Limited review
report on
Laboratorios
Farmacéuticos
Rovi , S.A. and
subsidiaries
(Together with the interim condensed consolidated financial statements and consolidated management report of Laboratorios Farmacéuticos Rovi , S.A. and subsidiaries for the six -month period ended 30 June 202 6) (Free translation from the original in Spanish. In the event of discrepancy, the Spanish -language
version prevails.)
KPMG Auditores S.L., a limited liability Spanish company and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.
All rights reserved.
Paseo de la Castellana, 259C 28046 Madrid KPMG Auditores, S.L.
Pº. de la Castellana, 259 C.
28046 Madrid
Filed at the Madrid Mercantile Registry in volume 11,961, sheet 90, section 8, page number M -188,007, entry number 9 Tax identification number (NIF): B -78510153 Report on Limited Review of Interim Condensed Consolidated
Financial Statements
(Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version
prevails.)
To the Shareholders of Laboratorios Farmacéuticos Rovi, S.A. , commissioned by the Directors
REPORT ON THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
Introduction ___________________________________________________________
We have carried out a limited review of the accompanying interim condensed consolidated financial statements (the “interim financial statements”) of Laboratorios Farmacéuticos Rovi, S.A. (the “Parent”) and subsidiaries (the “Group”), which comprise the balance sheet at 30 June 2026 , the income statement, statement of comprehensive income, statement of changes in equity, statement of cash flows for the six -month period then ended, and explanatory notes (all condensed and consolidated). The Directors of the Parent are responsible for the preparation of these interim financial statements in accordance with International Accounting Standard (IAS) 34 Interim Financial Reporting as adopted by the European Union, pursuant to article 12 of Roya l Decree 1362/2007 as regards the preparation of condensed interim financial information. Our responsibility is to express a conclusion on these interim financial statements based on our limited review.
Scope of Review _______________________________________________________ We conducted our limited review in accordance with International Standard on Review Engagements 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”. A limited review of interim financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A limited review is substantially less in scope than an audit conducted in accordance with prevailing legislation regulating the audit of accounts in Spain and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion on the accompanying interim financial statements.
Conclusion ___________________________________________________________
Based on our limited review, which can under no circumstances be considered an audit, nothing has come to our attention that causes us to believe that the accompanying interim financial statements for the six -month period ended 30 June 2026 have not been prepared, in all material respects, in accordance with International Accounting Standard (IAS) 34 Interim Financial Reporting as adopted by the European Union, pursuant to article 12 of Royal Decree 1362/2007 as regards the preparation of condensed interim financial statements.
2 (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version
prevails.)
Emphasis of Matter _____________________________________________________ We draw your attention to the accompanying note 2, which states that these interim financial statements do not include all the information that would be required in a complete set of consolidated financial statements prepared in accordance with International Financial Reporting Standards as adopted by the European Union. The accompanying interim financial statements should therefore be read in conjunction with the Group’s consolidated annual accounts for the year ended 31 December 2025 . This matter does not modify our conclusion.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
The accompanying consolidated interim management report for the six -month period ended 30 June 2026 contains such explanations as the Directors of the Parent consider relevant with respect to the significant events that have taken place in this period and their effect on the interim financial statements, as well as the disclosures required by article 15 of Royal Decree 1362/2007. The consolidated management report is not an integral part of the interim financial statements. We have confirmed that the accounting information contained therein is consistent with that disclosed in the interim financial statements for the six -month period ended 30 June 2026 . Our work is limited to the examination of the consolidated management report within the scope described in this paragraph and does not include a review of information other than that obtained from the accounting records of Laboratorios Farmacéuticos Rovi, S.A. and subsidiaries.
Other Matter __________________________________________________________ This report has been prepared at the request of the Parent Company's Directors in relation to the publication of the six -monthly financial report required by article 100 of Securities Market and Investment Services Law 6/2023 of 17 March 2023.
KPMG Auditores, S.L.
(Signed on original in Spanish)
Begoña Pradera Goiri
July 22, 2026
LABORATORIOS FARMACÉUTICOS ROVI, S.A. AND
SUBSIDIARIES
Condensed consolidated interim financial statements and consolidated interim management report for the six-month period ended 30 June, 2026
CONDENSED CONSOLIDATED INTERIM BALANCE SHEET
(Thousand euros)
Note30 June
202631
December
2025
ASSETS
Non-current assets
Property, plant and equipment 7 485,640 330,735 Goodwill 8 2,702 2,702 Intangible assets 8 32,992 33,183 Investment in joint ventures and associated companies 9 19,252 19,164 Deferred income tax asset 14 18,479 3,199
559,065 388,983
Current assets
Inventories 11 272,814 287,975 Trade and other receivables 12 162,433 177,540 Derivative financial instruments — 29 Financial assets at amortised cost 1,103 — Prepaid expenses 10 4,637 3,188 Cash and cash equivalents 13 126,969 97,976
567,956 566,708
Total assets 1,127,021 955,691 Notes 1 to 27 are an integral part of these condensed consolidated interim financial statements.Free translation of the condensed consolidated interim financial statements issued in Spanish and prepared in accordance with International Financial Reporting Standards as adopted by the European Union. In the event of discrepancy, the Spanish version prevails.
LABORATORIOS FARMACÉUTICOS ROVI, S.A. AND SUBSIDIARIES
Condensed consolidated interim financial statements for the six-month period ended 30
June 2026
1
CONDENSED CON SOLIDATED INTERIM BALANCE SHEET
(Thousand euros)
Note30 June
202631
December
2025
EQUITY 15
Capital and reserves attributed to shareholders of the company 700,619 664,415 Share capital 3,074 3,074 Share premium 87,636 87,636 Legal reserve 673 673 Treasury shares (5,849) (5,174) Retained earnings and voluntary reserve 528,969 437,818 Profit for the period 84,476 140,442 Accumulated other comprehensive income 1,640 (54) Non-controlling interests 16,434 11,040 Total equity 717,053 675,455
LIABILITIES
Non-current liabilities
Financial debt 17 80,544 93,204 Deferred income tax liabilities 14 21,768 160 Other non-current payables 195 191 Contract liabilities 18 27,816 2,016 Deferred income 19 3,100 3,443
133,423 99,014
Current liabilities
Financial debt 17 27,146 28,617 Trade and other payables 16 185,915 118,559 Current income tax liabilities 25,672 4,402 Contract liabilities 18 24,609 4,042 Deferred income 19 13,203 25,602
276,545 181,222
Total liabilities 409,968 280,236 Total equity and liabilities 1,127,021 955,691 Notes 1 to 27 are an integral part of these condensed consolidated interim financial statements.Free translation of the condensed consolidated interim financial statements issued in Spanish and prepared in accordance with International Financial Reporting Standards as adopted by the European Union. In the event of discrepancy, the Spanish version prevails.
LABORATORIOS FARMACÉUTICOS ROVI, S.A. AND SUBSIDIARIES
Condensed consolidated interim financial statements for the six-month period ended 30
June 2026
2
CONDENSED CONSOLIDATED INTERIM INCOME STATEMENT
(Thousand euros)
Six-month period ended
30 June
Note 2026 2025 Revenue 20 344,160 314,590 Change in inventories of finished goods and work in progress 11 (15,116) (1,373) Raw materials and consumables used 21 (104,788) (117,766) Employee benefit expenses (85,268) (70,417) Other operating expenses (93,338) (60,286) Work carried out by the Group on non-current assets 258 232 Amortisation and depreciation 7 y 8 (17,973) (14,748) Recognition of government grants on non-financial non-current assets and other 12,846 715 Gain on bargain purchase 1 62,352 —
OPERATING PROFIT 103,133 50,947
Finance income 877 707 Finance costs (2,755) (1,328) Impairment and gain or loss on measurement of financial instruments 116 (533) Exchange difference 112 (100)
FINANCE COSTS - NET (1,650) (1,254)
Share of profit in joint ventures and associated companies 9 88 (67)
PROFIT BEFORE INCOME TAX 101,571 49,626
Income tax 22 (17,192) (9,926)
PROFIT FOR THE PERIOD 84,379 39,700
Attributable to:
–The parent company 84,476 39,736 –Non-controlling interests (97) (36) Earnings per share (basic and diluted) attributable to the shareholders of the Company (euros) –Basic and diluted 23 1.65 0.78 Notes 1 to 27 are an integral part of these condensed consolidated interim financial statements.Free translation of the condensed consolidated interim financial statements issued in Spanish and prepared in accordance with International Financial Reporting Standards as adopted by the European Union. In the event of discrepancy, the Spanish version prevails.
LABORATORIOS FARMACÉUTICOS ROVI, S.A. AND SUBSIDIARIES
Condensed consolidated interim financial statements for the six-month period ended 30
June 2026
3
CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME
(Thousand euros)
Six-month period
ended 30 June Note 2026 2025 Profit for the period 84,379 39,700 Items that may subsequently be reclassified to profit or loss 1,694 (18)
- Foreign exchange differences 1,694 (18) Other comprehensive income for the period net of tax 1,694 (18) Total comprehensive income for the period 86,073 39,682
Attributable to
–Shareholders of the parent company 86,170 39,718 –Non-controlling interests (97) (36) Notes 1 to 27 are an integral part of these condensed consolidated interim financial statements.Free translation of the condensed consolidated interim financial statements issued in Spanish and prepared in accordance with International Financial Reporting Standards as adopted by the European Union. In the event of discrepancy, the Spanish version prevails.
LABORATORIOS FARMACÉUTICOS ROVI, S.A. AND SUBSIDIARIES
Condensed consolidated interim financial statements for the six-month period ended 30
June 2026
4
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY AT 30 JUNE 2026
(Thousand euros)
Share
capital
(Note 15)Share
premium Legal
reserveTreasury
shares (Note
15)Retained
earnings and
voluntary
reserveProfit for the
periodAccumulated
other
comprehensive
income (Note
15)Non-controlling
interests (Note
15)TOTAL
EQUITY
Balance at 1 January, 2026 3,074 87,636 673 (5,174) 437,818 140,442 (54) 11,040 675,455 Total comprehensive inc. for the period — — — — — 84,476 1,694 (97) 86,073 Transfer of 2025 profit — — — — 91,286 (91,286) — — — Dividends (Note 24) — — — — — (49,156) — — (49,156) Acquisition of treasury shares (Note 15) — — — (39,265) — — — — (39,265) Sale of treasury shares (Note 15) — — — 38,590 218 — — — 38,808 Other movements — — — — (353) — — 5,491 5,138 Balance at 30 June 2026 3,074 87,636 673 (5,849) 528,969 84,476 1,640 16,434 717,053 Notes 1 to 27 are an integral part of these condensed consolidated interim financial statements.Free translation of the condensed consolidated interim financial statements issued in Spanish and prepared in accordance with International Financial Reporting Standards as adopted by the European Union. In the event of discrepancy, the Spanish version prevails.
LABORATORIOS FARMACÉUTICOS ROVI, S.A. AND SUBSIDIARIES
Condensed consolidated interim financial statements for the six-month period ended 30 June 2026 5
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY AT 30 JUNE 2025
(Thousand euros )
Share
capital
(Note 15)Share
premium Legal
reserveTreasury
shares (Note
15)Retained
earnings and
voluntary
reserveProfit for the
periodAccumulated
other
comprehensiv
e income
(Note 15)Non-controlling
interests (Note
15)TOTAL
EQUITY
Balance at 1 January, 2025 3,074 87,636 673 (5,545) 349,332 136,881 (23) 9,512 581,540 Total comprehensive inc. for the period — — — — — 39,736 (18) (36) 39,682 Transfer of 2024 profit — — — — 88,970 (88,970) — — — Dividends — — — — — (47,911) — — (47,911) Acquisition of treasury shares (Note 15) — — — (28,380) — — — — (28,380) Sale of treasury shares (Note 15) — — — 29,312 (948) — — — 28,364 Other movements — — — — (185) — — 1,497 1,312 Increases or decreases due to business combiation — — — — — — — 108 108 Balance at 30 June 2025 3,074 87,636 673 (4,613) 437,169 39,736 (41) 11,081 574,715 Notes 1 to 27 are an integral part of these condensed consolidated interim financial statements.Free translation of the condensed consolidated interim financial statements issued in Spanish and prepared in accordance with International Financial Reporting Standards as adopted by the European Union. In the event of discrepancy, the Spanish version prevails.
LABORATORIOS FARMACÉUTICOS ROVI, S.A. AND SUBSIDIARIES
Condensed consolidated interim financial statements for the six-month period ended 30 June 2026 6
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS ( Thousand euros)
Six-month period ended
30 June
Notes 2026 2025 Cash flows from operating activities Profit before income tax 101,571 49,626 Adjustments for non-monetary transactions Amortisation and depreciation 7 & 8 17,973 14,748 Finance income (877) (707) Loss allowance 11 & 12 398 (4,161) Adjustments for changes in value of derivatives (97) 61 Gain or loss on derecognitions of financial assets and liabilities (19) 472 Finance expenses 2,755 1,328 Exchange rate differences (112) 100 Grants, distribution licences and other deferred income 19 & 20 (13,086) (973) Share in profit/(loss) of joint ventures and associated companies 9 (88) 67 Gain on bargain purchase (62,352) — Gain or loss on disposal of fixed assets 1,766 — Changes in working capital:
Trade and other receivables 15,091 8,644 Inventories 16,449 6,310 Other current assets (prepaid expenses) (969) (1,962) Trade and other payables 9,254 (25,565) Other collections and payments:
Proceeds from contract manufacturing services 18 10,123 (17,224) Proceeds from distribution licences 18 5 515 Proceeds from grants — 3,764 Income tax cash flow (3,523) (7,019) Net cash generated from/(used in) operating activities 94,262 28,024 Cash flows from investing activities Acquisition of intangible assets 8 (1,545) (679) Acquisition of property, plant & equipment (not including rights of use) 7 (28,878) (20,159) Proceeds from sale of property, plant and equipment 7 — 85 Other amounts received or paid — 2,064 Investment in group and associated companies and other business combinations 1 (24,132) (3,463) Interest received 874 241 Net cash generated from (used in) investing activities (53,681) (21,911) Cash flows from financing activities Repayments of financial debt (14,488) (32,574) Proceeds from financial debt 17 — 46,521 Interest paid (1,170) (1,116) Purchase of treasury shares 15 (39,265) (28,380) Reissue of treasury shares 15 38,808 28,364 Capital contributions in subsidiaries 15 4,388 — Net cash generated from/(used in) financing activities (11,727) 12,815 Effect of changes in exchange rate 139 — Net (decrease)/increase in cash and cash equivalents 28,993 18,928 Cash and cash equivalents at beginning of the period 97,976 27,186 Cash and cash equivalents at end of the period 13 126,969 46,114 Notes 1 to 27 are an integral part of these condensed consolidated interim financial statements.Free translation of the condensed consolidated interim financial statements issued in Spanish and prepared in accordance with International Financial Reporting Standards as adopted by the European Union. In the event of discrepancy, the Spanish version prevails.
LABORATORIOS FARMACÉUTICOS ROVI, S.A. AND SUBSIDIARIES
Condensed consolidated interim financial statements for the six-month period ended 30
June 2026
7
1. General information Laboratorios Farmacéuticos Rovi, S.A. (the “parent company" or "the Company") was incorporated as a public limited company (“sociedad anónima”) in Madrid on 21 December 1946. It is entered in the Companies Register of Madrid, sheet 1,179, folio 197 of volume 713 of Companies Book 283. Its registered and tax address is Calle Julián Camarillo, 35, Madrid (Spain).
The Company’s activity focuses on the sale of its own pharmaceutical products and the distribution of other products for which it holds licences granted by other laboratories for specific periods, in accordance with the terms and conditions contained in the agreements entered into with said laboratories, and the provision of contract manufacturing services to third parties.
Laboratorios Farmacéuticos Rovi, S.A. is the parent of a pharmaceutical business group (hereinafter, “ROVI” or “Rovi Group” or “Group”) engaged in the production and sale of pharmaceutical products, some of which have been developed in-house. Low-molecular-weight heparins, which are marketed in different countries, are the Group’s main products.
Additionally, ROVI provides manufacturing services to third parties, among which solutions for prefilled syringes, solid oral forms and vials may be highlighted.
The Company’s shares are listed on the Madrid, Barcelona, Bilbao and Valencia Stock Exchanges and included in the Spanish Stock Exchange Automated Quotation System (IBEX35).
At both 30 June 2026 and 31 December 2025 , the company Norbel Inversiones, S.L. held 58.19% of the shares of Laboratorios Farmacéuticos Rovi, S.A. (Note 15). Norbel Inversiones, S.L., whose registered office is at Calle Julián Camarillo, 35, Madrid, files consolidated annual accounts with the Madrid Companies Register.
Changes in the scope of consolidation and other business combinations On 28 September 2025, Rois Phoenix, Inc. and Rovi Pharma Industrial Services, S.A.U. (the latter acting as guarantor) signed an agreement for the acquisition of a production facility in Phoenix (Arizona, United States) from Bristol Myers Squibb (hereinafter, “BMS”). The agreement included a series of conditions precedent, which had been satisfied as of 1 April 2026, on which date Rois Phoenix, Inc. obtained control of said facility. The agreed cash consideration of 28,005 United States dollars (24,132 thousand euros at the acquisition-date exchange rate) was settled as per the terms set out in the purchase agreement.
The transaction represents a strategic acquisition for the Group and a key step in executing its strategy for the international growth and expansion of its specialised manufacturing business. In particular, the acquisition allows it to strengthen its presence in a new market, expand its industrial capabilities and progress towards its objective of consolidating its position as one of the world’s leading companies in the manufacture of high-value-added injectables.
Likewise, the transaction includes complementary assets and capabilities that enhance the Group’s competitive position and its ability to provide service to global customers.
The acquired business contributed revenue of 13,962 thousand euros and a consolidated loss of 602 thousand euros to the Group during the period running from the acquisition date to 30 June 2026.
Had the acquisition taken place on 1 January 2026, the business would have contributed revenue of 27,924 thousand euros and a consolidated loss of 1,204 thousand euros to the Group in the period ended 30 June 2026.
As mentioned in the preceding paragraphs, the Group has classified this transaction as a business combination within the scope of IFRS 3 “Business Combinations”, considering that:
–It has verified that the facility acquired comprises inputs and substantive processes that, when applied together, have the ability to contribute to the creation of outputs. These are the basic criteria to delimit the existence of a business.
–It has applied the concentration test, established as optional by the standard, and has concluded that this test would not be passed because the assets acquired form a heterogenous group.Free translation of the condensed consolidated interim financial statements issued in Spanish and prepared in accordance with International Financial Reporting Standards as adopted by the European Union. In the event of discrepancy, the Spanish version prevails.
LABORATORIOS FARMACÉUTICOS ROVI, S.A. AND SUBSIDIARIES
Condensed consolidated interim financial statements for the six-month period ended 30 June 2026
(Thousand euros)
8
The table below sets out a breakdown of the carrying amounts and fair values of the assets acquired and the liabilities
assumed:
Concept Thousand EUR Carrying amount Fair value Intangible assets (Note 8) 197 197 Property, plant and equipment (Note 9) 165,359 140,994 Inventories 1,593 1,593 Prepaid expenses 453 453 Total assets 167,602 143,237 Contract liabilities (Note 18) — 35,931 Deferred tax liabilities (Note 14) — 20,822 Total equity and liabilities — 56,753 The following table shows a breakdown of the non-recurring revenue recognised as “Gain on a bargain purchase” in the consolidated interim income statement:
Gain on bargain purchase Thousand EUR Consideration paid 24,132 Net assets at fair value (86,484) Gain on bargain purchase (62,352) The bargain purchase gain is explained primarily by the specific circumstances under which the transaction took place.
At the time of acquisition, the seller was undertaking a global divestment programme involving certain assets that it did not consider to be strategic and, furthermore, sought to ensure the continuity of supply of the products manufactured at the facility subject to the transaction. In this context, the Group was an ideal purchaser given its position as a leading CDMO, its industrial experience and its proven ability to ensure the continuity of operations and the future supply required by the seller. In addition, ROVI has the technical, operational and management capabilities to maximise the potential of the assets acquired and capture the opportunities to create value arising from their integration into the existing industrial platform.
After reviewing the identification and measurement of the assets acquired, liabilities assumed and consideration transferred, as required by IFRS 3 “Business Combinations”, Management concluded that the fair values determined were appropriate and, therefore, the gain recognised fairly reflects the specific circumstances of the transaction.
According to IFRS 3 “Business Combinations”, it the initial accounting for a business combination can only be determined provisionally, at the end of the period in which it takes place the acquirer:
–will account for the combination using said provisional amounts; and –will recognise any adjustments made to these provisional amounts as a result of completing the initial accounting within the measurement period, which will not exceed 12 months from the acquisition date.
At the date of authorisation of these condensed consolidated interim financial statements for issue, the measurement of the assets acquired and liabilities assumed is substantially complete. However, the Group continues to assess certain aspects relating to the measurement of the contract liability assumed in the business combination, the final amount of which may be affected by receipt of additional information about facts and circumstances that existed at the acquisition date.
This contract liability is related to the supply contract signed with BMS for an initial five-year term, which may be extended unilaterally by BMS for up to two consecutive one-year periods. The liability reflects the estimated acquisition-
date fair value of the economic effects attributable to the commitments assumed by the Group under the agreed contractual terms. This liability was measured using the Multi-Period Excess Earnings Method (MEEM), which consists of estimating the future economic benefits attributable exclusively to the contract on the basis of the projected revenue associated with it, applying the corresponding EBITDA margin and deducting the Contributory Asset Charges (CACs).
The fair value estimate takes into account the expected term of the contract, including the exercise of the extension options. Given the prospective nature of these estimates, the measurement involves significant judgement (Note 4) Free translation of the condensed consolidated interim financial statements issued in Spanish and prepared in accordance with International Financial Reporting Standards as adopted by the European Union. In the event of discrepancy, the Spanish version prevails.
LABORATORIOS FARMACÉUTICOS ROVI, S.A. AND SUBSIDIARIES
Condensed consolidated interim financial statements for the six-month period ended 30 June 2026
(Thousand euros)
9
regarding future operating and commercial variables. Therefore, the measurement (together with the associated tax effect recognised under “Deferred tax liabilities”) remains subject to the review process applicable during the measurement period established by IFRS 3 “Business Combinations”.
Management considers that the rest of the assets and liabilities recognised in the acquisition price allocation process have been measured with a high degree of reliability and, accordingly, does not expect any significant adjustments to their carrying amounts.
