Krka — Management Reports 2026

Mar 13, 2026

KRKA

PRESS RELEASE

Krka Releases 2025 Unaudited Financial Statements

Novo mesto
12 March 2026

Krka released the 2025 unaudited financial statements of the Krka Group and the controlling company Krka, d. d., Novo mesto today. The report was published after the Supervisory Board of Krka discussed them at their meeting yesterday. The Krka Group generated revenue of €2,041.0 million, up €131.5 million or 7% on 2024. Earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to €558.7 million, corresponding to EBITDA margin of 27.4%. Krka Group unaudited net profit totalled €403.7 million, up 13% on 2024. The 2025 annual report is due for publishing on Thursday, 9 April 2026.

The President of the Management Board and Chief Executive Officer Jože Colarič explained: 'As reported in January, the Krka Group performed successfully and in line with expectations. We have marked notable milestones, outstripping €2 billion in revenue for the first time since incorporation, recorded EBITDA of €558.7 million, the highest to date, and net profit of €403.7 million. Set side by side with the published preliminary 2025 unaudited performance estimate for the Krka Group, sales remained unchanged, operating profit declined by €0.4 million, and net profit increased by €2.6 million. We have consistently overcome challenges owing to our geographically dispersed presence, broad range of high-quality and competitive products, prudent strategic decision-making, continuous investment in development, and ability to adapt effectively to circumstances, and I believe that this will continue in the future. I trust in knowledge, responsible and persistent work of all Krka employees, and in our joint efforts to surpass set milestones. I trust in Krka.'

Financial highlights

€ thousand	Krka Group			Krka
	2025*	2024	Index	2025*	2024	Index
Revenue	2,041,025	1,909,544	107	1,859,391	1,766,021	105
– Of which revenue from sales of products and services	2,034,039	1,899,848	107	1,624,786	1,538,576	106
Gross profit	1,183,006	1,093,883	108	1,063,576	983,768	108
Earnings before interest, tax, depreciation and amortisation (EBITDA)	558,651	520,085	107	482,033	457,150	105
Operating profit (EBIT)	465,149	427,572	109	412,686	385,997	107
Profit before tax (EBT)	495,945	419,078	118	476,804	380,968	125
Net profit	403,672	356,202	113	395,372	321,192	123
R&D expenses	188,158	184,855	102	184,812	179,822	103
Investments	95,493	117,049	82	70,043	87,800	80

Performance ratios

	Krka Group		Krka
	2025*	2024	2025*	2024
Gross profit margin	58.0%	57.3%	57.2%	55.7%
EBITDA margin	27.4%	27.2%	25.9%	25.9%
EBIT margin	22.8%	22.4%	22.2%	21.9%
EBT margin	24.3%	21.9%	25.6%	21.6%
Return on sales (ROS)	19.8%	18.7%	21.3%	18.2%
Return on equity (ROE)	17.5%	16.1%	17.7%	14.9%
Return on assets (ROA)	13.7%	12.7%	14.7%	12.3%
Liabilities/Equity	0.280	0.273	0.215	0.199
R&D expenses/Revenue	9.2%	9.7%	9.9%	10.2%

• The 2025 data are unaudited.

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Krka Group performance analysis

Operating income
Revenue

In 2025, the Krka Group generated revenue of €2,041.0 million, a €131.5 million or 7% increase on 2024, of which revenue from contracts with customers on sales of products and services amounted to €2,034.0 million, and revenue from contracts with customers on sales of materials and other sales revenue constituted the difference. Our sales volume tallied 18.7 billion product units, up 5% on 2024.

Over the past five years, the compound annual growth rate of revenue was 5.9%.

Operating expenses

The Krka Group posted operating expenses of €1,584.0 million, up €94.9 million or 6% on 2024.

Krka Group operating expenses comprised: cost of goods sold of €858.0 million; selling and distribution expenses of €413.8 million; R&D expenses of €188.2 million; and general and administrative expenses of €124.1 million. Operating expenses accounted for 78% of revenue, much the same as over the past five years.

