Financials Recordati

Equities

REC

IT0003828271

Pharmaceuticals

Market Closed - Borsa Italiana Other stock markets 16:45:00 16/01/2026 GMT			5-day change	1st Jan Change
47.98 ^EUR	-0.58%		-3.23%	-1.15%

01-14	Recordati Industria Chimica e Farmaceutica S.p.A. Presents at 44th Annual J.P. Morgan Healthcare Conference, Jan-14-2026 11:15 AM
01-12	Recordati Acquires 74,165 Own Ordinary Shares	AN

Projected Income Statement: Recordati

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	1,449	1,580	1,853	2,082	2,342	2,621	2,797	3,000
Change	-	9.06%	17.29%	12.36%	12.45%	11.92%	6.72%	7.26%
EBITDA ¹	569.3	602.3	672.8	769.6	865.8	972.1	1,023	1,135
Change	-	5.8%	11.71%	14.39%	12.5%	12.27%	5.25%	10.9%
EBIT ¹	469	490.2	437.3	558	684.4	759.7	833.8	938
Change	-	4.52%	-10.79%	27.6%	22.65%	11%	9.76%	12.5%
Interest Paid ¹	-13.36	-26.84	-35.9	-67	-91.7	-83.98	-77.64	-72.02
Earnings before Tax (EBT) ¹	455.7	463.4	401.4	491	547.2	624	726.1	839.2
Change	-	1.7%	-13.37%	22.31%	11.45%	14.04%	16.35%	15.58%
Net income ¹	355	386	312.3	389.2	416.5	496.3	563.4	654.9
Change	-	8.73%	-19.09%	24.62%	7.01%	19.16%	13.52%	16.24%
Announcement Date	22/02/21	24/02/22	21/02/23	22/02/24	13/02/25	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	355.1	384.8	386	385.4	423.9	419.4	473.1	485.1	475.8	551.4	492.9	511.9	526.1	-	577.8	557.4	598.5	680	643.9	632.3	683.9
Change	-	8.38%	0.29%	-0.16%	10.01%	-1.07%	12.81%	2.52%	-1.92%	15.89%	-10.6%	3.85%	2.77%	-	-	-3.54%	7.37%	13.61%	-5.31%	-1.8%	8.16%
EBITDA ¹	130.5	150	150.5	147.4	154.4	163	171.8	181.3	156.6	220.8	185.4	189.4	174	244	208.9	212.7	200.1	270.2	226.2	247.6	247.4
Change	-	14.96%	0.31%	-2.02%	4.73%	5.59%	5.4%	5.48%	-13.58%	40.94%	-16.02%	2.15%	-8.13%	40.25%	-14.4%	1.84%	-5.92%	34.99%	-16.28%	9.45%	-0.07%
EBIT ¹	105	124.9	125.5	122.6	117.3	131.3	101	123.6	81.42	172.6	165.6	100.6	119.2	202	165.9	165.6	144.9	219.2	175.5	196.4	195.3
Change	-	18.98%	0.5%	-2.35%	-4.31%	11.94%	-23.04%	22.33%	-34.12%	111.95%	-4.02%	-39.26%	18.49%	69.49%	-17.88%	-0.2%	-12.49%	51.32%	-19.96%	11.95%	-0.57%
Charge d'intérêts	-2.168	-	-6.007	-7.323	-4.65	-6.953	-31.19	-8.016	-12.19	-	-11.98	-24.48	-17.95	-25.75	-21.04	-15.53	-29.38	-30.91	-15.77	-20.69	-
Earnings before Tax (EBT) ¹	102.8	116	119.5	115.2	112.7	124.3	69.83	115.6	91.72	159.9	128.9	100.8	101.3	161.1	130.6	150	105.4	164.9	119.5	144.9	139.2
Change	-	12.82%	3.03%	-3.57%	-2.23%	10.34%	-43.83%	65.49%	-20.64%	74.39%	-19.39%	-21.79%	0.47%	59.08%	-18.96%	14.88%	-29.73%	56.38%	-27.52%	21.31%	-3.97%
Net income ¹	80.94	89.87	117.2	89.28	89.61	96.72	54.68	90.05	70.84	124	103.6	76.9	84.7	123.6	101.8	113	78.1	125	91.08	110.2	105.8
Change	-	11.04%	30.44%	-23.84%	0.37%	7.93%	-43.46%	64.68%	-21.33%	74.97%	-16.38%	-25.81%	10.14%	45.92%	-17.65%	11.06%	-30.9%	60.1%	-27.16%	20.95%	-3.96%
Announcement Date	22/02/21	06/05/21	29/07/21	28/10/21	24/02/22	10/05/22	28/07/22	08/11/22	21/02/23	11/05/23	28/07/23	07/11/23	22/02/24	09/05/24	30/07/24	08/11/24	13/02/25	08/05/25	29/07/25	11/11/25	-

