EUROAPI : Rapport financier semestriel 2026

About this update from Euroapi Sa

fOAPI Active Solutions for Health 2026 If-Yeor nciol Report 2026 HALF-YEAR FINANCIAL REPORT Half-year management report 4 Notes to the condensed half-year consolidated financial statements as of June 30, 2026 18 Consolidated financial statements 12 Consolidated statement of financial position 13 Statutory auditors' review report on the half-yearly financial information 45 Statement by the person responsible for the half-year report 46 Consolidated income statement 14 Consolidated statement of comprehensive income 15 Consolidated statement of cash flows 16 Consolidated statement of changes in equity 17 ‌HALF-YEAR 2026 MANAGEMENT REPORT Highlights of the first half of 2026 5 Main events 5 Other events 5 Analysis of the Group's results for the six-month period ended June 30, 2026 6 Group income statement analysis 6 Group cash flow analysis 9 Related party transactions 11 Outlook 11 Outlook 2026 11 Main risks and uncertainties for the next six months 11 HALF-YEAR 2026 Management report Highlights of the first half of 2026 ‌HIGHLIGHTS OF THE 2026 FINANCIAL YEAR ‌Main events Focus-27 update As we continue to execute our transformation, we incurred 63.8 million euros restructuring and related costs associated with the FOCUS-27 program: these include personnel-related charges (primarily due to the redundancy plans in Germany and in France), under-activity costs, and other external and internal transformation costs, and are detailed in note 6.6 to the interim financial statements. Brindisi Divestment As part of continued execution of the FOCUS-27 transformation plan, EUROAPI signed a share purchase agreement (SPA) for the sale of EUROAPI Italy S.R.L., the subsidiary operating its Brindisi manufacturing site, to Huvepharma EOOD, a fast-growing global pharmaceutical company with a focus on developing, manufacturing and marketing human health, animal health and nutraceutical products (see Notes 5.10 and 10.1 of the interim financial statements). EUROAPI share-based payments On May 27, 2026, EUROAPI's Board of Directors granted new performance share plans and free share plans. Detailed information regarding the terms and conditions of these plans and their financial impacts on the consolidated financial statements is presented in Note 5.11. Capital increase By decision of May 22, 2026 and June 24, 2026, the Board of Directors carried out two capital increases resulting from the definitive allocation of free shares to its employees for respectively €382,200 and €38,179. ‌Other events None ‌ANALYSIS OF THE GROUP'S RESULTS ‌EUROAPI H1-2026 Net Sales reached €356.5 million, -13.5% versus H1 2025 as reported and -11.8% on a comparative basis (at Constant Exchange Rates and constant perimeter). Net sales by flow and type (in € million) June 30, 2026 June 30, 2025 1 Change June 2025 as reported API Solutions - Other clients 178.3 200.1 (11.0)% 175.9 API Solutions - Sanofi 63.6 99.6 (36.2)% 123.8 API Solutions 241.9 299.7 (19.3)% 299.7 CDMO - Other clients 55.2 60.2 (8.2)% 60.2 CDMO - Sanofi 59.5 52.2 13,8% 52.2 CDMO 114.7 112.4 2.0 % 112.4 Total net sales 356.5 412.1 (13.5)% 412.1 Total net sales - Other clients 233.5 260.3 (10.3)% 236.0 Total net sales - Sanofi 123.0 151.8 (19.0)% 176.1 API Solutions API Solutions' Net Sales decreased 19.3% to €241.9 million. H1 2026 sales of discontinued products were of €13 million, compared to €26 million in H1 2025 (€13 million negative impact on H1 2026 API sales). API Solutions sales to Sanofi declined by 36.2% like-for-like 1 to €63.6 million. Excluding the sales of Haverhill, sales would have decreased by 28.4% primarily attributable to products discontinuation. Sales to Other Clients decreased by 11.0% like-for-like 1, notably due to decrease in corticosteroids and complex small molecules, combined with flat vitamin B12 sales. CDMO CDMO sales increased by 2.0% to €114.7 million. Commercial Phase (CMO) projects represented 94% of total CDMO sales, amounting to €107.6 million, up 11.5% compared to previous year. H1 2026 CMO sales included a one-off impact related to the discontinuation of a project in Large Molecules. Excluding this impact, CMO sales in H1 would have increased by 8%, supported by the development of projects with Sanofi such as Poly-L-Lactic Acid (PLLA) produced in H1. Phase I, II and III CDMO projects represented 6% of total CDMO sales for a total value of €7.1 million. 1 Restated of the change in allocation of Opella sales from Sanofi to Other Clients (in 2025, the allocation of sales between Sanofi and Other Clients evolved following the change in Opella's majority shareholder) Net sales by product category (in € million) June 30, 2026 June 30, 2025 Change Large molecules 31.1 29.8 4.4 % Highly potent molecules 34.9 30.9 12.9 % Biochemistry molecules derived from fermentation 40.8 52.8 (22.7)% Complex chemical synthesis molecules 249.8 298.6 (16.4)% Total net sales 356.5 412.1 (13.5)% Group income statement analysis The table below shows the Group's consolidated income statement for the half-years ended June 30, 2026, and June 30, 2025. (in € million) June 30, 2026 June 30, 2025 Net sales Other revenues Cost of sales 356.5 - (300.7) 412.1 2.4 (337.9) Gross profit 55.8 76.6 Gross Margin (% of net sales) 15.7 % 18.6 % Selling and distribution expenses (15.8) (17.0) Research and development expenses (12.6) (10.2) Administrative and general expenses (36.1) (39.4) Other operating income and expenses 0.7 0.8 Impairment of assets (63.0) (3.0) Restructuring costs and similar items (64.8) (40.3) Other gains and losses, and litigation - 4.7 Operating income (135.7) (27.8) Operating income (% of net sales) (38.1)% (6.7)% Financial result (3.4) (2.3) Income/(loss) before tax (139.2) (30.1) Income/(loss) before tax (% of net sales) (39.0)% (7.3)% Income tax (2.4) 1.5 ETR (%) 1.7 % (5.1)% Net income/(loss) (141.5) (28.5) Net income/(loss) (% of net sales) (39.7)% (6.9)% Gross profit Gross profit was €55.8 million, down from €76.6 million in H1 2025. Gross profit margin stood at 15.7% compared to 18.6% in H1 2025. Operating expenses Selling and distribution expenses for H1 2026 amounted to €15.8 million, versus €17.0 million for H1 2025. Research and development expenses for H1 2026 came to €12.6 million, versus €10.2 million for H1 2025. Administrative and general expenses for H1 2026 amounted to €36.1 million, versus €39.4 million for H1 2025. Restructuring costs and similar items The €64.8 million in restructuring and related costs include: €12.2 million of under-activity costs related to the execution of FOCUS-27 (€11.1 million d'euros without depreciations); €10.1 million of internal and external costs related to the company's transformation; €42.5 million in personnel costs, as part of the FOCUS-27 plan. Operating income Operating income amounts to €(135.7) million compared to €(27.8) in H1 2025. The €63.0 million impairment was triggered by a revision of mid-term customer demand for certain small molecules manufactured in Frankfurt (€26.8 million impact), and the impact of the divestment of Brindisi based on the agreement signed with Huvepharma on July 29 th , 2026 (€35.7 million impact). See note 6.3, 6.4, 6.5 and 10.1 of the Consolidated Accounts. Financial income Financial income was €(3.4) million, compared with €(2.3) million in H1 2025. Income tax Income tax expense was €(2.4) million, compared with €1.5 million in H1 2025. Net income Net income was €(141.5) million in H1 2026, compared to €(28.5) million in H1 2025. Key performance indicators (in € million) June 30, 2026 June 30, 2025 Net sales 356.5 412.1 Gross profit 55.8 76.6 as a % of net sales 15.7 % 18.6 % EBITDA (43.1) 5.0 as a % of net sales (12.1)% 1.2 % Core EBITDA 20.7 39.5 as a % of net sales 5.8 % 9.6 % Net income (141.5) (28.5) Basic EPS (in euros) (1.49) (0.3) Free Cash Flow before financing (103.4) (20.0) Net Debt position (37.9) 1.1 EBITDA and Core EBITDA EBITDA was €(43.1) million compared to €5.0 million in H1 2025. Non-recurring costs totaled €63.8 million, broken down as follows: €11.1 million of idle cost 2 linked to the execution of FOCUS-27 €10.1 million of internal and external costs related to the transformation of the company €42.5 million in employee-related expenses linked to the FOCUS-27 plan, reflecting the phasing of severance costs, notably in Frankfurt. Consequently, related employee expenses are expected to be materially lower in H2 2026 than in H1 2026. Core EBITDA amounted to €20.7 million, compared to €39.5 million in H1 2025. The Core EBITDA margin was 5.8%, compared to 9.6% in H1 2025. The main drivers of the Core EBITDA margin decrease were: Volumes (+1.8 pts); Price and Mix (+1.1 pts) Industrial performance (-5.9 pts) Energy and Raw Materials (+0.3 pts) FX Impact (-0,6 pts) OPEX (SG&A and R&D) (-0.3 pts) Brindisi Site (+0.2 pts) Haverhill site (-0.5 pts) 2 Under-activity triggered by the execution of FOCUS-27 ‌Group cash flow analysis (in € million) June 30, 2026 June 30, 2025 Net cash provided by/(used in) operating activities (64.3) 18.4 Net cash provided by/(used in) investing activities (39.1) (38.3) Net cash provided by/(used in) financing activities 40.7 (4.0) Impact of exchange rates on cash and cash equivalents 0.9 0.2 Net change in cash and cash equivalents (61.8) (23.8) Cash and cash equivalents, at beginning of period 113.8 75.2 Cash and cash equivalents, at end of period 52.0 51.5 Cash and cash equivalents totaled €52.0 million at June 30, 2026. For more details, please refer to the financial statements. Net cash provided by (used in) operating activities The following table shows net cash provided by operating activities for the periods ended June 30, 2026 and June 30, 2025: (in € million) June 30, 2026 June 30, 2025 Net income (141.5) (28.5) Depreciation, amortization and impairment of property, plant and equipment, right-of-use assets and intangible assets 92.6 32.7 Gains and losses on disposals of non-current assets, net of tax 0.0 (4.7) Income tax expense/(income) 2.4 (1.5) Other profit or loss items with no cash effect and reclassification of interests 24.5 11.1 Operating cash flow before changes in working capital (22.1) 9.0 (Increase)/decrease in inventories (42.7) (7.2) (Increase)/decrease in trade receivables 3.2 24.7 