Slide 1: FY 2025 Financial Results & Business Update
23rd of February 2026 FY 2025 Financial Results & Business Update
Slide 2: Disclaimer
Disclaimer This document has been prepared by Almirall, S.A. (the “Company”) exclusively for use during the presentation. This Certain statements contained herein that are not historical facts are forward-looking statements. document includes only summary information and does not intend to be compre
Slide 3: Agenda
Agenda Carlos Gallardo, Chairman & CEO FY 2025 Highlights & Guidance Biologics Growth Drivers Update: Ilumetri® & Ebglyss® Karl Ziegelbauer, CSO Pipeline Updates Jon Garay, CFO Financial Review Carlos Gallardo, Chairman & CEO Closing Remarks FY 2025 Financial Results & Business Update
Slide 4: FY 2025 Highlights & Guidance
FY 2025 Highlights & Guidance FY 2025 Financial Results & Business Update
Slide 5: FY 2025 Results & 2026 Guidance
FY 2025 Financial Results & Business Update FY 2025 Results & 2026 Guidance Delivered FY 2025 guidance, paving the way for continued growth in upcoming years ✓ ✓ +12.4% €232.9 FY 2025 Guidance met: Net Sales YoY EBITDA MM 10% to 13% growth Between On the right trajectory towards our vs 2024 €220 MM
Slide 6: Mid-term Guidance
FY 2025 Financial Results & Business Update Mid-term Guidance Sustained top-line growth & ongoing EBITDA margin expansion Net Sales Double-digit CAGR EBITDA Margin 2023-2030 ~ 25% by 2028 6
Slide 7: FY 2025 highlights
FY 2025 Financial Results & Business Update FY 2025 highlights Strong 2025 results reinforcing progress toward mid-term targets Closing 2025 with solid performance Relevant EU products powering growth Innovation pipeline progressing well 2025 Guidance met Ilumetri® (psoriasis) 3 PoC/Phase II studies
Slide 8: Biologics Growth Drivers Update: Ilumetri & Ebglyss
Biologics Growth Drivers Update Ilumetri® & Ebglyss® FY 2025 Financial Results & Business Update 8
Slide 9: Ilumetri highlights
FY 2025 Financial Results & Business Update Ilumetri® highlights Continues to hold a favorable position in advanced psoriasis treatment, supported by real-world data FY 2025 Net Sales in Europe of €234 MM +12% YoY € Millon 234 Steady double-digit growth in FY 2025; >€300 MM peak target on track +25
Slide 10: Ebglyss highlights
FY 2025 Financial Results & Business Update Ebglyss® highlights Encouraging growth and uptake following launches in all key European markets FY 2025 Net Sales in Europe of €111 MM >3x YoY € Millon 111 €111 MM Net Sales in FY 2025, up more than 3x YoY following successful roll-out across all key Euro
Slide 11: Ebglyss life cycle management
FY 2025 Financial Results & Business Update Ebglyss® life cycle management Estimated completion timelines for select studies LumiNE ADHope 2 Efficacy & safety in Study to assess 24- adults with week effectiveness Nummular Eczema & safety ADTrust ADHope-2 includes ADlong an amended Observational stud
Slide 12: Pipeline Updates
Pipeline Updates FY 2025 Financial Results & Business Update
Slide 13: Life cycle management of marketed products
FY 2025 Financial Results & Business Update Life cycle management of marketed products Continuing to drive improved access and value for patients Life-cycle management (label extension) Molecule name Brand name Indication Phase I Phase II Phase III Registration Geography Sarecycline Seysara® Acne ✓
Slide 14: Ebglyss active life cycle management: nummular eczema
FY 2025 Financial Results & Business Update Ebglyss® active life cycle management: nummular eczema Nummular eczema Lebrikizumab Unmet need Mechanism of Disease Mechanism of Action • Chronic, idiopathic • Associated with impaired • IgG4 mAb targeting IL-13 with high affinity inflammatory skin disease
Slide 15: Disruptive pipeline potential with PoC studies shaping future growth
FY 2025 Financial Results & Business Update Disruptive pipeline potential with 6 PoC studies shaping future growth Molecule name Indication Phase I Phase II Phase III Registration Geography Anti-IL-1RAP mAb Hidradenitis suppurativa Anti-IL-1RAP mAb Inflammatory skin disease Anti-IL-21 mAb Hidradenit
Slide 16: Anti-IL-1RAP mAb & Anti-IL-21 mAb
FY 2025 Financial Results & Business Update Anti-IL-1RAP mAb & Anti-IL-21 mAb: two approaches to hidradenitis suppurativa Hidradenitis suppurativa Anti-IL-1RAP mAb Anti-IL-21 mAb Me c h a n i s m o f Me c h a n i s m o f A c t i o n Unmet need Disease • Blocks IL-1RAP, a • IL-21 blockade • Complex,
Slide 17: IL-2-mutant fusion protein for alopecia areata
FY 2025 Financial Results & Business Update IL-2-mutant fusion protein: a novel MoA aiming at the treatment of alopecia areata Alopecia areata IL-2muFc Unmet need Mechanism of Disease Mechanism of Action • Serious condition, • Reduced regulatory T cells with physical, emotional (Tregs), which protec
Slide 18: Financial Review
Financial Review FY 2025 Financial Results & Business Update
Slide 19: Ongoing revenue momentum & margin expansion
FY 2025 Financial Results & Business Update Ongoing revenue momentum & margin expansion FY 2025 Results Highlights Net Sales of €1,108.1 MM +12.4% EBITDA of €232.9 MM, +20.9% vs SG&A at €501.1 MM +7.9% vs FY year-on-year, driven by accelerating FY 2024, boosted by solid growth in 2024, with higher Q
Slide 20: Net Sales Breakdown by Products
FY 2025 Financial Results & Business Update Net Sales Breakdown by Products FY 2025 Results FY 2025 Net Sales breakdown FY 2025 Net Sales breakdown of the business by geography Million € FY 2025 FY 2024 % Chg YoY Europe 1,005.9 875.2 14.9% 40% Dermatology 608.0 484.1 25.6% General Medicine & OTC 397
Slide 21: Dermatology Sales Breakdown
FY 2025 Financial Results & Business Update Dermatology Sales Breakdown FY 2025 Results Million € FY 2025 FY 2024 % Chg YoY Europe 608.0 484.1 25.6% RoW; 2% Ilumetri 234.4 208.8 12.3% US; 7% Ebglyss 110.8 33.2 n.m. Ciclopoli franchise 48.2 48.3 (0.2%) Decoderm franchise 39.5 37.2 6.2% Wynzora 33.8 2
Slide 22: Income Statement
FY 2025 Financial Results & Business Update Income Statement FY 2025 Results Million € FY 2025 FY 2024 % Chg YoY Total Revenues 1,114.5 990.6 12.5% Net Sales growth fueled by strong Dermatology Net Sales 1,108.1 985.7 12.4% performance in Europe, led by Ilumetri ® & Ebglyss® Other Income 6.4 4.9 30.
