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1. GENERAL INFORMATION
The consolidated financial statements of the Recordati Group for the year ended 31 December 2025 were prepared by Recordati Industria Chimica e Farmaceutica S.p.A. (the \u201cCompany\u201d or the \u201cParent Company\u201d and, together with its subsidiaries, the \u201cGroup\u201d), with headquarters at Via Matteo Civitali no. 1, 20148 Milan, Italy, and was approved by the Board of Directors on 19 March 2026, which authorised distribution to the public. The document is available at the registered office.
The consolidated financial statements were prepared in accordance with the International Accounting Standards (\u201cIFRS\u201d) issued or revised by the International Accounting Standards Board (\u201cIASB\u201d) and endorsed by the European Union, and with the Italian regulations implementing article 9 of Italian Legislative Decree no. 38/2005. To better represent the Group\u2019s operations, the profit and loss accounts are classified by function, while they are classified by nature in the financial statements of the Parent. The distinction between current and non-current was adopted for the presentation of assets and liabilities in the balance sheet. In preparing the cash flow statement, the indirect method was used.
Details regarding the accounting standards adopted by the Group are specified in Note 2. The consolidated financial statements as of 31 December 2025 comprise those of the Parent Company and all its subsidiaries. The companies included in the consolidation scope, the consolidation method applied, their percentage of ownership and a description of their activity are set out in Note 39. In 2025 the scope of consolidation changed following the merger between the Turkish companies, with the incorporation of Recofarma Ila\u00e7 into Recordati Ila\u00e7. These financial statements are presented in euro (\u20ac), rounded to thousands of euro, except where indicated otherwise.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-291": { "value": "
The consolidated financial statements of the Recordati Group for the year ended 31 December 2025 were prepared by Recordati Industria Chimica e Farmaceutica S.p.A. (the \u201cCompany\u201d or the \u201cParent Company\u201d and, together with its subsidiaries, the \u201cGroup\u201d), with headquarters at Via Matteo Civitali no. 1, 20148 Milan, Italy, and was approved by the Board of Directors on 19 March 2026, which authorised distribution to the public. The document is available at the registered office.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-292": { "value": "Recordati Industria Chimica e Farmaceutica S.p.A.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-293": { "value": "S.p.A.", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-295": { "value": "Via Matteo Civitali no. 1, 20148 Milan", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-294": { "value": "Via Matteo Civitali no. 1, 20148 Milan", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-297": { "value": "Italy", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-296": { "value": "Italy", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-298": { "value": "
The consolidated financial statements were prepared in accordance with the International Accounting Standards (\u201cIFRS\u201d) issued or revised by the International Accounting Standards Board (\u201cIASB\u201d) and endorsed by the European Union, and with the Italian regulations implementing article 9 of Italian Legislative Decree no. 38/2005. To better represent the Group\u2019s operations, the profit and loss accounts are classified by function, while they are classified by nature in the financial statements of the Parent. The distinction between current and non-current was adopted for the presentation of assets and liabilities in the balance sheet. In preparing the cash flow statement, the indirect method was used.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-299": { "value": "
2. SUMMARY OF ACCOUNTING STANDARDS
The financial statements were prepared in accordance with the International Accounting Standards (\u201cIFRS\u201d) issued or revised by the International Accounting Standards Board (\u201cIASB\u201d) and endorsed by the European Union and with the Italian regulations implementing Article 9 of Italian Legislative Decree no. 38/2005, in continuity with what was done for the consolidated financial statements as of 31 December 2024, with the exception of the adoption of the new standards and amendments in force from 1 January 2025 described in the following paragraph \u201cApplication of new standards\u201d. The Group did not adopt any new standard, interpretation or amendment in advance that was issued but not yet in force.
The financial statements were prepared on a going concern basis because the Directors verified the non- existence of indicators of a financial, operational or other nature which could signal critical issues on the Group\u2019s ability to meet its obligations in the foreseeable future and, in particular, in the next twelve months. Specifically, in making the estimates and assumptions related to the preparation of the consolidated financial statements, the impacts, including potential ones, deriving from the war in progress between Russia and Ukraine. The Group operates on the Russian market, in compliance with current regulations, and on the Ukrainian market with revenue in 2025 totalling respectively 5.9% and 0.7% of the Group's total revenue. 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 the potential effects arising from any changes in the American legislation that could affect the pharmaceutical sector. Considering the analysis done, also in consideration of the achievement of the expected results and the relevant sector, in preparing these financial statements, no effects were currently identified that could have a significant impact on the financial statement figures.
The financial statements for the consolidated companies, prepared by the Board of Directors or the Sole Director for submission to the respective Shareholders\u2019 Meetings, have been reclassified and adjusted as required in accordance with International Financial Reporting Standards. The criteria applied is consistent with that of the consolidated financial statements as of 31 December 2024. The financial statements have been prepared on the historical cost basis, except for the financial assets available for sale included under the line \u201cOther equity investments and securities\u201d, derivative financial instruments (and the relative underlying hedged financial liability) for which their fair value has been applied as prescribed by IFRS 9 and defined benefit plans for which the actuarial valuation was carried out as prescribed by IAS 19.
Economies experiencing hyperinflation The Group controls companies based in T\u00fcrkiye and in Argentina. These countries have now reached a situation in which the presence of hyperinflation is the consensus, in line with international accounting standards. As of 1 January 2022 for Turkish companies and 22 April 2024, day of its incorporation, for the Argentine subsidiary, the reference standard IAS 29 \u201cFinancial Reporting in Hyperinflationary Economies\u201d has been applied, the effects of which, mainly with reference to Turkish subsidiary, are reflected in the Group\u2019s consolidated results as of 31 December 2025. In particular, in accordance with the standard, the restatement of balance sheet values requires application of specific procedures and an evaluation process. For the income statement, all items were restated applying the change in the general level of prices in effect at the date on which the revenue and costs were initially recorded in the financial statements at the reporting date. For converting the income statement thus restated into euro, the exact exchange rate as of 31 December 2025 was applied consistently, in accordance with IAS 21 in the presence of hyperinflationary economies, instead of the average exchange rate for the period. Regarding the balance sheet, the cash elements have not been restated, as they were already expressed in the unit of measurement as at the closing date of the period. Non-cash assets and liabilities were instead revalued from the date on which the assets and liabilities were initially recognised until the end of the period.
Application of new accounting principles Below is a brief description of the new principles, interpretations and amendments with mandatory application as of 1 January 2025. Based on our assessments they have not had any significant effects on the consolidated Financial Statements to 31 December 2025. \u2022 Lack of exchangeability - Amendments to IAS 21 The amendments to IAS 21 \u201cEffects of Changes in Foreign Exchange Rates\u201d specify how an enterprise should consider whether a currency is exchangeable and determine the spot exchange rate when there is a lack of exchangeability. The amendments also require provision of information enabling readers of the financial statements to understand how the non-exchangeable currency impacts, or how it is expected to impact, the income statement, equity and financial position and cash flows of the enterprise.
Principles issued but not yet in force The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group\u2019s financial statements are disclosed below. The Group intends to adopt these new and amended standards and interpretations, if applicable, when they become effective. \u2022 IFRS 18 - Presentation and Disclosures in Financial Statements In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Furthermore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new. The standard requires disclosure of newly defined management-defined performance measures, subtotals of income and expenses, and it also includes new requirements for aggregation and disaggregation of financial information based on the identified \u2018roles\u2019 of the primary financial statements (PFS) and the notes In addition, narrow-scope amendments have been made to IAS 7 Statement of Cash Flows, which include changing the starting point for determining cash flows from operations under the indirect method, from \u2018profit or loss\u2019 to \u2018operating profit or loss\u2019 and removing the optionality around classification of cash flows from dividends and interest. In addition, there are consequential amendments to several other standards. IFRS 18, and the amendments to the other standards, are effective for reporting periods beginning on or after 1 January 2027, but earlier application is permitted and must be disclosed. IFRS 18 will apply retrospectively. The Group is currently working to identify all impacts the amendments will have on the primary financial statements and notes to the financial statements. The initial expected material impacts on Group\u2019s financial statements are as follows: \u2013 rental income, change in fair value from investment properties and share of profit or an associate and a joint venture will be classified in the investing category within the statement of profit or loss; \u2013 foreign exchange difference will be classified in the category where the related income and expense form the item giving rising to the foreign exchange difference; \u2013 new disclosure will be added: (a) management-defined performance measures; (b) specified expense by nature if expenses are presented by function in the operating category of the statement of profit or loss; and (c) a reconciliation for each line item in the statement of profit or loss between the restated amounts presented applying IFRS 18 and the amounts previously presented applying IAS 1; \u2013 interest received and interest paid will be classified in the investing activities and financing activities, respectively, on the statement of cash flows. \u2022 IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosures In May 2024, the IASB issued IFRS 19, which allows eligible entities to elect to apply its reduced disclosure requirements while still applying the recognition, measurement and presentation requirements in other IFRS accounting standards. To be eligible, at the end of the reporting period, an entity must be a subsidiary as defined in IFRS 10, cannot have public accountability and must have a parent (ultimate or intermediate) that prepares consolidated financial statements, available for public use, which comply with IFRS accounting standards. IFRS 19 will become effective for reporting periods beginning on or after 1 January 2027, with early application permitted. As the Group\u2019s equity instruments are publicly traded, it is not eligible to elect to apply IFRS 19.
\u2022 Amendments to the classification and Measurement of the financial Instruments \u2013 Amendments to IFRS 9 and IFRS 7 In May 2024, the IASB issued Amendments to IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments (the \u201cAmendments\u201d). The Amendments include: \u2013 a clarification that a financial liability is derecognised on the \u2018settlement date\u2019 and the introduction of an accounting policy choice (if specific conditions are met) to derecognise financial liabilities settled using an electronic payment system before the settlement date; \u2013 additional guidance on how the contractual cash flows for financial assets with environmental, social and corporate governance (ESG) and similar features should be assessed; \u2013 clarifications on what constitute \u2018non-recourse features\u2019 and what are the characteristics of contractually linked instruments; \u2013 the introduction of disclosures for financial instruments with contingent features and additional disclosure requirements for equity instruments classified at fair value through other comprehensive income (OCI). The Amendments are effective for annual periods starting on or after 1 January 2026 with early adoption permitted for classification of financial assets and related disclosures only. The Group does not anticipate that the amendments will have a material effect on the Group\u2019s financial statements. \u2022 Annual Improvements to IFRS Accounting Standards - Volume 11 In July 2024, the IASB issued nine narrow scope amendments as part of its periodic maintenance of IFRS accounting standards. The amendments include clarifications, simplifications, corrections or changes to improve consistency in IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 7 Financial instruments: Disclosure and its accompanying Guidance on implementing IFRS 7, IFRS 9 Financial Instruments, IFRS 10 Consolidated Financial Statements and IAS 7 Statements of Cash Flows. The amendments will be effective for reporting periods beginning on or after 1 January 2026. Earlier application is permitted and must be disclosed. The amendments are not expected to have a material impact on the Group\u2019s financial statements. \u2022 Contracts Referencing Nature-depending Electricity - Amendments to IFRS 9 and IFRS 7 In December 2024, the IASB issued Amendments to IFRS 9 and IFRS 7 - Contracts Referencing Naturedependent Electricity. The amendments apply only to contracts that reference nature-dependent electricity; the amendments: \u2013 Clarify the application of the \u2018own-use\u2019 requirements for in-scope contracts; \u2013 Amend the designation requirements for a hedged item in a cash flow hedging relationship for in- scope contracts; \u2013 Add new disclosure requirements to enable investors to understand the effect of these contracts on a company\u2019s financial performance and cash flows. The amendments will take effect for annual reporting periods starting on or after 1 January 2026. Early adoption is allowed, but it must be disclosed. The amendments concerning the own-use exception are to be applied retrospectively, while the hedge accounting amendments should be applied prospectively to new hedging relationships designated from the initial application date. Additionally, the IFRS 7 disclosure amendments must be implemented alongside the IFRS 9 amendments. If an entity does not restate comparative information, it cannot present comparative disclosures. The Group does not expect that the amendments will have a material impact on its financial statements.
Use of estimates The preparation of the financial statements by management requires estimates and assumptions to be made, based on management\u2019s best judgement, that affect the reported amounts of revenues, expenses, assets, liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. If in the future these estimates and assumptions differ from the actual circumstances, they will be amended as appropriate when circumstances change. The balance sheet accounts which require, more than others, a higher degree of subjectivity on the part of management when making estimates and for which a change in the conditions underlying the assumptions used could have a significant impact on financial data are hereunder briefly described. \u2022 Goodwill: according to the accounting standards applied by the Group, goodwill is subject to annual impairment testing to ascertain whether a reduction in value has occurred. These tests require, on the part of management, subjective evaluations based on available information within the Group and from the market, as well as historical experience. They also depend on factors that could change over time, influencing the valuations and estimates made by management. Furthermore, when it has been determined that a potential reduction in value may have occurred, the Group proceeds to determine it by using the evaluation methods deemed to be most adequate. \u2022 Provisions for risks: the identification of the existence or not of a current obligation (legal or implicit) is not easy to determine in some cases. Management evaluates these events on a case-by-case basis together with an estimate of the amount of financial resources required to comply with the obligation. When management considers that the generation of a liability is only possible, the risks are disclosed in the appropriate information section on risks and liabilities, and no accruals are made. \u2022 Deferred tax assets: recording is supported by a recovery plan based on hypotheses and assumptions which management considers to be reasonable. \u2022 Inventories: inventories which appear to be obsolete or slow-moving are periodically tested and written down if their recoverable value in less than their book value. Write-downs are based on assumptions and estimates which derive from experience and the historical results obtained. \u2022 Financial instruments: trade receivables are reduced by their relative provision for bad debts to consider their effective recoverable value. The determination of the amounts to be written down requires that management make subjective evaluations which consider past events, current conditions and expectations of future economic conditions.
In general, the methods for the calculation of the fair value of financial instruments, for accounting or disclosure purposes, are summarised below regarding the main categories of financial instruments: \u2013 Derivative financial instruments: pricing models are adopted based on the market values of the interest rates; \u2013 Receivables and payables and unlisted financial assets: for financial instruments with maturity at more than 1 year, the discounted cash flow method was applied (discounting to the present the expected cash flows in consideration of the current interest rate conditions and creditworthiness) to determine the fair value on \u201cfirst recognition\u201d. Further measurements are made based on the amortised cost method; \u2013 Listed financial instruments: the market value at the reporting date is used. In relation to financial instruments measured at fair value, IFRS 13 requires the classification of these instruments according to the standard\u2019s hierarchy levels, which reflect the significance of the inputs used in establishing the fair value. The following levels are used: \u2022 Level 1: unadjusted assets or liabilities subject to valuation on an active market; \u2022 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; \u2022 Level 3: input which is not based on observable market data.
Basis of consolidation The consolidated financial statements include those of the Parent Company and the enterprises controlled by it, directly or indirectly, prepared as of 31 December each year. Control is attained when the Group is exposed or has the right to variable returns originating from its relationship with the investee and at the same time has the capacity to affect these returns by exerting its power over that entity. Specifically, the Group controls an investee if and only if the Group has: \u2022 investment power over the entity (i.e. holds valid rights that give it the ability to actually manage business relevant to the investee entity); \u2022 exposure or rights to variable returns originating from the relationship with the investee entity; \u2022 the ability to exert power over the investee entity to affect the total returns. Generally, it is presumed that having the majority of voting rights leads to control. In support of this assumption and when the Group does not hold the majority of voting (or similar) rights, the Group considers all the relevant facts and circumstances to establish whether it controls the investee entity, including: \u2022 Contractual agreements with other voting rights holders; \u2022 Rights originating from contractual agreements; \u2022 The Group's voting rights and potential voting rights. The Group reconsiders whether it has control of an investee or not if the facts and circumstances indicate that there have been changes in one or more of the three relevant factors which define control. Consolidation of a subsidiary begins when the Group gains control of it and ceases when the Group loses control. The assets, liabilities, revenue and costs of the subsidiary acquired or disposed of during the year are included in the consolidated financial statement from the date the Group obtains control until the date the Group can no longer exert control over the company. The financial statements of the subsidiaries are prepared according to the same accounting standards adopted by the Parent Company. Where necessary, consolidation adjustments are made to bring the accounting policies used in line with those used by the Company. All intercompany transactions and balances between group enterprises, including unrealised gains, are eliminated on consolidation. Unrealised losses are also eliminated, unless they cannot be recovered later. The consolidation is made with the full line-by-line method. The criteria adopted for the application of this method include, among others: a. elimination of the book value of investments in consolidated companies against the related shareholders\u2019 equity and the assumption at the same time of all their assets and liabilities; b. elimination of intercompany payables and receivables and transactions, as well as intercompany profits and losses not yet realised; c. any excess of the cost of acquisition over the value of equity at the date of acquisition is recognised as goodwill; d. non-controlling interests in the equity of consolidated subsidiaries are shown separately under equity, while non-controlling interests in the net income of these companies are shown separately in the consolidated income statement. The financial statements of foreign subsidiaries expressed in currencies other than Euro are translated into Euro as follows: \u2022 assets and liabilities, except for shareholders\u2019 equity, at year-end exchange rates; \u2022 shareholders\u2019 equity at historical exchange rates, for year of formation; \u2022 income and expense items at the average exchange rates for the year;
\u2022 the goodwill resulting from the acquisition of a foreign company is recognised in the currency of the country in question and translated at year-end exchange rates. Translation differences arising from this process are shown in the consolidated statement of comprehensive income.
Balance Sheet
Property, plant and equipment \u2013 Property, plant and equipment is sated at purchase cost less accumulated depreciation and any recognised impairment loss. Reviews are performed when events or situations occur which indicate that the carrying amount of the assets can no longer be recovered (see paragraph on impairment).
Depreciation is computed on a straight-line basis using rates which are held to be representative of the estimated useful life of the assets: \u2022 Industrial buildings 2.5% - 5.5% \u2022 Plant and machinery 10% - 17.5% \u2022 Other equipment 12% - 40%
Gains or losses arising from the disposal or retirement of an asset are determined as the difference between the sales proceeds and the net carrying amount of the asset and are recognised in income.
Leasing \u2013 The Group applied IFRS 16, using the modified retrospective approach. Accounting model for lessee \u2013 At commencement or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease and non-lease component based on its related stand-alone price. The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentive received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects that the Group will exercise a purchase option. In this case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis of those of property, plant and equipment. In addition, the right of use asset is periodically reduced by impairment losses, if any, and adjusted to reflect any changes deriving from remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interests rate implicit in the lease. If that rate cannot be readily determined, the Group uses the incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the assets leased. The payments due for the lease included in the measurements of the lease liability comprise: \u2022 fixed payments (including substantially fixed payments); \u2022 variable lease payments that depend on an index or a rate, initially measured using the index or rate at the commencement date; \u2022 amounts expected to be payable under a residual value guarantee; and
\u2022 the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early. The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group\u2019s estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset. If the carrying amount of the right-of-use asset has been reduced to zero, the lessee recognises the change in the profit/loss for the year. The Group presents right-of-use assets that do not meet the definition of investments property in \u201cProperty, plant and equipment\u201d and lease liabilities in \u201cLoans\u201d in the balance sheet. Short-term leases and leases of low value assets \u2013 The Group has elected not to recognise right-of-use assets and lease liabilities for leases of low value assets and short-term leases, including IT equipment. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term.
Intangible assets \u2013 An intangible asset is recognised in the accounts only if identifiable, likely to generate future economic benefits and its cost can be reliably determined. Intangible assets are recognised at purchase cost, net of amortisation calculated on a straight-line basis and on the basis of their estimated useful life which, however, cannot exceed 20 years. Patents, licenses and know-how are amortised as from the year of the first sale of relevant products. Amortisation of distribution and license rights is calculated over the duration of the contract, using the following rates which are held to be representative of the estimated useful life of the assets. \u2022 Industrial patent rights and marketing authorisations 5% - 33% \u2022 Distribution licenses, trademarks and similar rights 5% - 25%.
Goodwill \u2013 Goodwill arising on consolidation represents the excess of the cost of acquisition over the Group\u2019s interest in the fair value of the identifiable assets and liabilities of a subsidiary, associate or jointly-controlled entity at the date of acquisition. Transaction costs associated with a business combination are not considered acquisition costs, but are recognised as expenses in the year they are incurred. Goodwill is recognised as an asset and subjected annually to an impairment test in order to determine any loss of value. This test is performed with reference to a cash-generating unit, or CGU, to which goodwill is attributed and at the level at which it is monitored. Goodwill arising on the acquisition of an associate is included within the carrying amount of the associate. On disposal of a subsidiary, associate or jointly-controlled entity, the attributable amount of remaining goodwill is included in the determination of the gain or loss on disposal.
Impairment \u2013 At each reporting date, or more frequently if necessary, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that these assets have suffered an impairment loss. If these indications exist, the recoverable amount of these assets is estimated to determine the amount of the write-down. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash- generating unit to which the asset belongs.
The recoverable amount is the greater of net selling price and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using an after-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In the context of determining estimated future cash flow, the Group takes into consideration risks associated with issues linked to climate change, including applicable regulations, assessing whether these may have a significant impact on estimates of the recoverable value and, when necessary, including the effects on cash flow forecasts for estimates of value in use. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash- generating unit) is reduced to its recoverable amount. Impairment losses are recognised as an expense immediately. When an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is increased to the revised estimate of its recoverable amount. However, the increased carrying amount cannot exceed the carrying amount that would have been determined had no impairment loss been recognised. A reversal of an impairment loss is recognised as income immediately. Losses resulting from the impairment of goodwill cannot be reversed.
Equity investments in associates \u2013 An associate is an enterprise over which the Group is in a position to exercise significant influence, but not control, through participation in the financial and operating policy decisions of the investee. The results and assets and liabilities of associates are incorporated in the consolidated financial statements using the equity method of accounting.
Financial instruments Recognition and measurement Trade receivables and debt securities issued are initially recognised when they are originated. All other financial assets and liabilities are initially recognised when the Group becomes a party to the contractual provisions of the financial instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus or minus, for an item not at FVTPL, transaction costs that are directly attributable to the acquisition or issue of the financial asset or liability. A trade receivable without a significant financing component is initially measured at the transaction price.
Classification and subsequent measurement Financial assets On initial recognition, a financial asset is classified on the basis of its measurement: amortised cost; fair value through other comprehensive income (\u201cFVOCI\u201d) - debt security; (FVOCI) - equity security; or at fair value through profit or loss (\u201cFVTPL\u201d). Financial assets are not reclassified after their initial recognition, unless the Group changes its business model for management of financial assets. In this case, all the financial assets involved are reclassified on the first day of the year following the change in the business model. A financial asset must be measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: \u2022 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2022 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A financial asset must be measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: \u2022 it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and
\u2022 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment\u2019s fair value in other comprehensive income. This choice is made for each asset. All financial assets not classified as measured at amortised cost or at FVOCI, as indicated above, are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Financial assets: subsequent measurement and gains and losses \u2022 Financial assets measured at FVTPL These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss for the year.
\u2022 Financial assets measured at amortised cost These assets are subsequently measured at amortised cost in conformity with the effective interest criterion. The amortised cost is decreased by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss, as are any gains or losses on derecognition. \u2022 Debt investments measured at FVOCI These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognised in profit or loss. Other net gains and losses are recognised in other comprehensive income. On derecognition, gains and losses accumulated in other comprehensive income are reclassified to profit or loss.
\u2022 Equity securities measured at FVOCI These assets are subsequently measured at fair value. Dividends are recognised as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in other comprehensive income and are never reclassified to profit or loss.
Financial liabilities: classification, subsequent measurement and gains and losses Financial liabilities are classified as measured at amortised cost or at FVTPL. A financial liability is classified as at FVTPL when it is held for trading, represents a derivative or is designated as such at the moment of initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost in using the effective interest criterion. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss.
Derecognition Financial assets The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.
The Group enters into transactions whereby it transfers assets recognised in its statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases, the assets transferred are not derecognised.
Financial liabilities The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire. The Group derecognises a financial liability also in the case of a change in the related contractual terms and the cash flows of the modified liability are substantially different. In this case, a new financial liability is recognised at fair value on the basis of the modified contractual terms. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss.
Offsetting Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to set off the amounts, and it intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously.
Derivative financial instruments and hedge accounting The Group holds derivative financial instruments to hedge its foreign currency and interest rate risk exposures. Derivative instruments are initially measured at fair value. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are generally recognised in profit or loss. The Group designates certain derivatives as hedging instruments to hedge the variability in cash flows associated with highly probable forecast transactions arising from changes in foreign exchange rates and interest rates and certain derivatives and non-derivative financial liabilities as hedges of foreign exchange risk on a net investment in a foreign operation. At inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other. Cash flow hedges When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognised in other comprehensive income and accumulated in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognised in other comprehensive income is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss. If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the hedging reserve remains in equity until, for a hedge of a transaction resulting in the recognition of a non-financial item, it is included in the cost of the non-financial item on its initial recognition or, for other cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged expected future cash flows affect profit or loss.
If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in the hedging reserve and the cost of hedging reserve are immediately reclassified to profit or loss. Net investment hedges When a derivative instrument or a non-derivative financial liability is designated as the hedging instrument in a hedge of a net investment in a foreign operation, the effective portion of, for a derivative, changes in the fair value of the hedging instrument or, for a non-derivative, foreign exchange gains and losses is recognised in other comprehensive income and presented in the translation reserve within equity. Any ineffective portion is recognised immediately in profit or loss. The amount recognised in other comprehensive income is reclassified to profit or loss as a reclassification adjustment on disposal of the foreign operation.
Inventories \u2013 Inventories are stated at the lower of cost and net realisable value, where the market value of raw materials and subsidiaries is their substitution cost while that related to finished goods and work-in-process is their net realisable value. Inventories of raw materials, supplies and promotional material are valued at their average acquisition cost including costs incurred in bringing the inventories to their location and condition at year end. Inventories of work-in-process and finished goods are valued at their average manufacturing cost which includes the cost of raw materials, consumables, direct labour and indirect costs of production. Inventories are written-down if market value is lower than cost as described above or in the case of obsolescence resulting from slow moving stocks.
Cash and cash equivalents \u2013 Cash in banks on demand and short-term highly liquid investments measured at market value.
Non-current assets classified as held for sale and discontinued operations \u2013 These consist of components of an entity, whose operations and cash flows can be distinguished operationally and for financial reporting purposes, which have either been disposed of or satisfy the criteria to be classified as held for sale. A non-current asset (or disposal group) classified as held for sale is measured at the lower of fair value less costs to sell it and its carrying amount. Non-current assets or disposal groups that are classified as held for sale are not depreciated.
Shareholders\u2019 equity \u2013 Equity instruments issued by the Company are recognised at the proceeds received. Dividends distributed by the Parent Company are recognised as payables at the moment of the resolution to distribute them. The purchase cost and selling price of treasury shares are recognised
directly in equity and are therefore not recognised in the income statement.
Provisions for employee benefits \u2013 Employee benefits are recognised on the basis of the results of the measurements made according to what is established by the accounting standard IAS 19. The liability recognised in the balance sheet for post-employment benefit plans is the present value of the defined benefit obligation, as adjusted for unrecognised actuarial gains and losses and unrecognised past service cost. In particular the Projected Unit Credit Method is applied.
Provisions for risks and charges \u2013 Provisions for risks and charges made when the Group has a present obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate of the amount can be made.
Transactions in foreign currencies \u2013 Transactions in currencies other than the euro are initially recognised at the exchange rates prevailing on the dates of the transactions. Monetary assets and liabilities denominated in such currencies are retranslated at the rates prevailing on the reporting date. Gains and losses arising on exchange are included in net profit or loss for the period. Non-monetary assets and liabilities recognised at the exchange rates prevailing on the dates of the transactions are not retranslated on the reporting date.
In the consolidated financial statements, the assets and liabilities of the Group\u2019s foreign currency operations are translated at the exchange rates prevailing on the reporting date. Income and expense items are translated at the average exchange rates for the period. Exchange differences arising, if any, are recognised in the consolidated statement of comprehensive income and included in the item \u201creserve from translation of financial statements in foreign currencies\u201d. This reserve is recognised as income or as expenses in the period in which the subsidiary is disposed of.
