Thomas Meier, CEO Falk Neukirch, CFO March 26, 2026
Executive summary
Financial overview
Guidance 2026, Strategy
Appendix
2
Executive Summary
> 20 one-on-ones with talents in person
First interview conducted, more scheduled
Two virtual international
townhall meetings
> 15 leadership & group meetings
My First 54 Days in Office: Listen & Learn
During my CEO tenure (2020 - 25) Bachem increased sales by 122%; EBITDA by 146% and net profit by 175% - Solely organic growth
On schedule to visit all key operational sites in my first 100 days
Spoken to many colleagues at all levels face-to-face
c. 30+ yrs in Pharma Services
6 yrs CEO of Bachem a SIX-
listed company; market cap of approx. US$ 6bn
Met with largest Medios shareholders in person who own > 45% of Medios equity
Participated in an investor conference, talking to potential investors personally & virtually
Spoke with several sell-side analysts
Met with Key Partners & Customers since day one
Participated in the Medios Pharma Circle meeting
3
Executive Summary
Highlights FY 2025
Financials
FY 2025: Overall, solid financials, mainly driven by 12-month consolidation of Ceban
Revenue up by 10.4% to €2.1bn
Disproportionate EBITDA pre increase to €93.1m (+17.8%) leading to an EBITDA pre margin expansion
of 4.5%; 2.7% organic EBITDA pre growth driven by PS and IB
EPS up by 19.6% to €0.61; EPS adjusted €1.94 (+20.5%)
Revenue of €2.1bn and an EBITDA pre of €93.1m are broadly in line with the 2025 guidance
Strategic and Operational
02/26 & 04/26 New CEO Thomas Meier started; new CFO Stefan Bauerreis will take office on April 15
Preparations of new business opportunities to be fully unfold in 2026
Entry into Medical Cannabis market
Sustainability Report in full accordance with Corporate Sustainability Reporting Directive (CSRD)
Guidance 2026
Guidance 2026
Revenue €2.0bn - €2.12bn (up to +2.0%), EBITDA pre1 €94m - €102m (up to +9.6%)
Disproportional EBITDA pre growth
Assumptions: Organic EBITDA pre growth in the mid-single-digit percentage range
1 EBITDA is defined as consolidated earnings before interest, taxes, depreciation and amortization; EBITDA pre is adjusted for special charges for stock options, expenses for M&A activities, from expenses for ERP-System implementation, for 2024 for performance-based payments for the acquisition of compounding volumes
as well as from 2025 one-time expenses due to change in the Executive Board|Adjusted EPS is based on the period result, adjusted for special charges, acquisition- 4
related PPA amortizations, and the resulting adjusted tax expense
Executive Summary
QoQ - Revenue & EBITDApre
Revenue (€m) EBITDA pre¹ (€m)
CAGR2 ~8.0%
CAGR2 ~24.0%
538 549
490
431 422
441 456 451
493 483 485 507
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2023 2024 2025
24.6
23.2 23.1 23.3
24.0
22.7
17.2
15.0 14.1
14.3 15.1 16.1
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2023 2024 2025
1 EBITDA is defined as consolidated earnings before interest, taxes, depreciation and amortization; EBITDA pre is adjusted for special charges for stock options, expenses for
M&A activities, from expenses for ERP-System implementation, for 2024 for performance-based payments for the acquisition of compounding volumes as well as from 2025 5
one-time expenses due to change in the Executive Board | 2 CAGR Compound Annual Growth Rate
Executive summary
0.01%
Customer complaint rate
ESG Highlights 2025
Sustainability Report in accordance with Corporate Sustainability Reporting Directive (CSRD)
