Recordati : First nine months 2025

INTERIM REPORT

FIRST NINE MONTHS

2025

1

CONTENTS

MANAGEMENT REVIEW 3

Financial highlights 3

Corporate development news and other key events 6

Review of operations 8

Financial review 15

Business outlook 20

CONSOLIDATED FINANCIAL STATEMENTS AS OF 30THSEPTEMBER 2025 AND EXPLANATORY NOTES 21

DECLARATION BY THE FINANCIAL REPORTING OFFICER 54

This document contains forward-looking statements relating to future events and future operating, economic and financial results of the Recordati group. By their nature, forward-looking statements involve risk and uncertainty because they depend on the occurrence of future events and circumstances. Actual results may therefore differ materially from those forecasts as a result of a variety of reasons, most of which are beyond the Recordati group's control.

The information on the pharmaceutical specialties and other products of the Recordati group contained in this document is intended solely as information on the activities of the Recordati Group, and, as such, it is not intended as a medical scientific indication or recommendation, or as advertising.

MANAGEMENT REVIEW FINANCIAL HIGHLIGHTS

First nine months 2025

NET REVENUE

€ (thousands)	First nine months 2025	%	First nine months 2024	%	0.0.0.Changes 2025/2024	%
TOTAL	1,956,163	100.0	1,743,081	100.0	213,082	12.2
Italy	265,272	13.6	258,631	14.8	6,641	2.6
International	1,690,891	86.4	1,484,450	85.2	206,441	13.9
KEY CONSOLIDATED P&L DATA
€ (thousands)	First nine months 2025	% of revenue	First nine months 2024	% of revenue	0.0.0.Changes 2025/2024	%
Net revenue	1,956,163	100.0	1,743,081	100.0	213,082	12.2
EBITDA(1)	743,912	38.0	665,666	38.2	78,246	11.8
Operating income	496,673	25.4	504,098	28.9	(7,425)	(1.5)
Adjusted operating income (2)	591,132	30.2	539,518	31.0	51,614	9.6
Net income	326,286	16.7	338,400	19.4	(12,114)	(3.6)
Adjusted net income (3)	493,121	25.2	445,361	25.6	47,760	10.7

(1) Net income before income taxes, financial income and expenses, depreciation, amortization and write-downs of property, plant and equipment, intangible assets and goodwill, non-recurring items and non-cash charges arising from the allocation of the purchase price of EUSA Pharma and Enjaymo® to the gross margin of acquired inventory according to IFRS 3.

(2) Net income before income taxes, financial income and expenses and non-recurring items, non-cash charges arising from the allocation of the purchase price of EUSA Pharma and Enjaymo® to the gross margin of acquired inventory according to IFRS 3.

(3) Net income excluding the amortization and write-down of intangible assets (except software) and goodwill, non-recurring items, non-cash charges arising from the allocation of the purchase price of EUSA Pharma and Enjaymo® to the gross margin of acquired inventory pursuant to IFRS 3, and net gains/losses from hyperinflation (IAS 29), net of tax effects.

KEY CONSOLIDATED BALANCE SHEET DATA

€ (thousands)	30 September	31 December	0.0.0.Changes
	2025	2024	2025/2024	%
Net financial position(4)	(2,032,228)	(2,154,334)	122,106	(5.7)
Shareholders' equity	1,927,841	1,876,809	51,032	2.7

(4) Cash and cash equivalents, less bank debts and loans, which include the measurement at fair value of hedging derivatives.

Third quarter 2025
NET REVENUE
€ (thousands)	Third quarter 2025	%	Third quarter 2024	%	0.0.0.Changes 2025/2024	%
TOTAL	632,321	100.0	557,414	100.0	74,907	13.4
Italy	82,842	13.1	79,049	14.2	3,793	4.8
International	549,479	86.9	478,365	85.8	71,114	14.9
KEY CONSOLIDATED P&L DATA
€ (thousands)	Third quarter 2025	% of revenue	Third quarter 2024	% of revenue	0.0.0.Changes 2025/2024	%
Net revenue	632,321	100.0	557,414	100.0	74,907	13.4
EBITDA(1)	247,567	39.2	212,730	38.2	34,837	16.4
Operating income	165,642	26.2	165,564	29.7	78	0.0
Adjusted operating income (2)	196,429	31.1	171,592	30.8	24,837	14.5
Net income	110,165	17.4	113,030	20.3	(2,865)	(2.5)
Adjusted net income (3)	165,358	26.2	144,314	25.9	21,044	14.6

(1) Net income before income taxes, financial income and expenses, depreciation, amortization and write-downs of property, plant and equipment, intangible assets and goodwill, non-recurring items and non-cash charges arising from the allocation of the purchase price of EUSA Pharma and Enjaymo® to the gross margin of acquired inventory according to IFRS 3.

(2) Net income before income taxes, financial income and expenses and non-recurring items, non-cash charges arising from the allocation of the purchase price of EUSA Pharma and Enjaymo® to the gross margin of acquired inventory according to IFRS 3.

(3) Net income excluding the amortization and write-down of intangible assets (except software) and goodwill, non-recurring items, non-cash charges arising from the allocation of the purchase price of EUSA Pharma and Enjaymo® to the gross margin of acquired inventory pursuant to IFRS 3, and net gains/losses from hyperinflation (IAS 29), net of tax effects.

The first nine months of 2025 continue to show robust double-digit growth in net revenue and profit, with continued strong momentum across both units and an acceleration of our key growth drivers in Rare Diseases. Consolidated net revenue of € 1,956.2 million increased by 12.2% or +8.1% on a like-for-like basis1 and at constant exchange rates, with adverse currency impact in the first nine months of € 35.5 million (-2.0%), affecting both businesses and mainly driven by the devaluation of the Turkish Lira (only partly compensated by price inflation) and of the US dollar. Net revenue for the first nine months of 2025 includes

€ 104.0 million sales contribution from Enjaymo® and an initial € 3.5 million in revenue from Vazkepa®. The Vazkepa® revenue primarily reflects margin sharing transferred by Amarin during the transition period, following the completion of an exclusive licensing and supply agreement to commercialize Vazkepa® in several countries as announced on June 24th, 2025. By the end of September, transition activities were completed in six markets; six remain ongoing (including Slovenia, a new market).

Specialty & Primary Care revenue totalled € 1,129.9 million for the first nine months of 2025, growing 3.2% or 5.0% excluding revenue contribution from Vazkepa® and at constant exchange rates (+2.5% at CER excluding Türkiye). This reflects continued strong performance of all core therapeutic areas (promoted product evolution index of 104), with slowdown in relevant market growth (Italy, Cough & Cold and Türkiye pricing). In particular, the Urology and Cardiovascular franchises grew by mid-single digit rates, while the Gastrointestinal franchise grew at high-single digit rates driven by the strong in-market performance of several products in the portfolio.

‌1Growth calculated excluding first nine months 2025 revenue of Enjaymo® and Vazkepa®

Revenue in Rare Diseases totalled € 782.2 million for the first nine months of 2025, growing 29.2% or 14.1% excluding revenue contribution from Enjaymo® and at constant exchange rates, mainly driven by strong volume growth across all the three franchises. The Endocrinology franchise achieved net revenue of € 283.6 million, growing by 18.4%, reflecting strong new patient uptake of Isturisa® in the US with over 1,200 net active patients and double-digit growth of Signifor®. The Hema-Oncology franchise achieved net revenue of

€ 301.3 million, growing by 71.4%, reflecting the contribution of Enjyamo® of € 104.0 million (+24.7% vs the first nine months of 2024 on a pro-forma basis2) and driven by strong growth of Sylvant® and Qarziba®. The Metabolic franchise achieved net revenue of € 197.3 million, growing by 3.7% driven by Carbaglu® and Panhematin® in US.

EBITDA was € 743.9 million for the first nine months of 2025, up 11.8% compared to the first nine months of 2024, with margin of 38.0% of net revenue. Strong revenue performance was partially offset by a higher level of investments to support the launches of the Isturisa® expanded label in the US and Enjaymo®, and to support continued geographic expansion.