Costs of goods sold, up 5% on 2024, represented the largest item in the Krka Group operating expense structure. They accounted for 42.0% of total revenue in 2025, and 42.7% in 2024. Selling and distribution expenses increased by 11% and accounted for 20.3% of total revenue, up 0.7 percentage points on 2024. R&D expenses increased by 2% and constituted 9.2% of total revenue (down 0.5 percentage points on 2024).

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Operating results

The Krka Group recorded operating profit (EBIT) of €465.1 million, up €37.6 million or 9% on 2024. The Krka Group generated earnings before interest, tax, depreciation and amortisation (EBITDA) of €558.7 million, up €38.6 million or 7%.

In 2025, Krka Group profit before tax increased by €76.9 million or 18% to €495.9 million. The effective tax rate for the Krka Group was 18.6%. The Krka Group recorded net profit of €403.7 million, up €47.5 million or 13% on 2024. Over the past five years, the compound annual growth rate (CAGR) of net profit was 6.9%.

Sales

Krka Group product and service sales by region

€ thousand	2025	2024	Index
Region Slovenia	130,272	121,004	108
Region South-East Europe	290,172	269,025	108
Region East Europe	713,371	650,339	110
Region Central Europe	460,004	426,530	108
Region West Europe	364,109	351,803	103
Region Overseas Markets	76,111	81,147	94
Total	2,034,039	1,899,848	107

In 2025, the Krka Group generated revenue from contracts with customers on sales of products and services of €2,034.0 million, up €134.2 million or 7% on 2024. Sales increased in most markets.

Region East Europe generated €713.4 million and, accounting for 35.1% of total sales, was the largest sales region in the Krka Group. Year-on-year sales increased by 10%. In the Russian Federation, our product sales generated €422.3 million, up 13% on 2024, and sales denominated in the rouble increased by 9%. We recorded growth in all other regional markets, except in Kazakhstan. Product sales in Ukraine totalled €96.3 million and remained on the 2024 level. Product sales in Uzbekistan totalled €57.9 million, up 8% year on year.

Region Central Europe, which comprises the Visegrad Group and the Baltic states, achieved the second highest sales with €460.0 million, accounting for 22.6% of total Krka Group sales. Year on year, its sales increased by 8%. Poland, the leading market in the region, generated product sales of €230.1 million, up 12%. Product sales in

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Czechia totalled €62.2 million, up 6%, while in Hungary, product sales increased by 1% to €53.9 million. We also increased sales in other countries in the region.

Accounting for 17.9% in total Krka Group sales, Region West Europe was the Krka Group's third largest sales region and recorded sales of €364.1 million. Year-on-year sales increased by 3%. In Germany, the largest regional market, product sales amounted to €86.8 million, recording a 4% year-on-year increase. We recorded the highest absolute sales growth in northern Europe, Portugal, Belgium, and Germany.

Product sales in Region South-East Europe amounted to €290.2 million, up 8% on 2024, accounting for 14.3% of total Krka Group sales. Romania and Croatia remained our two leading markets in the region. We recorded the highest absolute sales growth in Serbia, Bosnia and Herzegovina, and Croatia. Our product sales in Romania generated €80.1 million, up 3%, and in Croatia €52.1 million, up 6%. Sales increased in all markets in the region.

Region Slovenia recorded sales of €130.3 million, accounting for 6.4% of total Krka Group sales. The growth rate was 8%. The major part, totalling €76.1 million, was generated by product sales, which increased by 6%. Health resort and tourist services yielded €54.2 million, up 10% on 2024.

Region Overseas Markets generated product sales of €76.1 million, accounting for 3.7% of total Krka Group sales. Its year-on-year sales decreased by 6%.

Krka Group sales by product and service group

Amount	2025	2024	Index
Human health products	1,865,186	1,738,650	107
– Prescription pharmaceuticals	1,691,711	1,567,359	108
– Non-prescription products	173,475	171,291	101
Animal health products	114,652	111,847	103
Health resort and tourist services	54,201	49,351	110
Total	2,034,039	1,899,848	107

Sales of prescription pharmaceuticals totalled €1,691.7 million, up 8% on 2024, accounting for 83.2% of total Krka Group sales. We increased sales in all regions, except in Region Overseas Markets. Region East Europe increased sales by 12%; Region Central Europe and Region South-East Europe by 8% each; Region Slovenia by 6%; and Region West Europe by 4%. Of our ten largest individual markets, prescription pharmaceuticals saw the highest absolute sales growth in the Russian Federation, Poland, northern Europe, and Germany. Of our other markets, sales increases were most substantial in Belarus, Belgium, and

Portugal.