Increase/(decrease) in trade payables 12.8 2.7 Net change in other current assets and other current liabilities (15.6) (10.8) Net cash provided by/(used in) operating activities (64.3) 18.4 Net cash provided by operating activities amounted to €(64.3) million for the H1 2026, compared to €18.4 million for the H1 2025. Operating cash flow before changes in working capital decreased by €22.1 million in the first half of 2026, consistent with the decrease in EBITDA (€(43.1) million in H1 2026 versus €5.0 million in H1 2025). The increase in inventories was evenly driven by higher volumes reflecting sales phasing to H2, and the impact of the insourcing of the production of an intermediate previously produced by Sanofi as part of CMO contract. Factored receivables amounted to €17.6 million at the end of June 2026. Net change in other current assets and other current include IT and insurance deferred expenses. H1 2025 Other Current Assets and Liabilities included €18 million paid by Sanofi to secure available capacity for five selected products as part of the financing of FOCUS 27. Net cash provided by (used in) investing activities The following table shows net cash used in investing activities for the H1 2026 and H1 2025: (in € million) June 30, 2026 June 30, 2025 Acquisitions of property, plant and equipment and intangible assets (39.1) (37.8) Proceeds/(payments) arising from the disposal of businesses - (0.5) Net cash provided by/(used in) investing activities (39.1) (38.3) Net cash used in investing activities during the period reflected acquisitions of property, plant and equipment and intangible assets, which totaled €39.1 million for H1 2026, versus €38.3 million for H1 2025. 64% of the CAPEX invested in H1 2026 were dedicated to growth projects. Net cash flow from (used in) financing activities (in € million) June 30, 2026 June 30, 2025 Capital increases - - Dividends paid - - Repayment of lease liabilities (2.6) (2.9) Net change in short-term debt 45.0 - Net finance costs paid (1.2) (1.3) Acquisition and disposal of treasury shares (0.5) 0.1 Other net cash flow arising from financing activities (0.1) 0.1 Net cash provided by/(used in) financing activities 40.7 (4.0) Net cash from financing activities amounted to €40.7 million for the H1 2026, compared to €(4.0) million for the H1 2025. Net Debt Position (in € millions) June 30, 2026 Net cash/(Debt) position - December 2025 68.2 Cash Flow from Operating activities (64.3) Of which change in Working Capital (42.3) (Increase)/decrease in inventories (42.7) (Increase)/decrease in trade receivables 3.2 Increase/(decrease) in trade payables 12.8 Other current assets and liabilities (15.6) Cash Flow from Investing Activities (39.1) Of which CAPEX (39.1) Cash Flow from Financing activities (4.2) Exchange rate 1.4 Net Cash/(Debt) position - June 2026 (37.9) ‌Related party transactions The Group's main related parties are defined in Section 2.4 "Related-party transactions" and in Note 10.7 of the consolidated financial statements for the year ended December 31, 2025 of Universal Registration Document of 2025, approved by the AMF on March 27, 2026. Note 10.5 to the condensed half-year consolidated financial statements provides a description of the main transactions and balances with related parties for the six-month period ended June 30, 2026. ‌OUTLOOK ‌2026 outlook adjusted Despite an increasingly challenging business environment, FY 2026 net sales are expected in line with initial outlook 3 . For the balance of the year, the operational improvements and cost discipline resulting from our transformation will be more than offset by the impact of the recent appreciation of the Hungarian Forint on our local cost base, which is expected to weigh approximately €(9) million on FY 2026 Core EBITDA. As a result, the FY 2026 Core EBITDA margin is now expected to be around 6% 4 . ‌Main risks and uncertainties for the next six months The main risks and uncertainties faced by the Group over the remaining six months of the year are substantially similar to those presented in Section 3.2 "Risk factors" of the 2025 Universal Registration Document approved by the AMF on March 27, 2026, under the number: D.26-0158. One or more of these risks, as well as any others that we may not yet have identified, could materialize during the second half of 2026. For more information, please refer to our 2025 Universal Registration Document, page 101. 3 Decrease of around 10% on a comparative basis 4 Based on the 2025 perimeter, i.e. excluding the impact on FY2026 Net Sales and Core EBITDA of the deconsolidation of the Brindisi site before year-end ‌CONSOLIDATED FINANCIAL STATEMENTS 2026 Condensed half-year consolidated financial statements as of June 30, 2026 13 Consolidated statement of financial position 13 Consolidated income statement 14 Consolidated statement of comprehensive income 15 Consolidated statement of cash flows 16 Consolidated statement of changes in equity 17 18 Notes to the condensed half-year consolidated financial statements as of June 30, 2026 Statutory Auditors' report on the half-yearly financial information 45 Statement by the person responsible for the half-year report 46 ‌Condensed half-year consolidated financial statements as of June 30, 2026 ‌Consolidated statement of financial position (in € million) Note June 30, 2026 December 31, 2025 Goodwill 5.1 - - Property, plant and equipment 5.2/5.5 435.4 450.9 Right-of-use assets 5.3/5.5 34.4 35.7 Intangible assets 5.4/5.5 23.9 26.7 Other non-current assets 5.6 3.9 4.4 Deferred tax assets 7 18.6 18.5 Non-current assets 516.1 536.3 Inventories 5.7 518.3 495.2 Trade receivables 5.8 108.4 114.9 Other current assets 5.9 47.0 44.5 Cash and cash equivalents 5.18 52.0 113.8 Assets held for sale 5.10 - - Current assets 725.6 768.4 Total assets 1,241.8 1,304.7 Equity attributable to owners of the parent Equity attributable to non-controlling interests 668.0 - 788.0 - Total equity 5.11 668.0 788.0 Non-current lease liabilities 5.12 14.9 16.3 Provisions 5.13 147.3 150.6 Other non-current liabilities 5.14 51.3 54.7 Deferred tax liabilities 7 - - Non-current liabilities 213.4 221.6 Trade payables 5.15 117.5 110.5 Other current liabilities 5.16 126.8 135.5 Current lease liabilities 5.12 3.6 3.6 Short-term debt and other financial liabilities 5.18 90.5 45.5 Liabilities related to assets held for sale 5.10 21.9 - Current liabilities 360.3 295.1 Total equity and liabilities 1,241.8 1,304.7 ‌Consolidated income statement (in € million) Note June 30, 2026 June 30, 2025 Net sales Other revenues Cost of sales 6.1 6.1 356.5 - (300.7) 412.1 2.4 (337.9) Gross profit 55.8 76.6 Selling and distribution expenses (15.8) (17.0) Research and development expenses 6.2 (12.6) (10.2) Administrative and general expenses (36.1) (39.4) Other operating income and expense 6.4 0.7 0.8 Impairment of assets 5.5/6.5 (63.0) (3.0) Restructuring costs and similar items 6.6 (64.8) (40.3) Other gains and losses, and litigation 6.7 - 4.7 Operating income/(loss) (135.7) (27.8) Financial expenses 6.8 (8.8) (4.9) Financial income 6.8 5.4 2.6 Income/(loss) before tax (139.2) (30.1) Income tax 7 (2.4) 1.5 Net income/(loss) (141.5) (28.5) Attributable to owners of the parent (141.5) (28.5) Attributable to non-controlling interests - - - Average number of shares outstanding (in million) 5.11.4 94.7 94.6 Average number of shares after dilution (in million) 5.11.4 95.1 94.8 Basic earnings per share (in euros) (1.49) (0.30) Diluted earnings per share (in euros) (a) (1.49) (0.30) Diluted earnings per share for periods in which there was a net loss is presented as equivalent to basic earnings per share. ‌Consolidated statement of comprehensive income (in € million) Note June 30, 2026 June 30, 2025 Net income/(loss) (141.5) (28.5) Attributable to owners of the parent Attributable to non-controlling interests (141.5) - (28.5) - Other comprehensive income: Actuarial gains/(losses) 5.13 Tax effects (0.3) - - 4.2 (1.3) Subtotal: items that will not subsequently be reclassified to profit or loss (A) (0.3) 2.9 Currency translation differences (a) 22.1 (5.4) Change in fair value of cash flow hedges (b) (0.3) - Tax effect related to the fair value changes of cash flow hedges 0.1 - Subtotal: items that may be reclassified to profit or loss (B) 21.9 (5.4) Other comprehensive income for the period, net of taxes (A+B) 21.5 (2.5) Comprehensive income (120.0) (31.0) Of which comprehensive income attributable to owners of the parent (120.0) (31.0) Of which comprehensive income attributable to non-controlling interests - - The positive €22.1 million mainly concerns Hungary (€21.8 million). The negative €0.3 million relates to hedging instruments on sales generated in USD, as explained in note 9.1. ‌Consolidated statement of cash flows (in € million) Note June 30, 2026 June 30, 2025 Net income/(loss) (141.5) (28.5) Depreciation, amortization and impairment of property, plant and equipment, right-of-use assets and intangible assets 5.2 to 5.4 92.6 32.7 Gains and losses on disposals of non-current assets, net of tax - (4.7) Income tax expense/(income) 2.4 (1.5) Other profit or loss items with no cash effect and reclassification of financial interests (a) 24.5 11.1 Operating cash flow before changes in working capital (22.1) 9.0 (Increase)/decrease in inventories (42.7) (7.2) (Increase)/decrease in trade receivables (b) 3.2 24.7 Increase/(decrease) in trade payables 12.8 2.7 Net change in other current assets and other current liabilities (c) (15.6) (10.8) Net cash provided by operating activities (64.3) 18.4 Acquisitions of property, plant and equipment and intangible assets (d) (39.1) (37.8) Proceeds/(payments) arising from the disposal of businesses (e) - (0.5) Proceeds from disposals of property, plant and equipment and intangible assets - - Net cash used in investing activities (39.1) (38.3) Capital increases 5.11.1 - - Dividends paid - - Repayment of lease liabilities 5.12 (2.6) (2.9) Net change in short-term debt 5.17 45.0 - Net finance costs paid (f) (1.2) (1.3) Acquisitions and disposals of treasury shares 5.11.3 (0.5) 0.1 Other net cash flow arising from financing activities (0.1) 0.1 Net cash provided by financing activities 40.7 (4.0) - Impact of exchange rates on cash and cash equivalents 0.9 0.2 - Net change in cash and cash equivalents (61.8) (23.8) - Cash