On 27 January 2025, the Group, through its subsidiary Gineladius, S.L.U., acquired control of Cells IA Technologies, S.L. after reaching a percentage holding of 94.995% in the company’s share capital (at 31 December 2024, Gineladius, S.L.U. held an interest of 26.003%). The 27 January operation was structured through two simultaneous transactions.
–A capital increase and share premium of 2,250 thousand euros in exchange for an additional interest of 23.997%. Of this amount, 226 thousand euros was settled in kind through the contribution by Gineladius, S.L.U.
to Cells IA Technologies, S.L of the line of credit, while the remaining 2,024 thousand euros was paid in full at the time.
–A sale and purchase transaction in the following terms with the other two shareholders that, with Gineladius, S.L.U., held interests in the share capital:
•With Elsian Technologies, S.L. (24.495%). The following agreements were reached:
◦Fixed price: 706 thousand euros paid up on said date.
◦Price based on the continuity of key personnel from Elsian Technologies, S.L. in the management of Cells IA Technologies, S.L.: 470 thousand euros.
◦Earn-out 1, depending on meeting operational milestones: 294 thousand euros.
◦Earn-out 2, based on a potential divestment on the part of Gineladius, S.L.U.: 5% of the potential price received by the latter.
•With Lungovest, S.L. (20.5%). The following agreements were reached:
◦Fixed price: 734 thousand euros paid up on said date.
◦Price based on the continuity of key Lungovest, S.L. personnel in the management of Cells IA Technologies, S.L.: 490 thousand euros.
◦Earn-out 1, depending on meeting operational milestones: 306 thousand euros.
To determine the consideration to be settled, ROVI took the following circumstances into account:
–The fixed price totalling 1,440 thousand euros paid to the two shareholders and the capital increase and share premium of 2,250 thousand euros were included in the cost of the consideration settled. Also included was a sum of 187 thousand euros relating to components of Earn-out 1, considered very likely to materialise as of 30 June 2025, the balancing item of which was recognised under the “Other non-current liabilities” caption (this provision accrues monthly interest and totalled 189 thousand euros at 30 June 2026). Elements that, as of said date, were considered unlikely to materialise and remuneration based on the continuity of key personnel were not considered part of the cost of the business transaction.
–Control was obtained starting from a prior interest that furnished significant influence over Cells IA Technologies, S.L,, recognised in Gineladius, S.L.U. for an amount of 600 thousand euros. Since the company was consolidated by the equity method until 27 January 2025, its value was 412 thousand euros and, therefore, ROVI remeasured its old shares at the price paid on 27 January 2025, leading to recognition of revenue of 467 thousand euros in profit or loss.Free translation of the condensed consolidated interim financial statements issued in Spanish and prepared in accordance with International Financial Reporting Standards as adopted by the European Union. In the event of discrepancy, the Spanish version prevails.
LABORATORIOS FARMACÉUTICOS ROVI, S.A. AND SUBSIDIARIES
Condensed consolidated interim financial statements for the six-month period ended 30 June 2026
(Thousand euros)
10
The consideration settled is summarised below:
Consideration settled Amount Capital increase and premium 2,250 Fixed payments 1,440 Highly likely contingent payments 187 Prior interest at cost 600 Adjustment equity method (188) Remeasurement with 27 January 2025 transactions 467
Total 4,756
IFRS 3 states that the acquirer must measure the identifiable assets acquired and the liabilities assumed at their acquisition-date fair value. No differences were noted between the fair value and the carrying amount. The following shows a breakdown of the assets acquired and the liabilities assumed on the first consolidation of Cells IA Technologies, S.L. under the full consolidation method:
Cells IA Technologies, S.L. Amount in thousand euros Intangible assets (Note 8) 4 Property, plant and equipment (Note 7) 16 Deferred tax assets 32 Trade and other receivables 315 Cash and cash equivalents 2,064
TOTAL ASSETS 2,431
Share capital 20 Share premium 2,909
Profit/(loss) (136)
Reserves (631)
Equity 2,162
Trade and other payables 269
TOTAL EQUITY AND LIABILITIES 2,431
Additionally, acquisition-date goodwill must be recognised as the difference between the consideration paid and the fair value of the identifiable net assets acquired. The following table shows the goodwill generated on the transaction:
Goodwill
Consideration settled 4,756 Net assets at fair value (2,162) Non-controlling interests 108 Goodwill (Note 8) 2,702 Finally, when accounting for business combinations, there is a 12-month period to allow the facts and circumstances existing at the acquisition date to be evaluated, meaning that the measurement as of 30 June 2025 was considered provisional. The provisional measurement was not adjusted during the measurement period established in IFRS 3 and, accordingly, the final accounting for the business combination at 31 December 2025 was the same as that presented at 30 June 2025.
2. Bases of presentation These condensed consolidated interim financial statements for the six-month period ended 30 June 2026 (hereinafter, the “condensed consolidated interim financial statements ” have been prepared in accordance with International Financial Reporting Standard No. 34 “Interim Financial Reporting” and should be read in conjunction with the consolidated annual accounts of Laboratorios Farmacéuticos Rovi, S.A. and subsidiaries for the 2025 reporting period, prepared in accordance with the International Financial Reporting Standards endorsed by the European Union (IFRS-EU). These interim financial statements do not include all the information required for full financial statements in accordance with IFRS-EU. However, they include a selection of explanatory notes that provide details of the events and transactions considered significant in order to understand the changes in the financial position and the Group’s performance since the last annual financial statements. Significant changes in accounting policies are described in Note 3.
These interim financial statements were authorised for issue by the Company’s Board of Directors on 22 July 2026 .Free translation of the condensed consolidated interim financial statements issued in Spanish and prepared in accordance with International Financial Reporting Standards as adopted by the European Union. In the event of discrepancy, the Spanish version prevails.
LABORATORIOS FARMACÉUTICOS ROVI, S.A. AND SUBSIDIARIES
Condensed consolidated interim financial statements for the six-month period ended 30 June 2026
(Thousand euros)
11
Bases of preparation of the consolidated interim financial statements The consolidation procedures applied are described in the consolidated annual accounts of ROVI for the 2025 reporting period.
3. Accounting policies The accounting policies applied in preparing the condensed consolidated interim financial statements for the six-month period ended 30 June 2026 are the same as those used in preparing the consolidated annual accounts for the year ended 31 December 2025 (the policy for recognising and measuring corporate income tax in the interim period is explained in Note 22), as described in said consolidated annual accounts, and no significant estimates inconsistent with those made In the 2025 reporting period have been made.
The rules and interpretations issued by the IASB and the IFRS Interpretations Committee that have come into force in 2026 and are mandatory for ROVI were described in the consolidated annual accounts for the year ended 31 December 2025 . Their application has not had a significant effect on the Group.
However, regarding IFRS 18 “Presentation and Disclosure in Financial Statements”, endorsed by the European Union through Regulation (EU) 2026/338, it replaces IAS 1 “Presentation of Financial Statements” and introduces new presentation and disclosure requirements applicable to financial statements prepared under International Financial Reporting Standards (IFRS), with the aim of improving the comparability, transparency and usefulness of the financial information for users.
In the first half of 2026, the Group continued to make progress in the analysis and implementation of IFRS 18.
Based on the assessments performed to date, application of IFRS 18 is not expected to have any impacts on the recognition and measurement criteria for the Group’s assets, liabilities, revenue and expenses. However, changes in the presentation and disclosure of financial information are foreseen, mainly arising from:
–The introduction of new mandatory subtotals in the income statement, including the operating profit or loss and the profit or loss before financing and income tax;
–The classification of income and expenses into the operating, investing and financing categories required by the standard, which may require a reconsideration of certain financial items and foreign exchange differences;
–The new disclosure requirements regarding Management Performance Measures (MPSs), including additional reconciliations and disclosures;
–The application of reinforced aggregation and disaggregation principles for items presented in the financial statements and accompanying notes;
–And the adaptation of certain systems, processes and internal controls to comply with the new financial reporting requirements.
At the date these condensed consolidated interim financial statements are authorised for issue, the Group continues to assess the impact of the first application of IFRS 18 and does not yet have a quantified estimate of its effects.
4. Critical estimates and accounting judgements The preparation of condensed consolidated interim financial statements requires management to exercise its judgement and make estimates and assumptions that affect the application of the accounting policies and the amounts presented in the assets and liabilities and the revenues and expenses. The actual figures may differ from these estimates.
While preparing thes e condensed consolidated interim financial statements , the matters where management exercised its judgement significantly when applying the Group’s accounting policies and the key sources of uncertainty in the estimates were the same as those applied in the consolidated annual accounts for the reporting period ended 31 December 2025 .Free translation of the condensed consolidated interim financial statements issued in Spanish and prepared in accordance with International Financial Reporting Standards as adopted by the European Union. In the event of discrepancy, the Spanish version prevails.
LABORATORIOS FARMACÉUTICOS ROVI, S.A. AND SUBSIDIARIES
Condensed consolidated interim financial statements for the six-month period ended 30 June 2026
(Thousand euros)
12
Additionally, the accounting for the business combination associated to the acquisition of the BMS facility in Phoenix described in Note 1 required estimates and significant judgements to be made, particularly in relation to the measurement of certain assets and liabilities identified in the acquisition price allocation process, the final amount of which remains subject to the measurement period established by IFRS 3 “Business Combinations”.
5. Financial risk management Financial risk factors The Group’s activities expose it to a variety of financial risks: market risk (including currency risk, fair value interest rate risk, cash flow interest rate risk and price risk), credit risk and liquidity risk. The Group’s risk management programme focuses on the uncertainty of the financial markets and tries to minimise any potential adverse effects on the Group’s financial profitability.
The condensed consolidated in terim financial statements d o not include all the information and breakdowns of the financial risk management that are mandatory for annual financial statements and, therefore, must be read in conjunction with the consolidated annual accounts for the period ended 31 December 2025 . There have been no changes in risk management or in any risk management policy since the 2025 annual reporting date.
Liquidity risk
There were no significant changes in the non-discounted contractual cash outflows for financial liabilities in comparison with the preceding annual reporting date.
Fair value estimation Measurement of financial instruments at market price is classified into:
–Level 1. Quoted prices (unadjusted) in active markets for identical assets and liabilities.
–Level 2. Observable inputs for the asset or liability, either directly observable (i.e. prices) or indirectly observable (i.e. price-based), other than the quoted prices included in Level 1.
–Level 3. Inputs for the asset or liability not based on observable market data (i.e. non-observable inputs).
The fair value of reimbursable advances without a rate of interest or with a subsidised interest rate is determined by applying the interest rate curve in force at the date of receipt of the advance to the reimbursements to be made and adding the spread normally applied in loans to the Group. For financial reporting purposes, fair value is calculated at the end of each reporting period by applying the interest rate curve in force at each year end to the payments outstanding and adding the corresponding spread. For loans at variable rates of interest, fair value has been regarded as coinciding with the amount for which they are recognised (Note 17). Measurement of reimbursable advances without an interest rate at market prices is classified as Level 2.
The fair value of the following financial assets and liabilities is approximately the same as their carrying amount:
–Trade and other receivables.
–Other current financial assets.
–Cash and cash equivalents (excluding bank overdrafts).
–Trade and other payables.
–Contract liabilities.
–Financial debt.Free translation of the condensed consolidated interim financial statements issued in Spanish and prepared in accordance with International Financial Reporting Standards as adopted by the European Union. In the event of discrepancy, the Spanish version prevails.
LABORATORIOS FARMACÉUTICOS ROVI, S.A. AND SUBSIDIARIES
Condensed consolidated interim financial statements for the six-month period ended 30 June 2026
(Thousand euros)
13
Foreign exchange risk Foreign exchange risk is low because: (i) most of the Group’s assets and liabilities are denominated in euros; (ii) a large portion of transactions with foreign counterparties are carried out in euros; and (iii) significant transactions in currencies other than the euro are hedged through financial instruments that minimise the foreign exchange risk.
6. Segment reporting The Group’s operating segments have been determined taking into account the information used by the Management Committee for decision making. This information is divided in accordance with whether it is generated by manufacturing activities or marketing activities, regardless of the geographical area where they take place. Therefore, segment identification does not stem so much from the geographical distribution of the business but rather from a differentiation between types of activity.
Thus, the segment called “manufacturing” obtains its revenue from contracts for rendering services that consist of completing the production process of pharmaceutical products for external entities and the manufacture of products to be subsequently marketed by group companies, while the “marketing” segment, which also includes the research and development activities carried out by the Group, has the principal activity of the purchase and subsequent sale of pharmaceutical products.
The segment called “Other” includes other service provision activities that are not significant for the Group.
The segment information used by the Management Committee for the six-month period ended 30 June 2026 and the reconciliation thereof with the figures shown in the income statement and the results of the segments reported are as
follows:
Manufacturing Marketing OtherAggregated
totalInter-
segment
transactionsConsolidated
total
Total segment revenues 220,242 237,774 70 458,086 (113,926) 344,160 Profit/(loss) 106,699 (26,555) (1,014) 79,130 5,249 84,379 Corporate income tax 11,680 3,579 (342) 14,917 2,275 17,192 Profit/(loss) before tax 118,379 (22,976) (1,356) 94,047 7,524 101,571 Finance costs – net (888) 2,444 94 1,650 — 1,650 Amortisation/depreciation 13,335 4,655 78 18,068 (95) 17,973
EBITDA (*) 130,826 (15,877) (1,184) 113,765 7,429 121,194
Amortisation/depreciation (13,335) (4,655) (78) (18,068) 95 (17,973) EBIT (**) 117,491 (20,532) (1,262) 95,697 7,524 103,221Free translation of the condensed consolidated interim financial statements issued in Spanish and prepared in accordance with International Financial Reporting Standards as adopted by the European Union. In the event of discrepancy, the Spanish version prevails.
LABORATORIOS FARMACÉUTICOS ROVI, S.A. AND SUBSIDIARIES
Condensed consolidated interim financial statements for the six-month period ended 30 June 2026
(Thousand euros)
14
The segment information used by the Management Committee for the six-month period ended 30 June 2025 and the reconciliation thereof with the figures shown in the income statement and the results of the segments reported are as
follows:
Manufacturing Marketing OtherAggregated
totalInter-
segment
transactionsConsolidated
total
Total segment revenues 201,147 237,373 29 438,549 (123,959) 314,590 Profit/(loss) 47,402 (248) (139) 47,015 (7,315) 39,700 Corporate income tax 9,134 1,478 (49) 10,563 (637) 9,926 Profit/(loss) before tax 56,536 1,230 (188) 57,578 (7,952) 49,626 Finance costs – net (458) 2,102 (390) 1,254 — 1,254 Amortisation/depreciation 10,127 4,666 50 14,843 (95) 14,748
EBITDA (*) 66,205 7,998 (528) 73,675 (8,047) 65,628
Amortisation/depreciation (10,127) (4,666) (50) (14,843) 95 (14,748)
EBIT (**) 56,078 3,332 (578) 58,832 (7,952) 50,880
(*) EBITDA is calculated as profit before tax, interest, depreciation and amortisation.
(**) EBIT is calculated as profit before tax and interest.
Inter-segment transactions included on the profit/(loss) line for the six-month period ended 30 June, 2026 and 2025 are principally dividends paid between Group companies.
Each segment’s sales to external customers up to 30 June 2026 :
Manufacturing Marketing Other TOTAL Total segment revenues 220,242 237,774 70 458,086 Inter-segment revenue (113,926) — — (113,926) Revenues from external customers (Note 20) 106,316 237,774 70 344,160 Each segment’s sales to external customers up to 30 June 2025 :
Manufacturing Marketing Other TOTAL Total segment revenues 201,147 237,373 29 438,549 Inter-segment revenues (123,959) — — (123,959) Revenues from external customers (Note 20) 77,188 237,373 29 314,590 Sales to external customers are broken down by product type and geographical area in Note 20.
The breakdown of assets and liabilities by segment at 30 June 2026 was as follows:
Manufacturing Marketing OtherAggregated
total
Total assets 1,094,932 592,191 6,735 1,693,858
Of which:
Investments in group companies — 87,844 — 87,844 Increases in non-current non-financial assets 27,872 2,546 258 30,676 Total liabilities (268,050) (598,565) (8,261) (874,876)Free translation of the condensed consolidated interim financial statements issued in Spanish and prepared in accordance with International Financial Reporting Standards as adopted by the European Union. In the event of discrepancy, the Spanish version prevails.
LABORATORIOS FARMACÉUTICOS ROVI, S.A. AND SUBSIDIARIES
Condensed consolidated interim financial statements for the six-month period ended 30 June 2026
(Thousand euros)
15
The breakdown of assets and liabilities by segment at 31 December 2025 was as follows:
Manufacturing Marketing OtherAggregated
total
Total assets 922,808 543,930 5,430 1,472,168
Of which:
Investments in group companies — 82,235 — 82,235 Increases in non-current non-financial assets 59,401 13,656 800 73,857 Total liabilities (177,593) (509,789) (6,042) (693,424) The assets of the aggregated segments at 30 June 2026 can be reconciled with the total consolidated assets as follows:
Manufacturing Marketing OtherIntercompany
balancesGroup
investmentsConsolidated
total
Total assets 1,094,932 592,191 6,735 (478,993) (87,844) 1,127,021 The assets of the aggregated segments at 30 June 2025 can be reconciled with the total consolidated assets as follows:
Manufacturing Marketing OtherIntercompany
balancesGroup
investmentsConsolidated
total
Total assets 922,808 543,930 5,430 (434,242) (82,235) 955,691 7. Property, plant and equipment Movement on the property, plant and equipment for the six-month periods ended 30 June 2026 and 2025 was as follows:
Land &
buildingsTechnical
facilities,
machinery &
toolsFurniture
, fittings
& otherIT
equipment,
vehicles &
otherRights of
usePPE in
progress Total
Balance at 01.01.26 Cost 81,788 417,759 5,138 22,292 47,891 22,090 596,958 Accumulated depreciation (21,725) (188,648) (3,464) (19,764) (32,622) —(266,223) Net carrying amt 01.01.26 60,063 229,111 1,674 2,528 15,269 22,090 330,735 Additions 347 18,785 16 654 253 9,076 29,131 Depreciation charge (1,420) (10,655) (142) (627) (3,191) (2) (16,037) Retirements — (8,770) (32) (1,072) — — (9,874) Removals from depreciation — 7,010 26 1,072 — — 8,108 Additions arising from business combinations - cost (Note 1) 126,729 13,417 408 440 — — 140,994 Foreign exchange differences 2,328 240 8 7 — — 2,583 Balance at 30.06.26 Cost 211,192 441,431 5,538 22,321 48,144 31,166 759,792 Accumulated depreciation (23,145) (192,293) (3,580) (19,319) (35,813) (2)(274,152) Net carrying amt 30.06.26 188,047 249,138 1,958 3,002 12,331 31,164 485,640Free translation of the condensed consolidated interim financial statements issued in Spanish and prepared in accordance with International Financial Reporting Standards as adopted by the European Union. In the event of discrepancy, the Spanish version prevails.
LABORATORIOS FARMACÉUTICOS ROVI, S.A. AND SUBSIDIARIES
Condensed consolidated interim financial statements for the six-month period ended 30 June 2026
(Thousand euros)
16
Land &
buildingsTechnical
facilities,
machinery &
toolsFurniture,
fittings &
otherIT
equipment,
vehicles &
otherRights of
usePPE in
progress Total
Balance at 01.01.25 Cost 74,797 377,508 5,101 21,576 41,847 11,009 531,838 Accumulated depreciation (20,481) (176,529) (3,243) (18,703) (26,260) —(245,216) Net carrying amt 01.01.25 54,316 200,979 1,858 2,873 15,587 11,009 286,622 Additions 1,112 14,874 32 470 670 3,672 20,830 Retirements — (5,877) — (58) — — (5,935) Removals from depreciation — 5,792 — 58 — — 5,850 Additions arising from business combinations - cost (Note 1) — — — 20 — — 20 Additions arising from business combinations -
depreciation (Note 1) — — — (16) — — (16) Depreciation charge (604) (8,769) (116) (627) (3,008) — (13,124) Balance at 30.06.25 Cost 75,909 386,505 5,133 22,008 42,517 14,681 546,753 Accumulated depreciation (21,085) (179,506) (3,359) (19,288) (29,268) —(252,506) Net carrying amt 30.06.25 54,824 206,999 1,774 2,720 13,249 14,681 294,247 Additions in the first six months of 2026 and 2025 relate mainly to investments in ROVI’s manufacturing facilities:
–2.1 million euros was invested in the Madrid injectable manufacturing facility, compared with the 0.6 million euros invested in the first half of 2025 :
–3.1 million euros was invested in the San Sebastián de los Reyes injectable manufacturing facility, compared with the 1.2 million euros invested in the first half of 2025 ;
–0.1 million euros was invested in the Granada manufacturing facility, compared with the 0.2 million euros invested in the first half o f 2025 ;
–1.5 million euros was invested in the Alcalá de Henares manufacturing facility, compared with 1.2 million euros invested in this plant in the first half of 2025 ;
–1.3 million euros was invested in the ISM® industrialisation, compared with the 0.4 million euros invested in the first half of 2025 ;
–0.1 million euros was invested in the construction, currently in progress, of the new heparin manufacturing facility in Escúzar (Granada), compared with the 1.2 million euros in the first half of 2025 ;
–9.1 million euros was invested in the Glicopepton Biotech, S.L. manufacturing facility, compared with the 3.7 million euros invested in the first half of 2025 ;
–11.5 million euros was invested in the new vial filling line and expansion of operations at the Madrid, San Sebastián de los Reyes and Alcalá de Henares manufacturing facilities, compared with the 11.6 million euros invested in the first half of 2025 .
In addition, the acquisition of the manufacturing facility in Phoenix (Arizona) represented additions arising from business combinations of 140,994 million euros.
At 30 June 2026 and 2025 , the Group held acquisition commitments for property, plant and equipment related to its normal course of business.
At 30 June 2026 , the Group held property, plant and equipment with a net carrying amount of 257 thousand euros (286 thousand euros at 31 December 2025 ) subject to retention of title.Free translation of the condensed consolidated interim financial statements issued in Spanish and prepared in accordance with International Financial Reporting Standards as adopted by the European Union. In the event of discrepancy, the Spanish version prevails.