Income statement
Revenue \u2013 Revenue is measured based on the consideration specified in a contract with a customer. The Group recognises revenue when it transfers control over a good or service to a customer. Revenues are stated net of discounts, rebates and returns. Information about the nature and the timing of the satisfaction of performance obligations in contracts with customers and the related revenue recognition policies are as follows. Revenues mainly comprise product sales and revenue from licensing-out agreements. Product sales represent net invoice value less estimated rebates, returns and chargebacks and are recognised when control of the goods has been transferred to a third party. This is usually when ownership passes to the customer, either on shipment or on receipt of goods by the customer, depending on the specific trading terms. Revenue from licensing-out agreements includes income from collaborative arrangements on the Group\u2019s products where the Group has licensed certain rights associated with those products, but retains a significant ongoing economic interest, through for example the ongoing supply of finished goods. Income may take the form of up-front payments, profit sharing and royalties. Where control of a right to use of intangible assets passes at the outset of an arrangement, revenue is recognised at one point in time. Where the substance of an arrangement is that of a right to access intangible assets, revenue is recognised over time, normally on a straight-line basis over the life of the contract. Where the Group provides ongoing services (i.e. supply of products), revenue in respect of this element is recognised over the duration of these services. Sales performance milestones are accounted for when the licensee achieves the sales target, so these are recognised at one point in time. Royalties received from the licensee are accounted for when the licensor is entitled to the payment, so these are to be recognised at one point in time.
Cost of sales \u2013 This represents the cost of the goods sold. It includes the cost of raw materials, supplies and consumables, finished goods, and direct and indirect production expenses. Selling expenses - These include all expenses incurred in connection with the products sold during the year, such as payroll and other costs for sales and marketing personnel, promotional expenses and all distribution costs.
Research and development expenses \u2013 Research and development costs are expensed in the income statement in the year in which they are incurred in accordance with IAS 38, except the cases for which the same IAS 38 prescribes the capitalisation. IAS 38 prescribes that development costs must be capitalised when, in relation to the products of the activity, technical and commercial feasibility is achieved with high probability of success and future economic benefits are probable. These costs include amounts due under collaboration agreements with third parties.
Transactions involving share-based payments \u2013 As prescribed by IFRS 2, stock option and performance share plans for the benefit of Group employees are considered part of their remuneration, the cost of which is the fair value of the rights at the date they are granted. This cost is recognised in profit and loss
linearly distributed over the vesting period with a counter-item booked directly to equity
Financial income and expenses \u2013 These include interest income and expenses, foreign exchange gains and losses, both realised and unrealised, and differences arising from the valuation of securities. Interest income and expenses are recognised in profit and loss using the effective interest method.
Taxes \u2013 Income taxes are the sum of current and deferred taxes. Current taxes are based on taxable profit for the year and the tax rates in force at the reporting date are applied.
Deferred taxes are taxes expected to be payable or recoverable on temporary differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of taxable income. Deferred tax liabilities are generally recognised all taxable temporary differences, while deferred tax assets are recognised to the extent to which it is considered probable that there will be taxable fiscal results in the future that will enable the use of the deductible temporary differences. Assets and liabilities are not recognised if the temporary differences derive from goodwill. Deferred tax is calculated at the tax rates that are expected to apply to the period when the liability is settled or the asset realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also recognised in equity. Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis.
Earnings per share \u2013 Earnings per share is the net income for the period attributable to ordinary shareholders divided by the weighted average number of ordinary shares outstanding during the period. Diluted earnings per share is calculated by adjusting the number of shares outstanding for the effects of all dilutive potential ordinary shares.
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The financial statements were prepared in accordance with the International Accounting Standards (\u201cIFRS\u201d) issued or revised by the International Accounting Standards Board (\u201cIASB\u201d) and endorsed by the European Union and with the Italian regulations implementing Article 9 of Italian Legislative Decree no. 38/2005, in continuity with what was done for the consolidated financial statements as of 31 December 2024, with the exception of the adoption of the new standards and amendments in force from 1 January 2025 described in the following paragraph \u201cApplication of new standards\u201d. The Group did not adopt any new standard, interpretation or amendment in advance that was issued but not yet in force.
The financial statements were prepared on a going concern basis because the Directors verified the non- existence of indicators of a financial, operational or other nature which could signal critical issues on the Group\u2019s ability to meet its obligations in the foreseeable future and, in particular, in the next twelve months. Specifically, in making the estimates and assumptions related to the preparation of the consolidated financial statements, the impacts, including potential ones, deriving from the war in progress between Russia and Ukraine. The Group operates on the Russian market, in compliance with current regulations, and on the Ukrainian market with revenue in 2025 totalling respectively 5.9% and 0.7% of the Group's total revenue. 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 the potential effects arising from any changes in the American legislation that could affect the pharmaceutical sector. Considering the analysis done, also in consideration of the achievement of the expected results and the relevant sector, in preparing these financial statements, no effects were currently identified that could have a significant impact on the financial statement figures.
The financial statements for the consolidated companies, prepared by the Board of Directors or the Sole Director for submission to the respective Shareholders\u2019 Meetings, have been reclassified and adjusted as required in accordance with International Financial Reporting Standards. The criteria applied is consistent with that of the consolidated financial statements as of 31 December 2024. The financial statements have been prepared on the historical cost basis, except for the financial assets available for sale included under the line \u201cOther equity investments and securities\u201d, derivative financial instruments (and the relative underlying hedged financial liability) for which their fair value has been applied as prescribed by IFRS 9 and defined benefit plans for which the actuarial valuation was carried out as prescribed by IAS 19.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-301": { "value": "
The financial statements were prepared on a going concern basis because the Directors verified the non- existence of indicators of a financial, operational or other nature which could signal critical issues on the Group\u2019s ability to meet its obligations in the foreseeable future and, in particular, in the next twelve months. Specifically, in making the estimates and assumptions related to the preparation of the consolidated financial statements, the impacts, including potential ones, deriving from the war in progress between Russia and Ukraine. The Group operates on the Russian market, in compliance with current regulations, and on the Ukrainian market with revenue in 2025 totalling respectively 5.9% and 0.7% of the Group's total revenue. 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 the potential effects arising from any changes in the American legislation that could affect the pharmaceutical sector. Considering the analysis done, also in consideration of the achievement of the expected results and the relevant sector, in preparing these financial statements, no effects were currently identified that could have a significant impact on the financial statement figures.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-303": { "value": "
Application of new accounting principles Below is a brief description of the new principles, interpretations and amendments with mandatory application as of 1 January 2025. Based on our assessments they have not had any significant effects on the consolidated Financial Statements to 31 December 2025. \u2022 Lack of exchangeability - Amendments to IAS 21 The amendments to IAS 21 \u201cEffects of Changes in Foreign Exchange Rates\u201d specify how an enterprise should consider whether a currency is exchangeable and determine the spot exchange rate when there is a lack of exchangeability. The amendments also require provision of information enabling readers of the financial statements to understand how the non-exchangeable currency impacts, or how it is expected to impact, the income statement, equity and financial position and cash flows of the enterprise.
Principles issued but not yet in force The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group\u2019s financial statements are disclosed below. The Group intends to adopt these new and amended standards and interpretations, if applicable, when they become effective. \u2022 IFRS 18 - Presentation and Disclosures in Financial Statements In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Furthermore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new. The standard requires disclosure of newly defined management-defined performance measures, subtotals of income and expenses, and it also includes new requirements for aggregation and disaggregation of financial information based on the identified \u2018roles\u2019 of the primary financial statements (PFS) and the notes In addition, narrow-scope amendments have been made to IAS 7 Statement of Cash Flows, which include changing the starting point for determining cash flows from operations under the indirect method, from \u2018profit or loss\u2019 to \u2018operating profit or loss\u2019 and removing the optionality around classification of cash flows from dividends and interest. In addition, there are consequential amendments to several other standards. IFRS 18, and the amendments to the other standards, are effective for reporting periods beginning on or after 1 January 2027, but earlier application is permitted and must be disclosed. IFRS 18 will apply retrospectively. The Group is currently working to identify all impacts the amendments will have on the primary financial statements and notes to the financial statements. The initial expected material impacts on Group\u2019s financial statements are as follows: \u2013 rental income, change in fair value from investment properties and share of profit or an associate and a joint venture will be classified in the investing category within the statement of profit or loss; \u2013 foreign exchange difference will be classified in the category where the related income and expense form the item giving rising to the foreign exchange difference; \u2013 new disclosure will be added: (a) management-defined performance measures; (b) specified expense by nature if expenses are presented by function in the operating category of the statement of profit or loss; and (c) a reconciliation for each line item in the statement of profit or loss between the restated amounts presented applying IFRS 18 and the amounts previously presented applying IAS 1; \u2013 interest received and interest paid will be classified in the investing activities and financing activities, respectively, on the statement of cash flows. \u2022 IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosures In May 2024, the IASB issued IFRS 19, which allows eligible entities to elect to apply its reduced disclosure requirements while still applying the recognition, measurement and presentation requirements in other IFRS accounting standards. To be eligible, at the end of the reporting period, an entity must be a subsidiary as defined in IFRS 10, cannot have public accountability and must have a parent (ultimate or intermediate) that prepares consolidated financial statements, available for public use, which comply with IFRS accounting standards. IFRS 19 will become effective for reporting periods beginning on or after 1 January 2027, with early application permitted. As the Group\u2019s equity instruments are publicly traded, it is not eligible to elect to apply IFRS 19.
\u2022 Amendments to the classification and Measurement of the financial Instruments \u2013 Amendments to IFRS 9 and IFRS 7 In May 2024, the IASB issued Amendments to IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments (the \u201cAmendments\u201d). The Amendments include: \u2013 a clarification that a financial liability is derecognised on the \u2018settlement date\u2019 and the introduction of an accounting policy choice (if specific conditions are met) to derecognise financial liabilities settled using an electronic payment system before the settlement date; \u2013 additional guidance on how the contractual cash flows for financial assets with environmental, social and corporate governance (ESG) and similar features should be assessed; \u2013 clarifications on what constitute \u2018non-recourse features\u2019 and what are the characteristics of contractually linked instruments; \u2013 the introduction of disclosures for financial instruments with contingent features and additional disclosure requirements for equity instruments classified at fair value through other comprehensive income (OCI). The Amendments are effective for annual periods starting on or after 1 January 2026 with early adoption permitted for classification of financial assets and related disclosures only. The Group does not anticipate that the amendments will have a material effect on the Group\u2019s financial statements. \u2022 Annual Improvements to IFRS Accounting Standards - Volume 11 In July 2024, the IASB issued nine narrow scope amendments as part of its periodic maintenance of IFRS accounting standards. The amendments include clarifications, simplifications, corrections or changes to improve consistency in IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 7 Financial instruments: Disclosure and its accompanying Guidance on implementing IFRS 7, IFRS 9 Financial Instruments, IFRS 10 Consolidated Financial Statements and IAS 7 Statements of Cash Flows. The amendments will be effective for reporting periods beginning on or after 1 January 2026. Earlier application is permitted and must be disclosed. The amendments are not expected to have a material impact on the Group\u2019s financial statements. \u2022 Contracts Referencing Nature-depending Electricity - Amendments to IFRS 9 and IFRS 7 In December 2024, the IASB issued Amendments to IFRS 9 and IFRS 7 - Contracts Referencing Naturedependent Electricity. The amendments apply only to contracts that reference nature-dependent electricity; the amendments: \u2013 Clarify the application of the \u2018own-use\u2019 requirements for in-scope contracts; \u2013 Amend the designation requirements for a hedged item in a cash flow hedging relationship for in- scope contracts; \u2013 Add new disclosure requirements to enable investors to understand the effect of these contracts on a company\u2019s financial performance and cash flows. The amendments will take effect for annual reporting periods starting on or after 1 January 2026. Early adoption is allowed, but it must be disclosed. The amendments concerning the own-use exception are to be applied retrospectively, while the hedge accounting amendments should be applied prospectively to new hedging relationships designated from the initial application date. Additionally, the IFRS 7 disclosure amendments must be implemented alongside the IFRS 9 amendments. If an entity does not restate comparative information, it cannot present comparative disclosures. The Group does not expect that the amendments will have a material impact on its financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-302": { "value": "
Application of new accounting principles Below is a brief description of the new principles, interpretations and amendments with mandatory application as of 1 January 2025. Based on our assessments they have not had any significant effects on the consolidated Financial Statements to 31 December 2025. \u2022 Lack of exchangeability - Amendments to IAS 21 The amendments to IAS 21 \u201cEffects of Changes in Foreign Exchange Rates\u201d specify how an enterprise should consider whether a currency is exchangeable and determine the spot exchange rate when there is a lack of exchangeability. The amendments also require provision of information enabling readers of the financial statements to understand how the non-exchangeable currency impacts, or how it is expected to impact, the income statement, equity and financial position and cash flows of the enterprise.
Principles issued but not yet in force The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group\u2019s financial statements are disclosed below. The Group intends to adopt these new and amended standards and interpretations, if applicable, when they become effective. \u2022 IFRS 18 - Presentation and Disclosures in Financial Statements In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Furthermore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new. The standard requires disclosure of newly defined management-defined performance measures, subtotals of income and expenses, and it also includes new requirements for aggregation and disaggregation of financial information based on the identified \u2018roles\u2019 of the primary financial statements (PFS) and the notes In addition, narrow-scope amendments have been made to IAS 7 Statement of Cash Flows, which include changing the starting point for determining cash flows from operations under the indirect method, from \u2018profit or loss\u2019 to \u2018operating profit or loss\u2019 and removing the optionality around classification of cash flows from dividends and interest. In addition, there are consequential amendments to several other standards. IFRS 18, and the amendments to the other standards, are effective for reporting periods beginning on or after 1 January 2027, but earlier application is permitted and must be disclosed. IFRS 18 will apply retrospectively. The Group is currently working to identify all impacts the amendments will have on the primary financial statements and notes to the financial statements. The initial expected material impacts on Group\u2019s financial statements are as follows: \u2013 rental income, change in fair value from investment properties and share of profit or an associate and a joint venture will be classified in the investing category within the statement of profit or loss; \u2013 foreign exchange difference will be classified in the category where the related income and expense form the item giving rising to the foreign exchange difference; \u2013 new disclosure will be added: (a) management-defined performance measures; (b) specified expense by nature if expenses are presented by function in the operating category of the statement of profit or loss; and (c) a reconciliation for each line item in the statement of profit or loss between the restated amounts presented applying IFRS 18 and the amounts previously presented applying IAS 1; \u2013 interest received and interest paid will be classified in the investing activities and financing activities, respectively, on the statement of cash flows. \u2022 IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosures In May 2024, the IASB issued IFRS 19, which allows eligible entities to elect to apply its reduced disclosure requirements while still applying the recognition, measurement and presentation requirements in other IFRS accounting standards. To be eligible, at the end of the reporting period, an entity must be a subsidiary as defined in IFRS 10, cannot have public accountability and must have a parent (ultimate or intermediate) that prepares consolidated financial statements, available for public use, which comply with IFRS accounting standards. IFRS 19 will become effective for reporting periods beginning on or after 1 January 2027, with early application permitted. As the Group\u2019s equity instruments are publicly traded, it is not eligible to elect to apply IFRS 19.
\u2022 Amendments to the classification and Measurement of the financial Instruments \u2013 Amendments to IFRS 9 and IFRS 7 In May 2024, the IASB issued Amendments to IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments (the \u201cAmendments\u201d). The Amendments include: \u2013 a clarification that a financial liability is derecognised on the \u2018settlement date\u2019 and the introduction of an accounting policy choice (if specific conditions are met) to derecognise financial liabilities settled using an electronic payment system before the settlement date; \u2013 additional guidance on how the contractual cash flows for financial assets with environmental, social and corporate governance (ESG) and similar features should be assessed; \u2013 clarifications on what constitute \u2018non-recourse features\u2019 and what are the characteristics of contractually linked instruments; \u2013 the introduction of disclosures for financial instruments with contingent features and additional disclosure requirements for equity instruments classified at fair value through other comprehensive income (OCI). The Amendments are effective for annual periods starting on or after 1 January 2026 with early adoption permitted for classification of financial assets and related disclosures only. The Group does not anticipate that the amendments will have a material effect on the Group\u2019s financial statements. \u2022 Annual Improvements to IFRS Accounting Standards - Volume 11 In July 2024, the IASB issued nine narrow scope amendments as part of its periodic maintenance of IFRS accounting standards. The amendments include clarifications, simplifications, corrections or changes to improve consistency in IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 7 Financial instruments: Disclosure and its accompanying Guidance on implementing IFRS 7, IFRS 9 Financial Instruments, IFRS 10 Consolidated Financial Statements and IAS 7 Statements of Cash Flows. The amendments will be effective for reporting periods beginning on or after 1 January 2026. Earlier application is permitted and must be disclosed. The amendments are not expected to have a material impact on the Group\u2019s financial statements. \u2022 Contracts Referencing Nature-depending Electricity - Amendments to IFRS 9 and IFRS 7 In December 2024, the IASB issued Amendments to IFRS 9 and IFRS 7 - Contracts Referencing Naturedependent Electricity. The amendments apply only to contracts that reference nature-dependent electricity; the amendments: \u2013 Clarify the application of the \u2018own-use\u2019 requirements for in-scope contracts; \u2013 Amend the designation requirements for a hedged item in a cash flow hedging relationship for in- scope contracts; \u2013 Add new disclosure requirements to enable investors to understand the effect of these contracts on a company\u2019s financial performance and cash flows. The amendments will take effect for annual reporting periods starting on or after 1 January 2026. Early adoption is allowed, but it must be disclosed. The amendments concerning the own-use exception are to be applied retrospectively, while the hedge accounting amendments should be applied prospectively to new hedging relationships designated from the initial application date. Additionally, the IFRS 7 disclosure amendments must be implemented alongside the IFRS 9 amendments. If an entity does not restate comparative information, it cannot present comparative disclosures. The Group does not expect that the amendments will have a material impact on its financial statements.
Use of estimates The preparation of the financial statements by management requires estimates and assumptions to be made, based on management\u2019s best judgement, that affect the reported amounts of revenues, expenses, assets, liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. If in the future these estimates and assumptions differ from the actual circumstances, they will be amended as appropriate when circumstances change. The balance sheet accounts which require, more than others, a higher degree of subjectivity on the part of management when making estimates and for which a change in the conditions underlying the assumptions used could have a significant impact on financial data are hereunder briefly described. \u2022 Goodwill: according to the accounting standards applied by the Group, goodwill is subject to annual impairment testing to ascertain whether a reduction in value has occurred. These tests require, on the part of management, subjective evaluations based on available information within the Group and from the market, as well as historical experience. They also depend on factors that could change over time, influencing the valuations and estimates made by management. Furthermore, when it has been determined that a potential reduction in value may have occurred, the Group proceeds to determine it by using the evaluation methods deemed to be most adequate. \u2022 Provisions for risks: the identification of the existence or not of a current obligation (legal or implicit) is not easy to determine in some cases. Management evaluates these events on a case-by-case basis together with an estimate of the amount of financial resources required to comply with the obligation. When management considers that the generation of a liability is only possible, the risks are disclosed in the appropriate information section on risks and liabilities, and no accruals are made. \u2022 Deferred tax assets: recording is supported by a recovery plan based on hypotheses and assumptions which management considers to be reasonable. \u2022 Inventories: inventories which appear to be obsolete or slow-moving are periodically tested and written down if their recoverable value in less than their book value. Write-downs are based on assumptions and estimates which derive from experience and the historical results obtained. \u2022 Financial instruments: trade receivables are reduced by their relative provision for bad debts to consider their effective recoverable value. The determination of the amounts to be written down requires that management make subjective evaluations which consider past events, current conditions and expectations of future economic conditions.
In general, the methods for the calculation of the fair value of financial instruments, for accounting or disclosure purposes, are summarised below regarding the main categories of financial instruments: \u2013 Derivative financial instruments: pricing models are adopted based on the market values of the interest rates; \u2013 Receivables and payables and unlisted financial assets: for financial instruments with maturity at more than 1 year, the discounted cash flow method was applied (discounting to the present the expected cash flows in consideration of the current interest rate conditions and creditworthiness) to determine the fair value on \u201cfirst recognition\u201d. Further measurements are made based on the amortised cost method; \u2013 Listed financial instruments: the market value at the reporting date is used. In relation to financial instruments measured at fair value, IFRS 13 requires the classification of these instruments according to the standard\u2019s hierarchy levels, which reflect the significance of the inputs used in establishing the fair value. The following levels are used: \u2022 Level 1: unadjusted assets or liabilities subject to valuation on an active market; \u2022 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; \u2022 Level 3: input which is not based on observable market data.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-304": { "value": "
Use of estimates The preparation of the financial statements by management requires estimates and assumptions to be made, based on management\u2019s best judgement, that affect the reported amounts of revenues, expenses, assets, liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. If in the future these estimates and assumptions differ from the actual circumstances, they will be amended as appropriate when circumstances change. The balance sheet accounts which require, more than others, a higher degree of subjectivity on the part of management when making estimates and for which a change in the conditions underlying the assumptions used could have a significant impact on financial data are hereunder briefly described. \u2022 Goodwill: according to the accounting standards applied by the Group, goodwill is subject to annual impairment testing to ascertain whether a reduction in value has occurred. These tests require, on the part of management, subjective evaluations based on available information within the Group and from the market, as well as historical experience. They also depend on factors that could change over time, influencing the valuations and estimates made by management. Furthermore, when it has been determined that a potential reduction in value may have occurred, the Group proceeds to determine it by using the evaluation methods deemed to be most adequate. \u2022 Provisions for risks: the identification of the existence or not of a current obligation (legal or implicit) is not easy to determine in some cases. Management evaluates these events on a case-by-case basis together with an estimate of the amount of financial resources required to comply with the obligation. When management considers that the generation of a liability is only possible, the risks are disclosed in the appropriate information section on risks and liabilities, and no accruals are made. \u2022 Deferred tax assets: recording is supported by a recovery plan based on hypotheses and assumptions which management considers to be reasonable. \u2022 Inventories: inventories which appear to be obsolete or slow-moving are periodically tested and written down if their recoverable value in less than their book value. Write-downs are based on assumptions and estimates which derive from experience and the historical results obtained. \u2022 Financial instruments: trade receivables are reduced by their relative provision for bad debts to consider their effective recoverable value. The determination of the amounts to be written down requires that management make subjective evaluations which consider past events, current conditions and expectations of future economic conditions.
In general, the methods for the calculation of the fair value of financial instruments, for accounting or disclosure purposes, are summarised below regarding the main categories of financial instruments: \u2013 Derivative financial instruments: pricing models are adopted based on the market values of the interest rates; \u2013 Receivables and payables and unlisted financial assets: for financial instruments with maturity at more than 1 year, the discounted cash flow method was applied (discounting to the present the expected cash flows in consideration of the current interest rate conditions and creditworthiness) to determine the fair value on \u201cfirst recognition\u201d. Further measurements are made based on the amortised cost method; \u2013 Listed financial instruments: the market value at the reporting date is used. In relation to financial instruments measured at fair value, IFRS 13 requires the classification of these instruments according to the standard\u2019s hierarchy levels, which reflect the significance of the inputs used in establishing the fair value. The following levels are used: \u2022 Level 1: unadjusted assets or liabilities subject to valuation on an active market; \u2022 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; \u2022 Level 3: input which is not based on observable market data.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-305": { "value": "
In general, the methods for the calculation of the fair value of financial instruments, for accounting or disclosure purposes, are summarised below regarding the main categories of financial instruments: \u2013 Derivative financial instruments: pricing models are adopted based on the market values of the interest rates; \u2013 Receivables and payables and unlisted financial assets: for financial instruments with maturity at more than 1 year, the discounted cash flow method was applied (discounting to the present the expected cash flows in consideration of the current interest rate conditions and creditworthiness) to determine the fair value on \u201cfirst recognition\u201d. Further measurements are made based on the amortised cost method; \u2013 Listed financial instruments: the market value at the reporting date is used. In relation to financial instruments measured at fair value, IFRS 13 requires the classification of these instruments according to the standard\u2019s hierarchy levels, which reflect the significance of the inputs used in establishing the fair value. The following levels are used: \u2022 Level 1: unadjusted assets or liabilities subject to valuation on an active market; \u2022 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; \u2022 Level 3: input which is not based on observable market data.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-306": { "value": "
Basis of consolidation The consolidated financial statements include those of the Parent Company and the enterprises controlled by it, directly or indirectly, prepared as of 31 December each year. Control is attained when the Group is exposed or has the right to variable returns originating from its relationship with the investee and at the same time has the capacity to affect these returns by exerting its power over that entity. Specifically, the Group controls an investee if and only if the Group has: \u2022 investment power over the entity (i.e. holds valid rights that give it the ability to actually manage business relevant to the investee entity); \u2022 exposure or rights to variable returns originating from the relationship with the investee entity; \u2022 the ability to exert power over the investee entity to affect the total returns. Generally, it is presumed that having the majority of voting rights leads to control. In support of this assumption and when the Group does not hold the majority of voting (or similar) rights, the Group considers all the relevant facts and circumstances to establish whether it controls the investee entity, including: \u2022 Contractual agreements with other voting rights holders; \u2022 Rights originating from contractual agreements; \u2022 The Group's voting rights and potential voting rights. The Group reconsiders whether it has control of an investee or not if the facts and circumstances indicate that there have been changes in one or more of the three relevant factors which define control. Consolidation of a subsidiary begins when the Group gains control of it and ceases when the Group loses control. The assets, liabilities, revenue and costs of the subsidiary acquired or disposed of during the year are included in the consolidated financial statement from the date the Group obtains control until the date the Group can no longer exert control over the company. The financial statements of the subsidiaries are prepared according to the same accounting standards adopted by the Parent Company. Where necessary, consolidation adjustments are made to bring the accounting policies used in line with those used by the Company. All intercompany transactions and balances between group enterprises, including unrealised gains, are eliminated on consolidation. Unrealised losses are also eliminated, unless they cannot be recovered later. The consolidation is made with the full line-by-line method. The criteria adopted for the application of this method include, among others: a. elimination of the book value of investments in consolidated companies against the related shareholders\u2019 equity and the assumption at the same time of all their assets and liabilities; b. elimination of intercompany payables and receivables and transactions, as well as intercompany profits and losses not yet realised; c. any excess of the cost of acquisition over the value of equity at the date of acquisition is recognised as goodwill; d. non-controlling interests in the equity of consolidated subsidiaries are shown separately under equity, while non-controlling interests in the net income of these companies are shown separately in the consolidated income statement. The financial statements of foreign subsidiaries expressed in currencies other than Euro are translated into Euro as follows: \u2022 assets and liabilities, except for shareholders\u2019 equity, at year-end exchange rates; \u2022 shareholders\u2019 equity at historical exchange rates, for year of formation; \u2022 income and expense items at the average exchange rates for the year;
\u2022 the goodwill resulting from the acquisition of a foreign company is recognised in the currency of the country in question and translated at year-end exchange rates. Translation differences arising from this process are shown in the consolidated statement of comprehensive income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-307": { "value": "
Property, plant and equipment \u2013 Property, plant and equipment is sated at purchase cost less accumulated depreciation and any recognised impairment loss. Reviews are performed when events or situations occur which indicate that the carrying amount of the assets can no longer be recovered (see paragraph on impairment).