and cash equivalents at beginning of period 113.8 75.2 Cash and cash equivalents at end of period 52.0 51.5 In first-half 2026, the line mainly includes changes in provisions and unwinding of discount for €21 million, the cost of debt for €1.3 million and the unrealized gain and loss for €1.6 million. In first-half 2025, the line mainly includes changes in provisions and unwinding of discount for €7.7 million, the cost of debt for €1.4 million and share based payments expenses for €0.8 million (see Note 5.11.6). In the first-half of 2026, the impact of trade receivables factored and derecognized is not significant. In first-half 2025, the line includes an impact of €14.3 million of trade receivables factored and derecognized, following the implementation of factoring over the period. In first-half 2026, the line includes a negative amount of €1.4 million of income tax paid, the change over the period in VAT receivables for €3.0 million, the change of the employee-related liability for negative €3.5 million, the change of contract liabilities for negative €2.7 million and the payment of various taxes for €3.9 million. In first-half 2025, the line includes a negative amount of €1.6 million of income tax paid, the change over the period in VAT receivables for €2.0 million, the change of the employee-related liability for negative €7.7 million and the change of contract liabilities for €13.7 million (mainly due to the capacity reservations from Sanofi signed in 2024). In first-half 2026, this line includes the acquisition carried out during the period for €24.6 million and the change over the period in amounts payable for acquisitions of non-current assets (capital expenditure) for €14.4 million. In first-half 2025, this line includes the acquisition carried out during the period for €18.2 million and the change over the period in amounts payable for acquisitions of non-current assets (capital expenditure) for €19.0 million. In first-half 2025, this line is entirely composed of cash held by EUROAPI UK on the date of sale. In first-half 2026, net finance costs paid include interest paid for €1.5 million, and €0.4 million of interest received. In first-half 2025, net finance costs paid include interest paid for €1.7 million, and €0.3 million of interest received. ‌Consolidated statement of changes in equity (in € million) Share capital Legal reserve and share premium Treasury shares Cumulativ e translation adjustmen ts Perpetual Subordinat ed Hybrid Bond Other reserves and retained earnings Equity attributabl e to owners of the parent Non-controllin g interests Total equity Balance at January 1, 2025 95.6 1,861.3 (2.0) (11.5) 200.0 (1,159.8) 983.5 - 983.5 Other comprehensive income for the period (a) - - - (5.4) - 2.9 (2.5) - (2.5) Net income/(loss) for the period - - - - - (28.5) (28.5) - (28.5) Comprehensive income for the period - - - (5.4) - (25.6) (31.0) - (31.0) Capital increases - - - - - - - - - Dividend paid out of 2024 earnings - - - - - - - - - Share-based payment (b) - - - - - 0.8 0.8 - 0.8 Net issuance (repayment) of perpetual subordinated notes - - - - - - - - Treasury shares - - 0.1 - - - 0.1 - 0.1 Other movements - - - - - - - - - Balance at June 30, 2025 95.6 1,861.3 (1.9) (16.8) 200.0 (1,184.7) 953.4 - 953.4 Of which negative €11.5 million corresponding to the recycling of EUROAPI UK cumulative translation adjustments from consolidated statement of comprehensive income to consolidated income statement, following the sale of the company. Note 5.11.6 explains the main impacts presented under "Share-based payment". (in € million) Share capital Legal reserve and share premium Treasury shares Cumulative translation adjustments Perpetual Subordinate d Hybrid Bond Other reserves and retained earnings Equity attributable to owners of the parent Non-controlling interests Total equity Balance at January 1, 2026 95.6 1,861.3 (2.0) (7.1) 200.0 (1,359.7) 788.0 - 788.0 Other comprehensive income for the period - - - 22.1 - (0.5) 21.5 - 21.5 Net income/(loss) for the period - - - - - (141.5) (141.5) - (141.5) Comprehensive income for the period - - - 22.1 - (142.1) (120.0) - (120.0) Capital increases (a) 0.4 (0.4) - - - - - - - Dividend paid out of 2025 earnings - - - - - - - - - Share-based payment (b) - - - - - 0.5 0.5 - 0.5 Treasury shares - - (0.5) - - - (0.5) - (0.5) Payments on perpetual subordinated notes - - - - - - - - - Other movements - - - - - - - - - Balance at June 30, 2026 96.0 1,860.9 (2.4) 14.9 200.0 (1,501.2) 668.0 - 668.0 Note 5.11 explains in detail the capital increase. Note 5.11.6 explains the main impacts presented under "Share-based payment". Note 6. Notes to the income statement 33 6.1 Net sales and other revenues 33 6.2 Research and development expenses 33 6.3 Personnel costs 33 6.4 Other operating income and expenses 33 6.5 Impairment of assets 33 6.6 Restructuring costs, similar items 33 6.7 Other gains and losses and litigation 34 6.8 Financial income and expenses 34 Note 7. Taxes 35 Note 8. Segment information 36 8.1 Segment results 36 8.2 Additional information 36 Note 9. Risk exposure 38 9.1 Foreign exchange risk 38 9.2 Interest rate risk 38 9.3 Liquidity risk 38 9.4 Customer credit risk 39 Note 10. Other information 40 10.1 Subsequent events 40 10.2 Off-balance sheet commitments 40 10.3 Legal and arbitration proceedings 42 10.4 Other items 42 10.5 Related parties 42 ‌NOTES TO THE CONDENSED HALF-YEAR CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2026 Note 1. Introduction 19 Note 2. Basis of preparation of the condensed half-year consolidated financial statements and accounting policies 19 Note 3. First-half 2026 highlights 22 3.1 Main acquisitions of the period 22 3.2 Other significant events 22 Note 4. Scope of consolidation 22 Note 5. Notes to the statement of financial position 23 5.1 Business combinations and goodwill 23 5.2 Property, plant and equipment 23 5.3 Right-of-use assets 23 5.4 Intangible assets 24 5.5 Impairment of goodwill, property, plant and equipment, right of use assets and intangible assets 24 5.6 Other non-current assets 25 5.7 Inventories 25 5.8 Trade receivables 25 5.9 Other current assets 25 26 Assets held for sale and discontinued operations Equity 26 44 5.13 Non-current provisions 28 10.6 5.14 Other non-current liabilities 29 5.15 Trade payables 29 5.16 Other current liabilities 30 5.17 Derivative financial instruments 30 5.18 Debt, cash and cash equivalents 31 5.19 Customer contract liabilities 31 Lease liabilities 28 List of companies included in the scope of consolidation ‌Note 1. Introduction EUROAPI, together with its subsidiaries (collectively "EUROAPI", "the Group" or "the Company") is a leading player in the active pharmaceutical ingredient (API) market. The Group comprises (i) five specialist API manufacturing sites in four European countries (France, Germany, Italy and Hungary); (ii) a number of development platforms, the two largest of which are housed at the Group's sites in Hungary and Germany; (iii) a commercial network responsible for the worldwide distribution and commercialization of a portfolio of approximately 200 active pharmaceutical ingredients for both API solutions and CDMO activities; and (iv) development and business management teams responsible for those activities within EUROAPI. EUROAPI is listed on the regulated market of Euronext Paris (Euronext: EAPI). The condensed consolidated financial statements for the six months ended June 30, 2026 were approved and authorized for issue by the EUROAPI Board of Directors at its meeting on July 29, 2026. ‌Note 2. Basis of preparation of the condensed half-year consolidated financial statements and accounting policies Pursuant to Regulation No. 1606/2002 of July 19, 2002, as amended by European Regulation No. 297/2008 of March 11, 2008, the interim consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs), as endorsed by the European Union and issued by the International Accounting Standards Board (IASB). The IFRSs endorsed by the European Union as of June 30, 2026 can be consulted via the following web link: https://www.efrag.org/Endorsement . The term "IFRS" refers collectively to International Accounting Standards and International Financial Reporting Standards (IASs and IFRSs) and to the interpretations of the IFRS Interpretations Committee (IFRS-IC). The interim consolidated financial statements, presented here in condensed form, have been prepared in accordance with IAS 34 "Interim Financial Reporting". They do not contain all the information and notes included in a full set of annual financial statements. They should therefore be read in conjunction with the Group's consolidated financial statements for the year ended December 31, 2025. The accounting policies applied effective January 1, 2026 are identical to those used to prepare the consolidated financial statements for the year ended December 31, 2025. Unless otherwise indicated, the amounts shown in the consolidated financial statements are presented in millions of euros and all values are rounded to the nearest tenth of a million unless otherwise indicated. Rounding differences may result in minor differences between the statements. New standards, amendments and interpretations New standards applicable from January 1, 2026: Standards, amendments and interpretations whose application was mandatory as of January 1, 2026 are as follows: Amendments to IFRS 9 and IFRS 7 : the Classification and Measurement of Financial Instruments (issued on May 30, 2024 and endorsed by the European Union on May 28, 2025). Amendments to IFRS 9 and IFRS 7 : Contracts Referencing Nature-dependent Electricity (issued on December 18, 2024 and endorsed by the European Union on July 1, 2025). Annual improvements to IFRS accounting standards - Volume 11 (issued on July 18, 2024 and endorsed by the European Union on July 10, 2025). These new amendments had no impact on the Group's consolidated financial statements. New pronouncements issued by the IASB and applicable from 2027 or later: Standards, amendments and interpretations issued by the IASB that will have mandatory application in 2027 or subsequent years : IFRS 18 Presentation and Disclosure in Financial Statements (issued on April 9, 2024 and endorsed by the European Union on 16 February 2026). Application will be mandatory for