Q1 2026 Unaudited Interim Report of the Krka Group and Krka
Novo mesto, May 2026
CONTENTSIntroduction 3
Q1 2026 performance highlights 3
Financial highlights 4
Krka ID card 5
Krka Group at a glance 5
2026 Krka Group business plan 6
Business report 7
Financial risks 7
Investor and share information 7
Krka Group performance analysis 9
Marketing and sales 12
Research and development 18
Investments 19
Employees 19
Condensed financial statements of the Krka Group, with notes 21
Consolidated statement of financial position of the Krka Group 21
Consolidated income statement of the Krka Group 22
Consolidated statement of other comprehensive income of the Krka Group 22
Consolidated statement of changes in equity of the Krka Group 23
Consolidated statement of cash flows of the Krka Group 25
Segment reporting of the Krka Group 26
Notes to consolidated financial statements of the Krka Group 27
Condensed financial statements of Krka, d. d., Novo mesto, with notes 33
Statement of financial position of Krka, d. d., Novo mesto 33
Income statement of Krka, d. d., Novo mesto 34
Statement of other comprehensive income of Krka, d. d., Novo mesto 34
Statement of changes in equity of Krka, d. d., Novo mesto 35
Statement of cash flows of Krka, d. d., Novo mesto 37
Notes to financial statements of Krka, d. d., Novo mesto 38
Statement of compliance 44
The condensed consolidated financial statements of the Krka Group (hereinafter also the Group) and the condensed financial statements of Krka, d. d., Novo mesto (hereinafter also Krka, the Company, the controlling company, we, our, us) for Q1 2026 and Q1 2025 are unaudited. The financial statements for the year ended 31 December 2025 are audited. Krka has no authorised capital or conditional increase in share capital.
We promptly disclose all material changes to the information contained in the listing prospectus of Krka through the electronic information dissemination systems SEOnet of the Ljubljana Stock Exchange and ESPI of the Polish Financial Supervision Authority. Reports on the business operations of the Krka Group and Krka are available for viewing at https://www.krka.biz.
The Supervisory Board deliberated on the Q1 2026 unaudited business report of the Krka Group and Krka at its regular meeting on 13 May 2026.
Q1 2026 performance highlightsKrka Group product and service sales totalled €564.2 million, of which product sales accounted for 98%.
Product and service sales of the Krka Group increased by 8% year on year.
We generated 94% of product and service sales outside Slovenia. Export accounted for 96% of product sales.
Region East Europe recorded the highest sales, accounting for 35.5% of total Krka Group sales, and was followed by Region Central Europe and Region West Europe.
Operating profit (EBIT) of the Krka Group reached €151.6 million, up 24% year on year. The EBIT margin was 26.8%. EBITDA amounted to €175.7 million, up 20% year on year. The EBITDA margin was 31.0%.
The Group reported a net financial loss of €3.3 million, a year-on-year decrease of €60.2 million, resulting from a high base effect in the Q1 2025 net financial result. This was attributable to the appreciation of the rouble in this quarter after more than 10% depreciation at the end of December 2024. Short-term currency fluctuations, primarily in the Russian rouble and the US dollar, may significantly affect the net financial result of the Krka Group, as evidenced by past results. These effects generally even out in the long term.
Net profit of the Krka Group amounted to €121.0 million, a 21% year-on-year decrease, reflecting a negative net financial result in Q1 2026 and a strong positive net financial result in Q1 2025 with high base effect. Net profit margin was 21.4%.
As at 31 March 2026, the Krka share traded at €233.00 on the Ljubljana Stock Exchange, up 15% on year-end 2025. From January until the end of March 2026, we repurchased €13.6 million of treasury shares under the share buyback programme.
The product portfolio was expanded with four new products: three prescription pharmaceuticals and one animal health product.
The Krka Group allocated €22.9 million to investments, up 9% year on year.
At the end of March 2026, the Krka Group had 13,204 regular employees on its payroll, in line with year-end 2025 levels. Total headcount, including agency workers, stood at 13,261 persons.
€ thousand | Krka Group | Krka | ||||
Jan-Mar 2026 | Jan-Mar 2025 | Index | Jan-Mar 2026 | Jan-Mar 2025 | Index | |
Revenue | 565,774 | 522,114 | 108 | 521,545 | 511,063 | 102 |
- Of which revenue from sales of products and services | 564,195 | 521,456 | 108 | 443,085 | 435,903 | 102 |
Gross profit | 342,001 | 304,417 | 112 | 318,825 | 295,258 | 108 |
Earnings before interest, tax, depreciation and amortisation (EBITDA) | 175,650 | 145,862 | 120 | 162,703 | 148,692 | 109 |
Operating profit (EBIT)1 | 151,601 | 122,690 | 124 | 145,080 | 131,328 | 110 |
Profit before tax (EBT) | 148,272 | 179,514 | 83 | 142,865 | 192,709 | 74 |
Net profit | 120,950 | 152,484 | 79 | 118,464 | 162,467 | 73 |
R&D expenses | 51,371 | 49,519 | 104 | 50,986 | 49,083 | 104 |
Investments | 22,942 | 21,066 | 109 | 17,888 | 15,262 | 117 |
€ thousand | 31 Mar 2026 | 31 Dec 2025 | Index | 31 Mar 2026 | 31 Dec 2025 | Index |
Non-current assets | 1,051,753 | 1,059,759 | 99 | 1,057,997 | 1,058,622 | 100 |
Current assets | 2,118,774 | 1,982,899 | 107 | 1,855,066 | 1,702,780 | 109 |
- Inventories | 626,488 | 644,102 | 97 | 531,126 | 539,860 | 98 |
- Trade receivables | 692,359 | 609,315 | 114 | 656,098 | 560,340 | 117 |
- Cash and cash equivalents | 383,877 | 347,819 | 110 | 306,731 | 273,658 | 112 |
Equity | 2,481,121 | 2,377,151 | 104 | 2,376,968 | 2,272,584 | 105 |
Non-current liabilities | 165,683 | 165,213 | 100 | 133,763 | 132,921 | 101 |
Current liabilities | 523,723 | 500,294 | 105 | 402,332 | 355,897 | 113 |
- Trade payables | 153,570 | 124,654 | 123 | 194,140 | 160,231 | 121 |
RATIOS | Jan-Mar 2026 | Jan-Mar 2025 | Jan-Mar 2026 | Jan-Mar 2025 |
Gross profit margin | 60.4% | 58.3% | 61.1% | 57.8% |
EBITDA margin | 31.0% | 27.9% | 31.2% | 29.1% |
EBIT margin | 26.8% | 23.5% | 27.8% | 25.7% |
EBT margin | 26.2% | 34.4% | 27.4% | 37.7% |
Net profit margin (ROS) | 21.4% | 29.2% | 22.7% | 31.8% |
Return on equity (ROE)2 | 19.9% | 26.2% | 20.4% | 28.8% |
Return on assets (ROA)3 | 15.6% | 20.5% | 16.7% | 23.9% |
Liabilities/Equity | 0.278 | 0.276 | 0.226 | 0.213 |
R&D expenses/Revenue | 9.1% | 9.5% | 9.8% | 9.6% |
HEADCOUNT | 31 Mar 2026 | 31 Dec 2025 | Index | 31 Mar 2026 | 31 Dec 2025 | Index |
Balance at | 13,204 | 13,236 | 100 | 7,721 | 7,733 | 100 |
SHARE INFORMATION | Jan-Mar 2026 | Jan-Mar 2025 | Index |
Total number of shares issued | 32,793,448 | 32,793,448 | 100 |
Earnings per share (EPS) in €4 | 14.75 | 19.87 | 74 |
Closing price at end of period in €5 | 233.00 | 172.00 | 135 |
Price/Earnings ratio (P/E) | 15.79 | 8.66 | 182 |
Book value in €6 | 75.66 | 73.98 | 102 |
Price/Book value (P/B) | 3.08 | 2.32 | 132 |
Market capitalisation in € thousand (end of period) | 7,640,873 | 5,640,473 | 135 |
1 The difference between operating income and expenses
2 Net profit, annualised/Average shareholders' equity in the period
3 Net profit, annualised/Average total asset balance in the period
4 Net profit attributable to majority equity holders of the Krka Group, annualised/Average number of shares issued in the period, excluding treasury shares
5 Share price on the Ljubljana Stock Exchange
6 Equity at the end of the period/Total number of shares issued
Registered office Šmarješka cesta 6, 8501 Novo mesto, Slovenia
Telephone +386 7 331 21 11 E-mail info@krka.biz Website www.krka.biz
Core business Manufacture of pharmaceutical preparations
Business classification code 21.200
Year established 1954
Registration entry 1/00097/00, District Court of Novo mesto, Slovenia
Tax number 82646716
VAT registration number SI82646716 Company ID number 5043611000 Share capital €54,732,264.71
Total number of shares issued 32,793,448 ordinary registered no-par value shares, KRKG stock symbol. Krka shares have been listed on the Ljubljana Stock Exchange since 1997 under the KRKG stock symbol, and dual-listed on the Warsaw Stock Exchange since April 2012 under the KRK stock symbol.
Krka Group at a glanceThe Krka Group consists of the controlling company, Krka, d. d., Novo mesto, a subsidiary in Slovenia, Terme Krka, d. o. o., Novo mesto, and 33 subsidiaries outside Slovenia.
The Group develops, produces, markets, and sells human health products (prescription pharmaceuticals and non-prescription products), animal health products, and health resort and tourist services.
Production takes place at the controlling company in Slovenia and at subsidiaries in the Russian Federation, Poland, Croatia, and Germany. In addition to production, these subsidiaries, apart from Krka-Rus in the Russian Federation, are engaged in marketing and sales. In China, production takes place in long-term leased production facilities. Other subsidiaries outside Slovenia market and/or sell Krka products, but do not have production capacities.
Terme Krka, d. o. o., Novo mesto provides health resort and tourist services and operates through the following branches: Terme Dolenjske Toplice; Terme Šmarješke Toplice; Hoteli Otočec; and Talaso Strunjan. Terme Krka is also the majority owner of Golf Grad Otočec, d. o. o.
In 2024, Krka and Laurus Labs Ltd. from India established the company Krka Pharma Private Limited, in Hyderabad, India. Krka holds a 51% stake in the joint venture. The Krka Group accounts for its investment in the joint venture using the equity method.
2026 Krka Group business planWe project revenue at €2,144 million, up 5% on 2025.
The market share outside Slovenia is estimated at 94%.
We expect prescription pharmaceuticals to remain our leading product category, accounting for more than 80% of overall sales.
Net profit is projected at €405 million.
We plan to allocate over €140 million to investments, primarily for expanding and modernising production facilities and infrastructure, an increase of €45 million compared to the amount allocated in 2025. We earmarked €20 million for our joint venture, Krka Pharma Private Limited, in India.
The total number of employees in Slovenia and abroad is projected to increase by 2%.
The 2026 business objectives derive from the 2026-2030 Krka Group Development Strategy and are based on estimates, assessments, projections, and other available data. The Management Board believes these projections are reasonable. In the event of major changes in the business environment, such as price erosion, rising raw material prices, foreign exchange fluctuations for certain key currencies, or a decrease in demand for pharmaceutical products, actual operating results may deviate from the plan.
Financial risksForeign exchange risk
Our key currency risk management policy remains to mitigate currency risk exposure by natural hedging. We also use financial instruments to a limited extent.
The Russian rouble continues to represent the highest Krka Group currency risk. We use natural hedging to mitigate the exposure, as there are no suitable financial instruments available in the international markets.
From the beginning of the year until the end of the first quarter, the Russian rouble depreciated by 1.4% against the euro, while its average value increased by 7.1% year on year.
In the first quarter of 2026, we continued to hedge the US dollar using financial instruments. Unlike with other currencies, exposure to the US dollar arises from a surplus of liabilities over assets from regular business operations, or in other words, the currency position is short. Exposure to the US dollar arises primarily from the purchase of raw and other materials.
The value of the US dollar expressed in euros increased by 2.2% over the course of the first quarter, while the average value saw a 10.1% decrease year on year.
Other currencies significant to our operations remained stable in the first quarter of 2026.
