Interim management statement

Pharma Revenues (CER*)

High-single-digit growth

Q1 2026 CER revenue growth was 5.9%

1

Clean EBIT (CER*)

High-single-digit

growth

Q1 2026 CER Clean EBIT growth was 15%

2026 guidance ‌Q1 2026 highlights - an eventful quarter; guidance reiterated

HUF 77.0bn

Free Cash-flow3

HUF +17.1bn

HUF 357

EPS

2 * CER (constant exchange rate) calculation is based on 2025 actual FX rate (HUFEUR = 397.65)

↓

-4.3%

15.7%

Return on Equity4

↓

-2.1ppt

1 EBIT: Profit/loss from operations

2 Clean EBIT (cEBIT)**: excludes certain significant non-recurring items from "Profit from operations" such as intangible and PPE impairment charges, restructuring costs, business combination charges and other non-recurring items;

3 Free Cash Flow: Operating Cash flow after changes in Net Working Capital plus interest received less Capex (PP&E)

4 Return on Equity: Cumulative net profit for the last 4 quarters divided by the actual quarter's equity

‌Financial and operational highlights

Financial highlights

• CER revenue growth was 5.9% in Q1 2026, slightly below the high-single-digit growth guidance for the full year. FX was a major drag on reported revenues, representing more than 7ppt headwind (due to the weak USD and stronger HUF). Hence, reported Pharma revenues declined by 1.3% YoY to HUF 217bn in Q1 2026.

• CER revenues growth was driven by Vraylar demand growth (sales up 18% in USD) and robust BIO revenues (+35% CER), while both WHC (+6% CER) and particularly GenMed (-8.5% CER) underperformed temporarily.

• Gross profit (pharma) fell by 4.7% YoY to HUF 147bn in Q1 2026; gross margin declined to 67.6% (-2.4ppt)

• CER Clean EBIT (pharma) growth was 15% supported by strong cost discipline (lower opex) and some milestone income. Reported Clean EBIT (pharma) grew by only 1.5% to HUF 69.7bn due to the FX headwind.

• Free cash flow (before M&A) was at HUF 77bn in Q1 2026, up 29% YoY, on the back of stronger operating cash flows and no increase in Net Working Capital funding need.

• The AGM on 29 April approved the payment of HUF 120bn of total dividends from 2025 profits (corresponding

  to a DPS of approx. HUF 656), including HUF 96.6bn regular dividend and HUF 23.4bn special dividend.

  Business drivers and key events (Q1 2026)

• The European Commission (EC) granted marketing authorization for Tuyory®, its biosimilar to RoActemra® tocilizumab. This followed a positive CHMP opinion, as reported on 27 February 2026

• Richter acquired the women's health discovery portfolio of Celmatix Inc., a US-based pioneering women's health biotech company dedicated to translating advances in female biology into novel therapeutics

• Richter and Fuji signed an agreement regarding the joint development of multiple product candidates in

  women's health, including the recently acquired Celmatix portfolio as well as the FMC2 project of FimmCyte

• The European Commission granted approval for the marketing authorization of FYLREVY® (Estetrol) as Hormone Replacement Therapy (HRT) for oestrogen deficiency symptoms in postmenopausal women

3

‌Access to health via innovative and affordable solutions

Selected KPIs

5.1mn units emergency contraceptives distributed via two NGO partners

(Africa and Sri Lanka, 2025)

~120,000 patients reached with Ryeqo®

(since launch)

3.4mn total cariprazine TRx

(US, 2025)

9 successful clinical studies

(GenMed, 2025)

Delivering significant progress in expanding patient reach through both innovative and affordable solutions

WHC CNS BIO GenMed

• Strengthening original research pipeline in WHC through M&A and partnerships (FimmCyte, Celmatix, Fuji)

  • Tripling early-stage research

    workforce

• Fylrevy® brings the first hormonal innovation to menopause market in several decades

• Awareness raising for patients and educational initiatives for HCPs in several countries

• Cariprazine is widely available globally (67 countries)

  • ~745,000 patients treated (Europe and US, 2025)

  • ~2,140,000 total patients treated since launch (Europe and US)

• New low-dose options of Vraylar® available now, including for pediatric use

• AbbVie R&D collaboration

• 4 biosimilar marketing authorizations in Europe in the last 12 months (two denosumabs, tocilizumab and in-licensed ustekinumab)