Adjusted operating income was € 591.1 million for the first nine months of 2025, up 9.6% as compared to the same period of last year and 30.2% of net revenue, reflecting amortization charges related to Enjaymo® rights acquisition. Operating income was € 496.7 million in the first nine months of 2025, down by 1.5% over the same period of last year, absorbing gross margin-related non-cash charges of € 62.5 million (versus € 28.1 million in first nine months of 2024), arising mostly from the unwind of the fair value step up of the acquired Enjaymo® inventory. Non-recurring costs were € 32.0 million versus € 7.3 million in the first nine months of 2024, arising from the further optimization of the Specialty and Primary Care commercial organization in Italy and Spain, where ~85 commercial resources have been exited as part of a continuous effort to focus the commercial strategy on pharmacists and specialist doctors in our key Therapeutic Areas; non-recurring costs also include a one-off provision in September 2025 of € 14.1 million for a litigation settlement with AIFA (Italian health authorities) related to prior years' payback for Urorec®.

Net financial expenses amounted to € 67.4 million, increasing by 8.1% compared to the same period of previous year. New loans taken out during 2024, to fund the acquisition of Enjaymo® and in 2025 resulted in an increase in interest expense of € 14.1 million, while net exchange gains over the period amounted to €

10.9 million (mainly unrealized and driven by the devaluation of the US dollar), against net FX losses of € 2.8 million in the first nine months of 2024.

Adjusted net income was € 493.1 million, at 25.2% of revenue, up by 10.7% compared to the same period of 2024, with higher operating performance partially offset by the increase in financial expenses and by the tax rate. Net income was € 326.3 million, 16.7% of net revenue, down 3.6% versus the same period of prior year, reflecting non-cash charges arising from the acquisition of Enjaymo®, higher non-recurring cost and higher tax rate.

In line with the prior year, results reflect the application of accounting standards for economies with hyperinflation to activities (IAS 29 and specific arrangements of IAS 21), the effect of which is negative for €

2.2 million in terms of revenues and slightly dilutive on margins, with a reduction in EBITDA of € 7.1 million (versus € 7.6 million in the first nine months of 2024). Impact on financial expenses is negative of 4.5 million versus € 3.9 million losses in the first nine months of 2024 and of € 13.7 million at level of Net Income (versus

€ 14.1 million in the first nine months of 2024).

‌2Comparing the first nine months 2025 revenue (which considers also the margin retained by Sanofi's on in market sales for those countries where it was still holding the MA) with the first nine months 2024 revenue totally realized by Sanofi.

The net financial position as of 30thSeptember 2025 recorded net debt of € 2,032.2 million, or leverage 2.1x EBITDA pro-forma3, compared to net debt of € 2,154.3 million on 31stDecember 2024 following dividends payment of 138.5 million, treasury shares purchased for € 101.4 million (net of proceeds from exercising stock options) and the upfront payment of Vazkepa® rights of USD$ 25 million.

Free cash flow, which is operating cash flow excluding financing items, milestones, dividends, and purchases of treasury shares net of proceeds from the exercise of stock options, was € 396.8 million for the first nine months of 2025, a decrease of € 37.5 million versus the first nine months of 2024, with higher EBITDA more than offset by higher working capital absorption (mainly driven by higher US stock level) and higher interests and income tax paid.

Shareholders' equity was € 1,927.8 million.

CORPORATE DEVELOPMENT NEWS AND OTHER KEY EVENTS PIPELINE UPDATE

On April 15th, 2025, the US Food and Drug Administration (FDA) approved the supplemental new drug application (sNDA) for Isturisa® (osilodrostat) for the treatment of endogenous hypercortisolemia in adults with Cushing's syndrome for whom surgery is not an option or has not been curative. This was an expansion of the previous indication for the treatment of patients with Cushing's disease, which is a sub-type of Cushing's syndrome. The Isturisa® indication expansion was supported by the extensive Isturisa® clinical development program, which included over 350 patients. In addition, during the second quarter of 2025, Isturisa®was granted regulatory approval in both Canada and Russia.

The Company has upgraded its peak year sales estimate for Isturisa® to greater than € 1.2 billion (from a previous range of € 550 - € 650 million) based on a decision to actively pursue the non-overt Cushing's syndrome market which is included in the current expanded U.S. label. The non-overt Cushing's syndrome patient population typically does not present clinical characteristics, but an unmet medical need remains with cardiometabolic co-morbidities such as hypertension or diabetes. These patients are treated by community endocrinologists, selected primary care physicians and cardiologists. At peak, the total opportunity is potentially over four-fold the number of eligible patients for treatment from approximately 7,000 patients today to approximately 30,000 patients, driven by better diagnosis and treatment of the non-overt Cushing's syndrome patient population. On the basis of the expanded label, the Company is increasing commercial and medical activities, headcount and real-world evidence studies. In addition, the Company will initiate a Phase IV randomized controlled study in 2026 to assess the efficacy and safety of osilodrostat in adults with mild hypercortisolemia and uncontrolled hypertension due to Cushing's syndrome. Additional investments behind Isturisa® in the U.S. will rump up to a total of approximately € 40 - € 50 million per year.

On April 22nd, 2025, Recordati received approval for Signifor® LAR in China for the treatment of acromegaly, expanding its Rare Diseases portfolio in China following the prior approvals of Isturisa® and Carbaglu®.

During the second quarter of 2025, an investigator-sponsored clinical trial (IST) was initiated to investigate the safety, dose and early signs of effect for dinutuximab beta (Qarziba®) in combination with chemotherapy for the treatment of patients with GD2-positive Ewing sarcoma.

Following the Committee for Medicinal Products for Human Use (CHMP) positive opinion earlier this year, on July 28th, 2025, the European Commission issued a positive decision and granted marketing authorization,

‌3Pro-forma calculated by adding Enjaymo®'s estimated contribution from October to November 2024 (when it still was propriety of Sanofi) to EBITDA.

under exceptional circumstances, for Maapliv®, a solution of amino acids intended for the treatment of maple syrup urine disease (MSUD) presenting with an acute decompensation episode in patients from birth who are not eligible for an oral and enteral branched-chain amino acids (BCAA)-free formulation.

The Company completed enrollment of the pasireotide Phase 2 trial for the treatment of post-bariatric hypoglycemia in August 2025. Top-line results are expected in the second quarter of 2026.

Following the meeting with the US Food and Drug Administration (FDA) in early September, a potential U.S. biologics license application (BLA) pathway was established with the FDA for Qarziba® requiring an additional set of clinical data from the ongoing BEACON-2 trial. Results of the interim analysis are expected in the first half of 2028 and are expected to form the basis, together with existing clinical data, for a potential regulatory filing.

The other lifecycle management programs are progressing in line with plans.

CORPORATE DEVELOPMENT

On June 24th, 2025, Recordati announced a licensing and supply agreement with Amarin to commercialize the marketed cardiovascular medicine, Vazkepa® (icosapent ethyl) across 59 countries, focused in Europe. Vazkepa® is indicated to reduce the risk of cardiovascular events in statin-treated adult patients at high cardiovascular risk with elevated triglycerides and either established cardiovascular disease or diabetes with at least one other cardiovascular risk factor. Vazkepa® was approved in 2021 in the EU and UK and in 2022 in Switzerland based on the REDUCE-IT study, a Phase 3 Cardiovascular Outcomes Trial (CVOT) performed in over 8,000 patients with statistically significant and clinically meaningful results in Major Adverse Cardiovascular Events (MACE).

Vazkepa® is currently commercialized in 11 European countries, generated net sales of € 12 million in 2024 and is expected to achieve over € 40 million in revenues in 2027 and to be EBITDA positive from 2026. The expected revenue in 2025 to be accounted by Recordati is less than € 10 million with a slightly negative impact at the EBITDA level, reflecting the commercial investments required to sustain the expected future growth. Under the terms of the agreement, Recordati paid Amarin an upfront cash payment of US$ 25 million.

On September 18th, 2025, the Company announced that Mr. Luigi La Corte, Group CFO and member of the Board of Directors of the Company, had submitted his resignation from the CFO role for personal reasons and to pursue a new professional chapter. He will exit the Company at the end of the year while retaining his position on the Board of Recordati S.p.A.

On October 23rd, 2025, the Company announced that Mike McClellan will join as its new Chief Financial Officer (CFO) as of January 1st, 2026 and will be based in the Group's headquarters in Milan. Mike McClellan, an American national, is a seasoned CFO in the pharmaceutical industry with nearly 30 years of experience across various geographies.

REVIEW OF OPERATIONS

The Group's pharmaceutical business includes two segments: Specialty and Primary Care and Rare Diseases. Business is conducted through subsidiaries in Europe, Russia, Türkiye, North Africa, the United States of America, Canada, Mexico, certain South American countries, Japan, Australia, New Zealand, China and South Korea and, in the rest of the world, through licensing agreements with leading pharmaceutical companies. Sales of specialty medicines represent 97.7% of the Group's total revenues.

