Medios AG

Ladies and gentlemen, welcome to the conference call of Medios. At our customer's request, this conference will be recorded. As a reminder, all participants will be in a listen-only mode. After the presentation, there will be an opportunity to ask your questions. If any participant has difficulty hearing the conference, please press 0 followed by the hash key for operator assistance. May I now hand over to Claudia Nicolau, Head of Investor Relations. no, sorry, Head of Investor and Public Relations and ESG Communications at Medios. Please go ahead.

Thank you. Welcome, everybody, to our earnings report for the first half of 2025. As always, all relevant documents can be downloaded from our Investor Relations website. Additionally, this presentation can be followed in parallel via the Internet link provided to you in the invitation. Today, with me is our CEO, Matthias Gärtner. and our CFO, Falk Neukirch. Matthias will start with an executive summary, followed by Falk, who will then provide details on the financials of the first half of 2025 and the guidance for 2025. Finally, Matthias will comment on our growth story. After the presentation, we will begin the Q&A session. I would now like to hand over to Matthias.

Thank you, Claudia. Ladies and gentlemen, welcome to our conference call for the first half of 2025. Let me start with the highlights and achievements for the first half of 2025 on slide 3. We had a very good first half of the year and I am proud to present the positive development today together with my colleague Falk. Again, we posted increased profitability. And I would like to highlight the strong organic earnings growth. Revenue grew by 9.3% to almost 1 billion euros, now standing at 992 million euros. All segments contributed to growth, meaning organic and inorganic growth. EBDA3 again increased its proportion to 3 by 48.8% to 46.3 million euros, driven by all three operational segments. Regarding EBDA contribution, we are very satisfied with both the PLs and the PIT segments, only the international business segments However, we are confident about future development here. I am particularly blessed with the organic earnings growth of 12.3% on EBITDA3 level that significantly exceeded our target of growth in the mid-single-digit range. Consequently, we substantially improved our EBITDA pre-margin from 3.4% for the first half of 24 to 4.7% for the first half of 25. Furthermore, EPS increased by 85.2% to 50 cents. EPS adjusted increased by 34.1% to 0.96 euro. At the request of various investors, we will now also report on the adjusted EPS every quarter. The strong and recovering operational cash flow in Q2 almost compensated for the negative working capital swing effect on the first quarter. All in all, we have once again succeeded in increasing our overall profitability. This confirms the operational strength of our company. and our strategy, which is focused on increasing margins while maintaining growth. Based on these results, we fully confirm our guidance for the year 2025. FALT will provide more insights into the financials later. Now a brief update on the search for a new CEO. As outlined in our last earnings call, I have decided to step down as CEO and do not stand for another term of office. There is already a shortlist of CEO candidates so that the supervisor report could come to a decision quite soon. I am still confident that I will be able to hand over to a successor ensuring a smooth transition until 31st of December 2025 at the latest, as agreed with the supervisor report. Furthermore, it is worth mentioning that our shareholders approved all resolutions proposed by the executive and supervisory boards at our annual general meeting in May with a large majority of more than 90%. Certainly one of the best AGM voting results we have ever had. More to this in a minute. We have also made progress in implementing our growth strategy and we are fully on track with the integration of Sabarn and our growth initiatives. In the second quarter of 25, all planned integration steps have been successfully completed. This enables the Sabarn team to shift their focus fully towards commercial and business development opportunities utilizing the strong and leading platform of both Mateos and PayPal. The first synergies were realized in the beginning of 25 and we successfully continued this momentum into the second quarter of 25. Looking ahead, we remain focused on further unlocking the full potential of synergies between the two companies. This process is strongly supported by our European platform, giving us a leading position in the specialty pharma compounding in Europe. This network is an excellent basis for our further international expansion, the realization of synergies and cross-training opportunities. Furthermore, it will support the development of our activities in the field of advanced therapies, the future of individualized medicine. For the first time, we successfully conducted a share buyback of 1 million Metals shares, representing 3.92% of our current share capital. Therewith, we have responded to the wishes of many shareholders and to our conviction that the share price does not reflect the full value and potential of Metals. Furthermore, we might use this treasury share, depending on capital market and business development, for a stock option plan or as currency in M&A or withdrawal and capital reduction. Falk will present the details of the program shortly. Let's switch to slide 4, providing a short overview of selected agenda items for our which took place on May 27. As said, all proposed resolutions were approved by a large majority of shareholders. With these AGM resolutions we have a modern remuneration system for the executive board in place with the new component operational cash flow replacing inorganic flows as part of the short-term incentive. An overview of the current remuneration system can be found in the appendix of the presentation. We launched an attractive new stock option plan 25 and implemented the related conditional capital. We received a new authorisation to issue convertible bonds and the respective conditional capital. In a nutshell, we are well financed and ready and well positioned to continue implementing our growth strategies by financing strategic investments, supporting M&A activities or advancing our internationalization efforts. Now some further comments on the financials for the first half of 2025. Slide 5 shows the quarter-on-quarter development of our two KPIs, Revenue and EBITDA-3. For the first time in our communist history, we have exceeded the half a billion euro revenue mark in one single quarter, while significantly increasing the EBDA-free margin of the second quarter, 24. In Q2 of 25, EBDA-free and the respective margin of 4.6% grew significantly compared to last year. This was driven by positive momentum from all operating segments and our strategic focus on higher margin progress. This positive development is also reflected on slide 6, illustrating the revenue and disproportionate EBITDA pre-growth for the first six months, whereas revenue increased by 9.3%, EBITDA pre-growth strongly by 48.8%, with a corresponding margin of 4.7% compared to 3.4% in the first half of last year. As just said, this is fully in line with our strategy to focus on higher margin products to achieve an overall margin improvement. This is all from my side for the moment. I now hand over to Falk to provide more details on the financials for the first half of 2025 and the guidance for 2025.