We recorded a net financial loss of €3.3 million, a year-on-year decrease of €60.2 million, due to the high net financial result in Q1 2025. This was attributable to the appreciation of the rouble following its depreciation of more than 10% at the end of December 2024. In Q1 2026, the net impact of all foreign exchange differences was negative and, together with other financial income and expenses, resulted in a net financial loss. Short-term currency fluctuations, primarily of the Russian rouble and the US dollar, may significantly affect the net financial result of the Krka Group, as evidenced by past results. These effects generally even out in the long term.
Credit risk
The Krka Group key credit risk arises from trade receivables. The centralised credit control process at the Krka Group level includes all customers with credit limits exceeding €20,000. We had over 560 such clients at the end of the first quarter of 2026, accounting for more than 95% of total trade receivables. Credit control for small customers is decentralised within the sales network and remains under the constant supervision of the controlling company.
Our credit risk management policy remained unchanged in the first three months of 2026. At the end of this period, more than 90% of Krka Group trade receivables were insured with a credit insurance company.
By the end of the first quarter, the total value of trade receivables denominated in euros was up 14% from the beginning of the year. The maturity structure of receivables remained stable. The ratio of overdue receivables to total trade receivables remained within acceptable limits at the end of the first quarter.
Investor and share informationThe Krka share price on the Ljubljana Stock Exchange rose by 14.8% over the first three months of 2026, standing at €233.00 on 31 March 2026. The ownership structure remained stable, as there were no significant changes during this period. At the end of March 2026, Krka had 48,201 shareholders.
Shareholder structure (%)
31 Mar 2026 | 31 Dec 2025 | |
Slovenian retail investors | 41.5 | 41.7 |
Slovenski državni holding (SDH, Slovenian Sovereign Holding) and the Republic of Slovenia | 16.2 | 16.2 |
Kapitalska družba, d. d. (KD, Pension Fund Management) and Prvi pokojninski sklad (PPS, First Pension Fund) | 10.8 | 10.8 |
Slovenian legal entities and institutional investors | 5.9 | 5.8 |
Foreign investors | 18.0 | 18.1 |
Treasury shares | 7.6 | 7.4 |
Total | 100.0 | 100.0 |
In the first quarter of 2026, Krka acquired 59,459 treasury shares and held 2,494,286 treasury shares as at 31 March 2026, representing 7.606% of its share capital.
Ten largest shareholders as at 31 March 2026
Country | No. of shares | Equity stake (%) | Voting rights (%) | |
Kapitalska družba, d. d. | Slovenia | 3,493,030 | 10.65 | 11.53 |
Slovenski državni holding, d. d. | Slovenia | 2,949,876 | 9.00 | 9.74 |
Republic of Slovenia | Slovenia | 2,366,424 | 7.22 | 7.81 |
OTP banka d.d.1 | Croatia | 1,495,336 | 4.56 | 4.94 |
Clearstream Europe AG1 | Germany | 1,168,080 | 3.56 | 3.86 |
Erste Group Bank AG1 | Austria | 969,840 | 2.96 | 3.20 |
Luka Koper, d. d. | Slovenia | 433,970 | 1.32 | 1.43 |
Privredna banka Zagreb d.d.1 | Croatia | 338,780 | 1.03 | 1.12 |
Raiffeisen Bank International AG1 | Austria | 337,068 | 1.03 | 1.11 |
Hrvatska poštanska banka d.d.1 | Croatia | 161,570 | 0.49 | 0.53 |
Total | 13,713,974 | 41.82 | 45.26 |
1The shares are held in custody accounts with the above-listed banks and are owned by their clients.
Equity stakes and voting rights of Management and Supervisory Board members as at 31 March 2026
No. of shares | Equity stake (%) | Voting rights (%) | |
Management Board members | |||
Jože Colarič | 22,500 | 0.069 | 0.074 |
Aleš Rotar | 13,915 | 0.042 | 0.046 |
Vinko Zupančič | 120 | 0.000 | 0.000 |
Milena Kastelic | 505 | 0.002 | 0.002 |
Total Management Board members | 37,040 | 0.113 | 0.122 |
Supervisory Board members | |||
Julijana Kristl | 230 | 0.001 | 0.001 |
Mojca Osolnik Videmšek | 617 | 0.002 | 0.002 |
Tomaž Sever | 500 | 0.002 | 0.002 |
Total Supervisory Board members | 1,347 | 0.004 | 0.004 |
Total Management and Supervisory Board members | 38,387 | 0.117 | 0.126 |
Krka share trading in Q1 2026
5,000
250
4,000 240
Trading volume (€ thousand)
Closing price (€)
3,000 230
2,000 220
1,000 210
0 200
31 Dec 2025 31 Jan 2026 28 Feb 2026 31 Mar 2026
Trading volume on LJSE Closing price on LJSEThe market capitalisation of Krka on the Ljubljana Stock Exchange, including treasury shares, totalled €7.6 billion as at 31 March 2026. The average daily trading volume of Krka shares during this period amounted to €1.1 million.
Krka Group performance analysisRevenue
€ thousand | Jan-Mar 2026 | Jan-Mar 2025 | Index |
Revenue from contracts with customers on sales of products and services | 564,195 | 521,456 | 108 |
Revenue from contracts with customers on sales of materials, and other revenue | 1,579 | 658 | 240 |
Total revenue | 565,774 | 522,114 | 108 |
Other operating income | 1,347 | 1,427 | 94 |
Financial income | 5,511 | 62,224 | 9 |
Total income | 572,632 | 585,765 | 98 |
Revenue by period
522
566
486
600
500
400
€ million
300
200
100
Jan-Mar 2024 Jan-Mar 2025 Jan-Mar 2026
Expenses
Jan-Mar
% of
€ thousand
Cost of goods sold
Selling and distribution expenses R&D expenses
General and administrative expenses
Total operating expenses
Financial expenses
Total expenses
2026 revenue Jan-Mar 2025
223,773
105,924
51,371
34,452
415,520
8,840
424,360
39.6
18.7
9.1
6.0
73.4
1.6
75.0
217,697
100,803
49,519
32,832
400,851
5,400
406,251
% of revenue
41.7
19.3
9.5
6.3
76.8
1.0
77.8
Index
103
105
104
105
104
164
104
€ thousand
Earnings before interest, tax, depreciation and amortisation (EBITDA)
Operating profit (EBIT) Profit before tax (EBT) Net profit
Operating results
Jan-Mar 2026 | Jan-Mar 2025 | Index |
175,650 | 145,862 | 120 |
151,601 | 122,690 | 124 |
148,272 | 179,514 | 83 |
120,950 | 152,484 | 79 |
Operating profit by period
152
114
123
160
140
120
€ million
100
80
60
40
20
Jan-Mar 2024 Jan-Mar 2025 Jan-Mar 2026
Assets
€ thousand | 31 Mar 2026 | % | 31 Dec 2025 | % | Index |
Non-current assets | 1,051,753 | 33.2 | 1,059,759 | 34.8 | 99 |
Attributable to: | |||||
- Property, plant and equipment | 811,211 | 25.6 | 828,905 | 27.2 | 98 |
- Intangible assets | 116,205 | 3.7 | 99,787 | 3.3 | 116 |
Current assets | 2,118,774 | 66.8 | 1,982,899 | 65.2 | 107 |
Attributable to: | |||||
- Inventories | 626,488 | 19.8 | 644,102 | 21.2 | 97 |
- Trade receivables and other receivables | 723,672 | 22.8 | 633,503 | 20.8 | 114 |
Total assets | 3,170,527 | 100.0 | 3,042,658 | 100.0 | 104 |
Equity and liabilities
€ thousand | 31 Mar 2026 | % | 31 Dec 2025 | % | Index |
Equity | 2,481,121 | 78.3 | 2,377,151 | 78.1 | 104 |
Non-current liabilities | 165,683 | 5.2 | 165,213 | 5.4 | 100 |
Attributable to: | 135,999 | 4.3 | 135,188 | 4.4 | 101 |
- Provisions for post-employment benefits and other non-current employee benefits | 127,334 | 4.0 | 126,324 | 4.2 | 101 |
- Provisions for lawsuits | 8,237 | 0.3 | 8,245 | 0.3 | 100 |
- Other provisions | 428 | 0.0 | 619 | 0.0 | 69 |
Current liabilities | 523,723 | 16.5 | 500,294 | 16.5 | 105 |
- Trade payables | 153,570 | 4.8 | 124,654 | 4.1 | 123 |
- Contract liabilities | 182,347 | 5.8 | 191,984 | 6.3 | 95 |
- Other current liabilities | 187,806 | 5.9 | 183,653 | 6.1 | 102 |
Total equity and liabilities | 3,170,527 | 100.0 | 3,042,658 | 100.0 | 104 |
Performance ratios
28.5 27.9 31.0
29.2
23.5 23.5
24.6
26.8
29.2
26.2
20.3
21.4
20.5
23.6
17.7
19.9
21.3
14.1
15.6
16.7
35
30
25
%
20
15
10
5
0
EBITDA margin EBIT margin Net profit margin ROE ROA
Jan-Mar 2024 Jan-Mar 2025 Jan-Mar 2026 AveragePerformance ratios are in line with the Krka Group's key strategic objectives. The observed year-on-year volatility in the net profit margin, ROE and ROA reflects the variable impact of foreign exchange differences on the net financial result and, consequently, on net profit for the respective period. Average values are therefore also presented.
Marketing and salesIn the first quarter of 2026, the Krka Group generated €565.8 million in sales. Of that, revenue from contracts with customers on sales of products and services totalled €564.2 million. Sales in markets outside Slovenia amounted to €529.7 million, accounting for 94% of total Krka Group sales. Our sales volume remained at the same level year on year.
Krka Group product and service sales by region
Sales increased in all sales regions and most markets, except in Region West Europe. Product and service sales by region
€ thousand | Jan-Mar 2026 | Jan-Mar 2025 | Index |
Region Slovenia | 34,496 | 32,161 | 107 |
- % of product and service sales | 6.1 | 6.2 | |
Region South-East Europe | 81,988 | 75,019 | 109 |
- % of product and service sales | 14.5 | 14.4 | |
Region East Europe | 199,915 | 176,766 | 113 |
- % of product and service sales | 35.5 | 33.9 | |
Region Central Europe | 133,454 | 124,381 | 107 |
- % of product and service sales | 23.7 | 23.8 | |
Region West Europe | 94,969 | 96,074 | 99 |
- % of product and service sales | 16.8 | 18.4 | |
Region Overseas Markets | 19,373 | 17,055 | 114 |
- % of product and service sales | 3.4 | 3.3 | |
Total | 564,195 | 521,456 | 108 |
Region Slovenia
Product and service sales in Region Slovenia, our domestic market, totalled €34.5 million in the first three months of 2026. Product sales were valued at €21.9 million, while services generated €12.6 million.
Holding a 7.9% market share, we maintained the leading position among providers of medicines in Slovenia in terms of sales value.
Products from our key therapeutic categories promoted in marketing campaigns contributed most substantially to sales, above all those for cardiovascular diseases; pain relief; the central nervous system; the gastrointestinal tract; and vitamins and minerals.
Among prescription pharmaceuticals for the treatment of cardiovascular diseases, we highlight the perindopril family, in particular the fastest-growing single-pill combinations Amlessa (perindopril/amlodipine) and Amlewel (perindopril/amlodipine/indapamide). They further reinforced our leading market position and recognition in the antihypertensive segment. In the statins segment, we strengthened the leading market position of Sorvasta (rosuvastatin) and bolstered the recognition of the single-pill combination Sorvitimb (rosuvastatin/ezetimibe). We also increased the recognition of Krka's oral anticoagulants, including the well-established Daxanlo (dabigatran), Delianda (edoxaban), and the newly launched Xerdoxo (rivaroxaban), available as film-coated tablets in three strengths of 10 mg, 15 mg, and 20 mg.
Our leading pain relievers were a NSAID Nalgesin Forte (naproxen), a non-opioid analgesic Algominal (metamizole), and an analgesic Daleron (paracetamol) 1,000 mg.