LABORATORIOS FARMACÉUTICOS ROVI, S.A. AND SUBSIDIARIES
Condensed consolidated interim financial statements for the six-month period ended 30 June 2026
(Thousand euros)
17
At 30 June 2026 and 31 December 2025 , there were no impairment losses on property, plant and equipment.
The Group holds insurance policies to cover the risks the property, plant and equipment is exposed to. The insurance cover of these policies is considered sufficient to cover the net carrying amount of the assets included in this category.
8. Intangible assets Movement on intangible assets for the six-month periods ended 30 June 2026 and 2025 was as follows:
DevelopmentTrademarks
& LicencesComputer
software Goodwill Total Balance at 01.01.26 Cost 8,899 44,940 20,886 2,702 77,427 Accumulated impairment — (494) — — (494) Accumulated amortisation (3,622) (22,651) (14,775) — (41,048) Net carrying amt 01.01.26 5,277 21,795 6,111 2,702 35,885 Additions — — 1,545 — 1,545 Additions arising from business combinations - cost (Note 1) — — 197 — 197 Foreign exchange differences — — 3 — 3 Amortisation charge (221) (873) (842) — (1,936) Balance at 30.06.26 Cost 8,899 44,940 22,631 2,702 79,172 Accumulated impairment — (494) — — (494) Accumulated amortisation (3,843) (23,524) (15,617) — (42,984) Net carrying amt 30.06.26 5,056 20,922 7,014 2,702 35,694
DevelopmentTrademarks
& LicencesComputer
software Goodwill Total Balance at 01.01.25 Cost 8,899 44,895 18,283 — 72,077 Accumulated impairment — (494) — — (494) Accumulated amortisation (3,180) (20,884) (13,569) — (37,633) Net carrying amt 01.01.25 5,719 23,517 4,714 — 33,950 Additions — — 679 — 679 Additions arising from business combinations - cost (Note 1) — — 46 2,702 2,748 Additions arising from business combinations -
amortisation (Note 1) — — (30) — (30) Amortisation charge (221) (877) (526) — (1,624) Balance at 30.06.25 Cost 8,899 44,895 19,008 2,702 75,504 Accumulated impairment — (494) — — (494) Accumulated amortisation (3,401) (21,761) (14,125) — (39,287) Net carrying amt 30.06.25 5,498 22,640 4,883 2,702 35,723 The Group has not recognised any intangible asset related to the performance of customer contracts.Free translation of the condensed consolidated interim financial statements issued in Spanish and prepared in accordance with International Financial Reporting Standards as adopted by the European Union. In the event of discrepancy, the Spanish version prevails.
LABORATORIOS FARMACÉUTICOS ROVI, S.A. AND SUBSIDIARIES
Condensed consolidated interim financial statements for the six-month period ended 30 June 2026
(Thousand euros)
18
Development
At 30 June, 2026 and 31 December, 2025 , the assets included under the “Development” caption were related to the development of a low-molecular-weight heparin, an enoxaparin biosimilar, sales of which began in 2017. The commencement of amortisation of this asset was determined by the successful completion, in the first quarter of 2017, of the decentralised procedure used by the Group to apply for marketing authorisation in twenty-six European Union countries. The useful life of this intangible asset is 20 years and no indications of impairment had been detected at either 30 June 2026 and 31 December 2025 .
Trademarks and licences Under the caption “Trademarks and licences”, assets with indefinite useful lives were recognised for an amount of 5,366 thousand euros at 30 June 2026 and 31 December 2025 . Management reviews these assets for indications of impairment on an annual basis, although there has been none to date . At 31 December 2025 , the recoverable value of this asset was significantly higher than its carrying amount and, therefore, the Group did not re-estimate the recoverable value as of 30 June 2026 , since no events that could eliminate said difference had occurred.
As a result of the fact that the recoverable value of the asset related to the distribution rights of the product Hirobriz ® (belonging to the marketing segment) had fallen below its net carrying amount, at 31 December 2023 the Company recognised impairment of 494 thousand euros. In 2026 and 2025, this asset was fully amortised and no additional impairment losses were recognised in consolidated profit or loss.
The Group holds insurance policies to cover the risks the property, plant and equipment is exposed to. The insurance cover of these policies is considered sufficient to cover the net carrying amount of the assets included in this category.
Total research and development expenses incurred in the six-month period ended 30 June 2026 were 33,322 thousand euros (16,791 thousand euros in the same period of 2025 ), mainly concentrated on the ISM® platform. Of the total research and development expenditure incurred in the first six months of 2026 , 5,840 thousand euros were recognised under the “Employee benefit expenses” caption (5,794 thousand euros in the same period of 2025 ) and 27,482 thousand euros under “Other operating expenses” ( 10,997 thousand euros in the same period of 2025 ).
Goodwill
At 30 June 2026 and 31 December 2025, the total amount of goodwill related to obtaining control of Cells IA Technologies, S.L., which was formally signed on 27 January 2025 (Note 1). In the first six months of 2026, no impairment test was performed, as 2025 was the first year in which the goodwill was recognised in the Group’s statement of financial position.
9. Investment in joint ventures and associated companies Movement on investment in joint ventures and associated companies in the periods ended 30 June 2026 y 2025 was as
follows:
30 June
202630 June
2025
Balance at beginning of period 19,164 19,516 Derecognitions — (412) Share in profits/(losses) 88 (67) Balance at end of period 19,252 19,037 The nature of investment in joint ventures and associated companies is as follows
NameCountry of
incorporation % interestNature of relationship Measurement method Terafront Farmatech, S.L. (1) Spain 25.5% a) Equity Cells IA Technologies, S.L. (2) Spain 94.995% b)Company under Group
control
(1) Company incorporated in 2024.
(2) Investee since 2023 and fully consolidated since 2025.Free translation of the condensed consolidated interim financial statements issued in Spanish and prepared in accordance with International Financial Reporting Standards as adopted by the European Union. In the event of discrepancy, the Spanish version prevails.
LABORATORIOS FARMACÉUTICOS ROVI, S.A. AND SUBSIDIARIES
Condensed consolidated interim financial statements for the six-month period ended 30 June 2026
(Thousand euros)
19
a) Terafront Farmatech, S.L.
On 13 March 2024, the Group incorporated this company jointly with two other entities: Innvierte Economía Sostenible, SME, S.A. (a company controlled by the Spanish authorities through the CDTI — Centro para el Desarrollo Tecnólogico Industrial ) and Insud Pharma, S.L., whose corporate purpose is the manufacture of specialty pharmaceuticals. The Group holds 25.5% of the shares through Laboratorios Farmacéuticos Rovi, S.A. and the company is consolidated in the consolidated financial statements of ROVI by the equity method. The investment was made through a capital contribution of 255 thousand euros, which was settled in full, and a shareholder contribution of 18,835 thousand euros, which was paid in December 2024, continuing to meet the milestones set in the Strategic Plan as agreed in the Shareholders’ Agreement signed on 13 March 2024.
b) Cells IA Technologies, S.L.
On 24 July 2023, the Group acquired 26% of the shares of the company Cells IA Technologies, S.L. through the company Gineladius, S.L.U., including it in the consolidated group by the equity method. The interest was acquired by contributing capital and share premium to the company for a sum of 600 thousand euros. The corporate purpose of this company is the maintenance of information systems and software design and development, as well as all the prior phases, in particular related to medical activity. As mentioned in Note 1 above, Gineladius, S.L.U. acquired control of this company on 27 January 2025, having acquired interests that raised its percentage holding to 94.995%, giving rise to the derecognition of 412 thousand euros of its previous value under the equity method.
Condensed financial information on joint ventures The condensed balance sheets as of 30 June 2026 and 31 December 2025 and the condensed income statements at 30 June 2026 and 2025 for the companies consolidated by the equity method are shown below:
30/6/2026 31/12/2025
Condensed balance sheet Terafront Farmatech, S.L.Cells IA
Technologies,
S.L.Terafront
Farmatech,
S.L.
Current
Cash and cash equivalents 16,076 — 15,863 Other current assets (excluding cash) 59,446 — 59,320 Total current assets 75,522 — 75,183 Financial liabilities (excluding trade payables) — — — Other current liabilities (including trade payables) (33) — (32) Total current liabilities (33) — (32)
Non-current
Property, plant and equipment 3 — 2 Other financial assets 7 — — Total non-current assets 10 — 2 Total non-current liabilities — — — NET ASSETS 75,499 — 75,153Free translation of the condensed consolidated interim financial statements issued in Spanish and prepared in accordance with International Financial Reporting Standards as adopted by the European Union. In the event of discrepancy, the Spanish version prevails.
LABORATORIOS FARMACÉUTICOS ROVI, S.A. AND SUBSIDIARIES
Condensed consolidated interim financial statements for the six-month period ended 30 June 2026
(Thousand euros)
20
30 June 2026 30 June 2025 Condensed statement of comprehensive income Terafront Farmatech, S.L.Cells IA
Technologies,
S.L.Terafront
Farmatec
h, S.L.
Revenue — — — Other revenue — — — Employee benefit expenses (137) (100) (65) Other operating expenses (125) (33) (182) Amortisation and depreciation — (1) — Impairment and gain/(loss) on disposal of non-current assets — — — Operating profit/(loss) (262) (134) (247) Finance costs - net 608 (2) 124 Income tax — — Profit/(loss) for the period 346 (136) (123) Other comprehensive income — — —
TOTAL COMPREHENSIVE INCOME 346 (136) (123)
Reconciliation of the condensed financial information Reconciliation of the condensed financial information presented with the carrying amounts of the interests in the joint ventures at 30 June 2026 and 31 December 2025 30 June 2026 30 June 2025 Condensed financial information Terafront Farmatech, S.L.Cells IA
Technologies,
S.L.Terafront
Farmatech,
S.L.
Net assets of joint ventures at the beginning of the period 75,152 49 74,777 Profit/(loss) of joint ventures and associated companies for the period346 (136) 375 Changes in consolidation method — 87 — Net assets of joint ventures and associated companies at the end of the period 75,498 — 75,152 Share in joint ventures 19,252 — 19,164 Carrying amount 19,252 — 19,164 Cells IA Technologies, S.L. and Terafront Farmatech, S.L. are private entities and, therefore, no quoted market price is available for their shares.
The Group has no commitments or contingent liabilities in relation to its associated companies and joint ventures.Free translation of the condensed consolidated interim financial statements issued in Spanish and prepared in accordance with International Financial Reporting Standards as adopted by the European Union. In the event of discrepancy, the Spanish version prevails.
LABORATORIOS FARMACÉUTICOS ROVI, S.A. AND SUBSIDIARIES
Condensed consolidated interim financial statements for the six-month period ended 30 June 2026
(Thousand euros)
21
10. Prepaid expenses The breakdown of prepaid expenses is as follows:
30 June
202631 December
2025
Prepaid expenses 4,637 3,188
4,637 3,188
This caption includes expenses assumed by the Group for goods or services (e.g. insurance or leases) that have not yet been consumed or received in full. These payments will be recognised in consolidated profit or loss over the period in which the goods or services are consumed or used.
11. Inventories
30 June
202631
December
2025
Raw materials and other consumables 100,855 102,790 Work in progress and semi-finished goods 101,978 118,688 Finished goods produced internally 47,984 46,390 Commercial inventories 21,997 20,107
272,814 287,975
In the six-month period ended 30 June 2026 , the Group decreased the value of its inventories by 370 thousand euros (increase of 4,025 thousand euros at 31 December 2025 ). The remeasurement of the inventories takes account of obsolescence and expiration of the products. The increase or reduction in the value of the inventories is recognised under the captions “Raw materials and consumables used” and “Change in stocks of finished goods and work in progress” in the income statement. In the first six months of 2026 , the provision for the reduction in value of the Group’s inventories amounted to 21,858 thousand euros (20,806 thousand euros at 31 December 2025 ). Additionally, an amount of 682 thousand euros is recognised under this caption arising from the stock adjustments from the business combination transaction associated to the acquisition of the BMS manufacturing facility in Phoenix described in Note 1.
The inventories purchase/sale commitments for the Group at the reporting date were as normal in the course of its business. Management estimates that meeting these commitments will not generate losses for the Group. The Group holds insurance policies to cover the risks the inventories are exposed to. The insurance cover is considered sufficient.Free translation of the condensed consolidated interim financial statements issued in Spanish and prepared in accordance with International Financial Reporting Standards as adopted by the European Union. In the event of discrepancy, the Spanish version prevails.
LABORATORIOS FARMACÉUTICOS ROVI, S.A. AND SUBSIDIARIES
Condensed consolidated interim financial statements for the six-month period ended 30 June 2026
(Thousand euros)
22
12. Trade and other receivables The breakdown of trade and other receivables is as follows:
30 June
202631
December
2025
Trade receivables 147,966 163,558 Less: loss allowance for bad debts (271) (244) Trade receivables – Net 147,695 163,314 Other receivables 1 1 Deposits 2,165 1,948 Employees 267 266 Public authorities 12,305 12,011 Total 162,433 177,540 Less: Non-current portion: Financial accounts receivable — — Current portion 162,433 177,540 At 30 June 2026 and 31 December 2025, “Deposits” included deposits of 1,327 thousand euros at an interest rate lower than 1% (1,867 thousand euros at 31 December 2025 ). 1,327 thousand euros of these deposits is pledged in favour of Banco Santander. The Group considers the credit risk associated to these deposits to be low and, therefore, has not recognised any expected losses in relation thereto.
Movement on the loss allowance for bad debts related to trade payables in the periods reported was as follows:
30 June
202630 June
2025
Balance at the beginning of the period 244 349 Net remeasurement of loss allowance 27 (75) Balance at the end of the period 271 274 At 30 June 2026 and 31 December 2025, no losses from bad trade debts were recognised in consolidated profit or loss .
In addition. the Group classifies its customers into public-sector and non-public-sector. Regarding non-public-sector customers, the Group includes all private-sector customers in this category, such as wholesalers, manufacturing customers and other pharmaceutical companies, which are assessed on the basis of the age of their debt, their financial position and their credit rating (if available).
The contracts signed by the Group with its customers have an average term of between 3 and 5 years, which allows a considerable stable flow of revenue to be generated. In the manufacturing segment, there are certain customers with whom there is a higher volume of commercial transactions, with outstanding balances of 17% of the total customer debt at 30 June 2026 (29% at 31 December 2025 ).
However, due to the credit quality of the customers who form part of this segment, combined with the Group’s internal systems and the collection periods established, there was no significant impact on the Group in the periods ended 30 June 2026 and 31 December 2025 .Free translation of the condensed consolidated interim financial statements issued in Spanish and prepared in accordance with International Financial Reporting Standards as adopted by the European Union. In the event of discrepancy, the Spanish version prevails.
LABORATORIOS FARMACÉUTICOS ROVI, S.A. AND SUBSIDIARIES
Condensed consolidated interim financial statements for the six-month period ended 30 June 2026
(Thousand euros)
23
13. Cash and cash equivalents The breakdown of cash and cash equivalents at 30 June 2026 and 31 December 2025 was as follows:
30 June
202531
December
2024
Cash in hand and at bank 126,969 97,976
126,969 97,976
At 30 June 2026 and 31 December 2025, there were no cash equivalents, which have the characteristics of being convertible into cash, maturing at no more than three months from the time of acquisition, not being subject to a significant risk of change in value, and forming part of the Group’s normal cash management.
14. Deferred taxes Gross movement on the deferred tax accounts was as follows:
Deferred tax
assetsDeferred tax
liabilitiesNet deferred
taxes
At 1 January, 2025 2,263 (366) 1,897 (Charged) / credited to profit or loss (Note 22) 1,933 (449) 1,484 (Charged) / credited due to business combinations (Note 1) 32 — 32 At 30 June 2025 4,228 (815) 3,413
Deferred tax
assetsDeferred tax
liabilitiesNet deferred
taxes
At 1 January, 2026 3,199 (160) 3,039 (Charged) / credited to profit or loss (Note 22) 15,280 (389) 14,891 (Charged) / credited due to business combinations (Note 1) — (20,822) (20,822) (Charged) / credited due to foreign exchange differences — (397) (397) At 30 June 2026 18,479 (21,768) (3,289)Free translation of the condensed consolidated interim financial statements issued in Spanish and prepared in accordance with International Financial Reporting Standards as adopted by the European Union. In the event of discrepancy, the Spanish version prevails.
LABORATORIOS FARMACÉUTICOS ROVI, S.A. AND SUBSIDIARIES
Condensed consolidated interim financial statements for the six-month period ended 30 June 2026
(Thousand euros)
24
15. Equity
Share capital
The number of shares, their par value and the amount of the share capital were as follows:
No. sharesPar value
(euros)Total share
capital
(thousand
euros)
At 1 January 2025 51,235,762 0.06 3,074 Balance at 30 June 2025 51,235,762 0.06 3,074 At 1 January 2026 51,235,762 0.06 3,074 Balance at 30 June 2026 51,235,762 0.06 3,074 All the issued shares are fully paid up.
At 30 June 2026 and 31 December 2025, Norbel Inversiones, S.L. held 58.19% of the shares of Laboratorios Farmacéuticos Rovi, S.A. In both periods, Norbel Inversiones, S.L. was owned by Messrs Juan, Iván and Javier López-
Belmonte Encina (33.33% each). Therefore, the holdings of Messrs Juan, Iván and Javier López-Belmonte Encina in the Company were 19.39% each.
a) Liquidity contract Under the liquidity contract signed by ROVI, in the first six months of 2026 the Group acquired a total of 536,462 treasury shares (524,154 in the first six months of 2025 ), disbursing a sum of 39,265 thousand euros for them (28,380 thousand euros at 30 June 2025 ). In the first half of 2026 a total of 529,962 treasury shares were sold (524,124 in the first half of 2025 ) for an amount of 38,808 thousand euros (28,364 thousand euros in 2025 ). These shares had been acquired at a weighted average cost of 38,590 thousand euros (29,312 thousand euros in 2025 ), giving rise to a profit of 218 thousand euros on the sale, which has been taken to reserves in 2026 (loss of 948 thousand euros in 2025 ). At 30 June 2026 , there were 92,764 treasury shares (86,264 at 30 June 2025 ).
Non-controlling interests
In 2025, control of the company Cells IA Technologies, S.L. was acquired, 94.995% owned by Gineladius, S.L.U. and consolidated by the full consolidation method (Note 1). As a result, non-controlling interests were recognised which, at 30 June 2026 , amounted to 108 thousand euros (43 thousand euros at 31 December 2025). In 2026, shareholder contributions of 100 thousand euros have been made.
In 2022, the company Glicopepton Biotech, S.L. was incorporated, 51% held by Laboratorios Farmacéuticos Rovi, S.A.
and consolidated by the full consolidation method (Note 1). The non-controlling interest at 30 June 2026 and 31 December 2025 was 16,326 and 11,005 thousand euros, respectively. In 2026, shareholder contributions of 5,391 thousand euros have been made.
This company’s corporate purpose consists of obtaining, purchasing and procuring porcine intestinal mucosa, heparin resin and other materials, together with material for the transformation, commercialisation, distribution and sale of crude heparin, as well as peptones and pork fats.
Other accumulated comprehensive income At 30 June 2026, the Group showed a positive amount of 1,640 thousand euros (negative amount of 54 thousand euros at 31 December 2025) arising from foreign exchange differences.Free translation of the condensed consolidated interim financial statements issued in Spanish and prepared in accordance with International Financial Reporting Standards as adopted by the European Union. In the event of discrepancy, the Spanish version prevails.
LABORATORIOS FARMACÉUTICOS ROVI, S.A. AND SUBSIDIARIES
Condensed consolidated interim financial statements for the six-month period ended 30 June 2026
(Thousand euros)
25
16.Trade and other payables
30 June
202631
December
2025
Trade payables 70,221 66,908 Debt with related parties 2,795 2,908 Outstanding remuneration 10,665 7,685 Suppliers: “confirming” transactions 13,729 14,936 Public authorities 8,316 7,606 Other payables80,189 18,516
185,915 118,559
At 30 June 2026 and 2025 , the “Other payables” caption included the following liabilities, among others:
30 June 202631 December
2025
Contributions to the public health system and other rebates 18,979 14,940 Returns 2,113 2,251 Provision for tax risks (Note 22) 9,207 — Other trading transactions 734 1,325 Dividend payable (Notes 24 and 27) 49,156 —
80,189 18,516
Contribution to the public health system In Spain, according to Law 29/2006, all companies that sell prescription pharmaceuticals or other healthcare products paid with public funds must make payments of between 1.5% and 2.0% of their sales (depending on the volume) into the National Health System every four months. This is a levy aimed to adjust the margin on a regulated activity through the price intervention established by the Law. The Group recognises the contribution to the public health system as a reduction in revenue when the sale is made. The sums accrued but not yet paid are recognised under the “Other payables” caption.
Additionally, there are liabilities in other European countries where the Group operates that have similar characteristics to those described in the preceding paragraph and also form part of this caption.
Although these amounts should not be considered as amounts returned or reimbursed to customers, they are recognised as a reduction in revenue, since the objective of the Law is to regulate the prices and margins obtained on these products.
17. Financial debt The breakdown of the financial debt at 30 June 2026 and 31 December 2025 is as follows:
30 June
202631
December
2025
Non-current financial debt 80,544 93,204 Current financial debt 27,146 28,617 107,690 121,821Free translation of the condensed consolidated interim financial statements issued in Spanish and prepared in accordance with International Financial Reporting Standards as adopted by the European Union. In the event of discrepancy, the Spanish version prevails.
LABORATORIOS FARMACÉUTICOS ROVI, S.A. AND SUBSIDIARIES
Condensed consolidated interim financial statements for the six-month period ended 30 June 2026
(Thousand euros)
26
Movement on the financial debt for the six-month periods ended 30 June 2026 and 2025 was as follows:
Six-month period ended 30 June 2026Net carrying
amount
01.01.2026 Additions PaymentsNet carrying
amount
30.06.2026
Bank borrowings (a) 94,994 — (10,101) 84,893 Debt with government entities (b) 11,043 — (984) 10,059 Finance lease liabilities (c) 15,687 253 (3,202) 12,738 Financial derivatives 97 (97) — — 121,821 156 (14,287) 107,690 Six-month period ended 30 June 2025Net carrying
amount
01.01.2025 Additions PaymentsNet carrying
amount
30.06.2025
Bank borrowings (a) 86,939 46,521 (28,467) 104,993 Debt with government entities (b) 11,406 — (869) 10,537 Finance lease liabilities (c) 16,065 670 (3,202) 13,533 114,410 47,253 (32,538) 129,125 a) Bank borrowings At 30 June 2026 and 31 December 2025 , the conditions of the financing the Group had signed with the EIB were as
follows:
–A drawdown of 5,000 thousand euros in 2018 at an annual interest rate of Euribor 3 months plus a spread of 0.844%, maturing at 10 years with a 3-year grace period.