Depreciation is computed on a straight-line basis using rates which are held to be representative of the estimated useful life of the assets: \u2022 Industrial buildings 2.5% - 5.5% \u2022 Plant and machinery 10% - 17.5% \u2022 Other equipment 12% - 40%
Gains or losses arising from the disposal or retirement of an asset are determined as the difference between the sales proceeds and the net carrying amount of the asset and are recognised in income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-308": { "value": "
Depreciation is computed on a straight-line basis using rates which are held to be representative of the estimated useful life of the assets: \u2022 Industrial buildings 2.5% - 5.5% \u2022 Plant and machinery 10% - 17.5% \u2022 Other equipment 12% - 40%
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-309": { "value": "
Leasing \u2013 The Group applied IFRS 16, using the modified retrospective approach. Accounting model for lessee \u2013 At commencement or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease and non-lease component based on its related stand-alone price. The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentive received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects that the Group will exercise a purchase option. In this case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis of those of property, plant and equipment. In addition, the right of use asset is periodically reduced by impairment losses, if any, and adjusted to reflect any changes deriving from remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interests rate implicit in the lease. If that rate cannot be readily determined, the Group uses the incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the assets leased. The payments due for the lease included in the measurements of the lease liability comprise: \u2022 fixed payments (including substantially fixed payments); \u2022 variable lease payments that depend on an index or a rate, initially measured using the index or rate at the commencement date; \u2022 amounts expected to be payable under a residual value guarantee; and
\u2022 the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early. The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group\u2019s estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset. If the carrying amount of the right-of-use asset has been reduced to zero, the lessee recognises the change in the profit/loss for the year. The Group presents right-of-use assets that do not meet the definition of investments property in \u201cProperty, plant and equipment\u201d and lease liabilities in \u201cLoans\u201d in the balance sheet. Short-term leases and leases of low value assets \u2013 The Group has elected not to recognise right-of-use assets and lease liabilities for leases of low value assets and short-term leases, including IT equipment. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-310": { "value": "
Intangible assets \u2013 An intangible asset is recognised in the accounts only if identifiable, likely to generate future economic benefits and its cost can be reliably determined. Intangible assets are recognised at purchase cost, net of amortisation calculated on a straight-line basis and on the basis of their estimated useful life which, however, cannot exceed 20 years. Patents, licenses and know-how are amortised as from the year of the first sale of relevant products. Amortisation of distribution and license rights is calculated over the duration of the contract, using the following rates which are held to be representative of the estimated useful life of the assets. \u2022 Industrial patent rights and marketing authorisations 5% - 33% \u2022 Distribution licenses, trademarks and similar rights 5% - 25%.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-311": { "value": "
Goodwill \u2013 Goodwill arising on consolidation represents the excess of the cost of acquisition over the Group\u2019s interest in the fair value of the identifiable assets and liabilities of a subsidiary, associate or jointly-controlled entity at the date of acquisition. Transaction costs associated with a business combination are not considered acquisition costs, but are recognised as expenses in the year they are incurred. Goodwill is recognised as an asset and subjected annually to an impairment test in order to determine any loss of value. This test is performed with reference to a cash-generating unit, or CGU, to which goodwill is attributed and at the level at which it is monitored. Goodwill arising on the acquisition of an associate is included within the carrying amount of the associate. On disposal of a subsidiary, associate or jointly-controlled entity, the attributable amount of remaining goodwill is included in the determination of the gain or loss on disposal.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-312": { "value": "
Impairment \u2013 At each reporting date, or more frequently if necessary, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that these assets have suffered an impairment loss. If these indications exist, the recoverable amount of these assets is estimated to determine the amount of the write-down. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash- generating unit to which the asset belongs.
The recoverable amount is the greater of net selling price and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using an after-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In the context of determining estimated future cash flow, the Group takes into consideration risks associated with issues linked to climate change, including applicable regulations, assessing whether these may have a significant impact on estimates of the recoverable value and, when necessary, including the effects on cash flow forecasts for estimates of value in use. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash- generating unit) is reduced to its recoverable amount. Impairment losses are recognised as an expense immediately. When an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is increased to the revised estimate of its recoverable amount. However, the increased carrying amount cannot exceed the carrying amount that would have been determined had no impairment loss been recognised. A reversal of an impairment loss is recognised as income immediately. Losses resulting from the impairment of goodwill cannot be reversed.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-313": { "value": "
Equity investments in associates \u2013 An associate is an enterprise over which the Group is in a position to exercise significant influence, but not control, through participation in the financial and operating policy decisions of the investee. The results and assets and liabilities of associates are incorporated in the consolidated financial statements using the equity method of accounting.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-314": { "value": "
Financial instruments Recognition and measurement Trade receivables and debt securities issued are initially recognised when they are originated. All other financial assets and liabilities are initially recognised when the Group becomes a party to the contractual provisions of the financial instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus or minus, for an item not at FVTPL, transaction costs that are directly attributable to the acquisition or issue of the financial asset or liability. A trade receivable without a significant financing component is initially measured at the transaction price.
Classification and subsequent measurement Financial assets On initial recognition, a financial asset is classified on the basis of its measurement: amortised cost; fair value through other comprehensive income (\u201cFVOCI\u201d) - debt security; (FVOCI) - equity security; or at fair value through profit or loss (\u201cFVTPL\u201d). Financial assets are not reclassified after their initial recognition, unless the Group changes its business model for management of financial assets. In this case, all the financial assets involved are reclassified on the first day of the year following the change in the business model. A financial asset must be measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: \u2022 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2022 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A financial asset must be measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: \u2022 it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and
\u2022 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment\u2019s fair value in other comprehensive income. This choice is made for each asset. All financial assets not classified as measured at amortised cost or at FVOCI, as indicated above, are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Financial assets: subsequent measurement and gains and losses \u2022 Financial assets measured at FVTPL These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss for the year.
\u2022 Financial assets measured at amortised cost These assets are subsequently measured at amortised cost in conformity with the effective interest criterion. The amortised cost is decreased by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss, as are any gains or losses on derecognition. \u2022 Debt investments measured at FVOCI These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognised in profit or loss. Other net gains and losses are recognised in other comprehensive income. On derecognition, gains and losses accumulated in other comprehensive income are reclassified to profit or loss.
\u2022 Equity securities measured at FVOCI These assets are subsequently measured at fair value. Dividends are recognised as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in other comprehensive income and are never reclassified to profit or loss.
Financial liabilities: classification, subsequent measurement and gains and losses Financial liabilities are classified as measured at amortised cost or at FVTPL. A financial liability is classified as at FVTPL when it is held for trading, represents a derivative or is designated as such at the moment of initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost in using the effective interest criterion. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss.
Derecognition Financial assets The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.
The Group enters into transactions whereby it transfers assets recognised in its statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases, the assets transferred are not derecognised.
Financial liabilities The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire. The Group derecognises a financial liability also in the case of a change in the related contractual terms and the cash flows of the modified liability are substantially different. In this case, a new financial liability is recognised at fair value on the basis of the modified contractual terms. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss.
Offsetting Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to set off the amounts, and it intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-316": { "value": "
Classification and subsequent measurement Financial assets On initial recognition, a financial asset is classified on the basis of its measurement: amortised cost; fair value through other comprehensive income (\u201cFVOCI\u201d) - debt security; (FVOCI) - equity security; or at fair value through profit or loss (\u201cFVTPL\u201d). Financial assets are not reclassified after their initial recognition, unless the Group changes its business model for management of financial assets. In this case, all the financial assets involved are reclassified on the first day of the year following the change in the business model. A financial asset must be measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: \u2022 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2022 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A financial asset must be measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: \u2022 it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and
\u2022 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment\u2019s fair value in other comprehensive income. This choice is made for each asset. All financial assets not classified as measured at amortised cost or at FVOCI, as indicated above, are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Financial assets: subsequent measurement and gains and losses \u2022 Financial assets measured at FVTPL These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss for the year.
\u2022 Financial assets measured at amortised cost These assets are subsequently measured at amortised cost in conformity with the effective interest criterion. The amortised cost is decreased by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss, as are any gains or losses on derecognition. \u2022 Debt investments measured at FVOCI These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognised in profit or loss. Other net gains and losses are recognised in other comprehensive income. On derecognition, gains and losses accumulated in other comprehensive income are reclassified to profit or loss.
\u2022 Equity securities measured at FVOCI These assets are subsequently measured at fair value. Dividends are recognised as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in other comprehensive income and are never reclassified to profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-315": { "value": "
Classification and subsequent measurement Financial assets On initial recognition, a financial asset is classified on the basis of its measurement: amortised cost; fair value through other comprehensive income (\u201cFVOCI\u201d) - debt security; (FVOCI) - equity security; or at fair value through profit or loss (\u201cFVTPL\u201d). Financial assets are not reclassified after their initial recognition, unless the Group changes its business model for management of financial assets. In this case, all the financial assets involved are reclassified on the first day of the year following the change in the business model. A financial asset must be measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: \u2022 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2022 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A financial asset must be measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: \u2022 it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and
\u2022 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment\u2019s fair value in other comprehensive income. This choice is made for each asset. All financial assets not classified as measured at amortised cost or at FVOCI, as indicated above, are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Financial assets: subsequent measurement and gains and losses \u2022 Financial assets measured at FVTPL These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss for the year.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-317": { "value": "
\u2022 Equity securities measured at FVOCI These assets are subsequently measured at fair value. Dividends are recognised as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in other comprehensive income and are never reclassified to profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-318": { "value": "
Financial liabilities: classification, subsequent measurement and gains and losses Financial liabilities are classified as measured at amortised cost or at FVTPL. A financial liability is classified as at FVTPL when it is held for trading, represents a derivative or is designated as such at the moment of initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost in using the effective interest criterion. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-319": { "value": "
Derecognition Financial assets The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.
The Group enters into transactions whereby it transfers assets recognised in its statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases, the assets transferred are not derecognised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-320": { "value": "
Offsetting Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to set off the amounts, and it intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-322": { "value": "
Derivative financial instruments and hedge accounting The Group holds derivative financial instruments to hedge its foreign currency and interest rate risk exposures. Derivative instruments are initially measured at fair value. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are generally recognised in profit or loss. The Group designates certain derivatives as hedging instruments to hedge the variability in cash flows associated with highly probable forecast transactions arising from changes in foreign exchange rates and interest rates and certain derivatives and non-derivative financial liabilities as hedges of foreign exchange risk on a net investment in a foreign operation. At inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other. Cash flow hedges When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognised in other comprehensive income and accumulated in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognised in other comprehensive income is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss. If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the hedging reserve remains in equity until, for a hedge of a transaction resulting in the recognition of a non-financial item, it is included in the cost of the non-financial item on its initial recognition or, for other cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged expected future cash flows affect profit or loss.
If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in the hedging reserve and the cost of hedging reserve are immediately reclassified to profit or loss. Net investment hedges When a derivative instrument or a non-derivative financial liability is designated as the hedging instrument in a hedge of a net investment in a foreign operation, the effective portion of, for a derivative, changes in the fair value of the hedging instrument or, for a non-derivative, foreign exchange gains and losses is recognised in other comprehensive income and presented in the translation reserve within equity. Any ineffective portion is recognised immediately in profit or loss. The amount recognised in other comprehensive income is reclassified to profit or loss as a reclassification adjustment on disposal of the foreign operation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-321": { "value": "
Derivative financial instruments and hedge accounting The Group holds derivative financial instruments to hedge its foreign currency and interest rate risk exposures. Derivative instruments are initially measured at fair value. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are generally recognised in profit or loss. The Group designates certain derivatives as hedging instruments to hedge the variability in cash flows associated with highly probable forecast transactions arising from changes in foreign exchange rates and interest rates and certain derivatives and non-derivative financial liabilities as hedges of foreign exchange risk on a net investment in a foreign operation. At inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other. Cash flow hedges When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognised in other comprehensive income and accumulated in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognised in other comprehensive income is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss. If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the hedging reserve remains in equity until, for a hedge of a transaction resulting in the recognition of a non-financial item, it is included in the cost of the non-financial item on its initial recognition or, for other cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged expected future cash flows affect profit or loss.
If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in the hedging reserve and the cost of hedging reserve are immediately reclassified to profit or loss. Net investment hedges When a derivative instrument or a non-derivative financial liability is designated as the hedging instrument in a hedge of a net investment in a foreign operation, the effective portion of, for a derivative, changes in the fair value of the hedging instrument or, for a non-derivative, foreign exchange gains and losses is recognised in other comprehensive income and presented in the translation reserve within equity. Any ineffective portion is recognised immediately in profit or loss. The amount recognised in other comprehensive income is reclassified to profit or loss as a reclassification adjustment on disposal of the foreign operation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-323": { "value": "
Inventories \u2013 Inventories are stated at the lower of cost and net realisable value, where the market value of raw materials and subsidiaries is their substitution cost while that related to finished goods and work-in-process is their net realisable value. Inventories of raw materials, supplies and promotional material are valued at their average acquisition cost including costs incurred in bringing the inventories to their location and condition at year end. Inventories of work-in-process and finished goods are valued at their average manufacturing cost which includes the cost of raw materials, consumables, direct labour and indirect costs of production. Inventories are written-down if market value is lower than cost as described above or in the case of obsolescence resulting from slow moving stocks.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-324": { "value": "
Cash and cash equivalents \u2013 Cash in banks on demand and short-term highly liquid investments measured at market value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-325": { "value": "
Non-current assets classified as held for sale and discontinued operations \u2013 These consist of components of an entity, whose operations and cash flows can be distinguished operationally and for financial reporting purposes, which have either been disposed of or satisfy the criteria to be classified as held for sale. A non-current asset (or disposal group) classified as held for sale is measured at the lower of fair value less costs to sell it and its carrying amount. Non-current assets or disposal groups that are classified as held for sale are not depreciated.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-326": { "value": "Equity instruments issued by the Company are recognised at the proceeds received.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-327": { "value": " Dividends distributed by the Parent Company are recognised as payables at the moment of the resolution to distribute them.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-328": { "value": " The purchase cost and selling price of treasury shares are recognised
directly in equity and are therefore not recognised in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-329": { "value": "
Provisions for employee benefits \u2013 Employee benefits are recognised on the basis of the results of the measurements made according to what is established by the accounting standard IAS 19. The liability recognised in the balance sheet for post-employment benefit plans is the present value of the defined benefit obligation, as adjusted for unrecognised actuarial gains and losses and unrecognised past service cost. In particular the Projected Unit Credit Method is applied.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-330": { "value": "
Provisions for risks and charges \u2013 Provisions for risks and charges made when the Group has a present obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate of the amount can be made.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-331": { "value": "
Transactions in foreign currencies \u2013 Transactions in currencies other than the euro are initially recognised at the exchange rates prevailing on the dates of the transactions. Monetary assets and liabilities denominated in such currencies are retranslated at the rates prevailing on the reporting date. Gains and losses arising on exchange are included in net profit or loss for the period. Non-monetary assets and liabilities recognised at the exchange rates prevailing on the dates of the transactions are not retranslated on the reporting date.
In the consolidated financial statements, the assets and liabilities of the Group\u2019s foreign currency operations are translated at the exchange rates prevailing on the reporting date. Income and expense items are translated at the average exchange rates for the period. Exchange differences arising, if any, are recognised in the consolidated statement of comprehensive income and included in the item \u201creserve from translation of financial statements in foreign currencies\u201d. This reserve is recognised as income or as expenses in the period in which the subsidiary is disposed of.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-332": { "value": "
Revenue \u2013 Revenue is measured based on the consideration specified in a contract with a customer. The Group recognises revenue when it transfers control over a good or service to a customer. Revenues are stated net of discounts, rebates and returns. Information about the nature and the timing of the satisfaction of performance obligations in contracts with customers and the related revenue recognition policies are as follows. Revenues mainly comprise product sales and revenue from licensing-out agreements. Product sales represent net invoice value less estimated rebates, returns and chargebacks and are recognised when control of the goods has been transferred to a third party. This is usually when ownership passes to the customer, either on shipment or on receipt of goods by the customer, depending on the specific trading terms. Revenue from licensing-out agreements includes income from collaborative arrangements on the Group\u2019s products where the Group has licensed certain rights associated with those products, but retains a significant ongoing economic interest, through for example the ongoing supply of finished goods. Income may take the form of up-front payments, profit sharing and royalties. Where control of a right to use of intangible assets passes at the outset of an arrangement, revenue is recognised at one point in time. Where the substance of an arrangement is that of a right to access intangible assets, revenue is recognised over time, normally on a straight-line basis over the life of the contract. Where the Group provides ongoing services (i.e. supply of products), revenue in respect of this element is recognised over the duration of these services. Sales performance milestones are accounted for when the licensee achieves the sales target, so these are recognised at one point in time. Royalties received from the licensee are accounted for when the licensor is entitled to the payment, so these are to be recognised at one point in time.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-333": { "value": "
Cost of sales \u2013 This represents the cost of the goods sold. It includes the cost of raw materials, supplies and consumables, finished goods, and direct and indirect production expenses. Selling expenses - These include all expenses incurred in connection with the products sold during the year, such as payroll and other costs for sales and marketing personnel, promotional expenses and all distribution costs.
Research and development expenses \u2013 Research and development costs are expensed in the income statement in the year in which they are incurred in accordance with IAS 38, except the cases for which the same IAS 38 prescribes the capitalisation. IAS 38 prescribes that development costs must be capitalised when, in relation to the products of the activity, technical and commercial feasibility is achieved with high probability of success and future economic benefits are probable. These costs include amounts due under collaboration agreements with third parties.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-334": { "value": "
Research and development expenses \u2013 Research and development costs are expensed in the income statement in the year in which they are incurred in accordance with IAS 38, except the cases for which the same IAS 38 prescribes the capitalisation. IAS 38 prescribes that development costs must be capitalised when, in relation to the products of the activity, technical and commercial feasibility is achieved with high probability of success and future economic benefits are probable. These costs include amounts due under collaboration agreements with third parties.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-335": { "value": "
Transactions involving share-based payments \u2013 As prescribed by IFRS 2, stock option and performance share plans for the benefit of Group employees are considered part of their remuneration, the cost of which is the fair value of the rights at the date they are granted. This cost is recognised in profit and loss
linearly distributed over the vesting period with a counter-item booked directly to equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-336": { "value": "
Financial income and expenses \u2013 These include interest income and expenses, foreign exchange gains and losses, both realised and unrealised, and differences arising from the valuation of securities. Interest income and expenses are recognised in profit and loss using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-337": { "value": "
Taxes \u2013 Income taxes are the sum of current and deferred taxes. Current taxes are based on taxable profit for the year and the tax rates in force at the reporting date are applied.
Deferred taxes are taxes expected to be payable or recoverable on temporary differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of taxable income. Deferred tax liabilities are generally recognised all taxable temporary differences, while deferred tax assets are recognised to the extent to which it is considered probable that there will be taxable fiscal results in the future that will enable the use of the deductible temporary differences. Assets and liabilities are not recognised if the temporary differences derive from goodwill. Deferred tax is calculated at the tax rates that are expected to apply to the period when the liability is settled or the asset realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also recognised in equity. Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-338": { "value": "
Deferred taxes are taxes expected to be payable or recoverable on temporary differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of taxable income. Deferred tax liabilities are generally recognised all taxable temporary differences, while deferred tax assets are recognised to the extent to which it is considered probable that there will be taxable fiscal results in the future that will enable the use of the deductible temporary differences. Assets and liabilities are not recognised if the temporary differences derive from goodwill. Deferred tax is calculated at the tax rates that are expected to apply to the period when the liability is settled or the asset realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also recognised in equity. Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-339": { "value": "
Earnings per share \u2013 Earnings per share is the net income for the period attributable to ordinary shareholders divided by the weighted average number of ordinary shares outstanding during the period. Diluted earnings per share is calculated by adjusting the number of shares outstanding for the effects of all dilutive potential ordinary shares.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-340": { "value": "
3. NET REVENUE 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. Total net revenue in 2025 was \u20ac 2,618.4 million, up by 11.8% compared to 2024 and include \u20ac 146.3 million (versus \u20ac 10.9 million in the preceding year) for sales of Enjaymo\u00ae in the Hema-Oncological segment, of which the global rights were sold by Sanofi to Recordati on 29 November 2024. The increase is also attributable to organic growth in turnover in both business segments, despite the unfavourable currency exchange effect, amounting to a negative total of \u20ac 64.2 million.
Revenue can be detailed as follows: \u20ac (thousands) 2025 2024 Changes 2025/2024 Net sales 2,597,872 2,325,679 272,193 Royalties 10,143 10,982 (839) Upfront payments 1,053 1,369 (316) Various revenue 9,315 3,529 5,786 Total net revenue 2,618,383 2,341,559 276,824 The effect of the application of IAS 29 \u201cFinancial Reporting in Hyperinflationary Economies\u201d to activities in T\u00fcrkiye, taking account of the provisions of IAS 21 \u201cEffects of Changes in Foreign Exchange Rates\u201d, had a positive effect on net revenue of \u20ac 12.7 million. It should be noted that the Argentine company did not recognise revenues. Royalties are related to products in the Rare Diseases segment for \u20ac 6.2 million and to those of the Specialty and Primary Care segment for \u20ac 3.9 million. The item \u201cVarious revenue\u201d includes \u20ac 5.7 million, corresponding to the margin on sales of the cardiovascular drug Vazkepa\u00ae, achieved by Amarin on behalf of Recordati after 24 June 2025, which was the date of transfer of the product licensing rights, and until the change in ownership of the marketing authorisation. It should be noted that as of 31 December 2025, this authorisation was transferred for eight countries, where direct sales of the product began, whereas formalities are being finalised for a further four countries. The following tables show net revenue broken down by therapeutic area and geographic area by country, with an indication of the related business segments identified by the Group. THERAPEUTIC AREA \u20ac (thousands) Specialty & Primary Care 2025 Specialty & Primary Care 2024 Rare Diseases 2025 Rare Diseases 2024 Total 2025 Total 2024 Urology 410,047 399,941 - - 410,047 399,941 Cardiovascular 396,022 385,208 - - 396,022 385,208 Gastrointestinal 238,935 217,498 - - 238,935 217,498 Cough and Cold 124,295 137,280 - - 124,295 137,280 Other treatment areas 308,581 309,309 - - 308,581 309,309 Pharmaceutical chemicals 59,054 58,468 - - 59,054 58,468 Hema-Oncology - - 414,855 253,228 414,855 253,228 Endocrinology - - 394,081 321,686 394,081 321,686 Metabolic and other areas - - 272,513 258,941 272,513 258,941 Total net revenue 1,536,934 1,507,704 1,081,449 833,855 2,618,383 2,341,559
GEOGRAPHIC AREA BY COUNTRY \u20ac (thousands) Specialty & Primary Care 2025 Specialty & Primary Care 2024 Rare Diseases 2025 Rare Diseases 2024 Total 2025 Total 2024 Pharmaceutical revenue U.S.A. - - 515,167 391,487 515,167 391,487 Italy 284,893 299,672 37,971 30,815 322,864 330,487 Spain 189,108 180,759 36,547 33,267 225,655 214,026 France 130,879 138,749 48,479 36,011 179,358 174,760 Russia, Ukraine, other CIS 155,175 128,569 28,279 21,933 183,454 150,502 Germany 101,701 108,498 74,755 52,943 176,456 161,441 T\u00fcrkiye 114,297 122,427 12,251 10,357 126,548 132,784 Portugal 67,181 61,904 5,346 5,276 72,527 67,180 Other Eastern European countries 151,265 135,636 36,369 32,326 187,634 167,962 Other Western European countries 100,803 98,600 68,889 65,104 169,692 163,704 North Africa 48,164 43,755 10,766 1,984 58,930 45,739 Other international sales 134,414 130,667 206,630 152,352 341,044 283,019 Total pharmaceutical revenue 1,477,880 1,449,236 1,081,449 833,855 2,559,329 2,283,091 \u20ac (thousands) Specialty & Primary Care 2025 Specialty & Primary Care 2024 Rare Diseases 2025 Rare Diseases 2024 Total 2025 Total 2024 Pharmaceutical chemicals revenue Italy 2,705 2,879 - - 2,705 2,879 Other European countries 19,589 16,342 - - 19,589 16,342 U.S.A. 4,932 4,723 - - 4,932 4,723 America (U.S.A. excluded) 4,931 6,012 - - 4,931 6,012 Asia and Oceania 26,042 27,911 - - 26,042 27,911 Africa 855 601 - - 855 601 Total chemical pharmaceuticals revenue 59,054 58,468 0 0 59,054 58,468 Total net revenue 1,536,934 1,507,704 1,081,449 833,855 2,618,383 2,341,559
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-341": { "value": "
4. OPERATING EXPENSES Total operating expenses for 2025 amounted to \u20ac 1,947.6 million, up compared to the \u20ac 1,702.7 million of 2024, and are classified by function as follows:
\u20ac (thousands) 2025 2024 Changes 2025/2024 Cost of sales 830,704 741,287 89,417 Selling expenses 558,973 497,728 61,245 Research and development expenses 340,952 286,026 54,926 General and administrative expenses 168,015 156,648 11,367 Other (income)/expenses, net 48,931 21,013 27,918 Total operating expenses 1,947,575 1,702,702 244,873
The cost of sales totals \u20ac 830.7 million, up compared to the previous year representing 31.7% of revenue, in line with 2024. It includes the effects of the fair value revaluation, in accordance with accounting standard IFRS 3, for the EUSA Pharma (now Recordati UK) and Enjaymo\u00ae inventories acquired. This impacted negatively on the income statement, calculated based on the units sold in the year, amounting to \u20ac 66.8 million (compared to \u20ac 37.5 million in 2024). Excluding this effect, the incidence in 2025 and 2024 would have been 29.2% and 30.1% respectively, down due to a different sales mix effect. The effect of the application of IAS 29 \u201cFinancial Reporting in Hyperinflationary Economies\u201d and the provisions of IAS 21 \u201cEffects of Changes in Foreign Exchange Rates\u201d to activities in T\u00fcrkiye was \u20ac 14.1 million, compared to \u20ac 16.4 million in 2024. It should be noted that the Argentine company has a cost of sales equal to zero.
Selling expenses grew by 12.3% in relation to the same period the previous year, at 21.3% of revenue, substantially in line with 2024. These expenses include the investments made to support the launch of the Cushing\u2019s syndrome Isturisa\u00ae indication (approved by the FDA on 15 April 2025) and to support Enjaymo\u00ae growth and the continued geographic expansion in the Rare Diseases segment.
Research and development expenses were \u20ac 341.0 million, an increase of 19.2% compared to those of 2024 and include \u20ac 35.0 million of amortisation of the rights of Enjaymo\u00ae, acquired from Sanofi in the fourth quarter 2024, which had an impact of \u20ac 2.9 million in the previous year. In addition, the increase versus 2024 is linked to the additional activities for medical information in support of the expansion of Enjaymo\u00ae and the new Isturisa\u00ae indication, as well as ongoing clinical trials. Research and development costs, excluding amortisation and write-downs of intangible assets acquired or licensed, accounted for 6.3% of revenue, compared to 6.0% in the previous year.
General and administrative expenses increased by 7.3%, accounting for 6.4% of revenue compared to 6.7% in 2024, due to the ongoing strengthening of the general coordination structure and new IT systems investments to support the Group\u2019s growth, as well as for the expansion of organisational structures in new markets (Brazil, Japan).
The following table summarises the more significant components of \u201cOther net (income)/expenses\u201d. \u20ac (thousands) 2025 2024 Changes 2025/2024 Non-recurring costs: - restructuring 17,886 5,972 11,914 - Urorec\u00ae payback 12,762 - 12,762 - EUSA Pharma acquisition 4,169 1,949 2,220 - voluntary liquidation of the Chinese branch 2,427 - 2,427 - emergency in Ukraine and Spain 69 127 (58) Impairment of intangible assets and goodwill 9,533 14,330 (4,797) Write-downs of property, plant and equipment 198 0 198 Other 1,887 (1,365) 3,252 Other (income)/expenses, net 48,931 21,013 27,918
Under the terms of the CONSOB Communication of 28 July 2006, on events, transactions and matters which are non-recurring or do not occur frequently in the normal course of business we can note: \u2022 Expenses of \u20ac 17.9 million for the optimisation of the commercial organisations in the Specialty & Primary Care segment in Italy and Spain referred to approximately 90 resources and attributable to a continuous effort to focus the commercial strategy on pharmacists and specialist doctors in the key Therapeutic Areas. \u2022 The expense of \u20ac 12.8 million for the Urorec\u00ae payback, accounted following the judgement published on 3 September 2025, with which the Council of State definitively rejected the appeal filed by the Parent Company against the unfavourable judgement of the Regional Administrative Court (TAR) of Lazio on 19 June 2024, for which the Parent Company itself had filed an appeal against the request received by the Italian Medicines Agency (AIFA) to produce proof of the payment made as annual payback on the sales of the drug Urorec\u00ae. Following this request, a dispute had arisen concerning the different interpretations of the application of the agreement signed at the time between the Parent Company and AIFA, as well as the possibility of its extension. The Parent Company had in fact argued that the payback obligation had ceased to apply as of 2020, pointing out procedural flaws and the negative financial impact of including Urorec\u00ae in the transparency list from February 2020. The Council of State examined the Parent Company\u2019s arguments presented in order of priority and held that the agreement with AIFA was automatically renewed for the two-year periods after 31 December 2019. The Court also rejected the Parent Company\u2019s further claims that certain actions undertaken after 2021 should be regarded as having terminated the agreement. It follows that the Parent Company is obligated to pay the payback on Urorec\u00ae for a total value of \u20ac 18.0 million. In accordance with the requirements of the accounting standards of reference, the Parent Company has therefore increased the amount previously recognised in relation to this matter; \u2022 the residual costs from the acquisition of EUSA Pharma, mainly relating to tech transfer fees; \u2022 Expenses relating to the ongoing voluntary liquidation of the Chinese subsidiary in the Rare Diseases segment following the refusal to include Isturisa\u00ae on the national list of reimbursable pharmaceutical products. \u2022 the cost of donations made after the Ukraine conflict. In compliance with the CONSOB Communication dated 28 July 2006, it is noted that, during 2025, there were no atypical or unusual transactions, as defined by the Communication. Write-downs of intangible assets for \u20ac 9.5 million refer to Reagila\u00ae (\u20ac 4.5 million), Caphosol\u00ae (\u20ac 3.3 million) and Colopeg\u00ae (\u20ac 1.7 million), and were determined based on specific analyses of the recoverability of the assets' value.