We further strengthened the recognition of two central nervous system agents, the antipsychotic Parnido (paliperidone) and the antidepressant Dulsevia (duloxetine). We also increased the recognition of Vitamin D3 Krka 7000 IU (cholecalciferol), which is taken once per week. We raised product awareness of Aregalu (teriflunomide) indicated for the treatment of multiple sclerosis, and Eltrombopag Krka (eltrombopag) indicated for the treatment of thrombocytopenia.
Among non-prescription products, we made a significant effort to increase the recognition of products for relieving of flu and cold symptoms: the antiseptic Septabene (benzydamine/cetylpyridinium chloride); the analgesic
Daleron C (paracetamol); the nasal decongestant Septanazal (xylometazoline/dexpanthenol); the immune support product Imunogard Krka (beta-glucan/vitamins/minerals); and the product for relieving hoarseness Herbisland. Sales of non-prescription products were driven by Magnezij Krka (magnesium) from our vitamins and minerals range, and the analgesic Nalgesin S (naproxen).
Among our animal health products, the broad-spectrum antiparasitic Milprazon (milbemycin oxime/praziquantel) and the product protection against fleas and ticks Fypryst Combo (fipronil/S-methoprene) remained market leaders in terms of sales. We expanded the Robexera brand with a solution for injection, and added Dehispot (praziquantel/emodepside) spot-on solution to our antiparasitic portfolio.
Region South-East Europe
Product sales by market
€ thousand | Jan-Mar 2026 | Jan-Mar 2025 | Index |
Romania | 20,887 | 20,436 | 102 |
Croatia | 13,993 | 13,850 | 101 |
Serbia | 11,566 | 10,333 | 112 |
Bulgaria | 9,456 | 8,427 | 112 |
Bosnia and Herzegovina | 9,355 | 7,851 | 119 |
North Macedonia | 9,135 | 8,120 | 113 |
Kosovo | 3,204 | 2,697 | 119 |
Greece | 2,101 | 907 | 232 |
Montenegro | 1,337 | 1,308 | 102 |
Albania | 952 | 1,090 | 87 |
Total | 81,988 | 75,019 | 109 |
According to the latest data, we held a 7.1% market share in terms of volume, and remained the most successful provider of generic prescription pharmaceuticals in the pharmacy segment in Romania. Atoris (atorvastatin), Nolpaza (pantoprazole), Co-Roswera (rosuvastatin/ezetimibe), Co-Prenessa (perindopril/indapamide), Teotard (theophyllin), and Roswera (rosuvastatin) generated the strongest sales. Nalgesin (naproxen) and Bilobil (ginkgo leaf extract) were our flagship non-prescription products. Antiparasitic products remained our best-selling animal health products, especially the Fypryst brand products and Selehold (selamectin).
In Croatia, we remained the second most successful generic pharmaceutical company by sales of prescription pharmaceuticals in the pharmacy segment. Emanera (esomeprazole), Co-Dalneva (perindopril/amlodipine/indapamide), and Atoris (atorvastatin) generated the highest sales in this product group. We also achieved sales growth with our new products Xerdoxo (rivaroxaban), Delianda (edoxaban), Daxanlo (dabigatran), Valomindo (valsartan/indapamide) and Delxora (tramadol/dexketoprofen), as well as the medicine Meaxin (imatinib) awarded through a tender. The most recent launches were Xerdoxo and Delxora. Nalgesin (naproxen) and Septolete Duo (benzydamine/cetylpyridinium chloride) recorded the strongest sales of non-prescription products. The Fypryst brand products and Enroxil (enrofloxacin) generated the strongest sales of animal health products. Our newly launched Otomicol (miconazole/prednisolone/polymyxin) ear drops and Robexera (robenacoxib) injectable solution also recorded sales growth.
Region East Europe
Product sales by market
€ thousand | Jan-Mar 2026 | Jan-Mar 2025 | Index |
Russian Federation | 121,958 | 95,283 | 128 |
Ukraine | 26,671 | 27,914 | 96 |
Uzbekistan | 13,862 | 16,758 | 83 |
Belarus | 9,091 | 7,717 | 118 |
Moldova | 5,104 | 4,803 | 106 |
Kazakhstan | 5,037 | 5,764 | 87 |
Mongolia | 4,718 | 4,798 | 98 |
Georgia | 3,088 | 2,615 | 118 |
Armenia | 3,027 | 2,855 | 106 |
Azerbaijan | 2,644 | 3,095 | 85 |
Kyrgyzstan | 2,563 | 2,708 | 95 |
Tajikistan | 1,291 | 1,298 | 99 |
Turkmenistan | 862 | 1,158 | 74 |
Total | 199,915 | 176,766 | 113 |
In the Russian Federation, we achieved 28% growth in the first quarter and retained our leading position among international providers of generic pharmaceuticals in the country.
Prescription pharmaceuticals were the leading product category, accounting for 85% of total sales. Co-Perineva (perindopril/indapamide), Co-Dalneva (perindopril/amlodipine/indapamide), Duloxenta (duloxetine), Roxera Plus (rosuvastatin/ezetimibe), Elicea (escitalopram), Valsacor (valsartan), Lorista (losartan), Nolpaza (pantoprazole), Lorista H and Lorista HD (losartan/hydrochlorothiazide), Roxera (rosuvastatin), and Vamloset (valsartan/amlodipine) generated the highest sales. Roxera Plus (rosuvastatin/ezetimibe) and Elicea (escitalopram) recorded the highest absolute sales growth. We remained the leading supplier of prescription pharmaceuticals in the pharmacy segment and the leading provider of cardiovascular agents on prescription.
Nalgesin (naproxen), followed by products sold under the Herbion brand, recorded the highest sales figures and growth. The leading animal health products were Cladaxxa (amoxicillin/clavulanic acid), which also achieved the highest absolute growth, Milprazon (milbemycin oxime/praziquantel), and Selafort (selamectin).
In the first quarter of 2026, our Krka-Rus production plant covered 72% of the total demand for Krka products in the Russian Federation.
According to the latest available data (February 2026), we retained the second place among foreign providers of generic pharmaceuticals in the pharmacy segment in Ukraine, while our sales growth significantly exceeded market dynamics. Prescription pharmaceuticals remained the leading sales group, primarily owing to strong sales of Co-Prenessa (perindopril/indapamide), Co-Amlessa (perindopril/amlodipine/indapamide), Co-Valsacor (valsartan/hydrochlorothiazide), and Telmista H (telmisartan/hydrochlorothiazide). Among non-prescription products, Herbion brand products, Nalgesin (naproxen), and Septolete Total (benzydamine/cetylpyridinium chloride) generated the highest sales, while Selafort (selamectin) and Milprazon (milbemycin oxime/praziquantel) stood out from our animal health products.
In Uzbekistan, according to the latest available data, we remained the leading supplier of medicines on the market in terms of annual dynamics despite significant changes resulting from the registered maximum prices established in December 2025. Our leading prescription pharmaceuticals were Nolpaza (pantoprazole), Amlessa (perindopril/amlodipine), Lorista (losartan) and Valodip (valsartan/amlodipine), while Pikovit brand products and Septolete Total (benzydamine/cetylpyridinium chloride) generated the strongest sales of our non-prescription products.
Region Central Europe
Product sales by market
€ thousand | Jan-Mar 2026 | Jan-Mar 2025 | Index |
Poland | 67,449 | 64,020 | 105 |
Czechia | 19,208 | 16,428 | 117 |
Hungary | 15,789 | 14,546 | 109 |
Slovakia | 11,199 | 11,063 | 101 |
Lithuania | 10,457 | 9,706 | 108 |
Latvia | 6,101 | 5,783 | 105 |
Estonia | 3,251 | 2,835 | 115 |
Total | 133,454 | 124,381 | 107 |
Poland, where we recorded 5% growth, remained our second largest individual market. As per latest data, we remained the fifth largest provider of generic medicines in the country. Sales were driven by prescription pharmaceuticals, most notably Atoris (atorvastatin), Roswera (rosuvastatin), Doreta (tramadol/paracetamol), Valsacor (valsartan), Co-Valsacor (valsartan/hydrochlorothiazide), and Coroswera (rosuvastatin/ezetimibe). Of other prescription pharmaceuticals, Emanera (esomeprazole), Dulsevia (duloxetine), and Co-Amlessa (perindopril/amlodipine/indapamide) also generated strong sales. The leading non-prescription products remained Septanazal (xylometazoline/dexpanthenol) and the Septolete brand products. Best-selling animal health products were Milprazon (milbemycin oxime/praziquantel), Enroxil (enrofloxacin), and Cladaxxa (amoxicillin/clavulanic acid).
In Czechia, our second largest regional market, we recorded 17% year-on-year growth. As per latest data, we remained the fifth largest provider of generic medicines in the country. Sales were driven in particular by prescription pharmaceuticals, most notably Sorvasta (rosuvastatin), Atoris (atorvastatin), Pragiola (pregabalin), Lexaurin (bromazepam), Nolpaza (pantoprazole), and Elicea (escitalopram). Nalgesin S (naproxen) and the Septolete brand products were our paramount non-prescription products, while the Fypryst and Dehinel brand products remained key animal health products.
In Hungary, the third-largest market in the region, we recorded 9% year-on-year sales growth and ranked sixth among providers of generic pharmaceuticals. The majority of sales were generated by prescription pharmaceuticals, primarily Dulsevia (duloxetine), Emozul (esomeprazole), Co-Prenessa (perindopril/indapamide), Roxera (rosuvastatin), Doreta (tramadol/paracetamol), Kventiax (quetiapine), Zyllt (clopidogrel), and Roxera Plus (rosuvastatin/ezetimibe). Our best-selling non-prescription products were Septanazal (xylometazoline/dexpanthenol), Septolete Extra (benzydamine/cetylpyridinium chloride), and Nolpaza Control (pantoprazole). Milprazon (milbemycin oxime/praziquantel) and Enroxil (enrofloxacin) were the leading animal health products.
We maintained the fourth place among providers of generic medicines in Slovakia. Prescription pharmaceuticals generated most of the sales total, with Amlessa (perindopril/amlodipine), Co-Amlessa (perindopril/amlodipine/indapamide), Atoris (atorvastatin), Kventiax (quetiapine), Co-Prenessa (perindopril/indapamide), and Prenessa (perindopril) at the forefront. Nalgesin S (naproxen), Flebaven (diosmin), and Nolpaza (pantoprazole) recorded the highest sales of non-prescription products, while the Fypryst and Dehinel brand products and Enroxil (enrofloxacin) sold best of animal health products.
Region West Europe
Product sales by market
€ thousand | Jan-Mar 2026 | Jan-Mar 2025 | Index |
Germany | 24,367 | 24,300 | 100 |
Nordic countries1 | 19,268 | 19,039 | 101 |
Portugal | 9,879 | 9,458 | 104 |
Spain | 6,626 | 6,409 | 103 |
Italy | 6,248 | 8,404 | 74 |
France | 5,823 | 6,884 | 85 |
United Kingdom | 5,328 | 5,066 | 105 |
Netherlands | 4,129 | 4,179 | 99 |
Ireland | 3,536 | 3,046 | 116 |
Austria | 3,212 | 3,336 | 96 |
Belgium | 2,806 | 4,392 | 64 |
Other European countries | 3,748 | 1,562 | 240 |
Total | 94,969 | 96,074 | 99 |
1 Denmark, Finland, Iceland, Norway and Sweden
In Germany, which remained our largest regional market, the most important products in terms of sales were medicines for the treatment of cardiovascular diseases and the central nervous system, followed by oncology agents and anti-infectives for systemic use. Medicines containing candesartan, valsartan, and ramipril stood out in terms of sales. We were the leading provider of single-pill combinations of tramadol and paracetamol. We successfully entered the market with an apremilast-based product and strengthened our position among the leading providers of ticagrelor-based products. We retained the leading position among providers of the innovative single-pill combination of valsartan and indapamide.
Region Overseas Markets
Product sales by market
€ thousand | Jan-Mar 2026 | Jan-Mar 2025 | Index |
Far East and Africa | 10,153 | 9,007 | 113 |
China | 4,487 | 2,747 | 163 |
Middle East | 3,229 | 4,769 | 68 |
Americas | 1,504 | 532 | 283 |
Total | 19,373 | 17,055 | 114 |
In the first three months of 2026, sales in Region Oversees Markets generated 14% higher revenue compared to the same period last year. Sales increased in all markets, except in the Middle East.