–A drawdown of 40,000 thousand euros in 2019 at an annual interest rate of Euribor 3 months plus a spread of 0.681%, maturing at 10 years with a 3-year grace period.
–A drawdown of 10,000 thousand euros in 2024 at an annual interest rate of Euribor 3 months plus a spread of 0.65%, maturing at 10 years with a 3-year grace period.
At 31 December 2025 , the Group met the financial ratios established in the first two financing contracts, although certification was obtained after the consolidated annual accounts had been authorised for issue. The ratios at said date were certified in the first half of 2026 .
Additionally, ROVI signed two loans in June 2024, each of which which consisted of principal of 25,000 thousand euros at a fixed annual rate (3.49% and 3%), maturing at 5 years with no grace period. In June 2025, the loan with the 3.49% interest rate was fully repaid for a sum of 21,321 thousand euros and, subsequently, a new contract for 46,521 thousand euros was signed, with a reduction of the interest rate to 2.75%, maturity at 5 years and no grace period. The loan with the 3% interest rate maintains the original conditions with no changes.
Lastly, ROVI had signed 3 credit facilities at 30 June 2026 and 31 December 2025: the first was signed in September 2023 for an amount of 20 million euros, maturing in 2026. The second, also for 20 million euros, was signed in March 2024 and matures in 2027. Both are tied to Euribor 3 months plus a 0.50% spread. The third facility was signed in June 2024 for 20 million euros with an initial interest rate of Euribor 3 months + 0.65%. It was renewed until 2027 in June 2025, maintaining the same amount but adjusting the conditions to Euribor 3 months + 0.50%. At 30 June 2026 and 31 December 2025, n o funds had been drawn on any of these credit facilitie s.Free translation of the condensed consolidated interim financial statements issued in Spanish and prepared in accordance with International Financial Reporting Standards as adopted by the European Union. In the event of discrepancy, the Spanish version prevails.
LABORATORIOS FARMACÉUTICOS ROVI, S.A. AND SUBSIDIARIES
Condensed consolidated interim financial statements for the six-month period ended 30 June 2026
(Thousand euros)
27
b) Debt with government entities Since 2001, the Group has been receiving reimbursable grants from different ministries to finance a number of R&D projects. These transactions do not accrue interest and, therefore, have been recognised at their initial fair values. The difference between the initial fair value and the face value accrues at market interest rates (Euribor and the interest rate on Spanish Treasury debt plus a spread in accordance with the Group’s risk), meaning that said debt accrues at effective interest rates ranging from 2.9% to 4.9%.
No loans were received in the first six months of 2026 or 2025.
Fair value of the financial debt The carrying amounts and fair values of non-current bank borrowings and debt with government entities at 30 June 2026 and 31 December 2025 were as follows :
Carrying amount Fair value 30 June 202631 December 2025 30 June 202631 December
2025
Bank borrowings 64,301 74,585 62,737 73,023 Debt with government entities 9,625 9,291 9,502 9,221 73,926 83,876 72,239 82,244 The fair values of current financial debt are equal to their nominal amounts, since the effect of discounting is not significant. The fair values of debt with government entities are based on cash flows discounted at a rate based on the borrowing rate.
To calculate the fair value of fixed-rate non-current bank borrowings at 30 June 2026 and 31 December 2025 , the interest rate currently applied on the last variable interest loan received by the Company was taken as a reference: Euribor 3 months plus a 0.844% spread.
c) Finance lease liabilities As of 1 January, 2019, as a consequence of the entry into force of IFRS 16 “Leases”, financial debt includes the lease liabilities.
The main liabilities recognised at 30 June 2026 and 31 December 2025 under this caption were related to:
–Real estate leases: the Group holds leases on certain properties where it carries on its activities. The payment period of the liabilities generated by these leases has initially been fixed at 10 years.
–Vehicles: the Group leases vehicles for its activities. The payment period of this liability is 3 years.
–Computer equipment: the Group leases certain computer equipment for its activities. The payment period fixed for these liabilities is 3 years.
d) Financial derivatives At 30 June 2026 , the Group held financial derivatives of 62 thousand euros (97 thousand euros at 31 December 2025 ).
Financial derivatives are not classified as hedges and, therefore, they fall within the category of financial liabilities at fair value through consolidated profit or loss (FVPL).
18. Contract liabilities Movement on contract liabilities for the periods ended 2026 and 31 December 2025 was as follows:&& a) Distribution licences In the six-month period ended 30 June 2026 , new contract liabilities of 5 thousand euros linked to agreements granting distribution licences were recognised (515 thousand euros at 30 June 2025 ). Free translation of the condensed consolidated interim financial statements issued in Spanish and prepared in accordance with International Financial Reporting Standards as adopted by the European Union. In the event of discrepancy, the Spanish version prevails.
LABORATORIOS FARMACÉUTICOS ROVI, S.A. AND SUBSIDIARIES
Condensed consolidated interim financial statements for the six-month period ended 30 June 2026
(Thousand euros)
28
In the first six months of 2026 , ROVI recognised revenue from the granting of distribution licences for a total amount of 240 thousand euros (258 thousand euros at 30 June 2025 ).
At 30 June 2026 and 31 December 2025 , contract liabilities linked to agreements granting distribution licences matured
as follows:
30 June
202631
December
2025
2026 209 432 2027 394 374 2028 306 286 2029 252 232 2030 onward 328 304
1,489 1,628
Non-current 1,078 1,207 Current 411 421 At 30 June 2026 , there were contract liabilities of 528 thousand euros (624 thousand euros at 31 December 2025 ) relating to contracts granting distribution licences for which the time at which they would be taken to profit or loss could not be determined, since they were subject to meeting certain milestones for which no dates had been fixed.
b) Other contracts At 30 June 2025, this section included various items: first, sums totalling 17,295 thousand euros (3,797 thousand euros at 31 December 2025 ) billed to customers for the adaptation, fitting-out and validation of the facilities and machinery – either owned by ROVI or acquired or subcontracted from third parties– that, at the end of the six-month period, had not been taken to profit or loss as revenue from services provided, since they had not yet accrued in accordance with the percentage of completion. It included sums for reserved capacity that, at the end of the period, had not yet been taken to consolidated profit or loss but which were to be allocated as the contractual conditions that determined the accrual of this service revenue were met (Note 3). No sums had been billed or received for the purchase of materials at 30 June 2026 or 31 December 2025. Mention should be made of the fact that most of the contract liabilities under this caption are expected to materialise in the short term.
Additionally, as a result of the acquisition of the manufacturing facility by the Group company Rois Phoenix, Inc.
described in Note 1, the Group recognised a contract liability of 35,931 thousand euros, 3,402 thousand euros of which was recognised as revenue in consolidated profit or loss. Consequently, the balance not yet allocated to profit and loss at 30 June 2026 was 33,113 thousand euros, 26,804 thousand euros of which was classified as non-current and 7,029 thousand euros as current. This balance is expected to be included in consolidated profit or loss over the next five years.
The difference in respect of the amount that would result after the allocation to profit or loss relates to the effect of foreign exchange differences arising from changes in the exchange rate.
19. Deferred revenue
30 June
202631
December
2025
Non-current 3,100 3,443
3,100 3,443
Current 13,203 25,602
13,203 25,602
16,303 29,045Free translation of the condensed consolidated interim financial statements issued in Spanish and prepared in accordance with International Financial Reporting Standards as adopted by the European Union. In the event of discrepancy, the Spanish version prevails.
LABORATORIOS FARMACÉUTICOS ROVI, S.A. AND SUBSIDIARIES
Condensed consolidated interim financial statements for the six-month period ended 30 June 2026
(Thousand euros)
29
Deferred revenue from grants Movement on deferred revenue from grants in the six-month periods ended 30 June 2026 and 2025 was as follows:
30 June
202630 June
2025
Balance at beginning of period 29,045 1,372 (Gain)/loss recognised in consolidated profit or loss (12,742) (668) Additions — 3,764 Balance at end of period 16,303 4,468 In 2025, the Group received a grant of 3,764 thousand euros to support the construction of the Escúzar plant. At 30 June 2026, 130 thousand euros of this sum was recognised as revenue in consolidated profit or loss (455 thousand euros in 2025 ).
Additionally, in July 2025, the Group received the final award of aid of 36,341 million euros to support the development of the IPCEI-ROVI R&D project LAISOLID, aimed at developing aseptic filling technologies for polymer matrices. As of 30 June 2026, an amount of 12,398 thousand euros was recognised as revenue in the income statement. An amount of 12,520 thousand euros (24,919 thousand euros at 31 December 2025) remained pending allocation to profit or loss.
20. Revenues
Net revenue is broken down into the following items:
30 June
202630 June
2025
Sales of goods (*) 237,534 237,144 Sales of services 106,386 77,188 Revenue from distribution licenses 240 258
344,160 314,590
Sales of goods (*) At 30 June 2026 , 959 thousand euros was recognised within the sales of goods figure as revenue from promotion services for third-party products. No amounts were recognised for this item in the first six months of 2025.
The total amount of sales of goods was reduced by 5,544 thousand euros in the first six months of 2026 (5,807 thousand euros at 30 June 2025 ) as a consequence of the rebates to the National Health System.
The breakdown of “Sales of goods” by product group (in the marketing segment) was as follows:
30 June
202630 June
2025
Specialty pharmaceuticals 205,494 207,876 Contrast agents and other hospital products 31,556 28,726 Other 484 542 237,534 237,144Free translation of the condensed consolidated interim financial statements issued in Spanish and prepared in accordance with International Financial Reporting Standards as adopted by the European Union. In the event of discrepancy, the Spanish version prevails.
LABORATORIOS FARMACÉUTICOS ROVI, S.A. AND SUBSIDIARIES
Condensed consolidated interim financial statements for the six-month period ended 30 June 2026
(Thousand euros)
30
Sales of services The breakdown of sales of services is as follows:
30 June
202630 June
2025
Manufacture of medicines 95,011 65,522 Manufacture of active ingredient 11,305 11,666 Other 70 —
106,386 77,188
At 30 June 2026 , the sales of medicine manufacturing services included 28,860 thousand euros (29,146 thousand euros at 30 June 2025 ) for work to adapt, fit out and validate the facilities and machinery –which may be either its own or acquired or subcontracted from third parties– for customers in order to subsequently provide manufacturing services and the reserved manufacturing capacity agreed with customers. Additionally, the Group recognised 11,305 thousand euros for the manufacture of active ingredients in 2026 (11,666 thousand euros in 2025 ).
Breakdown by geo graphical market and segment The net revenue disaggregated by primary geographical market and reportable segment at 30 June 2026 was as follows:
Manufacturing Marketing Other TOTAL Spain 5,263 137,314 70 142,647 European Union 31,918 69,994 — 101,912 Other countries 69,135 30,466 — 99,601 106,316 237,774 70 344,160 At 30 June 2025 , this breakdown was as follows:
Manufacturing Marketing Other TOTAL Spain 3,676 137,543 29 141,248 European Union 17,743 61,246 — 78,989 Other countries 55,769 38,584 — 94,353 77,188 237,373 29 314,590 At 30 June 2026 , the Group had a customer in the manufacturing segment whose billing accounted for 11% of total Group billing (11% at 30 June 2025 ).
At 30 June 2026, there were no marketing segment customers with billing in excess of 10% (there was a client whose billing accounted for 11% at 30 June 2025 ).
Sales in 2026 and 2025 were made principally in euros.Free translation of the condensed consolidated interim financial statements issued in Spanish and prepared in accordance with International Financial Reporting Standards as adopted by the European Union. In the event of discrepancy, the Spanish version prevails.
LABORATORIOS FARMACÉUTICOS ROVI, S.A. AND SUBSIDIARIES
Condensed consolidated interim financial statements for the six-month period ended 30 June 2026
(Thousand euros)
31
21. Consumables and raw materials used and change in stocks of finished goods and work in progress The breakdown of goods consumed, raw materials and other consumables is as follows:
30 June
202630 June
2025
Goods consumed 22,564 17,490 Raw materials and other consumables consumed 80,043 102,029 Work carried out by other companies 1,811 2,272 Impairment of goods, raw materials and other consumables (Note 11) 370 (4,025)
104,788 117,766
The caption “Raw materials and other consumables used” includes the change in raw materials and commercial inventories, which had a negative impact of 45 thousand euros on consolidated profit or loss (negative impact of 912 thousand euros in the first six months of 2025 ).
Additionally, in the first six months of 2026 , the Group recognised a sum of 15,116 thousand euros in consolidated profit or loss relating to the change in stocks of finished products and work in progress (1,373 thousand euros in the first six months of 2025 ).
22. Income tax The breakdown of the corporate income tax expense in the consolidated income statement is as follows:
30 June
202630 June
2025
Current tax 32,191 11,291 Deferred tax (Note 14) (14,892) (1,484) Deferred tax arising from foreign exchange differences (177) — Withholdings operated abroad 70 119
17,192 9,926
The income tax expense recognised in the interim financial statements is the result of multiplying the profit before tax reported for the period by Management’s best possible estimate of the effective tax rate forecast for the full annual period. As such, the effective tax rate in the interim financial statements may differ from Management’s estimate of the effective tax rate for the consolidated annual accounts.
The effective tax rate at 30 June 2026 was 16.9% (20% in the same period of 2025 ).
On 13 November 2024, Laboratorios Farmacéuticos Rovi, S.A. and Rovi Pharma Industrial Services, S.A. were notified of the commencement of tax audit and investigation proceedings by the Large Taxpayers Central Office, Office of Tax and Customs Control in relation to the following items and periods:
–Corporate income tax for the years 2020 to 2022.
–Value-added tax from September 2020 to December 2022.
–Withholdings/payments on account of earned income and income from professional and business activities from September 2020 to December 2022.
–Withholdings on account of non-residents’ income tax from September 2020 to December 2022. Free translation of the condensed consolidated interim financial statements issued in Spanish and prepared in accordance with International Financial Reporting Standards as adopted by the European Union. In the event of discrepancy, the Spanish version prevails.
LABORATORIOS FARMACÉUTICOS ROVI, S.A. AND SUBSIDIARIES
Condensed consolidated interim financial statements for the six-month period ended 30 June 2026
(Thousand euros)
32
At 30 June 2026, the investigation proceedings for the years 2020-2022 had concluded and only the formal signing of the various assessment acceptances (“actas de conformidad”) or settlement agreements (“actas con acuerdo”) remained pending. The signature date for the assessments had been fixed for 6 July 2026. A summary of the findings of the inspection proceedings and the main impacts on the condensed consolidated interim financial statements is, by tax, as
follows:
–Corporate income tax: the investigation proceedings will end with the formal signing of assessment acceptances and one settlement agreement, resulting in additional tax payable of 5,159 thousand euros and late-payment interest of 648 thousand euros, with no penalties imposed. The obligation arising from this adjustment is recognised under the caption “Current income tax liabilities”. Likewise, the adjustment has given rise to recognition of a “Deferred tax asset” for for 5,110 thousand euros. Consequently, the net impact recognised in the consolidated interim income statement is 49 thousand euros under the “Income tax” caption, while the late-
payment interest of 648 thousand euros is recognised under “Finance costs”.
The deferred tax asset recognised is related the tax treatment of certain revenue and expenses ssociated to the investments made to adapt the Group’s facilities for commercial manufacturing. As a result of a difference in criteria between the ROVI Group and the tax authorities regarding the tax accounting of certain assets acquired as part of said investments, a settlement agreement (“acta con acuerdo”) was signed, adjusting the taxable bases for corporate income tax for the years 2020, 2021 and 2022.
–Value-added tax: the investigation procedures will conclude with the formal signing of assessment acceptances resulting in tax payable of 68 thousand euros, recognised under the “Other operating expenses” caption, and late-payment interest of 12 thousand euros, recognised under the “Finance costs” caption. The obligation arising from these assessments has been recognised under the caption “Trade and other payables”.
–Withholdings/payments on account of earned income and income from professional and business activities: the audit procedure was completed with the signing of acceptance agreements that resulted in tax payable of 919 thousand euros, recognised under the “Employee benefit expenses” caption, and late-payment interest of 168 thousand euros, recognised under the “Finance costs” caption. The obligation arising from these assessments was recognised under the “Trade and other payables” caption.
–Withholdings on account of non-residents’ income tax: the investigation procedures were completed with no proposal for any kind of adjustment.
The Group assessed the potential task risks for the years 2023-2024 and recognised a provision of 9,207 thousand euros under the “Trade and other payables” caption (Note 16). Of this amount, 8,086 thousand euros was recognised as a deferred tax asset, while the remainder was taken to consolidated profit or loss.
Additionally, the Group revised the provision for the 2025 corporate income tax resulting in recognition of an increase of 1,024 thousand euros in the tax payable, recognised under the “Current tax liability” caption. This led to recognition of a “Deferred tax asset” for the same amount.
As a result of, among other things, possible different interpretations of current tax legislation, additional liabilities could arise as the result of an inspection. At any event, the directors consider that if any such liabilities were to arise, would not have a significant effect on the consolidated interim financial statements.
Pillar Two
ROVI falls within the scope of Pillar Two. Pillar Two was agreed in the Inclusive Framework of the initiative against base erosion and profit shifting (BEPS) of the OECD and the G-20 and approved through the Model Rules on 14 December 2021.
The Model Rules and, in short, Pillar Two have established a global minimum tax level of 15%. Thus, Pillar Two requires the affected groups to calculate their effective tax rate for each jurisdiction in which they operate in accordance with specific rules. Regarding jurisdictions in which the effective rate is lower than 15%, the Group must settle a top-up tax corresponding to the difference between the effective tax rate of the jurisdiction in question and the minimum 15% rate.
The Council of the European Union adopted Directive 2022/2523, thus incorporating this initiative into the European legal framework. This Directive substantially included the content of the Model Rules Free translation of the condensed consolidated interim financial statements issued in Spanish and prepared in accordance with International Financial Reporting Standards as adopted by the European Union. In the event of discrepancy, the Spanish version prevails.
LABORATORIOS FARMACÉUTICOS ROVI, S.A. AND SUBSIDIARIES
Condensed consolidated interim financial statements for the six-month period ended 30 June 2026
(Thousand euros)
33
The process of transposing the Directive into Spanish legislation concluded with approval of Law 7/2024 of 20 December, the reporting period commencing on 1 January 2024 being the first year in which it was applied.
Likewise, a transitional regime was established that governs the non-requirement of top-up tax in the tax periods that begin between December 31, 2023 and December 31, 2026, provided that qualifying Country-by-Country Reporting (CbCR) is submitted, for each jurisdiction and period.
As at 31 December 2024, the Group assessed its potential exposure to income tax arising from Pillar Two, based on application of the Transitional Safe Harbour provisions, and concluded that no top-up tax was payable under Spanish Law 7/2024 of 20 December. As at 30 June 2026, the Group updated its assessment based on the information available for each one of its tax jurisdictions and concluded that no top-up tax was payable, as they all fall within the scope of the Transitional Safe Harbours.
The Group also assessed the potential effect at 31 December 2025 and 30 June 2026, again concluding that all its tax jurisdictions could apply one of the Transitional Safe Harbours. Accordingly, no expense or liability arising from application of Pillar Two is recognised in the Group’s condensed consolidated interim financial statements.
23. Earnings per share
30 June
202630 June
2025
Profit attributable to company shareholders (thousand euros) 84,476 39,736 Weighted average number of shares in issue (thousand) 51,145 51,145 Basic earnings per share (euros per share) 1.65 0.78 There has been no event that could produce a dilution of the earnings per share.
24. Dividends
–On 17 June 2026 , the General Shareholder’s meeting of Laboratorios Farmacéuticos Rovi, S.A. approved the proposed distribution of the 2025 profit, 49,156 thousand euros, allocating the full amount to dividends. At 30 June 2026 , the dividend was pending payment under the caption “Trade and other payables” (Note 16). It was paid on 15 July 2026 (Note 27).
–On 18 June 2025, the General Shareholders’ Meeting of Laboratorios Farmacéuticos Rovi, S.A. approved the proposed distribution of the 2024 profit, allocating 47,911 thousand euros to dividends and 27,635 thousand euros to “Retained earnings”. The dividend was paid in July 2025.
25. Related-party transactions The Group is controlled by Norbel Inversiones, S.L., which, at 30 June 2026 held 58.19% of the parent company’s shares (55.19% at 30 June 2024). At 30 June 2026 , Norbel Inversiones, S.L.was owned by Messrs Juan, Javier and Iván López-Belmonte Encina, who held equal parts of 33.33% each (Note 15).
a) Sales of goods and services
30 June
202630 June
2025
Sales of services:
– Cells IA Technologies, S.L. — 8 — 8 In 2025, revenue from services provided to associated companies related to the provision of services between the companies Gineladius, S.L.U. and Cells IA Technologies, S.L. during the month preceding the latter’s inclusion in the scope of consolidation with an ownership interest of 94.99%, which meant that it ceased to be an associated entity.Free translation of the condensed consolidated interim financial statements issued in Spanish and prepared in accordance with International Financial Reporting Standards as adopted by the European Union. In the event of discrepancy, the Spanish version prevails.
LABORATORIOS FARMACÉUTICOS ROVI, S.A. AND SUBSIDIARIES
Condensed consolidated interim financial statements for the six-month period ended 30 June 2026
(Thousand euros)
34
b) Purchases of goods and services
30 June
202630 June
2025
Purchases of services:
– Entities in which executive directors hold an interest 1,444 1,385
1,444 1,381
Services received from entities in which executive directors hold an interest relate mainly to operating leases held with the companies Norba Inversiones, S.L. and Lobelvia Inversiones, S.L.
c) Other transactions No significant transactions between parties belonging to the Group were recognised at 30 June 2026.
d) Key management and director remuneration
30 June
202630 June
2025
Wages, salaries and other current benefits
- Members of the Board of Directors 330 330
- Key management 3,276 2,910 Contributions to defined-contribution pension plans & life insurance premiums:
- Key management 11 10
3,617 3,250
The remuneration of the executive directors related to their management functions is included under the “Key management” caption. At 30 June 2026 , the Management Committee was formed by 17 members (17 members at 30 June 2025 ).