annual reporting periods beginning on or after January 1, 2027; IFRS 19 Subsidiaries without Public Accountability: Disclosures (issued on May 9, 2024 and not yet endorsed by the European Union); Amendments to IFRS 19 Subsidiaries without public accountability: Disclosures (issued on August 21, 2025 and not yet endorsed by the European Union) ; Amendment to IAS 21 The Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Currency (issued on November 13, 2025 and not yet endorsed by the European Union) ; IFRS 20 Regulatory Assets and Regulatory Liabilities (issued on 27 May 2026 and not yet endorsed by the European Union). Those amendments have not been early adopted by EUROAPI. The Group is currently analyzing the potential impacts of IFRS 18 on the presentation of the Group's consolidated financial statements. The potential main changes concern the reclassification of foreign-exchange gains and losses on current accounts and cash to operating and investing activities respectively, and the presentation of unused RCF commitment fees within operating activities. Use of estimates The preparation of financial statements under IFRS requires management to make estimates and assumptions that affect the amounts presented in the financial statements and the notes thereto. These estimates and assumptions, prepared on the basis of information available at the end of the reporting period, relate in particular to: the level and pattern of recognition of revenue from industrial services contracts with "CDMO" customers (see Note 6.1); the recoverable amount of cash generating units (see Note 5.5); the carrying amount, and allowances for impairment and destruction of inventories (see Note 5.7); the measurement of liabilities relating to post- employment benefits (see Note 5.13); the recoverability of deferred tax assets (Note 7); and the amount of provisions for risks (see Note 5.13), including environmental risks and provisions linked to FOCUS-27 plan, the repayment likelihood of IPCEI public aid supporting the accounting treatment (see Note 10.4 ). Risks associated with climate change as assessed to date, and the commitments made by EUROAPI on cutting greenhouse gas emissions, do not have a material impact on the financial statements. EUROAPI's ambitious decarbonization roadmap relies on several drivers such as increased use of renewable energies, energy savings projects or heat recovery programs. Financial instruments Accounting policies related to financial instruments are described in the Group's consolidated financial statements for the year ended December 31, 2025. Fair value of financial instruments Under IFRS 13 "Fair Value Measurement" and IFRS 7 "Financial Instruments: Disclosures", fair value measurements must be classified using a hierarchy based on the inputs used to measure the fair value of the instrument. This hierarchy has three levels: level 1: quoted prices in active markets for identical assets or liabilities (without modification or repackaging); level 2: quoted prices in active markets for similar assets and liabilities, or valuation techniques in which all critical inputs are derived from observable market data; and level 3: valuation techniques in which not all critical inputs are derived from observable market data. The table below shows the disclosures required under IFRS 7 relating to the measurement principles applied to financial instruments. Note Type of financial instrument Measurement principle Level in fair value hierarchy Valuation technique Method used to determine fair value Long-term loans and Amortized cost N/A N/A The amortized cost of long-term loans and advances, advances, and other and other non-current receivables and payables, is not non-current receivables materially different from their fair value at the end of and payables the reporting period. 5.8/5.15 Trade receivables and Amortized cost N/A N/A Trade receivables and payables are measured at fair payables value (which in most cases equates to face value) on initial recognition, and subsequently at amortized cost. 5.13 Financial assets Fair value 1 Market Quoted market measured at fair value value held to meet obligations under post-employment benefit plans 5.12 Lease liabilities and Amortized cost N/A N/A Amortized cost is regarded as an acceptable debt approximation of fair value as reported in the notes to the consolidated financial statements. The liability for future lease payments is discounted using the incremental borrowing rate. 5.17 Forward currency Fair value 2 Mark-to-market contracts Seasonal trends EUROAPI's activities are not subject to significant seasonal fluctuations. It should be noted however that the production cycle for the bulk of APIs exceeds six months. CDMO contracts can take around six months to start generating revenue and are executed over an average period of 18 to 24 months. ‌Note 3. First-half 2026 highlights ‌Main acquisitions of the period None. ‌Other significant events Focus-27 update As part of the FOCUS-27 transformation plan, the Group is engaged in a process to sell EUROAPI Italy, as detailed in Notes 5.10 and 10.1. Restructuring and related costs associated with the FOCUS-27 program: these include personnel-related charges (primarily due to the redundancy plan in Germany and in France), under-activity costs, and other external and internal transformation costs, and are detailed in note 6.6. EUROAPI share-based payments On May 27, 2026, EUROAPI's Board of Directors granted new performance share plans and free share plans. Detailed information regarding the terms and conditions of these plans and their financial impacts on the consolidated financial statements is presented in Note 5.11. Capital increase By decision of May 22, 2026 and June 24, 2026, the Board of Directors carried out two capital increases resulting from the definitive allocation of free shares to its employees for respectively €382,200 and €38,179. ‌Note 4. Scope of consolidation No change in the scope of consolidation during the first-half of 2026. ‌Note 5. Notes to the statement of financial position ‌Business combinations and goodwill This aggregate is composed of the goodwill of BianoGMB, acquired by EUROAPI on November 21, 2023, amounted to €4.1 million, fully impaired during the year 2024. ‌Property, plant and equipment The net carrying amount of property, plant and equipment owned by EUROAPI stood at €435.4 million as of June 30, 2026. (in € million) December 31, 2025 Acquisitions and other increases Depreciation expense Impairment losses, net of reversals Disposals and other decreases Currency translation differences Transfers (a) June 30, 2026 Land 2.4 - - - - 0.1 (0.5) 2.0 Buildings 314.1 - - - - 8.9 (19.4) 303.6 Machinery and equipment 1,635.6 - - - (0.4) 14.2 (182.1) 1,467.2 Fixtures, fittings and other 158.5 - - - - 1.1 (5.8) 153.8 Property, plant and equipment in progress 131.6 23.5 - - - 1.8 (30.5) 126.4 Gross value 2,242.2 23.5 - - (0.4) 26.0 (238.2) 2,053.1 Land (0.5) - - - - - 0.5 - Buildings (216.1) - (3.2) - - (5.0) 24.0 (200.3) Machinery and equipment (1,405.3) - (16.6) (17.5) 0.3 (9.2) 197.6 (1,250.8) Fixtures, fittings and other (142.6) - (2.6) - - (1.0) 7.3 (138.8) Property, plant and equipment in progress (26.8) - - (9.3) - - 8.3 (27.8) Accumulated depreciation and impairment (1,791.3) - (22.4) (26.8) 0.3 (15.2) 237.7 (1,617.7) Land 2.0 - - - - 0.1 - 2.0 Buildings 98.0 - (3.2) - - 3.8 4.7 103.3 Machinery and equipment 230.2 - (16.6) (17.5) (0.1) 5.0 15.5 216.5 Fixtures, fittings and other 15.9 - (2.6) - - 0.2 1.5 15.0 Property, plant and equipment in progress 104.8 23.5 - (9.3) - 1.8 (22.2) 98.6 Net value 450.9 23.5 (22.4) (26.8) (0.1) 10.8 (0.5) 435.4 (a) The transfers made during the period mainly correspond to the commissioning of the exercise and the reclassification of EUROAPI Italy's assets into assets held for sale. ‌Right-of-use assets Right-of-use assets and lease liabilities Non-cancelable operating leases attributed to EUROAPI comprise mainly: leases of office space and industrial premises; leases of vehicles. ‌Right-of-use assets relating to property, plant and equipment held under leases break down as follows: (in € million) December 31, 2025 Acquisitions and other increases Depreciation expense Disposals and other decreases Currency translation differences Transfers (a) June 30, 2026 Land and buildings 56.6 - - (0.7) - - 56.0 Machinery and equipment - - - - - - - Other property, plant and equipment 11.1 1.6 - (0.9) 0.1 (0.8) 11.1 Gross value 67.7 1.6 - (1.6) 0.1 (0.8) 67.0 Land and buildings (24.7) - (2.0) 0.7 - - (26.0) Machinery and equipment - - - - - - - Other property, plant and equipment (7.3) - (0.9) 0.8 (0.1) 0.8 (6.7) Accumulated depreciation and impairment (32.1) - (2.8) 1.5 (0.1) 0.8 (32.7) Land and buildings 31.9 - (2.0) - - - 29.9 Machinery and equipment - - - - - - - Other property, plant and equipment 3.7 1.6 (0.9) (0.1) 0.1 - 4.4 Net value 35.7 1.6 (2.8) (0.1) 0.1 - 34.4 (a) The transfers made during the period mainly correspond to the reclassification of EUROAPI Italy's assets into assets held for sale. Lease expenses on short-term leases and low-value assets are not significant in first-half 2025 and first-half 2026. ‌Intangible assets Movements in other intangible assets during the first-half of 2026 were as follows: (in € million) December 31, 2025 Acquisitions and other increases Depreciation expense Impairment losses, net of reversals Disposals and other decreases Currency translation differences Transfers June 30, 2026 Software 65.6 0.8 - - - 0.5 (1.1) 65.7 Other intangible assets 2.2 - - - - - - 2.2 Other rights 0.2 - - - - - (0.2) - Gross value 67.9 0.8 - - - 0.5 (1.3) 68.0 Software (41.0) - (4.4) - - (0.4) 1.7 (44.0) Other intangible assets - - - - - - Other rights (0.2) - - - - - 0.2 - Accumulated amortization and impairment (41.2) - (4.4) - - (0.4) 2.0 (44.1) Software 24.6 0.8 (4.4) - - 0.1 0.5 21.7 Other intangible assets 2.2 - - - - - - 2.2 Other rights - - - - - - - - Net value 26.7 0.8 (4.4) - - 0.1 0.5 23.9 ‌Impairment of goodwill, property, plant and equipment, right of use assets and intangible assets At June 30, 2026, EUROAPI reviewed its non-current assets and cash-generating units (CGUs) for any internal and external indications of impairment, according to accounting principles defined in the Note 5.5 