Dermapharm (DMP) investor relations material

Executive summary

• Revenue increased by 1.1% year-over-year to €305.8 million in Q1 2026, with all segments contributing to EBITDA improvement, driven by branded pharmaceuticals growth and acquisitions of Mucos and Trenka.

• Adjusted EBITDA rose 7.5% to €87.4 million, with margin improving to 28.6% of revenues, up 1.7 percentage points from Q1 2025.

• Earnings after tax increased to €45.1 million, supported by higher operating results and lower interest costs.

• All segments contributed to growth, with branded products leading organic gains and parallel import business improving results through margin optimization.

• Euromed offset U.S. tariff impacts with increased EU and Asia sales; Arkopharma's business model refocus is progressing well.

Financial highlights

• Revenue: €305.8 million (+1.1% YoY); Adjusted EBITDA: €87.4 million (+7.5% YoY); Reported EBITDA: €91.2 million (+13.9% YoY).

• Free cash flow was €51 million, €46 million higher than prior year; cash and cash equivalents reached €225.9 million as of 31 March 2026.

• Cash conversion rate stood at 68%, close to the 2025 level of 72%.

• Net debt declined, with a leverage ratio at 2.6x EBITDA and interest cover ratio improved to 9.5x.

• EBT increased by 23.7% to €61.5 million, with margin rising to 20.1%.

Outlook and guidance

• Full-year 2026 revenue expected between €1,182 million and €1,218 million, with adjusted EBITDA forecasted between €331 million and €341 million.

• Guidance for 2026 is confirmed, with growth expected from branded pharmaceuticals, international expansion, and integration of Mucos and Trenka.

• Other healthcare products segment to improve post-2025 consolidation, with Arkopharma and Euromed as key drivers.

• Parallel import business expected to see revenue decline but earnings improvement through efficiency measures.