SCHOTT Pharma : Annual Report 2025

About this update from Schott Pharma Ag & Co. Kgaa

Annual report 2025 ‌SCHOTT Pharma Annual report 2025 Performance indicators at a glance 2025 2024 Reported Constant currencies Reported Revenue in EUR m 986.2 1,012.8 957.1 Revenue growth in % 3.0 5.8 6.5 High-value solutions (HVS) revenue share in % 57 - 55 EBITDA in EUR m 280.3 287.1 257.6 EBITDA margin in % 28.4 28.4 26.9 EBIT in EUR m 200.8 - 192.6 Profit for the period in EUR m 147.0 - 150.3 Earnings per share in EUR 0.97 - 0.99 Dividend per share in EUR 0.18 1 - 0.16 Free cash flow 2 in EUR m 36.8 - 81.0 Sep. 30, 2025 Sep. 30, 2024 Equity ratio in % 55.9 - 54.8 Headcount (as of the reporting date) 4,811 - 4,690 Dividend proposed for the financial year 2025 Balance of cash flows from operating activities and cash flows from ongoing investing activities according to the Consolidated statement of cash flows Contents Navigation Content Section table of contents Previously visited page Performance indicators at a glance 2 Letter from the Management board 4 Report of the Supervisory board 6 Combined management report 10 Fundamental information about the Group 12 Business review of the Group 24 Annual financial statements of 33 SCHOTT Pharma AG & Co. KGaA (HGB) Forecast report 37 Report on risks and opportunities 39 Non-financial statement 50 Other components 128 Consolidated financial statements 132 Consolidated statement of income 134 Consolidated statement of comprehensive income 135 Consolidated statement of financial position 136 Consolidated statement of cash flows 138 Consolidated statement of changes in equity 140 Notes to the Consolidated financial statements 142 Additional information 210 Responsibility Statement pursuant to sections 297(2) 212 sentence 4 and 315(1) sentence 5 of the HGB Independent Auditor's Report 213 Assurance report of the independent German Public Auditor 221 on a limited assurance engagement in relation to the combined non-financial statement included in the combined group management report Multi-Year Overview 224 Financial calendar/Disclaimer 225 Credits 225 This PDF document has been optimized for on-screen use. You can use the content overviews to directly access the desired content. Use the buttons in the sidebar to return to the previously visited page, or to the content overviews. Reinhard Mayer CFO Andreas Reisse CEO Dear shareholders and partners of SCHOTT Pharma, 2025 was a successful year for SCHOTT Pharma. Despite geopolitical conflicts, rising trade barriers, and a shifting health and pharmaceutical policy in the US that is creating uncertainty in the pharma industry, we achieved profitable growth. Our revenue at constant currencies was up 5.8% to EUR 986.2m, and our EBITDA margin improved from 26.9% to 28.4%. The above-average earnings growth relative to revenue is due to the strong demand for our high-value solutions (HVS) as well as structural cost improvements in our value creation processes. As expected, higher interest expenses and an increase in the tax rate led to a slight decline in the post-tax result. Earnings per share amounted to EUR 0.97, compared with EUR 0.99 in 2024. For the third consecutive year, we would like our shareholders to participate in the positive development of the operating result. We will therefore propose a dividend of EUR 0.18 per share for the financial year 2025 to the Annual general meeting on February 3, 2026. This would correspond to a distribution ratio of 18% of the profit for the period. Revenue share of high-value solutions increased further The positive performance was driven mainly by our high-value solutions. These are sterile ready-to-use products and products with particular customer benefits, such as special coatings. We were again able to increase their share of total revenue by two percentage points to 57%. This shows that we are working very successfully on delivering our strategy to increase the HVS revenue share to more than 60% in the medium term. Looking at the segments, Drug Containment Solutions (DCS) performed extremely well, growing 11.9% at constant currencies. While our core business with bulk products remained stable, revenue growth was driven by strong demand for sterile vials and cartridges as well as specialty vials. For Drug Delivery Systems (DDS), the picture was two-fold: Declines in revenue for polymer syringes were almost entirely offset by the significant increase in demand for prefillable glass syringes. As a result, DDS revenue fell slightly by 1.3% at constant currencies. Advances in expansion and innovation We advanced our global expansion program in the reporting year and invested around EUR 145m in new equipment and plants, reaching several milestones: In Serbia, we opened Europe's largest ampoule production facility, and in Hungary, we started commercial delivery of glass syringes and the construction of a new sterile cartridge production plant. Over the past six years, we have invested around EUR 800m, with a strong emphasis on high-margin HVS. Also in 2025, our innovation focused on solutions that address global trends in the pharma industry and healthcare. Examples include vials with a special inner coating for antibody drug conjugates, polymer syringes for storing cell and gene therapies at temperatures as low as -180°C, and the first sterile polymer cartridge for sensitive biologics. In cooperation with partners, we have introduced large-volume syringes and cartridges to the market. These are used in self-administration systems such as pens and autoinjectors that allow people with chronic and serious illnesses to self-inject drugs at home. We also introduced a new syringe system that streamlines time-critical hospital processes, reduces drug waste, and has improved recyclability. Mid-term growth outlook updated SCHOTT Pharma, initially as a SCHOTT Group business unit and then as a listed company, has been able to increase its revenue by almost 10% on average annually since 2017. 2026 will be a bridge year, influenced by the unexpected revised market outlook of a key customer resulting in lower glass syringes demand; as well as the more difficult market situation for vaccines. We thus expect organic revenue growth of 2-5% for this year, and an EBITDA margin of around 27%. We anticipate that the overall environment will remain volatile and challenging, which is why we have updated our mid-term outlook. We now expect SCHOTT Pharma to be able to achieve average organic revenue growth of 6-8% per annum between 2027 and 2029. In addition, we are aiming to increase our EBITDA margin towards 30% during this period. The foundations of our profitable growth are the following drivers: a growing and aging global population, the increase in chronic diseases, the better availability of active ingredients in emerging and developing countries, and the increasing demand for easy and safe self-injection solutions. Added to this is a strong development pipeline of around 6,600 injectables, as well as increasing regulatory requirements on the side of our customers. Health is essential to us humans-that much is for sure, and this is what continually motivates SCHOTT Pharma. We would like to thank our more than 4,800 employees worldwide who, with their ideas, enthusiasm and commitment, contribute to the safe delivery of drugs and vaccines to millions of people around the world every day. With innovative products, operational excellence and transparent communication, SCHOTT Pharma will continue to create value for our customers, business partners and, of course, our shareholders. The succession on the Management board has been settled: On May 1, 2026, Christian Mias will take over as Chairman. He has worked very successfully in various management roles at SCHOTT Group for 18 years, currently as Executive Vice President and Head of the Electronic Packaging Business Unit. We are pleased that Mr. Mias has accepted this new challenge to lead the company to further profitable growth along with the whole of the SCHOTT Pharma team. Thank you for your continued trust in our company and its capabilities. Best regards Andreas Reisse Reinhard Mayer CEO CFO ‌ Report of the Supervisory board Peter Goldschmidt Chairman of the Supervisory board Dear shareholders, The financial year 2025 was characterized by a difficult geopolitical and trade policy situation. Besides the US announcement of import tariffs on drugs and vaccines, changes to the country's vaccination policy created additional uncertainty for the pharmaceutical industry. SCHOTT Pharma has performed very well in a volatile market environment. The Company achieved revenue growth and further improved its profitability. The Company has consistently pursued its strategic goals, continued its growth initiatives and consolidated its market position by introducing innovative products. Activities of the Supervisory board The Supervisory board of SCHOTT Pharma AG & Co. KGaA has conscientiously performed the duties imposed on it by law, the Memorandum and Articles of Association, and has advised and monitored the general partner represented by the latter's Management board. The Supervisory board of SCHOTT Pharma AG & Co. KGaA satisfied itself of a lawful and proper corporate governance, and the strength and profitability of the organization. It discussed all major business transactions and assisted the general partner's Management board in all decisions important to the Company. Regular, timely and comprehensive Management board reports kept the Supervisory board informed of all major developments. These reports contained all relevant information, in particular on the strategy, planning and business performance, and also on the state of the Company and the SCHOTT Pharma Group as a whole. The Supervisory board convened for four in-person and one online meeting during the financial year 2025. All members of the Supervisory board were present at four of these meetings, and one member gave apologies for one of the meetings. Personnel composition and the changes in the Supervisory board There were two changes to the composition of the Supervisory board in the financial year 2025. Firstly, Dr. Wolfgang Wienand resigned from the Supervisory board with effect from December 31, 2024. He had been a member of the Supervisory board since April 2023. Dr. Wienand has been serving as Chief Executive Officer at Lonza AG in Basel, Switzerland, since July 2024 but as Lonza AG's compliance