Product and service sales by group
Product and service sales by group
€ thousand | Jan-Mar 2026 | Jan-Mar 2025 | Index |
Prescription pharmaceuticals | 474,091 | 431,584 | 110 |
- % of product and service sales | 84.0 | 82.8 | |
Non-prescription products | 42,054 | 45,618 | 92 |
- % of product and service sales | 7.5 | 8.7 | |
Animal health products | 35,471 | 32,310 | 110 |
- % of product and service sales | 6.3 | 6.2 | |
Health resort and tourist services | 12,579 | 11,944 | 105 |
- % of product and service sales | 2.2 | 2.3 | |
Total | 564,195 | 521,456 | 108 |
Prescription pharmaceuticals
Sales of our prescription pharmaceuticals increased in Region East Europe (up 19%), Region South-East Europe (up 13%), Region Central Europe (up 8%), Region Slovenia (up 8%), and Region Overseas Markets (up 5%), while they declined in Region West Europe (down 4%).
Across Krka's four largest markets, year-on-year sales increased in the Russian Federation (up 36%) and Poland (up 5%), levelled off in Germany, and slightly declined in Ukraine (down 3%). In other major markets, we recorded sales growth in Czechia (up 20%), Serbia (up 14%), Hungary (up 13%), Romania (up 10%), Slovenia (up 8%), Slovakia (up 3%), Croatia (up 2%), and Uzbekistan (up 1%).
The top ten prescription pharmaceuticals in terms of sales were product groups containing perindopril (Prenessa*, Co-Prenessa*, Amlessa*, Co-Amlessa*, Bi-Prenessa*, Pixoroso*, Roxiper*, Roxampex*), valsartan (Valsacor, Co-Valsacor*, Wamlox*, Valtricom*, Valarox*, Valomindo*), rosuvastatin (Roswera*, Co-Roswera*), pantoprazole (Nolpaza*), atorvastatin (Atoris, Co-Atoris*), losartan (Lorista*, Lorista H*, Lorista HD*, Tenloris*), telmisartan (Tolura*, Tolucombi*, Telassmo*, Tolutris*, Tolurindo*), esomeprazole (Emanera*), duloxetine (Dulsevia*), and candesartan (Karbis*, Karbicombi*, Kandoset*, Kanpiduo*).
Primary sales drivers were product groups containing perindopril, rosuvastatin, telmisartan and duloxetine, as well as product containing rivaroxaban, which was launched on several markets in 2026.
As entirely new additions to our portfolio, we launched: an immunomodulating agent containing apremilast for the treatment of psoriasis and psoriatic arthritis in Germany, the Nordic countries, the United Kingdom, Belgium, France, Slovakia, Ireland, and the Netherlands; the single-pill combination for the treatment of hypertension Bi-Prenessa* (perindopril/ bisoprolol) in Latvia, Bulgaria and Slovakia; and the single-pill combination analgesic Delanxara* (tramadol/dexketoprofen) in Poland, Portugal, Croatia, Hungary, Czechia, Germany, Latvia, and Estonia.
Non-prescription products
Sales of non-prescription products increased in Region Slovenia (up 9%) and Region Overseas Markets (more than four-fold), while they declined in all other regions due to a lower incidence of influenza and cold-related illnesses and, consequently, lower consumption of seasonal products.
Products sold under the Nalgesin*, Septolete*, Herbion*, Septanazal, and Bilobil* brands generated the highest sales.
Animal health products
Sales of animal health products increased in Region West Europe (up 33%), Region Slovenia (up 16%), Region Central Europe (up 8%), and Region South-East Europe (up 3%), while they were slightly lower in Region West Europe (down 1%).
The combination of milbemycin and praziquantel (Milprazon*), fipronil (Fypryst*, Fypryst Combo*), amoxicillin and clavulanic acid (Cladaxxa*), selamectin (Selehold*), and the combination of pyrantel and praziquantel (Dehinel*, Dehinel Plus*) generated the strongest sales.
We extended our portfolio with new launches of the antiparasitic for cats Dehispot* (praziquantel/emodepside) spot-on solution in Germany, the United Kingdom, France, Slovenia, Poland, Czechia, Portugal, Finland, Slovakia, Hungary, Lithuania, Latvia, and Bulgaria.
Health resort and tourist services
Terme Krka (Slovenia) recorded just over 79,000 overnight stays in the first quarter of 2026 and high occupancy rates. Terme Šmarješke Toplice recorded 28,000 overnight stays - the highest of the three business units. Talaso Strunjan followed with 27,700, and Hotels Otočec business unit with 3,500 overnight stays. At Terme Dolenjske Toplice, where Hotel Vital is not operating due to an extensive refurbishment, almost 20,000 overnight stays were recorded.
Products marketed under different product brand names or the Krka trademark in individual markets are marked with asterisk (*).
Research and developmentIn the first quarter of 2026, we expanded our product range with four new products, including three prescription pharmaceuticals and one veterinary medicine for companion animals. We completed over 240 registration procedures for new and already established products in several markets.
Prescription pharmaceuticals
We finalised registration procedures for three new prescription pharmaceuticals while marketing authorisations were granted for our already established products in additional markets.
Marketing authorisations were granted to two new antidiabetic single-pill combinations formulated as film-coated tablets. Mempoglyn* (empagliflozin/metformin) combines two active substances with a synergistic mode of action for a contemporary and comprehensive approach to the treatment of type 2 diabetes. Lymerexo* (linagliptin/metformin) is indicated for the treatment of type 2 diabetes and allows therapy to be tailored to patients' needs.
Marketing authorisation was also granted to a new formulation of Dulsevia* (duloxetine) hard gastro-resistant capsules, in some markets available as Loxentia. This established medicine is used to treat central nervous system disorders like depression and anxiety, as well as pain caused by nerve damage associated with diabetes (diabetic peripheral neuropathy) in adults. At certain doses, it can also be used to treat stress urinary incontinence.
Our established products were granted new marketing authorisations in additional markets, among them Roxera Plus (rosuvastatin/ezetimibe), the single-pill combination used to treat more complicated forms of hyperlipidaemia, and an analgesic containing naproxen, both available as film-coated tablets in the European Union markets. In eastern European countries, additional approvals were granted for the single-pill combination Nalgesin Duo (naproxen/paracetamol) film-coated tablets used to relieve mild to moderate pain, the antidiabetic agent Dapafors (dapagliflozin) film-coated tablets, and the single-pill combination Valsacor INDA (valsartan/indapamide) modified-release tablets used to treat high blood pressure. Marketing authorisations granted in markets in south-eastern Europe include single-pill combinations Mexdagry (dapagliflozin/metformin) and Dagraduo (dapagliflozin/sitagliptin) film-coated tablets used to treat high blood sugar, and the single-pill combination Tolurindo (telmisartan/indapamide) modified-release tablets used to treat high blood pressure. New marketing authorisations were granted to our cardiovascular agents in overseas markets. We obtained approvals for Roswera (rosuvastatin) film-coated tablets used to treat hyperlipidaemia and Prenewel (perindopril/indapamide) tablets indicated for the treatment of hypertension.
Non-prescription products
We extended our portfolio of non-prescription products by obtaining marketing authorisations for already established brands in additional markets. Among them are Septolete Total Lemon-and-Ginger Flavoured Lozenges (benzydamine/cetylpyridinium chloride) and Septolete Total Cola-Flavoured Lozenges for relieving pain and inflammation in the oral cavity and throat, and Herbion Iceland Moss lozenges for relieving irritation of the mucosa in the throat and mouth, as well as the associated dry cough.
Animal health products
We expanded the range of veterinary products for companion animals with marketing authorisations for our new analgesic Robexera (robenacoxib) chewable tablets for cats, in certain markets available as Rogiola. It is used to control pain and inflammation associated with musculoskeletal diseases and relieve moderate pain and inflammation after surgery.
New marketing authorisations were granted to already established animal health products in additional markets. Among them are Dehispot (praziquantel/emodepside) spot-on solution indicated for the treatment and prevention of internal parasitic infections in cats and Marinia (maropitant), also marketed as Arocenia in certain markets, used to treat and prevent nausea and vomiting in dogs and cats.
Products marketed under different product brand names or the Krka trademark in individual markets are marked with asterisk (*).
InvestmentsIn the first quarter of 2026, the Krka Group allocated €22.9 million to investments, of which €17.9 million to the controlling company.
The upgrades at the Notol plant in Novo mesto, Slovenia, are intended to ensure reliable operations over the next 20 years, alongside an extension designed to increase production capacity. The installation of additional equipment at Notol 2, another production plant in Novo mesto, Slovenia, will further boost production capacities.
We completed the investment in additional capacities for tabletting mixture preparation, granulation, and logistics at the Solid Dosage Products plant in Novo mesto, Slovenia.
We installed a new suspension inspection line at the Sterile Products Department in Novo mesto, Slovenia, and finished construction of an extension for a new sterile solutions production line in order to significantly enhance the capacity.
Construction of a multi-purpose building at our central site in Ločna, Novo mesto, Slovenia, is nearing completion. At the Laguna site in Novo mesto, Slovenia, activities for the construction of another multi-purpose building continue.
We started the construction of a facility at the Bršljin Department in Novo mesto, Slovenia, to increase production and packaging capacity for animal health products. We also expect to boost the capacity for packaging tablets for use in veterinary medicine and spot-on solutions in the existing facility.
We finished the capacity expansion at the Ljutomer plant in Slovenia. Construction of an automated high-bay warehouse and an expansion of the plant are under way.
We completed construction of the technically and technologically advanced waste water treatment plant in Krško, Slovenia. Pre-treatment technology has been in operation since September 2025, and the remaining biological treatment stages will be brought into operation gradually.
We are currently increasing production capacity at the production and distribution centre in Jastrebarsko, Croatia.
An extensive refurbishment of the Hotel Vital in Dolenjske Toplice, Slovenia, is in progress to improve patient accommodation. In Strunjan, also in Slovenia, the planned reconstruction of Villa Rožmarin continues the development of tourism infrastructure.
We set up product manufacturing in China support animal health product programme. We installed and qualified a filling-and-packaging line.
Construction of research and production facilities for oncology products and solid dosage forms is underway at Krka Pharma Private Limited, a joint venture in Hyderabad, India.
EmployeesAt the end of March 2026, the Krka Group had 13,204 employees on its payroll, with 5,519 or 42% working outside Slovenia. The Krka Group employed 13,261 persons, including agency workers. Overall, 47% of employees held at least a university degree, of whom 206 held doctoral degrees.
Krka Group employees by education
31 Mar 2026 | 31 Dec 2025 | |||
Headcount | % | Headcount | % | |
PhD | 206 | 1.6 | 202 | 1.5 |
Master of science | 385 | 2.9 | 392 | 3.0 |
University degree | 5,680 | 43.0 | 5,697 | 43.0 |
Higher professional education | 2,297 | 17.4 | 2,265 | 17.1 |
Vocational college education | 365 | 2.8 | 369 | 2.8 |
Secondary school education | 3,137 | 23.7 | 3,161 | 23.9 |
Other | 1,134 | 8.6 | 1,150 | 8.7 |
Total | 13,204 | 100.0 | 13,236 | 100.0 |
We continue to attract new talented employees by awarding scholarships. At the end of March, Krka had 63 scholarship holders, primarily pharmacy and chemistry students. We also offer scholarships to exceptional students from other fields of interest to Krka.
Our personnel development and succession planning system ensures that Krka Group employees fill most of our key professional and managerial positions.
We also invest in enhancement and development of their professional skills and expertise. Employees undertake further professional training in their respective specialist fields, as well as in quality, leadership, information technology and personal development, both in Slovenia and abroad. They also take part in foreign language courses and training in the use of artificial intelligence. We deliver most educational programmes in-house and tailor them to employee needs, technological processes, market situations, and development needs of the Krka Group. We regularly update these programmes and introduce new forms of training adapted to the contemporary work practices.
At the end of March, 120 employees were enrolled in part-time studies co-funded by Krka, 25 of them at the postgraduate level.