to the 2025 consolidated financial statements. The Group identified an impairment indicator in Germany, mainly triggered by a revision of mid-term customer demand for certain small molecules manufactured, which led Euroapi to decide to close one workshop and to consider the future of two others. Consequently, the related industrial assets were fully impaired as of June 30, 2026, for €26.8 million. Regarding the other CGUs, Euroapi has not identified at this stage any factor that would call into question the mid-term trajectory used for the 2025 impairment tests. The Group will perform an impairment test on all CGUs as of December 31, 2026, based on a mid-term plan to be updated in the second half of the year. Other non-current assets The amount €3.9 million as of June 30, 2026 includes €1.7 million of deposits provided to various third parties. ‌Inventories (in € million) June 30, 2026 December 31, 2025 Gross value Allowances Carrying amount Gross value Allowances Carrying amount Raw materials 73.0 (9.1) 63.9 69.4 (6.3) 63.2 Work in progress 307.3 (11.1) 296.2 296.9 (13.1) 283.8 Finished goods 170.6 (12.5) 158.1 173.7 (25.5) 148.2 Total 550.9 (32.6) 518.3 540.0 (44.8) 495.2 Inventories amount to €518.3 million as of June 30, 2026, versus €495.2 million as of December 31, 2025. Inventory allowance decreased from €44.8 million as of December 31, 2025, to €32.6 million as of June 30, 2026. This decrease is mainly attributable to the reclassification of EUROAPI Italy inventories to assets held for sale. Trade receivables Trade receivables break down as follows: (in € million) June 30, 2026 December 31, 2025 Gross value (a) 114.3 120.7 Allowances (5.9) (5.8) Carrying amount 108.4 114.9 (a) Trade receivables factored and derecognized amount to €17.6 million as of June 30, 2026 (€26.5 million as of December 31, 2025). (in € million) June 30, 2026 December 31, 2025 Trade receivables - third parties Trade receivables - related parties 68.4 40.0 70.8 44.1 Carrying amount 108.4 114.9 The table below shows the aging profile of overdue trade receivables, based on gross value: Not due -gross value (in € million) < 1 month past due 1 to 3 months past due 3 to 6 months past due 6 to 12 months past due > 12 months Total past past due due - gross value June 30, 2026 100.7 4.5 2.6 0.5 0.1 5.8 13.5 December 31, 2025 107.5 5.9 0.8 0.2 1.8 4.5 13.2 Other current assets Other current assets comprise: (in € million) June 30, 2026 December 31, 2025 Tax receivables (a) 21.1 21.4 Other receivables (b) 8.6 14.1 Prepaid expenses 11.6 3.3 Other current financial assets (c) 5.7 5.7 Total 47.0 44.5 In 2026, this caption includes €13.1 million in VAT receivables versus €15.5 million in 2025. In 2026, this caption includes mainly €1.5 million of receivable linked to the sale of EUROAPI UK Ltd (no change compared to December 31, 2025), and €2.4 million of insurance indemnity receivable (no change compared to December 31, 2025). The decrease over the period is linked to the reclassification of grants receivables for €4.7 million in Italy in the line "assets held for sale" as explained in Note 5.10. In 2026, this caption mainly comprises the current portion of the indemnity provided by Sanofi (€4.8 million in 2026 against €5.2 million in 2025) against environmental liabilities arising on non-operating sites (see Note 10.5). ‌Assets and liabilities held for sale and discontinued operations EUROAPI Italy assets and liabilities are reclassified in a different line "Assets held for sale" and "Liabilities directly associated with assets held for sale "for respectively €21.9 million in liabilities. As of June 30, 2026, the Group is engaged in a process to divest EUROAPI Italy and believes that the conditions required by IFRS 5 for classification as an asset held for disposal are met, particularly given the high probability of the transaction. However, as EUROAPI Italy does not represent either a major line of business or a separate significant geographical area of operations, it does not meet the definition of a discontinued operation under IFRS 5. Its contribution therefore remains included in continuing operations. ‌Equity Total equity stood at €668.0 million as of June 30, 2026. Share capital and share premium By decision of May 22, 2026 and June 24, 2026, the Board of Directors carried out two capital increases resulting from the definitive allocation of free shares to its employees for respectively €382,200 and €38,179. Based on the agreement signed on July 29, 2026 for the sale of EUROAPI Italy (see Note 10.1), the estimated fair value less costs to sell led the Group to fully impair the assets held for sale, amounting to €35.7 million as of June 30, 2026. As of June 30, 2026, EUROAPI's share capital amounted to €96.0 million and the share premium stood at €1,860.9 million. The table below shows movements in the share capital of EUROAPI for the periods presented: % of share capital Number of shares for the period June 30, 2026 96,010,156 100 December 31, 2025 95,589,777 100 Perpetual Hybrid Bond subscribed by Sanofi In October 2024, the Group issued a Perpetual Deeply Subordinated Hybrid Bond (TSSDI) for a total amount of €200 million subscribed by Sanofi, presented as equity. Transaction costs linked to this transaction have been recorded in deduction of equity for an amount of €2.0 million (net of income tax). Details regarding the implementation of this instrument are available in the consolidated financial statements for the year ended December 31, 2024. The capitalization of the interests constitute an off balance-sheet commitment of €27.7 million as of June 30, 2026 as mentioned in Note 10.2. 5.11.3 Treasury shares At June 30, 2026, all treasury shares owned by EUROAPI are held under the liquidity agreement. Purchases and sales of EUROAPI shares under the liquidity agreement in first-half 2026 were as follows: 2026 2025 Number of shares purchased during the year 913,169 1,676,754 Number of shares sold during the year 833,532 1,636,493 At June 30, 2026, EUROAPI held 481.508 treasury shares representing 0.50% of the share capital. 5.11.4 Number of shares used to calculate earnings per share (in millions) June 30, 2026 December 31, 2025 Average number of shares outstanding 94.7 94.7 Adjustment for share-based payment with dilutive effect 0.4 0.2 Average number of shares used to compute diluted earnings per share 95.1 94.9 Earnings per share and diluted earnings per share as of June 30, 2026 are presented in the consolidated income statement. 5.11.5 Currency translation differences Cumulative currency translation differences amounted to €14.9 million as of June 30, 2026, and mainly related to Hungary for €17.5 million. 5.11.6 Share-based payments Share-based payments are accounted for in accordance with the accounting principle described in Note 5.11 to the consolidated financial statements for the year ended December 31, 2025. ‌2026 EUROAPI performance share and restricted shares On May 27, 2026 EUROAPI's Board of Directors approved the implementation of a long-term incentive plan for the Group's key executives and managers, through free shares and performance share subject to performance and service conditions. The principal features of the plans granted are set out below: Stock option Stock option Performance share plan Stock option Performance share plan Stock option Performance share plan Free share plan 2022 plan 2023 2024 (a) plan 2024 2025 (b) plan 2025 2026 plan 2026 Date granted by the June 3, June 5, May 22, May 22, May 21, May 21, May 27, May 27, Board 2022 2023 2024 2024 2025 2025 2026 2026 Total number of shares or options granted (in thousands) 327.1 405.4 602.3 623.0 728.0 760.5 731.2 390.8 Vesting period 4 years 1 to 4 years 3 years 1 to 4 years 3 years 1 to 4 years 3 years 3 years June 3, June 5, May 22, May 21, 2026 to 2024 to 2025 to 2026 to June 3, June 3, May 22, May 22, Exercise period 2031 2032 NA 2033 NA 2034 NA NA Exercise price 13.91 10.30 NA 3.30 NA 2.75 NA NA Shares or options delivered or canceled 197.1 277.6 213.9 347.6 106.8 147.5 - - Outstanding shares or options at June 30, 2026 130.0 127.8 388.4 275.4 621.2 613.0 731.2 390.8 Share price at grant date in euros (a) 14.20 10.18 3.30 3.30 2.75 2.75 1.47 1.47 Fair value per share or option in euros (b) 4.51 3.25 3.25 1.57 2.71 1.47 1.45 1.45 The 2024 performance share plan is subject to internal performance conditions (CDMO, highly differentiated products and two ESG indicators: carbon footprint of main 30 products and reduction production hazardous waste). The 2025 performance share plan is subject to internal performance conditions (revenue, operational expenses and ESG indicators: GHG emission, water withdrawal, VOC Air emissions and waste recycling). The 2026 performance share plan is subject to internal performance conditions (revenue and core EBITDA margin). The total amount of share-based payments recognized as an expense in the consolidated income statement amounted to €0.3 million (including payroll taxes) in first-half 2026 against €1.1 million in first-half 2025. ‌Lease liabilities Lease liabilities comprise: (in € million) June 30, 2026 December 31, 2025 Non-current lease liabilities 14.9 16.3 Current lease liabilities 3.5 3.6 Total lease liabilities 18.4 19.9 Total cash outflows on leases (excluding annual lease expense on short-term leases and low-value assets) amounted to €2.5 million for the 6-months period ended June 30, 2026 (of which €2.3 million in repayments of lease liabilities and €0.2 million in interest). A maturity analysis of lease liabilities as of June 30, 2026 is presented below: Future minimum lease payments (in € million) Total Less than 1 year From 1 to 3 years From 3 to 5 years More than 5 years Total lease liabilities as of June 30, 2026 18.4 3.6 5.1 4.3 5.4 Total lease liabilities as of December 31, 2025 19.9 3.6 5.6 4.2 6.5 ‌Non-current provisions The table below shows movements in non-current provisions: (in € million) Provisions for environmental risks (a) Provisions for pensions and other post-employment benefits Provisions for other long-term benefits (b) Other provisions (c) Total Balance at December 31, 2025 27.6 61.4 25.5 36.2 150.6 Additions to provisions - 0.7 0.4 0.2 1.2 Reversals of provisions (utilizations) - - (0.1) (1.4) (1.5) Reversals of surplus provisions - - - (0.5) (0.5) Transfers (0.2) - - (0.2) (0.5) Net interest related to employee benefits, and discounting effect 0.5 0.9 0.1 0.5 2.0 Currency translation differences 0.3 0.2 - - 0.5 Reclassification Assets/Liabilities held for sale (d) (3.6) (0.4) (0.2) (0.7) (4.9) Actuarial gains and losses on defined-benefit plans (e) - 0.3 - - 0.3 Balance at June 30, 2026 24.5 63.0 25.7 34.1 147.3 The non-current portion of the provision for environmental risk amounts to €24.5 million as of June 30, 2026, mainly concerning France and Germany. The current portion of the provision for environmental risk amounts to €5.2 million and is presented in Note 5.16. The non-current portion of the provision for environmental risk amounts to €27.6 million as of December 31, 2025, mainly concerning France and Germany. The current portion of the provision for environmental risk amounts to €8.1 million and is presented in Note 5.16. The €25.7 million in this aggregate comprises seniority bonuses for €11.0 million (of which €7.6 million in France and €3.1 million in Germany) and €14.7 million in long-term provisions for vacation in France as of June, 2026. The €25.5 million in this aggregate comprises seniority bonuses for €11.1 million (of which €7.6 million in France and €3.0 million in Germany) and €14.5 million in long-term provisions for vacation in France as of December, 2025. This item mainly comprises restoration provisions for leased buildings in Germany (€29.0 million) and provisions for litigation mainly in France for €3.9 million as of June, 2026. This item mainly comprises restoration provisions for leased buildings in Germany (€28.5 million) and provisions for litigation mainly in France, Japan and Italy for €5.9 million as of December, 2025. See Note 5.10 The positive €0.3 million impact on the line "actuarial gain and losses on defined-benefit plans" (of which negative €0.1 million in Germany and France and positive €0.5 million in Hungary) is linked to the update of discount rates as explained in Note 5.13.1. Provisions for pensions and other post-employment benefits EUROAPI offers its employees pension plans and other post-employment benefits. The specific features of the plans (benefit formulas, fund investment policy and fund assets held) vary depending on the applicable laws and regulations in each country. Employee benefits are accounted for in accordance with IAS 19. The principles of the main defined-benefit plans in the two main countries are described in Note 5.13 to the 2025 consolidated financial statements. The main assumptions used at June 30, 2026 are in line with those used at the previous year-end closing (described in Note 5.13 of 2025 consolidated financial statements), except for the discount rates that have been updated in France (4.00%), in Germany (between 3.30% and 4.30%) and in Hungary (5.00%), impacting the line "actuarial gains and losses on defined-benefit plans" as disclosed in the table above. ‌Other non-current liabilities Other non-current liabilities amount to €51.3 million as of June 30, 2026 and are mainly composed of: €2.4 million related to a portion of the IPCEI aid received by the French government, accounted for as a forgivable loan. No change compared to December 31,2025. See more detail in Note 10.4; €48.8 million related to non-current portion of capacity reservation received from Sanofi in France and in Germany (see Note 5.19). Trade payables Trade payables break down as follows: (in € million) June 30, 2026 December 31, 2025 Trade payables - third parties Trade payables - related parties 80.4 37.1 88.5 22.1 Carrying amount 117.5 110.5 ‌Other current liabilities Other current liabilities break down as follows: (in € million) June 30, 2026 December 31, 2025 Customer contract liabilities (a) 13.5 12.6 Current income tax liabilities 1.7 1.4 Taxes payable, other than corporate income taxes 2.9 6.0 Employee-related liabilities 38.8 45.2 Provisions (b) 38.8 24.1 Amounts payable for acquisitions of non-current assets 13.3 28.3 Other current liabilities (c) 17.9 17.9 Total 126.8 135.5 See Note 5.19. As of June 30, 2026, provisions amounted to €38.8 million, and mainly comprised the current portion of environmental provisions (€5.3 million), the current portion of provision for pensions and other post-employment benefits (€3.7 million) and restructuring provisions in Germany and France (€28.5 million). As of December 31, 2025, provisions amounted to €24.1 million, and mainly comprised the current portion of environmental provisions (€8.1 million), the current portion of provision for pensions and other post-employment benefits (€3.2 million) and restructuring provisions (€7.1 million). As of June 30, 2026 and December 31, 2025, this caption comprises the advance received by the French government related to the IPCEI Med4Cure project for the part considered as a government grant (see Note 10.4). ‌Derivative financial instruments The foreign exchange hedging policy for operating and financial risk exposure is described in Note 9.1. The table below shows the fair value of derivative instruments as of June 30, 2026: (in € million) Non- current assets Current assets Total assets Non- current liabilities Current liabilities Total liabilities Market value at June 30, 2026 (net) Market value at December 31, 2025 (net) Currency derivatives Operating - - - - 0.5 0.5 (0.5) 0.2 Financial - 0.6 0.6 - - - 0.6 (0.1) Total - 0.6 0.6 - 0.5 0.5 0.1 0.1 Currency derivatives used to manage operating risk exposures The table below shows operating currency hedging instruments in place as of June 30, 2026. The notional amount is translated into euros at the relevant closing exchange rate: Of which derivatives designated as cash flow hedges Of which derivatives not designated as hedging instruments for accounting purposes June 30, 2026 (in € million) Notional amount Mark-to-market Montant notionnel Mark-to-Market Forward currency sales 17.0 (0.5) - - Of which USD 17.0 (0.5) - - Forward currency purchases 0.3 - - - Of which USD 0.3 - - - Total 17.3 (0.5) - - ‌Currency derivatives used to manage financial exposure The cash pooling arrangements for foreign subsidiaries outside the eurozone, and some of EUROAPI's financing activities, expose EUROAPI SA (holding company) to financial foreign exchange risk (i.e., the risk of changes in the value of loans and borrowings denominated in a currency other than the functional currency of the lender or borrower). The table below shows financial currency hedging instruments in place as of June 30, 2026. The notional amount is translated into euros at the relevant closing exchange rate: June 30, 2026 (in € million) Notional amount Mark-to-market Forward currency sales 4.1 - Of which USD 1.3 - Of which HUF 2.8 - Forward currency purchases 50.5 0.6 Of which USD 3.9 0.1 Of which HUF 44.2 0.5 Of which JPY 2.4 - Total 54.6 0.6 ‌5.18 Debt, cash and cash equivalents Changes in financial position during the period were as follows: (in € million) June 30, 2026 December 31, 2025 Long-term debt - - Short-term debt and current portion of long-term debt 90.5 45.5 Interest rate and currency derivative used to manage debt (0.6) 0.1 Total debt (a) 89.9 45.6 Cash and cash equivalents (52.0) (113.8) Net debt/(Net cash) (a) 38.0 (68.2) (a) As of June 30, 2026 and as of December 31, 2025, net debt does not include (i) lease liabilities, which amounted respectively to €18.4 million and to €19.9 million and (ii) EUROAPI Italy net cash position which has been reclassified as asset held for sales in first-half 2026. The table below shows an analysis of net debt by type: (in € million) June 30, 2026 December 31, 2025 Non-current Current Total Non-current Current Total Bond issues - - - - - - Other borrowings - 90.5 90.5 - 45.5 45.5 Bank credit balances - - - - - - Interest rate and currency derivative used to manage debt - (0.6) (0.6) - 0.1 0.1 Total debt (a) - 89.9 89.9 - 45.6 45.6 Cash and cash equivalents - (52.0) (52.0) - (113.8) (113.8) Net debt/(Net cash) (a) - 38.0 38.0 - (68.2) (68.2) (a) As of June 30, 2026 and as of December 31, 2025, net debt does not include (i) lease liabilities, which amounted respectively to €18.4 million and to €19.9 million and (ii) EUROAPI Italy net cash position which has been reclassified as asset held for sales in first-half 2026. Cash and cash equivalents include overnight investment facility (liquid short-term investments) amounting to €35.6 million as of June 30, 2026 (versus €80.3 million as of December 31, 2025). Net debt includes an amount of €90 million drawn under the RCF Loan Agreement as of June 2026 (versus €45 million as of December 31, 2025), recorded in other borrowings (see Note 9.3). 5.19 Customer contract liabilities Customer contract liabilities amounted to €62.3 million as of June 30, 2026, compared to €64.8 million as of December 31, 2025. (in € million) June 30, 2026 December 31, 2025 Non-current customer contract liabilities 48.8 52.3 Current customer contract liabilities 13.5 12.6 Total customer contract liabilities 62.3 64.8 This €2.5 million decrease is mainly due to Sanofi contract recognition in net sales. The contract liabilities breakdown is as follow: €52.5 million of capacity reservation received from Sanofi in France and in Germany (of which €48.9 million classified as non-current and €3.7 million classified as current), compared to €53.2 million as of December 31, 2025. In 2026, an amount of €0.6 million has been recognized in net sales under this contract; €4.1 million due to CDMO contracts, mainly in Germany for €1.7 million and Újpest for €2.2 million; €5.5 million corresponding to advance payments from Sanofi for the modernization of equipment related to API product at Frankfurt site that is recognized over the period 2025-2027 in net sales in proportion of the delivery of the APIs. In 2026, an amount of €1.2 million has been recognized in net sales. ‌Note 6. Notes to the income statement ‌Net sales and other revenues Net sales amounted to €356.5 million as of June 30, 2026 (see Note 8.2). ‌Research and development expenses (in € million) June 30, 2026 June 30, 2025 Research and development (12.6) (10.2) Total (12.6) (10.2) In half-year 2026, the total amount of research and development costs includes (i) €1.2 million of research tax credit in France, Germany and Hungary, compared