Top-ranking classes of prescription pharmaceuticals included cardiovascular agents, central nervous system agents, medicines for the treatment of gastrointestinal disorders, pain, and diabetes.

The ten leading prescription pharmaceuticals in terms of sales were product groups containing:

• Perindopril (Prenessa, Co-Prenessa, Amlessa, Co-Amlessa, Roxiper, Roxampex, Pixoroso);
• Valsartan (Valsacor, Co-Valsacor, Valomindo, Wamlox, Valtricom, Valarox);
• Rosuvastatin (Roswera, Co-Roswera);
• Pantoprazole (Nolpaza);
• Losartan (Lorista, Lorista H, Tenloris);
• Atorvastatin (Atoris, Co-Atoris);
• Esomeprazole (Emanera);
• Telmisartan (Tolura, Tolucombi, Tolurindo, Teldipin, Tolutris);
• Duloxetine (Dulsevia); and
• Candesartan (Karbis, Karbicombi, Co-Karbis, Camlocor).

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Sales of non-prescription products totalled €173.5 million, up 1% on 2024, accounting for 8.5% of total Krka Group sales. In 2025, we recorded the highest absolute sales increases in the Russian Federation, Poland, and Slovenia. Septolete, Nalgesin, Herbion, and Septanazal were our most important non-prescription product brands for sales.

Sales of animal health products totalled €114.7 million, a 3% year-on-year increase, and accounted for 5.6% of total sales. Absolute sales growth was the highest in Poland, Ireland, and Czechia. In 2025, the combination of milbemycin and praziquantel (Milprazon) remained the best-selling animal health product. It was followed by products containing fipronil (Fypryst, Fypryst Combo) and selamectin (Selehold).

All pharmaceuticals listed above are marketed under different brand names in individual countries.

Sales of health resort and tourist services totalled €54.2 million, up 10% on 2024, accounting for 2.7% of total sales. We recorded 353,745 overnight stays, a 3% year-on-year increase.

Research and development

In 2025, we expanded our product range with seventeen new products, of which thirteen prescription pharmaceuticals, two additions to our portfolio of non-prescription products, and two animal health products.

Of prescription pharmaceuticals, we were granted marketing authorisations for contemporary antidiabetic agents, offering new patient-tailored treatment options: two single-pill combinations Dagraduo (sitagliptin/dapagliflozin) and Mexdagry (dapagliflozin/metformin); and Lynxaram (linagliptin). We added new products to the portfolio of cardiovascular agents, our largest product class: combination medicines Valkubit (sacubitril/valsartan), Bi-Prenessa (bisoprolol/perindopril), and Pixoroso (rosuvastatin/perindopril), new strengths of Co-Amlessa (perindopril/amlodipine/indapamide), and Co-Roswera (rosuvastatin/ezetimibe), and new formulations of Telassmo (telmisartan/amlodipine) and Tolucombi (telmisartan/hydrochlorothiazide). Also, we were granted marketing authorisations for a single-pill analgesic, Delanxara (tramadol/dexketoprofen). In China, we were granted marketing authorisations for vonoprazan for the treatment of the gastrointestinal tract, and dapagliflozin for the treatment of type 2 diabetes mellitus. Medicines may be approved under different brand names in individual markets.

We received marketing authorisations for two new non-prescription products for relieving pain and inflammation in the oral cavity and throat, Septabene lemon-and-ginger flavoured lozenges, and Septabene cola flavoured lozenges. Both products are also approved as Septolete on certain markets.

We expanded our animal health product range with a combination medicine Dehinexxa (praziquantel/emodepside) spot-on solution, in certain countries also available as Dehispot, and Robexera (robenacoxib) solution for injection.