As already mentioned, total consolidated net revenue for the Group in the first nine months of 2025 was € 1,956.2 million, compared to € 1,743.1 million in the first nine months of the previous year (+12.2% or +8.1% on a like-for-like basis4 and at constant exchange rates) and included net revenue from Enjaymo® of € 104.0 million and from Vazkepa® of € 3.5 million (mainly related to the margin sharing transferred by Amarin on its sales during the transition period). Growth remains strong across both segments of the Group, absorbing adverse impact of exchange rates of € 35.5 million (-2.0%), affecting both businesses and mainly driven by the devaluation of the Turkish Lira (only partly compensated by price inflation) and of the US dollar. Specialty and Primary Care segment reflects a strong performance of all core therapeutic areas, offsetting softer performance of Cough & Cold, which has been impacted by a milder flu season. Rare Diseases segment continued its very strong growth momentum driven by volume expansion across all the three franchises.

Revenue by therapeutic area

4.6%

10.1%

9.3%

14.5%

15.8%

15.4%

12.4%

15.6%

2.3%

Specialty & Primary Care 60%

Cardiovascular

Urology

Gastrointestinal

Cough and Cold

Other areas

Pharmaceutical chemicals

Rare diseases 40% Metabolic Endocrinology

Oncology

The table below shows revenue for the Specialty & Primary Care segment in the first nine months of 2025, broken down by therapeutic area, with the change compared to the same period of the previous year.

‌4Growth calculated excluding first nine months 2025 revenue of Enjaymo®and Vazkepa®.

SPECIALTY & PRIMARY CARE
€ (thousands)	First nine months 2025	First nine months 2024	Changes 2025/2024	. %
Cardiovascular	304,747	290,533	14,214	4.9
Urology	309,316	293,164	16,152	5.5
Gastrointestinal	182,432	167,320	15,112	9.0
Cough and Cold	89,807	98,885	(9,078)	(9.2)
Other treatment areas	243,552	244,523	(971)	(0.4)
Total (excluding Pharmaceutical chemicals)	1,129,854	1,094,425	35,429	3.2
Pharmaceutical chemicals	44,069	43,093	976	2.3
Total	1,173,923	1,137,518	36,405	3.2

Cardiovascular revenue grew by 4.9% compared to the first nine months of 2024, thanks to the continued positive trend of lercanidipine in most markets, strong growth of Betaloc® and Seloken® (metoprolol), and a good performance of Livazo® mainly in Russia. The results also reflect € 3.5 million from Vazkepa® mainly related to the margin sharing transferred by Amarin on its sales during the transition period. By the end of September, transition activities were completed in six markets; six remain ongoing (including Slovenia, a new market).

Urology sales increased by 5.5% compared to the first nine months of 2024 driven by strong growth of Urorec® (silodosin), which grew by 9.4% (mainly in Russia, Türkiye and other international markets), and a robust growth of Tergynan® in Russia partially offset by softer performance of Avodart®/Duodart® mainly due to generics pressure in Spain. Eligard® continues to show a good in market performance, reflecting a strong in market performance in the first nine months of 2025.

Gastrointestinal revenue grew 9.0% compared to the same period of last year, with strong growth of Procto-Glyvenol®, Citrafleet® and Casenlax® and excellent performance of Salaza® in Poland also due to the market withdrawal of a key competitor.

Sales of seasonal flu products declined by 9.2%, compared to the first nine months of 2024, mainly driven by Polydexa® (mainly in Russia) and Aircort® in Italy.

Sales of pharmaceutical chemicals, which comprise active substances produced in the Italian plant of Campoverde for the international pharmaceutical industry, were € 44.1 million, showing a growth of 2,3% compared to the same period of the previous year.

The performance of the main products for Specialty and Primary Care, which include specialties from Recordati's original research and those acquired via the acquisition of products rights for various markets and license agreements for multiple territories, is shown in the table below.

€ (thousands)	First nine months	First nine months	Changes	. %
	2025	2024	2025/2024
Zanidip® (lercanidipine) and Zanipress® 144,062 143,682 379 0.3
(lercanidipine+enalapril)
Eligard® (leuprorelin acetate)	95,470	91,940	3,530	3.8
Seloken®/Seloken® ZOK/Logimax® (metoprolol/metoprolol + felodipine)	81,310	79,760	1,550	1.9
Avodart® (dutasteride) and
Combodart®/Duodart®	77,611	82,864	(5,253)	(6.3)
(dutasteride/tamsulosin)
Urorec® (silodosin)	63,547	58,270	5,276	9.1
Livazo® (pitavastatin)	42,974	38,999	3,975	10.2
Vazkepa® (ethyl-icosapent)	3,484	-	3,484	n.a.
Other products*	279,409	267,494	11,915	4.5

* Include OTC products for a total of € 109.5 million in 2025 and € 107.2 million in 2024 (+2.1%).

RARE DISEASES

The table below shows revenue for the Rare Diseases segment in the first nine months of 2025, broken down by therapeutic area, with the change compared to the previous year.

€ (thousands)	First nine months	First nine months	Changes	. %
	2025	2024	2025/2024
Hemo-oncology	301,348	175,849	125,499	71.4
Endocrinology*	283,581	239,469	44,112	18.4
Metabolic and other areas	197,311	190,245	7,066	3.7
Total	782,240	605,563	176,677	29.2

* Signifor® € 98.9 million and Isturisa® € 184.7 million in the first nine months of 2025, versus € 87.4 million and € 152.1 million respectively in the first nine months of 2024.

In the first nine months of 2025 sales of medicines for the treatment of Rare Diseases, marketed directly in Europe, the Middle East, the US, Canada, Mexico and some countries in South America, Japan, Australia and through partners in other territories, reached € 782.2 million, up by 29.2% compared to the same period of 2024. This includes net revenue from sales of Enjaymo® amounting to € 104.0 million (+24.7% vs the first nine months of 2024 on a pro-forma basis5), which was added since December 2024 following the execution of the Asset Purchase Agreement with Sanofi at the end of November. The growth is due to the positive performance of all three franchises.

The rare Hemo-Oncological segment contributed € 301,3 million revenue in the first nine months of 2025,

+71.4% compared to the first nine months of 2024 and includes € 104.0 million revenue of Enjaymo®. Excluding Enjaymo®, revenues of the hemo-oncological segment totalled € 197.4 million, increasing by 12.2% compared to the same period of previous year, driven by strong performance of Qarziba® with revenue of €

116.9 million, increasing by +13.7% vs first nine months of 2024 both in EMEA (mainly CEE, France and Italy) and in other emerging markets (Brazil, Colombia, Hong Kong and South Korea). Sylvant® totalled revenue of

‌5Comparing the first nine months 2025 revenue (which considers also the margin retained by Sanofi's on in market sales for those countries where it was still holding the MA) with the first nine months 2024 revenue totally realized by Sanofi.

€ 69.7 million, +12.2% vs first nine months of 2024, showing continued growth in both US and EMEA for higher demand.

The endocrinology franchise totalled € 283.6 million of revenue, up by 18.4% compared to the same period in 2024, driven by the continued patients' uptake both for Isturisa®, which generated € 184.7 million in revenue in the first nine months of 2025 and for Signifor®, with revenue continuing to grow double digit and reaching € 98.9 million.

The metabolic and other treatment areas (excluding endocrinology and oncology) also showed an increase contributing € 197.3 million revenue, up by 3.7% compared to the same period in 2024, thanks to higher demand of Panhematin® in US and Carbaglu® positive performance primarily in France and MENA.

Revenue by geographic area* Spain

Other Western European countries Other C.E.E. countries

Russia, Ukraine, and CIS

Türkiye

Portugal

North Africa

USA

2.8%

5.4%

6.6%

2.0%

19.4%

7.4%

13.6%

6.4%

8.7%

7.0%

13.5%

7.2%

Italy

Other international sales

France

Germany

* Excluding sales of pharmaceutical chemicals, which were at € 44.1 million representing 2.3% of total revenue.

Sales of the Recordati subsidiaries, which include the above-mentioned pharmaceutical product sales but exclude sales of chemicals, are shown in the table below.