regulations only allow for a limited number of external supervisory board mandates, he decided to resign from his mandate with SCHOTT Pharma AG & Co. KGaA. The Super- visory board would like to express its sincere thanks to Dr. Wienand for his reliable and excellent cooperation. The Supervisory board discussed Dr. Wienand's succession at an extraordinary meeting in October 2024. Here, it was resolved that Prof. Wolfram Carius from Mainz, Germany, should be put forward to the Annual general meeting as a potential successor. Prof. Carius' candidacy was reviewed by the Supervisory board in line with legal requirements and the provisions of the German Corporate Governance Code (GCGC). Based on the recommendation of the Supervisory board, Prof. Carius was elected by the Annual general meeting on February 4, 2025. He took over the remaining term of office of Dr. Wienand in accordance with the Memorandum and Articles of Association. He was then elected Deputy Chairman at the Supervisory board meeting on February 12, 2025. Secondly, Ms. Christine Wening resigned from the Supervisory board for professional reasons with effect from August 31, 2025. Ms. Wening was one of two employee representatives on the Supervisory board since April 2023. She was also a member of the Audit committee. The Supervisory board would also like to express its sincere thanks to Ms. Wening for her reliable and excellent cooperation. In order to fill the position of the second employee representative on the Supervisory board as quickly as possible, the Management board submitted an application to the District Court in Mainz in November 2025 for a court-appointed replacement in accordance with Section 104 of the German Stock Corporation Act (AktG) and proposed Ms. Isabel Deister from Niedernhausen, Germany. Ms. Deister introduced herself to the Supervisory board in person at an extraordinary meeting in November 2025. The Supervisory board satisfied itself of Ms. Deister's qualifications and many years of experience in SCHOTT Pharma's markets and, based on this, unanimously decided to support the Management board's proposal. The District Court in Mainz appointed Ms. Deister on November 25, 2025. She was elected to the Audit committee by the members of the Supervisory board in December 2025. Collaboration with the Supervisory board of the General partner SCHOTT Pharma AG & Co. KGaA and its general partner, SCHOTT Pharma Management AG, each have a Supervisory board. Two shareholder representatives are members of both: Mr. Goldschmidt and Prof. Carius-the Chairman and Deputy Chairman of the Supervisory board of SCHOTT Pharma AG & Co. KGaA respectively-are also members of the Supervisory board of SCHOTT Pharma Management AG. This link between both bodies serves to ensure that both Supervisory boards have the same information available, that issues are communicated from one board to the other and that the Supervisory board of SCHOTT Pharma AG & Co. KGaA is involved in decisions taken by SCHOTT Pharma Management AG. Focal points of discussions during the financial year 2025 Discussions during the reporting year centered on the ongoing expansion of manufacturing locations in Hungary and Serbia, in particular to create additional capacities for high-value solutions. In addition, the Supervisory board supported the Management board in planning and successfully implementing various measures to improve productivity and reduce costs, focusing particularly on the syringe business. In the spring and summer of 2025, the Supervisory board advised the Management board on the drafting of contracts for the joint venture company SCHOTT Poonawalla Pvt. Ltd. in India with a view to the entry of private equity investor TPG, and on the consolidation of manufacturing locations in China. In June 2025, the Supervisory board discussed the Company's strategy until 2030. The Supervisory board paid particular attention to regional growth markets and important Company innovations. In this context, the particular focus of the Supervisory board's discussions in August 2025 was capital expenditure for the production of large-volume glass syringes for subcutaneous applications. Lastly, the Supervisory board supported the Supervisory board of the managing partner in its search for a successor to Dr. Steinkühler as Chief Financial Officer. In April 2025, the Supervisory board conducted a second self-assessment. The results were discussed at its meeting in June 2025. Related party transactions There were no related party transactions requiring the approval of the Supervisory board under section 111b AktG during the reporting period. The Company maintains various business relationships with its indirect controlling shareholder, SCHOTT AG, and the latter's subsidiaries. These relationships mainly concern the supply of primary products, the lease of business premises, and the mutual provision of services. These services were rendered in the ordinary course of business and at arm's length in all cases. German Corporate Governance Code The Supervisory board discussed how it intended to comply with the recommendations of the German Corporate Governance Code, and issued a Declaration of Conformity pursuant to section 161 AktG at its meeting in August 2025. This declaration is available at https://www.schott-pharma.com/ investor-relations/corporate-governance/compliance-statement/. Audit committee The Audit committee held four meetings in the financial year 2025, of which two were held in person and two were conducted online. All members of the committee were present at all meetings. Discussions at these meetings focused on how to continue facilitating the expansion of control and risk management functions in SCHOTT Pharma Group, preparations for implementing CSRD reporting, and supporting and monitoring the onboarding process of the newly elected auditor. The Audit committee assisted the Management board with its expertise and experience. In addition, the quarterly statements and half-year financial report were reviewed by the Audit committee. In April 2025, the Audit committee conducted a self-assessment. The results were discussed at its meeting in May 2025. The external auditors were present for the meeting held in May 2025, when the focal points of the audit for the financial year 2025 were also discussed and established. At its meeting in November 2025, the Audit committee discussed the Annual financial statements, Consolidated financial statements and the financial reporting for the financial year 2025 for SCHOTT Pharma AG & Co. KGaA, including the Combined management report. The proposal for the appropriation of profits was also discussed during this meeting. Audit of the Annual financial statements and Consolidated financial statements for 2025 In the financial year 2025, KPMG AG Wirtschaftsprüfungsgesellschaft audited the Annual financial statements, the Consolidated financial statements, and the Combined management report of SCHOTT Pharma AG & Co. KGaA and of SCHOTT Pharma Group for the financial year 2025, which were prepared by the Management board of the general partner SCHOTT Pharma Management AG, for the first time and issued an unqualified auditor's opinion. The Supervisory board received the Annual financial statements, Consolidated financial statements, Combined management report (including the Auditors' report), and the proposal for the appropriation of net retained profit in due time. These documents were reviewed and discussed in detail at the meeting held in December 2025, based on the results and the report of the prior Audit committee meeting. The external auditors took part in the meeting, reporting scope, focal points and key results of the audit, and answering questions from the Supervisory board. According to the external auditors, there were no major weaknesses related to the accounting process in the internal control and risk management system. There were no circumstances that could give rise to concerns about the auditor's independence. Following the final result of the Audit committee's audit and having completed its own review, the Supervisory board followed the auditors' assessment and declared that it had no objections. The Supervisory board approved the Annual financial statements, Consolidated financial statements, and Combined management report and recommends that the Annual general meeting on February 3, 2026 confirms the Annual financial statements. After conducting a review of its own, the Supervisory board followed the general partner's proposal for the appropriation of net retained profit to the Annual general meeting. Audit of the Subordinate status report SCHOTT Pharma AG & Co. KGaA is a subsidiary of SCHOTT Glaswerke Beteiligungs- und Export GmbH, whose sole shareholder is SCHOTT AG. The Management board of the general partner (SCHOTT Pharma Management AG) prepared a report on the relationship with affiliated companies in the financial year 2025 as required by section 312 AktG, confirming that SCHOTT Pharma AG & Co. KGaA had received adequate consideration for every legal transaction with affiliated companies and that no action was taken or omitted during the reporting year on the initiative or in the interest of SCHOTT Glaswerke Beteiligungs- und Export GmbH or affiliated companies. The external auditors audited this report and issued the following opinion: "Following our audit and judgment, performed in keeping with our professional duties, we hereby confirm that the statements as to fact made in the report are accurate the performance by the Company under the legal transactions set out in the report was not excessive." The external auditors reported on key audit results and answered questions in the meeting held in December 2025. Following a review of its own, the Supervisory board concluded that it agreed with the presentation and conclusions in the report and audit report. The Supervisory board also reviewed the Management board's responsibility statement on the relationship with affiliated companies, which can be found at the end of the report, and did not raise any objections here either. Thank you The Company continued its successful strategy of innovation and expansion in a difficult and significantly more volatile market environment in the current financial year. The Supervisory board would like to thank the Management board and everybody at SCHOTT Pharma for their excellent work and dedication in the current financial