Lavipharm Sa · ATHEX:LAVI
Lavipharm Sa — Investor Presentation (April 2026)
35 slides from Lavipharm Sa's investor presentation, Apr 27, 2026
Slide 1: Annual Analysts Update
Annual Analysts Update Athens Exchange, 27 April 2026 Presentation by Vassilis Baloumis, CFO Discussion with Panagiotis Giannouleas, Deputy CEO
Slide 2: Lavipharm FY-25 at a glance
Lavipharm FY-25 at a glance EUR 70.0mn +14.8% y-o-y EUR 62.6mn +18.2% y-o-y FY-25 Sales (before rebate & clawback) FY-25 Sales (after rebate & clawback) EUR 6.0mn This decrease is attributed to EUR 15.5mn +48.9% y-o-y -33.3% y-o-y the recognition of a deferred tax asset of EUR 5.7mn in FY-24. FY-25
Slide 3: Financial Overview
SECTION 01 Financial Overview Key financial highlights and performance summary
Slide 4: FY-25 Results Highlights
Financial Overview FY-25 Results Highlights Key financial figures Group Sales* Group Adj. EBITDA 80,0 18,0 70,0 15,5 16,0 70,0 Pharma Market 61,0 Dynamics 54,3 14,0 60,0 10,4 12,0 50,0 45,1 39,6 10,0 9,1 40,0 8,0 30,0 6,2 5,7 6,0 20,0 4,0 Financial Statements 10,0 2,0 0,0 0,0 2021 2022 2023 2024 202
Slide 5: Product & Services Revenue Breakdown
Financial Overview Product & Services Revenue Breakdown Revenue Breakdown per Category (FY 2025) Product Revenue by Geography (EUR mn)* Other countries; 10% Pharmaceuticals Rx**: EUR 60.6mn EUR 20.4mn Pharma Market Cardiometabolic Dynamics EU; 28% EUR 62.6mn Pain EUR 22.4mn in 2025 Greece; 62% Urolo
Slide 6: Product Category Revenue Breakdown
Financial Overview Product Category Revenue Breakdown Sales by product category (EUR mn) Pharma Market Dynamics 2024 2025 Financial Statements 70,0 61,0 62,6 52,9 36,8 26,7 24,5 23,8 Pillars of Growth 9,3 9,2 0,5 0,2 -8,1 -7,4 RX* OTC International Other Total Sales Clawback - Rebate Total Net Sales
Slide 7: Profitability Drivers
Financial Overview Profitability Drivers Profitability evolution (EUR mn) Pharma Market Dynamics 2024 2025 Financial Statements 15,5 10,4 9,0 8,7 6,0 5,1 5,0 0,3 0,9 Pillars of Growth -1,9 -1,8 -2,5 -4,6 -5,2 Adj. EBITDA Net Interest Depreciation Taxes Net Result Discontinued Net Result from Operati
Slide 8: Deleveraging Trajectory
Financial Overview Deleveraging Trajectory Disciplined deleveraging drives net leverage to 1.7x EBITDA, despite significant CapEx commitments. Net Debt (EUR mn|x) A decrease of EUR 11.9mn or -31% achieved vs. 2018 Pharma Market Dynamics 45 8,0x 38,5 Net Debt 40 37,0 36,7 34,8 7,0x 35 6,8x Net Debt/E
Slide 9: Pharma Market Dynamics
SECTION 02 Pharma Market Dynamics Global trends, competitive landscape and market sizing
Slide 10: Greek Pharma Market – Resilient & Outperformer
Financial Overview Greek Pharma Market – Resilient & Outperformer Lavipharm sales outgrow 4x the Greek pharmaceutical market sales trajectory* 344,6% Lavipharm Greece 268,8% 214,2% Pharma Market 192,8% 173,3% Dynamics 141,1% 104,7% 112,6% 118,3% 100,0% 125,1% 128,7% 136,0% 106,4% 110,5% 113,5% 120,0
Slide 11: Corporation's Ranking | Total Pharma Market
Financial Overview Corporation’s Ranking | Total Pharma Market 7Y IQVIA Evolution 2019-25 | Values (EUR mn) | MS (%) | PPG (%) 2.8% 6,1 Pharma Market 15.7% Dynamics 33.6% 6,0 Sales 37,6 MS% 26.0% -3.2% 5,1 27.8% -4.2% 4,1 28,2 4.5% 4,2 8.1% 31.7% 14.6% 22,1 4,2 4,4 17,8 20,4 25.0% Financial Statemen
Slide 12: Corporation's Ranking | Dec 2025 YTD/MAT
Financial Overview Corporation’s Ranking | Total Pharma Market Dec | YTD | MAT/12/2025 Performance & Monthly %PPG Evolution 2022-2025(Units/Values) Dec 2025 YTD Dec 2025 MAT Dec 2025 IQVIA Data Values +/- MS Values +/- MS Values +/- MS Total Pharma Market 349.287.574 6,8% 100,0% 3.762.095.385 5,7% 1
Slide 13: Corporation's Ranking | Feb 2026 YTD/MAT
