Almirall (ALM) investor relations material

Executive summary

• Achieved 2025 net sales growth of 12.4% to EUR 1,108 million, exceeding EUR 1 billion for the first time, and delivered EBITDA of EUR 233 million, both at the upper end of guidance.

• FY 2025 guidance was met, with strong results supporting progress toward mid-term targets and sustained growth expected in the coming years.

• European dermatology portfolio drove growth, with Ilumetri and Ebglyss as key contributors; Ebglyss sales more than tripled year-over-year to EUR 111 million.

• Maintained strong pipeline momentum with three phase II proof-of-concept studies initiated and three more planned, focusing on first- or best-in-class assets in dermatology.

• Board of Directors comprises 10 members: 1 executive, 1 proprietary, 7 independent, and 1 other external director, with 40% female representation at year-end 2025.

Financial highlights

• Net sales reached €1,108.1 MM, up 12.4% year-over-year, with European dermatology sales up 25.6%.

• EBITDA was €232.9 MM, up 20.9% year-over-year, reflecting strong operating leverage.

• Gross margin reached 64.4%, slightly down due to higher royalty fees from Ilumetri growth.

• SG&A increased 7.9% to €501.1 MM.

• Net income was €46.2 MM, a significant increase from €10.1 MM in FY 2024.

Outlook and guidance

• 2026 guidance: net sales growth of 9%-12% and EBITDA of EUR 270-290 million, with 10.5% net sales growth and EUR 280 million EBITDA as midpoints.

• Mid-term guidance aims for double-digit sales growth and EBITDA margin expansion to ~25% by 2028.

• SG&A growth expected to remain below sales growth, with R&D around 12.5% of net sales.

• Effective tax rate to continue declining toward mid-20s% by 2028 as profitability rises.