Krka is also included in the national vocational qualification (NVQ) system. Between 2004 and the end of March 2026, we awarded 2,189 NVQ certificates to Krka employees for four vocational qualifications. This year, 155 employees successfully completed the training programme, while a further 112 Krka employees are in the process of obtaining a national vocational qualification.
CONDENSED FINANCIAL STATEMENTS OF THE KRKA GROUP, WITH NOTES Consolidated statement of financial position of the Krka Group€ thousand | 31 Mar 2026 | 31 Dec 2025 | Index |
Assets | |||
Property, plant and equipment | 811,211 | 828,905 | 98 |
Intangible assets | 116,205 | 99,787 | 116 |
Investments in joint ventures | 14,940 | 15,213 | 98 |
Loans | 19,132 | 25,115 | 76 |
Investments | 19,162 | 20,060 | 96 |
Deferred tax assets | 69,897 | 69,469 | 101 |
Other non-current assets | 1,206 | 1,210 | 100 |
Total non-current assets | 1,051,753 | 1,059,759 | 99 |
Inventories | 626,488 | 644,102 | 97 |
Contract assets | 619 | 602 | 103 |
Trade receivables | 692,359 | 609,315 | 114 |
Other receivables | 31,313 | 24,188 | 129 |
Loans | 45,195 | 99,585 | 45 |
Investments | 338,923 | 257,288 | 132 |
Cash and cash equivalents | 383,877 | 347,819 | 110 |
Total current assets | 2,118,774 | 1,982,899 | 107 |
Total assets | 3,170,527 | 3,042,658 | 104 |
Equity | |||
Share capital | 54,732 | 54,732 | 100 |
Treasury shares | -238,677 | -225,047 | 106 |
Reserves | 258,369 | 249,022 | 104 |
Retained earnings | 2,387,513 | 2,279,945 | 105 |
Total equity attributable to the holders of the controlling company | 2,461,937 | 2,358,652 | 104 |
Non-controlling interests | 19,184 | 18,499 | 104 |
Total equity | 2,481,121 | 2,377,151 | 104 |
Liabilities | |||
Provisions | 135,999 | 135,188 | 101 |
Deferred income | 5,320 | 5,351 | 99 |
Lease liabilities | 13,726 | 14,011 | 98 |
Deferred tax liabilities | 10,638 | 10,663 | 100 |
Total non-current liabilities | 165,683 | 165,213 | 100 |
Provisions | 27,371 | 27,494 | 100 |
Trade payables | 153,570 | 124,654 | 123 |
Borrowings | 0 | 3 | 0 |
Lease liabilities | 4,477 | 4,347 | 103 |
Income tax payables | 39,387 | 33,263 | 118 |
Contract liabilities | 182,347 | 191,984 | 95 |
Other current liabilities | 116,571 | 118,549 | 98 |
Total current liabilities | 523,723 | 500,294 | 105 |
Total liabilities | 689,406 | 665,507 | 104 |
Total equity and liabilities | 3,170,527 | 3,042,658 | 104 |
€ thousand | Jan-Mar 2026 | Jan-Mar 2025 | Index |
Revenue | 565,774 | 522,114 | 108 |
- Revenue from contracts with customers | 564,764 | 521,261 | 108 |
- Other revenue | 1,010 | 853 | 118 |
Cost of goods sold | -223,773 | -217,697 | 103 |
Gross profit | 342,001 | 304,417 | 112 |
Other operating income | 1,347 | 1,427 | 94 |
Selling and distribution expenses | -105,924 | -100,803 | 105 |
- Whereof net impairments and write-offs of receivables | -2,068 | -3,273 | 63 |
R&D expenses | -51,371 | -49,519 | 104 |
General and administrative expenses | -34,452 | -32,832 | 105 |
Operating profit | 151,601 | 122,690 | 124 |
Financial income | 5,511 | 62,224 | 9 |
Financial expenses | -8,840 | -5,400 | 164 |
Net financial result | -3,329 | 56,824 | |
Profit before tax | 148,272 | 179,514 | 83 |
Income tax expense | -27,322 | -27,030 | 101 |
Net profit | 120,950 | 152,484 | 79 |
Attributable to: | |||
- Equity holders of the controlling company | 120,947 | 152,179 | 79 |
- Non-controlling interests | 3 | 305 | 1 |
Basic earnings per share1 (€) | 3.69 | 4.97 | 74 |
Diluted earnings per share2 (€) | 3.69 | 4.97 | 74 |
1 Net profit/Average number of shares issued in the period, excluding treasury shares
2 All shares issued by the controlling company are ordinary shares, hence the diluted earnings per share ratio equalled basic earnings per share.
Consolidated statement of other comprehensive income of the Krka Group€ thousand | Jan-Mar 2026 | Jan-Mar 2025 | Index |
Net profit | 120,950 | 152,484 | 79 |
Other comprehensive income for the period | |||
Other comprehensive income reclassified to profit or loss at a future date | |||
Translation reserve | -2,900 | 52,425 | |
Net other comprehensive income reclassified to profit or loss at a future date | -2,900 | 52,425 | |
Other comprehensive income that will not be reclassified to profit or loss at a future date | |||
Change in fair value of financial assets | -898 | 409 | |
Deferred tax effect | 197 | -90 | |
Net other comprehensive income that will not be reclassified to profit or loss at a future date | -701 | 319 | |
Total other comprehensive income for the period (net of tax) | -3,601 | 52,744 | |
Total comprehensive income for the period (net of tax) | 117,349 | 205,228 | 57 |
Attributable to: | |||
- Equity holders of the controlling company | 116,664 | 205,582 | 57 |
- Non-controlling interests | 685 | -354 |
Consolidated statement of changes in equity of the Krka Group
€ thousand | Share capital | Treasury shares | Reserves | Retained earnings | Total equity attributable to the holders of the controlling company | Non-controlling interests | Total equity | |||||||
Reserves for treasury shares | Share premium | Legal reserves | Statutory reserves | Fair value reserve | Translation reserve | Other profit reserves | Retained earnings from previous periods | Profit for the period | ||||||
Balance at 1 Jan 2026 | 54,732 | -225,047 | 225,047 | 105,897 | 14,990 | 30,000 | -6,579 | -120,333 | 1,679,151 | 259,114 | 341,680 | 2,358,652 | 18,499 | 2,377,151 |
Net profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 120,947 | 120,947 | 3 | 120,950 |
Total other comprehensive income for the period (net of tax) | 0 | 0 | 0 | 0 | 0 | 0 | -709 | -3,574 | 0 | 0 | 0 | -4,283 | 682 | -3,601 |
Total comprehensive income for the period (net of tax) | 0 | 0 | 0 | 0 | 0 | 0 | -709 | -3,574 | 0 | 0 | 120,947 | 116,664 | 685 | 117,349 |
Transactions with owners, recognised in equity | ||||||||||||||
Transfer of previous periods' profit to retained earnings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 341,680 | -341,680 | 0 | 0 | 0 |
Repurchase of treasury shares | 0 | -13,630 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -13,630 | 0 | -13,630 |
Formation of reserves for treasury shares | 0 | 0 | 13,630 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -13,630 | 0 | 0 | 0 |
Dividends paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 251 | 0 | 251 | 0 | 251 |
Total transactions with owners, recognised in equity | 0 | -13,630 | 13,630 | 0 | 0 | 0 | 0 | 0 | 0 | 341,931 | -355,310 | -13,379 | 0 | -13,379 |
Balance at 31 Mar 2026 | 54,732 | -238,677 | 238,677 | 105,897 | 14,990 | 30,000 | -7,288 | -123,907 | 1,679,151 | 601,045 | 107,317 | 2,461,937 | 19,184 | 2,481,121 |
€ thousand | Share capital | Treasury shares | Reserves | Retained earnings | Total equity attributable to the holders of the controlling company | Non-controlling interests | Total equity | |||||||
Reserves for treasury shares | Share premium | Legal reserves | Statutory reserves | Fair value reserve | Translation reserve | Other profit reserves | Retained earnings from previous periods | Profit for the period | ||||||
Balance at 1 Jan 2025 | 54,732 | -163,491 | 163,491 | 105,897 | 14,990 | 30,000 | -11,362 | -166,701 | 1,620,098 | 238,545 | 331,984 | 2,218,183 | 19,601 | 2,237,784 |
Net profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 152,179 | 152,179 | 305 | 152,484 |
Total other comprehensive income for the period (net of tax) | 0 | 0 | 0 | 0 | 0 | 0 | 331 | 53,072 | 0 | 0 | 0 | 53,403 | -659 | 52,744 |
Total comprehensive income for the period (net of tax) | 0 | 0 | 0 | 0 | 0 | 0 | 331 | 53,072 | 0 | 0 | 152,179 | 205,582 | -354 | 205,228 |
Transactions with owners, recognised in equity | ||||||||||||||
Transfer of previous periods' profit to retained earnings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 331,984 | -331,984 | 0 | 0 | 0 |
Repurchase of treasury shares | 0 | -16,868 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -16,868 | 0 | -16,868 |
Formation of reserves for treasury shares | 0 | 0 | 16,868 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -16,868 | 0 | 0 | 0 |
Total transactions with owners, recognised in equity | 0 | -16,868 | 16,868 | 0 | 0 | 0 | 0 | 0 | 0 | 331,984 | -348,852 | -16,868 | 0 | -16,868 |
Balance at 31 Mar 2025 | 54,732 | -180,359 | 180,359 | 105,897 | 14,990 | 30,000 | -11,031 | -113,629 | 1,620,098 | 570,529 | 135,311 | 2,406,897 | 19,247 | 2,426,144 |
€ thousand | Jan-Mar 2026 | Jan-Mar 2025 |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net profit | 120,950 | 152,484 |
Adjustments for: | 53,231 | 93,861 |
- Amortisation/Depreciation | 24,049 | 23,172 |
- Net foreign exchange gains and losses | -1,308 | 35,158 |
- Net write-offs and allowances for inventories | 4,051 | 4,362 |
- Net impairments and write-offs of receivables | 2,068 | 3,273 |
- Investment income | -5,938 | -5,009 |
- Investment expenses | 129 | 3,842 |
- Income on financing activities | -1 | -1 |
- Interest expense and other financial expenses | 2,859 | 2,034 |
- Income tax expense | 27,322 | 27,030 |
Operating profit before changes in net current assets | 174,181 | 246,345 |
Change in trade receivables | -88,843 | -57,141 |
Change in inventories | 13,563 | -44,559 |
Change in trade payables | 24,131 | 45,571 |
Change in provisions | -472 | 155 |
Change in deferred income | -31 | -82 |
Change in other current liabilities | -1,730 | 176 |
Income tax paid | -25,205 | -18,286 |
Net cash flow from operating activities | 95,594 | 172,179 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Interest received | 1,925 | 3,049 |
Proceeds from sale of property, plant and equipment | 464 | 368 |
Acquisition of property, plant and equipment | -25,411 | -25,263 |
Acquisition of intangible assets | -2,409 | -1,379 |
Acquisition of interest in joint ventures | 0 | -9,234 |
Proceeds from non-current loans | 344 | 1,214 |
Payments for non-current loans | -624 | -908 |
Net proceeds from current loans | 61,890 | 3,323 |
Proceeds from sale of non-current investments | 11 | 20,271 |
Payments for acquisition of non-current investments | -8 | -15 |
Proceeds from sale of current investments | 0 | 120,000 |