Proportion of women
65%
in workforce
43%
in management
Complete Scope 3
Analysis in all relevant categories
43%
Share of green electricity
(85% in Netherlands: e.g. via new
solar panel)
We are committed to the UN Global Compact Corporate Responsibility Initiative and its principles in the areas of human rights, labor, environment and anti-corruption
6
Executive summary
Financial overview
Guidance 2026, Strategy
Appendix
7
Financial overview
FY 2025 - Solid Group financials
In € million | FY 2025 | FY 2024 | ∆ in % |
Revenue | 2,078.7 | 1,883.0 | 10.4% |
Gross profit1 gross margin in % | 203.7 9.8% | 154.6 8.2% | 31.6% 1.6pp |
EBITDA pre2 margin in % | 93.1 4.5% | 79.0 4.2% | 17.8% 0.3pp |
Conversion rate in % (EBITDA pre/gross profit) | 45.7% | 51.1% | -5.4pp |
EBIT | 46.2 | 31.7 | 45.9% |
Net Income | 15.4 | 12.5 | 22.4% |
EPS (€), undiluted | 0.61 | 0.51 | 19.6% |
EPS (€), adjusted3 | 1.94 | 1.61 | 20.5% |
CF from operating activities | 52.3 | 73.7 | -29.0% |
CF from investing activities | -4.0 | -222.3 | -98.2% |
Free cash flow4 (before M&A) | 44.0 | 67.4 | -34.7% |
CF from financing activities | -72.6 | 183.8 | <-100% |
31 Dec 2025 | 31 Dec 2024 | ∆ in % | |
Inventories | 93.3 | 92.4 | 0.9% |
Cash & cash equivalents | 81.8 | 106.0 | -22.8% |
Equity ratio in % Liabilities ratio in % | 514.2 56.9% 388.8 43.1% | 510.2 54.6% 424.2 45.4% | 0.8% 2.4pp -8.3% -2.3pp |
Comments
Revenue growth of 10.4% mainly driven by strong organic growth of PS, and first-time full-year consolidation of Ceban
Segments IB & PS: Key drivers of improved profitability Gross profit increased by inorganic growth from IB, by organic
revenue growth of all operational segments, and focusing on higher margin revenue; further by elimination of performance-based expenses of €6.2m in PST segment
EBITDA pre rose by 17.8% driven by an organic growth of PS and IB and mainly by a strong inorganic contribution of IB (full-year)
EPS increased by 19.6% to €0.61/ share due to increased net income - despite one-time material financial expenses (€9.2 m) from revaluation of NCI-liabilities; EPS adjusted by one-offs and PPA effects amount to €1.94/share
Strong Operating CF, yet down vs. prior year driven by higher WC and rising tax payments (+€3.8m)
Investing CF of €-4.0m mainly consists of capex (€8.3m), subsequent acquisition costs for Ceban (€2.3m) and divestments (€5.9m) and interest received (€0.7m) ; FY 24: dominated by payments for Ceban acquisition
Financing CF resulted from scheduled term loan repayments of
€25m and net repayments of the RCF €20m, interest payments for loans (€10m), repurchase of treasury shares €12.6m and redemption of lease liabilities (€-5 m)
Cash & cash equivalents consisted mainly of freely available bank deposits
8
1 Gross profit = Revenue - Cost of materials |2 EBITDA is defined as consolidated earnings before interest, taxes, depreciation and amortization; EBITDA pre is adjusted for special charges for stock options, expenses for M&A activities, from expenses for ERP-System implementation, for 2024 for performance-based payments for the acquisition of compounding volumes as well as from 2025 one-time expenses due to change in the Executive Board| 3 Adjusted EPS is based on the period result, adjusted for special charges, acquisition-related PPA amortizations, the revaluation of NCI-liabilities and the resulting adjusted tax expense |4 Calculated as follows: Operating CF less CAPEX | RCF Revolving Credit Facility | NCI Non Controlling Interests
