Medios AG Medios sets out Ambition 2031: €3.1 billion revenue and a doubling of EBITDA adjusted

PRESS RELEASE

Medios sets out Ambition 2031: €3.1 billion revenue and a doubling of EBITDA adjusted

• “Medios Next Level” strategy: Repositioning from Specialty Pharma to Pharma Services
• Focus on the core business models with two operating segments: Specialty Pharma Supply and Compounding
• Profitable growth in both segments: around 5% organic revenue CAGR up to 2031 supported by operational excellence
• Disciplined capital allocation: prudent 2.0x net debt/EBITDA ceiling as internal target not to be exceeded providing high flexibility for selective M&A in Compounding as well as potential dividend or share buybacks for our shareholders
• Ambition 2031: around €3.1 billion revenue (+50% vs. 2025) with EBITDA adjusted to double to around €170 million

Berlin, September 29, 2026 – Medios Group (“Medios”, ISIN: DE000A1MMCC8) today presents its “Medios Next Level” strategy and Ambition 2031 at its Capital Markets Day in Breda, the Netherlands. The strategy repositions Medios from a Specialty Pharma company to a focused Pharma Services Group organized around two operating segments: Specialty Pharma Supply and Compounding. It is built on four pillars – operational excellence, organic growth, international expansion in Compounding, as well as selective and accretive M&A. The objectives are profitable growth, strong cash generation and a higher-quality earnings mix. By 2031, Medios aims to reach approximately €3.1 billion in Group revenue, while EBITDA adjusted is expected to double to around €170 million.

Thomas Meier, CEO of Medios AG: “With our “Medios Next Level” strategy we are leveraging our strong market position for higher-quality growth. We are focusing on our core business and giving each business a clear mandate. Specialty Pharma Supply provides resilience, stable margin profiles as well as cash, and focused investment in Compounding strengthens our higher-margin core. This is a strategy of evolution – built on a track record of growth and executed with discipline.”

The “Medios Next Level” strategy builds on a decade of success. Over the past ten years, the company has developed into a European group with over €2 billion in revenue and a broad service portfolio.

Growing Specialty Pharma and compounding markets create opportunities for both segments. An aging population and the rising prevalence of chronic diseases, including cancer, are increasing demand for specialized and individualized therapies. Working with its pharmacy and healthcare partners, Medios aims to give every patient access to the best possible therapy and is bringing new products to market.

“Over the next years, we will evolve Medios from a Specialty Pharma network with logistics and manufacturing capabilities into a technology-driven and vertically integrated Pharma Services Group with increasingly industrialized manufacturing processes spanning Specialty Pharma Supply and Compounding across Europe,” Thomas Meier outlines the company’s vision for the future.

Two operating segments with clear mandates

The two new operating segments Specialty Pharma Supply and Compounding will replace the current three-segment structure (Patient-Specific Therapies, Pharmaceutical Supply and International Business). International Business will be integrated into the new Group set-up, while Compounding will be brought together across products and countries under one unified management, with clear responsibility for investment, growth and performance.

Compounding provides individualized medicines and alternatives when commercially available products are in short supply or discontinued. Medios’ own Good Manufacturing Practice (GMP) facilities and flexible local manufacturing network support reliable supply close to its longstanding partners, with these relationships forming the basis for further network expansion.

Medios targets profitable growth in both operating segments while prioritizing growth investment in the area of Compounding as the key driver of future earnings. The company will strengthen its relationships with hospitals and clinics, accelerate new product development and expand Compounding Essentials (APIs, materials, equipment and documentation for pharmacies’ in-house compounding) with the aim of building a European platform. Specialty Pharma Supply remains a high-performing cash engine with three priorities: optimize the margin, manage cash and grow selectively.

Strengthening operations and advancing the transformation

The operational excellence program is a prerequisite for the successful implementation of Medios’ strategy. It will further strengthen and optimize the company’s growing pharma services manufacturing network across countries and sites. With a focus on right-sizing, speed and clear communication, the program will enable Medios to continue to deliver high reliability, efficiency and responsiveness to its customers. This will create tangible benefits for pharmacies, hospitals and clinics through faster, more consistent and cost-efficient access to high-quality pharma services.

The transformation towards “Medios Next Level” is already underway, as demonstrated by several important steps: Medios has discontinued its Advanced Therapies activities and started optimizing its production network.

