Bachem Holding AG

Good morning, everyone. Welcome to our half-year 2026 results call. Joining us on the call are our CEO, Ann Katrin Stoller, and our CFO, Anna Schafter. My name is Barbara Blaha, responsible for investor relations, and I will walk you through the call. Before we begin, a brief housekeeping note. There will be enough time for questions after the presentation. And if you would like to ask a question, you can use the raise hand feature in Zoom during the Q&A. And as always, this call is being recorded and the replay will be available on our webpage. A few words on the agenda. Anne will start with an overview of our half year results, 2026. Alain will then review the financial performance and Anne will conclude the presentation with an update on market development and our business outlook. Following the presentation, we will be happy to take your questions. We expect today's call to last approximately 16 minutes. And with that, over to you, Anne.

Thank you very much, Barbora, and good morning to everyone, also from me. It is my pleasure to talk about our half-year results today. So let's start with a look at the team. So as Barbora mentioned today, Alain and I will be here on the call to guide through the results. And I'm very happy to draw your attention to our newest member of our executive team, Boris Korpato. Boris is not new to Barkham. In fact, he's been with Barkham for more than 20 years. but we were very happy to appoint him to our new Chief Commercial Officer, starting in this position on August 1st. I've personally worked together with Boris for many years, and I'm extremely pleased that we found such a capable internal candidate for this position. So let's look at our half-year results. We achieved 326.4 million Swiss franc sales in the first half of the year, which is a growth of 4% compared to the first half of 2025. And in local currencies, it's actually a growth of 7.3%. We also achieved EBIT of 82.8 million Swiss francs and we invested almost 150 million Swiss francs in CARPEX. And Alain will talk more about the EBIT DA and the CARPEX numbers in this part of the presentation. Let me put the first half year sales into perspective. So if we go to the next slide, we see the first half sales results of the previous years. And some of you may still remember that the first half of 2025 was an unusually high first half of the year. And we are very pleased that despite this fact that we are having a very, very strong reference first half year to compare to, we still achieved a growth of 4%, even without contributions of Building K. So we are very happy with the sales of our first half year. And if we look where the sales are coming from, you see here that we had a very strong growth in CNC development, where we achieved more than half of our first half year sales. Commercial API was a bit lower than the first half of 2025. And again, this is according to our expectations because the building case sales, which we always said we would expect in the second half of the year, are contributing primarily in the commercial API sales category. So with this, I think we are exactly where we expect it to be with respect to our first half-year sales and also with the contributions of these individual categories. We are very pleased with the growth that we have seen in the CMC development based on the strong pipeline, and we expect commercial APIs to be then much stronger in the second half of the year. Let's look a little bit into where we invested and where we continue to expand our capacity across our set site network. So in Bubendorf, we talked a lot about it already. We are ramping up our building K production. We could produce first commercial GMP material in the first half of this year, and we are very pleased with how the ramp up is proceeding. Along the rest of the site in Bovendorf, we are working on several CARPACS projects to reduce specific bottlenecks, and we are also continuing with our operational excellence initiative to unlock further capacity. We were also extremely pleased to announce last week that we are now moving our Zistepel project ahead, and that we are really bringing it to life. We signed an agreement with a partner to supply large volumes of peptides as part of a strategic collaboration. And we will invest more than 500 million Swiss francs in Greek pet commercial production in 2030 out of our SysNafel site. We are also continuing to invest in our U.S. sites. both in high volume capacity that is primarily at our Vista site and we are also modernizing and automating our small volume production at our Torrens site. So overall, we are very pleased with our progress both in terms of sales as well as our site advancements and I will then here hand over to Alain to talk a little bit more about the financial numbers.

Yes, happy to do so. So the first We see the usual table with the key figures and already talked about the 326.4 million that we have achieved on the sales top line in the first half of the year. The EVDA marching of 25.4%. We go in a little bit deeper later. On the net income, we have stabilized this number, so we have a slight increase compared to the previous year. The cash flow from the operating activities resulted in 104.7 million. and there were also more than 200 new colleagues joining Bachem in the first half of 2026. So when we go to the EBITDA margin and the drivers behind, we have overall a dilution of 370 bps compared to the previous year, as Anna mentioned, a very strong first half in 2025.