Financial overview
FY 2025 - Revenue Growth Mainly Driven By PS And IB
YoY Revenue in €m | FY 24 | Organic | Inorganic | FY 25 | Comments |
Pharmaceutical Supply (PS) | 1,580.0 | 108.8 | 1,688.8 |
| |
Patient-Specific Therapies (PST) | 213.6 | 6.5 | 220.1 | ||
International Business (IB) | 88.8 | 17.2 | 63.2 | 169.2 | |
Services | 0.6 | -0.1 | 0.5 | ||
Medios Group total | 1,883.0 | 132.4 | 63.2 | 2,078.7 | |
Medios Group total in % | 7.0% | 3.4% | 10.4% |
Revenue bridge
1,883.0
132.4 63.2
2,078.7
FY 2024 Organic Inorganic FY 2025
9
Financial overview
FY 2025 - Strong EBITDA Pre Growth Mainly Due To IB
YoY EBITDA pre1 in €m | FY 24 | Organic | Inorganic | FY 25 | Comments |
Pharmaceutical Supply (PS) | 50.0 | 2.5 | 52.5 |
| |
Patient-Specific Therapies (PST) | 23.3 | -1.1 | 22.2 | ||
International Business (IB) | 16.3 | 0.8 | 12.0 | 29.1 | |
Services | -10.5 | -0.3 | -10.8 | ||
Medios Group total | 79.0 | 2.1 | 12.0 | 93.1 | |
Medios Group total in % | 2.7% | 15.1% | 17.8% |
EBITDA pre1 bridge
79.0
2.1
12.0
93.1
FY 2024 Organic Inorganic FY 2025
1 EBITDA is defined as consolidated earnings before interest, taxes, depreciation and amortization; EBITDA pre is adjusted for special charges for stock options, expenses for
M&A activities, from expenses for ERP-System implementation, for 2024 for performance-based payments for the acquisition of compounding volumes as well as from 2025 10
one-time expenses due to change in the Executive Board
Financial overview
FY 2025 - EBITDA Pre Posted Strong Disproportionate Growth
Pharmaceutical Supply 'PS' | Patient-specific Therapies 'PST' | International Business 'IB' | Services | IFRS consolidation | Group | |||||||
YoY in € million | FY 25 | FY 24 | FY 25 | FY 24 | FY 25 | FY 24 | FY 25 | FY 24 | FY 25 | FY 24 | FY 25 | FY 24 |
Segment revenue - extern. delta (yoy in %) | 1,689 6.9% | 1,580 | 220.1 3.0% | 213.6 | 169.2 90.6% | 88.8 | 0.5 -15.3% | 0.6 | n/a | n/a | 2,078.7 10.4% | 1,883.0 |
EBITDA pre1 delta (yoy in %) EBITDA pre margin (% of revenue external) | 52.5 5.1% 3.1% | 50.0 3.2% | 22.2 -4.6% 10.1% | 23.3 10.9% | 29.1 78.8% 17.2% | 16.3 18.3% | -10.8 3.5% <-100.0% | -10.5 <100.0 % | n/a n/a | n/a n/a | 93.1 17.8% 4.5% | 79.0 4.2% |
1 EBITDA is defined as consolidated earnings before interest, taxes, depreciation and amortization; EBITDA pre is adjusted for special charges for stock options, expenses for
M&A activities, from expenses for ERP-System implementation, for 2024 for performance-based payments for the acquisition of compounding volumes as well as from 2025 11
one-time expenses due to change in the Executive Board
Financial overview
Financing Structure
Syndicate loan concluded in Nov 2024 : €225m, consisting of
term loan of €125m, term: 5 yrs, annual redemption €25m; value as of 31 December 25: €100m
and
Revolving credit facility (RCF) €100m, term 5 (+1 +1) yrs; drawn as of 31 December 25: €55m, potential contractual step-up option of up to €50m
Attractive covenant based-margin grid
Net debt as of 31December 25 of approx. €120m leading to an attractive leverage ratio of approx. 1.3
Estimated annual free cash flow: c. €40m - €50m available for redemption, interest payments and financing future growth
12
Executive Summary
Financial Overview
Guidance 2026, Strategy
Appendix
13
"I am passionate about working for Medios because patient care is at the center of what we do."
