Dermapharm's earnings presentation, May 13, 2026
Slide 1: Investors' and Analysts' Conference Call Q1 2026
INVESTORS’ AND ANALYSTS’ CONFERENCE CALL Q1 2026 Grünwald, 13 May 2026 Image: Günther Fotodesign 1
Slide 2: Agenda
AGENDA 1 Financial figures 2 Outlook 2026 Image: Günther Fotodesign Dermapharm Q1 2026 2
Slide 3: Financial figures
1 Financial figures Dermapharm Q1 2026 3
Slide 4: Dermapharm Group: All segments contribute to EBITDA improvement
Dermapharm Group All segments contribute to EBITDA improvement Total Revenue EBITDA1 EAT2 Revenue increase of +1.1% to €305.8m €m €m, adjusted €m Strong revenue growth of branded products (+11.7%) +1.1% YoY EBITDA 28.6% ▪ high-margin existing portfolio 302.4 305.8 Margin ▪ latest acquisitions of Muc
Slide 5: Earnings after tax (EAT)
Earnings after tax (EAT) Increase in EAT driven by operational result and reduced interest cost EAT Reported EBITDA +€11.0m Financial result +€1.2m €m -0.4 45.1 +1.7 +0.1 -0.5 +4.7 +1.7 +1.0 Includes badwill from Mucos 33.2 +3.6 acquisition released to income (and adjusted) Strong organic growth
Slide 6: EBITDA adjustments in Q1 2026
Dermapharm Group EBITDA adjustments in Q1 2026 exclusively acquisition related €m Q1 2026 Q1 2025 One-time income -4.2 reversal of income from preliminary (subject to final purchase price allocation) badwill from the acquisition of Mucos Restructuring 1.1 Axicorp restructuring cost regarding the con
Slide 7: Net debt
Net debt Strong cash generation enables value creation through continuous debt reduction AND acquisition growth Net debt ▪ Net debt slightly decrease in Q1 2026 €m following a favourable net CF trend 937 ▪ Net debt / adjusted EBITDA1: 2.6x well below the defined covenant per the SFA (Dec 2025: 2.7x)
Slide 8: Balance Sheet of Dermapharm Group
Balance Sheet of Dermapharm Group Operational increase of current assets along with initial consolidation of Mucos Total assets Total equity and liabilities ▪ Increase in current assets driven by €m €m ▪ higher inventories, 2/3 of which are Mucos related 2,273 2,273 ▪ higher trade receivables are la
Slide 9: Working capital
Working capital Absolute NWC unchanged, cash cycle improves cut-off driven by 15 days €m Q1 2026 Q1 2025 YoY Inventory 359.7 350.7 2.6% Trade receivables 135.8 129.4 4.9% Trade payables 114.2 97.5 17.1% Net working capital 381.3 382.6 -0.3% Days DIO1 106 104 1.9% DSO 40 39 2.6% DPO 83 65 27.7% Cash
Slide 10: Cash flows and cash conversion
Cash flows and cash conversion Cash conversion increased due to sustainably lower income tax payments and slightly higher than average trade payables Cash flow and cash conversion1 ▪ Increasing CF from operating activities mainly €m and in % of Group EBITDA driven by ▪ higher result, Cash 68.4% conv
Slide 11: Cash flow from operating activities
Cash flow from operating activities mainly impacted by a slower build up of broad WC and lower tax payments Q1 2026 Q1 2025 YoY EBT 61.5 49.7 +11.8 Depreciation / amortisation fixed 20.3 20.0 +0.4 assets Net interest expense 8.2 9.6 -1.4 ▪ Lower interest expense from SFA due to favourable leverage r
Slide 12: Outlook 2026
2 Outlook 2026 Dermapharm Q1 2026 12
Slide 13: Outlook 2026
Outlook 2026 Organic growth, integration effects and efficiency gains strengthen profitability ▪ Further growth in “Branded pharmaceuticals” driven by organic growth of major brands, a continued roll out of products to international businesses, as well as the integration of recently acquired compani
Slide 14: Backup
Backup Dermapharm Q1 2026 14
Slide 15: Branded pharmaceuticals
Branded pharmaceuticals Benefitting from strong organic growth and M&A Revenue EBITDA1 Revenue increase of 11.7% to €162.9m, due €m €m, adjusted to +11.7% ▪ strong organic growth (+4.1%), YoY 162.9 45.4% particularly within the 145.8 ▪ domestic market (DACH) and EBITDA Margin 42.8% ▪ international b
Slide 16: Other healthcare products
Other healthcare products Strategic transformation at Arkopharma shows positive results; Euromed growing outside the US Revenue EBITDA Revenue of €95.0m approximately at prior year €m €m, adjusted level (-1.0%), ▪ Marginal decline is primarily attributable to the EBITDA 19.2% -1.0% Margin planned re
Slide 17: Parallel import business
Parallel import business Contribution margin driven portfolio optimisation shows positive results Revenue EBITDA1 Revenues decreased by -21.1% to €47.8m €m €m, adjusted and EBITDA improvement to €0.7m -21.1% (+€1.6m), caused by YoY EBITDA 1.5% ▪ contribution margin focused portfolio Margin 60.6 47.8
Slide 18: Earnings before tax (Group EBT)
Earnings before tax (Group EBT) Result increases mainly following the improved operating result Earnings before tax (EBT)1 EBT increased by +23.7% to €61.5m €m translating to an EBT margin of 20.1% EBT Margin Increase in EBT result mainly driven by 20.1% 16.4% ▪ higher (unadjusted) EBITDA (+€11.1m)
Slide 19: Financial calendar
Financial calendar 2026 Annual Report 2025 Non-financial Report 2025 Analysts‘ and Investors‘ Call FY 2025 Half-year Annual General Financial Report Quarterly Statement Meeting 2026 as at 30 June 2026 as at 30 September 2026 2026 31 March 26 June 25 August 12 November 10 March 13 May 11 August 2027
Slide 20: Disclaimer
Disclaimer This publication includes statements, estimates, opinions and projections with respect to the anticipated future performance of Dermapharm Holding SE (together with its consolidated subsidiaries, “Dermapharm”) and such statements, estimates, opinions and projections (“Forward-Looking Stat
Slide 21: For information, please contact
For information, please contact Britta Hamberger Investor Relations & Corporate Communications Dermapharm Holding SE E-Mail: ir@dermapharm.com Phone: +49 (0) 89 64186-233