€ (thousands)	First nine months	First nine months	Changes	12.12.10.%
	2025	2024	2025/2024
U.S.A.	371,526	284,412	87,114	30.6
Italy	259,811	254,430	5,381	2.1
Spain	166,775	160,551	6,224	3.9
France	137,699	132,943	4,756	3.6
Germany	132,752	118,882	13,870	11.7
Russia, other C.I.S. countries and Ukraine	126,498	108,133	18,365	17.0
Türkiye	102,164	97,710	4,454	4.6
Portugal	53,112	48,445	4,667	9.6
Other C.E.E. countries	141,523	124,589	16,934	13.6
Other Western European countries	122,383	123,003	(620)	(0.5)
North Africa	38,959	36,650	2,309	6.3
Other international sales	258,892	210,240	48,652	23.1
Total pharmaceutical revenue*	1,912,094	1,699,988	212,106	12.5

*Including sales of products and other revenue and excluding revenue relating to pharmaceutical chemical products.

Sales in countries affected by currency exchange fluctuations are shown below in their respective local currencies.

Local currency (thousands)	First nine months	First nine months	Changes	13.1..%
	2025	2024	2025/2024
United States of America (USD)	415,655	309,190	106,465	34.4
Russia (RUB)	8,223,034	6,936,290	1,286,744	18.6
Türkiye (TRY)	4,552,906	3,417,758	1,135,148	33.2

Net revenue in Russia excludes sales of rare disease products which are sold via international and local distributors.

Net revenue in United States for 2024 has been restated to include only revenue from US and exclude revenue from Canada as previously reported

The Group's pharmaceutical business in the US is dedicated to marketing products for the treatment of Rare Diseases. Sales in the first nine months of 2025 were € 371.5 million, up by 30.6% (in local currency +34.4%). This growth reflects the contribution from sales of Enjaymo® as well as the strong organic growth of major brands such as Isturisa® and Signifor® (endocrinology products), Sylvant® (oncology product) and Panhematin® (metabolic product).

Sales in Italy were € 259.8 million, increasing by 2.1% compared to the same period of the previous year. Sales of Specialty and Primary Care accounted for € 230.7 million substantially in line with the first nine months of 2024, mainly due to the continued volume growth of OTC product Magnesio Supremo®, partially offset by Transact Lat® licensing termination in 2025, milder C&C season (Aircort®) and softer sales of Avodart® due to higher sell-in in 2024. To be noted a slowdown of the relevant market growth leading to higher-than-expected wholesalers' stock levels. Sales in products for the treatment of Rare Diseases amounted to € 29.1 million, up by 23.7% driven by Qarziba® and Enjaymo®.

Sales in Spain accounted for € 166.8 million, up by 3.9% compared to the same period of previous year. Sales in the Specialty and Primary Care segment, that amounted to € 139.3 million, increased by 2.6% thanks to the contribution of Vazkepa® and the good performance of the gastro products Citrafleet® e Casenlax®, partially offset by lower performance of Duodart® affected by generics' competition. Sales of Rare Diseases products were € 27.5 million, up by 10.7% due to the significant growth of the endocrinology portfolio (both Signifor® and Isturisa®) and Sylvant®.

Sales in France, at € 137.7 million, were up by 3.6%. Sales of products for the treatment of Rare Diseases amounted to € 37.8 million, up by 43.1% thanks to the strong performance of Isturisa®, as well as of Carbaglu® and Qarziba®. The performance is also positively impacted by the reversal of accruals recorded in previous years. The increase is partially mitigated by the Specialty and Primary Care segment where sales were € 99.9 million, with a decrease of 6.2% mainly driven by lower volume of lercanidipine (due to the decision to exit low margin sales) and decreased volume and price of Reselip® due to generics' competition.

Sales in Germany were € 132.8 million, with an increase of 11.7% compared to the same period of the previous year. Sales in Rare Diseases were € 56.3 million, increasing by 49.0% thanks to Enjaymo®, as well as the continued growth in all the franchises. This increase is partially offset by the lower performance of the Specialty and Primary care segment where sales in 2025 were € 76.5 million (down by 5.7%) mainly due to Ortoton® (due to exiting low margin tender business) and Eligard®, mainly reflecting stronger sell-in sales in first nine months of 2024 behind the roll out of the new device.

Sales generated in Russia, Ukraine and in the countries within the Commonwealth of Independent States (C.I.S.) were € 126.5 million, up by 17.0% compared to the same period of the previous year, with an estimated positive exchange rate effect of € 1.7 million, mainly related to RUB. Sales in the Specialty and Primary Care in Russia were in local currency RUB 8,223.0 million, up by 18.6% over the same period of the

previous year. The increase in sales in Russia was mainly driven by Tergynan® and Urorec® in the urology area and Livazo® in cardiovascular area. This performance was partially offset by lower sales volume of Polydexa® driven by softer Cough & Cold season. Sales of products for the treatment of Rare Diseases in this area amounted to € 18.3 million, with +12.4% mainly due to Qarziba®.

Sales in Türkiye were at € 102.2 million, up by 4.6% compared to the same period of previous year. The result is significantly impacted by an adverse currency exchange effect of € 25.5 million which was only partially offset by the continued high price inflation. Volume growth was positive (+9.6%) driven by Eligard®, Livazo® and by local product Mictonorm® and Aknetrent®. The effect of applying IAS 29 "Financial Reporting in Hyperinflationary Economies" to activities in Türkiye caused a positive effect on net revenue of € 8.7 million, while the specific provisions of IAS 21 resulted in a negative effect of € 10.9 million (difference between translation at average FX vs end of period FX). Sales of products for the treatment of Rare Diseases amounted to € 9.4 million, showing an increase of 6.3% compared to the same period of the previous year, driven mainly by Cystadrops®.

Sales in Portugal were € 53.1 million, up by 9.6% compared to the same period of the previous year. In Specialty and Primary Care, growth of 10.9% was mainly driven by Ulcermin® and other prescription medications (Eligard®, Reagila® and Carzap®). Sales of products for the treatment of Rare Diseases amounted to € 3.7 million, decreasing 4.5% compared the to the first nine months of 2024 mainly due to Qarziba® and Caphosol®, partially offset by Signifor® positive performance.

Sales in other Central and Eastern European countries, at € 141.5 million, include the sales from Recordati subsidiaries in Poland, the Czech Republic and Slovakia, Romania, Bulgaria, Hungary and the Baltic countries, in addition to sales of rare disease treatments in this area. In the first nine months of 2025, Specialty and Primary care sales were € 112.8 million up by 12.1% compared to the same period of the previous year, mainly thanks to growth of Salaza® and Procto-Glyvenol® in Poland and Betaloc® in Romania. Sales of products for the treatment of rare diseases in this area, amounting to € 28.8 million, increased by 19.7% compared to the first nine months of 2024, mainly driven by the growth in oncology products, particularly Qarziba®.

Sales in other countries in Western Europe accounted for € 122.4 million (down 0.5% compared to the same period of previous year) and include sales of products for Specialty & Primary Care and Rare Diseases in the United Kingdom, Ireland, Greece, Switzerland, Austria, Nordic countries (Finland, Sweden, Denmark, Norway and Iceland) and in BeNeLux. Sales in the Specialty & Primary Care segment were € 72.2 million, down 0.9%. Sales of products for the treatment of rare diseases in this area amounted to € 50.2 million, in line with the same period of the previous year.

Sales in North Africa were at € 39.0 million, up by 6.3% compared to the same period of the previous year and include the export revenue generated by Laboratoires Bouchara Recordati in these territories, in particular in Algeria, and sales generated by Opalia Pharma, the Group's Tunisian subsidiary, as well as sales of products for the treatment of rare diseases. Pharmaceutical sales in Specialty and Primary Care segment in the first nine months of 2025 were up by 5.6%, driven by Vitamine D3®, Hexaspray® and local products.

Other international sales, at € 258.9 million, were up by 23.1% compared to the same period of the previous year and comprise sales and other revenue from licensees for some of the key products, Laboratoires Bouchara Recordati's and Casen Recordati's export sales, as well as sales of products for the treatment of rare diseases in the rest of the world. Sales in Specialty and Primary Care increased by 4.4% mainly for Zanidip® and Eligard®, partially offset by decrease in Livazo®. Sales in the Rare Diseases segment increased up by 42.3%, compared to the same period of the previous year mainly thanks to the contribution of the new product Enjaymo® and to volume growth of Qarziba®.