• Expanding access to biologic therapies in chronic conditions

• Denosumab also received FDA approval for the US

• Successful product launches in the blood&metabolic and pain&neurology TAs to expand access to affordable medicines

• 9 successful clinical studies advanced to registration in 2025

4

‌Financial Highlights

‌Q1 2026 CER revenues +5.9%; BIO, Vraylar® ahead, GM behind plans

Key messages

• WHC sales growth (+6% CER) was affected by the timing of deliveries (some contraception sales in APAC likely to be realized later this year; some pre-shipments affected EEU/CEU revenues). The underlying strength of the leading products (Drovelis®, Ryeqo®, Lenzetto®, Bemfola® and Evra ®) remains intact

  
  
  

• Global Vraylar® net revenues by AbbVie reached USD 905mn in Q1 (+18% YoY), reflecting strong prescription growth in both bipolar disorder and adjunctive MDD, while Richter's royalty revenues

  grew by 4% to HUF 59bn

• CNS (ex-Vraylar®) revenues were broadly flat YoY (+1% CER), as volatile shipment schedules of Reagila® hide strong underlying demand trends in most markets

• BIO revenues jumped in Q1 (+35% CER), driven by rebounding teriparatide revenues from a low base and new product sales

• GenMed revenues fell by 8.5% in Q1 YoY (CER) due to lack of flu season (weak OTC), portfolio streamlining, trade-related financial headwinds and distributor stock phasing in some markets

‌Very strong FX headwind - reported revenues declined 1% in Q1

Pharmaceutical Revenues by region (HUF bn)

Pharmaceutical Revenues, cumulative (HUF bn), reported

-1.3%

220.1

217.3

Pharma other BIO

GM

CNS WHC

79.4

78.8

62.2

59.8

57.7

1.3

16.7

2.9

13.1

Q1 2025

Q1 2026

Western Europe Central Europe Eastern Europe North America Asia & Pacific Latin America Rest of the World

2.7

2.4

15.0

10.4

7.5

7.9

41.6

45.9

46.1

44.7

43.8

39.1

63.5

66.8

Q1 2025

Q1 2026

Pharmaceutical Revenues (HUF bn), reported

Impact of the exchange rate changes on revenues (HUF bn)

-1.3%

237.5

245.2

220.1

211.2

217.3

Pharma other

BIO

GM

CNS

WHC

-15.4

USD RUB EUR Other

-3.3

-3.1

-9.3

0.

2 Q1 2026

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

‌FX trends hurt CoGS, help Opex; efficiency measures at play

Operating costs as a % of Pharma revenues (%)

Operating expenses (pharma) (HUFbn)

35

30

25

20

15

10

5

0

30

30

31

31

33

32

30

30

30

19

19

21

20

17

18

18

18

16

11

6

13

11

6

12

6

7

11

6

11

6

9

6

9

5

10

6

12.5

73.8

22.6

13.3

76.9

12.9

74.7

29.0

16.3

90.5

43.7

44.0

23.8

25.1

14.3

14.1

81.9 83.1

S&M R&D G&A

12.6

13.4

70.8 73.9 76.1

22.7

24.9

19.5

22.9

22.6

38.5

36.9

45.2

37.8

38.5

40.1

Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25

Cost of Sales S&M R&D G&A

Q3 25 Q4 25 Q1 26

Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

Operating costs as a % of Pharma revenues (%)

Key messages

35

30

25

20

15

10

5

0

33

32

31

31

31

21

21

19

19

19

12

11

5

5

10

6

12

7

10

6

FY 2021 FY 2022 FY 2023 FY 2024 FY 2025

• Cost of Sales rose in Q1 2026 due to some deliveries' timing, composition effect

  and the strong HUF; hence gross margin declined to 67.6% in the period

• Operating expenses remained under control and benefited from long-term cost management efforts and FX trends; total opex was down 7% YoY, driven by lower S&M expenses

• R&D expenses declined by 5% in Q1 YoY, mostly reflecting a decline in BIO R&D, offsetting higher WHC R&D; R&D expenses were at 10% of sales

• Sales & Marketing expenses fell 9% in Q1 YoY, due to strict cost control, significant benefit from FX and lower activity in APAC