year. Mainz, December 2025 Peter Goldschmidt Chairman of the Supervisory board ‌SCHOTT Pharma Annual report 2025 Combined management report of SCHOTT Pharma AG & Co. KGaA, Mainz, Germany, for the financial year from October 1, 2024 to September 30, 2025 SCHOTT Pharma Annual report 2025 Fundamental information about the Group 12 Business review of the Group 24 Annual financial statements of 33 SCHOTT Pharma AG & Co. KGaA (HGB) Forecast report 37 Report on risks and opportunities 39 Non-financial statement 50 Other components 128 Corporate Governance Statement (pursuant to 128 sections 289f and 315d of the German Commercial Code (HGB)) and Corporate Governance Report Takeover-related disclosures 128 Statement of the Management board regarding the 131 Subordinate Status Report pursuant to section 312(3) of the German Stock Corporation Act (AktG) Combined management report ‌ Combined management report of SCHOTT Pharma AG & Co. KGaA for the financial year from October 1, 2024 to September 30, 2025. Fundamental information about the Group Preliminary remarks This Management report combines the management reports for SCHOTT Pharma Group ("SCHOTT Pharma" or "we") and SCHOTT Pharma AG & Co. KGaA, Mainz, Germany ("SCHOTT Pharma KGaA"). Statements made in this report refer to SCHOTT Pharma unless stated otherwise. Additional information on SCHOTT Pharma KGaA can be found in the chapter "Annual financial statements of SCHOTT Pharma AG & Co. KGaA (HGB)." The SCHOTT Pharma financial year begins on October 1 and ends on September 30 of the following year. The financial year 2025 therefore covers the period from October 1, 2024 to September 30, 2025. The previous year (2024) referred accordingly to the period from October 1, 2023 to September 30, 2024. This Combined management report contains in the chapter "Non-financial statement" also the combined non-financial statement of SCHOTT Pharma KGaA for SCHOTT Pharma as per sections 315b and 315c of the German Commercial Code (HGB) in conjunction with sections 289c to 289e HGB. Segments of the Non-financial statement that are not part of the statutory group management report audit were audited with limited assurance. Company profile We are SCHOTT Pharma, a global market leader in containment solutions and delivery systems for injectable drugs. With scientific innovations in glass and polymer materials, we have been moving our industry forward for over a 100 years. As patient well-being is always our top priority, we make drug containment and administration safe and easy. Using state-of-the-art manufacturing procedures and premium materials, we aim for the highest standards of patient safety. Our unswerving commitment to delivering exceptional product quality has established us as a trusted partner to the highly demanding global pharma, biotech and life-sciences industry for many years now, including the biggest pharma names. Our customers tend to be very loyal, as can be seen from the large number of repeat customers. One reason for our strong standing with our customers is that our products are an integral part of the drug approval process. We design solutions grounded in science to ensure that medicines are safe and easy for people around the world to take-Because human health matters. We have 17 (previous year: 16) manufacturing locations (equity investments included) on four continents and our headquarters are located in Mainz, Germany. As of September 30, 2025, we employed roughly 4,800 people around the globe. Group structure Legal and organizational structure SCHOTT Pharma KGaA is a listed partnership limited by shares under German law (Kommandit-gesellschaft auf Aktien, KGaA). The Company's subscribed capital consists of ordinary bearer shares with no-par value and a notional interest of EUR 1.00 each in the share capital. Each share grants the holder one voting right at the Annual general meeting and entitles them to receive dividends if a resolution is passed to this effect. The majority of limited liability shares in SCHOTT Pharma KGaA are held by SCHOTT Glaswerke Beteiligungs- und Export GmbH, based in Mainz, Germany. Its sole shareholder is SCHOTT AG, based in Mainz, Germany ("SCHOTT AG"). In turn, the Carl Zeiss Foundation, Heidenheim an der Brenz and Jena, Germany, is the sole shareholder of SCHOTT AG. SCHOTT AG and its subsidiaries are referred to in the following as "SCHOTT Group." SCHOTT Group is a multinational group with over 140 years of experience in the production of specialty glass and glass-ceramics. We have entered into a long-term supply agreement with SCHOTT AG and its subsidiaries that will allow us to source the most important component for our containment solutions and delivery systems: SCHOTT Group's high-quality glass tubes. In addition, SCHOTT AG and other SCHOTT Group companies provide key services for SCHOTT Pharma on the basis of service level agreements, including in the areas of HR, purchasing, finance, legal and IT. SCHOTT Pharma KGaA has one fully consolidated entity in Germany, 14 outside Germany and three equity investments accounted for using the equity method as of the reporting date. Details can be found in the list of shareholdings in the Notes to the consolidated financial statements. Management and supervision SCHOTT Pharma KGaA's legal form is what is known as an "AG & Co. KGaA", a partnership under German law limited by shares. SCHOTT Pharma KGaA's general partner is SCHOTT Pharma Management AG, based in Mainz, Germany ("SCHOTT Pharma Management AG"). The two-tier corporate structure of an AG & Co. KGaA company means that management and supervision are strictly separated. SCHOTT Pharma Management AG, represented by its Management board, is responsible for business at SCHOTT Pharma KGaA and represents SCHOTT Pharma KGaA vis-à-vis third parties. The Management board consisted of Mr. Andreas Reisse (Chief executive officer, CEO) and Mr. Reinhard Mayer (Member of the Management board, CFO) as of the reporting date. SCHOTT Pharma KGaA's Supervisory board has six members. Four of these are elected by the Annual general meeting and two are court-appointed employee representatives. The Supervisory board is involved in all major corporate decisions. Its task is to advise and monitor the Management board. The Supervisory board also audits SCHOTT Pharma KGaA's Annual and Consolidated financial statements and performs other statutory duties as well as tasks defined in the Memorandum and Articles of Association. It is involved in planning, strategy and all questions of fundamental importance to the Group. Two out of the four members of SCHOTT Pharma KGaA's Supervisory board elected by the Annual general meeting are also members of the four-person Supervisory board of SCHOTT Pharma Management AG, which appoints, monitors and advises the Management board of SCHOTT Pharma Management AG. Segments SCHOTT Pharma is a global leader in developing and manufacturing advanced drug containment solutions and solutions for delivering injectable drugs for pharma, biotech and life-sciences. Our prefillable glass or polymer syringes and our glass vials, cartridges and ampoules are an essential part of our customers' manufacturing processes-after all, even state-of-the-art injectable drugs will not reach patients if they are not packaged safely and reliably. SCHOTT Pharma divides its business operations into two segments: Drug Containment Solutions ("DCS") and Drug Delivery Systems ("DDS"). Our clear focus on injectable drugs and our extensive product portfolio allow us to offer each customer the right solution for containing and administering their medicines safely and securely. While our product portfolio also comprises both core and premium solutions (high-value solutions, "HVS"), our strategic focus is on further expanding HVS business. HVS solutions are able to meet even the most specific requirements of our customers for drug containment and delivery. Therefore, they allow us to generate higher margins than core products due to their higher degree of innovation and customer benefits. Our HVS portfolio comprises sterilized prefillable syringes made of glass or high-tech polymers, ready-to-use vials and cartridges (which have been washed and sterilized), and vials and cartridges with features such as special inner coatings. HVS accounted for around 57% of our revenue in the financial year 2025, up from 55% in the previous year. While this percentage share has risen steadily in recent years, we aim to increase it even further over the next few years, generating more than 60% of our revenue with HVS in the medium term. We expect the improved product mix to have a positive effect on margins and earnings growth. Drug Containment Solutions Drug Delivery Systems Ampoules Vials Cartridges Glass syringes Polymer syringes Core Core HVS Core HVS HVS HVS Drug Containment Solutions (DCS) The DCS product portfolio consists of ampoules, vials and cartridges and offers customers plenty of core and HVS solutions made of glass for safe drug containment. Ampoules are among the oldest forms of drug containment and, measured by units, are still the most commonly used form of packaging. Most glass-sealed ampoules are used for established (usually generic) drugs in hospitals or medical practices. They are a low-cost packaging solution that enables wider access to essential drugs and treatments such as pain relievers, tranquilizers and emergency medicines. Vials are suitable for storing all types of drugs, from simple generics to complex biologics. One vial can contain one or more doses. With their high chemical durability, vials allow injectable drugs to be stored safely and minimize interactions between liquid drug formulations and the container. In addition, special properties such as optimized inner surfaces (for example EVERIC® pure), improved geometric strength and low-friction outer coatings (for example EVERIC® strong & smooth) and the option of inner coatings (for example EVERIC® lyo, EVERIC® plus or EVERIC® care) meet additional requirements for special applications. Injections contained in vials and ampoules must be administered by healthcare professionals. Cartridges are glass cylinders that are inserted into injection devices, such as injection pens or wearable injection devices, allowing patients to self-administer drugs in accurate doses, safely and easily. The main area of application is in the treatment of diabetes and obesity. In addition, in the dental