FINANCIAL REVIEW INCOME STATEMENT

Income statement items are shown in the table below, with the relative percentage of net revenue and changes compared to the first nine months of 2024:

€ (thousands)	First nine months 2025	% of revenue	First nine months 2024	% of revenue	0.0.0.Change 2025/2024	%
Net revenue	1,956,163	100.0	1,743,081	100.0	213,082	12.2
Cost of sales	(641,133)	(32.8)	(566,171)	(31.9)	(84,962)	15.3
Gross profit	1,315,030	67.2	1,186,910	68.1	128,120	10.8
Selling expenses	(416,016)	(21.3)	(360,709)	(20.7)	(55,307)	15.3
Research and development expenses	(246,930)	(12.6)	(204,849)	(11.8)	(42,081)	20.5
General and administrative expenses	(123,735)	(6.3)	(110,014)	(6.3)	(13,721)	12.5
Other income/(expenses), net	(31,676)	(1.6)	(7,240)	(0.4)	(24,436)	n.a.
Operating income	496,673	25.4	504,098	28.9	(7,425)	(1.5)
Financial income/(expenses), net	(67,373)	(3.4)	(62,319)	(3.6)	(5,054)	8.1
Pre-tax income	429,300	21.9	441,779	25.3	(12,479)	(2.8)
Income taxes	(103,014)	(5.3)	(103,379)	(5.9)	365	(0.4)
Net income	326,286	16.7	338,400	19.4	(12,114)	(3.6)
Adjusted gross profit (1)	1,377,491	70.4	1,214,986	69.7	162,505	13.4
Adjusted operating income (2)	591,132	30.2	539,518	31.0	51,614	9.6
Adjusted net income (3)	493,121	25.2	445,361	25.6	47,760	10.7
EBITDA(4)	743,912	38.0	665,666	38.2	78,246	11.8

(1) Gross profit adjusted by the impact of non-cash charges arising from the allocation of the purchase price of EUSA Pharma to the gross margin of acquired inventory according to IFRS 3.

(2) Net income before income taxes, financial income and expenses and non-recurring items, non-cash charges arising from the allocation of the purchase price of EUSA Pharma and Enjaymo® to the gross margin of acquired inventory according to IFRS 3.

(3) Net income excluding the amortization and write-down of intangible assets (except software) and goodwill, non-recurring items, non-cash charges arising from the allocation of the purchase price of EUSA Pharma and Enjaymo® to the gross margin of acquired inventory pursuant to IFRS 3, and net gains/losses from hyperinflation (IAS 29), net of tax effects.

(4) Net income before income taxes, financial income and expenses, depreciation, amortization and write-downs of property, plant and equipment, intangible assets and goodwill, non-recurring items and non-cash charges arising from the allocation of the purchase price of EUSA Pharma and Enjaymo® to the gross margin of acquired inventory according to IFRS 3.

Net revenue amounted to € 1,956.2 million, up by € 213.1 million compared to the first nine months of 2024. For a detailed analysis, please refer to the previous chapter "Review of Operations".

Gross profit was € 1.315.0 million, 67.2% of revenue, increasing by 10.8% compared to the first nine months of 2024. Net of the impact of the € 62.5 million arising from the application of IFRS 3 on sales of residual inventory acquired with EUSA Pharma and on sales of inventory acquired in the context of the acquisition of rights of Enjaymo®, adjusted gross profit was € 1,377.5 million, 70.4% of revenue, up by 13.4%, with also margin on sales up 0.7pts versus first nine months of 2024 thanks to the positive mix contribution of Rare Diseases sales growth.

Selling expenses were € 416.0 million, an increase of 15.3% compared to the same period of the previous year, with a 21.3% ratio to revenue, higher as compared to 20.7% in the first nine months of 2024 mainly due to the investments made both to support the launch of Cushing Syndrome Isturisa® indication approval in US (granted by FDA on April 15th, 2025) and to support Enjyamo® expansion and the continued geographic expansion in Rare Diseases segment.

Research and development expenses were € 246.9 million, an increase of 20.5% compared to those in the first nine months of the previous year and include € 26.2 million of amortization of the rights of Enjaymo®, acquired from Sanofi in the fourth quarter 2024. Beside the latter, the year over year increase is related to the additional medical information activities to support Enjaymo® expansion and Isturisa® new indication and for ongoing clinical studies.

General and administrative expenses increased by 12.5% owing to the strengthening of the general coordination structure and to new IT systems investments to support the Group's growth, as well as for the expansion of organizational structures in new markets (China, Brazil, Japan).

Other income and expenses amounted to € 31.7 million, of which € 15.2 million for restructuring costs mainly related to SPC further commercial organization optimization in Italy and Spain where ~85 commercial resources have been exited as part of a continuous effort to focus the commercial strategy on pharmacists and specialist doctors in our key Therapeutic Areas, and € 14.1 million related to a one-off provision for prior years (from 2020 till September 2025) payback for the product Urorec® following the administrative Italian Court ruling on September 3rd2025 which has closed the ongoing litigation with AIFA against the Parent Company.

Adjusted operating income (net income before income taxes, financial income and expenses, non-recurring items and non-cash charges arising from the unwind of the fair value step-up of acquired rare inventory) was

€ 591.1 million, up by 9.6% compared to the first nine months of 2024, accounting for 30.2% of sales and reflecting amortization charges related to the Enjaymo® acquisition. Operating income was € 496.7 million, down by 1.5% compared to the same period the previous year and included € 62.5 million (versus € 28.1 million in the first nine months of 2024), arising mostly from the unwind of the fair value step up of the acquired Enjaymo® inventory and non-recurring costs of € 32.0 million versus € 7.3 million in the first nine months of 2024.

Total amortisation amounted to € 152.8 million, of which € 126.0 million related to intangible assets, up by

€ 28.4 million over the first nine months of the previous year, attributable mostly to the acquisition of global rights of Enjaymo® from Sanofi (€ 26.2 million), and € 26.8 million relating to property, plant and equipment, up by € 2.8 million over the same period the previous year.

EBITDA* at € 743.9 million, was up 11.8% compared to the first nine months of 2024, accounting for 38.0% of revenue.

The reconciliation of net income and EBITDA is reported below.
€ (thousands)	First nine months 2025	First nine months 2024
Net income	326,286	338,400
Income taxes	103,014	103,379
Financial (income)/expenses, net	67,373	62,319
Non-recurring operating expenses	31,998	7,344
Non-cash charges from inventory uplift	62,461	28,076
Adjusted operating income	591,132	539,518
Depreciation, amortization and write-downs	152,780	126,148
EBITDA*	743,912	665,666

* Net income before income taxes, financial income and expenses, depreciation, amortization and write-downs of property, plant and equipment, intangible assets and goodwill, non-recurring items and non-cash charges arising from the allocation of the purchase price of EUSA Pharma and Enjaymo® to the gross margin of acquired inventory according to IFRS 3.

The breakdown of EBITDA* by business segment is reported below.

€ (thousands)	First nine months	First nine months	Changes	10.10.8.%
	2025	2024	2025/2024
Specialty & Primary Care segment	410,417	412,600	(2,183)	(0.5)
Rare Diseases segment	333,495	253,066	80,429	31.8
Total EBITDA*	743,912	665,666	78,246	11.8

* Net income before income taxes, financial income and expenses, depreciation, amortization and write-downs of property, plant and equipment, intangible assets and goodwill, non-recurring items and non-cash charges arising from the allocation of the purchase price of EUSA Pharma and Enjaymo® to the gross margin of acquired inventory according to IFRS 3.

The Specialty & Primary Care segment was 35.0% of revenue and the Rare Disease segment was 42.6%.

Net financial expenses amounted to € 67.4 million, increasing by 8.1% compared to the same period of previous year. New loans taken out during 2024, to support the acquisition of Enjaymo®, and in 2025 caused an increase in interest of € 14.1 million. Net exchange gains over the period amounted to € 10.9 million, mainly unrealized and driven by the devaluation of the US dollar, against FX net losses of € 2.8 million in the first nine months of 2024. Impact of hyperinflation is negative for € 4.5 million versus € 3.9 million losses in the first nine months of 2024.

The effective tax rate was 24.0%, which was higher than the same period of the previous year, mainly following the expiry of the Patent Box benefit in Italy and due to increase in statutory rates in some countries.

Adjusted net income was € 493.1 million, up by 10.7%, and excludes amortization and write-downs of intangible assets (except software) and goodwill for a total amount of € 122.8 million, charges from non-recurring items of € 32.0 million, non-cash charges arising from the revaluation at fair value of the inventory purchased in the operations EUSA Pharma and Enjaymo® of € 62.5 million, and net loss from hyperinflation of € 4.5 million (IAS 29), net of tax effects.

Net income was € 326.3 million, 16.7% of net revenue, down 3.6% versus the same period of prior year, reflecting higher gross margin-related non-cash charges arising mostly from the unwind of the fair value step

up of the acquired Enjaymo® inventory, higher non-cash amortization charges related to Enjaymo® rights, higher non-recurring cost and higher tax rate.