• G&A expenses were 5% lower YoY, supported by efficiency projects, favorable FX

  ‌Strong CER Clean EBIT growth of 15% on Vraylar® and BIO

  Pharmaceutical Clean EBIT, cumulative (HUF bn)

  Key messages

  Q1 2025 Q1 2026
  
  

  53.2

  -0.2

  -0.1

  9.4

  6.2 1.1

  -5.6

  48.5

  14.0

  12.0

  68.7 69.7

  Pharma other BIO
  
  GM WHC CNS
  
  

  • CER Clean EBIT growth was a remarkable 15% in Q1 YoY. FX was a massive headwind in Q1 2026 (continued trend of weaker USD, stronger HUF), consequently reported Clean EBIT (pharma) increased only marginally, by 1.5% YoY, to HUF 69.7bn in Q1 2026

  • Milestone income of HUF 3.6bn was booked in the period, majority in BIO and CNS, vs. practically no such income a year ago, supporting Clean EBIT growth

  • CNS and BIO improved profitability significantly YoY, while

    +1.5%

    91.5

    68.7

    12.0

    78.7

    9.9

    0.5

    65.8

    69.7

    4.5

    48.5

    58.5

    57.5

    66.6

    53.2

    -5.6

    -2.9

    -0.6

    -5.2

    -0.9

    -0.1

    14.0

    9.4

    1.1 6.2

    10.6

    13.8

    14.7

    10.6

    Pharmaceutical Clean EBIT (HUF bn)

    +1.5%

    +15.1%

    
    
    

    Reported growth

    9

    All data in HUFbn

    
    
    

    Q1 2025

    CER growth

    Q2 2025

    Q3 2025

    Q1 2025

    Q4 2025

    Q1 2026

    Q1 2026

    Pharma other
    
    BIO GM
    
    

    WHC CNS

    WHC and GenMed saw weaker Clean EBIT primarily due to top-line shortfalls

  • CNS remained the largest earnings contributor in Q1 on the back of continued strong performance of Vraylar®

  • WHC Clean EBIT came in at HUF 9.4bn in Q1, below the recent run-rate of profitability, due to some missing revenues (timing of shipment issues), higher R&D expenses (in line with plans) and also due to the adverse effect of the appreciating HUF

  • GenMed's Clean EBIT fell materially YoY, reflecting weaker revenues and lower gross profit; the decline was mitigated by opex discipline

  • BIO Clean EBIT was positive in Q1 2026, supported by strong revenues, lower R&D expenses, but also by some milestone income and the reversal of impairment

    ‌Below-the-line: taxes offset net financial income; no unusual items

    Net Profit in Q1 2026, below-Clean EBIT items (HUF bn)

    Including HUF 1.3bn restructuring expenses

    0.9

    Includes taxes calculated in line with Global Minimum Tax

    69.8

    3.0

    2.5

    67.4

    5.0

    65.3

    -2.4

Key messages

• Net financial income amounted to HUF 10.5bn in Q1 2026, somewhat lower than a year ago (HUF 13.4bn in Q1 2025). This included FX gains of HUF 5bn (mostly unrealized gains on the stronger USD closing rates at the end of March), net interest income of HUF 3bn (rising YoY) and other financials items of HUF 2.5bn (mostly derivatives). If current exchanges rates hold, Q2 may bring in material FX losses (likely mostly unrealized) on working capital items.

• Taxes are accounted for in accordance with the Global Minimum Tax (15%); effective tax rate was marginally higher in Q1 2026

• Net profit was HUF 65.3bn in Q1 2026, 4% lower YoY, as a result of flat operating profit and smaller net financial income than a year ago

  ‌Sustained robust cash generation in Q1 2026

  Free Cash Flow in Q1 2026 (HUF bn)

  No material change

  in NWC in Q1 2026

  Key messages

  3.4

  3.1

  • Free Cash Flow was HUF 77bn in Q1 2026, rising by 29% YoY on the back of stronger operating cash flows and no increase in

    Application of Cash Flow

    76.4

    0.9

    77.4 77.0

    1.6

    0.8

    0.0

    0.0

    Net Working Capital funding need

    • Net Working Capital was practically unchanged during Q1 2026, compared to material HUF 18bn increase in NWC a year ago

    • Cash conversion days - as a consequence - hardly changed in Q1 compared to the previous quarter and were lower YoY

      Op. CF

      W/o NWC

      NWC Operative CF

      Interest received

      Capex (PP&E)

      FCF

      Acquiring intangibles*

      Other M&A

      Dividend (prev. year)

      Share buyback

  • Capex activity was limited in Q1 and no material M&A transaction took place during the period. As a result, majority of FCF added to the net cash position.