At 30 June 2026 , ROVI had a Long-Term Incentive Plan for the executive directors for the years 2025 to 2027. The purpose of this plan is to reward the long-term creation of value for the Group in the interests of the shareholders.
Amounts accrued under this Plan are recognised under the “Employee benefit expenses” caption in the income statement and included in the above “Key management and director compensation” table. At 30 June 2026 , the amount pending payment for the Long-Term Incentive Plan, which was included in “Trade and other payables”, was 1,246 thousand euros (865 thousand euros at 30 June 2025 ).
26. Seasonality
The Group’s activities have been subject to a certain degree of seasonality in the 2026 and 2025 reporting periods and the figures for the six-month period cannot be extrapolated to the annual period. ROVI is assuming a post-pandemic scenario in which COVID-19 is likely to be a seasonal disease and the vaccine will probably be administered once a year. Therefore, it is expected that the Group's activity will be greater during the second half of the year.Free translation of the condensed consolidated interim financial statements issued in Spanish and prepared in accordance with International Financial Reporting Standards as adopted by the European Union. In the event of discrepancy, the Spanish version prevails.
LABORATORIOS FARMACÉUTICOS ROVI, S.A. AND SUBSIDIARIES
Condensed consolidated interim financial statements for the six-month period ended 30 June 2026
(Thousand euros)
35
27. Events after the reporting date On 6 July 2026 , Laboratorios Farmacéuticos Rovi, S.A. and Rovi Pharma Industrial Services, S.A.U. signed the assessment acceptances and settlement agreement in the terms set out in the Group’s financial statements (Note 22).
On 16 July 2025, ROVI paid the dividend corresponding to the distribution of the profit for the year ended 31 December 2025 for a sum of 49,156 thousand euros. This amount was outstanding at 30 June 2026, included under the “Trade and other payables caption” (Note 16).Free translation of the condensed consolidated interim financial statements issued in Spanish and prepared in accordance with International Financial Reporting Standards as adopted by the European Union. In the event of discrepancy, the Spanish version prevails.
LABORATORIOS FARMACÉUTICOS ROVI, S.A. AND SUBSIDIARIES
Condensed consolidated interim financial statements for the six-month period ended 30 June 2026
(Thousand euros)
36
The Board of Directors of Laboratorios Farmacéuticos Rovi, S.A. (Rovi) issues the following management report in accordance with Article 262 and 148.d) of the Spanish Capital Company Act (“Ley de Sociedades de Capital”), 119 of the Securities Market Law and 49 of the Code of Commerce and in accordance with “Guidelines on Alternative Performance Measures” issued by European Securities and Markets Authority (ESMA).
1.- CORPORATE PROFILE AND BUSINESS MODEL
The Company is the parent company of a fully-integrated specialized Spanish pharmaceutical group (ROVI or “the Group”) engaged in the research and development, contract manufacturing and the marketing of small molecules and biological specialties. The Group has three main growth pillars:
–Pharmaceutical specialties, split in two areas:
◦ Prescription products: With two divisions: Low-molecular-weight heparin division (LMWH) and own and licensed product division.
◦ Diagnostic imaging contrast agents and other hospital products.
–Contract manufacturing: Specialists in solutions for prefilled syringes, solid oral forms and vials.
–R&D, split in three areas:
◦ Innovative drug release technology, ISM®.
◦ Glycomics area.
◦ Multilayer technology for urethral catheters.
As a result of a combination of factors, among which the Group’s stability, due to the growth of its recurring business and its strong financial position, sound strategy and clear pillars of growth may be highlighted, the Company’s reactive profile has been reinforced.
In addition, ROVI has a sound, low-risk R&D policy, where the patented ISM® platform (internally-developed and patented innovative drug-release technology which allows the prolonged release of the compounds administered by injection) opens up new channels of growth. The Company allocates a large part of its resources to research, in order to remain in the vanguard in both the product area and the manufacturing and development systems area.
ROVI enjoys a series of competitive advantages that have allowed it to position itself as one of the principal leaders in itsmarket niche, in a sector which, moreover, has high entry barriers:
–Unique knowledge of low-molecular-weight heparins (LMWH).
–Infrastructure with operating advantages.
–Diversified portfolio
–Low-risk innovation
In all its business lines, ROVI as a group is aware that its activity does not consist only of the health improvements provided by its products but that, additionally, it wishes to respond to the social and environmental demands related to the impact of its activity. To achieve this, ROVI’s economic development must be compatible with its conduct in respect of ethical, social, labour and environmental issues, and respect for human rights.
For more information, please see Integrated Report, which is part of this Management Report, or visit: www.rovi.esFree translation of the Interim consolidated Management Report originally issued in Spanish. In the event of discrepancy, the Spanish version prevails.
LABORATORIOS FARMACÉUTICOS ROVI, S.A. AND SUBSIDIARIES
2026 Interim consolidated Management Report for the six-month period ended 30 June, 2026 1
2.- BUSINESS PERFORMANCE
In € millionsSix-month period ended 30 June Growth % Growth
2026 2025
Operating revenues (1) 344.2 314.6 29.6 9 % Other income (2) 12.8 0.7 12.1 n.a Total Revenue (3) 357.0 315.3 41.7 13 % Cost of sales (4) (119.9) (119.1) (0.8) 1 % Gross profit (5) 237.1 196.2 40.9 21 % % margin (11) 68.9 % 62.4 % 6,5pp R&D Expenses (6) (33.3) (16.8) (16.5) 98 %
SG&A (7) (145.0) (113.7) (31.3) 28 %
Gain on bargain purchase 62.4 — 62.4 n.a Share of profit/(loss) on Joint Ventures and associated 0.1 (0.1) 0.2 n.a
EBITDA (8) 121.2 65.6 55.6 85 %
% margin (11) 35.2 % 20.9 % 14,4pp
EBIT (9) 103.2 50.9 52.3 103 %
% margin (11) 30.0 % 16.2 % 13,8pp Net profit (10) 84.4 39.7 44.7 113 % (1) Operating revenue refers to revenue.
(2) Other income includes the recognition of government grants on non-financial non-current assets and other.
(3) Total revenue calculated as revenue plus the recognition of government grants on non-financial non-current assets and other.
(4) Cost of sales calculated as the amount of procurements plus that corresponding to the change in inventories of finished goods and work in progress and raw materials and consumables use.
(5) Gross profit calculated as revenue plus the recognition of government grants on non-financial non-current assets and other less change in inventories of finished goods and work in progress and raw materials and consumables used.
(6) R&D expenses are calculated as the sum of employee benefit expenses and other operating expenses related to scientific research and technological development.
(7) SG&A calculated as the amount of e mployee benefit expenses plus other operating expenses plus work carried out by the Group on non-current assets" minus research & development expenses.
(8) EBITDA calculated as profit before interest, taxes, depreciation and amortization.
(9) EBIT calculated as profit before taxes and interest.
(10) Net profit refers to profit for the period.
(11)The gross margin and the EBITDA and EBIT margins are calculated as the result of dividing the gross profit, the EBITDA and the EBIT, respectively, by revenue, expressed as a percentage.
Note: certain numerical figures included in this document have been rounded. Therefore, discrepancies in tables between totals and the sums of the amounts listed may occur due to such rounding.
Total revenue in the first half of 2026 amounted to 357.0 million euros, up 13% compared to 315.3 million euros in the same period of 2025. Operating revenue in the first half of 2026 was 344.2 million euros, up 9% compared to 314.6 million euros in the first half of 2025, mainly driven by the strong performance of the contract development and manufacturing business ("CDMO"), whose sales increased by 38% to 106.3 million euros in the first half of 2026.
Sales outside Spain increased 16% in the first half of 2026, compared to the first half of 2025, to 201.5 million euros, mainly driven by the strong performance of the CDMO business. Sales outside Spain represented 59% of operating revenue in the first half of 2026 compared to 55% in the first half of 2025.
Sales of prescription-based pharmaceutical products decreased 1% to 205.7 million euros in the first half of 2026.
Sales of the heparin franchise (Low Molecular Weight Heparins and other heparins) decreased 4% to 130.1 million euros in the first half of 2026. Heparin sales represented 38% of operating revenue in the first half of 2026 compared to 43% in the first half of 2025.Free translation of the Interim consolidated Management Report originally issued in Spanish. In the event of discrepancy, the Spanish version prevails.
LABORATORIOS FARMACÉUTICOS ROVI, S.A. AND SUBSIDIARIES
2026 Interim consolidated Management Report for the six-month period ended 30 June, 2026 2
Sales of Low Molecular Weight Heparins (LMWH) (enoxaparin biosimilar and bemiparin) decreased 5% to 125.3 million euros in the first half of 2026. This decrease was mainly attributable to the weaker performance of bemiparin, particularly in international sales, as a result of high inventory levels held by partners.
As a result of a better-than-expected performance, ROVI expects low-molecular-weight heparin (LMWH) sales to decrease by a mid-single-digit percentage in 2026, compared with the previous guidance of a high-single-digit decrease.
Nevertheless, their performance will continue to be affected primarily by: (i) lower order volumes expected from partners in 2026, since they hold high levels of stocks from the previous year, and (ii) growing competitive pressure on prices.
Sales of the enoxaparin biosimilar decreased by 2% year-on-year to 78.6 million euros in the first half of 2026.
Bemiparin sales decreased by 9% to 46.7 million euros in the first half of 2026 compared with the first half of 2025. This performance was mainly driven by a contraction in international sales, which fell by 17% to 19.1 million euros, largely reflecting overstocking by international partners in the first half of 2026. Sales in Spain (Hibor®) decreased by 3% to 27.6 million euros, primarily due to lower penetration in the prophylaxis segment. Despite the year-on-year decline during the first half of 2026, bemiparin international sales showed a strong recovery in the second quarter of 2026, increasing by 53% versus the second quarter of 2025 and by more than threefold compared with the first quarter of 2026. For 2026, ROVI expects bemiparin sales to increase in the low single-digit percentage compared with 2025.
Sales of Okedi®, the first ROVI product based on its leading-edge drug delivery technology, ISM®, and indicated for the treatment of schizophrenia in adults for whom tolerability and effectiveness has been established with oral risperidone, reached 34.0 million euros in the first half of 2026, up 27% versus the first half of 2025. During the first half of 2026, the product was marketed in Germany, UK, Spain, Portugal, Italy, Austria, Greece, Serbia, the Nordic countries, Australia, Taiwan and the Netherlands.
Sales of Neparvis®, a specialty product from Novartis, launched in Spain in December 2016, indicated for the treatment of adult patients with symptomatic chronic heart failure and reduced ejection fraction, increased 2% to 28.2 million euros in the first half of 2026, compared to 27.7 million euros in the first half of 2025.
Sales of Volutsa®, a specialty product from Astellas Pharma indicated for the treatment of moderate to severe storage symptoms and voiding symptoms associated with benign prostatic hyperplasia, launched in Spain in February 2015, decreased by 7% to 4.2 million euros in the first half of 2026, mainly due to the competitive environment following the entry of generics in the second quarter of 2023.
Sales of Orvatez®, a specialty product from Organon & Co. (“Organon”) indicated as adjunctive therapy to diet in patients with hypercholesterolemia, decreased by 33% to 4.7 million euros in the first half of 2026, compared to the first half of 2025. This decrease was mostly caused by the entry of generics into the market, which resulted in a product price reduction by competitors. ROVI consequently dropped the price of Orvatez® by 40% in October 2024.
Sales of contrast imaging agents and other hospital products increased by 10% to 31.6 million euros in the first half of 2026.
CDMO sales increased 38% to 106.3 million euros in the first half of 2026 in comparison with the first half of 2025, mainly driven by: (i) the growth in business with existing customers following the restoration of full operational capacity at the Madrid facility after its temporary closure during the first half of 2025 to upgrade some Annex 1 GMP aspects for aseptic manufacturing; and (ii) the contribution of revenue generated under the supply agreement with Bristol Myers Squibb entered into in connection with the acquisition of the Phoenix facility, completed on April 1, 2026. Revenue from this customer accounted for approximately 13% of total CDMO revenue in the first half of 2026.
Over the past years, ROVI has invested substantial capital to build global leadership in sterile fill & finish (F&F) capacity and technology services. With these recent investments, and with current expansions underway, ROVI expects to significantly increase its current sterile capacity at its FDA (Food and Drug Administration) and EMA (European Medicine Agency) / EU GMP Annex-1 compliant facilities in Spain. This will allow ROVI to continue to capitalize on the imbalance between the available capacity and the rising demand across the sterile fill & finish market, building on the good drive in commercial activity and alliance opportunities across strategic high-growth modalities – including innovative biologics, biosimilars, vaccines and novel modalities for pre-filled syringes and cartridges.Free translation of the Interim consolidated Management Report originally issued in Spanish. In the event of discrepancy, the Spanish version prevails.
LABORATORIOS FARMACÉUTICOS ROVI, S.A. AND SUBSIDIARIES
2026 Interim consolidated Management Report for the six-month period ended 30 June, 2026 3
Gross profit increased 21% to 237.1 million euros in the first half of 2026. Gross margin showed an increase of 6.5 percentage points, from 62.4% in the first half of 2025 to 68.9% in the first half of 2026. This increase was impacted by the recognition of revenue associated with the R&D aid awarded by the CDTI for the LAISOLID project, which is recorded under the "Other income" line. Excluding the impact of "Other income", gross margin would have increased by 3.0 percentage points to 65.2% mainly due to: (i) the increase in the CDMO business which contributed higher margins to Group sales, (ii) the increased contribution of Okedi® sales, which added high margins, and (iii) the decrease in LMWH raw material prices, which had a positive impact on gross margin.
R&D expenses increased by 98% to 33.3 million euros in the first half of 2026. They were mainly related to the preparation for the development of the phase III clinical trial of Letrozole SIE.
SG&A expenses increased 27% to 145.0 million euros in the first half of 2026 compared with the first half of 2025. This decrease was mainly due to:
•higher “Employee benefit expenses (excl. R&D),” which increased 23% year-on-year, driven primarily by (i) the addition of ROIS Phoenix Inc.'s employees following the company's inclusion in the Group's consolidation perimeter, (ii) a 3% wage increase due to the entry into force of the XXI Collective Agreement of the Chemical Industry 2024-2026[1], (iii) the hiring of new CDMO personnel, and (iv) the recognition of non-recurring expenses resulting mainly from the tax audit and investigation procedures carried out by the Tax and Customs Control Office of the Large Taxpayers Central Office regarding withholding taxes and advance tax payments on employment income, professional income and economic activities for the period between September 2020 and December 2022. Excluding non-recurring expenses, “Employee benefit expenses (excl. R&D),” increased by 20% in the first half of 2026; and •higher “Other operating expenses (excl. R&D),” which increased 34% year-on year. This increase was mainly driven by (i) the incorporation of ROIS Phoenix Inc. into the Group's consolidation perimeter, (ii) lower operating expenses in the first half of 2025, a period during which they were reduced as a result of the temporary closure of the Madrid facility to upgrade some Annex 1 GMP aspects for aseptic manufacturing, and (iii) the recognition of non-recurring expenses mainly associated with the write-off of assets that are no longer operational and the execution of certain strategic projects. Excluding non-recurring expenses, "Other operating expenses (excl.
R&D)" increased by 28% in the period.
"SG&A expenses (excl. R&D and non-recurring expenses)" increased by 24% to 140.5 million euros in the first half of 2026 compared to the first half of 2025.
For 2026, ROVI expects SG&A expenses (excluding ROIS Phoenix Inc. from the Group) to increase by a mid- to high-
s i n g l e - d i g i t p e r c e n t a g e c o m p a r e d w i t h 2 0 2 5 .
Depreciation and amortisation expenses increased by 22% to 18.0 million euros in the first half of 2026, as a result of the new property, plant and equipment and intangible asset purchases made during the last year.
Net financial costs reached 1.7 million euros in the first half of 2026, compared to net financial costs of 1.3 million euros in the first half of 2025. This increase was mainly driven by higher finance costs as a result of late-payment interest associated with the tax audit covering fiscal years 2020 to 2022. This impact was partially offset by (i) gains arising from changes in the fair value of financial instruments, and (ii) positive exchange differences. Excluding the financial costs associated with the tax audit, net financial result would have amounted to an expense of €0.3 million in the first half of 2026, reflecting a 79% improvement compared with the net financial expense recorded in the first half of 2025.
The effective tax rate decreased by 3.1 percentage points from 20.0% in the first half of 2025 to 16.9% in the first half of 2026. This reduction was mainly attributable to the recognition of a gain on a bargain purchase (badwill) arising from the acquisition of the Phoenix facility, which was recorded as accounting income with no tax impact, thereby reducing the effective tax rate for the period.
EBITDA increased by 85% to 121.2 million euros in the first half of 2026, with an EBITDA margin of 35.2%, up 14.4 percentage points compared to the same period of 2025. This performance mainly reflects the impact of the gain on bargain purchase. Free translation of the Interim consolidated Management Report originally issued in Spanish. In the event of discrepancy, the Spanish version prevails.
LABORATORIOS FARMACÉUTICOS ROVI, S.A. AND SUBSIDIARIES
2026 Interim consolidated Management Report for the six-month period ended 30 June, 2026 4
EBITDA excluding badwill decreased by 10% to 58.8 million euros in the first half of 2026, with EBITDA margin standing at 17.1%.
EBIT increased by 103% compared to the first half of 2025, reaching 103.2 million euros in the first half of 2026. This performance resulted in a 13.8 percentage point improvement in EBIT margin, which stood at 30.0% in the first half of 2026, up from 16.2% in the first half of 2025.
EBIT excluding badwill decreased by 20% to 40.9 million euros in the first half of 2026, with EBIT margin standing at 11.9%.
Net profit amounted to 84.4 million euros in the first half of 2026, compared to 39.7 million euros in the same period of 2025, representing an increase of 113%.
Non-controlling interests refer to ROVI's partners in Glicopepton Biotech, S. L. and Cells IA Technologies, S.L.
EBITDA “Pre-R&D and Pre-Badwill”, calculated excluding badwill in the first half of 2026 and R&D expenses in the first half of 2026 and the first half of 2025, increased by 12%, from 82.4 million euros in the first half of 2025 to 92.2 million euros in the same period of 2026, reflecting a 0.6 percentage point increase in the EBITDA margin to 26.8% in the first half of 2026 (see “Pre-R&D costs and Pre-Badwill” columns of the table below). Likewise, recognizing the same amount of R&D expenses in the first half of 2026 as in the same period of 2025, EBITDA would have increased by 15% to 75.4 million euros, reflecting a 1.0 percentage point increase in the EBITDA margin to 21.9% in the first half of 2026, up from 20.9% in the same period of 2025 (see “Flat R&D costs and Pre-Badwill” columns of the table below).
EBIT “Pre-R&D and Pre-Badwill”, calculated excluding badwill in the first half of 2026 and R&D expenses in the first half of 2026 and the first half of 2025, increased by 10%, from 67.7 million euros in the first half of 2025 to 74.2 million euros in the same period of 2026, reflecting a flat EBIT margin of 21.6% compared with the first half of 2025 (see “Pre-R&D costs and Pre-Badwill” columns of the table below). Likewise, recognizing the same amount of R&D expenses in the first half of 2026 as in the first half of 2025, EBIT would have increased by 13% to 57.4 million euros, reflecting a 0.5 percentage point increase in the EBIT margin to 16.7% in the first half of 2026, up from 16.2% in the first half of 2025 (see “Flat R&D costs and Pre-Badwill” columns of the table below).
3.- LIQUIDITY AND CAPITAL RESOURCES
3.1- Liquidity
As of 30 June 2026 , ROVI has a gross cash position of 130.2 million euros compared to 99.9 million euros as of 31 December 2025 and net debt of 22.5 million euros (equity securities plus deposits plus financial derivatives plus cash and cash equivalents minus current and non current financial debt), compared to 22.0 million euros as of 31 December 2025.
3.2.- Capital Resources As of 30 June 2026 , ROVI's total debt decreased to 107.6 million euros. Debt with public administration represented 9% of total debt.
In thousand euros30 June
202631
December
2025
Bank borrowings 84,893 94,994 Debts with public administration 10,059 11,043 Financial liabilities for leases 12,738 15,687 Derivatives — 97 Total 107,690 121,821Free translation of the Interim consolidated Management Report originally issued in Spanish. In the event of discrepancy, the Spanish version prevails.
LABORATORIOS FARMACÉUTICOS ROVI, S.A. AND SUBSIDIARIES
2026 Interim consolidated Management Report for the six-month period ended 30 June, 2026 5
Debt maturities at 30 June 2026 , are shown in the following graph (millions of euros):
4.- Research and development ISM® technology platform ROVI is developing Letrozole SIE (Superior Inhibition of Estrogens) (formerly Letrozole LEBE) for the treatment of hormone receptor-positive breast cancer. This investigational medicine is expected to be superior to the oral letrozole (Femara®1) marketed currently due to its increased oestrogen suppression which is expected to result in clinical benefits.
Accordingly, its clinical development plan includes an efficacy trial in postmenopausal women with advanced breast cancer designed to demonstrate the superior efficacy of Letrozole SIE versus Femara® in delaying disease progression (SIE-32).
This new investigational medicine is planned to follow the regulatory pathway 505(b)(2) in the United States and a hybrid application (under Article 10(3) of Directive 2001/83/EC) will be filed in Europe, seeking marketing authorisation with the same therapeutic indications as Femara® in both the United States and Europe. This would allow Letrozole SIE to be used at all the stages of breast cancer in postmenopausal women with oestrogen receptor-positive tumours.
A single-dose phase I study (LEILA-1)3 conducted in Europe has recently finished (currently under final data analysis).
The preliminary results support the progression to the next steps of the clinical develop programme.
Consequently, the Investigational New Drug (IND) Application of Letrozole SIE has already been approved by the US Food and Drug Administration (FDA). Recruitment for the following clinical trials, including a phase III efficacy clinical trial, is expected to start in the third quarter of 2026.
Furthermore, ROVI is also developing Risperidone QUAR, a quarterly long-acting risperidone injection. The first phase I clinical trial with ascending doses4 has already finished and final data confirm that this formulation, similarly to Okedi®, is able to provide plasma levels in the therapeutic range on the same day as the injection without the need for prior injections of monthly formulations, loading doses or concomitant oral risperidone doses, and to maintain them, on a Free translation of the Interim consolidated Management Report originally issued in Spanish. In the event of discrepancy, the Spanish version prevails.