The reconciliation of net income with adjusted net income* is reported below.

€ (thousands) First nine months First nine months 2025 2024
Net income	326,286	338,400
Amortization and write-downs of intangible assets (except 122,769 100,157
software)
Tax effect	(29,026)	(22,619)
Non-recurring operating expenses	31,998	7,344
Tax effect	(9,139)	(1,943)
Non-cash charges arising from inventory uplift	62,461	28,076
Tax effect	(15,615)	(7,019)
Monetary net (gains)/losses from hyperinflation	4,457	3,900
Tax effect	(1,070)	(935)
Adjusted net income*	493,121	445,361

* Net income excluding the amortization and write-downs of intangible assets (except software) and goodwill, non-recurring items, non-cash charges arising from the allocation of the purchase price of EUSA Pharma and Enjaymo® to the gross margin of acquired inventory pursuant to IFRS 3, and net gains/losses from hyperinflation (IAS 29), net of tax effects.

NET FINANCIAL POSITION

The net financial position as of 30thSeptember 2025 recorded net debt of € 2,032.2 million, or 2.1x EBITDA pro-forma6, compared to net debt of € 2,154.3 million on 31stDecember 2024, as detailed in the following table:

€ (thousands)	30 September	31 December	Change
	2025	2024	2025/2024	%
Cash and cash equivalents	471,462	322,423	149,039	46.2
Short-term debts to banks and other lenders	(16,441)	(22,845)	6,404	(28.0)
Loans - due within one year(1)	(301,654)	(274,251)	(27,403)	10.0
Leasing liabilities - due within one year	(10,334)	(10,696)	362	(3.4)
Short-term financial position	143,033	14,631	128,402	n.s.
Loans - due after one year(1)	(2,137,329)	(2,130,852)	(6,477)	0.3
Leasing liabilities - due after one year	(37,932)	(38,113)	181	(0.5)
Net financial position	(2,032,228)	(2,154,334)	122,106	(5.7)

(1) Includes the fair value measurement of the relative currency risk hedging instruments (cash flow hedge)

During the period, dividends of 138.5 million were paid to shareholders, treasury shares were purchased for

€ 101.4 million, net of proceeds from exercising stock options, and an upfront payment of $25 million was paid for the licensing and supply agreement with Amarin to commercialize Vazkepa®.

Free cash flow, which is operating cash flow excluding financing items, milestones, dividends, and purchases of treasury shares net of proceeds from the exercise of stock options, was € 396.8 million for the first nine

‌6Pro-forma calculated by adding Enjaymo's® estimated contribution from October to November 2024 (when it still was propriety of Sanofi) to EBITDA.

months of 2025, a decrease of € 37.5 million versus the first nine months of 2024, with higher EBITDA more than offset by higher working capital absorption (mainly driven by higher US stock level) and higher interests and income tax paid.

During the period, the loan of € 180.0 million granted in May 2021 was renegotiated through its full early repayment before the maturity of May 2026 and the subscription of a new loan of € 345.0 million, still from a consortium of national and international financiers led by Mediobanca, of which € 280,0 million drawn down in June, net of advisory and up-front fees, and € 65.0 million in August.

In the third quarter, within the scope of a new agreement for a Note Purchase and Private Shelf Agreement, the Parent Company issued a senior note for € 125.0 million. At the same time the tranche of $ 50 million of the senior note issued by the Parent company in 2024 has been early repaid in respect to the original maturity of 30 September 2026, together with the associated hedging cross currency swap.

In addition, other repayments of bank loans amounted to € 255.1 million.

RELATED-PARTY TRANSACTIONS

As of 30thSeptember 2025, the Group's immediate parent is Rossini S.à r.l., with headquarters in

Luxembourg, which is owned by a consortium of investment funds controlled by CVC Capital Partners.

As of 30thSeptember 2025, the parent company held 4,560,151 in treasury shares equivalent to 2.18% of its

share capital, with a nominal value of € 0.125 each.

To the Group's knowledge, any transactions and contracts that have been entered into with related parties have been made on an arm's length basis and at market conditions as well as in the ordinary course of business and are not deemed to in any way materially affect the Company's financial position or results.

In compliance with the requirements of Art. 4, paragraph 7 of the Italian Regulations on operations with related parties adopted with CONSOB Resolution No. 17221 of 12 March 2010 and subsequent amendments, as well as Art. 2391-bis, paragraph 1 of the Italian Civil Code, the Parent Company states that it has adopted the "Procedure governing transactions with related parties", available on the Company's website https://www.recordati.com (in the "Corporate Governance" section). For further information regarding corporate governance, please refer to the Corporate Governance and Proprietary Assets Report, prepared in compliance with Art. 123 bis of the Consolidated Law on Finance, approved by the Board of Directors together with the Annual Report. Information regarding paragraphs 1 and 2 of Art. 123 bis of Italian Legislative Decree 58/1998 can be found in the "Corporate Governance and Proprietary Assets Report" available, in its entirety on the Parent Company's website https://www.recordati.com (in the "Corporate Governance" section).

BUSINESS OUTLOOK

Strong performance across the business expected to deliver FY 2025 results in line with original guidance7 (lower half of range) despite challenging macro environment (FX of approx. -3%, expected to continue into 2026).

In FY 2026, Rare Diseases are expected to approach 50% of Total Revenues:

• Rare Diseases: high double-digit growth at CER, with accelerating Isturisa® uptake (behind broader label and activities to target non-overt patient population) and strong momentum of other key growth assets;

• Specialty & Primary Care: low single-digit growth at CER (returning to mid-single digit in 2027),

reflecting also loss of Cardicor® license (~ € 35 million/year).

FY 2026 margins to reflect incremental investments behind Isturisa® and adverse FX.

The FY 2027 targets8 remain unchanged, with strong organic growth complemented by bolt-on BD and M&A.

Updated peak year sales expectations for Isturisa® doubled to over € 1.2 billion (from € 550 - 650 million).

Milan, 11thNovember 2025

for the Board of Directors Chief Executive Officer ROBERT KOREMANS

‌7FY 2025 original guidance range announced on February 13, 2025: Net Revenue € 2,600 - € 2,670 million; EBITDA €

970 - € 1,000 million; Adjusted Net Income € 640 - €670 million.

‌8FY 2027 targets: Net Revenue € 3,000 - € 3,200 million, EBITDA € 1,140 - € 1,225 million, Adjusted Net Income € 770 -

€ 820 million, excluding potential impact from tariffs and/or most favoured nation pricing policies in the U.S.

CONSOLIDATED FINANCIAL STATEMENTS AS OF 30THSEPTEMBER 2025 AND EXPLANATORY NOTES

RECORDATI S.p.A. and SUBSIDIARIES CONSOLIDATED INCOME STATEMENT
€ (thousands)(1)	Note	First nine months 2025	First nine months 2024
Net revenue	3	1,956,163	1,743,081
Cost of sales	4	(641,133)	(556,171)
Gross profit		1,315,030	1,186,910
Selling expenses	4	(416,016)	(360,709)
Research and development expenses	4	(246,930)	(204,849)
General and administrative expenses	4	(123,735)	(110,014)
Other income/(expenses), net	4	(31,676)	(7,240)
Operating income		496,673	504,098
Financial income/(expenses), net	5	(67,373)	(62,319)
Pre-tax income		429,300	441,779
Income taxes	6	(103,014)	(103,379)
Net income		326,286	338,400
Attributable to:
Equity holders of the Parent		326,286	338,400
Non-controlling interests		0	0
Earnings per share (euro)
Basic		1.585	1.640
Diluted		1.560	1.618

(1) Except amounts per share.

Earnings per share (EPS) are based on average shares outstanding during the respective period, 205,829,172 in 2025 and 206,290,006 in 2024. These amounts are calculated deducting treasury shares in the portfolio, the average of which was 3,295,984 for 2025 and 2,835,150 for 2024.

Diluted earnings per share is calculated by taking into account rights granted to employees.

The notes are an integral part of these consolidated financial statements.

