Rapport financier semestriel 2026

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

1. ‌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

   1. ‌HIGHLIGHTS OF THE 2026 FINANCIAL YEAR

      1. ‌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.

      2. ‌Other events

         None

   2. ‌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, 20251	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-like1 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-like1, 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)%

        1. 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 29th, 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 cost2 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

        1. ‌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)

   3. ‌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.

   4. ‌OUTLOOK

      ‌2026 outlook adjusted

      • Despite an increasingly challenging business environment, FY 2026 net sales are expected in line with initial outlook3.

      • 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.

   5. ‌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

      
      
      

2. ‌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

   1. ‌Condensed half-year consolidated financial statements as of June 30, 2026

‌Consolidated statement of financial position

‌Consolidated income statement

1. 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

1. The positive €22.1 million mainly concerns Hungary (€21.8 million).

2. 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

1. 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).

2. 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.

3. 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).

4. 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.

5. In first-half 2025, this line is entirely composed of cash held by EUROAPI UK on the date of sale.

6. 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

1. 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.

2. Note 5.11.6 explains the main impacts presented under "Share-based payment".

1. Note 5.11 explains in detail the capital increase.

2. Note 5.11.6 explains the main impacts presented under "Share-based payment".

‌NOTES TO THE CONDENSED HALF-YEAR CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2026

26

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.

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

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

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:

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

‌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:

(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:

(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.

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

An analysis of financial income and expenses is presented below:

1. The cost of debt is linked to the RCF (interests and commitments and utilization fees).

2. Interest income include €0.3 million of revenue linked to overnight investment facility.

3. See detail in Note 5.13.

‌Note 7. Taxes

The table below shows the allocation of income tax expense between current and deferred taxes:

The difference between effective tax income and the standard corporate income tax applicable in France can be explained as follows:

1. 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

An analysis of net sales by category is provided below:

An analysis of net sales by product type is provided below:

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

The analysis of 2025 net sales by geographical region is breakdown as below:

June 30, 2025

An analysis of 2026 non-current assets by geographical region is breakdown as below:

An analysis of 2025 non-current assets by geographical region is breakdown as below:

December 31, 2025

‌Note 9. Risk exposure

(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

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