Medios (ILM1) Company presentation summary

Market position and business model

• Holds a leading position in European specialty pharma compounding, with a unique business model integrating compounding, supply networks, and digital platforms.

• Operates across three segments: Pharmaceutical Supply, Patient-Specific Therapies, and International Business, serving pharmacies, hospitals, and clinics.

• Expanded European presence through the acquisition of Ceban, adding GMP-compliant facilities and a pharmacy chain in the Netherlands.

• Offers individualized medication, API services, and pharmaceutical supply, with a strong focus on advanced therapies and logistics.

• Market leader in compounding and API services, with a robust supply chain and over 1,000 employees.

Financial performance and outlook

• Achieved revenue guidance of €2.1–2.16bn for 2026, with a 26% CAGR in revenue from 2019–2025 and ongoing positive operating cash flow.

• H1 2026 revenue grew 8.4% YoY to €1,074.9m, with all operational segments contributing to growth.

• EBITDA pre margin declined to 4.1% due to price pressure, increased costs, and regulatory impacts, with net income after tax down 32.9% YoY.

• Free cash flow before M&A dropped 85% YoY, mainly due to higher tax payments and lower net results.

• Revised 2026 guidance reflects continued price pressure, regulatory changes affecting cannabis reimbursement, and margin improvements expected from cost optimizations.

Strategic initiatives and growth drivers

• Focuses on operational excellence, digitalization, and network optimization to drive efficiency and margin improvement.

• Exclusive oncology software partnership aims to digitize therapy planning and ordering, targeting 500 oncological practices in Germany.

• Rapid response to medicine shortages, such as launching Dipyridamol 100mg capsules, demonstrates agility and market responsiveness.

• Legislative changes in Germany and the EU are monitored closely, with business forecasts adjusted for regulatory impacts.

• Selective M&A and organic growth strategies are in place to expand the compounding business and leverage market trends.