Guidance 2026
Guidance 2026
EBITDA pre1 in €m
Revenue in €bn
Comments
Revenue expected: €2.0 - €2.12bn
93
4.5%
margin
Up to +9.6%
94 - 102
Up to
~4.8%
margin
~2.00 -2.12
2.08
Up to +2.0%
(growth up to +2.0% compared to 2025)
EBITDA pre1 expected: €94 - 102m in 2026 (growth up to +9.6% compared to 2025)
2025 2026E 2025 2026E
1 EBITDA is defined as consolidated earnings before interest, taxes, depreciation and amortization; EBITDA pre is adjusted for special charges for stock options,
expenses for M&A activities, expenses for ERP-System implementation, for 2025 one-time expenses due to change in the Executive Board as well as from 2026 one-time 14
expenses for efficiency improvements
Strategy
Mfg.*
Commercial
Wholesale
Compounding
Logistics
Dispensing
Our Market System (1/2)
Operating warehouses/distribu tion centers
Buy, hold, sell (specialty)pharma products, including APIs in small packs for inhouse compounding
Full-line wholesale or focused wholesale with specialty drug portfolio
GMP/GDP-compliant patient-specific and stock/batch compounding - sterile-nonsterile-aseptic preparations
Dose calculation, aseptic mixing & filling, from both licenses' medicines and APIs
Compounded drugs + standard repackaging and blistering; Business model follows national regulatory framework
GMP/GDP-
compliant warehousing and cold-chain logistics
Time-critical delivery of pharmaceuticals
Serialization, track-and-trace, and document for regulatory compliance
Hospitals
Physicians
Pharmacies
Clinics
(Patients - in case of direct-to-patient mod.)
Pharmaceutical Supply (PS)
Market access: Pricing & reimbursement
Marketing/Sales: Patient marketing, positioning with pharmacies/clinics
Regulatory & quality: Pharmacovigilance, registrations etc.
20 community pharmacies acquired with Ceban in NL (Medsen)
Patient-Specific Therapies (PST)
International Business (IB)
Source: BCG Analysis, own additions | *Manufacturing | API Active Pharmaceutical Ingredients 15
Strategy
Mfg.*
Commercial
Wholesale
Compounding
Logistics
Dispensing
Our Market System (2/2)
Pharmaceutical Supply (PS)
Business
units
Patient-Specific Therapies (PST)
International Business (IB)
Market
size
Margin
Commercialization services1 Incl. generalist wholesale
~ €10 - 15bn
~ €260bn
na
~ €45bn
Specialty ca. 3 - 5%
~ 1 - 3%
~ 15 - 25%
~ 30bn
~ €6bn
~ 5 - 6%
~ 10 - 20%
Cold-chain only
~ €7bn
~ €1bn
~ 10 - 20%
Pharmacies only2
~ €300bn
~ 3 - 10%3
~ €70bn
Market CAGR
9 - 10%
~ 5 - 6% ~ 5 - 15% ~ 8 - 10%Summary
High growth market with high margins
Medium growth market with low margins
Very high growth market with high margins
High growth market with high margins
Medium growth market with varying margins
1 Incl. market access, medical affairs, patient marketing etc. | 2 Incl. OTC & non-pharma revenue | 3 Other EU markets up to 15%
Source: EvaluatePharma, FDA, GIRP, PHAGRO, IQVIA, ABDA, World Bank, Expert interviews, BCG Analysis, own estimates | *Manufacturing
High 16
Low
Strategy
We Secure Supply
Extension of Pharmaceutical Supply business as pharmaceutical entrepreneur (Pharmazeutischer Unternehmer (PhU))
Exclusive distribution for Germany and full regulatory management for established originator products
(e. g. Novartis)
17
Strategy
International Business - Medicine Shortages
Promethazine 25 mg tablets
Shortage
Early 2025: risk of shortage identified by sole generic supplier
Market demand: >500,000 tablets/month
Confirmed supply depletion in Q3 2025
Import exemptions insufficient to meet demand
Development
Early development initiated before confirmed shortage
Available as compounded product since January 2026
Impact
Current volume: 65,000 tablets/month and growing
18
Strategy
Organizational Development - New CFO Stefan Bauerreis
Profile
"I am truly delighted to take on this new role and to embrace all the challenges ahead, contributing as a member of the Executive Board to shaping the future of Medios.
I will, in my capacity as CFO, contribute with full commitment and passion to further strengthening the success of the Medios Group and to expanding its position as a market leader in Specialty Pharma - both nationally and internationally- in the best interests of our shareholders
and employees."