Financial Overview Corporation’s Ranking | Total Pharma Market Feb | YTD | MAT/02/2026 Performance & Monthly %PPG Evolution 2022-2025(Units/Values) Feb 2026 YTD Feb 2026 MAT Feb 2026 IQVIA Data Values +/- MS Values +/- MS Values +/- MS Total Pharma Market 304.670.796 4,9% 100,0% 635.686.290 3,5% 100
Slide 14: Net Sales Evolution 2025 | International Markets
Net Sales Evolution 2025 | International Markets New Partnerships/Agreements 1. Taiwan: Fortune River (Fentanyl) contract and secured a 2-year PPCD tender (appx 10M Euro) 2. Germany: Transient agreements with Stada, Aristo, Hennig for Fentanyl introducing new business model 3. Mexico: Farmacos Dinsa
Slide 15: Fentanyl Organic Growth Evolution | Key International Markets
Fentanyl Organic Growth Evolution| Key International Markets Key Takeaways • Consistent market share growth across all key fentanyl patch markets (EU4, UK & KOR) from 2021 to 2025, with additional increase of additional 1.4% MS per year, for the last 2 years • Korea (KOR) leads with the strongest gr
Slide 16: Financial Statements
SECTION 03 Financial Statements P&L, balance sheet and cash flow details
Slide 17: Income Statement - Group
Financial Overview Income Statement - Group Income Statement (EUR mn) 2024 2025 Δyoy Sales before Rebate & Clawback 61.009 70.028 14.8% Rebate & Clawback -8.063 -7.444 -7.7% Sales after Rebate & Clawback 52.946 62.584 18.2% Pharma Market Dynamics Gross Profit 25.079 30.305 20.8% EBITDA from continui
Slide 18: Balance Sheet - Group
Financial Overview Balance Sheet - Group Statement of Financial Position (EUR mn) 2024 2025 PP&E 10.797 9.305 Right of use assets 10.562 12.662 Intangible assets 49.679 48.923 Other Non-Current Assets 9.446 6.136 Pharma Market Non-current assets 80.484 77.025 Dynamics Inventories 19.460 22.613 Trade
Slide 19: Cash Flow Statement - Group
Financial Overview Cash Flow Statement - Group Cash Flow Statement (EUR mn) 2024 2025 Cash flow from operating activities 13.545 13.788 Working Capital Adjustments -6.759 -5.802 Financial expenses paid -1.925 -1.802 Tax expenses paid -0.172 -0.406 Pharma Market Dynamics Operating activities from dis
Slide 20: Pillars of Growth
SECTION 04 Pillars of Growth Five strategic pillars driving the next growth phase
Slide 21: Pillars of Growth overview
Financial Overview Pillars of Growth overview Five pillars driving Lavipharm's next growth phase •Pipeline acquisitions, i.e., Lonarid N®, Lonalgal®, Flagyl® Pharma Market Focused Growth Dynamics •Collaborations with third parties to optimise the company’s performance, scale core competencies Strate
Slide 22: Focused Growth Strategy
Financial Overview Focused Growth Strategy Recently announced agreements and transactions Broadens pain Enters highly Initiates Monetises Improves Optimizing Leverages the Pharma Market management specialised collaboration with niche profitability company’s niche R&D Dynamics division antibiotics a
Slide 23: Corporate Governance
SECTION 05 Corporate Governance Governance structure, leadership and ownership
Slide 24: ESG Commitments
Financial Overview ESG Commitments Sustainability policy: Not just a “nice to have”, but a strategic priority for Lavipharm Lavipharm is committed to sustainable growth. Even though ESG reporting is not a legal prerequisite for its size, management decided to monitor and report all ESG factors accor
Slide 25: Organisation Structure
BOARD OF DIRECTORS HR & Remuneration Committee Director Legal & Compliance E. Nikolopoulou Lead Internal Audit CEO Audit Committee X. Economou T. Lavidas Director Business Development & Acquisitions Risk Management K. Tsardaka Unit Corporate Lead Corporate Communications DEPUTY CEO Announcements V.