The item \u201cOther\u201d includes provisioning for the probable costs related to the remediation activities to be carried out at the Italian production site in Campoverde. Total operating expenses are broken down by nature as follows:
\u20ac (thousands) 2025 2024 Changes 2025/2024 Material consumption 597,924 552,538 45,386 Payroll costs 448,735 410,266 38,469 Other employee costs 74,818 67,455 7,363 Variable sales expenses 104,818 96,158 8,660 Depreciation, amortisation and write-downs 216,166 181,355 34,811 Utilities and consumables 56,617 53,298 3,319 Other expenses 448,497 341,632 106,865 Total operating expenses 1,947,575 1,702,702 244,873
The proportion of raw material consumption to net revenue was 22.8%, down compared to the 23.6% of 2024. The item \u201cPayroll costs\u201d increased by \u20ac 38.5 million due to the higher number of employees (4,565 people in 2025 compared to 4,410 people in 2024) following the acquisition of rights to Enjaymo\u00ae, for the increased investments in the United States related to the approval of the indication of Isturisa\u00ae for Cushing\u2019s syndrome, and for strengthening the general coordination structure. Stock option plan expenses of \u20ac 1.3 million decreased compared to the cost of \u20ac 5.2 million in the previous year, due to the last grant in 2022, under the 2021-2023 stock options plan, reaching maturity in May. In 2023, the Parent Company adopted a new long-term incentive plan called \u201c2023-2025 Performance Shares Plan\u201d benefiting certain Group employees (see Note 19). The cost pertaining to the year, determined based on IFRS 2, amounted to \u20ac 15.2 million, an increase on the \u20ac 11.3 million over the previous year, mainly due to the impact for the entire period of the costs related to the attribution of 9 May 2024 and the effect of the attribution of 8 May 2025. There were 4,693 employees as of 31 December 2025, an
increase over the 4,583 at the end of 2024.
Some Group employees were designated as beneficiaries of incentive plans with a five-year vesting period, granted and entirely funded by Rossini Luxembourg S.\u00e0 r.l., an indirect shareholder of Recordati S.p.A., and will benefit from a return at the expiry of the plans term if they have met a number of performance conditions. The measurement according to IFRS 2 led to an expense in the 2025 income statement of \u20ac 1.5 million, which also includes the portion relating to the incentive plans granted by Rossini Luxembourg S.\u00e0 r.l. to the Chief Executive Officer of the Recordati Group. Variable sales expenses mainly include distribution charges and royalties paid.
Total amortisation amounted to \u20ac 206.4 million, of which \u20ac 170.0 million related to intangible assets, up by \u20ac 36.4 million over the previous year, attributable mostly to the acquisition of rights of Enjaymo\u00ae from Sanofi (\u20ac 35.0 million for the entire 2025 compared to \u20ac 2.9 million in 2024), and \u20ac 36.4 million relating to property, plant, and equipment, up by \u20ac 3.0 million over 2024.
Write-downs amounted to \u20ac 9.7 million, compared to \u20ac 14.3 million in 2024, of which \u20ac 9.5 million for intangible assets and \u20ac 0.2 million for property, plant and equipment. \u201cUtilities and consumables\u201d include mainly costs for electricity and gas, consumables and IT services and is up by 6.2% compared to 2024. The item \u201cOther expenses\u201d includes costs for consulting and external services, promotion and clinical trials and non-cash charges of \u20ac 66.8 million arising from the revaluation at fair value of the inventory acquired as part of the EUSA Pharma (now Recordati UK) and Enjaymo\u00ae transactions pursuant to IFRS 3, an increase versus \u20ac 37.5 million in 2024 when the effect was almost entirely related to the sole
revaluation of the inventory acquired in the context of the EUSA Pharma (now Recordati Pharma) operation, as well as the non-recurring costs of \u20ac 37.3 million (compared to \u20ac 8.0 million in the previous financial year) mainly related to the optimisation of the Specialty & Primary Care commercial organisation in Italy and Spain as part of a continuous effort to focus the commercial strategy on pharmacists and specialist doctors in our key Therapeutic Areas and on the aforementioned provision for the payback on the sales of the product Urorec\u00ae.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-342": { "value": "
\u20ac (thousands) 2025 2024 Changes 2025/2024 Cost of sales 830,704 741,287 89,417 Selling expenses 558,973 497,728 61,245 Research and development expenses 340,952 286,026 54,926 General and administrative expenses 168,015 156,648 11,367 Other (income)/expenses, net 48,931 21,013 27,918 Total operating expenses 1,947,575 1,702,702 244,873
The cost of sales totals \u20ac 830.7 million, up compared to the previous year representing 31.7% of revenue, in line with 2024. It includes the effects of the fair value revaluation, in accordance with accounting standard IFRS 3, for the EUSA Pharma (now Recordati UK) and Enjaymo\u00ae inventories acquired. This impacted negatively on the income statement, calculated based on the units sold in the year, amounting to \u20ac 66.8 million (compared to \u20ac 37.5 million in 2024). Excluding this effect, the incidence in 2025 and 2024 would have been 29.2% and 30.1% respectively, down due to a different sales mix effect. The effect of the application of IAS 29 \u201cFinancial Reporting in Hyperinflationary Economies\u201d and the provisions of IAS 21 \u201cEffects of Changes in Foreign Exchange Rates\u201d to activities in T\u00fcrkiye was \u20ac 14.1 million, compared to \u20ac 16.4 million in 2024. It should be noted that the Argentine company has a cost of sales equal to zero.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-345": { "value": "
\u20ac (thousands) 2025 2024 Changes 2025/2024 Cost of sales 830,704 741,287 89,417 Selling expenses 558,973 497,728 61,245 Research and development expenses 340,952 286,026 54,926 General and administrative expenses 168,015 156,648 11,367 Other (income)/expenses, net 48,931 21,013 27,918 Total operating expenses 1,947,575 1,702,702 244,873
Research and development expenses were \u20ac 341.0 million, an increase of 19.2% compared to those of 2024 and include \u20ac 35.0 million of amortisation of the rights of Enjaymo\u00ae, acquired from Sanofi in the fourth quarter 2024, which had an impact of \u20ac 2.9 million in the previous year. In addition, the increase versus 2024 is linked to the additional activities for medical information in support of the expansion of Enjaymo\u00ae and the new Isturisa\u00ae indication, as well as ongoing clinical trials. Research and development costs, excluding amortisation and write-downs of intangible assets acquired or licensed, accounted for 6.3% of revenue, compared to 6.0% in the previous year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-344": { "value": "
\u20ac (thousands) 2025 2024 Changes 2025/2024 Cost of sales 830,704 741,287 89,417 Selling expenses 558,973 497,728 61,245 Research and development expenses 340,952 286,026 54,926 General and administrative expenses 168,015 156,648 11,367 Other (income)/expenses, net 48,931 21,013 27,918 Total operating expenses 1,947,575 1,702,702 244,873
General and administrative expenses increased by 7.3%, accounting for 6.4% of revenue compared to 6.7% in 2024, due to the ongoing strengthening of the general coordination structure and new IT systems investments to support the Group\u2019s growth, as well as for the expansion of organisational structures in new markets (Brazil, Japan).
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-343": { "value": "
\u20ac (thousands) 2025 2024 Changes 2025/2024 Cost of sales 830,704 741,287 89,417 Selling expenses 558,973 497,728 61,245 Research and development expenses 340,952 286,026 54,926 General and administrative expenses 168,015 156,648 11,367 Other (income)/expenses, net 48,931 21,013 27,918 Total operating expenses 1,947,575 1,702,702 244,873
The following table summarises the more significant components of \u201cOther net (income)/expenses\u201d. \u20ac (thousands) 2025 2024 Changes 2025/2024 Non-recurring costs: - restructuring 17,886 5,972 11,914 - Urorec\u00ae payback 12,762 - 12,762 - EUSA Pharma acquisition 4,169 1,949 2,220 - voluntary liquidation of the Chinese branch 2,427 - 2,427 - emergency in Ukraine and Spain 69 127 (58) Impairment of intangible assets and goodwill 9,533 14,330 (4,797) Write-downs of property, plant and equipment 198 0 198 Other 1,887 (1,365) 3,252 Other (income)/expenses, net 48,931 21,013 27,918
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-346": { "value": "
\u20ac (thousands) 2025 2024 Changes 2025/2024 Material consumption 597,924 552,538 45,386 Payroll costs 448,735 410,266 38,469 Other employee costs 74,818 67,455 7,363 Variable sales expenses 104,818 96,158 8,660 Depreciation, amortisation and write-downs 216,166 181,355 34,811 Utilities and consumables 56,617 53,298 3,319 Other expenses 448,497 341,632 106,865 Total operating expenses 1,947,575 1,702,702 244,873
The proportion of raw material consumption to net revenue was 22.8%, down compared to the 23.6% of 2024. The item \u201cPayroll costs\u201d increased by \u20ac 38.5 million due to the higher number of employees (4,565 people in 2025 compared to 4,410 people in 2024) following the acquisition of rights to Enjaymo\u00ae, for the increased investments in the United States related to the approval of the indication of Isturisa\u00ae for Cushing\u2019s syndrome, and for strengthening the general coordination structure. Stock option plan expenses of \u20ac 1.3 million decreased compared to the cost of \u20ac 5.2 million in the previous year, due to the last grant in 2022, under the 2021-2023 stock options plan, reaching maturity in May. In 2023, the Parent Company adopted a new long-term incentive plan called \u201c2023-2025 Performance Shares Plan\u201d benefiting certain Group employees (see Note 19). The cost pertaining to the year, determined based on IFRS 2, amounted to \u20ac 15.2 million, an increase on the \u20ac 11.3 million over the previous year, mainly due to the impact for the entire period of the costs related to the attribution of 9 May 2024 and the effect of the attribution of 8 May 2025. There were 4,693 employees as of 31 December 2025, an
increase over the 4,583 at the end of 2024.
Some Group employees were designated as beneficiaries of incentive plans with a five-year vesting period, granted and entirely funded by Rossini Luxembourg S.\u00e0 r.l., an indirect shareholder of Recordati S.p.A., and will benefit from a return at the expiry of the plans term if they have met a number of performance conditions. The measurement according to IFRS 2 led to an expense in the 2025 income statement of \u20ac 1.5 million, which also includes the portion relating to the incentive plans granted by Rossini Luxembourg S.\u00e0 r.l. to the Chief Executive Officer of the Recordati Group. Variable sales expenses mainly include distribution charges and royalties paid.
Total amortisation amounted to \u20ac 206.4 million, of which \u20ac 170.0 million related to intangible assets, up by \u20ac 36.4 million over the previous year, attributable mostly to the acquisition of rights of Enjaymo\u00ae from Sanofi (\u20ac 35.0 million for the entire 2025 compared to \u20ac 2.9 million in 2024), and \u20ac 36.4 million relating to property, plant, and equipment, up by \u20ac 3.0 million over 2024.
Write-downs amounted to \u20ac 9.7 million, compared to \u20ac 14.3 million in 2024, of which \u20ac 9.5 million for intangible assets and \u20ac 0.2 million for property, plant and equipment. \u201cUtilities and consumables\u201d include mainly costs for electricity and gas, consumables and IT services and is up by 6.2% compared to 2024. The item \u201cOther expenses\u201d includes costs for consulting and external services, promotion and clinical trials and non-cash charges of \u20ac 66.8 million arising from the revaluation at fair value of the inventory acquired as part of the EUSA Pharma (now Recordati UK) and Enjaymo\u00ae transactions pursuant to IFRS 3, an increase versus \u20ac 37.5 million in 2024 when the effect was almost entirely related to the sole
revaluation of the inventory acquired in the context of the EUSA Pharma (now Recordati Pharma) operation, as well as the non-recurring costs of \u20ac 37.3 million (compared to \u20ac 8.0 million in the previous financial year) mainly related to the optimisation of the Specialty & Primary Care commercial organisation in Italy and Spain as part of a continuous effort to focus the commercial strategy on pharmacists and specialist doctors in our key Therapeutic Areas and on the aforementioned provision for the payback on the sales of the product Urorec\u00ae.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-348": { "value": "
\u20ac (thousands) 2025 2024 Changes 2025/2024 Material consumption 597,924 552,538 45,386 Payroll costs 448,735 410,266 38,469 Other employee costs 74,818 67,455 7,363 Variable sales expenses 104,818 96,158 8,660 Depreciation, amortisation and write-downs 216,166 181,355 34,811 Utilities and consumables 56,617 53,298 3,319 Other expenses 448,497 341,632 106,865 Total operating expenses 1,947,575 1,702,702 244,873
Total amortisation amounted to \u20ac 206.4 million, of which \u20ac 170.0 million related to intangible assets, up by \u20ac 36.4 million over the previous year, attributable mostly to the acquisition of rights of Enjaymo\u00ae from Sanofi (\u20ac 35.0 million for the entire 2025 compared to \u20ac 2.9 million in 2024), and \u20ac 36.4 million relating to property, plant, and equipment, up by \u20ac 3.0 million over 2024.
\u20ac (thousands) Land and buildings Plant and machinery Other equipment Investments in progress Total Cost Balance as of 1 January 2024 123,647 269,201 111,821 48,149 552,818 Increases 17,079 5,654 16,402 21,122 60,257 Decreases (12,853) (357) (8,009) (407) (21,626) Hyperinflation 7,346 6,866 2,712 (366) 16,558 Other changes 4,839 28,273 (470) (38,297) (5,655) Balance as of 31 December 2024 140,058 309,637 122,456 30,201 602,352 Increases 8,799 8,525 14,174 23,496 54,994 Decreases (7,823) (1,298) (6,359) (373) (15,853) Write-downs 0 (198) 0 0 (198) Hyperinflation 4,923 8,199 2,468 (1.969) 13,621 Other changes (3,721) 8,760 (557) (19,172) (14,690) Balance as of 31 December 2025 142,236 333,625 132,182 32,183 640,226 Accumulated amortisation Balance as of 1 January 2024 66,692 227,909 79,560 0 374,161 Amortisation for the year 8,840 12,023 12,562 0 33,425 Decreases (8,747) (356) (7,671) 0 (16,774) Hyperinflation 2,057 4,443 1,745 0 8,245 Other changes (189) (424) (2,792) 0 (3,405) Balance as of 31 December 2024 68,653 243,595 83,404 0 395,652 Amortisation for the year 8,836 13,165 14,412 0 36,413 Decreases (6,425) (1,265) (6,230) 0 (13,920) Hyperinflation 927 4,389 1,803 0 7,119 Other changes (1,600) (3,641) (2,121) 0 (7,362) Balance as of 31 December 2025 70,391 256,243 91,268 0 417,902 Net amount 1 January 2024 56,955 41,292 32,261 48,149 178,657 31 December 2024 71,405 66,042 39,052 30,201 206,700 31 December 2025 71,845 77,382 40,914 32,183 222,324
\u20ac (thousands) Land and Buildings Plant and machinery Other equipment Total Cost Balance as of 1 January 2024 40,539 1,323 21,118 62,980 Increases 15,308 0 10,679 25,987 Decreases (12,209) 0 (4,701) (16,910) Hyperinflation 641 0 1,730 2,371 Other changes (93) 0 (760) (853) Balance as of 31 December 2024 44,186 1,323 28,066 73,575 Increases 8,017 0 5,942 13,959 Decreases (7,563) (946) (3,528) (12,037) Hyperinflation 467 0 1,325 1,792 Other changes (1,203) 0 (1,256) (2,459) Balance as of 31 December 2025 43,904 377 30,549 74,830 Accumulated amortisation Balance as of 1 January 2024 14,842 859 9,053 24,754 Amortisation for the year 6,129 259 6,920 13,308 Decreases (8,246) 0 (4,672) (12,918) Hyperinflation 287 0 713 1,000 Other changes (132) 0 15 (117) Balance as of 31 December 2024 12,880 1,118 12,029 26,027 Amortisation for the year 5,853 129 7,651 13,633 Decreases (6,164) (946) (3,512) (10,622) Hyperinflation 196 0 1,193 1,389 Other changes (486) 0 (969) (1,455) Balance as of 31 December 2025 12,279 301 16,392 28,972 Net amount 1 January 2024 25,697 464 12,065 38,226 31 December 2024 31,306 205 16,037 47,548 31 December 2025 31,625 76 14,157 45,858
\u20ac (thousands) Patent rights and marketing authorisations Distribution, license, trademark and similar rights Other Advance payments Total Cost Balance as of 1 January 2024 1,141,119 1,520,306 23,103 43,587 2,728,115 Increases 699,672 18,824 818 12,133 731,447 Decreases (31) (7,862) (469) (37) (8,399) Write-downs 0 (11,830) 0 (2,500) (14,330) Hyperinflation 3,782 (385) 806 1 4,204 Other changes (9,758) 15,738 299 (14,218) (7,939) Balance as of 31 December 2024 1,834,784 1,534,791 24,557 38,966 3,433,098 Increases 27 22,869 3,042 34,745 60,683 Decreases (218) (804) (167) (308) (1,497) Write-downs 0 (9,533) 0 0 (9,533) Hyperinflation 2,767 378 632 2 3,779 Other changes 15,785 (36,119) 39,003 (26,962) (8,293) Balance as of 31 December 2025 1,853,145 1,511,582 67,067 46,443 3,478,237
Accumulated amortisation Balance as of 1 January 2024 417,829 351,512 20,577 0 789,918 Amortisation for the year 54,827 77,995 778 0 133,600 Decreases (13) (5,562) (457) 0 (6,032) Hyperinflation 2,270 (309) 618 0 2,579 Other changes (7,899) 7,432 341 0 (126) Balance as of 31 December 2024 467,014 431,068 21,857 0 919,939 Amortisation for the year 88,062 76,858 5,102 0 170,022 Decreases (218) (791) (28) 0 (1,037) Hyperinflation 1,798 275 499 0 2,572 Other changes (5,659) (13,206) 12,158 0 (6,707) Balance as of 31 December 2025 550,997 494,204 39,588 0 1,084,789 Net amount 1 January 2024 723,290 1,168,794 2,526 43,587 1,938,197 31 December 2024 1,367,770 1,103,723 2,700 38,966 2,513,159 31 December 2025 1,302,148 1,017,378 27,479 46,443 2,393,448
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-347": { "value": "
\u20ac (thousands) 2025 2024 Changes 2025/2024 Material consumption 597,924 552,538 45,386 Payroll costs 448,735 410,266 38,469 Other employee costs 74,818 67,455 7,363 Variable sales expenses 104,818 96,158 8,660 Depreciation, amortisation and write-downs 216,166 181,355 34,811 Utilities and consumables 56,617 53,298 3,319 Other expenses 448,497 341,632 106,865 Total operating expenses 1,947,575 1,702,702 244,873
\u20ac (thousands) Patent rights and marketing authorisations Distribution, license, trademark and similar rights Other Advance payments Total Cost Balance as of 1 January 2024 1,141,119 1,520,306 23,103 43,587 2,728,115 Increases 699,672 18,824 818 12,133 731,447 Decreases (31) (7,862) (469) (37) (8,399) Write-downs 0 (11,830) 0 (2,500) (14,330) Hyperinflation 3,782 (385) 806 1 4,204 Other changes (9,758) 15,738 299 (14,218) (7,939) Balance as of 31 December 2024 1,834,784 1,534,791 24,557 38,966 3,433,098 Increases 27 22,869 3,042 34,745 60,683 Decreases (218) (804) (167) (308) (1,497) Write-downs 0 (9,533) 0 0 (9,533) Hyperinflation 2,767 378 632 2 3,779 Other changes 15,785 (36,119) 39,003 (26,962) (8,293) Balance as of 31 December 2025 1,853,145 1,511,582 67,067 46,443 3,478,237
\u20ac (thousands) Shareholders\u2019 equity Net income 31.12.2025 31.12.2024 2025 2024 Recordati S.p.A. 359,071 405,246 317,587 320,830 Consolidation adjustments: - Elimination margins in inventories (84,226) (94,152) 9,926 (15,475) - Related tax effect 24,966 27,654 (2,688) 5,040 - Other adjustments (51,817) (42,014) (6,280) (10,367) Retained earnings of consolidated subsidiaries at beginning of the year, net of amounts already recognised by Recordati S.p.A. 1,550,742 1,454,799 - - Net income for consolidated companies, net of amounts already recognised by Recordati S.p.A. 469,398 399,689 469,398 399,689 Dividends received from consolidated subsidiaries (344,319) (283,209) Write-down of holdings in subsidiaries 0 0 Translation adjustments (348,362) (274,413) - - Consolidated financial statements 1,919,772 1,876,809 443,624 416,508
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-349": { "value": "higher number of employees (4,565 people in 2025 compared to 4,410 people in 2024)There were 4,693 employees as of 31 December 2025, an
increase over the 4,583 at the end of 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-350": { "value": "
5. NET FINANCIAL INCOME AND EXPENSES In 2025 and 2024 the net balance of financial components was negative respectively of \u20ac 89.5 million and \u20ac 91.7 million. The main items are summarised as follows:
\u20ac (thousands) 2025 2024 Changes 2025/2024 Interest expense on loans 96,377 78,975 17,402 Net exchange rate (gains)/losses (14,977) 9,342 (24,319) Net (income)/expense on short-term positions (67) (5,962) 5,895 Expenses on leases 2,539 2,186 353 Expenses for defined benefit plans 371 385 (14) Turkish hyperinflation effects (IAS 29) 5,291 6,747 (1,456) Total net financial (income)/expenses 89,534 91,673 (2,139)
The increase in the interest expense on loans for \u20ac 17.4 million was mainly due to new debt and, in particular following the additional loan for \u20ac 850 million concluded in the fourth quarter of 2024 for the acquisition of Enjaymo\u00ae, the new loan for \u20ac 345.0 million concluded in June 2025 and the bond loan for \u20ac 125.0 million issued by the Parent Company on 30 September 2025. Note 21 contains the details of the loan contracts. Net exchange gains mostly unrealised, amounted to \u20ac 15.0 million and were mainly attributable to the devaluation of the US dollar, whereas during 2024, net exchange losses were recorded of \u20ac 9.3 million. The non-cash impacts of hyperinflation in 2025 and 2024 were negative for \u20ac 5.3 million and \u20ac 6.7 million respectively, mainly due to the net effect of the revaluation of balance sheet entries of subsidiaries in T\u00fcrkiye.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-352": { "value": "
\u20ac (thousands) 2025 2024 Changes 2025/2024 Interest expense on loans 96,377 78,975 17,402 Net exchange rate (gains)/losses (14,977) 9,342 (24,319) Net (income)/expense on short-term positions (67) (5,962) 5,895 Expenses on leases 2,539 2,186 353 Expenses for defined benefit plans 371 385 (14) Turkish hyperinflation effects (IAS 29) 5,291 6,747 (1,456) Total net financial (income)/expenses 89,534 91,673 (2,139)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-351": { "value": "
\u20ac (thousands) 2025 2024 Changes 2025/2024 Interest expense on loans 96,377 78,975 17,402 Net exchange rate (gains)/losses (14,977) 9,342 (24,319) Net (income)/expense on short-term positions (67) (5,962) 5,895 Expenses on leases 2,539 2,186 353 Expenses for defined benefit plans 371 385 (14) Turkish hyperinflation effects (IAS 29) 5,291 6,747 (1,456) Total net financial (income)/expenses 89,534 91,673 (2,139)
Foreign currency risk - The Group is exposed to foreign currency exchange rate fluctuations, which can affect its operating results and the value of its equity. All companies are subject to exchange rate fluctuations affecting trade and financial balances denominated in currencies different from their own. In order to limit this risk, in some cases, non-speculative hedging instruments are negotiated. In relation to the euro companies, as of 31 December 2025 the main net exposures in other currencies not hedged by derivative instruments, were as follows: \u2022 net activities of 33.3 million Polish zloty; \u2022 net activities of 4.1 million English pounds; \u2022 net activities of 11.5 million Rumanian RON; \u2022 net activities of 155.5 million Russian roubles; \u2022 net activities of 28.7 million Mexican pesos; \u2022 net liabilities of 4.0 million Swiss francs; \u2022 net liabilities of 1.8 million US dollars. Among the non-euro companies, as of 31 December 2025, the main net exposures in currencies other than the company\u2019s national currency and not hedged by derivative instruments are in euro, US dollars, Colombian pesos and Japanese yen. The net exposures in euro are mainly related to the companies based in Czech Republic (net activities of 4.8 million), Poland (net activities of 3.0 million), Switzerland (net activities of 2.5 million), T\u00fcrkiye (net activities of 1.7 million), Tunisia (net activities of 1.4 million), Ukraine (net liabilities of 2.5 million), United States (net liabilities of 2.6 million), Australia (net liabilities of 3.0 million), Mexico (net liabilities of 4.8 million), Brazil (net liabilities of 4.8 million) and Sweden (net liabilities of 6.0 million). Net exposures in US dollars refer mainly to the companies in Switzerland (net activities of 1.6 million), Colombia (net liabilities of 6.1 million) and Brazil (net liabilities of 6.2 million). Net exposures in Colombian pesos refer mainly to the companies in the United States (net activities of 17,408.8 million) and in Switzerland (net liabilities of 6,594.3 million). Net exposures in Japanese yen
refer mainly to the companies in the United States (net activities of 237.3 million) and Switzerland (net activities of 196.6 million). For consolidation purposes, the income statements and balance sheets of the non-euro companies have been converted from their local currencies into euro. As of 31 December 2025, the net asset values of these companies, excluding goodwill, are denominated mainly in US dollars (554.2 million), Swiss francs (590.8 million), Turkish lira (4,092.8 million), Russian roubles (9,265.7 million), pounds sterling (14.8 million), Czech crowns (501.8 million), Romanian ron (59.4 million), Polish zloty (130.2 million) and Tunisian dinars (134.1 million). The effect of exchange rate variations on the conversion of these amounts is recognised in the consolidated statement of comprehensive income and booked to the translation reserve in shareholders\u2019 equity which, as of 31 December 2025, was a negative \u20ac 348.4 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-353": { "value": "
6. INCOME TAXES Income taxes, amounting to \u20ac 137.7 million, include the income taxes levied on all consolidated companies as well as the Italian regional tax on production (IRAP) applicable to all Italian companies. This item increased by \u20ac 7.0 million compared to 2024. The amount includes provisioning of \u20ac 6.3 million for the effects deriving from application of the Pillar Two regulations in the tax jurisdictions of Ireland, Switzerland, United Arab Emirates and Romania. It also includes a non-recurring element of \u20ac 8.2 million for an income tax reimbursement in Ireland, partially offset by higher taxation in T\u00fcrkiye.
The current standard corporate income tax rate in Italy can be reconciled with the tax rate effectively incurred on consolidated pre-tax income, as follows: 2025 % 2024 % Standard income tax rate on pre-tax income of the Parent Company 24.0 24.0 Dividends from foreign subsidiaries 0.7 0.6 Pillar Two 1.1 0.6 Foreign tax rate differential (3.2) (1.1) Tax benefit provided by the so-called \u201cPatent box\u201d in Italy - (1.3) Other differences, net 0.6 0.5 Effective tax rate on income 23.2 23.3 IRAP 0.5 0.6 Effective tax rate on pre-tax income 23.7 23.9 IRAP is levied only on Italian companies and is computed applying an average rate of 4.56% to a broader taxable base calculated before the deduction of interest.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-354": { "value": "
7. PROPERTY, PLANT AND EQUIPMENT The composition and change to property, plant, and equipment, including the valuation of the right to use the assets conveyed under leases, are shown in the table below.