Experienced finance expert with many years of international leadership in industry and at publicly traded companies
Served as CFO of Stabilus Group and held various senior finance positions within the Schaeffler Group for more than two decades, including as CFO for Europe and CFO for Germany
Possesses extensive expertise in Corporate Accounting, Controlling, Financing, as well as in the transformation and management of international companies
Guidance 2026
Focus Activities 2026
One Team Medios
Harmonize business- & planning processes for compounding & pharmacy supply business
ERP/SAP(S4HANA) roll-out for Medios Pharma
Ensure better insights and teamwork resulting in faster decisions
Operational excellence
Network optimization - based on a Capital Master Plan
Business integration - based on a Digitalization Roadmap
Accelerate organic growth
Increase compounding business segment growth-rate with current and new customers
Benefit from market trends and regulatory adjustments
Selective M&A
Value accretive bolt-on acquisitions
ERP: Enterprise Resource Planning
20
Medios 2nd Capital Markets Day
Date: 28-29 Sep 2026
Where: Breda, The Netherlands WELCOME AT Ceban in Breda
21
Q & AQuestion-and-answer session:
If you have a question for our speakers, please dial:
* 9 # on your telephone keypad now to enter the queue -Once your name has been announced, you can ask a question.
If you are logged in via the webcast tool, you can also submit questions at any time using the Q&A icon below the presentation slide at the bottom of the screen.
22
THANK YOU!Executive Summary
Financial Overview
Guidance 2026, Strategy
Appendix
24
"I work for Medios because I can contribute to patient care that meets the highest quality standards."
Appendix
Successful AGM: May 27, 2025 - Selected Agenda Items
Approval of adjusted Compensation system for the Executive Board
Realignment of the Short-Term Incentive (STI) New financial KPI: Operational cash flow
Objective: stronger focus on operational performance indicators
Promotion of efficiency, profitability, and liquidity generation
Background: previously 40% weighting on M&A transactions as part of the STI
Creation of Stock Option Plan 2025 (SOP 2025) and of new Conditional Capital 2025/I
Volume: total of 899,697 subscription rights
Performance target (share price): €17 - Exercise price: €15
Total conditional capital reserved for SOPs = max. 10% of the share capital
New authorization to issue convertible bonds until May 26, 2030, with the possibility of exclusion of subscription rights
Conditional Capital 2025/II of €2,550,572 to fulfill conversion rights for up to 2,550,572 new shares (10% of share capital)
Simplified exclusion of subscription rights for new shares of max. 10%* of the share capital (general cross-deduction/cap with Authorized Capital 2024/I)
Approval of all proposed resolutions with a large majority
* In total, only 10% of new shares can be issued/created while excluding subscription rights due to alternative utilization of the existing Authorized Capital 2024/I and the new Conditional Capital 2025/II, as a total cross-offsetting/cap shall occur (regardless of whether subscription rights are excluded) 25
Appendix
ESG Highlights 2026 (March)
0
63
100
Exceeds the industry benchmark
D-
Top 15% in the Industry
C
A+
AAA
CCC
Top 43% in the Industry
AA
0
41
100
Top 13% in the Industry
100
Top 9% in the Industry (low risk)
15.4
0
Source: Reports of respective organization 26Appendix
Successful Share Buyback Offer - July 2025
Offer Share buyback: Up to 1,000,000 bearer shares of current share Capital: €25,505,723 (approx. 3.92% )
Offer price per share: €12.50
(Approx. +9.3% premium over the 5-day XETRA average closing price)
Authorization: Granted by the AGM on June 21, 2023 (valid until June 20, 2028)
Purpose: For all uses permitted by the AGM 2023 resolution:
Amongst others, to distribute those shares as part of share-based compensation or employee participation programs or to offer them as consideration in the context of M&A projects
Shares tendered: 1,077,813, allocation quota 92.78%
27
Appendix
Q4 2025 - Revenue Growth Mainly Driven By PS
YoY Revenue in €m | Q4 24 | Organic | Inorganic | Q4 25 | Comments |
Pharmaceutical Supply (PS) | 388.8 | 60.6 | 449.3 | Organic growth 14.1%: a result of strong PS revenue increase and also contribution of IB; PST contribution due to the elimination of performance-related expenses for the acquisition of compounding volumes | |
Patient-Specific Therapies (PST) | 52.1 | 2.0 | 54.1 | ||
International Business (IB) | 41.5 | 5.6 | -2.1 | 45.0 | |
Services | 0.2 | 0.0 | 0.2 | ||
Medios Group total | 482.5 | 68.2 | -2.1 | 548.7 | |
Medios Group total in % | 14.1% | -0.4% | 13.7% |
Revenue bridge | |||||
482.5 | 68.2 | -2.1 | 548.7 | ||
Q4 2024 | Organic | Inorganic | Q4 2025 | ||
28 | |||||
Appendix
Q4 2025 - EBITDA Pre Slightly Below Q4 2024 Level
YoY EBITDA pre1 in €m | Q4 24 | Organic | Inorganic | Q4 25 | Comments |
Pharmaceutical Supply (PS) | 13.0 | 0.8 | 13.8 |
| |
Patient-Specific Therapies (PST) | 6.5 | -2.5 | 4.1 | ||
International Business (IB) | 6.5 | 0.4 | 0.2 | 7.1 | |
Services | -2.8 | 0.6 | -2.2 | ||
Medios Group total | 23.2 | -0.7 | 0.2 | 22.7 | |
Medios Group total in % | -3.2% | 1.0% | -2.2% |
EBITDA pre1
23.2
-0.7 0.2
22.7
Q4 2024 Organic Inorganic Q4 2025
1 EBITDA is defined as consolidated earnings before interest, taxes, depreciation and amortization; EBITDA pre is adjusted for special charges for stock options, expenses for
M&A activities, from expenses for ERP-System implementation, for 2024 for performance-based payments for the acquisition of compounding volumes as well as from 2025 29
one-time expenses due to change in the Executive Board
Appendix
Key Figures (1/2)
in € thousand | FY 2025 | FY 2024 | ∆ in % | Q4 2025 | Q4 2024 | ∆ in % | ||||||
Revenue | 2,078,652 | 1,883,038 | 10.4% | 548,655 | 482,533 | 13.7% | ||||||
Pharmaceutical Supply | 1,688,799 | 1,579,989 | 6.9% | 449,323 | 388,765 | 15.6% | ||||||
Patient-Specific Therapies | 220,133 | 213,642 | 3.0% | 54,116 | 52,068 | 3.9% | ||||||
International | 169,195 | 88,787 | 90.6% | 45,045 | 41,530 | 8.5% | ||||||
Services | 525 | 620 | -15.3% | 171 | 170 | 0.6% | ||||||
EBITDA | 84,057 | 62,953 | 33.5% | 20,422 | 18,886 | 8.1% | ||||||
Margin (in % of Revenue) | 4.0% | 3.3% | 21.2% | 3.8% | 3.9% | -2.9% | ||||||
EBITDA pre1 | 93,053 | 78,995 | 17.8% | 22,702 | 23,216 | -2.2% | ||||||
Margin (in % of Revenue) | 4.5% | 4.2% | 7.1% | 4.1% | 4.8% | -12.7% | ||||||
Pharmaceutical Supply | 52,539 | 50,013 | 5.1% | 13,756 | 12,971 | 6.1% | ||||||
Patient-Specific Therapies | 22,209 | 23,268 | -4.6% | 4,064 | 6,534 | -37.8% | ||||||
International | 29,124 | 16,292 | 78.8% | 7,125 | 6,513 | 9.4% | ||||||
Services | -10,818 | -10,451 | 3.5% | -2,243 | -2,675 | -16.2% | ||||||
EBIT | 46,196 | 31,665 | 45.9% | 10,979 | 9,350 | 17.4% | ||||||
Margin (in % of Revenue) | 2.2% | 1.7% | 29.4% | 2.0% | 1.9% | 3.2% | ||||||
Comprehensive income before minority interests | 15,365 | 12,548 | 22.4% | -4,546 | 2,114 | <-100.0% |
1 EBITDA is defined as consolidated earnings before interest, taxes, depreciation and amortization; EBITDA pre is adjusted for special charges for stock options, expenses for
M&A activities, from expenses for ERP-System implementation, for 2024 for performance-based payments for the acquisition of compounding volumes as well as from 2025 30
one-time expenses due to change in the Executive Board
Appendix
Key Figures (2/2)
in € thousand | FY 2025 | FY 2024 | ∆ in % | Q4 2025 | Q4 2024 | ∆ in % | ||||||
Earnings per share (in €) | ||||||||||||
Undiluted | 0.61 | 0.51 | 19.6% | 0.19 | 0.08 | >100.0% | ||||||