Slide 26: Organisation Structure
BOARD OF DIRECTORS HR & Remuneration Committee Director Legal & Compliance Lead Internal Audit CEO Audit Committee Director Business Risk Management Development & Unit Acquisitions Corporate Lead Corporate DEPUTY CEO Announcements Communications Compliance Unit Chief People & Chief Manufacturing Chi
Slide 27: Board of Directors
Financial Overview Board of Directors Mrs. Sophia Kounenaki-Efraimoglou is Vice President of the Board of Directors of the Foundation of the Hellenic World, Chairman & Managing Director of Ardittos Holdings SA – a company of the Foundation of the Hellenic World, Head of “Hellenic Cosmos” Cultural Ce
Slide 28: Board of Directors
Financial Overview Board of Directors Born in New York, USA and raised in Athens, Greece, Telemaque holds a BA economics degree from Columbia University, NY. In 2003, he joined Lavipharm Laboratories, the R&D arm in the USA, as Assistant Project Manager. In 2006, he assumed the position of Business
Slide 29: Board of Directors
Financial Overview Board of Directors Born in Athens, Professor Christos Diamandopoulos holds a PhD in Administrative Science from the University of Pennsylvania, USA, (full scholarship) a Master s’ degree in France from the Universite de Paris II (Sorbonne), full scholarship, and a BA from the Nat
Slide 30: Board of Directors
Financial Overview Board of Directors Vicky D. Kefalas was born in New York, USA in 1969 and holds a B.A. in Economics from the City University of New York and an M.B.A. in Finance from Pace University also in New York. Ms Kefalas has a long track record in finance and investments, in European finan
Slide 31: Shareholding Composition & Group Structure
Financial Overview Shareholding Composition & Group Structure Other than Lavipharm Group Holding S.A., the members of Lavidas T&A HOLDINGS (LUXEMBOURG) EUR 236.66mn family currently Market Cap (as of 23/04/2026) hold an additional 1.3% of S.A.R.L. share capital at individual level 4% EUR 1.40 Share
Slide 32: Durogesic acquisition
SECTION 06 Durogesic acquisition
Slide 33: Durogesic as a gamechanger
Durogesic as a gamechanger A single acquisition that redefines Lavipharm's scale and profitability. • Material impact on shareholder value • Projected 60% increase in annual revenue following acquisition • Increased factory utilization rates, maximizing existing infrastructure investment • Expanded
Slide 34: Thank you / Disclaimer
Thank you Disclaimer ▪ This presentation has been prepared and issued by Lavipharm solely for informational purposes. For the purposes of this disclaimer, this presentation shall mean and include materials, including and together with any oral commentary or presentation and any question-and-answer s
Slide 35: Annual Analysts Update
Annual Analysts Update Athens Exchange, 27 April 2026 For more information: Vassilis Baloumis CFO Tel. : + 30 210 6691 121 Email : [email protected]