\u20ac (thousands) Land and buildings Plant and machinery Other equipment Investments in progress Total Cost Balance as of 1 January 2024 123,647 269,201 111,821 48,149 552,818 Increases 17,079 5,654 16,402 21,122 60,257 Decreases (12,853) (357) (8,009) (407) (21,626) Hyperinflation 7,346 6,866 2,712 (366) 16,558 Other changes 4,839 28,273 (470) (38,297) (5,655) Balance as of 31 December 2024 140,058 309,637 122,456 30,201 602,352 Increases 8,799 8,525 14,174 23,496 54,994 Decreases (7,823) (1,298) (6,359) (373) (15,853) Write-downs 0 (198) 0 0 (198) Hyperinflation 4,923 8,199 2,468 (1.969) 13,621 Other changes (3,721) 8,760 (557) (19,172) (14,690) Balance as of 31 December 2025 142,236 333,625 132,182 32,183 640,226 Accumulated amortisation Balance as of 1 January 2024 66,692 227,909 79,560 0 374,161 Amortisation for the year 8,840 12,023 12,562 0 33,425 Decreases (8,747) (356) (7,671) 0 (16,774) Hyperinflation 2,057 4,443 1,745 0 8,245 Other changes (189) (424) (2,792) 0 (3,405) Balance as of 31 December 2024 68,653 243,595 83,404 0 395,652 Amortisation for the year 8,836 13,165 14,412 0 36,413 Decreases (6,425) (1,265) (6,230) 0 (13,920) Hyperinflation 927 4,389 1,803 0 7,119 Other changes (1,600) (3,641) (2,121) 0 (7,362) Balance as of 31 December 2025 70,391 256,243 91,268 0 417,902 Net amount 1 January 2024 56,955 41,292 32,261 48,149 178,657 31 December 2024 71,405 66,042 39,052 30,201 206,700 31 December 2025 71,845 77,382 40,914 32,183 222,324
Increases in the item \u201cProperty, plant and equipment\u201d amounted to a total of \u20ac 55.0 million, of which \u20ac 41.0 million for investments in property mainly for production and \u20ac 14.0 million relating to the renewal of leases of civil-use buildings and vehicles. The companies that invested most were the Parent Company (\u20ac 23.7 million, mostly in its production plants), the subsidiaries in T\u00fcrkiye (\u20ac 5.5 million), Spain (\u20ac 5.2 million), Germany (\u20ac 4.3 million), Switzerland (\u20ac 3.6 million), Tunisia (\u20ac 2.5 million) and Ireland (\u20ac 1.2 million). \u201cOther changes\u201d includes movements between categories and the conversion into euro of the property, plant and equipment recognised in other currencies, which led to a net decrease of \u20ac 8.5 million compared to 31 December 2024, primarily due to the depreciation of the Turkish lira.
The following table shows the measurement of the right to use the assets conveyed under leases, determined as prescribed by the accounting standard IFRS 16.
\u20ac (thousands) Land and Buildings Plant and machinery Other equipment Total Cost Balance as of 1 January 2024 40,539 1,323 21,118 62,980 Increases 15,308 0 10,679 25,987 Decreases (12,209) 0 (4,701) (16,910) Hyperinflation 641 0 1,730 2,371 Other changes (93) 0 (760) (853) Balance as of 31 December 2024 44,186 1,323 28,066 73,575 Increases 8,017 0 5,942 13,959 Decreases (7,563) (946) (3,528) (12,037) Hyperinflation 467 0 1,325 1,792 Other changes (1,203) 0 (1,256) (2,459) Balance as of 31 December 2025 43,904 377 30,549 74,830 Accumulated amortisation Balance as of 1 January 2024 14,842 859 9,053 24,754 Amortisation for the year 6,129 259 6,920 13,308 Decreases (8,246) 0 (4,672) (12,918) Hyperinflation 287 0 713 1,000 Other changes (132) 0 15 (117) Balance as of 31 December 2024 12,880 1,118 12,029 26,027 Amortisation for the year 5,853 129 7,651 13,633 Decreases (6,164) (946) (3,512) (10,622) Hyperinflation 196 0 1,193 1,389 Other changes (486) 0 (969) (1,455) Balance as of 31 December 2025 12,279 301 16,392 28,972 Net amount 1 January 2024 25,697 464 12,065 38,226 31 December 2024 31,306 205 16,037 47,548 31 December 2025 31,625 76 14,157 45,858
Rights of use of leased assets refer mainly to the office premises of several Group companies and to the cars used by medical representatives operating in their territories.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-355": { "value": "
8. INTANGIBLE ASSETS The composition and change in intangible assets are shown in the following table.
\u20ac (thousands) Patent rights and marketing authorisations Distribution, license, trademark and similar rights Other Advance payments Total Cost Balance as of 1 January 2024 1,141,119 1,520,306 23,103 43,587 2,728,115 Increases 699,672 18,824 818 12,133 731,447 Decreases (31) (7,862) (469) (37) (8,399) Write-downs 0 (11,830) 0 (2,500) (14,330) Hyperinflation 3,782 (385) 806 1 4,204 Other changes (9,758) 15,738 299 (14,218) (7,939) Balance as of 31 December 2024 1,834,784 1,534,791 24,557 38,966 3,433,098 Increases 27 22,869 3,042 34,745 60,683 Decreases (218) (804) (167) (308) (1,497) Write-downs 0 (9,533) 0 0 (9,533) Hyperinflation 2,767 378 632 2 3,779 Other changes 15,785 (36,119) 39,003 (26,962) (8,293) Balance as of 31 December 2025 1,853,145 1,511,582 67,067 46,443 3,478,237
Accumulated amortisation Balance as of 1 January 2024 417,829 351,512 20,577 0 789,918 Amortisation for the year 54,827 77,995 778 0 133,600 Decreases (13) (5,562) (457) 0 (6,032) Hyperinflation 2,270 (309) 618 0 2,579 Other changes (7,899) 7,432 341 0 (126) Balance as of 31 December 2024 467,014 431,068 21,857 0 919,939 Amortisation for the year 88,062 76,858 5,102 0 170,022 Decreases (218) (791) (28) 0 (1,037) Hyperinflation 1,798 275 499 0 2,572 Other changes (5,659) (13,206) 12,158 0 (6,707) Balance as of 31 December 2025 550,997 494,204 39,588 0 1,084,789 Net amount 1 January 2024 723,290 1,168,794 2,526 43,587 1,938,197 31 December 2024 1,367,770 1,103,723 2,700 38,966 2,513,159 31 December 2025 1,302,148 1,017,378 27,479 46,443 2,393,448
Other increases for the year mainly include: \u2022 \u20ac 22.2 million in relation to the license and supply agreement signed with Amarin on 24 June 2025 to market the cardiovascular drug Vazkepa\u00ae (icosapent ethyl) in 59 countries; \u2022 \u20ac 15.0 million in relation to Reagila\u00ae for the milestone to be paid in 2026 upon the almost certain achievement of the sales targets envisaged by the contract; \u2022 \u20ac 9.8 million in relation to the licence agreement with Impact Biomedicine, Inc. for the marketing of Inrebic\u00ae (fedratinib dihydrochloride monohydrate) in Japan. The inhibitor drug, used to suppress pathological characteristics in patients with myelofibrosis, received regulatory approval from the Japanese Ministry of Health, Labour and Welfare (MHLW) in June 2025; \u2022 \u20ac 9.0 million for investments in software;
\u2022 \u20ac 2.7 million referring to clinical studies that comply with the criteria set by the IAS 38 accounting standard on capitalisation. Write-downs totalling \u20ac 9.5 million refer to Reagila\u00ae (\u20ac 4.5 million), Caphosol\u00ae (\u20ac 3.3 million) and Colopeg\u00ae (\u20ac 1.7 million) and were determined based on specific analyses of the recoverability of the assets' value. \u201cOther changes\u201d includes movements between categories and the conversion into euro of the value of the intangible assets held and booked in different currencies, which determined a net decrease of \u20ac 1.6 million compared to 31 December 2024 mainly attributable to the depreciation of the US dollar for \u20ac 7.2 million and of the Turkish lira for \u20ac 1.5 million, and to the revaluation of the Swiss franc for \u20ac 5.3 million and of the Russian ruble for \u20ac 1.8 million.
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9. GOODWILL Goodwill as of 31 December 2025 and 2024 amounted to \u20ac 795.7 million and \u20ac 797.1 million respectively. The changes, described below, come from the adequate recognition of changes in the exchange rates required under IAS 21 \u201cEffects of changes in foreign exchange rates\u201d and from the application of the requirements of IAS 29 \u201cFinancial reporting in hyperinflationary economies\u201d. \u20ac (thousands) Balance as of 31 December 2024 797,078 Hyperinflation adjustments 20,558 Exchange rate adjustments (21,956) Balance as of 31 December 2025 795,680 Total goodwill as of 31 December 2025, of \u20ac 795.7 million, was divided between the two CGU as follows: \u2022 \u20ac 531.3 million to Specialty and Primary Care (SPC); \u2022 for \u20ac 264.4 million to the CGU referring to medicines for Rare Disease treatments. As reported in Note 2 \u201cSummary of significant accounting policies\u201d, goodwill is not amortised systematically but is subject to impairment test at least once a year to determine its recoverable value. Goodwill is allocated to the individual cash-generating units identified on the basis of the business segments and the markets on which the new acquisitions operate. A cash-generating unit to which goodwill has been allocated shall be tested for impairment annually, and when there is any indication that it may be impaired, by comparing the carrying amount of the unit, including goodwill, with the recoverable amount of the unit. If the recoverable amount of the unit exceeds the carrying amount of the unit, the unit and the goodwill allocated to that unit is not impaired. If the carrying amount of the unit exceeds the recoverable amount of the unit, the entity must recognise an impairment loss. The recoverable amount was determined by calculating the value in use of the individual cash- generating units based on discounted cash flow (DCF analysis) originating from operating cash flow forecasts for the period used explicitly for the calculation (2026-2030) and from the cash flow beyond that period, according to the net operating income model expected in perpetuity. The main assumptions used for calculating the value in use concern the expected operating cash flows during the period assumed for the calculation, the discount rate and the growth rate. Operating cash flow forecasts for the period explicitly used for the calculation (2026-2030) come from the 2026 budget approved by the Board of Directors of the Parent Company on 17 February 2026 and, for 2027 to 2030, from specific forecasts prepared for the cash-generating units subject to impairment testing approved by the Board of Directors on 19 March 2026. The cashflow forecast took due account of the effects of the Russia/Ukraine conflict and from any changes in American legislation and,
considering these analysis and based on the expected results and the resilience of the pharmaceutical industry, no significant impacts have been identified yet about the measurement of the CGU. Nonetheless, given the complexity of the situation and uncertainties about developments in the crisis and change in the American legislation, the Company continues to monitor the situation. As highlighted also in the Management Report, with regard to the potential risk related to climate change, considering the sector in which the Group operates, Recordati concluded that this risk has no concrete or material impact on the company\u2019s operations and therefore does not have a significant impact on the estimate of the recoverable value of assets; it was therefore not deemed necessary to carry out a sensitivity analysis exercise on the potential impacts deriving from this risk. The Group will continue to monitor this potential risk over the years. The discount rate used for estimates is the after-tax average weighted cost of capital which reflects current market valuations of the cost of money and the specific risk associated with the cash-generating units. The following table shows the discount rates used for the impairment test for each of the two cash- generating units: Cash-generating unit Discount rate Specialty and Primary Care segment 8.81% Drugs for the treatment of rare diseases 7.77% The growth rates used for the period after the explicit forecast period were prudently estimated and consider the specific features of each country involved. The impairment tests, carried out according to the procedures described for each cash-generating unit, were examined and approved by the Board of Directors on 19 March 2026. For both CGUs the value in use was higher, even significantly so, than the book value of the net capital invested recognised in the financial statements as of 31 December 2025 and therefore no impairment of goodwill was recognised. In addition, as required by the impairment methodology approved by the Board of Directors on 17 February 2026, a sensitivity analysis was conducted to show the possible impact on the headroom value of changes in the following parameters: long-term growth rate (+/- 0.5%), operating profit growth rate (+/- 10%) and discount rate (+/- 0.5%). The result of the analysis confirmed that there were no impairment losses.
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10. OTHER EQUITY INVESTMENTS AND SECURITIES As of 31 December 2025, the details of other equity investments and securities were as follows: \u20ac (thousands) Book value Percentage stake 31.12.2025 31.12.2024 31.12.2025 31.12.2024 PureTech Health p.l.c. - United Kingdom 13,686 17,307 3.7% 3.7% STRM.BIO Inc. - United States of America 2,553 - 22.4% - Standard BioTools Inc. - United States of America 2 3 n.s. n.s. Phaxiam Therapeutics S.A., France 0 73 0.4% 0.4% Other 3 2 n.s. n.s. Total equity investments and securities 16,244 17,385 The main investment refers to the U.K. company PureTech Health plc, specialising in investments in start-up companies dedicated to innovative therapies, medical devices and new research technologies. Starting from 19 June 2015, the Company\u2019s were admitted for trading on the London Stock Exchange.
As of 31 December 2025, the total fair value of the 9,554,140 shares held was \u20ac 13.7 million. The value of the investment was consequently adjusted to the stock exchange value and fell by \u20ac 3.6 million, compared to 31 December 2024, with a counter-item accounted for, net of the related tax effect, in the statement of gains and losses recognised in shareholders\u2019 equity. During the year, the American subsidiary Recordati Rare Diseases Inc. finalised an investment of US$ 3 million in STRM.BIO Inc., a biotechnology company that is developing a non-viral cell-derived delivery platform for safe, targeted and scalable in-vivo administration of gene therapies, initially focused on rare haematological diseases such as Fanconi anaemia and in-vivo CAR T-cell therapies, using megakaryocyte-derived vesicles to overcome the limitations of viral and synthetic systems in the context of gene editing, RNA therapies and immune cell engineering. The value of the investment in the company Phaxiam Therapeutics S.A., resulting from the merger in 2023 between Erytech Pharma S.A. and Pherecydes Pharma S.A., listed on the French regulated market and in which 43,104 shares are held, was zeroed following the compulsory winding-up announced by that same company. The announcement specifies that removal of the listing will be requested and that no repayments may be made to shareholders. The amount of the investment as of 31 December 2024 totalled \u20ac 0.07 million, entirely written off with a counter-item accounted for, net of the related tax effect, in the statement of gains and losses recognised in equity.
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10. OTHER EQUITY INVESTMENTS AND SECURITIES As of 31 December 2025, the details of other equity investments and securities were as follows: \u20ac (thousands) Book value Percentage stake 31.12.2025 31.12.2024 31.12.2025 31.12.2024 PureTech Health p.l.c. - United Kingdom 13,686 17,307 3.7% 3.7% STRM.BIO Inc. - United States of America 2,553 - 22.4% - Standard BioTools Inc. - United States of America 2 3 n.s. n.s. Phaxiam Therapeutics S.A., France 0 73 0.4% 0.4% Other 3 2 n.s. n.s. Total equity investments and securities 16,244 17,385 The main investment refers to the U.K. company PureTech Health plc, specialising in investments in start-up companies dedicated to innovative therapies, medical devices and new research technologies. Starting from 19 June 2015, the Company\u2019s were admitted for trading on the London Stock Exchange.
As of 31 December 2025, the total fair value of the 9,554,140 shares held was \u20ac 13.7 million. The value of the investment was consequently adjusted to the stock exchange value and fell by \u20ac 3.6 million, compared to 31 December 2024, with a counter-item accounted for, net of the related tax effect, in the statement of gains and losses recognised in shareholders\u2019 equity. During the year, the American subsidiary Recordati Rare Diseases Inc. finalised an investment of US$ 3 million in STRM.BIO Inc., a biotechnology company that is developing a non-viral cell-derived delivery platform for safe, targeted and scalable in-vivo administration of gene therapies, initially focused on rare haematological diseases such as Fanconi anaemia and in-vivo CAR T-cell therapies, using megakaryocyte-derived vesicles to overcome the limitations of viral and synthetic systems in the context of gene editing, RNA therapies and immune cell engineering. The value of the investment in the company Phaxiam Therapeutics S.A., resulting from the merger in 2023 between Erytech Pharma S.A. and Pherecydes Pharma S.A., listed on the French regulated market and in which 43,104 shares are held, was zeroed following the compulsory winding-up announced by that same company. The announcement specifies that removal of the listing will be requested and that no repayments may be made to shareholders. The amount of the investment as of 31 December 2024 totalled \u20ac 0.07 million, entirely written off with a counter-item accounted for, net of the related tax effect, in the statement of gains and losses recognised in equity.
20. SHAREHOLDERS\u2019 EQUITY ATTRIBUTABLE TO NON-CONTROLLING INTERESTS All consolidated companies are 100% owned, except for the Tunisian company Opalia Pharma, which is 90% owned. The company has, however, been 100% consolidated by applying the anticipated acquisition method allowed by IAS 32. Consequently, the amount estimated for the acquisition of the remaining 10%, of \u20ac 4.0 million, was recognised as a liability since the transfer of this remaining quota is covered by contractual agreements which provide for reciprocal put and call options between the parties which have a high probability of being exercised. Subsequent changes of the estimate will be recognised in a shareholders\u2019 equity reserve. This accounting method is not detrimental to the rights of the non-controlling shareholders during the period until all capital shares are transferred.
39. SUBSIDIARIES INCLUDED IN THE CONSOLIDATED ACCOUNTS AS OF 31 DECEMBER 2025 Consolidated companies Head office Share capital Currency Consolidation method RECORDATI S.p.A.
Development, production, marketing and sales of pharmaceuticals and pharmaceutical chemicals
Italy 26,140,644.50 EUR Line-by-line INNOVA PHARMA S.p.A. Marketing of pharmaceuticals Italy 1,920,000.00 EUR Line-by-line CASEN RECORDATI S.L. Development, production, and sales of pharmaceuticals Spain 238,966,000.00 EUR Line-by-line BOUCHARA RECORDATI S.A.S. Development, production, and sales of pharmaceuticals France 4,600,000.00 EUR Line-by-line RECORDATI RARE DISEASES COMERCIO DE MEDICAMENTOS LTDA Marketing of pharmaceuticals Brazil 166.00 BRL Line-by-line RECORDATI RARE DISEASES INC. Development, production, and sales of pharmaceuticals U.S.A. 11,979,138.00 USD Line-by-line RECORDATI IRELAND LTD Development, production, and sales of pharmaceuticals Ireland 200,000.00 EUR Line-by-line LABORATOIRES BOUCHARA RECORDATI S.A.S. Development, production, and sales of pharmaceuticals France 14,000,000.00 EUR Line-by-line RECORDATI PHARMA GmbH Marketing of pharmaceuticals Germany 600,000.00 EUR Line-by-line RECORDATI PHARMACEUTICALS LTD Marketing of pharmaceuticals United Kingdom 15,000,000.00 GBP Line-by-line RECORDATI HELLAS PHARMACEUTICALS S.A. Marketing of pharmaceuticals Greece 10,050,000.00 EUR Line-by-line JABA RECORDATI S.A. Marketing of pharmaceuticals Portugal 2,000,000.00 EUR Line-by-line JABAFARMA PRODUTOS FARMAC\u00caUTICOS S.A. Promotion of pharmaceuticals Portugal 50,000.00 EUR Line-by-line BONAFARMA PRODUTOS FARMAC\u00caUTICOS S.A. Promotion of pharmaceuticals Portugal 50,000.00 EUR Line-by-line RECORDATI RARE DISEASES MIDDLE EAST FZ LLC Marketing of pharmaceuticals United Arab Emirates 100,000.00 AED Line-by-line RECORDATI AB Marketing of pharmaceuticals Sweden 100,000.00 SEK Line-by-line RECORDATI RARE DISEASES S.\u00e0 r.l. Development, production, and sales of pharmaceuticals France 419,804.00 EUR Line-by-line RECORDATI RARE DISEASES UK Limited Marketing of pharmaceuticals United Kingdom 50,000.00 GBP Line-by-line RECORDATI RARE DISEASES GERMANY GmbH Marketing of pharmaceuticals Germany 25,600.00 EUR Line-by-line RECORDATI RARE DISEASES SPAIN S.L. Marketing of pharmaceuticals Spain 1,775,065.49 EUR Line-by-line RECORDATI RARE DISEASES ITALY S.R.L. Marketing of pharmaceuticals Italy 40,000.00 EUR Line-by-line RECORDATI BV Marketing of pharmaceuticals Belgium 18,600.00 EUR Line-by-line FIC MEDICAL S.\u00e0 r.l. Promotion of pharmaceuticals France 173,700.00 EUR Line-by-line HERBACOS RECORDATI s.r.o. Development, production, and sales of pharmaceuticals Czech Republic 25,600,000.00 CZK Line-by-line RECORDATI SK s.r.o. Marketing of pharmaceuticals Slovak Republic 33,193.92 EUR Line-by-line RUSFIC LLC Development, promotion, and sales of pharmaceutical products Russian Federation 3,560,000.00 RUB Line-by-line
Consolidated companies Head office Share capital Currency Consolidation method RECORDATI ROM\u00c2NIA S.R.L. Marketing of pharmaceuticals Romania 5,000,000.00 RON Line-by-line RECORDATI \u0130LA\u00c7 Sanayi Ve Ticaret A.\u015e. Development, production, and sales of pharmaceuticals T\u00fcrkiye 180,000,000.00 TRY Line-by-line RECORDATI POLSKA Sp. z o.o. Marketing of pharmaceuticals Poland 4,500,000.00 PLN Line-by-line ACCENT LLC Holds pharmaceutical marketing rights Russian Federation 20,000.00 RUB Line-by-line RECORDATI UKRAINE LLC Marketing of pharmaceuticals Ukraine 1,031,896.30 UAH Line-by-line CASEN RECORDATI PORTUGAL Unipessoal Lda Marketing of pharmaceuticals Portugal 100,000.00 EUR Line-by-line OPALIA PHARMA S.A. Development, production, and sales of pharmaceuticals Tunisia 9,656,000.00 TND Line-by-line OPALIA RECORDATI S.\u00e0 r.l. Promotion of pharmaceuticals Tunisia 20,000.00 TND Line-by-line RECORDATI RARE DISEASES S.A. DE C.V. Marketing of pharmaceuticals Mexico 16,250,000.00 MXN Line-by-line RECORDATI RARE DISEASES COLOMBIA S.A.S. Marketing of pharmaceuticals Colombia 150,000,000.00 COP Line-by-line ITALCHIMICI S.p.A. Marketing of pharmaceuticals Italy 7,646,000.00 EUR Line-by-line RECORDATI AG Marketing of pharmaceuticals Switzerland 15,000,000.00 CHF Line-by-line RECORDATI AUSTRIA GmbH Marketing of pharmaceuticals Austria 35,000.00 EUR Line-by-line RECORDATI RARE DISEASES CANADA Inc. Marketing of pharmaceuticals Canada 350,000.00 CAD Line-by-line RECORDATI RARE DISEASES JAPAN K.K. Marketing of pharmaceuticals Japan 90,000,000.00 JPY Line-by-line NATURAL POINT S.r.l. Marketing of pharmaceuticals Italy 10,400.00 EUR Line-by-line RECORDATI RARE DISEASES AUSTRALIA Pty Ltd Marketing of pharmaceuticals Australia 200,000.00 AUD Line-by-line RECORDATI BULGARIA Ltd Marketing of pharmaceuticals Bulgaria 50,000.00 BGN Line-by-line RECORDATI (BEIJING) PHARMACEUTICAL CO., Ltd Promotion of pharmaceuticals People\u2019s Republic of China 1,000,000.00 EUR Line-by-line RECORDATI RARE DISEASES FZCO Marketing of pharmaceuticals United Arab Emirates 1,000.00 AED Line-by-line RECORDATI UK LTD Research and marketing of pharmaceuticals United Kingdom 10.00 EUR Line-by-line RECORDATI Netherlands B.V. Marketing of pharmaceuticals Netherlands 1.00 EUR Line-by-line EUSA Pharma (CH) GmbH, in liquidation Marketing of pharmaceuticals Switzerland 20,000.00 CHF Line-by-line RECORDATI KOREA, Co. Ltd Marketing of pharmaceuticals South Korea 100,000,000.00 KRW Line-by-line RECORDATI RARE DISEASES MENA RHQ (1) Marketing of pharmaceuticals Saudi Arabia 500,000.00 SAR Line-by-line RECORDATI ARGENTINA S.R.L. (1) Marketing of pharmaceuticals Argentina 88,605,000.00 ARS Line-by-line (2) Set up in 2024
PERCENTAGE OF OWNERSHIP Consolidated companies Recordati S.p.A. Parent Company Recordati Pharma GmbH Bouchara Recordati S.a.s. Casen Recordati S.L. Recordati Rare Diseases S.\u00e0 r.l. Herbacos Recordati s.r.o. Opalia Pharma S.A. Recordati AG Recordati UK LTD Total INNOVA PHARMA S.P.A. 100.00 100.00 CASEN RECORDATI S.L. 100.00 100.00 BOUCHARA RECORDATI S.A.S. 100.00 100.00 RECORDATI RARE DISEASES COMERCIO DE MEDICAMENTOS LTDA 100.00 100.00 RECORDATI RARE DISEASES INC. 100.00 100.00 RECORDATI IRELAND LTD 100.00 100.00 LABORATOIRES BOUCHARA RECORDATI S.A.S. 100.00 100.00 RECORDATI PHARMA GmbH 55.00 45.00 100.00 RECORDATI PHARMACEUTICALS LTD 100.00 100.00 RECORDATI HELLAS PHARMACEUTICALS S.A. 100.00 100.00 JABA RECORDATI S.A. 100.00 100.00 JABAFARMA PRODUTOS FARMAC\u00caUTICOS S.A. 100.00 100.00 BONAFARMA PRODUTOS FARMAC\u00caUTICOS S.A. 100.00 100.00 RECORDATI RARE DISEASES MIDDLE EAST FZ LLC 100.00 100.00 RECORDATI AB 100.00 100.00 RECORDATI RARE DISEASES S.\u00e0 r.l. 84.00 16.00 100.00 RECORDATI RARE DISEASES UK Limited 100.00 100.00 RECORDATI RARE DISEASES GERMANY GmbH 100.00 100.00 RECORDATI RARE DISEASES SPAIN S.L. 100.00 100.00 RECORDATI RARE DISEASES ITALY S.R.L. 100.00 100.00 RECORDATI BV 100.00 100.00 FIC MEDICAL S.\u00e0 r.l. 100.00 100.00 HERBACOS RECORDATI s.r.o. 100.00 100.00 RECORDATI SK s.r.o. 100.00 100.00 RUSFIC LLC 100.00 100.00 RECORDATI ROM\u00c2NIA S.R.L. 100.00 100.00 RECORDATI \u0130LA\u00c7 Sanayi Ve Ticaret A.\u015e. 100.00 100.00 RECORDATI POLSKA Sp. z o.o 100.00 100.00 ACCENT LLC 100.00 100.00 RECORDATI UKRAINE LLC 0.01 99.99 100.00 CASEN RECORDATI PORTUGAL Unipessoal Lda 100.00 100.00 OPALIA PHARMA S.A. 90.00 90.00 OPALIA RECORDATI S.\u00e0 R.L. 1.00 99.00 100.00 RECORDATI RARE DISEASES S.A. DE C.V. 99.998 0.002 100.00 RECORDATI RARE DISEASES COLOMBIA S.A.S. 100.00 100.00 ITALCHIMICI S.p.A. 100.00 100.00 RECORDATI AG 100.00 100.00 RECORDATI AUSTRIA GmbH 100.00 100.00 RECORDATI RARE DISEASES CANADA Inc. 100.00 100.00 RECORDATI RARE DISEASES JAPAN K.K. 100.00 100.00 NATURAL POINT S.r.l. 100.00 100.00 RECORDATI RARE DISEASES AUSTRALIA Pty Ltd 100.00 100.00 RECORDATI BULGARIA Ltd 100.00 100.00 RECORDATI (BEIJING) PHARMACEUTICAL CO., Ltd (1) 100.00 100.00 RECORDATI RARE DISEASES FZCO 100.00 100.00 RECORDATI UK LTD 100.00 100.00 RECORDATI Netherlands B.V. 100.00 100.00 EUSA Pharma (CH) GmbH, in liquidation 100.00 100.00 RECORDATI KOREA, Co. Ltd 100.00 100.00 RECORDATI RARE DISEASES MENA RHQ (1) 100.00 100.00 RECORDATI ARGENTINA SRL (1) 5.00 95.00 100.00 (1) Set up in 2024
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11. OTHER NON-CURRENT ASSETS As of 31 December 2025, this item amounted to \u20ac 10.3 million, a decrease of \u20ac 3.9 million compared to 31 December 2024, and mainly refers to receivables falling due beyond twelve months. It includes the discounted receivable of \u20ac 1.2 million (\u20ac 4.0 million as of 31 December 2024) in respect of ARS Pharmaceuticals Inc. following the signing of the agreement in February 2023 for the return of the rights on ARS-1.