Slide 23: Balance Sheet
FY 2025 Financial Results & Business Update Balance Sheet FY 2025 Results Million € Dec 2025 Dec 2024 Var €MM Goodwill & Intangible assets 1,251.1 1,296.5 (45.4) Goodwill & Intangible assets declined mainly Property, plant & equipment 168.9 153.8 15.1 driven by annual depreciation exceeding new Fina
Slide 24: Cash Flow
FY 2025 Financial Results & Business Update Cash Flow FY 2025 Results Million € FY 2025 FY 2024 Profit Before Tax increased by c. €48 MM, Profit Before Tax 74.4 26.5 +180% YoY Depreciation and amortization 151.2 139.1 Impairment (reversals) / losses - 10.0 Working Capital increased on higher receiva
Slide 25: FY 2026 Guidance: key moving parts
FY 2025 Financial Results & Business Update FY 2026 Guidance: key moving parts Full Year Guidance Expectations Net Sales growth Between 9% and 12% vs. 2025 (€1,108.1 MM) EBITDA Between €270 MM and €290 MM Key moving parts & considerations Revenue Be mindful of quarterly phasing SG&A Growth rate belo
Slide 26: Closing Remarks
Closing Remarks FY 2025 Financial Results & Business Update
Slide 27: Strong biologics momentum with PoC/Phase II programs advancing in 2026
FY 2025 Financial Results & Business Update Strong biologics momentum with 6 PoC/Phase II programs advancing in 2026 Poised to lead in an expanding Building on a Turning strategy dermatology market proven platform to into results via with a broad & drive sustainable disciplined relevant portfolio pr
Slide 28: Appendices
Appendices FY 2025 Financial Results & Business Update
Slide 29: Almirall's innovation & licensing network
Almirall’s innovation & licensing network Our main global discovery, research and licensing partnerships from early discovery to late-stage assets Collaboration including Discovery collaboration including in- In-licensed rights (Global) Discovery collaboration with in-licensed rights (Europe) licens
Slide 30: Income Statement CER
Million € FY 2025 FY 2025 CER Var FY 2024 % Var CER YoY % Chg YoY Income Total Revenues Net Sales 1,114.5 1,108.1 1,116.2 1,109.8 (1.7) (1.7) 990.6 985.7 12.7% 12.6% 12.5% 12.4% Statement CER Other Income Cost of Goods Gross Profit 6.4 (394.8) 713.3 6.4 (395.8) 714.0 - 1.0 (0.7) 4.9 (348.3) 637.4 30
Slide 31: Leading Product Net Sales
Leading Product Net Sales FY 2025 Results Million € FY 2025 FY 2024 % Chg YoY Ilumetri® 234.4 208.8 12.3% Ebglyss® 110.8 33.2 n.m. Ebastel® franchise 66.4 69.8 (4.9%) Ciclopoli® franchise 50.5 51.3 (1.6%) Almax® 42.4 44.8 (5.4%) Crestor® 41.4 43.4 (4.6%) Decoderm® franchise 39.7 37.7 5.3% Sativex® f
Slide 32: Reconciliations with financial statements
Reconciliations with financial statements Gross Margin & EBITDA Million € FY 2025 FY 2024 Million € FY 2025 FY 2024 Net Sales(1) 1,108.1 985.7 Operating Profit 73.1 36.1 (1) Procurements (264.5) (238.4) Directly traceable with annual accounts Other manufacturing costs(2) Amortization & Depreciation
Slide 33: Reconciliations with audited financial statements
Reconciliations with audited financial statements EBIT & Net Financial income/(expenses) Million € FY 2025 FY 2024 EBITDA 232.9 192.6 Amortization & Depreciation (151.2) (139.1) EBIT 81.7 53.5 Financial income 6.8 7.7 Financial cost (16.9) (15.6) Financial derivative 11.6 (0.5) Net Financial income
Slide 34: www.almirall.com
For further information, please contact: Pablo Divasson del Fraile Senior Director of Investor Relations Tel. +34 610 546 296 pablo.divasson@almirall.com Or visit our website: www.almirall.com