Payments for acquisition of current investments | -79,126 | -138,591 |
Proceeds from derivatives | 148 | 13 |
Net cash flow from investing activities | -42,796 | -27,152 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Interest paid | -1,511 | -832 |
Net payments for current borrowings | -4 | 0 |
Lease liabilities paid | -1,412 | -1,113 |
Dividends and other profit shares paid | 251 | 0 |
Repurchase of treasury shares | -13,630 | -16,868 |
Net cash flow from financing activities | -16,306 | -18,813 |
Net increase in cash and cash equivalents | 36,492 | 126,214 |
Cash and cash equivalents at beginning of year | 347,819 | 344,895 |
Effect of changes in foreign exchange rates on cash held | -434 | -3,510 |
Closing balance of cash and cash equivalents | 383,877 | 467,599 |
Segment reporting of the Krka Group
€ thousand | European Union | South-Eastern Europe | Eastern Europe | Total segment reporting | Other | Eliminations | Total | |||||||
Jan-Mar 2026 | Jan-Mar 2025 | Jan-Mar 2026 | Jan-Mar 2025 | Jan-Mar 2026 | Jan-Mar 2025 | Jan-Mar 2026 | Jan-Mar 2025 | Jan-Mar 2026 | Jan-Mar 2025 | Jan-Mar 2026 | Jan-Mar 2025 | Jan-Mar 2026 | Jan-Mar 2025 | |
Revenue from sales to non-group customers | 301,106 | 290,232 | 35,553 | 31,401 | 199,937 | 176,784 | 536,596 | 498,417 | 29,178 | 23,697 | 565,774 | 522,114 | ||
Revenue from sales to intragroup customers | 103,504 | 114,625 | 22,794 | 18,615 | 217,144 | 196,749 | 343,442 | 329,989 | 4,141 | 4,608 | -347,583 | -334,597 | 0 | 0 |
Total revenue | 404,610 | 404,857 | 58,347 | 50,016 | 417,081 | 373,533 | 880,038 | 828,406 | 33,319 | 28,305 | -347,583 | -334,597 | 565,774 | 522,114 |
Other operating income | 1,169 | 1,212 | 14 | 0 | 159 | 211 | 1,342 | 1,423 | 5 | 4 | 1,347 | 1,427 | ||
Operating expenses | -230,596 | -237,867 | -22,055 | -19,720 | -137,266 | -124,761 | -389,917 | -382,348 | -25,603 | -18,503 | -415,520 | -400,851 | ||
Intragroup operating expenses, including elimination of profits | -103,504 | -114,625 | -22,794 | -18,616 | -217,144 | -196,749 | -343,442 | -329,990 | -4,141 | -4,607 | 347,583 | 334,597 | 0 | 0 |
Operating profit | 71,679 | 53,577 | 13,512 | 11,681 | 62,830 | 52,234 | 148,021 | 117,492 | 3,580 | 5,198 | 0 | 0 | 151,601 | 122,690 |
Interest income | 2,009 | 2,528 | 1 | 0 | 371 | 307 | 2,381 | 2,835 | 148 | 322 | 2,529 | 3,157 | ||
Intragroup interest income | 565 | 673 | 0 | 0 | 0 | 0 | 565 | 673 | 0 | 0 | -565 | -673 | 0 | 0 |
Interest expense | -139 | -79 | -2 | -13 | -60 | -63 | -201 | -155 | -2 | -3 | -203 | -158 | ||
Intragroup interest expense | -565 | -673 | 0 | 0 | 0 | 0 | -565 | -673 | 0 | 0 | 565 | 673 | 0 | 0 |
Net financial result | 1,493 | 5,533 | -114 | -112 | -5,649 | 54,403 | -4,270 | 59,824 | 941 | -3,000 | -3,329 | 56,824 | ||
Income tax expense | -14,282 | -13,698 | -2,302 | -2,604 | -10,295 | -9,770 | -26,879 | -26,072 | -443 | -958 | -27,322 | -27,030 | ||
Net profit | 58,890 | 45,412 | 11,096 | 8,965 | 46,886 | 96,867 | 116,872 | 151,244 | 4,078 | 1,240 | 0 | 0 | 120,950 | 152,484 |
Investments | 22,618 | 18,811 | 31 | 20 | 291 | 1,720 | 22,940 | 20,551 | 2 | 515 | 22,942 | 21,066 | ||
Depreciation of property, plant and equipment | 14,464 | 14,316 | 584 | 493 | 5,255 | 5,016 | 20,303 | 19,825 | 769 | 756 | 21,072 | 20,581 | ||
Depreciation of right-of-use assets | 1,026 | 838 | 39 | 33 | 196 | 157 | 1,261 | 1,028 | 27 | 21 | 1,288 | 1,049 | ||
Amortisation of intangible assets | 998 | 931 | 97 | 76 | 533 | 487 | 1,628 | 1,494 | 61 | 48 | 1,689 | 1,542 | ||
31 Mar 2026 | 31 Dec 2025 | 31 Mar 2026 | 31 Dec 2025 | 31 Mar 2026 | 31 Dec 2025 | 31 Mar 2026 | 31 Dec 2025 | 31 Mar 2026 | 31 Dec 2025 | 31 Mar 2026 | 31 Dec 2025 | 31 Mar 2026 | 31 Dec 2025 | |
Total assets | 2,234,339 | 2,178,925 | 95,584 | 86,724 | 720,946 | 655,519 | 3,050,869 | 2,921,168 | 119,658 | 121,490 | 3,170,527 | 3,042,658 | ||
Non-current assets exclusive of deferred tax assets | 853,922 | 862,295 | 7,907 | 6,756 | 92,856 | 88,492 | 954,685 | 957,543 | 27,171 | 32,747 | 981,856 | 990,290 | ||
Total liabilities | 415,508 | 399,923 | 27,049 | 24,925 | 215,477 | 205,694 | 658,034 | 630,542 | 31,372 | 34,965 | 689,406 | 665,507 | ||
The Krka Group reports in terms of certain geographical segments. Revenue generated by individual segments is presented by customers' geographical location. The data are calculated based on revenue and expenses, as well as assets and liabilities, directly attributable to each Krka Group market. Eliminations relate to transactions between the controlling company and its subsidiaries, as well as between subsidiaries themselves.
Notes to consolidated financial statements of the Krka GroupCosts by nature €415,520 thousand
€ thousand | Jan-Mar 2026 | Jan-Mar 2025 | Index |
Cost of goods and materials | 148,551 | 146,881 | 101 |
Cost of services | 67,390 | 67,144 | 100 |
Employee benefits expense | 167,884 | 151,498 | 111 |
Amortisation and depreciation | 24,049 | 23,172 | 104 |
Net write-offs and allowances for inventories | 4,051 | 4,362 | 93 |
Net impairments and write-offs of receivables | 2,068 | 3,273 | 63 |
Other operating expenses | 11,204 | 11,668 | 96 |
Total costs | 425,197 | 407,998 | 104 |
Change in the value of inventories of finished products and work in progress | -9,677 | -7,147 | 135 |
Total | 415,520 | 400,851 | 104 |
Employee benefits €167,884 thousand
€ thousand | Jan-Mar 2026 | Jan-Mar 2025 | Index |
Gross wages and salaries and continued pay | 128,640 | 116,969 | 110 |
Social security contributions | 10,218 | 7,882 | 130 |
Pension insurance contributions | 17,920 | 16,282 | 110 |
Payroll tax | 217 | 202 | 107 |
Post-employment benefits and other non-current employee benefits | 1,797 | 1,817 | 99 |
Other employee benefits expense | 9,092 | 8,346 | 109 |
Total employee benefits | 167,884 | 151,498 | 111 |
Other operating expenses €11,204 thousand
€ thousand | Jan-Mar 2026 | Jan-Mar 2025 | Index |
Grants and assistance for humanitarian and other purposes | 421 | 284 | 148 |
Environmental protection expenditures | 1,684 | 1,491 | 113 |
Other taxes and levies | 7,274 | 7,764 | 94 |
Loss on sale and write-offs of property, plant and equipment and intangible assets | 68 | 434 | 16 |
Other operating expenses | 1,757 | 1,695 | 104 |
Total other operating expenses | 11,204 | 11,668 | 96 |
Other levies include various taxes and levies on pharmaceuticals and fees paid to medical representatives in individual countries for pursuing promotional activities.
€ thousand | Jan-Mar 2026 | Jan-Mar 2025 | Index |
Net foreign exchange gains | 0 | 57,604 | 0 |
Interest income | 2,529 | 3,157 | 80 |
Derivative income | 1,662 | 13 | 12,785 |
- Realised revenue | 148 | 13 | 1,138 |
- Fair value change | 1,514 | 0 | |
Income from other financial instruments | 1,270 | 1,450 | 88 |
- Realised revenue | 0 | 1,772 | 0 |
- Fair value change | 1,270 | -322 | |
Share of profit from equity-accounted investments | 49 | 0 | |
Other financial income | 1 | 0 | |
Total financial income | 5,511 | 62,224 | 9 |
Net foreign exchange losses | -5,938 | 0 | |
Interest expense | -203 | -158 | 128 |
- Interest paid | -14 | -1 | 1,400 |
- Interest expense on lease liabilities | -189 | -157 | 120 |
Derivative expenses | 0 | -3,364 | 0 |
- Fair value change | 0 | -3,364 | 0 |
Expenses from other financial instruments | -29 | 0 | |
- Fair value change | -29 | 0 | |
Other financial expenses | -2,670 | -1,878 | 142 |
Total financial expenses | -8,840 | -5,400 | 164 |
Net financial result | -3,329 | 56,824 |
Income tax expense €27,322 thousand
Current income tax amounted to €27,685 thousand or 18.7% of profit before tax. Taking into account deferred tax of -€588 thousand and other income-based taxes of €225 thousand, the tax expensed in the income statement totalled €27,322 thousand. The effective tax rate was 18.4%.
Property, plant and equipment €811,211 thousand
€ thousand | 31 Mar 2026 | 31 Dec 2025 | Index |
Land | 66,166 | 66,178 | 100 |
Buildings | 343,434 | 348,112 | 99 |
Equipment | 317,230 | 327,022 | 97 |
Property, plant and equipment being acquired | 66,817 | 69,733 | 96 |
Right-of-use assets | 17,564 | 17,860 | 98 |
Total property, plant and equipment | 811,211 | 828,905 | 98 |
The value of property, plant, and equipment accounted for 26% of the Krka Group balance sheet total. See the 'Investments' section in the business report for details on major investments of Krka.
€ thousand | 31 Mar 2026 | 31 Dec 2025 | Index |
Goodwill | 42,644 | 42,644 | 100 |
Trademark | 31,217 | 31,435 | 99 |
Concessions, trademarks and licences | 27,274 | 16,768 | 163 |
Other intangible assets | 7,389 | 6,709 | 110 |
- Long-term deferred operating costs | 105 | 121 | 87 |
- Development-related projects | 4,336 | 4,564 | 95 |
- Emission coupons | 2,948 | 2,024 | 146 |
Intangible assets being acquired | 7,681 | 2,231 | 344 |
Total intangible assets | 116,205 | 99,787 | 116 |
Loans €64,327 thousand
€ thousand | 31 Mar 2026 | 31 Dec 2025 | Index |
Non-current loans | 19,132 | 25,115 | 76 |
- Loans to others | 19,132 | 25,115 | 76 |
Current loans | 45,195 | 99,585 | 45 |
- Portion of non-current loans maturing next year | 12,426 | 12,022 | 103 |
- Loans to others | 5,235 | 2,632 | 199 |
- Deposits granted to banks | 25,001 | 83,001 | 30 |
- Current interest receivable | 2,533 | 1,930 | 131 |
Total loans | 64,327 | 124,700 | 52 |
Investments €358,085 thousand
€ thousand | 31 Mar 2026 | 31 Dec 2025 | Index |
Non-current investments | 19,162 | 20,060 | 96 |
- Investments at fair value through OCI (equity instruments) | 19,162 | 20,060 | 96 |
Current investments including derivatives | 338,923 | 257,288 | 132 |
- Investments at fair value through profit or loss | 337,656 | 257,288 | 131 |
- Derivatives | 1,267 | 0 | |
Total investments | 358,085 | 277,348 | 129 |
Investments at fair value through OCI comprised €1,528 thousand of investments in shares and interests in companies in Slovenia (end of 2025: €1,557 thousand), and €17,634 thousand of investments in shares and interests in companies outside Slovenia (end of 2025: €18,502 thousand).
The increase in investments at fair value through profit or loss of €80,368 thousand included acquisitions of treasury bills of €79,126 thousand and treasury bill revaluation of €1,242 thousand.