sector, anesthetics are typically administered by dentists. There are also many other areas of application. In addition to the aforementioned products, we provide our customers with a comprehensive range of support services ranging from developing tailor-made drug containment solutions to conducting analytical tests and optimizing fill-and-finish processes. We also help our customers achieve their sustainability goals, and provide expert assistance with documentation for regulatory approval procedures. Our services provide ongoing support for our customers throughout the entire drug development process, from initial research to final commercialization. In this way, we build customer loyalty at an early stage and differentiate ourselves from the competition. At around 77%, Core-category products make up the largest part of the DCS product portfolio. The economic performance of the DCS segment in the financial year 2025 is illustrated in detail in the "Results of operations" section of the chapter "Business review of the Group." Drug Delivery Systems (DDS) Our DDS products are characterized by a market-leading range of glass and polymer syringes. The portfolio comprises sterilized prefillable syringes ("PFS") made of glass or high-tech polymers that are ready to use ("RTU"). These RTU containers arrive at our customers ready for filling. No other preparations are needed. PFS are a highly stable, long-term containment and delivery solution for complex and sensitive drugs such as vaccines and biologics. As they are prefilled, PFS allow for an exact dosage of drugs and involve significantly fewer manual tasks during administration. This, in turn, improves effectiveness and substantially reduces the risk of errors such as an incorrect dosage or injuries. PFS can be used in a safe and convenient way by both healthcare professionals and-in certain settings-patients at home. This delivery system also helps to reduce drug waste and to lower costs for the healthcare system. Our syringes are made of two different but equally reliable materials. This allows us to meet the specific requirements of different drugs and delivery forms and to offer safe yet highly flexible products. We use SCHOTT FIOLAX® Borosilicate Glass Type I for all our glass products, including our pre fillable syringes. Because our syringes have strong barrier properties, their coatings or surfaces are able to preserve and protect the drug formulations. They also offer reliable functionality, an established regulatory path and are highly compatibility with fill-and-finish systems. Our prefillable polymer syringes are made of high-tech cyclic olefin copolymer, a relatively new material that is increasingly establishing itself as an alternative to glass. Polymer syringes are particularly being used where glass syringes do meet the specific requirements, such as in the case of deep-cold medications, highly viscous drugs or large-volume subcutaneous infusions, or when greater breakage resistance or reduced drug-silicone interaction is required. All the products in our DDS portfolio are sterilized and belong to the HVS category. SCHOTT Pharma also offers support services in the DDS segment, including analyzing how compatible drugs are with delivery systems. Based on scientific data, we help our customers find the optimum glass or polymer solution for delivering their drugs. We also assist our customers in registering their drugs in combination with the relevant delivery system, support them on their sustainability journey and help them scale manufacturing. The economic performance of the DDS segment in the financial year 2025 is illustrated in detail in the "Results of operations" section of the chapter "Business review of the Group." Market and competition Most of our customers are market players in pharma, biotech and life-sciences. They operate in largely non-cyclical growth industries. According to data analytics and consultancy firm Global-Data, the pharma market registered an average annual growth rate of 4% between 2021 and 2024, generating global revenue of around EUR 1.4tn in 2025. The global pharma market is currently in a phase of profound transformation. We see five overarching megatrends that are having a lasting impact on the industry and opening up a wide range of opportunities for innovation, increased efficiency and sustainable growth. Global dynamics and resilient supply chains Macroeconomic and geopolitical challenges are leading to a strategic realignment of international production networks. Increasing regionalization and regulatory adjustments are driving capital expenditure in robust, flexible supply chains and strengthening location diversification-a crucial lever for securing long-term competitiveness. Innovation boost as a result of patents expiring, and new technologies The upcoming expiry of numerous blockbuster patents is accelerating the development of new active ingredients and modalities. Advances in mRNA technologies for personalized cancer medicine, antibody drug conjugates ("ADCs"), oligonucleotides and radiopharma-ceuticals, as well as the trend toward personalized medicine, are driving demand for specialized containment and delivery solutions. SCHOTT Pharma positions itself here as a reliable partner for complex requirements. Patient centricity and new care models Global demand for pharmaceutical solutions is increasingly driven by demographic trends and the shift towards patient-centric care models. An aging population, the rising prevalence of chronic diseases and growing health awareness are leading to a greater need for innovative therapies and drugs. In addition, global vaccination campaigns and the expansion of access to healthcare-particularly through biosimilars and generics in emerging markets-facilitate broader provision of care. At the same time, the nature of care provision is changing: decentralized studies, home care concepts and subcutaneous delivery methods promote therapy allegiance and help reduce costs. The demand for RTU formats and point-of-care solutions continues to increase, supporting more efficient, individualized and sustainable patient care. Sustainability as a strategic imperative The pharma industry is becoming increasingly committed to environmental responsibility. Resource-saving materials, low-emission manufacturing processes and sustainable packaging solutions are becoming more and more important. SCHOTT Pharma supports this development by using high-quality primary packaging that combines environmental compatibility and product safety. Digitalization and AI-assisted precision medicine Artificial intelligence and data-driven technologies are fundamentally changing drug development, diagnostics and therapy planning. Digital transformation enables faster innovation cycles, enhanced quality of clinical trials and more personalized treatment approaches-serving as a key driver for the future of medicine and the pharma industry as a whole. Drugs can be differentiated according to their route of administration. We focus on injectable drugs, supplying our products to large customers in the pharmaceutical and biotech spheres, contract (development) and manufacturing organizations ("CMOs"/"CDMOs"), and small start-ups. Injections can be intravenous, intramuscular or subcutaneous. The injectable drugs segment is one of the fastest-growing segments in the global pharma market. According to GlobalData, this segment has seen average revenue growth of around 6% p.a. over the past three years, outpacing average global pharma market growth. The share of injectable drugs in the global pharma market increased from 25% in 2014 to around 35% in 2024. In recent years, the injectable drugs market has continued to grow, particularly through therapeutic innovations in oncology, diabetes and autoimmune therapy, as well as technological advances in the development of mRNA technology and biosimilars. Demographic change (aging population, increase in chronic diseases) and increased access to drugs are also driving steady growth. Approximately 6,600 injectable drugs are currently in clinical phases and around 80% of these are biologics. Global revenue generated with biologics amounted to around EUR 430bn in 2024. Biologics enable many chronic, severe diseases to be treated, including ones that were impossible to treat or only partially treatable before. They are used in vaccines as well as in many state-of-the art therapies, including oncology, immunology, or for metabolic diseases such as diabetes and obesity. Biologics are produced using living organisms (such as mammalian cells, bacteria and yeasts) and consist of large, complex molecules. These are extremely sensitive, generally leaving injections as the only effective form of administration to patients. The biologics modality class includes GLP-1 drugs, recombinant proteins such as monoclonal antibodies ("mAbs") and ADCs, the latter belonging to an innovative class of active ingredients that specifically transport active ingredients into cells. They combine the selectivity of monoclonal antibodies with the cytotoxicity of traditional chemotherapeutic agents and are therefore considered promising treatment options. The same holds true for the strong increase in demand for biosimilar drugs. A biosimilar is a generic version of a biologic that is placed on the market after the patent protection has expired. They are considered comparable to the original drug in terms of efficacy, safety and quality, and make an important contribution to cost effectiveness and security of supply in the healthcare sector. We are a market leader for containment solutions and delivery systems of injectable drugs and SCHOTT Pharma is in an excellent position to benefit from the promising growth opportunities presented by biologics and biosimilars. The bulk of newly approved biologics today are qualified through a SCHOTT Pharma product. We see the strong growth in demand for biologics and modern therapies as a clear indication that pharma, biotech and life-sciences will increasingly rely on high-quality containment solutions and delivery systems going forward, driving demand for our HVS products. In addition to the growing need for safe solutions for sensitive drugs, we have identified other key factors that will support the growth of our HVS solutions in the long term: The increasing complexity of regulatory requirements for compliance and documentation calls for reliable solutions