¹EUR in Million

Estimates

Fiscal Period: December	2021 S1	2022 S1	2023 S1	2024 S1	2025 S1	2025 S2
Net sales ¹	770.8	892.5	1,044	1,186	1,324	1,320
Change	-	15.79%	17.01%	13.54%	11.65%	-0.31%
EBITDA ¹	300.5	334.9	406.2	-	496.3	495
Change	-	11.45%	21.29%	-	-	-0.27%
EBIT ¹	250.4	232.3	338.2	367.9	394.7	391.7
Change	-	-7.23%	45.59%	8.79%	7.28%	-0.76%
Charge d'intérêts	-14.87	-	-	-	-	-
Earnings before Tax (EBT) ¹	235.5	194.2	288.9	291.7	284.4	284.2
Change	-	-17.56%	48.79%	1%	-2.54%	-0.05%
Net income ¹	207.1	151.4	227.6	225.4	216.1	215.9
Change	-	-26.89%	50.33%	-0.98%	-4.1%	-0.1%
Announcement Date	29/07/21	28/07/22	28/07/23	30/07/24	29/07/25	-

¹EUR in Million

Estimates

Forecast Balance Sheet: Recordati

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	866	748	1,420	1,579	2,154	1,917	1,706	1,428
Change	-	-13.63%	89.84%	11.2%	36.42%	-11.02%	-11.01%	-16.3%
Announcement Date	22/02/21	24/02/22	21/02/23	22/02/24	13/02/25	-	-	-

¹EUR in Million

Estimates

Cash Flow Forecast: Recordati

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	21.26	21.85	23.89	379.6	846.9	57.13	58.97	65.92
Change	-	2.77%	9.31%	1,489.15%	123.11%	-93.25%	3.21%	11.79%
Free Cash Flow (FCF) ¹	382.3	469.8	439	456	535.1	625.4	671.5	750.1
Change	-	22.88%	-6.56%	3.87%	17.35%	16.88%	7.36%	11.71%
Announcement Date	22/02/21	24/02/22	21/02/23	22/02/24	13/02/25	-	-	-

¹EUR in Million

Estimates

Forecast Financial Ratios: Recordati

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	39.29%	38.12%	36.3%	36.96%	36.97%	37.09%	36.58%	37.82%
EBIT Margin (%)	32.37%	31.02%	23.6%	26.8%	29.23%	28.99%	29.81%	31.27%
EBT Margin (%)	31.45%	29.33%	21.66%	23.58%	23.37%	23.81%	25.96%	27.98%
Net margin (%)	24.5%	24.43%	16.85%	18.69%	17.79%	18.94%	20.15%	21.83%
FCF margin (%)	26.39%	29.73%	23.69%	21.9%	22.85%	23.86%	24.01%	25.01%
FCF / Net Income (%)	107.69%	121.71%	140.57%	117.16%	128.48%	126.01%	119.17%	114.53%
Profitability
ROA	-	15.36%	9.17%	9.48%	8.92%	12.91%	13.85%	16.25%
ROE	28.69%	31.96%	32.33%	32.46%	31.93%	33.91%	33.01%	35.1%
Financial Health
Leverage (Debt/EBITDA)	1.52x	1.24x	2.11x	2.05x	2.49x	1.97x	1.67x	1.26x
Debt / Free cash flow	2.26x	1.59x	3.23x	3.46x	4.03x	3.07x	2.54x	1.9x
Capital Intensity
CAPEX / Current Assets (%)	1.47%	1.38%	1.29%	18.23%	36.17%	2.18%	2.11%	2.2%
CAPEX / EBITDA (%)	3.73%	3.63%	3.55%	49.32%	97.82%	5.88%	5.76%	5.81%
CAPEX / FCF (%)	5.56%	4.65%	5.44%	83.25%	158.28%	9.14%	8.78%	8.79%
Items per share
Cash flow per share ¹	1.961	2.352	2.208	2.32	2.726	3.151	3.362	3.911
Change	-	19.89%	-6.09%	5.08%	17.46%	15.62%	6.68%	16.32%
Dividend per Share ¹	1.05	1.1	1.15	1.2	1.27	1.441	1.612	1.814
Change	-	4.76%	4.55%	4.35%	5.83%	13.46%	11.9%	12.54%
Book Value Per Share ¹	6.187	6.707	7.526	8.063	8.976	9.843	10.67	11.98
Change	-	8.4%	12.22%	7.14%	11.32%	9.65%	8.45%	12.19%
EPS ¹	1.698	1.846	1.494	1.861	1.992	2.262	2.597	3.037
Change	-	8.72%	-19.07%	24.56%	7.04%	13.56%	14.8%	16.94%
Nbr of stocks (in thousands)	205,817	206,325	205,406	205,645	204,479	204,565	204,565	204,565
Announcement Date	22/02/21	24/02/22	21/02/23	22/02/24	13/02/25	-	-	-