Medios (ILM1) Investor update summary

Revenue and Segment Growth

• Revenue guidance for 2026 is now set at EUR 2.1–2.16 billion, raised from the previous range of EUR 2.0–2.12 billion, with all operational segments growing; international business lags slightly at 6.9%–7% compared to 8.5% in other segments.

• Specialty supply and patient-specific therapy fields both grew by 8.5% in H1 2026.

• H1 2026 revenue surpassed EUR 1 billion for the first time, reaching EUR 1,075 million.

EBITDA and Profitability Outlook

• EBITDA pre guidance for 2026 is reduced to EUR 88–92 million, down from EUR 94–102 million, due to price pressure on high-margin medicines and regulatory changes impacting the cannabis business.

• New German law (GKV-Beitragssatzstabilisierungsgesetz) restricts reimbursement for medical cannabis, reducing business prospects and profitability, with immediate reimbursement changes expected in H2 2026.

• Margin pressure in international business and pharmaceutical supply will persist through H2 2026, with improvement measures expected to show results in 2027.

• Patient-specific therapies are expected to see margin improvements from cost optimization in H2 2026.

Operational Excellence and Cost Control

• Cost reduction and efficiency programs, including the Avanti-Medios cost control program and site consolidation (closure of Aschaffenburg), are underway.

• Ongoing network optimization aims to increase site utilization and optimize capital allocation in Germany and the Netherlands.

• The operational excellence program is a continuous effort with milestones and targets, focusing on transforming from pharmacy-steered to industrial-scale manufacturing.