that meet regulatory requirements efficiently and reliably. The introduction of innovative therapies for smaller patient populations, rare diseases and personalized applications requires flexible manufacturing processes. RTU products enable fast and on-demand filling, even of small lots. By integrating upstream and downstream value-adding steps, RTU solutions reduce the capital expenditure costs for pharma companies and create operational efficiency. State-of-the-art delivery systems make handling easier for both healthcare professionals in clinics and medical practices, and for self-administering patients. As injectable drugs enter the body directly, they are subject to particularly strict requirements in terms of storage, hygiene and precision. We operate in a highly regulated market with demanding quality standards. Our containment solutions and delivery systems are an integral part of the approval process and make a significant contribution to the safe and effective supply of drugs. High entry barriers, combined with the central importance of trust and reliability for customer relationships, lead to a low willingness to switch supplier and a strongly consolidated global market with few established suppliers. In this environment, we position ourselves as a reliable partner for quality, safety and innovation. The competitive landscape differs from segment to segment and from product category to product category. Our broad range of products gives us a market-leading position, and being able to supply our customers with both glass and polymer solutions for drug containment and delivery gives us a unique competitive edge. Our main competitor in the DCS segment is the Stevanato Group. Our main competitors in the DDS segment include Becton Dickinson and also Stevanato for prefillable glass syringes. For prefillable polymer syringes, we lead the field by a great distance, followed by our main competitor Terumo. Group strategy The fundamentals The health of patients is the cornerstone of our actions. We live by our mission: Because human health matters. This is where we derive our commitment to creating the conditions for the safe and efficient delivery of injectable drugs-all over the world. No active substance can ever reach a patient without an appropriate containment solution or delivery system. Our tailor-made solutions make a crucial contribution to healthcare and improve people's lives every day. We firmly believe that scientific progress and corporate responsibility underpin technological innovation. Our actions are guided by four core values: respect, value creation, responsibility, and innovative strength. These are complemented by five strategic principles: customer focus, competitiveness, courage, agility, and connectivity. These guidelines shape our decisions and form the foundation for excellence that is sustainable in the long term. We are a scientific leader-and have been for over 100 years. SCHOTT began manufacturing glass tubes made of borosilicate glass for the production of ampoules and vials for drugs as early as 1911. Our history shapes who we are today and we continue to actively shape the progress of pharmaceutical packaging through groundbreaking innovations. Our technological focus strengthens our market leadership and enables our customers to bring complex and innovative therapies to patients safely and reliably. Our focus is on injectable drugs: Our two segments, DCS and DDS, cater specifically to the non-cyclical, dynamically growing market for parenteral applications. We ensure a diversified customer and regional structure here in order to avoid dependencies and ensure long-term stability. Sustainable growth is a central principle of our operations. We are consistently expanding our attractive financial profile and systematically integrating ESG criteria into our strategic objectives. For us, sustainability is not an add-on, but an integral part of our corporate identity. Our long-term value creation strategy is based on our innovative strength and a clear focus on organic growth. At the same time, we remain open to strategic partnerships as well as targeted acquisitions that complement our portfolio in a meaningful way and unlock additional growth potential. Our strategy We aim to be the partner of choice for our discerning customers, providing solutions that allow injectable drugs to be administered to patients across the world safely and at low risk. To this end, we rely on our innovative strength and the consistent expansion of our HVS portfolio. These are our strategic pillars: seizing structural opportunities in the market strengthening and leveraging HVS manufacturing capacities ensuring operational excellence by adopting digital and automation technology focusing firmly on innovation developing and supporting employees strengthening sustainability Structural market opportunities We believe that as our containment solutions and delivery systems are central to the functionality of the products themselves, we are extremely well positioned to capitalize on the growth opportunities in the injectable drugs market, where biologics is one of the fastest-growing segments in the global pharma market. GlobalData estimates that the share of revenue in the global pharma market attributable to injectable drugs will rise from 35% in 2024 to 45% in 2028. Our strategy aims to identify opportunities for further business growth, mainly by providing innovative containment solutions and drug delivery systems. Our focus is on our HVS solutions, which meet the increasing requirements for quality, safety, and regulatory compliance. The megatrends relevant to SCHOTT Pharma are described in the "Market and competition" section. Capacity expansion To seize promising structural opportunities as they open up in the market, we are pursuing the targeted expansion our manufacturing capacities with a particular focus on the HVS segment. In the financial years 2020 to 2025, we made cash investments of over EUR 800m into our global manufacturing platform. Over 80% of these investments are growth-oriented and were spent on expanding manufacturing capacities and building new locations. Capital expenditure priorities in recent years included: the expansion of manufacturing capacities for glass syringes and sterile cartridges in Hungary, the expansion of manufacturing capacities for polymer syringes in Germany, the expansion of manufacturing capacities for glass syringes and sterile cartridges in Switzerland, and the expansion of manufacturing capacities for ampoules in Serbia. Some customers are supporting these growth investments with specific order commitments, reserving future supply capacities. These commitments increase order visibility and they have helped us reduce our investment risk. The following graphic provides an overview of our global manufacturing network: Serbia Germany France Switzerland Hungary Mexico Colombia Brazil Argentina Russia China USA Indonesia Vials Cartridges Ampoules Polymer syringes Glass Syringes RTU We are constantly reviewing our manufacturing network to ensure a strategically balanced distribution of manufacturing capacities across our locations. In this process, we specifically assess potential new locations and optimize existing structures in order to strengthen efficiency, security of supply and scalability in the long term. Operational excellence As well as the targeted expansion of our manufacturing capacities, we are continually optimizing our organizational structures and processes in pursuit of our goal of achieving operational excellence. We seek to provide excellent customer service, and we continuously improve all business processes to this end. Our manufacturing strategy aims to leverage our global network while streamlining and standardizing our processes and technologies. Our digitalization and automation initiatives are specifically designed to enhance our efficiency and improve product quality, providing tangible added value for our customers. A central element of this strategy is our "Plant of the Future" program, which ensures a high degree of automation and digitalization in our plants and forms the basis for future-oriented manufacturing. Focus on innovation As an innovation-driven company, it is essential for us to identify market trends and customer needs in their early stages in order to align our strategic initiatives and operational activities in a targeted and agile manner. Research and development is the cornerstone here, both for our own technological progress and the joint development of forward-looking solutions with our customers and partners. Our service laboratory plays a key role, working closely with our customers to explore, among other things, how active ingredients interact with packaging materials. For more information on this, see our "Research & development (R&D)" section. Employees SCHOTT Pharma sees the continuing professional development of its employees as a key success factor. An interdisciplinary and intercultural working environment as well as a corporate culture of openness and interaction contribute significantly to employee satisfaction and long-term employee loyalty. The basis for this is our four core values: respect, value creation, responsibility, and innovative strength. Firmly establishing these values in our daily work is paramount for achieving our strategic goals successfully. Attracting and retaining highly qualified and committed employees is crucial to our growth journey. In the context of increasingly challenging demographics, this requires well-structured personnel planning in all countries with major SCHOTT Pharma locations. We are also taking specific action to strengthen our employer branding in order to continue expanding our position as a great place to work. We firmly believe that equal opportunities and diversity lead to greater innovation and better decisions. Consequently, we strive to continuously increase gender and cultural diversity. More than 40% of our employees were women and an average of around 23% of leadership positions were held by women as of September 30, 2025. There are no fewer than 65 nationalities in our workforce. For more information on this, see the chapter "Non-financial statement." Sustainability We believe that assuming corporate responsibility is a key factor for our success. We are guided not only by economic objectives, we also consciously assume responsibility for the