Cash Conversion Cycle | days

312 327 322 303 305

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

12

‌Research and Development

R&D

‌R&D pipeline - changes during Q1 2026

Preclinical phase

Clinical phase

Regulatory & Launch

Neuropsychiatry Biotechnology

Technology Development

Phase 1

Phase 2

Phase 3

Own

Clinical phase

Own

Women's Healthcare

RSL*

General Medicines

new

discontinued License

13 * Ready-to-Sell Licensed pipeline

‌Neuropsychiatry

CNS

‌CNS revenues were up 4% despite unfavorable FX trends

CNS

Revenue (HUFbn)

+4.0%

+4.0%

73.2

59.8

64.6

67.1

62.2

59.8 62.2

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q1 2025 Q1 2026

Key messages

Clean EBIT (HUFbn)

• CNS revenues increased by 4% in Q1 YoY, affected by the weak USD and the strong HUF (only partly offset by hedging)

• Clean EBIT increased by 10% in Q1 YoY due to higher revenues, lower R&D expenses and some milestone income

• R&D expenses were 12% lower in Q1 YoY despite significantly higher cost related to RGH-932 with two Phase 2 clinical trials. This was more than offset by lower spending on other projects.

• Topline data of RGH-932 Phase 2 study indicated that the overall difference between the drug- and placebo-treated groups was not statistically significant, however, in bipolar 1 patients an efficacy signal was observed. RGH-932 was generally safe and well-tolerated; the safety profile was generally similar to placebo suggesting better safety profile over cariprazine.

  +9.6%

  66.6

  58.5

  57.5

  48.5

  53.2

  Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

  48.5

  53.2

  +9.6%

  
  
  

  Q1 2025 Q1 2026

  ‌Vraylar®: strong, double-digit prescription growth

  CNS

  Vraylar®

  Key messages

  +4.4%

  68.9

  56.2

  60.7

  64.1

  58.7

  
  
  

  Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

  Reagila®

  -3.7%

  4.3

  3.5

  3.9

  3.0

  3.4

  Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

  +4.4%

  
  
  

  49.4

  56.2 58.7

  Q1 2024 Q1 2025 Q1 2026

  -3.7%

  
  
  

  3.5 3.5 3.4

  Q1 2024 Q1 2025 Q1 2026

  • Vraylar® royalty income reached HUF 59bn in Q1 2026, up 4.4% YoY affected by the weak USD

    and the strong HUF

  • Global Vraylar® sales were USD 905mn, up by 18.4%, reflecting strong prescription growth in both bipolar disorder and adjunctive MDD

  • Vraylar® has significant leadership, with new prescription share roughly double the next closest branded atypical antipsychotic therapy. AbbVie expects continued momentum following the introduction of new lower doses allowing prescribing flexibility, as well as pediatric use.

    Key messages

  • Reagila® revenues (from own and partnered territories) ended up at HUF 3.4bn in Q1 2026, down slightly YoY, as strong in-market sales growth was offset by the timing of deliveries

    16 All data in HUFbn

    * ODT = orodispersible tablets

    
    
    

  • To maximize Reagila's potential, Richter plans to launch new indications and drug forms in own and partnered territories. Recently, Reagila ODT* has been approved in Russia, while additional indications (next to schizophrenia) have been approved in Vietnam, Azerbaijan, Qatar, Bahrain and Egypt.