Another milestone is the agreement to acquire a majority stake in Caesar & Loretz (Caelo), a leading supplier of active pharmaceutical ingredients (APIs), excipients, and raw materials for pharmacies, hospitals, and industrial customers. Caelo has approximately 240 employees at its GMP-certified sites in Hilden and Bonn. Antitrust clearances for the transaction have been obtained, and closing is expected shortly.

Following the completion of the transaction, Medios will become the clear market leader in Germany for compounding APIs and excipients, complementing its businesses “Magis” in Belgium and “Meta” in Spain. The acquisition will strengthen Medios’ vertical integration from pharmaceutical raw materials to finished preparations, create procurement and cross-selling synergies, and provide a platform to expand this business across Europe.

Ambition 2031 – significant growth and higher-quality earnings mix

Medios Group revenue is targeted to grow from €2.1 billion in 2025 to around €3.1 billion by 2031, of which approximately €700 million is expected to come from organic growth (Group organic CAGR of around 5.0%) and approximately €300 million from margin- and value-accretive M&A in the Compounding segment. As the higher-margin Compounding business contributes disproportionately to earnings, EBITDA adjusted is targeted to double to approximately €170 million – growing considerably faster than revenue. The targeted Group EBITDA adjusted margin of around 5.5% is a blended figure across a lower-margin, cash-generative Specialty Pharma Supply business (margin of around 3%) and a structurally high-margin Compounding business (margin above 14%).

Stefan Bauerreis, CFO of Medios AG: “We act from a position of strength with a strong balance sheet providing high financial flexibility due to low net debt leverage. Following our clear priorities on capital allocation, Compounding is becoming the value and margin driver of the Group, and with its growth will contribute disproportionately to earnings, moving Medios to a higher-quality earnings mix. Greater transparency – above all the transition from EBITDA pre to a clearly defined EBITDA adjusted – will make that progress measurable and easier to track.”

Regarding transparency of earnings, Medios is moving from “EBITDA pre” to a newly defined “EBITDA adjusted”. Going forward, adjustments will be limited to two clearly defined categories – M&A expenses and restructuring costs. Medios will provide explicit disclosure and a full reconciliation. On the new definition, the 2025 EBITDA adjusted amounted to €87 million (4.2% margin), providing a clean baseline for the 2031 target of approximately €170 million.

Disciplined capital allocation

Medios manages its balance sheet as a growth enabler. Disciplined working-capital management and annual Group capital expenditure of approximately €10–15 million are intended to support sustained cash generation and preserve financial flexibility. Net debt/EBITDA stood at 1.32x in H1 2026, against an internal ceiling of 2.0x, while bank covenants allow for a leverage of 3.0x. Free cash flow is prioritized for profitable organic growth and for margin- and value-accretive bolt-on acquisitions in the new Compounding segment. The cumulative M&A capacity amounts to approximately €325 million through 2031 while complying with the internal leverage ceiling. Beyond that, Medios is committed to returning capital to shareholders in future. In this context, share buybacks remain a preferred option, taking into account the current valuation of the Medios Group on the stock market, with a clear focus on an attractive return on capital.

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About Medios AG

Medios is a European Pharma Services Group with two operating segments, Specialty Pharma Supply and Compounding, and operations in Germany, the Netherlands, Belgium and Spain. Working closely with pharmacies, specialist medical practices and pharmaceutical companies, Medios combines pharmaceutical expertise, manufacturing capabilities and smart services to enable reliable and efficient access to innovative and patient-specific therapies. Medios helps ensure reliable access to the therapies needed by patients living with complex and chronic conditions, including cancer, autoimmune, neurological and metabolic diseases.

Medios AG shares (ISIN: DE000A1MMCC8) are traded on the Regulated Market of the Frankfurt Stock Exchange (Prime Standard) and are included in the SDAX index.

www.medios.group
Contact

Katrin Neuffer

Director Investor Relations & Communications

Medios AG

Heidestraße 9 | 10557 Berlin

T +49 30 232 566 800

ir@medios.group

www.medios.group

The Capital Markets Day will be streamed live from 09:00 a.m. to 12:00 p.m. and can be followed online on Medios’ Investor Relations Website. A recording of the event will be made available on the company’s Investor Relations website following the event (www.investors.medios.group).