environment and towards society. Sustainability is deeply rooted in our organization and shapes our corporate actions at all levels. The safe and effective supply of drugs to the population is a key social responsibility, and our innovations make a substantial contribution to solving both social and climate challenges. We support our customers worldwide in operating more efficiently and sustainably, with the goal of safeguarding resources and protecting our climate. A specific example of this is a new nest design for the presterilized cartriQ® RTU cartridges, where the cartridges are fixed in a diamond-shaped structure instead of round holes. This optimized configuration increases the packing density while maintaining the same external dimensions and increasing stability. For more information on this, see the chapter "Non-financial statement." Financial and non-financial performance indicators SCHOTT Pharma is managed in line with its long-term corporate strategy and its short- to medium-term goals. The Management board is responsible for overall planning and achievement of the strategic corporate goals. We apply performance indicators to help us manage SCHOTT Pharma, and strategic management variables are used to determine the variable remuneration for our Management board and executive staff. Every year, we make projections for the next three financial years based on our long-term corporate strategy. These projections are then updated in cycles throughout the year. To support operational management, the results of SCHOTT Pharma and its segments are analyzed on a monthly basis when the segment heads regularly inform the Management board about business performance and development, process efficiency, customer relationships, exceptional business transactions, and other matters. These statements draw on standardized reporting and on special analyses based on both quantitative and qualitative factors. In the event of deviations, targeted operational or strategic action is taken to help us reach our goals. We rely on the following key financial performance indicators for steering the company in the right direction: while our main growth measure is year-on-year revenue growth our main profitability measure is the EBITDA margin which shows EBITDA as a percentage of our revenue. EBITDA is defined as operating income (EBIT) before depreciation, amortization, impairment losses and reversals of impairment losses on intangible assets and property, plant and equipment Other additional key financial performance indicators that are reported to the Management board on a regular basis are as follows: HVS revenue development gross margin EBIT profit for the period working capital (WC) operating free cash flow Net debt ROCE (EBIT as a percentage of capital employed) SCHOTT Value Added (difference between EBIT and average capital employed multiplied by cost of capital of 10%) capital employed number of employees Non-financial key performance indicators also play an important role in the long-term strategic direction. SCHOTT Pharma monitors a broad range of non-financial performance indicators, but these performance indicators are not considered key performance indicators. These include greenhouse gas emissions employee commitment index percentage of women in leadership positions Research and development (R&D) Innovating, developing new products and constantly making existing products better is an integral part of our strategy. The aim is to build on our existing competitive edge and continue strengthening our position as a leading provider of containment solutions and delivery systems for injectable drugs and in particular biologics. Today's drugs place high demands on containment solutions and delivery systems. Biologics for treating diabetes, cancer or autoimmune diseases, for instance, are highly sensitive to the environment they are stored in. They require high-end containment solutions and delivery systems that preserve the stability of the formulation and minimize interactions with packaging material. SCHOTT Pharma is a leader in the development of innovative, high-volume containment solutions that make an important contribution to shifting the administration of drugs from the inpatient environment to self-administration. These solutions support the trend towards patient-centric care models and enable safe, convenient use outside clinical facilities. Science-based and customer-focused Our research and development is geared toward generating the greatest benefit possible with our products. Particular focus is given to ensuring that our customers' drugs are stable, effective and clean before they are administered. The solutions we have developed for this purpose include coatings that enable sensitive drugs to be contained safely and stably. In view of the changing trends we have been seeing in forms of administration, as described in the "Market and competition" section, our R&D focus also includes drug containment solutions and delivery systems for portable medical devices that enable injectable drugs to be administered to patients at home and support the transition to patient-centric care models. While we are developing state-of-the-art containment solutions and delivery systems for drugs, we are also researching and developing new ideas for innovative product packaging that could add value for our customers by making filling processes simpler, safer and more efficient. We also place great importance on the sustainable design of both new and existing products across the entire product life cycle. We factor in sustainability aspects at an early stage in a product's development, for example by calculating the carbon footprint of the materials used and the total packaging needed. In order to identify our customers' changing requirements at an early stage, we are active on a number of technical committees and are in constant dialog with relevant stakeholders. SCHOTT Pharma currently chairs the Alliance to Zero, a non-profit association of pharma and biotech supply chain companies that aims to facilitate the transition of the pharma sector to compliance with net-zero emissions. Well-structured and value-oriented product development Our R&D activities follow the Stage-Gate model which structures the development process into different stages. It is a risk-aware approach that reduces time to market. Project pipelines are managed in multiple stages by our executives and dedicated committees using defined performance indicators. This approach ensures that our development projects create value for both our customers and ourselves. Before a project can move on to the next stage, it must pass through a gate, i.e. it must reach a milestone. At this point, critical success factors are evaluated, discussed, and updated. These include the cost-benefit analysis versus its target range, the validity of the sales and margin potential, the status of various risk categories such as technology, quality or intellectual property, the possibility of leveraging synergies and whether use cases can be expanded to different product groups. In addition to R&D activities that have been initiated strategically based on our roadmaps, SCHOTT Pharma has developed a comprehensive portfolio of products that are tailor-made for specific customers. In direct collaboration with our customers, we cover these projects from defining requirements to the successful market launch. Innovative culture We are actively fostering and strengthening our innovative-driven corporate culture. As we build strategically relevant and forward-looking competencies, our R&D staff have the opportunity to grow professionally, establish external partnerships, and use their skill set to make a difference for the benefit of our innovations and, in turn, for our company. ‌ One example is the sterile cartridge business where we dedicated ourselves to systematically building specific competencies over many years. These have not only contributed to the successful launch of a new product platform but have also intensified our collaboration with partners such as Ypsomed and SHL Medical. Exchange platforms and digital tools support the effective transfer of knowledge within the organization. And our "Best Teams" approach allows us to bring together the most suitable resources for each project in order to drive strategically relevant topics forward efficiently and successfully. R&D in numbers We operate R&D centers in Switzerland, Germany and China as well as analysis laboratories in Germany and the US. As of September 30, 2025, more than 120 qualified and specialized employees were working on developing new products, processes and technologies and their continuous improvement. Our R&D approach includes collaborations with external partners, which allows us to access additional expertise. The aim of these collaborations is to leverage further growth potential in the injectable drug market and strengthen our specialized business model with less capital expenditure and limited R&D risks than competitors with greater diversification. At the end of the financial year 2025, SCHOTT Pharma held more than 1,000 patents that are testament to our innovative strength and protect our key technologies. These innovations play a central role in our goal of further optimizing our product mix in favor of HVS and consistently pursuing sustainable and profitable growth in the years to come. The past financial year saw us successfully expand the portfolio for our innovative coated vials and sterile SCHOTT cartriQ® cartridges. Our increased cartriQ® portfolio helps meet the growing demand for GLP-1 drugs, among other things. In addition, the first large-volume syringe for the biologics sector was launched successfully as planned. It is an important building block in the trend toward intravenous and subcutaneous formulations. We spent EUR 27.9m on research and development in the financial year 2025, compared with EUR 24.3m in the previous year. This corresponds to 2.8% of our revenue (previous year: 2.5%). Most of these expenses related to the development and expansion of our HVS portfolio. Business review of the Group Macroeconomic and industry environment According to the latest report from the International Monetary Fund (IMF), the economic conditions in the regions relevant to us will prove resilient in 2025, although uncertainty will persist. While the US and China are showing moderate growth, momentum