LABORATORIOS FARMACÉUTICOS ROVI, S.A. AND SUBSIDIARIES
2026 Interim consolidated Management Report for the six-month period ended 30 June, 2026 61 Femara® is a registered trademark of Novartis AG 2 A Study to Investigate the Efficacy and Safety of Letrozole SIE Compared With Femara® (Both Combined With the CDK4/6 Inhibitor Ribociclib) in Postmenopausal Women With HR-Positive, HER2 Negative, Inoperable Locally Advanced or Metastatic Breast Cancer (SIE-3). National Library of Medicine. Clinicaltrials.gov. NCT07340658 (available at: https://clinicaltrials.gov/study/NCT07340658).
3 Evaluation of the Pharmacokinetics, Safety, and Tolerability of IM Letrozole LEBE in Healthy Post-menopausal Women (LEILA-1). National Library of Medicine. Clinicaltrials.gov. NCT06315205 (available from: https://clinicaltrials.gov/study/NCT06315205).
4 Pharmacokinetics, Safety and Tolerability of Different Formulations and Dose Strengths of Quarterly Risperidone (QUAR) in Patients With Schizophrenia (QUARTZ). National Library of Medicine. Clinicaltrials.gov. NCT06276361 (available from: https://clinicaltrials.gov/study/NCT06276361).
sustained basis, with little accumulation, in the following doses, making the clinical efficacy very predictable and improving tolerability. Consequently, ROVI is currently starting up two new multinational clinical studies, including a phase III efficacy trial. Patient enrolment is planned to begin by the fourth quarter of 2026.
Most patients suffering from schizophrenia have a lack of insight into their disease, resulting in lack of adherence.
Risperidone QUAR will allow patients who are admitted to hospital because their condition is deteriorating to be treated with a single injection covering the three most important months, from the early moments of the episode to the stabilisation of the patient.
ROVI plans to register this new medicine in the European Union through a hybrid application (under Article 10(3) of Directive 2001/83/EC), for which it has designed a clinical programme similar to the one previously executed for Okedi®, with the objective of obtaining the same therapeutic indication as the latter: treatment of schizophrenia in adults for whom tolerability and effectiveness have been established with oral risperidone.
5.- Dividends
On 17 June 2026 , the General Shareholder’s meeting of Laboratorios Farmacéuticos Rovi, S.A. approved the proposed distribution of the 2025 profit, 49,156 thousand euros, allocating the full amount to dividends. At 30 June 2026 , the dividend was pending payment under the caption “Trade and other payables”. It was paid on 15 July 2026.
6.- Capital expenditure In the first six months of 2026 and 2025 ROVI invest mainly in ROVI’s manufacturing facilities:
–2.1 million euros was invested in the Madrid injectable manufacturing facility, compared with the 0.6 million euros invested in the first half of 2025 :
–3.1 million euros was invested in the San Sebastián de los Reyes injectable manufacturing facility, compared with the 1.2 million euros invested in the first half of 2025 ;
–0.1 million euros was invested in the Granada manufacturing facility, compared with the 0.2 million euros invested in the first half of 2025 ;
–1.5 million euros was invested in the Alcalá de Henares manufacturing facility, compared with 1.2 million euros invested in this plant in the first half of 2025 ;
–1.3 million euros was invested in the ISM® industrialisation, compared with the 0.4 million euros invested in the first half of 2025 ;
–0.1 million euros was invested in the construction, currently in progress, of the new heparin manufacturing facility in Escúzar (Granada), compared with the 1.2 million euros in the first half of 2025 ;
–9.1 million euros was invested in the Glicopepton Biotech, S.L. manufacturing facility, compared with the 3.7 million euros invested in the first half of 2025 ;
–11.5 million euros was invested in the new vial filling line and expansion of operations at the Madrid, San Sebastián de los Reyes and Alcalá de Henares manufacturing facilities, compared with the 11.6 million euros invested in the first half of 2025 .
In addition, the acquisition of the manufacturing facility in Phoenix (Arizona) represented additions arising from business combinations of 140,994 million euros.Free translation of the Interim consolidated Management Report originally issued in Spanish. In the event of discrepancy, the Spanish version prevails.
LABORATORIOS FARMACÉUTICOS ROVI, S.A. AND SUBSIDIARIES
2026 Interim consolidated Management Report for the six-month period ended 30 June, 2026 7
7.- Treasury share transactions a) Liquidity contract Under the liquidity contract signed by ROVI, in the first six months of 2026 , the Group acquired a total of 524,154 treasury shares (524,154 in the first six months of 2025 ), disbursing a sum of 39,265 thousand euros for them (28,380 thousand euros at 30 June 2025 ). In the first half of 2026 , a total of 529,962 treasury shares were sold (524,154 in the first half of 2025 ) for an amount of 38,808 thousand euros (28,364 thousand euros in 2025 ). These shares had been acquired at a weighted average cost of 38,590 thousand euros (29,312 thousand euros in 2025 ), giving rise to a profit of 218 thousand euros on the sale, which has been taken to reserves in 2026 (loss of 948 thousand euros in 2025 ). At 30 June 2026 , there were 92,764 treasury shares (86,264 at 30 June 2025 ).
8.- Headcount evolution In the first half of 2026 , the average number of employees has been 2,470 (2,188 in the same period of 2025 ), of which 1,298 were women (1,190 of women in the same period of 2025 ).
9.- Environmental information The Company Laboratorios Farmacéuticos Rovi, S.A. is registered with the SIGRE for the environmental management of packaging recovery. The total waste management expenses in the first half of 2024 totalled euros 70 thousand (337 thousand Euros in the first half of 2025).
The Group company Rovi Pharma Industrial Services, S.A.U. handle the rest of the Group's environmental tasks and, in order to contribute to the protection and improvement of the environment, had a waste management expense of 477 thousand euro in the first half of 2026 (359 thousand euro in the first half of 2025 ).
10.- Outlook for 2026 ROVI maintains its operating revenue outlook for 2026.
ROVI expects its operating revenue to increase by a low- to mid-single-digit percentage compared to 2025. This outlook is subject to various factors, the evolution of which remains difficult to predict accurately. Among the main factors taken into account when preparing this guidance, the following may be highlighted:
•Lower revenue forecast for 2026 under the prefilled syringe manufacturing agreement entered into with a global pharmaceutical company, which was disclosed as inside information on 25 April 2024. This is due, among other factors, to a delay in the initially expected commencement of routine manufacturing operations, which remains subject to the relevant regulatory authorisation, as well as increased uncertainty regarding anticipated demand, without prejudice to the minimum contractual obligations assumed by the two parties; and •Growing competitive pressure on pricing in the heparin franchise in the current context of increased regulatory and geopolitical uncertainty and greater volatility in supply and cost dynamics. Additionally, the heparin franchise performed better than expected in 2025, mainly due to an increase in orders from international partners. Therefore, we expect lower orders from these partners in 2026 since they hold a high level of stocks.
In any event, the Company maintains a prudent approach to its outlook for 2026, reflecting the competitive environment and the current visibility of its main lines of business, which it will continue to monitor closely. Free translation of the Interim consolidated Management Report originally issued in Spanish. In the event of discrepancy, the Spanish version prevails.
LABORATORIOS FARMACÉUTICOS ROVI, S.A. AND SUBSIDIARIES
2026 Interim consolidated Management Report for the six-month period ended 30 June, 2026 8
11.- Risk Management 11.1 Operating risk The main risk factors to which the Group considers itself to be exposed in respect of meeting its business goals are the
following:
–Risk of cyberattacks.
–Changes in the prescription criteria or market regulations intended to contain pharmaceutical spending.
–Impact of the current geopolitical, socio-political and macroeconomic threats.
–Failure to conclude successfully – or as expected – the Research & Development projects that ROVI is conducting.
–Concentration of operations in specific customers.
–Incidents related to the quality of the products sold by ROVI and incidents in the clinical trials of medicines, side effects of the products sold by ROVI or incorrect management of the notifications in this respect.
–Changes in the supply conditions of the necessary manufacturing materials or the products that ROVI markets.
–Risk derived from adapting to climate change requirements and regulations.
–Difficulty in attracting, motivating or retaining personnel.
–Failure to comply with the regulations applicable to the industry and/or ROVI’s activities.
–Tax risk inherent to the activity of companies of the Group’s size and complexity.
ROVI monitors and remains permanently alert to any risks that may adversely affect its business activities, applying the appropriate policies and measures to manage them and constantly developing contingency plans that can reduce or offset their impact. Among these, special attention should be drawn to the fact that the Group (i) continues to improve its processes and controls, including those related to the manufacturing processes and those arising from internationalisation; (ii) is working intensively to maintain broad and diversified portfolios of both products and customers;
(iii) continues to pursue its goal of constantly opening up new markets as a result of its international expansion project;
(iv) is intensifying its efforts to mitigate the risk of cyberattack by raising awareness among its employees and conducting cybersecurity reviews; (v) is continuing with the diversification of its suppliers of raw materials and other packaging materials necessary to manufacture its products; (vi) continues striving to improve its personnel policies; (vii) has started to quantify the risk derived from climate change; and (viii) continues to monitor regulatory compliance, including compliance with the regulations applicable in the different geographical areas where it operates.
11.2 Financial risk The Group’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Group’s financial performance. The main detected and managed risks of the Group are
detailed below:
11.2.1 Market risk Market risk is divided in:
a)Foreign exchange risk: this risk is low because (i) virtually all the Group’s assets and liabilities are in euros; (ii) a majority of the transactions with foreign parties are carried out in euros; and (iii) transactions for a significant amount in currencies other than the euro are hedged with financial instruments that minimise the impact of exchange-rate risk. Free translation of the Interim consolidated Management Report originally issued in Spanish. In the event of discrepancy, the Spanish version prevails.
LABORATORIOS FARMACÉUTICOS ROVI, S.A. AND SUBSIDIARIES
2026 Interim consolidated Management Report for the six-month period ended 30 June, 2026 9
b)Price risk: the Group is exposed to price risk for equity securities because of investments held by the Group and classified as equity securities on the consolidated statement of financial position. To manage its price risk arising from investments in equity securities, the Group diversifies its portfolio. The portfolio is diversified in accordance with the limits set by the Group. The Group does not use derivatives to hedge price risk.
c)Interest rate risk: the Group is subject to interest rate risk in respect of cash flows on non-current financial debt transactions at variable rates. Group policy is to try to keep most of its financial debt in the form of debt with government entities by obtaining reimbursable advances on which there is no interest-rate risk and, in the case of bank debt, to obtain cash flows not only at variable rates, but also at fixed rates, thus keeping the impact of interest-rate risk to a minimum.
d)Raw material price risk: the Group is exposed to changes in the conditions under which raw materials and other packaging materials needed to manufacture its products are supplied. To minimise this risk, the Group maintains a diversified portfolio of suppliers and manages its stock levels efficiently.
11.2.2 Credit risk Credit risk is managed on a group basis. Credit risk arises from cash and cash equivalents, deposits with banks and financial institutions, receivables classified as equity securities and trade receivables.
To assess the credit risk on receivables, the Group periodically evaluates its customer portfolio considering two blocs:
government and non-government. Government customers are defined as all those that are government entities for which, given their nature, a low credit risk is considered to exist. Most of these customers are in the healthcare sector and are hospitals and medical clinics whose transactions are regulated by law. With regard to non-government customers, the Group includes in this category all private customers, such as wholesalers, manufacturing customers and other pharmaceutical companies, and assesses them on the basis of the age of their debt, their financial position and their credit rating (if available).
The contracts the Group signs with its customers have an average term of between 3 and 5 years, which allows a considerable stable flow of revenue to be generated. Likewise, due to the credit quality of the private customer, as well as the Group’s internal systems and the collection periods established, there was no significant impact on the Group in either 2023 or 2022.
The banks and financial institutions with which the Group works generally have independent ratings. If customers have been independently rated, such ratings are used. If this is not the case, then the Group assesses the risk on the basis of the customer’s financial position, historical experience and a series of other factors. In those cases in which there is no doubt as to the customer’s financial solvency, the Group elects not to set credit limits.
11.2.3 Liquidity risk Management periodically monitors the liquidity estimates of the Company in accordance with the expected cash flows.
ROVI maintains sufficient cash and marketable securities to meet its liquidity requirements.
Foreign exchange risk Foreign exchange risk is low because: (i) most of the Group’s assets and liabilities are denominated in euros; (ii) a large portion of transactions with foreign counterparties are carried out in euros; and (iii) significant transactions in currencies other than the euro are hedged through financial instruments that minimise the foreign exchange risk.
12.- Stock market capitalization On the December 5th 2007, ROVI carried out an Initial Public Offering (IPO) of shares initially intended for qualified investors in Spain and to qualified institutional investors abroad. The face value of the operation, without including the shares corresponding to the green shoe purchase option, was 17,389,350 shares already issued and in circulation with a Free translation of the Interim consolidated Management Report originally issued in Spanish. In the event of discrepancy, the Spanish version prevails.
LABORATORIOS FARMACÉUTICOS ROVI, S.A. AND SUBSIDIARIES
2026 Interim consolidated Management Report for the six-month period ended 30 June, 2026 10
nominal value of 0.06 euros per share, giving a total nominal amount of 1,043,361 euros. The offering price for the operation was 9.60 euros per share.
Additionally, in 2018, a capital increase was carried out through the issue of 6,068,965 newly-issued ordinary shares in the Company with a par value of 0.06 euros each, belonging to the same class and series as the existing shares that were already in issue.
The following graph shows the fluctuation of the share price in the stock market in 2026 :
The following chart shows the performance of the share price of ROVI compared with the IBEX 35 index in 2026 :
13.- Events after reporting date On 6 July 2026, Laboratorios Farmacéuticos Rovi, S.A. and Rovi Pharma Industrial Services, S.A.U. signed the assessment acceptances and settlement agreement in the terms set out in the Group’s financial statements.
On 16 July 2025, ROVI paid the dividend corresponding to the distribution of the profit for the year ended 31 December 2025 for a sum of 49,156 thousand euros. This amount was outstanding at 30 June 2026, included under the “Trade and other payables caption”.Free translation of the Interim consolidated Management Report originally issued in Spanish. In the event of discrepancy, the Spanish version prevails.
LABORATORIOS FARMACÉUTICOS ROVI, S.A. AND SUBSIDIARIES
2026 Interim consolidated Management Report for the six-month period ended 30 June, 2026 11
ANNEX 1
ALTERNATIVE PERFORMANCE MEASURES
In addition to the financial information prepared in accordance with International Financial Reporting Standards (“IFRSs”) taken from our financial statements, this document includes certain alternative performance measures (“APMs”) as defined in the ESMA (European Securities and Markets Authority) Guidelines on Alternative Performance Measures of 5 October, 2015 (ESMA/2015/1415), as well as some non-IFRS financial indicators. The financial measures contained in this document that are considered APMs or non-IFRS financial indicators have been prepared on the basis of the ROVI Group’s financial information but are not defined or set out in detail within the framework of the applicable financial information and have not been audited or reviewed by ROVI's auditors.
These APMs are considered figures that have been adjusted in respect of those that are presented in accordance with the International Financial Reporting Standards endorsed by the European Union (IFRS-EU), which form the applicable accounting framework for the consolidated financial statements of the ROVI Group. Therefore, the reader should consider them to complement the latter but not to replace them.
ROVI uses these APMs and non-IFRS financial indicators to plan, oversee and assess its performance. ROVI considers the APMs and non-IFRS financial indicators to be useful to allow the management team and investors to compare the past or future financial performance, the financial situation and the cash flows. Notwithstanding, these APMs and non-
IFRS financial indicators are considered complementary and are not intended to replace IFRS measures. Furthermore, other companies, including some in ROVI's sector, may calculate such measures differently, which reduces their usefulness for comparative purposes.
This document contains information on the alternative performance measures (APMs) and non-IFRS financial indicators used by ROVI, including their definitions and a reconciliation between the applicable management indicators and the financial information set out in the consolidated financial statements prepared under IFRSs. The document is available on ROVI's website and may be accessed on the following link: (https://www.rovi.es/en/shareholders-investors/financial-
business-information).
In this respect, in accordance with the Guidelines issued by the European Securities and Markets Authority (ESMA), in force since 3 July, 2016, in relation to the transparency of Alternative Performance Measures, ROVI provides below information concerning the APMs it considers significant that are included in this press release:
• Operating revenue This APM shows the revenue that the group generates from its main business activities.
Operating revenue refers to revenue.
• Other revenue Other revenue shows the grants obtained by the Group to develop its R&D&I and other projects.
Other revenue refers to the recognition of government grants on non-financial non-current assets and other.
• Total revenue This APM shows all the group’s revenues.
We calculate total revenue as revenue plus the recognition of government grants on non-financial non-current assets and other.
• Cost of sales The cost of sales reflects the cost involved in producing or acquiring the products or services that ROVI sells.Free translation of the Interim consolidated Management Report originally issued in Spanish. In the event of discrepancy, the Spanish version prevails.
LABORATORIOS FARMACÉUTICOS ROVI, S.A. AND SUBSIDIARIES
2026 Interim consolidated Management Report for the six-month period ended 30 June, 2026 12
The cost of sales is calculated as the amount of raw materials and consumables used plus that corresponding to the changes in inventories of finished goods and work in progress.
• Gross profit Gross profit is an indicator that measures the direct profit that ROVI obtains from carrying out its income-generating activities.
We calculate gross profit as total revenue less cost of sales.
• Gross margin or gross profit as % of operating revenue This APM is a percentage indicator that measures the direct profit that ROVI obtains from its operating revenue.
We calculate gross margin or gross profit as % of operating revenue as the percentage that the gross profit represents in the revenue (operating revenue).
• Research & Development ("R&D") Expenses R&D expenses reflect expenses related to scientific research and technological development carried out by ROVI.
R&D expenses are calculated as the sum of employee benefits expenses and other operating expenses related to scientific research and technological development.
• SG&A Expenses Selling, General & Administrative (SG&A) Expenses is an indicator that measures expenses related to the general internal operations and management of the company.
SG&A calculated as the amount of employee benefit expenses plus other operating expenses plus work carried out by the Group on non-current assets" minus research & development expenses.
• EBITDA
EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) is an indicator that measures the group’s operating profit before interest, taxes, impairment, depreciation and amortization have been deducted. Management uses it to assess the results over time, allowing a comparison with other companies in the sector.
We calculate EBITDA as profit before: taxes, interest, depreciation and amortization.
• EBITDA margin or EBITDA as % of operating revenue This APM is a percentage indicator that measures the operating profit that ROVI obtains from its operating revenue before interest, taxes, impairment, depreciation and amortization are deducted.
We calculate EBITDA margin or EBITDA as % of operating revenue as the percentage that the EBITDA represents in the revenue (operating revenue).
• EBITDA “Pre-R&D”
This APM is used by ROVI to show EBITDA from the on-going business.
We calculate EBITDA “Pre-R&D” as EBITDA excluding: R&D expenses and non-recurring income and expenses.
• EBIT Free translation of the Interim consolidated Management Report originally issued in Spanish. In the event of discrepancy, the Spanish version prevails.
LABORATORIOS FARMACÉUTICOS ROVI, S.A. AND SUBSIDIARIES
2026 Interim consolidated Management Report for the six-month period ended 30 June, 2026 13
EBIT (Earnings Before Interest and Taxes) is an indicator that measures the group’s operating profit before interest and tax are deducted. Like EBITDA, Management uses it to assess the results over time, allowing a comparison with other companies in the sector.
We calculate EBIT as profit before: taxes and interest.
• EBIT margin or EBIT as % of operating revenue This APM is a percentage indicator that measures the operating profit that ROVI obtains from its operating revenue before interest and tax are deducted.
We calculate EBIT margin or EBIT as % of operating revenue as the percentage that the EBIT represents in the revenue (operating revenue).
• EBIT “Pre-R&D”
This APM is used by ROVI to show EBIT from the on-going business.
We calculate EBIT “Pre-R&D” as operating profit for the period excluding: Research and Development expenses (“R&D”) and non-recurring income and expenses.
• Net profit Net profit is an indicator that measures the group´s profit for the period.
We calculate Net profit as EBIT plus finance costs-net and income tax.
• Net profit as % of operating revenue This APM is a percentage indicator that measures the profit for the period that ROVI obtains from its operating revenue.
We calculate net profit as % of operating revenue as the percentage that the net profit represents in the revenue (operating revenue).
• Net profit “Pre-R&D” This APM is used by ROVI to show the profit for the period related to the on-going business.
We calculate net profit “Pre-R&D” as EBIT “Pre-R&D” plus:
–Finance costs-net; and –Income tax. Net profit “Pre-R&D” income tax is calculated by applying the same effective tax rate as reported in the income statement of the period.
• Gross cash position Gross cash position is an indicator that measures the amount of cash the group has at a specific point in time.
We calculate gross cash position as equity securities plus deposits plus financial derivatives plus financial assets at amortised cost plus cash and cash equivalents.
• Net debt (-)/cash (+) Net cash, also measured as financial debt or net debt, is the main indicator used by Management to measure the group’s indebtedness. Free translation of the Interim consolidated Management Report originally issued in Spanish. In the event of discrepancy, the Spanish version prevails.
LABORATORIOS FARMACÉUTICOS ROVI, S.A. AND SUBSIDIARIES
2026 Interim consolidated Management Report for the six-month period ended 30 June, 2026 14
It is composed of equity securities, plus deposits, plus financial derivatives, plus financial assets at amortised cost, plus cash and cash equivalents, less current and non-current financial debt.
• Capex
Capex is an indicator used to better understand the investments made by the group in its operations.
We calculate Capex as purchases of property, plant and equipment and intangible assets.
• Capex as % of operating revenue This APM is a percentage indicator that measures the group's investments in property, plant and equipment, and intangible assets to its operating revenues.
We calculate Capex as % of operating revenue as the percentage that the purchases of property, plant and equipment and intangible assets represents in the revenue (operating revenue).
• Free Cash Flow (FCF) Free cash flow is an indicator that measures cash flow generation from operating and investment activities and is useful for evaluating the funds available for paying shareholder dividends and servicing debt.
We calculate free cash flow as net cash generated from or used in operating activities less purchases of property, plant and equipment and intangible assets ("Capex") plus proceeds from sale of property, plant and equipment and intangible assets plus interest received.
• FCF as % of operating revenue This APM is a percentage indicator that measures the group's cash flow generation from operating and investment activities relative to its operating revenues.
We calculate FCF as % of operating revenue as the percentage that the free cash flow represents in the revenue (operating revenue).Free translation of the Interim consolidated Management Report originally issued in Spanish. In the event of discrepancy, the Spanish version prevails.
