Medios AG

Good day and welcome to MEDIOS AG analyst and investors call on our first half 2026 results. My name is Katrin Neufer and I'm director investor relations at MEDIOS. It is a pleasure to welcome you to today's call. Our CEO Thomas Meier and our CFO Stefan Bauerreis will take you through the presentation today. They will provide an overview of our business performance in the first half to 2026. including the key financial figures and important developments at Medios. Following the presentation, we will have time for a Q&A session during which you will have the opportunity to ask questions. As a reminder, this conference will be recorded and all participants will be in a listen mode only. All relevant documents can be found on our website. And with that, I would like to hand over to Thomas Meier. Thomas, please go ahead.

Good morning, everyone. We prepared 30 slides today. We want to keep it short so that we have ample time for Q&A and for the partial solar eclipse later over Europe. So the executive summary to start with, we achieved revenue of 1,075 million, and that's a plus of 8.4%. And the first time that made us achieve more than a billion in the first half year. Our EBITDA pre is at 44 million. That's minus 5.1% and a EBITDA pre margin of 4.1%. Our focus is unchanged. We focus on profitability, cash conversion and operational efficiency. For that, we started the project Avanti Medios that is helping us to cut costs and to help those operational excellence initiatives that are long-term, but I think we see the first positive development in the second quarter. Yesterday, we announced a strategic milestone with the acquisition of Salo, a company that fits our compounding initiative and helps us to enter the German market. We're excited about this opportunity and we will give you more detail in this slide deck. Looking at the numbers of the first half year, we see that our revenue grew. All segments helped with the revenue growth and at the same time EBITDA pre-margin is lower than in the previous year. That is due to lower profit margin and increased operational expenses. We see those effects continue in the second half of the year and that's why we adjusted our guidance as we told you last week. If you look at the different business areas, we see pharmaceutical supply within a revenue growth of 8.5% and at the same time price pressure on specific marching high products. That resulted for that segment a 2.7% margin compared to 3.3% last year. That's where we had the biggest impact in the first half year.

Patient-specific therapies, on the other hand,