in the euro area remains very subdued. In the euro area, the IMF expects a moderate recovery to 1.2% real GDP growth in 2025 (previous year: 0.9%). The forecast has been raised by 0.4 percentage points compared to the April report, mainly due to fiscal easing in Germany and special effects in Ireland. However, growth momentum is lagging significantly behind the US and China due to persistently weak consumer demand and ongoing structural challenges. For the US, the IMF expects real GDP growth of 2.0% in 2025 (previous year: 2.8%). The current forecast was revised upward by 0.2 percentage points compared with the April report. This revision chiefly reflects lower effective tariff rates and more relaxed financing conditions, while heightened political uncertainty and slower employment growth have a dampening effect. For China, the IMF forecasts real GDP growth of 4.8% for 2025 (previous year: 5.0%). The current forecast has been revised upward by 0.8 percentage points from the April report due to stronger economic activity and significantly fewer impacts from US-China tariffs. The Chinese economy benefited from an expansionary fiscal policy and the depreciation of the renminbi, which supports the competitiveness of exports. According to GlobalData, the global pharma market for injectable drugs will see exceptionally high growth of 14% in 2025. This will be driven by a large number of biosimilar market launches following the expiry of numerous patents since 2023, innovations in biologics, the introduction and broader availability of GLP-1 drugs, and the increasing use of specialized therapies and the rising prevalence of chronic diseases. The GLP-1 market in particular is experiencing strong growth and contributing disproportionately to the momentum in the biologics sector. In 2025 alone, sales in the GLP-1 market are expected to increase by around 25%. The US is the main sales market for GLP-1 drugs and benefits from drug prices that are three to four times higher than in other regions. Demand for injectable drugs in 2025 was influenced not only by medical and technological developments, but also by trade policy conditions. A noticeable trend towards protectionism, particularly in the US, but also worldwide, has further shaped the market landscape. In particular, the discussion regarding potential import tariffs on pharmaceutical products in the US-with announced rates of up to 100%-has prompted many market participants to make strategic adjustments. As a result of these developments, many companies have begun to increasingly relocate their manufacturing capacities to the US in an effort to adapt to changing regulatory requirements. At the same time, we are seeing a temporary reluctance to place orders: Many customers initially reduced their stocks before placing new orders, partly due to the uncertainty surrounding future manufacturing locations. As drug sales were driven in particular by high-priced, specialized therapies and elevated drug prices in the US, the reported market growth in injectable drugs highlights the positive momentum of the global pharma market. However, this development is only indirectly related to the expected revenue growth of SCHOTT Pharma. The primary packaging market for injectable drugs relevant to SCHOTT Pharma essentially follows global pharma market trends, but according to IQVia Analytics, it is expected to grow by only 2-3% year-on-year in 2025. The revenue performance of SCHOTT Pharma described below therefore reflects the strength of our portfolio and our strategic focus on high-end solutions. SCHOTT Pharma's key currencies are the euro, the US dollar and the Swiss franc, along with other currencies such as the Brazilian real, Chinese renminbi, Indonesian rupiah, Mexican peso, and Hungarian forint. Mid-market rate as of the reporting date 1 euro = Sep. 30, 2025 Sep. 30, 2024 Change in % Brazilian real 6.23 6.09 +2.4% Chinese renminbi 8.35 7.84 +6.5% Indonesian rupiah 19,570.56 16,969.02 +15.3% Mexican peso 21.51 21.87 -1.6% Swiss franc 0.94 0.94 -0.7% Hungarian forint 390.35 397.04 -1.7% US dollar 1.17 1.12 +4.9% Results of operations SCHOTT Pharma generated revenue of EUR 986.2m in the financial year 2025. This is equivalent to year-on-year growth of 3.0% and constant currency revenue growth of 5.8%. This revenue growth was driven by the continued buoyant demand for HVS products. Revenue distribution by segment was as follows: Change in % (in EUR m) 2025 2024 Reported Constant currencies Drug Containment Solutions (DCS) 548.0 518.7 +5.6% +11.9% Drug Delivery Systems (DDS) 438.8 438.8 +0.0% -1.3% Consolidation/Reconciliation -0.6 -0.4 +52.6% +52.6% Total 986.2 957.1 +3.0% +5.8% Revenue in the DCS segment was up 5.6% year-on-year (at constant currencies: 11.9%). The change in the product mix as a result of strong demand for pharmaceutical vials and cartridges, both in ready-to-use configuration, and for special pharmaceutical vials, made a significant contribution to our positive performance. The DDS segment posted a stable revenue performance in the financial year, declining by -1.3% at constant currencies. The continued strong demand for prefillable glass syringes had a positive impact. Conversely, there was a decline in demand for polymer syringes, which had a negative impact on revenue performance in the current financial year. Revenue distribution by region was as follows: (in EUR m) 2025 2024 Change in % EMEA 528.6 539.4 -2.0% Asia and South Pacific 167.1 168.8 -1.0% North America 202.8 166.8 +21.6% South America 87.7 82.1 +6.8% Total 986.2 957.1 +3.0% SCHOTT Pharma's EBITDA was EUR 280.3m in the financial year 2025, thus exceeding the previous year's figure of EUR 257.6m. This resulted in an EBITDA margin of 28.4% (previous year: 26.9%). At constant currencies, the EBITDA margin was also 28.4%. EBITDA is derived from operating income (EBIT) in accordance with the Consolidated statement of income of EUR 200.8m (previous year: EUR 192.6m) and amortization and depreciation (including impairment losses and reversals of impairment losses) on intangible assets and property, plant and equipment of EUR 79.5m (previous year: EUR 65.0m) in accordance with the Consolidated statement of cash flows. EBITDA distribution by segment was as follows: Change in % (in EUR m) 2025 2024 Reported Constant currencies Drug Containment Solutions (DCS) 127.5 101.3 +26.0% +34.9% Drug Delivery Systems (DDS) 152.8 166.4 -8.2% -9.9% Consolidation/Reconciliation 0.0 -10.1 +99.8% >+100.0% Total 280.3 257.6 +8.8% +11.5% EBITDA in the DCS segment increased disproportionately in comparison with revenue growth compared with the previous year. This resulted in a constant-currency EBITDA margin of 23.5% (previous year, reported: 19.5%), driven mainly by the change to the product mix as a result of the increased demand for HVS products and the efficiency measures introduced in the previous year. These positive effects more than offset the ramp-up costs associated with capacity relocations. As expected, EBITDA declined in the DDS segment. The constant-currency EBITDA margin was 34.6% (previous year reported: 37.9%). The downward trend in revenue growth for polymer syringes and the resulting lower capacity utilization had a particularly adverse impact. In addition, ramp-up costs associated with capacity expansions for glass syringes had a negative impact on EBITDA. The positive performance of glass syringes was only able to partially offset these effects. In the previous year, the reported EBITDA was impacted by negative exchange rate effects resulting in particular from the US dollar and the Swiss franc fluctuating against the euro, and relating to the valuation of foreign exchange forward contracts. Exchange rate effects recognized in profit or loss are reported under the "Reconciliation/Consolidation" item. No comparable exchange rate effects occurred in the current financial year. The detailed breakdown for SCHOTT Pharma is as follows: (in EUR m) 2025 2024 Change Revenue 986.2 957.1 +29.1 Cost of sales -653.7 -634.5 -19.2 Gross profit 332.5 322.6 +9.9 Selling expenses -83.6 -79.8 -3.8 General administrative expenses -46.3 -44.6 -1.7 Research and development costs -27.9 -24.3 -3.6 Other operating income and expenses 12.2 6.2 +6.0 Share of profit from investments accounted for using the equity method 13.9 12.5 +1.4 Operating income (EBIT) 200.8 192.6 +8.2 Financial result -13.1 -8.6 -4.5 Income tax expenses -40.7 -33.7 -7.0 Profit for the period 147.0 150.3 -3.3 thereof attributable to limited liability shareholders of SCHOTT Pharma KGaA 146.5 149.7 -3.2 Earnings per share in EUR 0.97 0.99 -0.02 Similar to revenue performance, cost of sales increased by 3.0%, resulting in an unchanged gross profit margin compared with the previous year of 33.7% (previous year: 33.7%). The stable gross profit margin reflects opposing effects within our two segments. In the DCS segment, an improved product mix and the efficiency measures that were initiated had a positive impact on the cost structure, and were able to offset the negative influences from the DDS segment, arising in particular from lower capacity utilization for polymer syringes. The ratio of selling and general administrative expenses to revenue was more or less at the same level as in the previous year at 13.2% (previous year: 13.0%). As a result of extensive R&D activities, the corresponding expenses increased to EUR 27.9m in the financial year. The ratio of research and development costs to revenue increased by 0.3 percentage points year-on-year to 2.8%. This increase is testament to the strategic importance of innovation for SCHOTT Pharma and reflects our ongoing commitment to further developing technological solutions. We invest specifically in progressive product and process innovations in order to further strengthen our competitiveness and meet the increasing requirements of international markets. The balance of other operating income and expenses was up from EUR 6.2m to EUR 12.2m in the current financial year, driven mainly by lower exchange rate losses year-on-year of EUR 10.8m, which in the previous year were primarily due to the valuation of foreign exchange forward con- tracts. These effects were related to the US dollar and the Swiss franc fluctuating against the euro. In addition, income from reimbursed costs was up EUR 2.7m and mainly includes income from research and development projects carried out for customers as well as from other