Inventories €628,488 thousand
€ thousand | 31 Mar 2026 | 31 Dec 2025 | Index |
Materials | 242,468 | 254,813 | 95 |
Work in progress | 131,493 | 122,076 | 108 |
Finished products | 179,721 | 185,581 | 97 |
Merchandise | 45,271 | 50,485 | 90 |
Advances for inventories | 27,535 | 31,147 | 88 |
Total inventories | 626,488 | 644,102 | 97 |
€ thousand | 31 Mar 2026 | 31 Dec 2025 | Index |
Current trade receivables | 692,359 | 609,315 | 114 |
Current receivables due from others | 31,313 | 24,188 | 129 |
Total receivables | 723,672 | 633,503 | 114 |
Cash and cash equivalents €383,877 thousand
€ thousand | 31 Mar 2026 | 31 Dec 2025 | Index |
Cash in hand | 49 | 51 | 96 |
Bank balances | 383,828 | 347,768 | 110 |
Total cash and cash equivalents | 383,877 | 347,819 | 110 |
Bank balances included a deposit of €320,626 thousand with a maturity of up to 90 days (31 December 2025:
€280,926 thousand).
Equity €2,481,121 thousand
€ thousand | 31 Mar 2026 | 31 Dec 2025 | Index |
Share capital | 54,732 | 54,732 | 100 |
Treasury shares | -238,677 | -225,047 | 106 |
Reserves | 258,369 | 249,022 | 104 |
- Reserves for treasury shares | 238,677 | 225,047 | 106 |
- Share premium | 105,897 | 105,897 | 100 |
- Legal reserves | 14,990 | 14,990 | 100 |
- Statutory reserves | 30,000 | 30,000 | 100 |
- Fair value reserve | -7,288 | -6,579 | 111 |
- Translation reserve | -123,907 | -120,333 | 103 |
Retained earnings | 2,387,513 | 2,279,945 | 105 |
Total equity attributable to the holders of the controlling company | 2,461,937 | 2,358,652 | 104 |
Non-controlling interests | 19,184 | 18,499 | 104 |
Total equity | 2,481,121 | 2,377,151 | 104 |
Provisions €163,370 thousand
€ thousand | 31 Mar 2026 | 31 Dec 2025 | Index |
Non-current provisions | 135,999 | 135,188 | 101 |
Provisions for lawsuits | 8,237 | 8,245 | 100 |
Provisions for post-employment benefits | 105,702 | 105,314 | 100 |
Provisions for other non-current employee benefits | 21,632 | 21,010 | 103 |
Other provisions | 428 | 619 | 69 |
Current provisions | 27,371 | 27,494 | 100 |
Total provisions | 163,370 | 162,682 | 100 |
€ thousand | 31 Mar 2026 | 31 Dec 2025 | Index |
Grants received from the European Regional Development Fund and the budget of the Republic of Slovenia intended for the production of pharmaceuticals in the new Notol 2 plant | 507 | 520 | 98 |
Grants received from the budget for the Dolenjske and Šmarješke Toplice health resorts and Golf Grad Otočec | 2,979 | 2,979 | 100 |
Grants received from the European Regional Development Fund (Farma GRS) | 1,201 | 1,243 | 97 |
Property, plant and equipment received free of charge | 9 | 15 | 60 |
Emission coupons | 10 | 10 | 100 |
Subsidy for purchase of joinery | 86 | 86 | 100 |
Subsidy for upgrading trucks | 73 | 35 | 209 |
Subsidy for electricity production from renewable energy installations | 455 | 463 | 98 |
Total deferred income | 5,320 | 5,351 | 99 |
Trade payables €153,570 thousand
€ thousand | 31 Mar 2026 | 31 Dec 2025 | Index |
Current trade payables | 153,570 | 124,654 | 123 |
Payables to joint ventures | 56 | 0 | |
Payables to domestic suppliers | 52,263 | 46,763 | 112 |
Payables to foreign suppliers | 101,251 | 77,891 | 130 |
Total trade payables | 153,570 | 124,654 | 123 |
Current contract liabilities €182,347 thousand
€ thousand | 31 Mar 2026 | 31 Dec 2025 | Index |
Refund liabilities | 174,898 | 184,479 | 95 |
- Bonuses and volume rebates | 172,911 | 182,401 | 95 |
- Rights of return | 1,987 | 2,078 | 96 |
Contract liabilities | 7,449 | 7,505 | 99 |
- Deferred income | 1,216 | 1,212 | 100 |
- Advances from other customers | 6,233 | 6,293 | 99 |
Total current contract liabilities | 182,347 | 191,984 | 95 |
Other current liabilities €116,571 thousand
€ thousand | 31 Mar 2026 | 31 Dec 2025 | Index |
Payables to employees - gross salaries, other receipts and charges | 101,114 | 105,656 | 96 |
Derivatives | 0 | 247 | 0 |
Other | 15,457 | 12,646 | 122 |
Total other current liabilities | 116,571 | 118,549 | 98 |
€ thousand | 31 Mar 2026 | 31 Dec 2025 | ||
Carrying amount | Fair value | Carrying amount | Fair value | |
Non-current financial assets | ||||
Loans | 19,132 | 25,115 | ||
Investments at fair value through OCI (equity instruments) | 19,162 | 19,162 | 20,060 | 20,060 |
Current financial assets | ||||
Loans | 45,195 | 99,585 | ||
Investments at fair value through profit or loss | 337,656 | 337,656 | 257,288 | 257,288 |
Derivatives | 1,267 | 1,267 | 0 | 0 |
Trade receivables | 692,359 | 609,315 | ||
Cash and cash equivalents | 383,877 | 347,819 | ||
Non-current financial liabilities | ||||
Lease liabilities | -13,726 | -14,011 | ||
Current financial liabilities | ||||
Borrowings | 0 | -3 | ||
Derivatives | 0 | 0 | -247 | -247 |
Lease liabilities | -4,477 | -4,347 | ||
Trade payables to suppliers and joint ventures, excluding advances | -153,570 | -124,654 | ||
Contract liabilities excluding advances | -172,911 | -182,401 | ||
Other liabilities excluding amounts owed to the State, to employees, and advances | -5,188 | -4,809 | ||
Total | 1,148,776 | 358,085 | 1,028,710 | 277,101 |
In terms of fair value, assets and liabilities are classified into three levels:
Level 1 - assets at market price;
Level 2 - assets not classified within level 1 and the value of which is determined directly or indirectly based on observable market data;
Level 3 - assets, the value of which cannot be determined using observable market data.
Assets at fair value
€ thousand | 31 Mar 2026 | 31 Dec 2025 | ||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |
Assets at fair value | ||||||||
Investments at fair value through OCI (equity instruments) | 17,775 | 0 | 1,387 | 19,162 | 18,673 | 0 | 1,387 | 20,060 |
Investments at fair value through profit or loss | 337,656 | 0 | 0 | 337,656 | 257,288 | 0 | 0 | 257,288 |
Derivatives | 0 | 0 | 1,267 | 1,267 | 0 | 0 | 0 | 0 |
Total assets at fair value | 355,431 | 0 | 2,654 | 358,085 | 275,961 | 0 | 1,387 | 277,348 |
€ thousand | 31 Mar 2026 | 31 Dec 2025 | Index |
Assets | |||
Property, plant and equipment | 594,981 | 611,845 | 97 |
Intangible assets | 41,520 | 24,363 | 170 |
Investments in subsidiaries | 355,265 | 355,265 | 100 |
Investments in joint ventures | 16,574 | 16,574 | 100 |
Loans | 25,471 | 25,504 | 100 |
Investments | 19,161 | 20,059 | 96 |
Deferred tax assets | 4,361 | 4,347 | 100 |
Other non-current assets | 664 | 665 | 100 |
Total non-current assets | 1,057,997 | 1,058,622 | 100 |
Inventories | 531,126 | 539,860 | 98 |
Trade receivables | 656,098 | 560,340 | 117 |
Other receivables | 12,574 | 11,125 | 113 |
Loans | 9,614 | 60,509 | 16 |
Investments | 338,923 | 257,288 | 132 |
Cash and cash equivalents | 306,731 | 273,658 | 112 |
Total current assets | 1,855,066 | 1,702,780 | 109 |
Total assets | 2,913,063 | 2,761,402 | 105 |
Equity | |||
Share capital | 54,732 | 54,732 | 100 |
Treasury shares | -238,677 | -225,047 | 106 |
Reserves | 384,106 | 371,177 | 103 |
Retained earnings | 2,176,807 | 2,071,722 | 105 |
Total equity | 2,376,968 | 2,272,584 | 105 |
Liabilities | |||
Provisions | 125,025 | 123,912 | 101 |
Deferred income | 2,338 | 2,363 | 99 |
Lease liabilities | 6,400 | 6,646 | 96 |
Total non-current liabilities | 133,763 | 132,921 | 101 |
Provisions | 18,671 | 18,671 | 100 |
Trade payables | 194,140 | 160,231 | 121 |
Borrowings | 53,138 | 34,376 | 155 |
Lease liabilities | 1,671 | 1,717 | 97 |
Income tax payables | 36,635 | 26,872 | 136 |
Contract liabilities | 15,832 | 23,772 | 67 |
Other current liabilities | 82,245 | 90,258 | 91 |
Total current liabilities | 402,332 | 355,897 | 113 |
Total liabilities | 536,095 | 488,818 | 110 |
Total equity and liabilities | 2,913,063 | 2,761,402 | 105 |
€ thousand | Jan-Mar 2026 | Jan-Mar 2025 | Index |
Revenue | 521,545 | 511,063 | 102 |
- Revenue from contracts with customers | 518,824 | 508,843 | 102 |
- Other revenue | 2,721 | 2,220 | 123 |
Cost of goods sold | -202,720 | -215,805 | 94 |
Gross profit | 318,825 | 295,258 | 108 |
Other operating income | 656 | 763 | 86 |
Selling and distribution expenses | -93,520 | -86,871 | 108 |
- Whereof net impairments and write-offs of receivables | -2,081 | -3,397 | 61 |
R&D expenses | -50,986 | -49,083 | 104 |
General and administrative expenses | -29,895 | -28,739 | 104 |
Operating profit | 145,080 | 131,328 | 110 |
Financial income | 5,416 | 66,279 | 8 |
Financial expenses | -7,631 | -4,898 | 156 |
Net financial result | -2,215 | 61,381 | |
Profit before tax | 142,865 | 192,709 | 74 |
Income tax expense | -24,401 | -30,242 | 81 |
Net profit | 118,464 | 162,467 | 73 |
Basic earnings per share1 (€) | 3.61 | 5.30 | 68 |
Diluted earnings per share2 (€) | 3.61 | 5.30 | 68 |
1 Net profit/Average number of shares issued in the period, excluding treasury shares
2 All shares issued by the controlling company are ordinary shares, hence the diluted earnings per share ratio equalled basic earnings per share.