to €4.5 million in first-half 2025 and (ii) €0.7 million of IPCEI funding as explained in Note 10.4, compared to €1.0 million in first-half 2025. The cumulative amount of grant related to IPCEI recognized from 2023 as a reduction of research and development expenses amounts to €2.9 million. ‌Personnel costs Total personnel costs (other than termination benefits, presented in Note 6.6) include the following items: (in € million) June 30, 2026 June 30, 2025 Salaries (96.7) (103.5) Social security charges and defined contribution plan (a) (29.7) (31.6) Defined benefit plans, and voluntary and statutory profit-sharing schemes (3.6) (6.2) Stock options and other share-based payment expense (b) (0.3) (1.1) Other employee benefits (2.6) (3.8) Total (132.9) (146.2) In first-half 2026, defined-contribution plan expenses amounted to €3.6 million, versus €3.3 million in first-half 2025. This amount includes payroll costs. See details of EUROAPI share plans in Note 5.11. ‌Other operating income and expenses Other operating income and expenses amounted to €0.7 million in first-half 2026, mainly due to €0.8 million of foreign exchange losses on operating items in first-half 2026. In first-half 2025, other operating income and expenses amounted to €0.8 million, mainly due to €2.8 million of insurance indemnity recorded in EUROAPI France for compensation of a damage occurred in Vertolaye; offset by €2.0 million of foreign exchange losses on operating items. ‌Impairment of assets In first-half 2026, the total impact of impairment loss amounts €63.0 million, compared to a loss of €3.0 million in first-half 2025. The impairment recognized in the period concerns Germany and Italy as explained in Notes 5.5 and 5.10. ‌Restructuring costs, similar items Restructuring costs correspond to expenses incurred in connection with the transformation or reorganization of the EUROAPI Group's operations and support functions. These costs include collective redundancy plans, compensation awarded to third parties for the early termination of contracts, commitments made in connection with transformation and reorganization decisions, and idle costs related to the temporary shutdown of sites or production lines associated with such programs. They also include accelerated depreciation charges arising from closures of production facilities (including leased facilities), and losses on any resulting asset disposals. In addition, restructuring costs and similar items comprise expenses (both internal and external) incurred in connection with FOCUS-27 plan. Restructuring costs and similar items breaks down as follows: (in € million) June 30, 2026 June 30, 2025 Employee-related expenses Charges, gains or losses on assets Transformation programs and other costs (42.5) - (22.3) (13.7) - (26.6) Total (64.8) (40.3) Employee-related expenses of €42.5 million as of June 30, 2026, is composed of redundancy plan impact in EUROAPI Germany and EUROAPI France. In the first-half 2026, transformation programs and other costs include internal and external expenses, related to FOCUS-27 transformation plan described in Note 3.2 of which : €12.1 million of idle costs related to temporary shutdown of production lines (compared to €21.6 million in first-half 2025), impacting mainly Frankfurt with the extended impact of the decision in 2024 to discontinue certain APIs; €8.2 million of costs related to the shutdown of two workshops in Germany. ‌Other gains and losses and litigation In the first-half 2026, other gains and losses and litigation are nil. In first-half 2025, other gains and losses and litigation aggregate is fully composed of the consolidated gain related to the sale of EUROAPI UK., including the CTA recycling from consolidated statement of comprehensive income to profit and loss for €11.5 million. ‌Financial income and expenses An analysis of financial income and expenses is presented below: (in € million) June 30, 2026 June 30, 2025 Cost of debt (a) Interest income (b) Cost of net debt (1.7) 0.4 (1.3) (1.8) 0.4 (1.4) Other financial expenses (0.4) (0.6) Non-operating foreign exchange gains/(losses) 1.1 1.5 Borrowing costs capitalized on tangible & intangible assets 0.1 0.6 Discounting effect of provisions (c) (1.1) (0.8) Net interest cost related to employee benefits (1.5) (1.4) Net interest expense on lease liabilities (0.2) (0.2) Net financial income/(expense) (3.4) (2.3) Of which financial expenses (8.8) (4.9) Of which financial income 5.4 2.6 The cost of debt is linked to the RCF (interests and commitments and utilization fees). Interest income include €0.3 million of revenue linked to overnight investment facility. See detail in Note 5.13. ‌Note 7. Taxes The table below shows the allocation of income tax expense between current and deferred taxes: (in € million) June 30, 2026 June 30, 2025 Current taxes Deferred taxes (1.0) (1.4) (2.5) 4.1 Total (2.4) 1.5 Income/(loss) before tax (139.2) (30.1) The difference between effective tax income and the standard corporate income tax applicable in France can be explained as follows: (in € million) June 30, 2026 June 30, 2025 Income before taxes Standard tax rate applicable in France (139.2) 25.83 % (30.1) 25.8 % Theoretical tax income/(expense) 35.9 7.8 Impact of permanent differences (a) (0.1) (0.7) Research tax credit 0.3 0.6 Differences in tax rates (1.3) 0.8 Impact of non-recognized deferred tax assets (38.2) (8.0) Perpetual Hybrid Bond 1.0 1.3 Other (0.1) (0.2) Effective tax income/(expense) (2.4) 1.5 In the first-half 2026, no Pillar 2 impact. Deferred tax assets are recognized under the same assumptions than those described in consolidated financial statements as of December 31, 2025. Deferred taxes are accordingly fully depreciated in France, Germany, Italy and partially depreciated in Hungary. As of June 30, 2026, deferred tax assets amounted to €18.6 million, of which €16.6 million in Hungary. Unrecognized deferred tax assets amounted to €238.5 million which are related to France, Germany, Hungary and Italy. ‌Note 8. Segment information ‌Segment results EUROAPI measures the operating performance of its operating segment on the basis of "Core EBITDA", the key internal performance indicator monitored by the Group. Core EBITDA is determined by adding the following items back to operating income or loss determined under IFRS: depreciation and amortization expense (see consolidated statements of cash flows); impairment losses charged against intangible assets and property, plant and equipment, net of reversals (see Note 5.4); restructuring costs and similar items (see Note 6.5); charges to provisions for environmental risks, net of reversals of unused provisions (see Note 5.13); and any other amounts relating to other items regarded as unusual in nature or size. A reconciliation of "Core EBITDA" to "Operating income/(loss)" as of June 30, 2026 and June 30, 2025 is shown below: (in € million) June 30, 2026 June 30, 2025 Operating income/(loss) (EBIT) (135.7) (27.8) (+) Depreciation, amortization and impairment 92.6 32.7 Operating income/(loss) before depreciation, amortization and impairment (EBITDA) (43.1) 5.0 (+) Restructuring costs and similar items excluding depreciation, amortization and impairment (a) 63.8 39.3 (+) Increase in provisions for environmental risks, net of reversals of surplus provisions - 0.0 (+) Other (b) 0.0 (4.7) Core EBITDA 20.7 39.5 See Note 6.6 "Other" for 2025 corresponds to the consolidated gain related to the sale of UK. ‌Additional information An analysis of net sales by category is provided below: (in € million) June 30, 2026 June 30, 2025 API Solutions 241.9 299.7 CDMO 114.7 112.4 Total net sales 356.5 412.1 An analysis of net sales by product type is provided below: (in € million) June 30, 2026 June 30, 2025 Large molecules 31.1 29.8 Highly potent molecules 34.9 30.9 Biochemistry molecules derived from fermentation 40.8 52.8 Complex chemical synthesis molecules 249.8 298.6 Total net sales 356.5 412.1 The total net sales of €356.5 million excluding €124.3 million sales to Sanofi (mainly invoiced to several entities located in Europe), are broken down by destination region as follows: June 30, 2026 of which of which Total sales to of which rest of North Asia- Rest of the (in € million) EUROAPI Sanofi Europe France Europe America Pacific World Net sales 356.5 124.3 155.6 53.4 102.2 35.7 34.3 6.7 The analysis of 2025 net sales by geographical region is breakdown as below: June 30, 2025 of which of which Total sales to of which rest of North Asia- Rest of the (in € million) EUROAPI Sanofi Europe France Europe America Pacific World Net sales 412.1 183.4 142.8 41.9 100.9 31.3 49.3 5.3 An analysis of 2026 non-current assets by geographical region is breakdown as below: June 30, 2026 Total of which of which rest of North Asia- Rest of the (in € million) EUROAPI Europe France Europe America Pacific World Non-current assets, excluding DTA and other non-current assets : - property, plant and equipment 435.4 435.4 222.2 213.2 - - - - right of use 34.4 33.7 6.9 26.8 0.2 0.4 - - goodwill - - - - - - - - intangible assets 23.9 23.9 22.3 1.6 - - - An analysis of 2025 non-current assets by geographical region is breakdown as below: December 31, 2025 of which Total of which rest of North Asia- Rest of the (in € million) EUROAPI Europe France Europe America Pacific World Non-current assets, excluding DTA and other non-current assets : - property, plant and equipment 450.9 450.9 214.3 236.6 - - - - right of use 35.7 35.0 6.9 28.1 0.1 0.5 - - goodwill - - - - - - - - intangible assets 26.7 26.7 25.1 1.7 - - - ‌Note 9. Risk exposure ‌Foreign exchange risk The EUROAPI Group sells in over 80 countries. Group entities are exposed to foreign exchange risk when they enter into transactions in a currency other than their functional currency. The Group implements a foreign exchange hedging policy aimed at reducing its exposure to foreign exchange risks in its main currencies (USD, HUF and JPY) as detailed in Note 5.17. Since the first-half 2026, the Group applies cash flow hedge accounting in accordance with IFRS 9 to hedge part of its exposure to future cash flow variability, mainly related to sales denominated in USD, on highly probable future cash flows. As part of this policy, derivative financial instruments-essentially forward foreign exchange contracts-are