Diluted | 0.61 | 0.51 | 19.6% | 0.19 | 0.08 | >100.0% | ||||||
Adjusted2 | 1.94 | 1.61 | 20.5% | 0.44 | 0.37 | 18.9% | ||||||
Investments (CAPEX) | 8,291 | 6,308 | 31.4% | 3,576 | 2,751 | 30.0% | ||||||
Cash flow from operating activities | 52,273 | 73,663 | -29.0% | -391 | 46,086 | <-100.0% | ||||||
Free cash flow3(before M&A) | 43,982 | 67,355 | -34.7% | -3,967 | 43,335 | <-100.0% | ||||||
Extraordinary expenses | 8.997 | 16.042 | -43,9% | 2.280 | 4.330 | -47.3% | ||||||
Expenses from stock options1 | 1,242 | 1,675 | -25.9% | 609 | 588 | 3.6% | ||||||
Other M&A expenses1 | 1,166 | 5,528 | -78.9% | 272 | 1,213 | -77.6% | ||||||
Performance-related expenses for the acquisition of manufacturing volumes1 | 0 | 6,171 | -100.0% | 0 | 1,418 | -100.0% | ||||||
ERP implementation costs1 | 5,060 | 2,669 | 89.6% | 1,280 | 1,111 | 15.2% | ||||||
Special expenses in connection with the change of executive board members | 1,529 | 0 | n/a | 119 | 0 | n/a | ||||||
Full-time employees as of December 31 | 982 | 1,003 | -2.1% | |||||||||
Employees (average)4 | 977 | 843 | 15.9% | |||||||||
Dec 31, 2025 | Dec 31, 2024 | ∆ in % | ||||||||||
Total assets | 903,041 | 934,357 | -3.4% | |||||||||
Equity | 514,219 | 510,192 | 0.8% | |||||||||
Equity ratio (in %) | 56.9% | 54.6% | 2.3pp |
3 Calculated from cash flow from operating activities less CAPEX | 4 Employees excluding Executive Board members, directors and trainees
Appendix
Q4 2025 - Financials
Pharmaceutical Supply 'PS' | Patient-specific Therapies 'PST' | International Business 'IB' | Services | IFRS consolidation | Group | |||||||
YoY in € million | Q4 25 | Q4 24 | Q4 25 | Q4 24 | Q4 25 | Q4 24 | Q4 25 | Q4 24 | Q4 25 | Q4 24 | Q4 25 | Q4 24 |
Segment revenue - extern. delta (yoy in %) | 449.3 15.6% | 388.8 | 54.1 3.9% | 52.1 | 45.0 8.5% | 41.5 | 0.2 0.4% | 0.2 | n/a | n/a | 548.7 13.7% | 482.5 |
EBITDA pre1 delta (yoy in %) margin (% of revenue external) | 13.8 6.1% 3.1% | 13.0 3.3% | 4.1 -37.8% 10.1% | 6.5 10.9% | 7.1 9.4% 17.2% | 6.5 18.3% | -2.2 -16.2% <-100.0% | -2.7 <-100.0% | n/a n/a | n/a n/a | 22.7 -2.2% 4,5 | 23.2 4,2 |
32
1 EBITDA is defined as consolidated earnings before interest, taxes, depreciation and amortization; EBITDA pre is adjusted for special charges for stock options, expenses for M&A activities, from expenses for ERP-System implementation, for 2024 for performance-based payments for the acquisition of compounding volumes as well as from 2025 one-time expenses due to change in the Executive Board
Shareholder Structure
Free float Martin Hesse Luxempart
65.2% Free float1
6.4% Janus Henderson
6.1% Axxion
2.99% SEB Investment
3.9% Treasury shares2
2.4% Paladin Asset Management
19.7% Martin Hesse3
15.1% Luxempart
1 Free Float as defined by Deutsche Börse Group
2 Treasury shares from the share buy-back offer do not carry voting or dividend rights (treasury shares as of July 17, 2025: 1,000,000 shares)
3 Incl. attribution of BMSH GmbH
All figures according to voting rights notifications by the notifying parties and as defined by Deutsche Börse Group
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Appendix
The Medios share
Basic Information
Share Capital No. of shares Share class ISIN / Ticker Segment
Index
€25,505,723 25,505,723
No-par value bearer shares DE000A1MMCC8 / ILM1
Regulated Market Frankfurt (Prime Standard)
SDAX
Analyst Coverage
Covered by five international investment banks / brokers
Appendix
Total Target Remuneration
Remuneration System For The Executive Board
Compensation structure of the total target remuneration |
Non-performance related fixed remuneration 28 - 35% |
Performance related remuneration 65 - 72% |
1. Annual Short-Term-Incentive (STI) (target: 100%) 28 - 35%, thereof |
|
|
|
|
2. ESG bonus (short-term) 2 - 3% |
3. Long-Term-Incentive (LTI): Stock options 29 - 42% |
Sum 100% |
ESG
STI
LTI
Fix