LABORATORIOS FARMACÉUTICOS ROVI, S.A. AND SUBSIDIARIES
2026 Interim consolidated Management Report for the six-month period ended 30 June, 2026 15
THIS TRANSLATION IS FOR INFORMATION PURPOSES ONLY.
IN THE EVENT OF ANY DISCREPANCY BETWEEN THE SPANISH VERSION AND THE ENGLISH
VERSION, THE SPANISH VERSION SHALL PREVAIL.
The condensed consolidated financial statements of Laboratorios Farmacéuticos ROVI, S.A. (the “Company ”) and its subsidiaries (the “ Group ”) for the six -month period ended 30 June 202 6, as well as the consolidated interim management report of the Group of which the Company is the parent company , which precede this document, have been reviewed and issued by the Board of Directors of the Company, at its meeting of 22 July 202 6, whose members sign below in accordance with article 100 of the Law 6/2023, of 17 March, on the Securities Markets and Investment Services (the “ Securities Markets Law ”), as well as article 11.1.b) of Royal Decree 1362/2007 of 19 October , which further develops the Securities Market s Law.
Madrid, 22 July 2026
Mr. Juan López -Belmonte Encina Chairman and Chief Executive Officer (Consejero Delegado )
Mr. Javier López -Belmonte Encina Vice Chairman 1º Mr. Iván López -Belmonte Encina Vice Chairman 2º
Mr. Marcos Peña Pinto Lead Independent Director Ms. Fátima Báñez García
Director
Ms. Marina del Corral Téllez
Director
Ms. María Teresa Corzo Santamaría
Director
THIS TRANSLATION IS FOR INFORMATION PURPOSES ONLY.
IN THE EVENT OF ANY DISCREPANCY BETWEEN THE SPANISH VERSION AND THE ENGLISH
VERSION, THE SPANISH VERSION SHALL PREVAIL.
STATEMENT OF RESPONSIBILITY
The members of the Board of Directors of Laboratorios Farmacéuticos Rovi, S.A. (the “ Company ”), at its meeting held on 22 July 202 6, and in accordance with article 100 of the Law 6/2023, of 17 March, on the Securities Markets and Investment Services (the “ Securities Market Law ”), as well as article 11.1.b) of Royal Decree 1362/2007 of 19 October , which further develops the Securities Market Law, state that, to the best of their knowledge, the condensed consolidated financial statements of the Company and its subsidiaries for the six -month period ended 30 June 202 6, prepared in accordance with the applicable accounting principles, give an accurate view of the net worth, financial position and results of the Company and its subsidiaries included within the scope of consolidation , taken as a whole, and that the consolidated interim management report contains an accurate analysis of the information required .
Madrid, 22 July 2026
Mr. Juan López -Belmonte Encina Chairman and Chief Executive Officer (Consejero Delegado )
Mr. Javier López -Belmonte Encina Vice Chairman 1º Mr. Iván López -Belmonte Encina Vice Chairman 2º
Mr. Marcos Peña Pinto Lead Independent Director Ms. Fátima Báñez García
Director
Ms. Marina del Corral Téllez
Director
Ms. María Teresa Corzo Santamaría
Director
This English version has been translated by the entity itself at its sole responsibility and cannot be considered to be official.
APPENDIX I
GENERAL
1st 2026
PERIOD END DATE 30/06/2026
Corporate name: LABORATORIOS FARMACEUTICOS ROVI, S.A.
II. INFORMATION SUPPLEMENTING THE PERIODIC INFORMATION PUBLISHED PREVIOUSLYHALF-YEARLY FINANCIAL REPORT FOR THE REPORTING PERIOD
I. IDENTIFICATION DETAILS
Registered address: C/ Julián Camarillo, 35, 28037 MadridTax Id No.
A-28041283
This English version has been translated by the entity itself at its sole responsibility and cannot be considered to be official.
Mr Javier López-Belmonte Encina First Deputy Chairman Date on which this half-yearly report was signed by the pertinent governing body: 22/07/2026Mr Iván López-Belmonte Encina Second Deputy ChairmanMr Juan López-Belmonte Encina Chief Executive Officer Mr Marcos Peña Pinto Coordinator Director Mrs María Teresa Corzo Santamaría Member of the boardMrs Marina del Corral Téllez Member of the boardMrs Fátima Báñez García III. STATEMENT(S) OF THOSE RESPONSIBLE FOR THE INFORMATION To the best of our knowledge, the condensed annual financial statements presented, prepared in accordance with the applicable accounting principles, provide a true and fair view of the equity, financial situation and results of the issuer and/or the companies included in the consolidation considered overall, and the interim management report includes an accurate analysis of the information required.
Observations on the above statement(s):
Person(s) taking responsibility for this information:
Name/Corporate name Position Member of the board
This English version has been translated by the entity itself at its sole responsibility and cannot be considered to be official.
Units: thousands of euros
ASSETS
30/06/2026 31/12/2025
0040 183.784 182.325 0030 23.079 23.952
0031
0032 23.079 23.952 0033 43.332 46.138
0034
0035 113.705 109.383 0036 1.523 1.523 0037 2.145 1.329
0038
0085 390.280 364.433
0050
0055 61.546 75.043 0060 95.933 114.765 0061 93.831 113.010 0062 2.102 1.755
0063
0064 116.644 82.862
0070
0071 2.052 2.563 0072 114.105 89.200
0100 574.064 546.758CURRENT
PERIOD PREVIOUS
PERIODIV. SELECTED FINANCIAL INFORMATION
1. Non-current assets held for sale
2. Inventories1. INDIVIDUAL STATEMENT OF FINANCIAL POSITION (PREPARED USING NATIONAL ACCOUNTING
STANDARDS CURRENTLY IN FORCE) (1/2)
A) NON-CURRENT ASSETS
1. Intangible assets:
a) Goodwill
b) Other intangible assets 2. Property, plant and equipment 3. Investment property 4. Non-current investments in group and associated companies 5. Non-current financial investments 3. Trade and other receivables a) Trade receivables for sales of goods and services7. Other non-current assets B) CURRENT ASSETS6. Deferred tax assets TOTAL ASSETS (A+B) b) Other receivables c) Current tax assets 4. Current investments in group and associated companies 5. Current financial investments 6. Current accruals and prepayments 7. Cash and cash equivalents
This English version has been translated by the entity itself at its sole responsibility and cannot be considered to be official.
Units: thousands of euros
LIABILITIES AND EQUITY
30/06/2026 31/12/2025
0195 3.055 76.888 0180 (6.864) 57.523 0171 3.074 3.074 0161 3.074 3.074
0162
0172 87.636 87.636 0173 7.032 7.032 0174 (5.849) (5.174) 0178 (84.336) (81.124)
0179
0175 (14.421) 46.079
0176
0177
0188 (24) (35)
0181
0182
0183 (24) (35) 0194 9.943 19.400 0120 151.983 165.815
0115
0116 73.926 83.875 0131 64.301 74.585 0132 9.625 9.290 0117 72.500 72.500 0118 3.952 7.621
0135
0119 1.605 1.819 0130 419.026 304.055
0121
0122 22.164 10.073 0123 21.026 22.168 0133 20.592 20.409 0134 434 1.759 0129 161.910 99.440 0124 213.515 171.942 0125 130.502 159.666 0126 58.121 7.892 0127 24.892 4.384
0136
0128 411 432
0200 574.064 546.7584. Less: treasury stockIV. SELECTED FINANCIAL INFORMATION
1. INDIVIDUAL FINANCIAL STATEMENTS (PREPARED USING THE NATIONAL ACCOUNTING
STANDARDS CURRENTLY IN FORCE) (2/2)
A) EQUITY (A.1 + A.2 + A.3)
A.1) EQUITY
1. Capital:
a) Authorized capital a) Less: uncalled capital 2. Share premium
3. ReservesCURRENT
PERIODPREVIOUS
PERIOD
1. Non-current provisions5. Retained earnings 6. Other shareholder contributions 7. Profit or loss for period 8. Less: interim dividend 9. Other equity instruments
A.2) ADJUSTMENTS FOR CHANGES IN VALUE
1. Available-for-sale financial assets 2. Hedging transactions
3. Other
A.3) GRANTS, DONATIONS AND LEGACIES RECEIVED
B) NON-CURRENT LIABILITIES
a) Bank borrowings and debentures or other negotiable instruments2. Non-current debt:
a) Bank borrowings and debentures or other negotiable instruments b) Other financial liabilities 3. Non-current debt with group and associated companies 4. Deferred tax liabilities 5. Other non-current liabilities 6. Non-current accruals
C) CURRENT LIABILITIES
1. Liabilities associated with non-current assets held for sale 2. Current provisions 3. Current debt:
6. Other current liabilities 7. Current accruals TOTAL EQUITY AND LIABILITIES (A + B + C) b) Other financial liabilities 4. Current debt with group and associated companies 5. Trade and other payables:
a) Trade payables b) Other payables c) Current tax liabilities
This English version has been translated by the entity itself at its sole responsibility and cannot be considered to be official.
Units: thousands of euros (+) Net revenue 0205 237.456 269.841 (+/-) Change in inventories of finished products and work in progress0206 14 5.046 (+) Work performed by the company on
its assets0207
(-) Supplies 0208 (175.545) (197.642) (+) Other operating income 0209 21.008 6.888 (-) Employee benefit expenses 0217 (26.645) (25.871) (-) Other operating expenses 0210 (58.345) (39.458) (-) Amortization and depreciation charges 0211 (4.456) (4.792) (+) Allocation of grants for non-financial assets and other0212 212 213 (+) Excess provisions 0213 (+/-) Impairment and gains/(losses) on disposal of intangible assets and property, plant & equipment0214 (1.766) (85) (+/-) Other gains/(losses) 0215
= OPERATING PROFIT/(LOSS) 0245 (8.067) 14.140
(+) Finance income 0250 1.571 1.291 (-) Finance expenses 0251 (3.957) (2.622) (+/-) Change in fair value of financial instruments0252 (22) (533) (+/-) Exchange rate differences 0254 24 52 (+/-) Impairment and gains/(losses) on disposal of financial instruments0255 - -
= FINANCE PROFIT/(LOSS) 0256 (2.384) (1.812)
= PROFIT/(LOSS) BEFORE TAX 0265 (10.451) 12.328
(+/-) Corporate income tax 0270 (3.970) (292)
= PROFIT/(LOSS) FOR PERIOD ON
CONTINUING OPERATIONS0280 (14.421) 12.036
(+/-) Profit/(loss) for perid on discontinued operations, net of tax 0285
= PROFIT/(LOSS) FOR PERIOD 0300 (14.421) 12.036
Amount
(X.XX euros)Amount
(X.XX euros)Amount
(X.XX euros)Amount
(X.XX euros)
Basic 0290 -0,28 0,24
Diluted 0295IV. SELECTED FINANCIAL INFORMATION
2. INDIVIDUAL INCOME STATEMENT (PREPARED USING THE NATIONAL ACCOUNTING STANDARDS
CURRENTLY IN FORCE)
EARNINGS PER SHAREACCUMULATED
PREVIOUS PERIOD
30/06/2025CURRENT PERIOD
(2nd HALF)PREVIOUS
PERIOD (2nd
HALF)ACCUMULATED
PERIOD
30/06/2026
This English version has been translated by the entity itself at its sole responsibility and cannot be considered to be official.
Units: thousands of euros
30/06/2026 30/06/2025
0305 (14.421) 12.036 0310 90 31 0320 - -
0321
0323
0330
0340 106 47
0344
0343 11 (4) 0345 (27) (12) 0350 (9.536) (195) 0355 - -
0356 - -
0358
0360
0366 (12.715) (260)
0365
0370 3.179 65
0400 (23.867) 11.872IV. SELECTED FINANCIAL INFORMATION
3. INDIVIDUAL STATEMENT OF CHANGES IN EQUITY
A) PROFIT/(LOSS) FOR PERIOD (from Income Statement) B) INCOME OR EXPENSES CREDITED OR CHARGED DIRECTLY TO EQUITY:A. INDIVIDUAL STATEMENT OF RECOGNIZED INCOME AND EXPENSES (PREPARED USING THE
NATIONAL ACCOUNTING STANDARDS CURRENTLY IN FORCE)
CURRENT
PERIODPREVIOUS
PERIOD
TOTAL RECOGNIZED INCOME/(EXPENSES) (A+B+C)2. Cash flow hedges
3. Grants, donations and legacies received 4. Other income or expenses credited or charged directly to equity 5. Tax effect b) Other income /(expenses)1. Measurement of financial instruments a) Available-for-sale financial assets b) Other income /(expenses) 2. Cash flow hedges 5. Other income or expenses credited or charged directly to equity 6. Tax effect
C) TRANSFERS TO PROFIT AND LOSS:
1. Measurement of financial instruments a) Available-for-sale financial assets3. Grants, donations and legacies received 4. Actuarial gains and losses and other adjustments
This English version has been translated by the entity itself at its sole responsibility and cannot be considered to be official.
Units: thousands of euros
CURRENT PERIOD
Opening balance at 01/01/20263010 3.074 13.544 (5.174) 46.079 - (35) 19.400 76.888 Adjustments for changes in
accounting policies3011
Adjustments for errors 3012 Adjusted opening balance 3015 3.074 13.544 (5.174) 46.079 - (35) 19.400 76.888 I. Total recognized income/(expenses)3020 (14.421) 11 (9.457) (23.867) II. Transactions with shareholders or owners3025 218 (675) (49.156) (49.613)
1. Capital
increases/(reductions)3026
2. Conversion of financial liabilities to equity3027 3. Distribution of dividends 3028 (49.156) (49.156) 4. Treasury stock transactions (net)3029 218 (675) (457)
5.Increases/(reductions) due
to business combinations3030 6. Other transactions with shareholders or owners3032 III. Other equity transactions3035 (3.430) 3.077 (353) 1. Payments based on equity
instruments3036
2. Transfers between equity items3037 (3.077) 3.077 3. Other changes 3038 (353) -
Closing balance at
30/06/20263040 3.074 10.332 (5.849) (14.421) - (24) 9.943 3.055IV. SELECTED FINANCIAL INFORMATION
3. INDIVIDUAL STATEMENT OF CHANGES IN EQUITY
Grants,
donations
and
legacies
receivedTotal
equityB. INDIVIDUAL STATEMENT OF CHANGES IN TOTAL EQUITY (1/2) (PREPARED USING THE
NATIONAL ACCOUNTING STANDARDS CURRENTLY IN FORCE)
Equity
Share
capitalShare
premium
and
reservesTreasury
stockProfit/
(loss) for
the periodOther
equity
instru-
mentsAdjust-
ments for
changes in
value
This English version has been translated by the entity itself at its sole responsibility and cannot be considered to be official.
Units: thousands of euros
PREVIOUS PERIOD
Opening balance at 01/01/20253050 3.074 (13.792) (5.545) 75.546 - (28) 1.029 60.284 Adjustments for changes in
accounting policies3051
Adjustments for errors 3052 Adjusted opening balance 3055 3.074 (13.792) (5.545) 75.546 (28) 1.029 60.284 I. Total recognized income/(expenses)3060 12.036 (4) (160) 11.872 II. Transactions with shareholders or owners3065 (948) 932 (47.911) (47.927)
1. Capital
increases/(reductions)3066
2. Conversion of financial liabilities to equity3067 3. Distribution of dividends 3068 (47.911) (47.911) 4. Treasury stock transactions (net)3069 (948) 932 (16)
5.Increases/(reductions) due
to business combinations3070 6. Other transactions with shareholders or owners3072 III. Other equity transactions3075 27.635 (27.635) -
1. Payments based on equity
instruments3076
2. Transfers between equity items3077 27.635 (27.635) 3. Other changes 3078 - -
Closing balance at 30/06/20253080 3.074 12.895 (4.613) 12.036 - (32) 869 24.229Profit/
(loss) for
the periodOther
equity
instrume
ntsIV. SELECTED FINANCIAL INFORMATION
3. INDIVIDUAL STATEMENT OF CHANGES IN EQUITY
B. INDIVIDUAL STATEMENT OF CHANGES IN TOTAL EQUITY (2/2) (PREPARED USING THE
NATIONAL ACCOUNTING STANDARDS CURRENTLY IN FORCE)
Equity
Adjustment
s for
changes in
valueGrants,
donations
and
legacies
receivedTotal
equityShare
capitalShare
premium
and
reserves
(1)Treasury
stock
This English version has been translated by the entity itself at its sole responsibility and cannot be considered to be official.
Units: thousands of euros
30/06/2026 30/06/2025
0435 (14.369) 43.418 0405 (10.451) 12.328 0410 (3.771) 3.657 0411 4.456 4.792 0412 (8.227) (1.135) 0415 7.206 33.036 0420 (7.353) (5.603)
0421
0422
0423 (4.351)
0430 (3.007) (6.118) 0425 5 515 0460 (12.327) (33.751) 0440 (15.704) (35.155) 0441 (13.159) (34.026) 0442 (2.545) (1.129)
0443
0449
0444
0450 3.377 1.404
0451 2.510
0452 - 113 0453 - -
0461
0454 867 1.291 0490 51.601 12.279 0470 (457) (16)
0471
0472
0473 (39.265) (28.380) 0474 38.808 28.364
0475
0480 52.058 12.295 0481 - 46.521 0482 52.058 (34.226)
0485
0492
0495 24.905 21.946 0499 89.200 16.557 0500 114.105 38.503
30/06/2026 30/06/2025
0550 114.105 38.503
0552
0553
0600 114.105 38.503(-) Payment of interestIV. SELECTED FINANCIAL INFORMATION
4. INDIVIDUAL STATEMENT OF CASH FLOWS
(PREPARED USING NATIONAL ACCOUNTING STANDARDS CURRENTLY IN FORCE)
A) CASH FLOWS FROM OPERATING ACTIVITIES (1+2+3+4)
1.Profit/(loss) before tax 2. Adjustments to profit/(loss) (+) Amortization and depreciation of intangible assets and property, plant and equipment (+/-) Other adjustments to profit/(loss) (net) 3. Changes in working capital 4. Other cash flows from operating activities:CURRENT
PERIODPREVIOUS
PERIOD
(+) Property, plant and equipment, intangible assets and investment property(+) Proceeds from dividends (+/-) Proceeds from/(payments for) corporate income tax (+/-) Other proceeds from/(payments for) operating activities
B) CASH FLOWS FROM INVESTING ACTIVITIES (1+2)
1. Payments of investments:
(-) Group companies, associates and business units (-) Property, plant and equipment, intangible assets and investment property (-) Other financial assets (-) Other assets 2. Proceeds from disinvestments (+) Group companies, associates and business units(+) Proceeds from interest (-) Non current assets and liabilities classified as held for sale
G) CASH AND CASH EQUIVALENTS AT END OF PERIOD (E+F)
CURRENT
PERIOD(+) Other financial assets (+) Other assets
C) CASH FLOWS FROM FINANCING ACTIVITIES (1+2+3)
(+) Issue
(-) Amortization1. Proceeds from and (payments for) equity instruments:(+) Non current assets and liabilities classified as held for sale
PREVIOUS
PERIOD
TOTAL CASH AND CASH EQUIVALENTS AT END OF PERIODCOMPONENTS OF CASH AND CASH EQUIVALENTS AT END OF PERIOD3. Payment of dividends and remuneration of other equity instruments(-) Acquisition (+) Cash in hand and at bank (+) Other financial assets (-) Less: bank overdrafts repayable on demand(+) Disposal (+) Grants, donations and legacies received 2. Proceeds from and (payments for) financial liability instruments:
(+) Issue
(-) Repayment and amortization
D) EFFECT OF EXCHANGE RATE CHANGES
E) NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS (A+B+C+D)
F) CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
This English version has been translated by the entity itself at its sole responsibility and cannot be considered to be official.
Units: thousands of euros
ASSETS
30/06/2026 31/12/2025
1040 559.065 388.983 1030 35.694 35.885 1031 2.702 2.702 1032 32.992 33.183 1033 485.640 330.735
1034
1035 19.252 19.164 1036 - -
1047
1041
1042 -
1043
1044 -
1039
1045
1046
1037 18.479 3.199 1038 - -
1085 567.956 566.708
1050
1055 272.814 287.975 1060 162.433 177.569 1061 147.695 163.314 1062 14.738 14.226 1063 - 29 1070 1.103 -
1080
1081
1082
1083
1084 1.103 -
1076 -
1077
1078 -
1075 4.637 3.188 1072 126.969 97.976 1100 1.127.021 955.691 b) Other 4. Current financial assets a) At fair value with changes in net income Of which "Designated upon initial recognition"3. Trade and other receivables7. Deferred tax assets 8. Other non-current assets
B) CURRENT ASSETS
1. Non-current assets held for sale 2. Inventories a) At fair value with changes in net income b) At fair value with changes in other comprehensive income Of which "Designated upon initial recognition"1. Intangible assets:IV. SELECTED FINANCIAL INFORMATION
5. CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNDER IFRS ADOPTED) (1/2)
A) NON-CURRENT ASSETSCURRENT
PERIODPREVIOUS
PERIOD
a) Goodwill
b) Other intangible assets 2. Property, plant and equipment 3. Investment property 4. Investments accounted for using the equity method 5. Non-current financial assets Of which "Designated upon initial recognition" c) At amortised cost 6. Non-current derivatives TOTAL ASSETS (A+B) a) Trade receivables for sale of goods and services b) Other receivables c) Current tax assets
5.Current derivatives
6. Other current assets 7. Cash and cash equivalents b) At fair value with changes in other comprehensive income Of which "Designated upon initial recognition" c) At amortised cost a) Hedging derivatives b) Other a) Hedging derivatives
This English version has been translated by the entity itself at its sole responsibility and cannot be considered to be official.