    ‌Women's Healthcare

    WHC

    
    
    ‌Sales in Q1 affected by shipments, FX; R&D engine at full speed

    WHC

    Revenue (HUFbn)

    +0.7%

    
    
    

    +0.7%

    89.9

    78.8

    84.3

    75.5

    79.4

    
    
    

    WHC | HUF mn	Q1 2025	Q1 2026	Ch. % YoY
    Revenues	78 844	79 385	1
    Cost of Sales	-24 918	-29 737	19
    Gross Profit	53 926	49 648	-8
    Gross Margin %	68.4	62.5
    Sales & Marketing	-26 504	-22 915	-14
    G&A	-6 842	-6 785	-1
    R&D	-4 844	-7 551	56
    Clawback	-1 621	-2 525	56
    Milestone income	0	386
    Inventory and receivable impairment	-156	-882	465
    Clean EBIT	13 959	9 376	-33
    cEBIT Margin %	17.7	11.8
    Key messages

    78.8 79.4

    Clean EBIT (HUFbn)

    Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q1 2025 Q1 2026

• Reported revenues were broadly flat in Q1 (CER growth +6%), affected by some pre-shipments to EEU markets in Q4 (warehouse transition), the timing of some APAC deliveries (slipping into Q2) and the strong HUF. Underlying in-market sales performance of focus brands (Ryeqo®, Lenzetto®, Drovelis®) remained very strong.

• Gross margin declined YoY mainly due to some missing revenues and the revenue-mix effect; some correction is expected in Q2.

• S&M expenses reflect streamlined investments behind focus brands, while G&A costs remain well controlled. R&D expenses were up materially YoY, in line with plans, as new projects, including from recent deals (Celmatix and Fimmcyte), now fully utilize WHC discovery capacity.

• Clean EBIT reached HUF 9.4bn in Q1, down 33%, reflecting flat revenues, weaker gross margin and full R&D cost utilization.

  -32.8%

  14.0

  13.8

  14.7

  10.6

  9.4

  Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

  -32.8%

  14.0

  9.4

  Q1 2025 Q1 2026

  ‌Menopause and UF/EM growth vs. temporarily weaker OCs in Q1

  WHC

  Total WHC revenues by therapeutic areas (quarterly, HUF bn)

  Key messages

  Other WHC Fertility
  
  Menopause UF and EM Contraception
  
  

  Q1 2025

  Q2 2025

  Q3 2025

  Q4 2025

  Q1 2026

  Performance of the fast-growing focus TAs were overall in line with expectations in Q1 2026. Uterine Fibroids (UF)/Endometriosis (EM) and Menopause overperform strategic plans.

  54.0

+0.7%

78.8

6.1

7.3

8.8

9.0

89.9

7.6

8.7

8.8

75.5

5.6

6.8

84.3

7.2

8.6

79.4

5.4

42.5

43.5

11.3

13.4

12.9

9.2

9.0

8.3

10.7

8.9

Contraception

Sales growth is primarily driven by Drovelis®, the latest combined oral contraceptive, and sustained performance of Evra. The volatility between quarters is caused by stock movements in emergency contraception in China (phased to Q2) and pre-shipments in Russia (in Q4).

Fertility

WHC revenues by therapeutic areas (HUF bn; % in Q1 2026)

Bemfola® requires more time and effort to regain position. Strong tenders in some countries. Cyclogest® and ExEm Foam lead portfolio growth.

Menopause Fertility

Uterine Fibroids & Endometriosis

This TA showed 50% growth YoY in Q1 2026, as Endometriosis

UF and EM

11.5% 11.2%

6.8%

16.9%

53.5%

Other WHC

remains to be a topic of interest in public and social media channels in most EU countries. Ryeqo® continues to show strong growth in all markets. Increased uptake is due to fast shift from first-line treatment options.

Menopause

Around 50% revenue growth in this TA is driven by strong patient demand across Europe. Lenzetto® remains the lead product, with Fylrevy® launch coming soon.

Contraception

Highlighted brands

‌| Ryeqo® outstanding; Lenzetto® grows on an expanding market

WHC

Ryeqo®

Lenzetto®

+63.8%

10.7

8.7

9.6

6.5

7.4

+36.2%

5.6

6.1

5.1

4.4

3.7

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

+63.8%

10.7

6.5

3.2

+36.2%

5.1

3.7

2.3

Q1 2024 Q1 2025 Q1 2026 Q1 2024 Q1 2025 Q1 2026

• Drovelis®: solid growth in Q1, as some volatility in Eastern Europe was more than offset by strong partner business

• Strong and better than expected revenues in Belgium, South Africa and Australia