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12. DEFERRED TAX ASSETS As of 31 December 2025, deferred tax assets amounted to \u20ac 136.4 million (\u20ac 94.5 million as of 31 December 2024). The main deferred tax assets and their changes are presented in the two tables below: \u20ac (thousands) 2025 2024 Balance as of 1 January 94,527 76,674 Additions 62,590 29,764 Utilisations (20,702) (11,911) Balance as of 31 December 136,415 94,527 \u20ac (thousands) Profits relating to intercompany sales Revenues/costs with deferred tax effect Patent Box Total Balance as of 1 January 54,849 30,562 9,116 94,527 Additions 50,512 12,078 - 62,590 Utilisations - (14,626) (6,076) (20,702) Balance as of 31 December 105,361 28,014 3,040 136,415
The significant increase in deferred tax assets on the elimination of profits relating to intercompany sales is the result of the increase in inventories transferred between companies. The item Patent Box refers to the economic benefit for the direct use of intangible assets covered by subsidies and that can be used in subsequent years. As of 31 December 2025, there aren\u2019t deductible temporary differences, unused tax losses and unused tax credits for which no deferred tax asset is recognised,
23. DEFERRED TAX LIABILITIES As of 31 December 2025, deferred tax liabilities amounted to \u20ac 129.7 million, down by \u20ac 3.7 million compared to 31 December 2024. Their changes are shown in the table below: \u20ac (thousands) 2025 2024 Balance as of 1 January 133,422 144,208 Additions 5,467 4,188 Utilisations (9,202) (14,975) Balance as of 31 December 129,687 133,422 The decrease is mainly determined by the recognition of the profit effects for the year from the reduction in deferred tax liabilities originally calculated on the higher measurements of intangible assets and inventories from EUSA Pharma (now Recordati UK), which were recognised as part of the allocation of the price paid for the acquisition. The balance as of 31 December 2025 mainly relates to the effects of acquisition transactions totalling \u20ac 107.6 million. As of 31 December 2025, no deferred tax liabilities were calculated on subsidiaries\u2019 undistributed profits as, considering the current dividend policy applied by the Group and thanks to the substantial exemption from double income taxation, no significant additional tax would have to be paid by the Group.
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13. INVENTORIES Inventories as of 31 December 2025 amounted to \u20ac 539.8 million (\u20ac 506.4 million as of 31 December 2024), net of provisions for the impairment of pharmaceutical products nearing expiry and slow moving of \u20ac 18.3 million (\u20ac 15.6 million as of 31 December 2024). During the year, the revaluations of inventories made in application of IFRS 3 after the acquisitions of EUSA Pharma (now Recordati UK) in 2022 and Enjaymo\u00ae in 2024 were entirely zeroed through their release to the income statement under the item \u201cCost of sales\u201d in conjunction with the sales of the products to which they refer, for a total value of \u20ac 66.8 million. This decrease, combined with the one deriving from the exchange effect mainly determined by the depreciation of the US dollar, was more than offset by higher purchases of products. Inventories by category are broken down as follows: \u20ac (thousands) 31.12.2025 31.12.2024 Changes 2025/2024 Raw materials and supplies 151,400 100,906 50,494 Semi-finished goods and work in process 108,477 92,658 15,819 Finished goods 279,927 312,883 (32,956) Total 539,804 506,447 33,357
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14. TRADE RECEIVABLES Trade receivables as of 31 December 2025 and 2024 amounted to \u20ac 570.2 million and \u20ac 516.7 million respectively. The amounts are expressed net of provisions for impairment, which as of 31 December 2025 amounted to \u20ac 14.7 million (unchanged since 31 December 2024). This item is considered consistent with positions which, for the nature of the customers or the destination markets, may be difficult to collect. The average number of days of exposure was 66, compared to 63 days in 2024.
The Group uses a matrix to measure the expected credit losses on trade receivables from individual customers, which comprise a very large number of small balances. Losses are estimated using a method based on the probability of a receivable progressing through successive stages of insolvency calculated separately for exposures in different segments based on common credit risk characteristics, such as geographical region and duration of the customer relationship. The following table provides information about the exposure to credit risk for trade receivables: \u20ac (thousands) 31.12.2025 31.12.2024 Changes 2025/2024 Current (not past due) 478,253 459,569 18,684 1-30 days past due 59,989 23,283 36,706 31-60 days past due 9,798 9,389 409 61-90 days past due 7,594 2,452 5,142 More than 90 days past due 29,170 36,767 (7,597) Total gross trade receivables 584,804 531,460 53,344
Additional information about how the Group assesses its exposure to credit risk and provisions for doubtful accounts is provided in Note 32.
15. OTHER RECEIVABLES Other receivables amounted to \u20ac 106.5 million, down by \u20ac 2.6 million compared to 31 December 2024. The relevant details are presented in the table below:
\u20ac (thousands) 31.12.2025 31.12.2024 Changes 2025/2024 Tax receivables 85,848 79,017 6,831 Advances to employees and agents 713 3,369 (2,656) Other 19,897 26,638 (6,741) Total other receivables 106,458 109,024 (2,566) Tax receivables include value added tax (VAT) receivable (\u20ac 38.1 million) and advance payments of income tax paid in excess. Advances to employees and agents comprise advances on expense accounts and other receivables. The \u201cOther\u201d receivables item includes the advances paid to suppliers and other parties, as well as settlements due from licensors and \u20ac 3.3 million relating to the short-term discounted receivable from ARS Pharmaceuticals Inc., posted following the signing of an agreement in February 2023 for the restitution of rights to ARS-1, previously recognised among the intangible assets. Following the launch of the product, based on the contractual agreements, \u20ac 5.2 million was collected.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-363": { "value": "
The Group uses a matrix to measure the expected credit losses on trade receivables from individual customers, which comprise a very large number of small balances. Losses are estimated using a method based on the probability of a receivable progressing through successive stages of insolvency calculated separately for exposures in different segments based on common credit risk characteristics, such as geographical region and duration of the customer relationship. The following table provides information about the exposure to credit risk for trade receivables: \u20ac (thousands) 31.12.2025 31.12.2024 Changes 2025/2024 Current (not past due) 478,253 459,569 18,684 1-30 days past due 59,989 23,283 36,706 31-60 days past due 9,798 9,389 409 61-90 days past due 7,594 2,452 5,142 More than 90 days past due 29,170 36,767 (7,597) Total gross trade receivables 584,804 531,460 53,344
Additional information about how the Group assesses its exposure to credit risk and provisions for doubtful accounts is provided in Note 32.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-364": { "value": "
\u20ac (thousands) 31.12.2025 31.12.2024 Changes 2025/2024 Tax receivables 85,848 79,017 6,831 Advances to employees and agents 713 3,369 (2,656) Other 19,897 26,638 (6,741) Total other receivables 106,458 109,024 (2,566) Tax receivables include value added tax (VAT) receivable (\u20ac 38.1 million) and advance payments of income tax paid in excess. Advances to employees and agents comprise advances on expense accounts and other receivables. The \u201cOther\u201d receivables item includes the advances paid to suppliers and other parties, as well as settlements due from licensors and \u20ac 3.3 million relating to the short-term discounted receivable from ARS Pharmaceuticals Inc., posted following the signing of an agreement in February 2023 for the restitution of rights to ARS-1, previously recognised among the intangible assets. Following the launch of the product, based on the contractual agreements, \u20ac 5.2 million was collected.
26. TAX LIABILITIES Tax liabilities as of 31 December 2025 amounted to \u20ac 80.6 million (\u20ac 93.9 million as of 31 December 2024) and include mainly tax payables, net of advances already paid, computed by the companies on the basis of estimated taxable income, and withholding taxes payable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-365": { "value": "
16. OTHER CURRENT ASSETS Other current assets amounted to \u20ac 24.6 million (\u20ac 21.4 million as of 31 December 2024) and relate mainly to prepaid expenses with respect to their economic competence.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-366": { "value": "
17. DERIVATIVE INSTRUMENTS MEASURED AT FAIR VALUE (included in current assets) As of 31 December 2025, the value of derivative instruments included under this item amounted to \u20ac 8.1 million. The measurement at market (fair value) of cross currency swaps entered into by the Parent Company to hedge the US$ 75 million loan issued on 30 September 2014 gave rise to a \u20ac 1.4 million asset as of 31 December 2025. This amount represents the potential benefit of a lower value in euro of the future dollar denominated principal and interest flows, in view of the revaluation of the foreign currency with respect to the moment in which the loan and hedging instruments were negotiated. In particular, the valuation refers solely to the derivative hedging of the US$ 25 million tranche of the loan, provided by UniCredit. The US$ 50 million tranche of the loan was extinguished early in September, when, in addition to the US$ 5 million instalment nearing maturity, the instalments totalling US$ 10 million originally due in 2026 were also repaid. The related derivative hedging taken out with Mediobanca was extinguished at the same time. The measurement at market (fair) value of the interest rate swaps hedging a number of loans gave rise to total assets of \u20ac 2.9 million, representing the opportunity of paying in the future, for the term of the loans, the agreed interest rates rather than the variable rates currently expected. The amount relates to the interest rate swaps entered into by the Parent Company to hedge the interest rates on the
syndicated loan recently concluded to fund the acquisition of the rights to Enjaymo\u00ae (\u20ac 2.6 million) and on the loan finalised in the first half of 2022 (\u20ac 0.3 million) (see Note 21). As of 31 December 2025, other hedging transactions were in place on foreign currency positions, the measurement of which was positive for \u20ac 3.8 million compared to the positive figure of \u20ac 5.1 million as of 31 December 2024, with the difference recognised to the income statement and offsetting the exchange gains arising from the valuation of the underlying positions at current exchange rates. The fair value of these hedging derivatives is measured at level two of the hierarchy provided for in accounting standard IFRS 13 (see note 2). The fair value is equal to the current value of the estimated future cash flows. Estimates of future floating-rate cash flows are based on quoted swap rates, futures prices and interbank borrowing rates. Estimated cash flows are discounted using a yield curve which reflects the relevant benchmark interbank rate used by market participants for pricing interest rate swaps.
29. DERIVATIVE INSTRUMENTS MEASURED AT FAIR VALUE (included in current liabilities) As of 31 December 2025, the value of derivative instruments included under this item amounted to \u20ac 4.9 million. The measurement at market (fair) value as of 31 December 2025 of the interest rate swaps hedging a number of loans gave rise to a total \u20ac 2.8 million liability, which represents the unrealised opportunity of paying in the future, for the duration of the loans, the variable rates currently expected instead of the rates agreed. The amount relates to the interest rate swaps entered into by the Parent Company to hedge the interest rates on loans with lender consortia in 2023 (\u20ac 1.7 million) and in 2022 (\u20ac 1.1 million). As of 31 December 2025, other hedging transactions were in place on foreign currency positions, the measurement of which was negative for \u20ac 2.1 million compared to the \u20ac 1.3 million as of 31 December 2024, with the difference recognised to the income statement and offsetting the exchange gains arising from the valuation of the underlying positions at current exchange rates. The fair value of these hedging derivatives is measured at level two of the hierarchy provided for in accounting standard IFRS 13 (see note 2). The fair value is equal to the current value of the estimated future cash flows. Estimates of future floating-rate cash flows are based on quoted swap rates, futures prices and interbank borrowing rates. Estimated cash flows are discounted using a yield curve which reflects the relevant benchmark interbank rate used by market participants for pricing interest rate swaps.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-367": { "value": "
18. CASH AND CASH EQUIVALENTS A breakdown is shown in the following table: \u20ac (thousands) 31.12.2025 31.12.2024 Changes 2025/2024 Demand current account deposits 408,895 293,445 115,450 Short-term time deposits 19,877 28,930 (9,053) Cash on hand 52 48 4 Total cash and cash equivalents 428,824 322,423 106,401 Short-term time deposits consist of tied deposits with maturities of three months or less. As of 31 December 2025, cash and cash equivalents were mainly in euros (153.8 million), Swiss francs (125.7 million), US dollars (77.0 million), Tunisian dinars (57.3 million), Polish zloty (48.7 million), Russia roubles (781.5 million), Japanese yen (1,265.4 million) and Turkish lira (246.1 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-368": { "value": "
19. SHAREHOLDERS\u2019 EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT
Share capital - the share capital as of 31 December 2025, of \u20ac 26,140,644.50, was fully paid up and consisted of 209,125,156 ordinary shares with a par value of \u20ac 0.125 each. During 2025, there were no changes.
Share premium reserve \u2013 As of 31 December 2025, this amounted to \u20ac 83.7 million, unchanged compared to the previous year.
Treasury shares - As of 31 December 2025, 4,769,267 treasury shares are held in the portfolio, an increase of 1,940,346 shares compared to 31 December 2024. The change was due to the purchase of 2,965,916 shares for an amount of \u20ac 157.1 million, and to the disposal of 1,025,570 shares within the scope of long-term incentive plans, particularly in relation to the exercise of stock options for a value of \u20ac 44.6 million. The total cost to purchase the treasury shares in the portfolio was \u20ac 239.4 million, with an average unit price of \u20ac 50.19.
Reserve for derivative instruments measured at fair value - In accordance with the provisions of the international accounting standard IFRS 9, this shareholders\u2019 equity reserve contains the entry for the value of the assets and liabilities resulting from the measurement at market value of the cross-currency swaps qualifying as cash flow hedges, the entry for the recognition in the income statement offsetting
the valuation at year-end exchange rates of the foreign currency loans hedged, and the assets and liabilities resulting from the measurement at market value of the interest rate swaps also qualifying as cash flow hedges. As of 31 December 2025, net of the tax effect, this value was substantially nil. Other reserves - As of 31 December 2025, these amounted to \u20ac 73.8 million, up by \u20ac 9.8 million compared to 31 December 2024. Other reserves include the statutory reserve of the Parent Company (\u20ac 5.2 million), reserves for grants received (\u20ac 15.5 million) and reserves for amounts booked directly to equity in application of the international accounting standards. The application of IFRS 2 had a positive impact of \u20ac 49.6 million, while the application of IAS 19 had a positive impact of \u20ac 0.7 million, net of the tax effect. The recognition of the gains associated with the investment in Puretech Health p.l.c. determined a positive after-tax impact of \u20ac 6.1 million, net of the tax effect for \u20ac 2.3 million, while the recognition of the reduced value of the investment in Phaxiam Therapeutics S.A. determined a negative after-tax impact of \u20ac 3.7 million, net of the tax effect for \u20ac 1.3 million. The completion of the reverse merger in 2021 led to the recognition of a reserve for \u20ac 0.4 million. Profits carried forward and net income - As of 31 December 2025, profits carried forward amounted to \u20ac 2,009.0 million, up by \u20ac 191.0 million compared to 31 December 2024 and the Group\u2019s net income was \u20ac 443.6 million, up by 6.5% compared to \u20ac 416.5 million in 2024. Some of the shareholders\u2019 equity reserves of the Group\u2019s Italian companies are recognised in tax suspension and, according to the fiscal rules, their distribution is subject to taxation. These reserves, net of the substitute taxes already paid of \u20ac 18.4 million, amounted to \u20ac 152.2 million. In accordance with the international accounting standard IAS 12, no deferred taxes are recognised on such suspended reserves as their distribution has not yet been decided and is not expected. Interim dividend - During the year, the Board of Directors of the Parent Company resolved to distribute an interim dividend for 2025 of \u20ac 0.63 per share, for a total amount of \u20ac 128.8 million, payable as of 26 November.
Incentive plans - As of 31 December 2025, the Company has two stock option plans benefiting certain Group employees: the 2018-2022 plan with the grant on 3 August 2018 and the 2021-2023 plan, with the grants on 6 May 2021, 1 December 2021 and 24 February 2022. The strike price for the options is the average of the Parent Company's listed share price during the 30 days prior to the grant date. The options are vested over a period of five years, over four tranches starting from the second year in the case of the grant in 2018 and the three years, and in a single tranche for the 2021 and 2022 grants. They expire if they are not exercised within the eighth year after the grant date. Options cannot be exercised if the employee leaves the Company before they are vested, save for derogation approved by the competent corporate bodies. Stock options outstanding as of 31 December 2025 are detailed in the following table: Strike price (\u20ac) Quantity 01/01/2025 Granted 2025 Exercised in 2025 Cancelled and expired 2025 Quantity 31.12.2025 Grant date 3 August 2018 30.73 716,000 - (199,666) - 516,334 6 May 2021 45.97 1,270,398 - (490,305) (3,000) 777,093 1 December 2021 56.01 130,000 - - - 130,000 24 February 2022 47.52 2,786,000 - (333,864) (54,000) 2,398,136 Total 4,902,398 - (1,023,835) (57,000) 3,821,563 In 2023, the Parent Company adopted a new long-term incentive plan called \u201c2023-2025 Performance Shares Plan\u201d benefiting certain Group employees. The plan provides for three grants of rights to receive Company shares free of charge, one for each year covered, which, following a vesting period of three
years, will allow recipients to receive shares of the Parent Company up to an amount of 175% of the amount originally granted, based on the trend of certain performance indicators. However, these rights will expire if the employee leaves the Company before they are vested. The grants took place on 27 June 2023 for 440,485 rights, 9 May 2024 for 437,634 rights and 8 May 2025 for 511,380 rights. The cost for the year, determined according to IFRS 2, amounted to \u20ac 15.2 million, an increase on the \u20ac 11.3 million in the previous year. Some Group employees were designated as beneficiaries of incentive plans with a five-year vesting period, granted and entirely funded by Rossini Luxembourg S.\u00e0 r.l., an indirect shareholder of Recordati S.p.A., and will benefit from a return at the expiry of the plans term if they have met a number of performance conditions. The measurement according to IFRS 2 led to an expense in the income statement of \u20ac 1.5 million, which also includes the incentive plans granted by Rossini Luxembourg S.\u00e0 r.l. to the Chief Executive Officer of the Recordati Group.
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Share capital - the share capital as of 31 December 2025, of \u20ac 26,140,644.50, was fully paid up and consisted of 209,125,156 ordinary shares with a par value of \u20ac 0.125 each. During 2025, there were no changes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-370": { "value": "
Treasury shares - As of 31 December 2025, 4,769,267 treasury shares are held in the portfolio, an increase of 1,940,346 shares compared to 31 December 2024. The change was due to the purchase of 2,965,916 shares for an amount of \u20ac 157.1 million, and to the disposal of 1,025,570 shares within the scope of long-term incentive plans, particularly in relation to the exercise of stock options for a value of \u20ac 44.6 million. The total cost to purchase the treasury shares in the portfolio was \u20ac 239.4 million, with an average unit price of \u20ac 50.19.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-371": { "value": "
Incentive plans - As of 31 December 2025, the Company has two stock option plans benefiting certain Group employees: the 2018-2022 plan with the grant on 3 August 2018 and the 2021-2023 plan, with the grants on 6 May 2021, 1 December 2021 and 24 February 2022. The strike price for the options is the average of the Parent Company's listed share price during the 30 days prior to the grant date. The options are vested over a period of five years, over four tranches starting from the second year in the case of the grant in 2018 and the three years, and in a single tranche for the 2021 and 2022 grants. They expire if they are not exercised within the eighth year after the grant date. Options cannot be exercised if the employee leaves the Company before they are vested, save for derogation approved by the competent corporate bodies. Stock options outstanding as of 31 December 2025 are detailed in the following table: Strike price (\u20ac) Quantity 01/01/2025 Granted 2025 Exercised in 2025 Cancelled and expired 2025 Quantity 31.12.2025 Grant date 3 August 2018 30.73 716,000 - (199,666) - 516,334 6 May 2021 45.97 1,270,398 - (490,305) (3,000) 777,093 1 December 2021 56.01 130,000 - - - 130,000 24 February 2022 47.52 2,786,000 - (333,864) (54,000) 2,398,136 Total 4,902,398 - (1,023,835) (57,000) 3,821,563 In 2023, the Parent Company adopted a new long-term incentive plan called \u201c2023-2025 Performance Shares Plan\u201d benefiting certain Group employees. The plan provides for three grants of rights to receive Company shares free of charge, one for each year covered, which, following a vesting period of three
years, will allow recipients to receive shares of the Parent Company up to an amount of 175% of the amount originally granted, based on the trend of certain performance indicators. However, these rights will expire if the employee leaves the Company before they are vested. The grants took place on 27 June 2023 for 440,485 rights, 9 May 2024 for 437,634 rights and 8 May 2025 for 511,380 rights. The cost for the year, determined according to IFRS 2, amounted to \u20ac 15.2 million, an increase on the \u20ac 11.3 million in the previous year. Some Group employees were designated as beneficiaries of incentive plans with a five-year vesting period, granted and entirely funded by Rossini Luxembourg S.\u00e0 r.l., an indirect shareholder of Recordati S.p.A., and will benefit from a return at the expiry of the plans term if they have met a number of performance conditions. The measurement according to IFRS 2 led to an expense in the income statement of \u20ac 1.5 million, which also includes the incentive plans granted by Rossini Luxembourg S.\u00e0 r.l. to the Chief Executive Officer of the Recordati Group.
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20. SHAREHOLDERS\u2019 EQUITY ATTRIBUTABLE TO NON-CONTROLLING INTERESTS All consolidated companies are 100% owned, except for the Tunisian company Opalia Pharma, which is 90% owned. The company has, however, been 100% consolidated by applying the anticipated acquisition method allowed by IAS 32. Consequently, the amount estimated for the acquisition of the remaining 10%, of \u20ac 4.0 million, was recognised as a liability since the transfer of this remaining quota is covered by contractual agreements which provide for reciprocal put and call options between the parties which have a high probability of being exercised. Subsequent changes of the estimate will be recognised in a shareholders\u2019 equity reserve. This accounting method is not detrimental to the rights of the non-controlling shareholders during the period until all capital shares are transferred.
39. SUBSIDIARIES INCLUDED IN THE CONSOLIDATED ACCOUNTS AS OF 31 DECEMBER 2025 Consolidated companies Head office Share capital Currency Consolidation method RECORDATI S.p.A.
Development, production, marketing and sales of pharmaceuticals and pharmaceutical chemicals
Italy 26,140,644.50 EUR Line-by-line INNOVA PHARMA S.p.A. Marketing of pharmaceuticals Italy 1,920,000.00 EUR Line-by-line CASEN RECORDATI S.L. Development, production, and sales of pharmaceuticals Spain 238,966,000.00 EUR Line-by-line BOUCHARA RECORDATI S.A.S. Development, production, and sales of pharmaceuticals France 4,600,000.00 EUR Line-by-line RECORDATI RARE DISEASES COMERCIO DE MEDICAMENTOS LTDA Marketing of pharmaceuticals Brazil 166.00 BRL Line-by-line RECORDATI RARE DISEASES INC. Development, production, and sales of pharmaceuticals U.S.A. 11,979,138.00 USD Line-by-line RECORDATI IRELAND LTD Development, production, and sales of pharmaceuticals Ireland 200,000.00 EUR Line-by-line LABORATOIRES BOUCHARA RECORDATI S.A.S. Development, production, and sales of pharmaceuticals France 14,000,000.00 EUR Line-by-line RECORDATI PHARMA GmbH Marketing of pharmaceuticals Germany 600,000.00 EUR Line-by-line RECORDATI PHARMACEUTICALS LTD Marketing of pharmaceuticals United Kingdom 15,000,000.00 GBP Line-by-line RECORDATI HELLAS PHARMACEUTICALS S.A. Marketing of pharmaceuticals Greece 10,050,000.00 EUR Line-by-line JABA RECORDATI S.A. Marketing of pharmaceuticals Portugal 2,000,000.00 EUR Line-by-line JABAFARMA PRODUTOS FARMAC\u00caUTICOS S.A. Promotion of pharmaceuticals Portugal 50,000.00 EUR Line-by-line BONAFARMA PRODUTOS FARMAC\u00caUTICOS S.A. Promotion of pharmaceuticals Portugal 50,000.00 EUR Line-by-line RECORDATI RARE DISEASES MIDDLE EAST FZ LLC Marketing of pharmaceuticals United Arab Emirates 100,000.00 AED Line-by-line RECORDATI AB Marketing of pharmaceuticals Sweden 100,000.00 SEK Line-by-line RECORDATI RARE DISEASES S.\u00e0 r.l. Development, production, and sales of pharmaceuticals France 419,804.00 EUR Line-by-line RECORDATI RARE DISEASES UK Limited Marketing of pharmaceuticals United Kingdom 50,000.00 GBP Line-by-line RECORDATI RARE DISEASES GERMANY GmbH Marketing of pharmaceuticals Germany 25,600.00 EUR Line-by-line RECORDATI RARE DISEASES SPAIN S.L. Marketing of pharmaceuticals Spain 1,775,065.49 EUR Line-by-line RECORDATI RARE DISEASES ITALY S.R.L. Marketing of pharmaceuticals Italy 40,000.00 EUR Line-by-line RECORDATI BV Marketing of pharmaceuticals Belgium 18,600.00 EUR Line-by-line FIC MEDICAL S.\u00e0 r.l. Promotion of pharmaceuticals France 173,700.00 EUR Line-by-line HERBACOS RECORDATI s.r.o. Development, production, and sales of pharmaceuticals Czech Republic 25,600,000.00 CZK Line-by-line RECORDATI SK s.r.o. Marketing of pharmaceuticals Slovak Republic 33,193.92 EUR Line-by-line RUSFIC LLC Development, promotion, and sales of pharmaceutical products Russian Federation 3,560,000.00 RUB Line-by-line
Consolidated companies Head office Share capital Currency Consolidation method RECORDATI ROM\u00c2NIA S.R.L. Marketing of pharmaceuticals Romania 5,000,000.00 RON Line-by-line RECORDATI \u0130LA\u00c7 Sanayi Ve Ticaret A.\u015e. Development, production, and sales of pharmaceuticals T\u00fcrkiye 180,000,000.00 TRY Line-by-line RECORDATI POLSKA Sp. z o.o. Marketing of pharmaceuticals Poland 4,500,000.00 PLN Line-by-line ACCENT LLC Holds pharmaceutical marketing rights Russian Federation 20,000.00 RUB Line-by-line RECORDATI UKRAINE LLC Marketing of pharmaceuticals Ukraine 1,031,896.30 UAH Line-by-line CASEN RECORDATI PORTUGAL Unipessoal Lda Marketing of pharmaceuticals Portugal 100,000.00 EUR Line-by-line OPALIA PHARMA S.A. Development, production, and sales of pharmaceuticals Tunisia 9,656,000.00 TND Line-by-line OPALIA RECORDATI S.\u00e0 r.l. Promotion of pharmaceuticals Tunisia 20,000.00 TND Line-by-line RECORDATI RARE DISEASES S.A. DE C.V. Marketing of pharmaceuticals Mexico 16,250,000.00 MXN Line-by-line RECORDATI RARE DISEASES COLOMBIA S.A.S. Marketing of pharmaceuticals Colombia 150,000,000.00 COP Line-by-line ITALCHIMICI S.p.A. Marketing of pharmaceuticals Italy 7,646,000.00 EUR Line-by-line RECORDATI AG Marketing of pharmaceuticals Switzerland 15,000,000.00 CHF Line-by-line RECORDATI AUSTRIA GmbH Marketing of pharmaceuticals Austria 35,000.00 EUR Line-by-line RECORDATI RARE DISEASES CANADA Inc. Marketing of pharmaceuticals Canada 350,000.00 CAD Line-by-line RECORDATI RARE DISEASES JAPAN K.K. Marketing of pharmaceuticals Japan 90,000,000.00 JPY Line-by-line NATURAL POINT S.r.l. Marketing of pharmaceuticals Italy 10,400.00 EUR Line-by-line RECORDATI RARE DISEASES AUSTRALIA Pty Ltd Marketing of pharmaceuticals Australia 200,000.00 AUD Line-by-line RECORDATI BULGARIA Ltd Marketing of pharmaceuticals Bulgaria 50,000.00 BGN Line-by-line RECORDATI (BEIJING) PHARMACEUTICAL CO., Ltd Promotion of pharmaceuticals People\u2019s Republic of China 1,000,000.00 EUR Line-by-line RECORDATI RARE DISEASES FZCO Marketing of pharmaceuticals United Arab Emirates 1,000.00 AED Line-by-line RECORDATI UK LTD Research and marketing of pharmaceuticals United Kingdom 10.00 EUR Line-by-line RECORDATI Netherlands B.V. Marketing of pharmaceuticals Netherlands 1.00 EUR Line-by-line EUSA Pharma (CH) GmbH, in liquidation Marketing of pharmaceuticals Switzerland 20,000.00 CHF Line-by-line RECORDATI KOREA, Co. Ltd Marketing of pharmaceuticals South Korea 100,000,000.00 KRW Line-by-line RECORDATI RARE DISEASES MENA RHQ (1) Marketing of pharmaceuticals Saudi Arabia 500,000.00 SAR Line-by-line RECORDATI ARGENTINA S.R.L. (1) Marketing of pharmaceuticals Argentina 88,605,000.00 ARS Line-by-line (2) Set up in 2024
PERCENTAGE OF OWNERSHIP Consolidated companies Recordati S.p.A. Parent Company Recordati Pharma GmbH Bouchara Recordati S.a.s. Casen Recordati S.L. Recordati Rare Diseases S.\u00e0 r.l. Herbacos Recordati s.r.o. Opalia Pharma S.A. Recordati AG Recordati UK LTD Total INNOVA PHARMA S.P.A. 100.00 100.00 CASEN RECORDATI S.L. 100.00 100.00 BOUCHARA RECORDATI S.A.S. 100.00 100.00 RECORDATI RARE DISEASES COMERCIO DE MEDICAMENTOS LTDA 100.00 100.00 RECORDATI RARE DISEASES INC. 100.00 100.00 RECORDATI IRELAND LTD 100.00 100.00 LABORATOIRES BOUCHARA RECORDATI S.A.S. 100.00 100.00 RECORDATI PHARMA GmbH 55.00 45.00 100.00 RECORDATI PHARMACEUTICALS LTD 100.00 100.00 RECORDATI HELLAS PHARMACEUTICALS S.A. 100.00 100.00 JABA RECORDATI S.A. 100.00 100.00 JABAFARMA PRODUTOS FARMAC\u00caUTICOS S.A. 100.00 100.00 BONAFARMA PRODUTOS FARMAC\u00caUTICOS S.A. 100.00 100.00 RECORDATI RARE DISEASES MIDDLE EAST FZ LLC 100.00 100.00 RECORDATI AB 100.00 100.00 RECORDATI RARE DISEASES S.\u00e0 r.l. 84.00 16.00 100.00 RECORDATI RARE DISEASES UK Limited 100.00 100.00 RECORDATI RARE DISEASES GERMANY GmbH 100.00 100.00 RECORDATI RARE DISEASES SPAIN S.L. 100.00 100.00 RECORDATI RARE DISEASES ITALY S.R.L. 100.00 100.00 RECORDATI BV 100.00 100.00 FIC MEDICAL S.\u00e0 r.l. 100.00 100.00 HERBACOS RECORDATI s.r.o. 100.00 100.00 RECORDATI SK s.r.o. 100.00 100.00 RUSFIC LLC 100.00 100.00 RECORDATI ROM\u00c2NIA S.R.L. 100.00 100.00 RECORDATI \u0130LA\u00c7 Sanayi Ve Ticaret A.\u015e. 100.00 100.00 RECORDATI POLSKA Sp. z o.o 100.00 100.00 ACCENT LLC 100.00 100.00 RECORDATI UKRAINE LLC 0.01 99.99 100.00 CASEN RECORDATI PORTUGAL Unipessoal Lda 100.00 100.00 OPALIA PHARMA S.A. 90.00 90.00 OPALIA RECORDATI S.\u00e0 R.L. 1.00 99.00 100.00 RECORDATI RARE DISEASES S.A. DE C.V. 99.998 0.002 100.00 RECORDATI RARE DISEASES COLOMBIA S.A.S. 100.00 100.00 ITALCHIMICI S.p.A. 100.00 100.00 RECORDATI AG 100.00 100.00 RECORDATI AUSTRIA GmbH 100.00 100.00 RECORDATI RARE DISEASES CANADA Inc. 100.00 100.00 RECORDATI RARE DISEASES JAPAN K.K. 100.00 100.00 NATURAL POINT S.r.l. 100.00 100.00 RECORDATI RARE DISEASES AUSTRALIA Pty Ltd 100.00 100.00 RECORDATI BULGARIA Ltd 100.00 100.00 RECORDATI (BEIJING) PHARMACEUTICAL CO., Ltd (1) 100.00 100.00 RECORDATI RARE DISEASES FZCO 100.00 100.00 RECORDATI UK LTD 100.00 100.00 RECORDATI Netherlands B.V. 100.00 100.00 EUSA Pharma (CH) GmbH, in liquidation 100.00 100.00 RECORDATI KOREA, Co. Ltd 100.00 100.00 RECORDATI RARE DISEASES MENA RHQ (1) 100.00 100.00 RECORDATI ARGENTINA SRL (1) 5.00 95.00 100.00 (1) Set up in 2024
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20. SHAREHOLDERS\u2019 EQUITY ATTRIBUTABLE TO NON-CONTROLLING INTERESTS All consolidated companies are 100% owned, except for the Tunisian company Opalia Pharma, which is 90% owned. The company has, however, been 100% consolidated by applying the anticipated acquisition method allowed by IAS 32. Consequently, the amount estimated for the acquisition of the remaining 10%, of \u20ac 4.0 million, was recognised as a liability since the transfer of this remaining quota is covered by contractual agreements which provide for reciprocal put and call options between the parties which have a high probability of being exercised. Subsequent changes of the estimate will be recognised in a shareholders\u2019 equity reserve. This accounting method is not detrimental to the rights of the non-controlling shareholders during the period until all capital shares are transferred.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:815600FBF92FD3531704", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "reg-ix-374": { "value": "
21. LOANS As of 31 December 2025, loans amounted to \u20ac 2,443.6 million, down by a net \u20ac 17.9 million compared to 31 December 2024.