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ContactClaudia Nickolaus
Head of Investor & Public Relations, ESG Communications
Phone +49 30 232 566 800
Claudia.Nickolaus@medios.group
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Disclaimer
This presentation has been produced by Medios AG (the "Company"). The facts and information contained herein are as up to date as is reasonably possible and are subject to revision in the future. None of the Company or its directors, officers, employees or advisors nor any other person makes any representation or warranty, express or implied as to, and no reliance should be placed on, the accuracy or completeness of the information contained in this presentation. None of the Company or any of its directors, officers, employees and advisors nor any other person shall have any liability whatsoever for any loss howsoever arising, directly or indirectly, from any use of this presentation. The same applies to information contained in other material made available at the presentation. While all reasonable care has been taken to ensure the facts stated herein are accurate and that the opinions contained herein are fair and reasonable, this presentation is selective in nature and is intended to provide an introduction to, and overview of, the business of the Company. Where any information and statistics are quoted from any external source, such information or statistics should not be interpreted as having been adopted or endorsed by the Company as being accurate.
This presentation contains certain forward-looking statements relating to the business, financial performance and results of the Company and /or the industry in which the Company operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words »believes«, »expects«, »predicts«,
»intends«, »projects«, »plans«, »estimates«, »aims«, »foresees«, »anticipates«, »targets« and similar expressions in English or equivalent expressions in German.
The forward-looking statements, including but not limited to assumptions, opinions and views of the Company or information from third party sources, contained in this presentation are based on current plans, estimates, assumptions and projections and involve uncertainties and risks. Various factors could cause actual future results, performance or events to differ materially from those described in these statements. The Company does not guarantee that the assumptions underlying such forward-looking statements are free from errors nor does it accept any responsibility for the future accuracy of the opinions expressed in this presentation or the actual occurrence of the forecasted developments. No obligation is assumed to update any forward-looking statements.
This presentation does not constitute or form a part of, and should not be construed as, an offer or invitation to subscribe for, or purchase, any securities and neither this presentation nor anything contained herein shall form the basis of, or be relied on in connection with, any offer or commitment whatsoever.
In particular, this presentation does not constitute an offer of securities for sale or a solicitation of an offer to purchase securities in the United States. The shares in the Company may not be offered or sold in the United States or to or for the account or benefit of "U.S. persons" (as such term is defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "Securities Act")) absent registration or an exemption from registration under the Securities Act. The shares in the Company have not been and will not be registered under the Securities Act.
This presentation speaks as of March 2026. Neither the delivery of this presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date.
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Full Year 2025 ResultsThomas Meier, CEO Falk Neukirch, CFO March 26, 2026