designated as cash flow hedge instruments in accordance with IFRS 9 requirements. The effective portion of changes in the fair value of these instruments is recognized in Other Comprehensive Income (OCI) and accumulated in equity within the hedging reserve. The amounts deferred in equity are reclassified to profit or loss when the hedged cash flows occur and affect operating profit. The Group documents hedging relationships at inception and performs regular assessments of their effectiveness to ensure they continuously meet the hedge accounting criteria under IFRS 9. ‌Interest rate risk The only interest rate exposure is that linked to the use of the RCF. Loans borrowed under the RCF Loan Agreement bear interest at a EURIBOR-indexed variable rate, plus an applicable margin. ‌Liquidity risk In October 2024, EUROAPI has set up a secured RCF Loan Agreement for €451 million, drawable in euros, with maturating in February 26, 2029. The purpose of the RCF Loan Agreement is to finance the Group's general corporate purposes and the FOCUS-27 plan. It is governed by French law. As a general rule, drawdowns are not subject to prior authorization from the Lenders but are subject only to the absence of an early repayment event and the accuracy of the customary representations. The RCF Loan Agreement contains certain affirmative and negative commitments, subject to the usual exceptions for this type of financing, including: The commitment not to divest more than €200 million of consolidated assets (excluding EUROAPI UK and EUROAPI Italy) over the life of the facility; For the residual exposure and for non-commercial transactions (internal loans denominated in foreign currencies), EUROAPI enters into forward purchase and sale contracts. These derivative instruments are not designated as hedging instruments for accounting purposes. They are initially and subsequently measured at fair value, with changes in fair value recognized in the income statement under "Other operating income", "Financial income" or "Financial expenses", depending on the nature of the underlying economic item. They are recorded under "Other current assets" and "Other current liabilities" in the statement of financial position. The consolidated financial statements are presented in euros. The principal currencies other than the euro in which transactions are denominated are the US dollar (USD), Hungarian forint (HUF), pound sterling (GBP) and Japanese yen (JPY). The applicable margin level is reviewed every six months. The margin varies within a range of 1.35% and 2.10% as a function of the covenant (leverage ratio) defined in Note 9.3. The commitment not to make acquisitions exceeding €25 million over the life of the facility; Permitted indebtedness: factoring basket of €100 million (with recourse factoring up to €50 million), other financial indebtedness basket of €50 million; The commitment not to create certain security interests (pledges); The commitment not to enter into any amalgamation, demerger or merger; The commitment not to declare, make or pay any dividend; The commitment not to amend, vary, novate, supplement, supersede, waive or terminate any term of the Sanofi Subordinated Debt Instrument or grant any consent under the Sanofi Subordinated Debt Instrument without the consent of all the Lenders; The commitment not to grant loans to third parties or enter into transactions involving derivatives of a speculative nature; A covenant tested every three months on Available Liquidity (including Available Commitments) stipulating that the level is no less than €50 million. On June 30, 2026, available liquidity is €413 million. From June 2027 onwards, a covenant tested every six months stipulating that the ratio of total net debt to consolidated core EBITDA may not exceed 4.00. The covenant represents total net debt being defined as the consolidated financial debt less available cash and cash equivalent investments and the consolidated Core EBITDA as disclosed in the financial report of the Group for the relevant testing date adjusted by disapplying IFRS 16; ‌Customer credit risk The Group monitors all customer risks (see Note 5.8). To this end, all customer creations are checked by the Credit Management Department with a financial information tool. The financial assessment of the customer is carried out at least once a year for infrequent customers, and three to four times a year for regular customers, to ensure their financial soundness. It also provides for, inter alia, an event of repayment and/or early cancellation in the event of a change in control of the Company at the request of any lender after a conciliation period of at least 60 days. A change of control would occur in the event that (i) Sanofi ceases to hold, directly or indirectly, on a fully diluted basis, at least 15% of the capital and voting rights of the Company and ceases to hold, directly or indirectly, the right to appoint or dismiss a member of the Board of Directors of the Company, (ii) any person (other than Sanofi) or group of persons acting in concert (unless Sanofi would hold a majority share in such a group), would acquire more than 50% of the voting rights of the Company or (iii) all or a substantial portion of the Group's assets would be sold to a non-Group member (in one or more transactions). The EUROAPI Group has set up an internal cash pooling arrangement between the parent company and its subsidiaries to centralize the Group's liquidity. In December 2025, Sanofi and EPIC Bpifrance, have agreed to extend further the duration of their lock-up until December 18, 2026, subject to customary exceptions. The EUROAPI Group has set up an internal cash pooling arrangement between the parent company and its subsidiaries to centralize the Group's liquidity. ‌Note 10. Other information ‌Subsequent events As of July 29, 2026, EUROAPI signed a share purchase agreement for the sale of EUROAPI Italy S.R.L to Huvepharma EOOD for €5 million (enterprise value). EUROAPI will support the site during a two-year transition period, with contributions totaling €60 million aimed at funding operations, Capex and transformation initiatives (33% will be paid at closing and the balance over this two-year period). Representation and warranties are provided by the seller but the liability is capped at €15 million. The transaction is expected to close before year-end of 2026, subject to customary conditions precedent. This will result in the recognition of a loss in the second half of the year in respect of the investment contribution commitments made, the amount of which will depend on working-capital and closing account adjustments. ‌Off-balance sheet commitments Off-balance sheet commitments linked to the Master Carve Out Agreement In connection with the Preliminary Reorganization Transactions, EUROAPI and Sanofi signed a Master Carve Out Agreement effective October 1, 2021, setting out the general principles and arrangements for transferring the assets and liabilities associated with EUROAPI's activities. This agreement was amended on February 25, 2022. These agreements set certain limitations on liabilities in respect of the transferred activities and the related assets and liabilities, and certain indemnity undertakings, that impact EUROAPI's consolidated financial statements for the period ended June 30, 2026. The indemnities granted by Sanofi under the Master Carve Out Agreement are described below. Certain non-transferred environmental liabilities retained by Sanofi Sanofi retains the remediation obligation relating to the "Marat" parcel of land situated close to the Vertolaye site in France; only the freehold of that parcel of land was transferred as of October 1, 2021, with the transfer of the operating license contingent on Sanofi completing the remediation work. That undertaking is valid until the earlier of (i) completion of the principal remediation measures as required and attested by the competent authorities, and (ii) the date on which administrative responsibility for the environmental situation at the "Marat" parcel of land is transferred to the EUROAPI Group. The legal remediation obligation retained by Sanofi, and reflected in the historical financial statements in an amount of €14.6 million, was not transferred to EUROAPI. Certain undertakings in favor of BASF Agri production SAS (BASF) Sanofi made an undertaking in the form of a €21 million guarantee to indemnify EUROAPI against any loss it may incur in respect of an obligation, under a carve out agreement between BASF and Sanofi dated February 13, 2004 (as amended, in particular by the tripartite agreement dated September 28, 2021) that was transferred to EUROAPI at the same time as the transfer of the Saint-Aubin-lès-Elbeuf site pursuant to the Preliminary Reorganization Transactions, to indemnify BASF for losses incurred as a result of environmental incidents. This undertaking represents an off-balance sheet commitment received as of June 30, 2026. Environmental insurance contracted by Sanofi In accordance with the undertakings made in the Master Carve Out Agreement, EUROAPI is covered by environmental insurance contracted by Sanofi for a 10-year period commencing October 1, 2021, providing coverage of up to €50 million for environmental liabilities not yet identified as of the transfer date and originating prior to implementation of the Preliminary Reorganization Transactions (or in some cases, prior to the EUROAPI initial public offering). The insurance is subject to the customary exclusions for environmental liability cover. The policy, the entire cost of which is borne by Sanofi, was transferred to EUROAPI at the date of the initial public offering. It was provided by the controlling entity until completion of the transaction, and covers EUROAPI against public liability in respect of pollution and remediation. This undertaking constitutes an off-balance sheet commitment received. Off-balance sheet commitments linked to the Global Manufacturing and Supply Agreement Consistently with their long-established relationship, EUROAPI and Sanofi entered into a Global Manufacturing and Supply Agreement on Attention : This is an excerpt of the original content. To continue reading it, access the original document here .

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