This item includes the liabilities deriving from the application of the accounting standard IFRS 16, representing the obligation to make the payments provided for in the existing leases for a total amount of \u20ac 49.2 million, a net decrease of \u20ac 0.3 million compared to 31 December 2024.
During 2025, loan liabilities increased by \u20ac 480.2 million, of which \u20ac 466.2 million from opening new bank loans and \u20ac 14.0 million relating to new lease contracts. Repayments over the year totalled \u20ac 493.1 million, of which \u20ac 481.8 for loans and \u20ac 11.3 million for lease liabilities. On 22 September 2025, the Parent Company signed an agreement with PGIM Inc., Investment Manager of Prudential, for a Note Purchase and Private Shelf Agreement for US$ 220.0 million. In particular, the Shelf Facility Multiborrower and Multicurrency agreement grants the Group the right to issue, over the next 3 years, bonds up to a maximum total of US$ 220.0 million or the equivalent in \u20ac, with pricing to be defined at the time of the individual draft, with a maximum duration of 20 years and an average life of 15 years. On 30 September 2025, the Parent Company issued a bond loan for \u20ac 125.0 million with a duration of 10 years from this amount. In June, the loan of \u20ac 180.0 million issued in May 2021 was renegotiated with full early repayment ahead of the May 2026 deadline and the issue of a new loan, again with a pool of domestic and international lenders led by Mediobanca. Compared to the original value of \u20ac 315.0 million, in July another lender joined the consortium with an additional \u20ac 30.0 million, bringing the total value of the loan to \u20ac 345.0 million.
In September, the US$ 50 million tranche of the bond loan issued by the Parent Company on 30 September 2014 was extinguished: in addition to the US$ 5 million share envisaged by the repayment plan, the remaining US$ 10 million due in 2026 were also paid. At the same time, the cross-currency swap agreed with Mediobanca for the transformation of the original debt into \u20ac 37.3 million was extinguished, of which \u20ac 3.7 million related to the instalment in September 2025 and \u20ac 7.5 million to those originally planned for 2026. As of 31 December 2024, the fair value measurement of the hedging instrument that was positive for \u20ac 4.3 million and recognised directly as an increase in equity and as an increase in the asset item \u201cDerivative instruments measured at fair value\u201d was consequently zeroed with an accounting write-off (see Note 14). The loans for 75.0 and 40.0 million Swiss francs taken out on 17 April 2020 and on 16 March 2022 respectively by the subsidiary Recordati AG with UBS Switzerland AG reached maturity and were extinguished in March with the repayment of the final instalment. With the aim of improving management of its overall debt, in March the Parent Company ended the loan for \u20ac 40.0 million taken out with Allied Irish Bank on 30 March 2021, in advance of its natural maturity, through the repayment of the outstanding debt of \u20ac 24.0 million. The effect of the translation of loans in foreign currencies and of expenses incurred to place the loans, together with the early termination of a number of leases, determined a total net decrease of \u20ac 5.0 million compared to 31 December 2024. A breakdown of medium- and long-term loans as of 31 December 2025 and 2024 is shown in the following table:
\u20ac (thousands) 31.12.2025 31.12.2024 GRANTED TO RECORDATI S.p.A.: Bond loan privately placed in 2025, at a fixed interest rate, repayable in a lump sum in 2035 *124,768 - Loan from a consortium of Italian and international lenders led by Mediobanca, at a variable interest rate, repayable in a single installment in 2030 *341,800 - Loan from Mediobanca, UniCredit and Natixisis, subsequently syndicated involving other credit institutions, at a variable interest rate, repayable in semi-annual instalments starting 2027 through 2029. The payable was partially converted to a fixed interest rate through interest rate swap transactions *846,039 *844,803 Loan from HSBC Continental Europe, at a variable interest rate, repayable in semi-annual instalments starting 2025 through 2029 *61,073 *69,767 Loan from a pool of eight national and international lenders led by Mediobanca, consisting of two independent variable-rate loans repayable between 2024 and 2028 in six-monthly instalments. The payable was partially converted to a fixed interest rate through interest rate swap transactions *295,613 *353,954 Loan from \u2018Cassa Depositi e Prestiti\u2019, at a variable interest rate, repayable in semi-annual instalments from 2025 until 2033 *47,646 *49,977 Guaranteed senior notes privately placed with international institutional investors in 2022 at a fixed interest rate, repayable in annual installments starting 2030 through 2034 *74,804 *74,781 Loan from a pool of national and international banks, specifically Mediobanca, JP Morgan, UniCredit and Banca Nazionale del Lavoro, subsequently syndicated with the involvement of other international credit institutions, at a variable interest rate, repayable starting in 2023 and through 2027. The payable was partially converted to a fixed interest rate through interest rate swap transactions *427,996 *567,191 Loan from a consortium of Italian and international lenders led by Mediobanca, at a variable interest rate, repaid early in 2025 - *179,770 Loan from Allied Irish Bank, at a variable interest rate, repaid early in 2025 - *27,963 Guaranteed senior notes privately placed with international institutional investors in 2017 at a fixed interest rate, repayable in annual installments starting 2025 through 2032 *109,321 *124,938
\u20ac (thousands) 31.12.2025 31.12.2024 Guaranteed senior notes privately placed in 2014 with international institutional investors, structured in two tranches: - US$ 50 million at a fixed interest rate, converted with cross currency swap into a debt of \u20ac 37.3 million at a fixed interest rate, repaid early in 2025. - US$ 25 million at a fixed interest rate, converted with cross currency swap into a debt of \u20ac 18.7 million at a fixed interest rate, repayable between 2023 and 2029 in six-monthly instalments. *12,132 *36,371 Liabilities for leases granted to Recordati S.p.A. 7,657 8,544 GRANTED TO OTHER GROUP COMPANIES: Loan from UBS Switzerland AG to Recordati AG for CHF 72.0 million, at fixed interest rate, repayable in semi-annual instalments starting 2024 through 2029 53,146 68,530 Loan from UBS Switzerland AG to Recordati AG for CHF 40.0 million, at fixed interest rate, repaid in 2025 - 6,640 Loan from UBS Switzerland AG to Recordati AG for CHF 75.0 million, at variable interest rate, repaid in 2025 - 7,969 Various interest-free loans granted to Casen Recordati S.L. repayable within 2029 101 120 Liabilities for leases granted to the other Group companies 41,541 40,265 Total amortised cost of loans 2,443,637 2,461,583 Loans due within one year, classified among current liabilities 313,341 287,773 Loans due after one year, classified among non-current liabilities 2,130,296 2,173,810 * Net of expenses incurred for placing the loans, amortised on the basis of the effective interest rate. As of 31 December 2025, the remaining expenses totalled \u20ac 9.1 million, mainly related to the loans granted to Recordati S.p.A. by a loan consortium in 2025 (\u20ac 3.2 million), in 2024 (\u20ac 4.0 million), in 2023 (\u20ac 0.6 million) and in 2022 (\u20ac 0.6 million), the loan with HSBC in 2024 and with Cassa Depositi e Prestiti in 2023 (totalling \u20ac 0.2 million) and the bonds issued by Recordati S.p.A. in 2014, 2017, 2022 and 2025 (totalling \u20ac 0.5 million). The repayment schedule for loans due after 31 December 2026, based on their amortisation plans, is as follows: \u20ac (thousands) 2027 624,013 2028 431,818 2029 442,901 2030 379,379 2031 and subsequent years 252,185 Total 2,130,296
The weighted average interest rate as of 31 December 2025, calculated applying the rates resulting from the hedging instruments, is 3.80%. The main loans outstanding are: a) Bond loan issued by the Parent Company on 30 September 2025 for \u20ac 125.0 million. The main economic conditions provide for a fixed interest rate with half-yearly payment of interest and a duration of 10 years, with a single-instalment repayment on 28 September 2035. The bonded loan includes covenants which, if not met, could lead to a request for immediate repayment of the loan.
The financial covenants, measured quarterly, are the following: \u2013 the ratio of consolidated net financial position to consolidated EBITDA (determined for a period of twelve consecutive months) must be less than three; \u2013 the ratio of consolidated operating income to consolidated net financial expenses (determined for a period of twelve consecutive months) must be more than three. These parameters are being observed. b) \u20ac 345.0 million loan established by the Parent Company with a consortium of national and international lenders led by Mediobanca. On 25 June 2025, an initial amount of \u20ac 315.0 million was agreed, before being increased by \u20ac 30.0 million in July after another lender joined. The main terms include a variable interest rate of the six-month Euribor (with a zero floor) plus a fixed spread and single-instalment repayment on 25 June 2030. The issue of \u20ac 280.0 million, net of advisory and up- front fees, took place on 30 June 2025, while the remaining \u20ac 65.0 million were issued the following August. The loan includes covenants which, if not observed, could lead to a request for immediate repayment. The financial covenants, measured semi-annually, are the following: \u2013 the ratio of consolidated net financial position to consolidated EBITDA (determined for a period of twelve consecutive months) must be less than three; \u2013 the ratio of consolidated operating income to consolidated net financial expenses (determined for a period of twelve consecutive months) must be more than three. These parameters are being observed. c) Loan for a total of \u20ac 850,0 million taken out by Recordati S.p.A. in two different stages. On 30 October 2024, the Parent Company entered into a loan with Mediobanca, UniCredit and Natixis intended for the acquisition of the rights to Enjaymo\u00ae, for a total maximum amount of \u20ac 850.0 million, guaranteed for \u20ac 700.0 million on an equal basis. A syndication process was launched immediately after, which, by involving other credit institutions, made it possible to raise an additional \u20ac 150.0 million while reallocating the overall value of \u20ac 850.0 million among the participants. The terms of the loan provide for a variable interest rate at the 6-month Euribor (with a zero floor) plus a variable spread based on a step up/step down mechanism on changes in the Leverage Ratio, and a 5-year term with semi-annual repayment of the principal starting 31 March 2027, with the final instalment on 30 October 2029. Disbursement, net of structuring and up-front fees, took place in the final quarter of 2024. The loan was partially hedged with interest rate swaps, qualifying as a cash flow hedge, effectively converting the hedged portion to a fixed interest rate. As of 31 December 2025, the fair value of the derivatives was measured as positive for a total of \u20ac 2.6 million, which was recognised directly as an increase in equity and as an increase in the asset item \u201cDerivative instruments measured at fair value\u201d (see Note 17). The loan includes covenants which, if not observed, could lead to a request for immediate repayment. The financial covenants, measured quarterly, are the following: \u2013 the ratio of consolidated net financial position to consolidated EBITDA (determined for a period of twelve consecutive months) must be less than three; \u2013 the ratio of consolidated operating income to consolidated net financial expenses (determined for a period of twelve consecutive months) must be more than three. These parameters are being observed. d) Loan for \u20ac 70.0 million taken out by the Parent Company on 1 March 2024 with HSBC Continental Europe at a variable interest rate at the six-month Euribor (with a zero floor), plus a variable spread based on a step up/step down mechanism on changes in the Leverage Ratio, and a five-year term
with semi-annual repayment of the principal starting 31 March 2025, and final instalment on 29 February 2029. The outstanding debt as of 31 December 2025 amounted to \u20ac 61.1 million. The loan includes covenants which, if not met, could lead to a request for immediate repayment of the loan. The financial covenants, measured semi-annually, are the following: \u2013 the ratio of consolidated net financial position to consolidated EBITDA (determined for a period of twelve consecutive months) must be less than three; \u2013 the ratio of consolidated operating income to consolidated net financial expenses (determined for a period of twelve consecutive months) must be more than three. These parameters are being observed. e) Loan for 72.0 million Swiss francs taken out on 26 February 2024 by the subsidiary Recordati AG with UBS Switzerland AG, and disbursed in April of the same year, at a fixed interest rate, with quarterly interest payments and semi-annual repayment of principal starting December 2024, through April 2029. The value in euro of the outstanding loan as of 31 December 2025 was \u20ac 53.1 million. The loan, guaranteed by the Parent Company, includes covenants which, if not observed, could lead to a request for immediate repayment. The financial covenants, measured semi-annually, are the following: \u2013 the ratio of consolidated net financial position to consolidated EBITDA (determined for a period of twelve consecutive months) must be less than three; \u2013 the ratio of consolidated operating income to consolidated net financial expenses (determined for a period of twelve consecutive months) must be more than three. These parameters are being observed. f) Loan for a total of \u20ac 400.0 million taken out on 16 May 2023 by Recordati S.p.A. with a consortium of eight national and international lenders including Mediobanca as the coordinating institution, for an individual portion of \u20ac 50.0 million. The loan is formed of two independent loans for \u20ac 300.0 million and \u20ac 100.0 million respectively, both at a variable interest rate equal to the six-month Euribor (with a zero floor) plus a variable spread based on a step-up/step-down mechanism on changes in the Leverage Ratio, with an interest payment every six months and a five-year term. The loan for a higher amount, disbursed on 14 June 2023, will be repaid in semi-annual instalments of increasing value starting from April 2024, with settlement in May 2028. The loan was partially hedged with interest rate swaps, qualifying as a cash flow hedge, effectively converting the hedged portion to a fixed interest rate. As of 31 December 2025, the fair value of the derivatives was measured at negative \u20ac 1.7 million, which was recognised directly as a decrease in equity and as an increase in the liability item \u201cDerivative instruments measured at fair value\u201d (see Note 29). The loan for \u20ac 100.0 million, consisting of a Capex Line that can be used within 18 months to fund specific investments, was disbursed on 13 November 2024, with semi-annual repayments on a straight-line basis starting from October 2025 for the principal half and May 2028 for the remaining half. The total debt outstanding as of 31 December 2025 amounted to \u20ac 295.6 million. The loan includes covenants which, if not met, could lead to a request for immediate repayment of the loan. The financial covenants, measured quarterly, are the following: \u2013 the ratio of consolidated net financial position to consolidated EBITDA (determined for a period of twelve consecutive months) must be less than three; \u2013 the ratio of consolidated operating income to consolidated net financial expenses (determined for a period of twelve consecutive months) must be more than three. These parameters are being observed. The loan includes ESG-linked parameters as from 2024, which if complied with, reduce the interest rate applied, or an increase if these are not achieved. g) Loan for \u20ac 50.0 million negotiated by the Parent Company in April 2023 with Cassa Depositi e Prestiti. The terms of the loan provide for a variable interest rate equal to the six-month Euribor (with a zero
floor) plus a variable spread, an interest payment every 6 months and a ten-year term with semi- annual repayments on a straight-line basis starting from October 2025 for 70% of the principal and repayment in April 2033 for the remaining 30%. The disbursement took place on 18 May 2023. The debt outstanding as of 31 December 2025 amounted to \u20ac 47.6 million. The loan includes covenants which, if not observed, could lead to a request for immediate repayment. The financial covenants, measured semi-annually, are the following: \u2013 the ratio of consolidated net financial position to consolidated EBITDA (determined for a period of twelve consecutive months) must be less than three; \u2013 the ratio of consolidated operating income to consolidated net financial expenses (determined for a period of twelve consecutive months) must be more than three. These parameters are being observed. h) Bond issued by the parent company on 12 September 2022 for \u20ac 75.0 million, placed privately and fully with companies in the Prudential group. The main terms provide for a fixed rate with interest payments every six months and a term of twelve years, with repayment of the principal in five annual instalments starting in September 2030 and expiring on 12 September 2034. The transaction, aimed at continuing to raise medium- to long-term funds to further support the Group's growth, has facilitated access to favourable market conditions. It has standard market characteristics typical of the US private placement market and is substantially in line with the bond issued by the Parent Company in 2017. The loan includes covenants which, if not observed, could lead to a request for immediate repayment. The financial covenants, measured quarterly, are the following: \u2013 the ratio of consolidated net financial position to consolidated EBITDA (determined for a period of twelve consecutive months) must be less than three; \u2013 the ratio of consolidated operating income to consolidated net financial expenses (determined for a period of twelve consecutive months) must be more than three. These parameters are being observed. i) Loan for a total of \u20ac 800.0 million negotiated by Recordati S.p.A. in two different stages during 2022, disbursed by a consortium of Italian and international lenders. The terms of the loan provide for a variable interest rate at the six-month Euribor (with a zero floor) plus a variable spread based on a step up/step down mechanism on changes in the Leverage Ratio, and a five-year term with semi-annual repayment of the principal starting 31 March 2023, with the final instalment on 3 February 2027. The outstanding debt as of 31 December 2024 amounted to \u20ac 528.0 million. From July 2022, the loan was partially and progressively hedged with an interest rate swap, qualifying as a cash flow hedge, effectively converting the hedged portion to a fixed interest rate. The fair-value measurement of derivative instruments as as of 31 December 2025 was in some cases positive, for a total of \u20ac 0.3 million, which was posted as a direct increase of net equity and an increase to the asset item \u201cDerivative instruments at fair value\u201d (see Note 17), but in other cases was negative for a total of \u20ac 1.1 million, which was directly posted as a decrease in net equity and an increase to the liability item \u201cDerivative instruments at fair value\u201d (see Note 29). The loan includes covenants which, if not observed, could lead to a request for immediate repayment. The financial covenants, measured semi-annually, are the following: \u2013 the ratio of consolidated net financial position to consolidated EBITDA (determined for a period of twelve consecutive months) must be less than three; \u2013 the ratio of consolidated operating income to consolidated net financial expenses (determined for a period of twelve consecutive months) must be more than three. These parameters are being observed.
j) Bond loan issued by the Parent Company in May 2017 for an overall amount of \u20ac 125.0 million, privately and entirely placed with Prudential Group companies, at a fixed interest rate with repayment in annual instalments starting on 31 May 2025 through 31 May 2032. The outstanding debt as of 31 December 2025 amounted to \u20ac 109.3 million. The bonded loan includes covenants which, if not met, could lead to a request for immediate repayment of the loan. The financial covenants, measured quarterly, are the following: \u2013 the ratio of consolidated net financial position to consolidated EBITDA (determined for a period of twelve consecutive months) must be less than three; \u2013 the ratio of consolidated operating income to consolidated net financial expenses (determined for a period of twelve consecutive months) must be more than three. These parameters are being observed. k) Bond loan issued by the Parent Company on 30 September 2014, related to the US$ 25 million tranche at a fixed rate, with repayment in half-yearly instalments starting on 30 March 2023 through 30 September 2029. During the period, US$ 3.6 million were repaid. The total debt outstanding as of 31 December 2025 amounts to US$ 14.3 million, equal to \u20ac 12.1 million. The loan was simultaneously hedged by a cross currency swap, with the transformation of the original debt into \u20ac 18.7 million (\u20ac 10.7 million at the reporting date) at a lower fixed rate. On 31 December 2025, the hedging instrument measured at fair value was positive for \u20ac 1.4 million, which was recognised directly as an increase in equity and as an increase in the asset item \u201cDerivative instruments measured at fair value\u201d (see Note 17). The bonded loan includes covenants which, if not met, could lead to a request for immediate repayment of the loan. The financial covenants, measured quarterly, are the following: \u2013 the ratio of consolidated net financial position to consolidated EBITDA (determined for a period of twelve consecutive months) must be less than three; \u2013 the ratio of consolidated operating income to consolidated net financial expenses (determined for a period of twelve consecutive months) must be more than three. These parameters are being observed.
30. SHORT-TERM DEBTS TO BANKS AND OTHER LENDERS Short-term debts to banks and other lenders as of 31 December 2025 were \u20ac 23.8 million and mainly comprise temporary use of short-term credit lines by the parent company, as well overdrafts of a number of foreign associates and interest due on existing loans. On 1 March 2025, the Parent Company renewed the revolving credit line with UniCredit, with a
maximum term of 12 months and for a maximum amount of \u20ac 24 million. This credit line, which had not been used as of 31 December 2025, is a short-term financing instrument providing financial flexibility, combining irrevocability with variability of use based on specific financial requirements. The agreement signed requires compliance with financial and income conditions similar to those for other existing loans (see Note 21). These conditions were met.
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This item includes the liabilities deriving from the application of the accounting standard IFRS 16, representing the obligation to make the payments provided for in the existing leases for a total amount of \u20ac 49.2 million, a net decrease of \u20ac 0.3 million compared to 31 December 2024.