Statement of other comprehensive income of Krka, d. d., Novo mesto€ thousand | Jan-Mar 2026 | Jan-Mar 2025 | Index |
Net profit | 118,464 | 162,467 | 73 |
Other comprehensive income for the period | |||
Other comprehensive income that will not be reclassified to profit or loss at a future date | |||
Change in fair value of financial assets | -898 | 409 | |
Deferred tax effect | 197 | -90 | |
Net other comprehensive income that will not be reclassified to profit or loss at a future date | -701 | 319 | |
Total other comprehensive income for the period (net of tax) | -701 | 319 | |
Total comprehensive income for the period (net of tax) | 117,763 | 162,786 | 72 |
Statement of changes in equity of Krka, d. d., Novo mesto
€ thousand | Share capital | Treasury shares | Reserves | Retained earnings | Total equity | ||||||
Reserves for treasury shares | Share premium | Legal reserves | Statutory reserves | Fair value reserve | Other profit reserves | Retained earnings from previous periods | Profit for the period | ||||
Balance at 1 Jan 2026 | 54,732 | -225,047 | 225,047 | 105,897 | 14,990 | 30,000 | -4,757 | 1,679,151 | 58,755 | 333,816 | 2,272,584 |
Net profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 118,464 | 118,464 |
Total other comprehensive income for the period (net of tax) | 0 | 0 | 0 | 0 | 0 | 0 | -701 | 0 | 0 | 0 | -701 |
Total comprehensive income for the period (net of tax) | 0 | 0 | 0 | 0 | 0 | 0 | -701 | 0 | 0 | 118,464 | 117,763 |
Transactions with owners, recognised in equity | |||||||||||
Transfer of previous periods' profit to retained earnings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 333,816 | -333,816 | 0 |
Repurchase of treasury shares | 0 | -13,630 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -13,630 |
Formation of reserves for treasury shares | 0 | 0 | 13,630 | 0 | 0 | 0 | 0 | 0 | 0 | -13,630 | 0 |
Dividends paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 251 | 0 | 251 |
Total transactions with owners, recognised in equity | 0 | -13,630 | 13,630 | 0 | 0 | 0 | 0 | 0 | 334,067 | -347,446 | -13,379 |
Balance at 31 Mar 2026 | 54,732 | -238,677 | 238,677 | 105,897 | 14,990 | 30,000 | -5,458 | 1,679,151 | 392,822 | 104,834 | 2,376,968 |
€ thousand | Share capital | Treasury shares | Reserves | Retained earnings | Total equity | ||||||
Reserves for treasury shares | Share premium | Legal reserves | Statutory reserves | Fair value reserve | Other profit reserves | Retained earnings from previous periods | Profit for the period | ||||
Balance at 1 Jan 2025 | 54,732 | -163,491 | 163,491 | 105,897 | 14,990 | 30,000 | -9,435 | 1,620,098 | 73,879 | 296,190 | 2,186,351 |
Net profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 162,467 | 162,467 |
Total other comprehensive income for the period (net of tax) | 0 | 0 | 0 | 0 | 0 | 0 | 319 | 0 | 0 | 0 | 319 |
Total comprehensive income for the period (net of tax) | 0 | 0 | 0 | 0 | 0 | 0 | 319 | 0 | 0 | 162,467 | 162,786 |
Transactions with owners, recognised in equity | |||||||||||
Transfer of previous periods' profit to retained earnings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 296,190 | -296,190 | 0 |
Repurchase of treasury shares | 0 | -16,868 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -16,868 |
Formation of reserves for treasury shares | 0 | 0 | 16,868 | 0 | 0 | 0 | 0 | 0 | 0 | -16,868 | 0 |
Total transactions with owners, recognised in equity | 0 | -16,868 | 16,868 | 0 | 0 | 0 | 0 | 0 | 296,190 | -313,058 | -16,868 |
Balance at 31 Mar 2025 | 54,732 | -180,359 | 180,359 | 105,897 | 14,990 | 30,000 | -9,116 | 1,620,098 | 370,069 | 145,599 | 2,332,269 |
€ thousand | Jan-Mar 2026 | Jan-Mar 2025 |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net profit | 118,464 | 162,467 |
Adjustments for: | 42,768 | 55,101 |
- Amortisation/Depreciation | 17,623 | 17,364 |
- Net foreign exchange gains and losses | -368 | 816 |
- Net write-offs and allowances for inventories | 2,827 | 2,322 |
- Net impairments and write-offs of receivables | 2,081 | 3,397 |
- Investment income | -5,529 | -4,400 |
- Investment expenses | 85 | 3,828 |
- Income on financing activities | -4 | -2 |
- Interest expense and other financial expenses | 1,652 | 1,534 |
- Income tax expense | 24,401 | 30,242 |
Operating profit before changes in net current assets | 161,232 | 217,568 |
Change in trade receivables | -99,295 | -104,712 |
Change in inventories | 5,908 | -5,426 |
Change in trade payables | 30,377 | 30,061 |
Change in provisions | -7 | 340 |
Change in deferred income | -25 | -64 |
Change in other current liabilities | -7,767 | -5,412 |
Income tax paid | -14,455 | -10,608 |
Net cash flow from operating activities | 75,968 | 121,747 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Interest received | 1,865 | 2,131 |
Proportionate profit of subsidiaries | 656 | 604 |
Proceeds from sale of property, plant and equipment | 122 | 54 |
Acquisition of property, plant and equipment | -19,924 | -19,109 |
Acquisition of interest in joint ventures | 0 | -9,234 |
Acquisition of intangible assets | -2,371 | -1,224 |
Proceeds from non-current loans | 561 | 567 |
Payments for non-current loans | -579 | -846 |
Net proceeds from/payments for current loans | 51,848 | -276 |
Proceeds from sale of non-current investments | 6 | 20,252 |
Payments for acquisition of non-current investments | -6 | -7 |
Proceeds from sale of current investments | 0 | 120,000 |
Payments for acquisition of current investments | -79,126 | -138,591 |
Proceeds from derivatives | 148 | 13 |
Payments for derivatives | 0 | 0 |
Net cash flow from investing activities | -46,800 | -25,666 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Interest paid | -699 | -438 |
Net proceeds from/payments for current borrowings | 18,690 | 19,750 |
Lease liabilities paid | -504 | -323 |
Dividends and other profit shares paid | 251 | 0 |
Repurchase of treasury shares | -13,630 | -16,868 |
Net cash flow from financing activities | 4,108 | 2,121 |
Net increase in cash and cash equivalents | 33,276 | 98,202 |
Cash and cash equivalents at beginning of year | 273,658 | 238,183 |
Effect of changes in foreign exchange rates on cash held | -203 | -140 |
Closing balance of cash and cash equivalents | 306,731 | 336,245 |
Costs by nature €377,121 thousand
€ thousand | Jan-Mar 2026 | Jan-Mar 2025 | Index |
Cost of goods and materials | 147,143 | 152,760 | 96 |
Cost of services | 93,809 | 89,148 | 105 |
Employee benefits expense | 119,932 | 108,662 | 110 |
Amortisation and depreciation | 17,623 | 17,364 | 101 |
Net write-offs and allowances for inventories | 2,827 | 2,322 | 122 |
Net impairments and write-offs of receivables | 2,081 | 3,397 | 61 |
Other operating expenses | 8,191 | 8,684 | 94 |
Total costs | 391,606 | 382,337 | 102 |
Change in the value of inventories of finished products and work in progress | -14,485 | -1,839 | 788 |
Total | 377,121 | 380,498 | 99 |
Employee benefits €119,932 thousand
€ thousand | Jan-Mar 2026 | Jan-Mar 2025 | Index |
Gross wages and salaries and continued pay | 91,726 | 83,686 | 110 |
Social security contributions | 7,704 | 5,565 | 138 |
Pension insurance contributions | 11,614 | 10,939 | 106 |
Post-employment benefits and other non-current employee benefits | 1,659 | 1,730 | 96 |
Other employee benefits expense | 7,229 | 6,742 | 107 |
Total employee benefits | 119,932 | 108,662 | 110 |
Other operating expenses €8,191 thousand
€ thousand | Jan-Mar 2026 | Jan-Mar 2025 | Index |
Grants and assistance for humanitarian and other purposes | 386 | 266 | 145 |
Environmental protection expenditures | 1,014 | 981 | 103 |
Other taxes and levies | 5,534 | 5,782 | 96 |
Loss on sale and write-offs of property, plant and equipment and intangible assets | 25 | 413 | 6 |
Other operating expenses | 1,232 | 1,242 | 99 |
Total other operating expenses | 8,191 | 8,684 | 94 |
Other levies include various taxes and levies on pharmaceuticals and fees paid to medical representatives in individual countries for pursuing promotional activities.
Financial income and expenses
€ thousand | Jan-Mar 2026 | Jan-Mar 2025 | Index |
Net foreign exchange gains | 0 | 61,977 | 0 |
Interest income | 1,828 | 2,207 | 83 |
Derivative income | 1,662 | 13 | 12,785 |
- Realised revenue | 148 | 13 | 1,138 |
- Fair value change | 1,514 | 0 | |
Income from other financial instruments | 1,270 | 1,450 | 88 |
- Realised revenue | 0 | 1,772 | 0 |
- Fair value change | 1,270 | -322 | |
Income from dividends and other profit shares | 656 | 632 | 104 |
- Profits of subsidiaries | 656 | 632 | 104 |
Total financial income | 5,416 | 66,279 | 8 |
Net foreign exchange losses | -5,951 | 0 | |
Interest expense | -502 | -500 | 100 |
- Interest paid | -434 | -476 | 91 |
- Interest expense on lease liabilities | -68 | -24 | 283 |
Derivative expenses | 0 | -3,364 | 0 |
- Fair value change | 0 | -3,364 | 0 |
Expenses from other financial instruments | -29 | 0 | |
- Fair value change | -29 | 0 | |
Other financial expenses | -1,149 | -1,034 | 111 |
Total financial expenses | -7,631 | -4,898 | 156 |
Net financial result | -2,215 | 61,381 |
Income tax expense €24,401 thousand
Current income tax amounted to €23,993 thousand or 16.8% of profit before tax. Taking into account deferred tax of €183 thousand and other income-based taxes of €225 thousand, the tax expensed in the income statement totalled €24,401 thousand. The effective tax rate was 17.1%.
Property, plant and equipment €594,981 thousand
€ thousand | 31 Mar 2026 | 31 Dec 2025 | Index |
Land | 53,092 | 53,092 | 100 |
Buildings | 227,493 | 232,722 | 98 |
Equipment | 252,836 | 260,804 | 97 |
Property, plant and equipment being acquired | 53,631 | 56,922 | 94 |
Right-of-use assets | 7,929 | 8,305 | 95 |
Total property, plant and equipment | 594,981 | 611,845 | 97 |
The value of property, plant and equipment accounted for 20% of the Krka balance sheet total. See the 'Investments' section in the business report for details on major investments of Krka.
Intangible assets €41,520 thousand
€ thousand | 31 Mar 2026 | 31 Dec 2025 | Index |
Concessions, trademarks and licences | 26,523 | 15,740 | 169 |
Other intangible assets | 7,352 | 6,672 | 110 |
- Long-term deferred operating costs | 68 | 84 | 81 |
- Development-related projects | 4,336 | 4,564 | 95 |
- Emission coupons | 2,948 | 2,024 | 146 |
Intangible assets being acquired | 7,645 | 1,951 | 392 |
Total intangible assets | 41,520 | 24,363 | 170 |
Intangible assets refer to software and registration documents for new pharmaceuticals.
Loans €35,085 thousand
€ thousand | 31 Mar 2026 | 31 Dec 2025 | Index |
Non-current loans | 25,471 | 25,504 | 100 |
- Loans to subsidiaries | 11,100 | 11,100 | 100 |
- Loans to others | 14,371 | 14,404 | 100 |
Current loans | 9,614 | 60,509 | 16 |
- Portion of non-current loans maturing next year | 2,159 | 2,108 | 102 |
- Loans to subsidiaries | 6,527 | 4,734 | 138 |
- Loans to others | 193 | 199 | 97 |
- Deposits granted to banks | 0 | 53,000 | 0 |
- Current interest receivable | 735 | 468 | 157 |
Total loans | 35,085 | 86,013 | 41 |
Investments €358,084 thousand
€ thousand | 31 Mar 2026 | 31 Dec 2025 | Index |
Non-current investments | 19,161 | 20,059 | 96 |
- Investments at fair value through OCI (equity instruments) | 19,161 | 20,059 | 96 |
Current investments including derivatives | 338,923 | 257,288 | 132 |
- Investments at fair value through profit or loss | 337,656 | 257,288 | 131 |
- Derivatives | 1,267 | 0 | |
Total investments | 358,084 | 277,347 | 129 |
Investments at fair value through OCI comprised €1,527 thousand of investments in shares and interests in companies in Slovenia (end of 2025: €1,557 thousand), and €17,634 thousand of investments in shares and interests in companies outside Slovenia (end of 2025: €18,502 thousand).
The increase in investments at fair value through profit or loss of €80,368 thousand included acquisitions of treasury bills of €79,126 thousand and treasury bill revaluation of €1,242 thousand.
Inventories €531,126 thousand
€ thousand | 31 Mar 2026 | 31 Dec 2025 | Index |
Materials | 225,683 | 237,386 | 95 |
Work in progress | 118,541 | 108,427 | 109 |
Finished products | 113,027 | 110,352 | 102 |
Merchandise | 46,504 | 52,645 | 88 |
Advances for inventories | 27,371 | 31,050 | 88 |
Total inventories | 531,126 | 539,860 | 98 |