RECORDATI S.p.A. and SUBSIDIARIES

€ (thousands)	Note	30 September	31 December
		2025	2024
Non-current assets
Property, plant and equipment	7	213,801	206,700
Intangible assets	8	2,413,901	2,513,159
Goodwill	9	794,091	797,078
Other equity investments and securities	10	14,554	17,385
Other non-current assets	11	12,991	14,206
Deferred tax assets	12	135,566	94,527
Total non-current assets		3,584,904	3,643,055
Current assets
Inventories	13	505,195	506,447
Trade receivables	13	574,044	516,743
Other receivables	13	125,715	109,024
Other current assets	13	32,339	21,387
Derivative instruments measured at fair value	14	5,060	15,376
Cash and cash equivalents	15	471,462	322,423
Total current assets		1,713,815	1,491,400
Total assets		5,298,719	5,134,455

CONSOLIDATED BALANCE SHEET ASSETS

The notes are an integral part of these consolidated financial statements.

RECORDATI S.p.A. and SUBSIDIARIES CONSOLIDATED BALANCE SHEET
SHAREHOLDERS' EQUITY AND LIABILITIES
€ (thousands)	Note	30 September 2025	31 December 2024
Shareholders' equity
Share capital		26,141	26,141
Share premium reserve		83,719	83,719
Treasury shares		(228,755)	(131,570)
Reserve for derivative instruments		(1,331)	(1,689)
Translation reserve		(351,689)	(274,413)
Other reserves		70,271	64,023
Profits carried forward		2,003,199	1,818,039
Net income		326,286	416,508
Interim dividend		0	(123,949)
Shareholders' equity attributable to equity holders of the Parent		1,927,841	1,876,809
Shareholders' equity attributable to non-controlling interests		0	0
Total shareholders' equity	16	1,927,841	1,876,809
Non-current liabilities
Loans - due after one year	17	2,176,221	2,173,810
Provisions for employee benefits	18	20,155	21,355
Deferred tax liabilities	19	130,523	133,422
Total non-current liabilities		2,326,899	2,328,587
Current liabilities
Trade payables	20	315,050	296,698
Other payables	20	221,151	195,385
Tax liabilities	20	130,913	93,941
Other current liabilities	20	5,024	4,693
Provisions for risks and charges	20	33,230	22,092
Derivative instruments measured at fair value	21	9,863	5,633
Loans - due within one year	17	312,307	287,772
Short-term debts to banks and other lenders	22	16,441	22,845
Total current liabilities		1,043,979	929,059
Total shareholders' equity and liabilities		5,298,719	5,134,455

The notes are an integral part of these consolidated financial statements.

RECORDATI S.p.A. and SUBSIDIARIES

STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME

€ (thousands)(1)

First nine months

2025

First nine

months 2024

Net income 326,286 338,400

Gains/(losses) on cash flow hedges, net of tax effects	358	(1,894)
Gains/(losses) on translation of foreign financial statements	(77,276)	(36,927)
Gains/(losses) on equity-accounted investees, net of tax effects	(2,779)	(4,601)
Other changes, net of tax effects	99 (186)
Income and expenses recognized in shareholders' equity	(79,598) (43,608)
Comprehensive income	246,688 294,792
Attributable to:
Equity holders of the Parent	246,688	294,792
Non-controlling interests	0	0
Per-share data (euro)
Basic	1.199	1.429
Diluted	1.180	1.410

(1) Except amounts per share.

Earnings per share (EPS) are based on average shares outstanding during the respective period, 205,829,172 in 2025 and 206,290,006 in 2024. These amounts are calculated deducting treasury shares in the portfolio, the average of which was 3,295,984 for 2025 and 2,835,150 for 2024.

Diluted earnings per share is calculated by taking into account rights granted to employees.

The notes are an integral part of these consolidated financial statements.

RECORDATI S.p.A. and SUBSIDIARIES

CONSOLIDATED STATEMENT OF CHANGE IN SHAREHOLDERS' EQUITY

Shareholders' equity attributable to equity holders of the Parent

€ (thousands)

Share Share

capital premiu

m reserve

Treasury

shares

Reserve Translation Other

for

derivative instrument s

reserve

reserves

Profits

carried forward

Net

income

Interim

dividend

Non-

controlli ng interests

Total

Balance as of 31 26,141 83,719	(127,970)	(286)	(264,700)	61,219	1,636,451	389,214	(117,396)	0	1,686,392
Allocation of 2023 net income					389,214	(389,214)
Dividend distribution					(247,473)		117,396		(130,077)
Change in share-based payments				5,105	5,015				10,120
Purchase of treasury shares	(78,087)								(78,087)
Sale of treasury shares	66,176				(13,432)				52,744
Other changes					40,222				40,222
Comprehensive income		(1,894)	(36,927)	(4,787)		338,400		0	294,792
Balance as of 30 26,141 83,719	(139,881)	(2,180)	(301,627)	61,537 1,809,997		338,400	0	0	1,876,106
Balance as of 31 26,141 83,719	(131,570)	(1,689)	(274,413)	64,023 1,818,039		416,508	(123,949)	0	1,876,809
Allocation of 2024 net income					416,508	(416,508)		0
Dividend distribution					(261,902)		123,949	(137,953)
Change in share-based payments				8,928	3,255			12,183
Purchase of treasury shares	(143,214)							(143,214)
Sale of treasury shares	46,029				(4,246)			41,783
Other changes					31,545			31,545
Comprehensive income		358	(77,276)	(2,680)		326,286			246,688
Balance as of 30 26,141 83,719	(228,755)	(1,331)	(351,689)	70,271 2,003,199		326,286	0	0	1,927,841

December 2023

September 2024

December 2024

September 2025

The notes are an integral part of these consolidated financial statements.

RECORDATI S.p.A. and SUBSIDIARIES
CONSOLIDATED CASH FLOW STATEMENT
€ (thousands)	First nine	First nine
	months 2025	months 2024
OPERATING ACTIVITIES
Net income	326,286	338,400
Income taxes	103,014	103,379
Net interest	69,672	54,418
Depreciation of property, plant and equipment	26,803	24,003
Amortization of intangible assets	125,977	97,591
Write-downs	0	4,554
Equity-settled share-based payment transactions	12,183	10,120
Other non-monetary components	87,044	41,069
Change in other assets and other liabilities	8,570	(11,985)
Cash flow generated/(used) by operating activities
before change in working capital	759,549	661,549
Change in: - Inventories	(94,937)	(41,813)
- trade receivables	(64,172)	(36,418)
- trade payables	21,583	14,223
Change in working capital	(137,526)	(64,008)
Interest received	3,891	4,007
Interest paid	(80,143)	(64,284)
Income taxes paid	(121,442)	(82,634)
Cash flow generated/(used) by operating activities	424,329	454,630
INVESTMENT ACTIVITIES
Investments in property, plant and equipment	(27,631)	(21,743)
Disposals of property, plant and equipment	148	1,385
Investments in intangible assets	(30,158)	(15,377)
Disposals of intangible assets	111	2,351
Sale of non-current assets held for sale	5,000	2,000
Cash flow generated/(used) by investment activities	(52,530)	(31,384)
FINANCING ACTIVITIES
Opening of loans	466,445	144,872
Repayment of loans	(435,100)	(320,185)
Payment of lease liabilities	(8,482)	(8,311)
Change in short-term debts to banks and other lenders	1,544	(71,722)
Dividends paid	(138,520)	(130,220)
Purchase of treasury shares	(143,214)	(78,087)
Sale of treasury shares	41,783	52,744
Cash flow generated/(used) by financing activities	(215,544)	(410,909)
Change in cash and cash equivalents	156,255	12,337
Opening cash and cash equivalents	322,423	221,812
Currency translation effect	(7,216)	871
Closing cash and cash equivalents	471,462	235,020
The notes are an integral part of these consolidated financial statements.

RECORDATI S.p.A. and SUBSIDIARIES

EXPLANATORY NOTES

1. GENERAL INFORMATION

   The Interim Report for the Recordati Group for the period ending 30thSeptember 2025 was prepared by Recordati Industria Chimica e Farmaceutica S.p.A. (the "Company" or the "Parent Company" and, together with its subsidiaries, the "Group"), with headquarters at Via Matteo Civitali no. 1, 20148 Milan, Italy, and was approved by the Board of Directors on 11thNovember 2025, which authorized distribution to the public.

   The Interim Financial Statements as of 30thSeptember 2025 include the economic-equity position of the Parent Company and all its subsidiaries.

   The scope of consolidation did not change during the first nine months of 2025.

   The companies included in the scope of consolidation, their percentage of ownership and a description of their activity are set out in Note 27.

   These financial statements are presented in euro (€), rounded to thousands of euro, except where

   indicated otherwise.