\u20ac (thousands) 31.12.2025 31.12.2024 GRANTED TO RECORDATI S.p.A.: Bond loan privately placed in 2025, at a fixed interest rate, repayable in a lump sum in 2035 *124,768 - Loan from a consortium of Italian and international lenders led by Mediobanca, at a variable interest rate, repayable in a single installment in 2030 *341,800 - Loan from Mediobanca, UniCredit and Natixisis, subsequently syndicated involving other credit institutions, at a variable interest rate, repayable in semi-annual instalments starting 2027 through 2029. The payable was partially converted to a fixed interest rate through interest rate swap transactions *846,039 *844,803 Loan from HSBC Continental Europe, at a variable interest rate, repayable in semi-annual instalments starting 2025 through 2029 *61,073 *69,767 Loan from a pool of eight national and international lenders led by Mediobanca, consisting of two independent variable-rate loans repayable between 2024 and 2028 in six-monthly instalments. The payable was partially converted to a fixed interest rate through interest rate swap transactions *295,613 *353,954 Loan from \u2018Cassa Depositi e Prestiti\u2019, at a variable interest rate, repayable in semi-annual instalments from 2025 until 2033 *47,646 *49,977 Guaranteed senior notes privately placed with international institutional investors in 2022 at a fixed interest rate, repayable in annual installments starting 2030 through 2034 *74,804 *74,781 Loan from a pool of national and international banks, specifically Mediobanca, JP Morgan, UniCredit and Banca Nazionale del Lavoro, subsequently syndicated with the involvement of other international credit institutions, at a variable interest rate, repayable starting in 2023 and through 2027. The payable was partially converted to a fixed interest rate through interest rate swap transactions *427,996 *567,191 Loan from a consortium of Italian and international lenders led by Mediobanca, at a variable interest rate, repaid early in 2025 - *179,770 Loan from Allied Irish Bank, at a variable interest rate, repaid early in 2025 - *27,963 Guaranteed senior notes privately placed with international institutional investors in 2017 at a fixed interest rate, repayable in annual installments starting 2025 through 2032 *109,321 *124,938
\u20ac (thousands) 31.12.2025 31.12.2024 Guaranteed senior notes privately placed in 2014 with international institutional investors, structured in two tranches: - US$ 50 million at a fixed interest rate, converted with cross currency swap into a debt of \u20ac 37.3 million at a fixed interest rate, repaid early in 2025. - US$ 25 million at a fixed interest rate, converted with cross currency swap into a debt of \u20ac 18.7 million at a fixed interest rate, repayable between 2023 and 2029 in six-monthly instalments. *12,132 *36,371 Liabilities for leases granted to Recordati S.p.A. 7,657 8,544 GRANTED TO OTHER GROUP COMPANIES: Loan from UBS Switzerland AG to Recordati AG for CHF 72.0 million, at fixed interest rate, repayable in semi-annual instalments starting 2024 through 2029 53,146 68,530 Loan from UBS Switzerland AG to Recordati AG for CHF 40.0 million, at fixed interest rate, repaid in 2025 - 6,640 Loan from UBS Switzerland AG to Recordati AG for CHF 75.0 million, at variable interest rate, repaid in 2025 - 7,969 Various interest-free loans granted to Casen Recordati S.L. repayable within 2029 101 120 Liabilities for leases granted to the other Group companies 41,541 40,265 Total amortised cost of loans 2,443,637 2,461,583 Loans due within one year, classified among current liabilities 313,341 287,773 Loans due after one year, classified among non-current liabilities 2,130,296 2,173,810 * Net of expenses incurred for placing the loans, amortised on the basis of the effective interest rate. As of 31 December 2025, the remaining expenses totalled \u20ac 9.1 million, mainly related to the loans granted to Recordati S.p.A. by a loan consortium in 2025 (\u20ac 3.2 million), in 2024 (\u20ac 4.0 million), in 2023 (\u20ac 0.6 million) and in 2022 (\u20ac 0.6 million), the loan with HSBC in 2024 and with Cassa Depositi e Prestiti in 2023 (totalling \u20ac 0.2 million) and the bonds issued by Recordati S.p.A. in 2014, 2017, 2022 and 2025 (totalling \u20ac 0.5 million). The repayment schedule for loans due after 31 December 2026, based on their amortisation plans, is as follows: \u20ac (thousands) 2027 624,013 2028 431,818 2029 442,901 2030 379,379 2031 and subsequent years 252,185 Total 2,130,296
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22. PROVISIONS FOR EMPLOYEE BENEFITS The balance as of 31 December 2025 amounted to \u20ac 19.8 million (\u20ac 21.4 million as of 31 December 2024) and reflects the Group\u2019s liability towards its employees determined in accordance with IAS 19. The changes in these provisions were follows: \u20ac (thousands) 2025 2024 Balance as of 1 January 21,355 21,239 Additions 2,022 3,486 Utilisations (2,967) (1,840) Adjustment for actuarial (gains)/losses (572) (1,530) Balance as of 31 December 19,838 21,355 This liability is due to the severance indemnities (TFR, Trattamento Fine Rapporto) in the Italian companies. The value of these provisions, measured in accordance with IAS 19, amounted to \u20ac 3.9 million. Other liabilities are mainly due to contribution plans in place at the French company Laboratoires Bouchara Recordati (\u20ac 4.5 million), at the Swiss company Recordati AG (\u20ac 3.7 million), at the US company Recordati Rare Diseases (\u20ac 3.6 million), at the Turkish company Recordati Ila\u00e7 (\u20ac 1.1
million), at the German company Recordati Pharma (\u20ac 0.9 million) and at the other Recordati Rare Diseases companies (\u20ac 1.9 million). The fair value calculation made using actuarial assumptions updated to 31 December 2025 determined a decrease of \u20ac 0.6 million compared to the value of the provisions as of 31 December 2024, which is recognised in the statement of comprehensive income, net of the tax effect, as prescribed by the relevant accounting standard.
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24. TRADE PAYABLES Trade payables, which are entirely of a commercial nature and include end-of-year provisions for invoices to be received, as of 31 December 2025 and 2024 amounted to \u20ac 345.2 million and \u20ac 296.7 million respectively. 25. OTHER PAYABLES Other payables as of 31 December 2025 amounted to \u20ac 257.2 million and their breakdown is provided in the table below: \u20ac (thousands) 31.12.2025 31.12.2024 Changes 2025/2024 Contributions to national medical insurance schemes 117,739 77,658 40,081 Personnel 72,256 69,494 2,762 Social security 22,184 22,246 (62) Other 45,065 25,987 19,078 Total other payables 257,244 195,385 61,859
The change compared to 31 December 2024 is largely due to the increase in contributions to be paid to national agencies and medical insurance schemes, of which: \u2022 \u20ac 71.7 million (an increase of \u20ac 24.4 million) payable by Recordati Rare Diseases Inc.; \u2022 \u20ac 19.1 million (up by \u20ac 18.0 million) payable by the Italian companies, including the debt of \u20ac 18.0 million, of which \u20ac 3.6 million reclassified from the provisions for risks, for the settlement of the dispute between the Parent Company and the Italian Medicines Agency relating to the payback on the Urorec\u00ae product (see Notes 4 and 28). \u2022 \u20ac 8.0 million (a decrease of \u20ac 1.6 million) payable by Recordati Hellas Pharmaceuticals S.A. \u2022 \u20ac 7.7 million (a decrease of \u20ac 0.7 million) payable by Recordati Pharma GmbH and Recordati Rare Diseases GmbH to the \u201cKrankenkassen\u201d (German medical insurance schemes). \u2022 \u20ac 6.1 million (\u20ac 6.4 million as of 31 December 2024) payable by Laboratoires Bouchara Recordati S.a.s. \u2022 \u20ac 5.1 million (\u20ac 4.8 million as of 31 December 2024) total payable by the subsidiaries in Switzerland, Canada and Ireland. The item \u201cOther\u201d rose by \u20ac 19.0 million compared to 31 December 2024 mainly due to the recognition of the milestone for \u20ac 15.0 million to be paid in 2026 upon the almost certain achievement of the sales targets envisaged by the contract for Reagila\u00ae. It also includes the payable of \u20ac 4.0 million related to the acquisition of a further 10% of the capital of Opalia Pharma reclassified among current liabilities on the basis of the put and call options provided for contractually. The fair value of this purchase option is measured at level 2 as the valuation model considers the present value of the expected payments.
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27. OTHER CURRENT LIABILITIES As of 31 December 2025, other current liabilities amounted to \u20ac 8.5 million, up by \u20ac 3.8 million compared to 31 December 2024. An amount of \u20ac 0.9 million is attributable to the adoption of the IFRS 15 accounting principle, based on which some deferred revenue is recognised in the income statement in variable instalments based on the fulfilment of the conditions for revenue recognition.
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28. PROVISIONS FOR RISKS AND CHARGES Provisions for risks and charges set aside as of 31 December 2025 amounted to \u20ac 19.2 million and include tax provisions and other provisions for future contingencies to cover liabilities of uncertain timing and value. The following tables show their composition and changes. \u20ac (thousands) 31.12.2025 31.12.2024 Changes 2025/2024 For taxes 697 621 76 Future contingencies 18,455 21,471 (3,016) Total other provisions 19,152 22,092 (2,940)
\u20ac (thousands) 2025 2024 Balance as of 1 January 22,092 16,596 Additions 6,771 9,048 Utilisations (9,711) (3,552) Balance as of 31 December 19,152 22,092 The various risks include provisions for restructuring costs, returned products, legal disputes and others and include \u20ac 4.7 million relating to the remediation works and security measures to be carried out at the site in Campoverde. In provisions for future contingencies as of 31 December 2024, the amount of \u20ac 3.6 million related to the dispute with the Italian Medicines Agency for the payback on the Urorec\u00ae product (see Notes 4 and 25) was recorded, reclassified in the current year to other liabilities following the settlement of the dispute and the total value to be paid. The year-end balance is mainly related to the Parent Company and to the other Italian companies (\u20ac 12.7 million), to the Spanish company Casen Recordati (\u20ac 2.4 million), the subsidiaries in France (\u20ac 1.9 million), United States (\u20ac 0.6 million) and Portugal (\u20ac 0.4 million). Despite the uncertainty surrounding the ongoing disputes and litigation, the provisions set aside are considered the best estimate of these liabilities, based on the information available on the reporting date.
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31. FAIR VALUE OF FINANCIAL INSTRUMENTS As prescribed by IFRS 7, the book values and fair values as of 31 December 2025 of financial assets and liabilities are resented below: \u20ac (thousands) Book value Fair value Financial assets Financial assets measured at fair value Other equity investments and securities 16,244 16,244 Derivative instruments measured at fair value 8,074 8,074 Financial assets not measured at fair value Cash and cash equivalents 428,824 428,824 Trade receivables 570,154 570,154 Other receivables 106,458 106,458 Financial liabilities Financial liabilities measured at fair value Derivative instruments measured at fair value 4,862 4,862 Other payables 3,964 3,964 Financial liabilities not measured at fair value Loans - at variable interest rates 1,338,283 1,338,283 - at variable interest rates hedged with interest rate swaps 681,884 681,884 - at fixed interest rates 362,139 352,177 - at fixed interest rates hedged with cross currency swaps 12,133 12,244 - lease liabilities 49,198 49,198 Trade payables 345,183 345,183 Other payables 333,852 333,852 Short-term debts to banks and other lenders 23,849 23,849
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FINANCIAL RISKS The Group constantly monitors the financial risks to which it is exposed in order to take immediate mitigating actions when necessary. The Group aims at achieving a balanced and prudent financial structure as a basic condition for funding internal and external growth, minimising financing costs and maximising yields. Speculative investments in equities, funds or financial assets which could impair the value of the company are forbidden. The only financial investments permitted are investments in risk-free assets and/or funds issued by major financial institutions.
The Group monitors the financial risks to which it is exposed in order to take immediate mitigating actions, whenever necessary, in compliance with the applicable legislations and regulations. All companies belonging to the Group work only with investment grade banks. On the basis of the above and considering that the related effects would be insignificant, no sensitivity analysis has been performed. As prescribed by IFRS 7, the main financial risks to which the Group is exposed are disclosed below.
Credit risk - The Group closely controls its credit exposure through the allocation of credit limits to each single customer and an internal reporting system. As of 31 December 2025, the credit exposure was not critical due to the large number of customers, their geographic distribution and the average amount of each account receivable. In particular, as of 31 December 2025, total trade receivables of \u20ac 584.8 million included \u20ac 29.2 million in receivables past due by more than 90 days. Of these, \u20ac 6.8 million are receivables from public hospitals which, despite their long collection times, do not represent a significant risk situation. The provisions for doubtful accounts of \u20ac 14.7 million are considered sufficient to cover potential losses due to insolvency. The measurement of credit risk also took into account the potential impact of the Ukraine conflict.
Interest rate risk - The Group raises funds using debt and invests excess cash in money market and other financial instruments. The fluctuation of market interest rates influences the cost and returns of the debt and investment instruments, therefore affecting the Group\u2019s net financial expenses. The Group\u2019s policy is to limit the risk arising from interest rate fluctuations by establishing fixed interest loans or variable interest loans hedged by derivative financial instruments, which are used to hedge risk and are never of a speculative nature, to minimise such fluctuations, as described in Note 21. As a result of this policy and considering the current amount of net debt, it is believed that changes in current interest rates would not have a significant impact on net financial expenses.
Foreign currency risk - The Group is exposed to foreign currency exchange rate fluctuations, which can affect its operating results and the value of its equity. All companies are subject to exchange rate fluctuations affecting trade and financial balances denominated in currencies different from their own. In order to limit this risk, in some cases, non-speculative hedging instruments are negotiated. In relation to the euro companies, as of 31 December 2025 the main net exposures in other currencies not hedged by derivative instruments, were as follows: \u2022 net activities of 33.3 million Polish zloty; \u2022 net activities of 4.1 million English pounds; \u2022 net activities of 11.5 million Rumanian RON; \u2022 net activities of 155.5 million Russian roubles; \u2022 net activities of 28.7 million Mexican pesos; \u2022 net liabilities of 4.0 million Swiss francs; \u2022 net liabilities of 1.8 million US dollars. Among the non-euro companies, as of 31 December 2025, the main net exposures in currencies other than the company\u2019s national currency and not hedged by derivative instruments are in euro, US dollars, Colombian pesos and Japanese yen. The net exposures in euro are mainly related to the companies based in Czech Republic (net activities of 4.8 million), Poland (net activities of 3.0 million), Switzerland (net activities of 2.5 million), T\u00fcrkiye (net activities of 1.7 million), Tunisia (net activities of 1.4 million), Ukraine (net liabilities of 2.5 million), United States (net liabilities of 2.6 million), Australia (net liabilities of 3.0 million), Mexico (net liabilities of 4.8 million), Brazil (net liabilities of 4.8 million) and Sweden (net liabilities of 6.0 million). Net exposures in US dollars refer mainly to the companies in Switzerland (net activities of 1.6 million), Colombia (net liabilities of 6.1 million) and Brazil (net liabilities of 6.2 million). Net exposures in Colombian pesos refer mainly to the companies in the United States (net activities of 17,408.8 million) and in Switzerland (net liabilities of 6,594.3 million). Net exposures in Japanese yen
refer mainly to the companies in the United States (net activities of 237.3 million) and Switzerland (net activities of 196.6 million). For consolidation purposes, the income statements and balance sheets of the non-euro companies have been converted from their local currencies into euro. As of 31 December 2025, the net asset values of these companies, excluding goodwill, are denominated mainly in US dollars (554.2 million), Swiss francs (590.8 million), Turkish lira (4,092.8 million), Russian roubles (9,265.7 million), pounds sterling (14.8 million), Czech crowns (501.8 million), Romanian ron (59.4 million), Polish zloty (130.2 million) and Tunisian dinars (134.1 million). The effect of exchange rate variations on the conversion of these amounts is recognised in the consolidated statement of comprehensive income and booked to the translation reserve in shareholders\u2019 equity which, as of 31 December 2025, was a negative \u20ac 348.4 million.
Liquidity risk - The liquidity risk to which the Group may be exposed is represented by the inability to raise sufficient financial resources for its ongoing business and for the development of its industrial and commercial activities. The two main factors which determine the Group\u2019s liquidity are, on the one hand, the cash generated or absorbed by operations and by investments, and on the other, the expiry and renewal terms of debt or the degree of liquidity of financial investments and market conditions. As of 31 December 2025, the Group has at its disposal liquidity readily available for its operations and plentiful lines of credit granted by a number of leading Italian and international financial institutions. The terms and conditions of the Group\u2019s loans and its financial assets are set out in Notes 18, 21 and 30 which address, respectively, short-term financial investments, cash and cash equivalents, medium/long-term loans and payables to banks. The Group believes that the funds and credit lines currently available, in addition to those generated by operations and financing activities, are sufficient to meet investment needs, working capital requirements and the repayment of debts at their natural due dates.
CLIMATE CHANGE RISK As highlighted in the Management Report, the Group acknowledges a potential long-term physical and transitional risk linked to climate change and will continue to monitor this potential risk over coming years. Regarding short and medium-term risk, considering the sector in which the Group operates, Recordati has currently classified climate change as a risk without concrete or material impacts on company operations.
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Credit risk - The Group closely controls its credit exposure through the allocation of credit limits to each single customer and an internal reporting system. As of 31 December 2025, the credit exposure was not critical due to the large number of customers, their geographic distribution and the average amount of each account receivable. In particular, as of 31 December 2025, total trade receivables of \u20ac 584.8 million included \u20ac 29.2 million in receivables past due by more than 90 days. Of these, \u20ac 6.8 million are receivables from public hospitals which, despite their long collection times, do not represent a significant risk situation. The provisions for doubtful accounts of \u20ac 14.7 million are considered sufficient to cover potential losses due to insolvency. The measurement of credit risk also took into account the potential impact of the Ukraine conflict.
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Liquidity risk - The liquidity risk to which the Group may be exposed is represented by the inability to raise sufficient financial resources for its ongoing business and for the development of its industrial and commercial activities. The two main factors which determine the Group\u2019s liquidity are, on the one hand, the cash generated or absorbed by operations and by investments, and on the other, the expiry and renewal terms of debt or the degree of liquidity of financial investments and market conditions. As of 31 December 2025, the Group has at its disposal liquidity readily available for its operations and plentiful lines of credit granted by a number of leading Italian and international financial institutions. The terms and conditions of the Group\u2019s loans and its financial assets are set out in Notes 18, 21 and 30 which address, respectively, short-term financial investments, cash and cash equivalents, medium/long-term loans and payables to banks. The Group believes that the funds and credit lines currently available, in addition to those generated by operations and financing activities, are sufficient to meet investment needs, working capital requirements and the repayment of debts at their natural due dates.
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33. OPERATING SEGMENTS
The financial information reported by line of business and geographic area, in compliance with IFRS 8 \u2013 Operating Segments, is prepared using the same accounting principles used for the preparation and disclosure of the Group\u2019s consolidated financial statements.
Based on the characteristics of their business, operational and strategic models two main business segments can be identified, the Specialty and Primary Care segment and the segment dedicated to treatments for rare diseases. The identification took into account the different management and marketing strategies applied to the products belonging to the two segments. Consequently, clearly identified and separate models and organisational structures have been developed. The geographic footprint of the Group\u2019s Specialty & Primary Care business is focused mainly on Europe. The Group operates in the main European markets, including Central and Eastern Europe, Russia and the other C.I.S. countries, Ukraine, Turkey and Tunisia, where it has established its own subsidiaries. In the rest of the world sales of Specialty and Primary Care products are carried out mainly through licensing agreements with pharmaceutical companies of high standing. The Group has gradually extended its international presence through the acquisition of existing marketing organisations with the
aim of adding our proprietary products and those obtained under multi-territorial licenses to the local portfolios. The Group\u2019s segment dedicated to treatments for rare diseases is a worldwide business. The Group operates through Recordati Rare Diseases, its dedicated group of subsidiaries, sharing the conviction that each person with a rare disease has the right to the best possible treatment. Our organisations work closely with specialists, health care professionals, patients, their families and associations to spread knowledge, improve diagnosis and treatment, and enable access to treatment by supporting patients. Recordati Rare Diseases operates directly in Europe, the Middle East, North Africa, the U.S.A., Canada, Mexico, Brazil, Colombia, Japan, Australia, New Zealand, China and South Korea, through its subsidiaries and highly qualified distributors in the rest of the world. The Group\u2019s CEO, together with the segment managers, reviews the internal management reports for each segment at least quarterly. The two following tables show financial information for these two business segments as of 31 December 2025 and include comparative data. \u20ac (thousands) Specialty & Primary Care segment * Rare diseases segment Values not allocated Consolidated financial statements 2025 Revenue 1,536,934 1,081,449 - 2,618,383 Expenses (1,142,115) (805,460) - (1,947,575) of which: depreciation & amortization (95,565) (111,870) - (206,435) material items of expenses (1) (37,114) (76,696) - (113,810) Operating income 394,819 275,989 - 670,808 2024 Revenue 1,507,704 833,855 - 2,341,559 Expenses (1,080,974) (621,728) - (1,702,702) of which: depreciation & amortization (95,565) (111,870) - (206,435) material items of expenses (37,114) (76,696) - (113,810) Operating income 426,730 212,127 - 638,857 * Includes pharmaceutical chemical operations. (1) Specialty and Primary segment: restructuring (\u20ac 17.9 million), Urorec\u00ae payback (\u20ac 12.8 million), write-downs of intangible assets (\u20ac 6.2 million), write-downs of property, plant and equipment (\u20ac 0.2 million). Rare diseases segment: revaluation of inventories (\u20ac 66.8 million), EUSA Pharma acquisition (\u20ac 4.2 million), write-downs of intangible assets (\u20ac 3.3 million), voluntary liquidation of the Chinese branch (\u20ac 2.4 million).
\u20ac (thousands) Specialty & Primary Care segment* Rare diseases segment Not allocated** Consolidated financial statements 31 December 2025 Non-current assets 1,515,755 2,042,371 16,244 3,574,370 Inventories 311,363 228,441 - 539,804 Trade receivables 327,785 242,369 - 570,154 Other receivables and other current assets 61,713 69,336 8,074 139,123 Cash and cash equivalents - - 428,824 428,824 Total assets 2,216,616 2,582,517 453,142 5,252,275 Non-current liabilities 36,160 113,365 2,130,296 2,279,821 Current liabilities 320,907 389,723 342,052 1,052,682 Total liabilities 357,067 503,088 2,472,348 3,332,503 Net capital employed 1,859,549 2,079,429 31 December 2024 Non-current assets 1,534,603 2,091,067 17,385 3,643,055 Inventories 293,569 212,878 - 506,447 Trade receivables 299,148 217,595 - 516,743 Other receivables and other current assets 52,772 77,639 15,376 145,787 Cash and cash equivalents - - 322,423 322,423 Total assets 2,180,092 2,599,179 355,184 5,134,455 Non-current liabilities 37,047 117,730 2,173,810 2,328,587 Current liabilities 328,477 284,331 316,251 929,059 Total liabilities 365,524 402,061 2,490,061 3,257,646 Net capital employed 1,814,568 2,197,118 *Includes pharmaceutical chemical operations. **Amounts not allocated refer to the items other equity investments and securities, cash and cash equivalents, loans, derivative instruments and short-term debts to banks and other lenders. The pharmaceutical chemical business is considered part of the Specialty & Primary Care segment as it is mainly engaged in the production of active ingredients for finished pharmaceutical products, both from a strategic and organisational point of view. No single customer contributed more than 10% to revenue in 2025 or in 2024. The following table shows net revenue by geographic area: \u20ac (thousands) 2025 2024 Changes 2025/2024 Europe 1,735,863 1,650,059 85,804 of which Italy 329,190 336,264 (7,074) Asia and Oceania 204,760 156,011 48,749 America 605,343 477,463 127,880 Africa 72,417 58,026 14,391 Total 2,618,383 2,341,559 276,824
The Group\u2019s production facilities are located almost exclusively in Europe, and therefore non-current assets and investments are, for the most part, in this geographic area.
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The financial information reported by line of business and geographic area, in compliance with IFRS 8 \u2013 Operating Segments, is prepared using the same accounting principles used for the preparation and disclosure of the Group\u2019s consolidated financial statements.
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34. NET FINANCIAL POSITION The following table summarises the Group\u2019s net financial position: This situation is in line with the CONSOB call for attention 5/21 of 29 April 2021, in compliance with \u201cGuidelines on disclosure requirements pursuant to the Prospectus Regulations\u201d, published by ESMA on 4 March 2021 in the document \u201cESMA32-382-1138\u201d. \u20ac (thousands) 31.12.2025 31.12.2024 Changes 2025/2024 Deposits in bank current accounts and cash on hand 408,947 293,493 115,454 Short-term time deposits 19,877 28,930 (9,053) Cash and cash equivalents 428,824 322,423 106,401 Short-term debts to banks and other lenders (23,849) (22,845) (1,004) Loans - due within one year (283,380) (248,389) (34,991) Notes issued (1) (18,321) (25,862) 7,541 Leasing liabilities \u2013 due within one year (11,298) (10,696) (602) Short-term borrowings (336,848) (307,792) (29,056) Short-term financial position 91,976 14,631 77,345 Loans - due after one year (1,790,034) (1,928,294) 138,260 Notes issued (1) (301,335) (202,558) (98,777) Leasing liabilities \u2013 due after one year (37,900) (38,113) 213 Non-current financial debt (2,129,269) (2,168,965) 39,696 Net financial position (2,037,293) (2,154,334) 117,041 (1) Includes the fair value measurement of the relative currency risk hedging instruments (cash flow hedge).
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35. RECONCILIATION BETWEEN THE PARENT COMPANY\u2019S SHAREHOLDERS\u2019 EQUITY AND NET INCOME AND GROUP CONSOLIDATED SHAREHOLDERS\u2019 EQUITY AND NET INCOME The reconciliation between the Parent Company\u2019s shareholders\u2019 equity and net income and the group consolidated shareholders\u2019 equity and net income is as follows:
\u20ac (thousands) Shareholders\u2019 equity Net income 31.12.2025 31.12.2024 2025 2024 Recordati S.p.A. 359,071 405,246 317,587 320,830 Consolidation adjustments: - Elimination margins in inventories (84,226) (94,152) 9,926 (15,475) - Related tax effect 24,966 27,654 (2,688) 5,040 - Other adjustments (51,817) (42,014) (6,280) (10,367) Retained earnings of consolidated subsidiaries at beginning of the year, net of amounts already recognised by Recordati S.p.A. 1,550,742 1,454,799 - - Net income for consolidated companies, net of amounts already recognised by Recordati S.p.A. 469,398 399,689 469,398 399,689 Dividends received from consolidated subsidiaries (344,319) (283,209) Write-down of holdings in subsidiaries 0 0 Translation adjustments (348,362) (274,413) - - Consolidated financial statements 1,919,772 1,876,809 443,624 416,508
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36. LITIGATION AND CONTINGENT LIABILITIES The Parent Company and some subsidiaries are parties to minor legal actions and disputes, the outcomes of which are not expected to result in any liability. Potential liabilities currently assessed as possible are not of significant amounts. Some agreements require the payment of future milestones as certain conditions\u2014whose fulfilment is uncertain yet\u2014occur, with the consequence that the contractually required payments are now merely potential. The estimated value as of 31 December 2025 is approximately \u20ac 408 million, mainly related to the acquisition of the rights to Enjaymo\u00ae and Vazkepa\u00ae, whose agreements provide for additional payments of up to US$ 250 million and US$ 150 million, respectively, linked to commercial milestones referring specifically to the potential achievement of certain net revenue thresholds equal to or above peak annual total sales expectations.
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37. RELATED-PARTY TRANSACTIONS The Group\u2019s direct parent is Rossini S.\u00e0 r.l., with headquarters in Luxembourg, which is owned by a consortium of investment funds controlled by CVC Capital Partners. In compliance with the disclosure obligations required by Article 38 of Italian Legislative Decree 127/91, it is hereby specified that the overall compensation of the Directors and Statutory Auditors of the Parent Company for the performance of their specific functions, including those in other Group companies, during 2025 amounted to \u20ac 2.5 million and \u20ac 0.2 million respectively.
Compensation of directors and other key management is broken down in the following table: \u20ac (thousands) 2025 2024 Fixed remuneration 3,168 3,027 Non-monetary benefits 233 175 Bonuses and other incentives 1,620 2,147 Share-based payments 2,401 2,348 Total 7,422 7,697 Compensation of the Group\u2019s key management personnel includes salaries and non-cash benefits. The executive officers also participate in the Group\u2019s stock option and performance share plans. Except for what is stated above, to our knowledge, no transactions or contracts have been entered into with related parties that can be considered significant in terms of value or conditions, or which could in any way materially affect the accounts.
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38. SUBSEQUENT EVENTS At the date of preparation of the financial statements, no significant events had occurred subsequent to the closing of the fiscal year that would require changes to the values of assets, liabilities or the profit and loss. On 29 January 2026, Recordati announced the signing of a licence and partnership agreement with Moderna for the development and marketing, at international level, of mRNA-3927, an investigational product for the treatment of propionic acidemia. According to the terms of the agreement, Moderna will continue to lead the development of mRNA-3927 in collaboration with Recordati and, in case of product approval, Recordati will lead its global marketing. mRNA-3927 is a proof-of-concept post- investigational product intended to restore the activity of the enzyme propionyl-CoA carboxylase (PCC) in patients affected by propionic acidemia. If approved, the product could be the first therapeutic option available on the market capable of changing the course of this severe disease. At present, mRNA-3927 is being assessed for a possible registry-based clinical trial. The number of target participants has been reached, with initial data expected by late 2026. According to the terms of the agreement, Recordati will make an upfront payment of US$ 50 million to Moderna and will pay up to an additional US$ 110 million depending on the achievement of short-term regulatory and development milestones. Moderna will also be entitled to receive commercial and sales milestones, in addition to staggered royalties on annual net sales. Recordati does not foresee any significant impact on its EBITDA before the potential launch. On 28 February 2026, a conflict began in the Persian Gulf region involving several countries. Although the Group operates only in certain parts of the affected Middle Eastern region, it continues to monitor the progress of the conflict and geopolitical developments to assess their potential impact on its personnel, supply chain, and activities.
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DISCLOSURE OF AUDITORS\u2019 FEES FOR ACCOUNTING AUDITS AND OTHER SERVICES Type of service Provider of the service Recipient Fees Amounts in \u20ac Accounting Auditing Auditor of the Parent Company Parent Company 253,064 Accounting Auditing Auditor of the Parent Company Subsidiaries 252,410 Accounting Auditing Network of the auditor of the Parent Company Subsidiaries 846,612 Tax compliance Network of the auditor of the Parent Company Subsidiaries 46,008 Signing declarations and certificates Auditor of the Parent Company Parent Company 147,216 Signing declarations and certificates Auditor of the Parent Company Subsidiaries 3,453 Signing declarations and certificates Network of the auditor of the Parent Company Subsidiaries 63,318 Other services Network of the auditor of the Parent Company Subsidiaries 19,791
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