• Slight slowdown in Romania and CIS region

  • Bemfola®: slight decline in Q1 due to phasing of promotional activities

  • No supply chain challenges affected the period

  • The Fertility franchise continued to grow steadily (+7% YoY), supported by the growth of Cyclogest® and ExemFoam

    ‌Biotechnology

    BIO

    
    
    

    ‌BIO

    Increasing revenues, sustained margins and lower R&D in Q1 2026

    Revenue (HUFbn)

    +28.0%

    16.7

    13.1

    21.0

    16.4

    BIO | HUF mn	Q1 2025	Q1 2026	Ch. % YoY
    Revenues	13 060	16 721	28
    Cost of Sales	-8 357	-10 596	27
    Gross Profit	4 703	6 125	30
    Gross Margin %	36.0	36.6
    Sales & Marketing	-2 123	-2 589	22
    G&A	-1 031	-1 303	26
    R&D	-6 504	-3 467	-47
    Clawback	-72	-413	474
    Milestone income	-10	1 835	n.a.
    Inventory and receivable impairment	-557	877	n.a.
    Clean EBIT	-5 594	1 065	n.a.
    cEBIT Margin %	-42.8	6.4

    
    
    

    +28.0%

    16.7

    13.1

    13.8

    Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q1 2025 Q1 2026

    Key messages

  • Revenues in Q1 2026 showed a significant increase YoY, due to strong teriparatide shipments and growing contribution from new product revenues (rising denosumab biosimilar sales since the launch in late-2025, early-2026 across numerous Richter affiliates and partners).

  • Gross margin was steady and gross profit rose on revenue and volume uplift. Clean EBIT was again positive (similarly to Q4), boosted by the much-reduced R&D spend, but also some milestone income and impairment reversal.

  • The revenue growth seen in Q1 may not sustain throughout the year

    due to some expected moderation in teriparatide shipments, while the

    -5.6

    -2.9

    -5.2

    0.5

    Clean EBIT (HUFbn)

    1.1

    1.1

    price erosion trends of biosimilars, particularly in European markets, may affect the expected ramp-up of new product revenues.

    Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

    -5.6

    Q1 2025 Q1 2026

    ‌BIO

    Strong teriparatide shipments, continued CDMO revenue fluctuation

    Teriparatide

    Key messages

    +40.1%

    8.5

    7.7

    8.4

    8.6

    6.1

    
    
    

    Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

    CDMO services

    +40.1%

    8.6

    6.1

    6.1

    
    
    

    Q1 2024 Q1 2025 Q1 2026

    • Teriparatide biosimilar (incl. Terrosa®) revenues reached record highs and were up by 40% Q1 YoY, slightly higher than in Q4 2025. Revenue growth was driven by continued high-volume shipments in Q1 2026 and strong in-market performance of many Richter affiliates and some commercial partners. Such high level of shipments may not be maintained over the full year, as some slowdown in shipments expected in later periods.

    • CDMO revenues in Q1 2026 were somewhat below the year ago level. Activities and orders remain on plan, and some quarterly revenue fluctuation is primarily driven by order fulfillment and payment timings. We expect CDMO revenues to be broadly flat over the full year.

-14.1%

11.1

6.9

7.9

6.1

6.0

-14.1%

6.9

5.4

6.0

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q1 2024 Q1 2025 Q1 2026

‌General Medicines

GM

‌GM

A challenging start to the year with external headwinds

Gross Margin % Sales & Marketing G&A

R&D Clawback

Inventory and receivable impairment

55.2

-14 422

-5 719

-3 038

-676

-367

50.4

-13 317

-4 955

-3 340

-581

-747

-8

-13

10

-14

n.a.

65.5 65.3

65.1

-12.0%

53.6

57.7

57.7

65.5

Clean EBIT

11 970

6 163 -49

Clean EBIT (HUFbn)

cEBIT Margin % 18.3

10.7

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

Q1 2025 Q1 2026

Key messages

• Revenues declined by 12% YoY to HUF 57.7bn in Q1 2026. While

  in-market sales trends remained broadly positive across most Rx markets and products, OTC performance was adversely impacted by the absence of a flu season in Q1.

• Q1 performance was also affected by portfolio streamlining, including the discontinuation of some high-impact assets (e.g. Lunaldin, Decaris) as well as trade-related financial headwinds, such as mandatory price adjustments in certain markets (notably Uzbekistan and Kazakhstan).