Units: thousands of euros
LIABILITIES AND EQUITY
30/06/2026 31/12/2025
1195 717.053 675.455 1180 698.979 664.469 1171 3.074 3.074 1161 3.074 3.074
1162
1172 87.636 87.636 1173 673 673 1174 (5.849) (5.174) 1178 528.969 437.818
1179
1175 84.476 140.442
1176
1177
1188 1.640 (54)
1186
1185
1190
1187 1.640 (54)
1182
1184
1192
1191
1183 1.640 (54) 1189 700.619 664.415 1193 16.434 11.040 1120 133.423 99.014
1117
1115
1116 80.544 93.204 1131 64.301 74.585 1132 16.243 18.619 1118 21.768 160
1140
1141
1142
1135 31.111 5.650 1130 276.545 181.222
1121
1122
1123 27.146 28.617 1133 20.592 20.409 1134 6.554 8.208 1124 211.587 122.961 1125 83.950 81.844 1126 101.965 36.715 1127 25.672 4.402 1145 - -
1146
1147 -
1136 37.812 29.644 1200 1.127.021 955.691 a) Hedging derivatives
b) Other
5. Current derivatives a) Hedging derivatives b) Other6. Other non-current liabilitiesA.1) EQUITY IV. SELECTED FINANCIAL INFORMATION
5. CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNDER IFRS ADOPTED) (2/2)
A) EQUITY (A.1 + A.2 + A.3)CURRENT
PERIODPREVIOUS
PERIOD
A.2) ACCUMULATED OTHER COMPREHENSIVE INCOME1. Capital:
a) Authorized capital a) Less: uncalled capital 2. Share premium
3. Reserves
4. Less treasury stock 5. Retained earnings 6. Other shareholder contributions 7. Profit or loss for period 8. Less: interim dividend 9. Other equity instruments 1. Items not reclassified to profit and loss for the period 2. Items that may be reclassified to profit and loss for the period
EQUITY ATTRIBUTED TO PARENT COMPANY(A.1 + A.2)
A.3) NON-CONTROLLING INTERESTS
B) NON-CURRENT ASSETS
4. Deferred tax liabilities b) Other a) Equity instruments with changes in other comprehensive income d) Debt instruments at fair value with changes in other comprehensive income 5. Non-current derivatives1. Grants 2. Non-current provisions 3. Non-current financial liabilities:
a) Bank borrowings and debentures or other negotiable securities b) Other financial liabilities TOTAL EQUITY AND LIABILITIES (A + B + C) a) Hedging transactions b) Hedging differences c) Participation in other comprehensive income from investments in J.V. and others
e) Other
b) Other financial liabilities 4. Trade and other payables:
a) Trade payables b) Other payables c) Current tax liabilities 6. Other current liabilitiesC) CURRENT LIABILITIES 1. Liabilities related to current assets held for sale 2. Current provisions 3. Current financial liabilities:
a) Bank borrowings and debentures or other negotiable securities
This English version has been translated by the entity itself at its sole responsibility and cannot be considered to be official.
Units: thousands of euros (+) Net revenue 1205 344.160 314.590 (+/-) Change in inventories of finished products and work in progress1206 (15.116) (1.373) (+) Work performed by the company on its assets 1207 258 232 (-) Supplies 1208 (104.788) (117.766) (+) Other operating income 1209 -
(-) Employee benefit expenses 1217 (85.268) (70.417) (-) Other operating expenses 1210 (93.338) (60.286) (-) Amortization and depreciation charges 1211 (17.973) (14.748) (+) Allocation of grants for non-financial assets and other 1212 12.846 715 (+/-) Impairment of intangible assets and property, plant
& equipment1214
(+/-) Gains/(losses) on disposal of intangible assets and property, plant & equipment1216 (+/-) Other gains/(losses) 1215 62.352
= OPERATING PROFIT/(LOSS) 1245 103.133 50.947
(+) Finance income 1250 877 707 a) Interest income calculated according to the effective interest rate1262 877 707 b) Other 1263 (-) Finance expenses 1251 (2.755) (1.328) (+/-) Change in fair value of financial instruments 1252 116 (533) (+/-) Gains/(losses) derived from the reclassification of financial assets at amortized cost to financial assets at
fair value1258
(+/-) Gains/(losses) derived from the reclassification of financial assets at fair value with changes in other comprehensive income to financial assets at fair value1259 (+/-) Exchange rate differences 1254 112 (100)(+/-) Gains/(losses) on impairment of financial
instruments 1255
(+/-) Gains/(losses) on disposal of financial instruments 1255 a) Financial instruments at amortised cost 1257 b) Other 1260
= FINANCE PROFIT/(LOSS) 1256 (1.650) (1.254)
(+/-) Profit/(loss) of entities measured using the equity method1253 88 (67)
= PROFIT/(LOSS) BEFORE TAX 1265 101.571 49.626
(+/-) Corporate income tax 1270 (17.192) (9.926)
= PROFIT/(LOSS) FOR PERIOD FROM
CONTINUING OPERATIONS1280 84.379 39.700
(+/-)Profit/(loss) for period from discontinued operations, net of taxes1285
= CONSOLIDATED PROFIT/(LOSS) FOR PERIOD 1288 84.379 39.700
a) Profit/(loss) attributed to parent company 1300 84.476 39.736 b) Profit/(loss) attributed to non-controlling interests 1289 (97) (36) Basic 1290 1,65 0,78
Diluted 1295EARNINGS PER SHAREAMOUNT
(X.XX euros)AMOUNT
(X.XX euros)AMOUNT
(X.XX euros)AMOUNT
(X.XX euros)IV. SELECTED FINANCIAL INFORMATION
6. CONSOLIDATED INCOME STATEMENT (UNDER IFRS ADOPTED)
CURRENT PERIOD
(2nd HALF)PREVIOUS
PERIOD
(2nd HALF)ACCUMULATED
PERIOD
30/06/2026ACCUMULATED
PREVIOUS PERIOD
30/06/2025
This English version has been translated by the entity itself at its sole responsibility and cannot be considered to be official.
Units: thousands of euros
30/06/2026 30/06/2025
1305 84.379 39.700
1310
1311
1344
1342
1343
1345
13501.694 (18)
1355
1356
1357
1358
1360
1361
1362
1363
1364
1365 1.694 (18) 1366 1.694 (18)
1367
1368
1370
1371
1372
1373
1375 - -
1376 - -
1377
1978
1380 - -
1400 86.073 39.682 1398 86.170 39.718 1399 (97) (36)6. Tax effect
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD (A+B+C)
a) Attributed to parent company b) Attributed to non-controlling interests b) Amounts transferred to profit and loss c) Other reclassifications 5. Other comprehensive income and expenses that may subsequently be reclassified to profit and loss for the period:
a) Gains/(losses) on remeasurement b) Amounts transferred to profit and loss c) Other reclassifications a) Gains/(losses) from measurement2. Cash-flow hedges:
a) Gains/(losses) on remeasurement b) Amounts transferred to profit and loss c) Amounts transferred at initial value of hedged items d) Other reclassifications 3. Conversion differences:
a) Gains/(losses) on remeasurement b) Amounts transferred to profit and loss c) Other reclassifications 4. Share in other recognized comprehensive income from investments in joint
ventures and associatesC) OTHER COMPREHENSIVE INCOME - ITEMS THAT MAY SUBSEQUENTLY
BE RECLASSFIED TO PROFIT AND LOSS FOR THE PERIOD:
1. Available-for-sale financial assets:
a) Gains/(losses) on remeasurement b) Amounts transferred to profit and loss c) Other reclassifications5. Tax effectIV. SELECTED FINANCIAL INFORMATION
7. CONSOLIDATED STATEMENT OF RECOGNIZED INCOME AND EXPENSES (UNDER IFRS
ADOPTED)
A) PROFIT/(LOSS) FOR PERIOD (from Income Statement)
B) OTHER COMPREHENSIVE INCOME - ITEMS NOT RECLASSIFIED TO
PROFIT AND LOSS FOR THE PERIOD
1. Remeasurement (reversal of remeasurement) of property, plant and equipment and intangible assets 2. Actuarial gains and losses 3. Share in other recognized comprehensive income from investments in joint ventures and associates 4. Other income and expenses not reclassified to profit and loss for the period CURRENT
PERIODPREVIOUS
PERIOD
This English version has been translated by the entity itself at its sole responsibility and cannot be considered to be official.
Units: thousands of euros
CURRENT PERIOD
Opening balance at 01/01/20263110 3.074 526.127 (5.174) 140.442 - (54) 11.040 675.455 Adjustments for changes in
accounting policies3111
Adjustments for errors 3112 Adjusted opening balance 3115 3.074 526.127 (5.174) 140.442 (54) 11.040 675.455 I. Total recognized income/(expenses)3120 84.476 1.694 (97) 86.073 II. Transactions with shareholders or owners3125 218 (675) (49.156) - (49.613)
1. Capital
increases/(reductions)3126
2. Conversion of financial liabilities to equity3127 3. Distribution of dividends 3128 (49.156) (49.156) 4. Treasury stock transactions (net)3129 218 (675) (457)
5.Increases/(reductions) due
to business combinations3130 -
6. Other transactions with shareholders or owners3132 -
III. Other equity transactions3135 90.933 (91.286) 5.491 5.138 1. Payments based on equity
instruments3136
2. Transfers between equity items3137 91.286 (91.286) 3. Other changes 3138 (353) 5.491 5.138 Closing balance at
30/06/20263140 3.074 617.278 (5.849) 84.476 - 1.640 16.434 717.053IV. SELECTED FINANCIAL INFORMATION
8. CONSOLIDATED STATEMENT OF CHANGES IN TOTAL EQUITY (UNDER IFRS ADOPTED) (1/2)
Equity
Adjust-
ments for
changes in
valueShare
capitalShare
premium
and
reservesTreasury
stockEquity attributed to parent company
Non-
controlling
interestsTotal equityProfit/
(loss) for
the per.
attributed
to parent
companyOther
equity
instru-
ments
This English version has been translated by the entity itself at its sole responsibility and cannot be considered to be official.
Units: thousands of euros
PREVIOUS PERIOD
Opening balance at 01/01/20253150 3.074 437.641 (5.545) 136.881 - (23) 9.512 581.540 Adjustments for changes in
accounting policies3151
Adjustments for errors 3152 Adjusted opening balance 3155 3.074 437.641 (5.545) 136.881 (23) 9.512 581.540 I. Total recognized income/(expenses)3160 39.736 (18) (36) 39.682 II. Transactions with shareholders or owners3165 (948) 932 (47.911) - (47.927)
1. Capital
increases/(reductions)3166
2. Conversion of financial liabilities to equity3167 3. Distribution of dividends 3168 (47.911) (47.911) 4. Treasury stock transactions (net)3169 (948) 932 (16)
5.Increases/(reductions) due
to business combinations3170 -
6. Other transactions with shareholders or owners3172 - -
III. Other equity transactions3175 88.785 (88.970) 1.605 1.420 1. Payments based on equity
instruments3176
2. Transfers between equity items3177 88.970 (88.970) 3. Other changes 3178 (185) 1.605 1.420 Closing balance at
30/06/20253180 3.074 525.478 (4.613) 39.736 (41) 11.081 574.715IV. SELECTED FINANCIAL INFORMATION
8. CONSOLIDATED STATEMENT OF CHANGES IN TOTAL EQUITY (UNDER IFRS ADOPTED) (2/2)
Equity
Adjust-
ments for
changes in
valueTotal equityNon-
controlling
interestsEquity attributed to parent company
Share
capitalShare
premium
and
reservesTreasury
stockProfit/
(loss) for
the per.
attributed
to parent
companyOther
equity
instru-
ments
This English version has been translated by the entity itself at its sole responsibility and cannot be considered to be official.
Units: thousands of euros
LIABILITIES AND EQUITY
30/06/2026 30/06/2025
1435 94.262 28.024 1405 101.571 49.626 1410 (53.739) 10.935 1411 17.973 14.748 1412 (71.712) (3.813) 1415 39.825 (12.573) 1420 6.605 (19.964)
1421 -
1430
1422
1423
1424 (3.523) (7.019) 1425 10.128 (12.945) 1460 (53.681) (21.911) 1440 (54.555) (24.301) 1441 (24.132) (3.463) 1442 (30.423) (20.838)
1443
1459
1444
1450 - 85
1451 -
1452 - 85 1453 - -
1461
1454
1455 874 2.305
1456
1457 874 241
1458 2.064
1490 (11.727) 12.815 1470 (457) (16)
1471
1472
1473 (39.265) (28.380) 1474 38.808 28.364 1480 (14.488) 13.947 1481 - 46.521 1482 (14.488) (32.574)
1485 -
1486 3.218 (1.116) 1487 (1.170) (1.116) 1488 4.388 -
1492 139
1495 28.993 18.928 1499 97.976 27.186 1500 126.969 46.114
30/06/2026 30/06/2025
1550 126.969 46.114
1552
1553
1600 126.969 46.114(+) Other financial assets (+) Other assets(-) Property, plant and equipment, intangible assets and investment property (-) Other financial assets (-) Other assets 2. Proceeds from disinvestments (+) Group companies, associates and business units (+) Property, plant and equipment, intangible assets and investment property(-) Non current assets and liabilities classified as held for sale (+) Non current assets and liabilities classified as held for sale
CURRENT
PERIODPREVIOUS
PERIOD3. Other cash flows from investing activities (+) Proceeds from dividends (+) Proceeds from interest (+/-) Other proceeds from/(payments for) investing activities
C) CASH FLOWS FROM FINANCING ACTIVITIES (1+2+3+4)
1. Proceeds from and (payments of) equity instruments:
(+) Issue
COMPONENTS OF CASH AND CASH EQUIVALENTS AT END OF PERIOD
(+) Cash in hand and at bank(-) Acquisition
(+) Disposal
2. Proceeds from/ (payments for) financial liability instruments:
(+) Issue
(-) Repayment and amortization(-) Payment of dividends and remuneration of other equity instruments (+) Proceeds from dividends (+/-) Proceeds from/(payments of) corporate income tax (+/-) Other proceeds from/(payments for) operating activities TOTAL CASH AND CASH EQUIVALENTS AT END OF PERIOD3. Payment of dividends and remuneration of other equity instruments
D) EFFECT OF CHANGES IN EXCHANGE RATES
E) NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS (A+B+C+D)
F) CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
G) CASH AND CASH EQUIVALENTS AT END OF PERIOD (E+F)(-) Payment of interest
(+/-) Other proceeds from /(payments for) financing activities4. Other cash flows from financing activities (+) Other financial assets (-) Less: bank overdrafts repayable on demand(-) AmortizationB) CASH FLOWS FROM INVESTING ACTIVITIES (1+2+3) 1. Payments of investments:
(-) Group companies, associates and business units(+) Proceeds from interestIV. SELECTED FINANCIAL INFORMATION
9. CONSOLIDATED STATEMENT OF CASH FLOWS (INDIRECT METHOD) (UNDER IFRS ADOPTED)
A) CASH FLOWS FROM OPERATING ACTIVITIES (1+ 2+ 3 +4)
1.Profit/(loss) before tax 2. Adjustments to profit/(loss)PREVIOUS
PERIOD
(+) Amortization and depreciation of intangible assets and property, plant and equipment (+/-) Other adjustments to profit/(loss) (net) 3. Changes in working capital 4. Other cash flows from operating activities:CURRENT
PERIOD
(-) Payment of interest
This English version has been translated by the entity itself at its sole responsibility and cannot be considered to be official.
2158
2159
2160
2155
2156
2157Total dividends paid a) Dividends charged to profit and loss a) Dividends charged to reserves or share premium
c) Dividends in kindIV. SELECTED FINANCIAL INFORMATION
10. DIVIDENDS PAID
% of
nominal
valueAmount
(thousand
euros)Euros per
share
(X.XX)CURRENT PERIOD PREVIOUS PERIOD
Euros per
share
(X.XX)% of
nominal
value% of nominal
value
Ordinary shares
Other shares (non-voting, redeemable, etc.)
This English version has been translated by the entity itself at its sole responsibility and cannot be considered to be official.
Units: thousands of euros
Table 1:
GEOGRAPHICAL AREA
CURRENT
PERIODPREVIOUS
PERIODCURRENT
PERIODPREVIOUS
PERIOD
2210 158.038 186.790 142.647 141.248 2215 79.418 83.051 201.513 173.342 2216 51.780 46.283 101.912 78.989 a.1 ) Euro zone 2217 51.158 45.675 87.176 74.434 a.2 ) No Euro zone 2218 622 608 14.736 4.555 2219 27.638 36.768 99.601 94.353 2220 237.456 269.841 344.160 314.590
Table 2:
SEGMENTS
CURRENT
PERIODPREVIOUS
PERIODCURRENT
PERIODPREVIOUS
PERIODC
U RP
R E 2221 220.242 201.147 106.699 47.402 ##
Marketing 2222 237.774 237.373 (26.555) (248) ## Other 2223 70 29 (1.014) (139)
2224
2225
2226
2227
2228
2229
2230 (113.926) (123.959) 5.249 (7.315) ## TOTAL 2235 344.160 314.590 84.379 39.700 ##(-) Adjustments and elimination of ordinary revenue between
segmentsIV. SELECTED FINANCIAL INFORMATION
11. SEGMENT REPORTING
CONSOLIDATEDTOTALINDIVIDUAL CONSOLIDATED
ManufacturingNet revenue Profit / (loss) Total net revenueDistribution of net revenue by geographical area
Domestic market
Exports:
a) European Union b) Other countries
This English version has been translated by the entity itself at its sole responsibility and cannot be considered to be official.
2295 581 691 2.470 2.188 2296 229 281 1.172 998 2297 352 410 1.298 1.190
DIRECTORS:
Item of compensation:
2310 330 330 2311 751 729 2312 637 611 2313 0 0
2314
2315 3 3
2316
2320 1.721 1.673
SENIOR MANAGEMENT:
2325 1.897 1.577TOTAL
CURRENT
PERIODPREVIOUS
PERIOD
Total compensation received by senior managementAmount (thousand euros)IV. SELECTED FINANCIAL INFORMATION
12. AVERAGE NUMBER OF EMPLOYEES
INDIVIDUAL CONSOLIDATED
CURRENT
PERIODPREVIOUS
PERIODCURRENT
PERIODPREVIOUS
PERIOD
Salaries
Variable cash remuneration Share-based remuneration systems
Indemnities
OtherLong-term savings systemsAVERAGE NUMBER OF EMPLOYEES Amount (thousand euros)
CURRENT
PERIODPREVIOUS
PERIOD
Remuneration for membership of Board or Board committeesMen
Women
IV. SELECTED FINANCIAL INFORMATION
13. COMPENSATION RECEIVED BY DIRECTORS AND SENIOR MANAGEMENT
This English version has been translated by the entity itself at its sole responsibility and cannot be considered to be official.
Units: thousands of euros EXPENSES AND INCOMESignificant
share-
holdersDirectors
and senior
manage-
mentPersons,
companies or
entities
belonging to
the groupOther
related
partiesTotal
2340
2343 0 1.444 1.444
2344
2345
2348
2350 0 1.444 1.444
2351
2354
2356 0 0
2357
2359
2360 0 0
OTHER TRANSACTIONSSignificant
share-
holdersDirectors
and senior
manage-
mentPersons,
companies or
entities
belonging to
the groupOther
related
partiesTotal
2372
2375
2381
2382
2383
2386
2385
OTHER TRANSACTIONSSignificant
share-
holdersDirectors
and senior
manage-
mentPersons,
companies or
entities
belonging to
the groupOther
related
partiesTotal
2341 0
2342 0
2346 0
2347 0 0 0 0 0 2352 237 237
2353 0
2355 2.558 2.558 2358 2.7951) Trade and other receivables 2) Loans and credits granted 3) other collection rights
TOTAL CREDIT BALANCES (4+5+6)TOTAL DEBIT BALANCES (1+2+3)
4) Trade and other payables 5) Loans and credits received 6) Other payment obligationsCURRENT PERIODGuarantees and guarantee deposits received
Commitments acquired
Dividends and other profits distributed Other transactionsCURRENT PERIOD Financing agreements: loans & capital contributions
(lender)
Guarantees and guarantee deposits furnishedINCOME (6+7+8+9+10) Financing agreements: loans & capital contributions
(borrower)IV. SELECTED FINANCIAL INFORMATION
14. RELATED-PARTY TRANSACTIONS (1/2)
1) Finance expensesCURRENT PERIOD RELATED-PARTY TRANSACTIONS
2) Rentals
3) Services received 4) Purchases of goods (finished or in progress) 10) Other income5) Other expenses
EXPENSES (1+2+3+4+5)
8) Services provided 9) Sale of goods 6) Finance income 7) Dividends received
This English version has been translated by the entity itself at its sole responsibility and cannot be considered to be official.
Units: thousands of euros EXPENSES AND INCOMESignificant
share-
holdersDirectors
and senior
manage-
mentPersons,
companies or
entities
belonging to
the groupOther
related
partiesTotal
6340
6343 0 1.385 1.385
6344
6345
6348
6350 0 1.385 1.385
6351
6354
6356 8 8
6357
6359
6360 8 8
OTHER TRANSACTIONSSignificant
share-
holdersDirectors
and senior
manage-
mentPersons,
companies or
entities
belonging to
the groupOther
related
partiesTotal
6372
0 0
6375
6382
6383
6386
6385
OTHER TRANSACTIONSSignificant
share-
holdersDirectors
and senior
manage-
mentPersons,
companies or
entities
belonging to
the groupOther
related
partiesTotal
6341 0 0
6342 0
6346 0
6347 0 0 0 0 0 6352 230 230
6353
6355 1.794 0 1.794
6358 0 1.794 0 230 2.024TOTAL DEBIT BALANCES (1+2+3)
4) Trade and other payables 5) Loans and credits received 6) Other payment obligations
TOTAL CREDIT BALANCES (4+5+6)PREVIOUS PERIOD
1) Trade and other receivables 2) Loans and credits granted 3) other collection rightsDividends and other profits distributed Other transactionsFinancing agreements: loans & capital contributions
(borrower)
Guarantees and guarantee deposits receivedFinancing agreements: loans & capital contributions
(lender)
Commitments acquired10) Other income
PREVIOUS PERIODINCOME (6+7+8+9+10)EXPENSES (1+2+3+4+5)
6) Finance income 7) Dividends received 9) Sale of goods 8) Services provided5) Other expenses3) Services received 4) Purchases of goods (finished or in progress)2) RentalsIV. SELECTED FINANCIAL INFORMATION
14. RELATED-PARTY TRANSACTIONS (2/2)
RELATED-PARTY TRANSACTIONS PREVIOUS PERIOD
1) Finance expenses
This English version has been translated by the entity itself at its sole responsibility and cannot be considered to be official.
Individual Consolidated
2376 - -
2377 - X
2378 - -
2379 - X
2380 - XInterim management report
Auditor´s reportV. SEMESTER FINANCIAL INFORMATION
Content of the sections
Explanatory Notes
Condensed consolidated interim financial statements Completed consolidated interim financial statements
This English version has been translated by the entity itself at its sole responsibility and cannot be considered to be official.