2. SUMMARY OF ACCOUNTING STANDARDS

   These interim consolidated financial statements were prepared in accordance with the recognition and measurement criteria prescribed by the International Financial Reporting Standards (IFRS) adopted by the European Union, but do not include the full information required for the annual financial statements and must therefore be read together with the annual report for the full year ended 31stDecember 2024, prepared in accordance with the IFRS issued by the International Accounting Standards Board (IASB) and endorsed by the European Union pursuant to Regulation (EC) no. 1606/2002.

   The preparation of the interim financial statements requires management to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets, liabilities and disclosure of contingent assets and liabilities at the date of the interim financial statements. If in the future these estimates and assumptions, which are based on management's best judgement, should deviate from the actual circumstances, these will be modified in relation to the circumstances. In making the estimates and assumptions related to the preparation of these interim financial statements, the impacts, even potential ones, deriving from the Russia-Ukraine crisis were taken into account. The Group operates on the Russian market in compliance with current regulations, with revenue in the first nine months of 2025 totalling 5.4% of the Group's total revenue, as well as on the Ukrainian market, with revenue in the first nine months of 2025 accounting for 0.7% of the total. The Group continues to monitor the conflict, as well as any geopolitical developments and related consequences on corporate strategies, to adopt mechanisms to protect its competitive position, investments, corporate performance, and resources. The same approach is also adopted in relation to potential effects arising from any changes to the American legislation that could affect the pharmaceutical sector. The Group operates on the US market with revenue in the first nine months of 2025 totalling 19.2% of the Group's total revenues.

   In preparing these interim accounts, also in consideration of the analysis performed and the achievement of the expected results at Group and individual Cash Generating Unit (CGU) level, and the relevant sector, no elements were currently identified that could have a significant impact on figures in

   the financial statements. Valuation exercises, in particular complex calculations such as those required to identify impairment loss, are carried out in depth only for the preparation of the year-end consolidated financial statements, except when there are impairment loss indicators, which would require an immediate estimate of the loss.

   In relation to financial instruments measured at fair value, IFRS 13 requires the classification of these instruments according to the standard's hierarchy levels, which reflect the significance of the inputs used in establishing the fair value. The following levels are used:

   • Level 1: unadjusted assets or liabilities subject to valuation on an active market;

   • Level 2: inputs other than prices listed under the previous point, which are observable directly (prices) or indirectly (derivatives from the prices) on the market;

   • Level 3: input which is not based on observable market data.

   Disclosure of the net financial position is included in the section "Management Review" of this Report.

   Application of new accounting principles

   The accounting policies applied in these interim financial statements are the same as those applied in the last annual financial statements.

3. NET REVENUE

   The Group's operations and main revenue streams are those described in the section on accounting standards in the last annual financial statements. The Group's revenue is derived from contracts with customers and is not subject to significant seasonal fluctuations, except for those in the cough and cold therapeutic area for which, in fact, mainly due to lower incidence of flu in Russia, performance in the first nine months of 2025 was negative over the same period of the previous year.

   During the first nine months of 2025, net revenue amounted to € 1,956.2 million, up compared to the € 1,743.1 million in the same period during 2024. It included € 104.0 million for sales of Enjaymo® in the Hema-Oncological segment, of which the rights were acquired from Sanofi on 29thNovember 2024.

   Net revenue can be broken down as follows:
   € (thousands)	First nine months 2025	First nine months 2024	Changes 2025/2024
   Net sales	1,940,910	1,732,224	208,686
   Royalties	8,144	6,106	2,038
   Upfront payments	865	817	48
   Various revenue	6,244	3,934	2,310
   Total net revenue	1,956,163	1,743,081	213,082

   The effect of the application of IAS 29 "Financial Reporting in Hyperinflationary Economies" to activities in Türkiye, taking account of the provisions of IAS 21 "Effects of Changes in Foreign Exchange Rates", had a negative effect on net revenue of € 2.2 million (positive of € 3.9 million in the first nine months of 2024). It should be noted that the Argentine company did not recognize revenues.

   Royalties are related to products in the Rare Diseases segment for € 5.1 million and to those of the Specialty and Primary Care segment for € 3.0 million.

   The item "Various revenue" includes € 3.3 million, corresponding to the margin on sales of the cardiovascular drug Vazkepa®, achieved by Amarin on behalf of Recordati after 24thJune 2025, which was the date of transfer of the product licensing rights, and until the change in ownership of the marketing authorization. It should be noted that as of 30thSeptember 2025, this authorization was transferred for six countries, where direct sales of the product began, whereas formalities are being finalized for a further six countries.

   In the tables below, net revenue is disaggregated by product or product class and by geographic area by country. The tables also include a reconciliation of the disaggregated revenue with the Group's reportable segments.

   Therapeutic area
   € (thousands)	Specialty & Primary Care 2025	Specialty & Primary Care 2024	Rare Diseases 2025	Rare Diseases 2024	Total 2025	Total 2024
   Cardiovascular	304,747	290,533	-	-	304,747	290,533
   Urology	309,316	293,164	-	-	309,316	293,164
   Gastrointestinal	182,432	167,320	-	-	182,432	167,320
   Cough and Cold	89,807	98,885	-	-	89,807	98,885
   Other treatment areas	243,552	244,523	-	-	243,552	244,523
   Pharmaceutical chemicals	44,069	43,093	-	-	44,069	43,093
   Hema-Oncology	-	-	301,348	175,849	301,348	175,849
   Endocrinology	-	-	283,581	239,469	283,581	239,469
   Metabolic and other areas	-	-	197,311	190,245	197,311	190,245
   Total net revenue	1,173,923	1,137,518	782,240	605,563	1,956,163	1,743,081

   Geographic area by country

   € (thousands)	Specialty & Primary Care	Specialty & Primary Care	Rare Diseases	Rare Diseases	Total	Total
   	2025	2024	2025	2024	2025	2024
   Pharmaceutical revenue
   U.S.A.	-	-	371,526	284,412	371,526	284,412
   Italy	230,687	230,880	29,124	23,550	259,811	254,430
   Spain	139,284	135,723	27,491	24,828	166,775	160,551
   France	99,871	106,514	37,828	26,429	137,699	132,943
   Germany	76,500	81,123	56,252	37,759	132,752	118,882
   Türkiye	92,784	88,891	9,380	8,819	102,164	97,710
   Russia, Ukraine, other CIS	108,206	91,863	18,292	16,270	126,498	108,133
   Portugal	49,416	44,577	3,696	3,868	53,112	48,445
   Other Eastern European countries	112,756	100,558	28,767	24,031	141,523	124,589
   Other Western European countries	72,199	72,838	50,184	50,165	122,383	123,003
   North Africa	37,146	35,166	1,813	1,484	38,959	36,650
   Other international sales	111,005	106,292	147,887	103,948	258,892	210,240
   Total pharmaceutical revenue	1,129,854	1,094,425	782,240	605,563	1,912,094	1,699,988
   Pharmaceutical chemicals revenue
   Italy	2,277	1,998	-	-	2,277	1,998
   Other European countries	16,496	12,010	-	-	16,496	12,010
   Asia and Oceania	17,503	20,187	-	-	17,503	20,187
   America (U.S.A. excluded)	3,337	4,387	-	-	3,337	4,387
   U.S.A.	3,850	4,025	-	-	3,850	4,025
   Africa	606	486	-	-	606	486
   Total chemical pharmaceuticals revenue	44,069	43,093	0	0	44,069	43,093
   Total net revenue	1,173,923	1,137,518	782,240	606,563	1,956,163	1,743,081

4. OPERATING EXPENSES

Total operating expenses for the first half of 2025 amounted to € 1,459.5 million, up compared to the €

1,239.0 million for the corresponding period the previous year, and are classified by function as follows:

€ (thousands)	First nine	First nine months	Changes
	months 2025	2024	2025/2024
Cost of sales	641,133	556,171	84,962
Selling expenses	416,016	360,709	55,307
Research and development expenses	246,930	204,849	42,081
General and administrative expenses	123,735	110,014	13,721
Other (income)/expenses, net	31,676	7,240	24,436
Total operating expenses	1,459,490	1,238,983	220,507

The cost of sales totalled € 641.1 million, up compared to the first nine months of 2024 and representing 32.8% of revenue, higher than the 31.9% in the first nine months of 2024. This is also attributable to the revaluation, in accordance with accounting standard IFRS 3 for the EUSA Pharma and Enjaymo® inventories acquired. This impacted negatively on the income statement, calculated on the basis of the units sold in the period, amounting to € 62.5 million, compared to € 28.1 million in the first nine months of 2024. Excluding this effect, the incidence in the first nine months of 2025 and 2024 would have been