• Operational execution and distributor stock phasing, originating from Q3 2025, are gradually normalizing; yet they continued to weigh on Q1.

• Disciplined cost control remains a priority, which mitigated the cEBIT decline. Higher R&D reflects targeted investments in GLP-1 assets.

  -48.5%

  12.0

  9.9

  10.6

  6.2

  4.5

  Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

  -48.5%

  12.0

  6.2

  Q1 2025 Q1 2026

  ‌GM

  Blood&metab driven by launches, Pain recovers, OTC suffers

  Total GenMed revenues by therapeutic areas (quarterly, HUF bn)

  Key messages

  Blood&metabolic non-strategic TA
  
  OTC
  
  

  Cardiology Pain&neurology

  Q1 2025

  Q2 2025

  Q3 2025

  Q4 2025

  Q1 2026

  • Blood & metabolic category saw timely launch of Rivaroxaban in wave-2 CEE countries. Dabigatran brands hold top ranking among generics in key markets (HU, PL and RO) and Edoxaban reaches #1 generic position in HU. These positive trends were offset by pruning of established assets in alimentary.

    -12.0%

    65.5

    4.6

    7.0

    65.3

    4.9

    5.8

    53.6

    4.8

    5.1

    65.1

    4.9

    6.0

    57.7

    5.1

    5.2

    21.8

    19.4

    16.0

    22.3

    21.3

    16.2

    17.2

    19.2

    19.4

    11.4

    20.9

    8.4

    15.7

    11.5

    13.2

  • Cardio category performance was mixed with mid-single-digit net sales growth YoY in HU, CEE and KZ, but with a significant negative impact of mandatory reference pricing in UZ. The impact of phasing of distributor stocks in PL, RU, RO also continued to weigh on performance.

    GenMed revenues by therapeutic areas (HUF bn; % in Q1 2026)

  • Pain & neurology category saw a decent recovery from the Mydocalm/Mydeton out-of-stock situation. Distribution coverage and market share positions have been recovering

    non-strategic TA Blood&metabolic 9.1% 8.9%

    OTC

    14.5%

    in key markets.

    • OTC brands performance was limited by lack of flu season in Q1. This was most prominent in PL, RU, UZ, where this negative impact drove the overall country performance to negative territory YoY.

37.8%

Pain&neurology

29.8%

Cardiology

‌Appendix ‌Net financial income in Q1 2026 on some FX gain, net interest

Diff Q1

Q1 2025

Q1 2026

forward exchange contracts

-1.1

-1.1

Result of realised & unrealised

1.1

0.0

-4.1

3.0 Realised exchange (loss)/gain

6.1

14.1

Unrealised exchange (loss)/gain

1.4 Interest income / (Interest expense)

1.6

3.0

1.8 Other financial items

0.7

2.5

Key messages

• Net financial income amounted to HUF 10.5bn in Q1 2026, somewhat lower than a year ago (HUF 13.4bn), primarily due to smaller FX gains

• Exchange rates continue to bring volatility to the below-the-line financial items, mostly through unrealized (and realized) gains/losses recorded on working capital items. In Q1 2026 FX gains amounted to HUF 5bn (vs. HUF 10bn FX gains a year ago), all unrealized, due to the stronger USD at the end of the period.

• Due to exchange rate trends since the end of Q1 - renewed depreciation of the USD and a strengthening HUF -, unrealized FX gains are likely to disappear and turn into FX losses in the coming periods

• Net interest income amounted to HUF 3bn in Q1 2026, higher YoY due to the larger net cash position

• Richter continues to use hedging transactions to mitigate some of the risks resulting from the volatility of the functional currency (or commodities), and these transactions had some positive impact (net gain) on net financials in Q1 2026

‌Business units' P&L in Q1 2026

Note: The items of the Pharmaceutical segment's profit and loss statement are allocated to the business units by product groups, where direct correspondence exists. For the remaining items, Richter Group uses allocation keys based on historical data and management accounting estimation.

‌Strategic positioning and vision of the business units ‌Consolidated Income Statement ‌Consolidated Balance Sheet - ASSETS ‌Consolidated Balance Sheet - EQUITY AND LIABILITIES ‌Consolidated Cash Flow Statement

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