services provided to SCHOTT Group companies. In contrast, government grants received in the financial year 2025 had the opposite effect. These fell to EUR 1.1m (previous year: EUR 8.9m) and partially offset the positive effects. The financial result was down EUR 4.5m year-on-year. This was mainly due to higher interest expenses resulting from cash pool financing and from leases. The higher interest expenses from cash pool financing were due to the increased financing needs of individual SCHOTT Pharma companies for ongoing capital expenditure in the context of capacity expansion projects. Income tax expenses amounted to EUR 40.7m, a year-on-year increase of EUR 7.0m. As profit before income taxes rose by EUR 3.7m, the tax rate increased from 18.3% to 21.7%. The previous year's tax rate was affected by non-recurring tax income in the low single-digit million range, resulting from a change in accounting estimates in the measurement of deferred taxes, and was therefore exceptionally low. The initial application of the rules on global minimum taxation (Pillar Two) had an upward effect of around one percentage point on the tax rate in the financial year 2025. Overall, the aforementioned development resulted in profit for the period decreasing by EUR 3.3m to EUR 147.0m with earnings per share of EUR 0.97 (previous year: EUR 0.99). Financial position Financial management principles SCHOTT Pharma KGaA is the central organizational unit responsible for SCHOTT Pharma's financial management. The goal is to ensure liquidity at all times and raise financial resources for the Group at the most favorable interest and exchange rates possible. SCHOTT Pharma is included in SCHOTT Group's global cash pool and treasury management. The cash pool balances represent our key liquidity position and are reported as Financial receivables or liabilities-SCHOTT Group within the Consolidated statement of financial position. SCHOTT Pharma companies are permitted to draw down liquidity to finance their operating business and invest excess liquidity as per the existing cash pool agreements. Where regional circumstances prevent individual SCHOTT Pharma companies from being included in the cash pool, such companies hold external bank balances to a limited extent and report them under Cash and cash equivalents. SCHOTT Pharma ensures its liquidity supply through rolling liquidity planning and by holding liquidity reserves. Our operating business is our primary source of liquidity. As of September 30, 2025, SCHOTT Group made several revolving credit facilities with a total volume of EUR 412m (previous year: EUR 412m) available to SCHOTT Pharma in connection with cash pooling and treasury management. The term of these credit facilities ends on December 31, 2027. A total of EUR 220m (previous year: EUR 201m) was drawn as of the reporting date. The SCHOTT Pharma companies invest excess liquidity at standard market conditions via SCHOTT AG's Treasury. To ensure that existing funds can be accessed swiftly if required, short-term availability is deemed more important than profit maximization. As a global enterprise, we use various hedging instruments to minimize negative impacts resulting from default, currency and interest rate risk on financial position and financial performance. We are able to mitigate currency risks to a great extent as most of our production is local while our purchasing activities are global. Net currency positions updated on a regular basis using cur- rency-specific liquidity forecasts serve as the basis for hedging the remaining transaction risks. The foreign exchange forward contracts with a remaining term of no more than twelve months are used to minimize transaction risk. Equity ratio and net debt Our equity ratio, calculated as the ratio of equity to total assets is monitored on an ongoing basis and as of September 30, 2025, amounted to 55.9% (previous year: 54.8%). The higher ratio is the combined result of a EUR 160.7m increase in total assets and a EUR 105.2m increase in equity. Please refer to the "Net assets" section below for more details on the increase in total assets. At EUR 147.0m, profit for the period was the main factor driving the increase in equity, as well as actuarial gains of EUR 2.7m in connection with changes in the interest rates relevant to the measurement of pension provisions. This was offset by EUR -24.1m in dividend payments to our limited liability shareholders, EUR -0.5m in payments to non-controlling interests and EUR -19.9m in foreign currency translation effects. SCHOTT Pharma's net debt is composed as follows: (in EUR m) Sep. 30, 2025 Sep. 30, 2024 Cash and cash equivalents -22.5 -23.2 Other marketable securities -0.6 -3.2 Fixed interest-bearing securities -2.6 0.0 Financial receivables-SCHOTT Group -155.1 -141.3 Financial liabilities-SCHOTT Group 220.0 200.5 Lease liabilities 83.0 85.8 Net debt 122.2 118.6 Net debt remained virtually unchanged year-on-year. The small increase was mainly due to changes to the items Financial receivables-SCHOTT Group and Financial liabilities-SCHOTT Group that essentially reflect the cash pool positions. This was due to the increased financing need of individual SCHOTT Pharma companies for ongoing capital expenditure as part of capacity expansion projects. Statement of cash flows (in EUR m) 2025 2024 1 Change Cash flows from operating activities 179.9 224.8 -44.9 Cash flows from investing activities -159.0 -255.5 +96.5 Cash flows from financing activities -21.1 31.9 -53.0 Net change in cash and cash equivalents -0.2 +1.2 -1.4 Cash and cash equivalents at beginning of the period 23.2 24.4 -1.2 Change in cash and cash equivalents due to foreign exchange rates -0.5 -2.4 +1.9 Cash and cash equivalents at end of the period 22.5 23.2 -0.7 1 Adjusted information for the previous year. Changes in the cash pool receivable vis-à-vis SCHOTT AG will be reported in cash flows from investing activities from the financial year 2025. Previously, allocation to cash flows from financing activities was based on an economic perspective. From now on, a legal perspective will be applied. For further information, please refer to Note 33 of the Notes to the consolidated financial statements. SCHOTT Pharma posted positive cash flows from operating activities of EUR 179.9m in the financial year 2025. This was below the previous year's level (previous year: EUR 224.8m). Operating income (EBIT) of EUR 200.8m (previous year: EUR 192.6m) made a positive contribution, as did non-cash effective depreciation, amortization and impairment of non-current assets of EUR 79.5m (previous year: EUR 65.0m). The increase in depreciation and amortization reflects the extensive capital expenditure on capacity expansion projects in recent financial years. Please refer to the "Results of operations" section for details of EBIT performance. This was offset by the change in working capital of EUR -40.3m (previous year: EUR +5.6m). The main drivers for this were higher inventories and contract assets due to the increased volume of business. The increase in contract liabilities-due in particular to advance payments received from customers-only offset this effect in part. In addition, tax payments reduced cash flows from operating activities by EUR -51.5m (previous year: EUR -29.7m). The balance of interest received and paid led to cash outflows of EUR -7.8m in the financial year 2025 (previous year: EUR -4.6m). Cash flows from investing activities are broken down as follows: (in EUR m) 2025 2024 Change Cash flows from ongoing investing activities -143.1 -143.8 +0.7 Cash flows from investment of liquid assets -15.9 -111.7 +95.8 Cash flows from investing activities -159.0 -255.5 +96.5 Cash flows from ongoing investing activities include cash inflows from disposals and cash outflows for capital expenditure on property, plant and equipment and intangible assets. The balance in the financial year 2025 amounted to EUR -143.1m almost all of which was attributable to capital expenditure on property, plant and equipment and intangible assets. As a result, capital expenditure was roughly at the same level as in the previous year. Capital expenditure was evenly distributed across both segments and focused on capacity expansion projects, particularly at the locations in Switzerland, Germany and Hungary. All major capital expenditure was implemented as planned and without significant delays. Cash flows from investment of liquid assets mainly comprise changes in financial receivables-SCHOTT Group, i.e. cash pool receivables vis-à-vis SCHOTT Group. These led to cash outflows of EUR -15.9m in the current financial year (previous year: EUR -109.5m). The cash outflows in the current financial year are attributable to the positive free cash flow of individual SCHOTT Pharma companies. In the previous year, the significantly higher cash outflow resulted from the repayment of a SCHOTT Pharma intra-group loan. Cash flows from financing activities led to cash outflows of EUR -21.1m in the financial year 2025, compared to cash inflows of EUR +31.9m in the previous year. Significant cash outflows resulted from dividend payments to our limited liability shareholders of EUR -24.1m (previous year: EUR -22.6m), the allocation of plan assets of EUR -8.4m (previous year: EUR -3.5m) and the repayment of lease liabilities of EUR -4.8m (previous year: EUR -3.6m). These cash outflows were offset by cash inflows of EUR +16.7m (previous year: EUR +61.9m) from the change in Financial liabilities-SCHOTT Group, i.e. essentially in cash pool liabilities vis-à-vis SCHOTT Group. The cash inflows were due to the increased financing needs of individual SCHOTT Pharma companies for ongoing capacity expansion projects. All in all, the decrease in cash and cash equivalents was EUR -0.2m. Taking into account changes due to foreign exchange rates of EUR -0.5m, cash and cash equivalents amounted to EUR 22.5m as of September 30, 2025. We aim to continue pursuing our extensive capacity expansion program. Order commitments from capital expenditure on property, plant and equipment and intangible assets amounted to EUR 128.0m as of the reporting date (previous year: EUR 104.4m). The largest investment projects currently being implemented relate to capacity expansions for our HVS solutions. The plan is to continue financing capital expenditure mainly from cash flows from operating activities going forward.

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