We finalised over 900 registration procedures for new and already established products and received approvals for more than 32,000 regulatory variations to ensure uninterrupted supply to markets.

We filed eleven patent applications for new technological solutions we had developed and evaluated as inventions at the global ranking level. Based on priority applications from 2024, we filed eight international and one European patent applications. We were granted 15 patents in various countries. 250 patents protect Krka's technological solutions.

We filed 39 applications for trademarks in Slovenia. We also filed 68 international and 18 national trademark applications. Overall, we have registered trademarks for more than 1,150 different signs across multiple countries.

Investments

In 2025, the Krka Group allocated €95.5 million to investments, of that €70.0 million to the controlling company.

Completed investments

• We refurbished the packaging room at Notol, our production plant in Novo mesto, Slovenia. We replaced 16 packaging lines, installed robotic cells, and upgraded washing and granulation systems.
• We finished installation of a new suspension inspection line at the Sterile Products Department in Novo mesto, Slovenia, to increase quality control and output capacity.
• We upgraded production and a container filling-and-packaging line at the Solid Dosage Products plant in Novo mesto, Slovenia.
• We increased production capacities for granulation and packaging at the Ljutomer plant, Slovenia.
• We finished the construction of the technically and technologically advanced waste water treatment plant in Krško, Slovenia, which has been in trial operation since September 2025. We also finished the air-conditioning project for the raw material warehouse to ensure controlled storage conditions and increase reliability of supplies for production.

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• At the production and distribution centre in Jastrebarsko, Croatia, we increased production capacities for solid forms of products for veterinary use.

Major investments in progress

• At Notol, our production plant in Novo mesto, Slovenia, we continued modernisation of the logistic system to ensure reliable operations for decades. We instigated the design phase for extension of the solid dosage production plant.
• To enhance the production capacity at the Notol 2 Department, another production plant in Novo mesto, Slovenia, additional equipment is being installed.
• The investment in additional capacities for tabletting mixture preparation, granulation, and logistic capacities continues at the Solid Dosage Products plant in Novo mesto, Slovenia.
• Work is in progress at the Bršljin Department in Novo mesto, Slovenia, to increase packaging capacities for tablets and spot-on products for veterinary use. To increase long-term production capacities for veterinary products and their packaging, the construction of a multi-storey building is in progress at the same site.
• We continued the construction of a multi-purpose building in Novo mesto, Slovenia, and drew up the design for execution of a new multi-purpose facility next to the Laguna building.
• At the Ljutomer Department, Slovenia, two projects for long-term growth of production continued – the introduction of uncoated soft-centre lozenge production and the construction of a high-bay automated warehouse. We are currently upgrading the packaging lines as well.
• Terme Krka continued the renovation of swimming pools in Strunjan (Slovenia), and started the extensive refurbishment of the Hotel Vital in Dolenjske Toplice (Slovenia) to improve accommodation for patients.
• At Krka Pharma Private Limited (Hyderabad, India), the joint venture established by Krka and Laurus Labs Ltd., the construction of facilities for development and production of oncology agents and solid dosage forms continued. The design for execution and regulatory permits have been obtained, construction works have started, and key technological equipment has been ordered.

Employees

At the end of 2025, the Krka Group had 13,236 employees on its payroll, up 3% year-to-date, of whom 5,509 or 42% worked outside Slovenia. The proportion of the Krka Group employees with at least university-level qualifications was 48%, and 202 employees held doctoral degrees. Including agency workers, the Krka Group employed 13,281 persons.

Investor and share information

The Krka share price increased by 46% in 2025, reaching €203.00 as at 31 December 2025. Krka shareholders received a dividend of €8.25 per share in July 2025, up 10% year on year. Considering the share price at the end of the year, this constituted a 4.1% annual dividend yield. Total Krka share return, dividend included, amounted to 52% in 2025.

At the end of the year, Krka had 47,882 shareholders, up 1% on 2024 year-end. The shareholder structure of Krka was stable, where domestic retail investors accounted for 41.7% and foreign investors for 18.1%.

In 2025, we repurchased 327,490 treasury shares. As at 31 December 2025, Krka held 2,434,827 treasury shares, accounting for 7.425% of its share capital.

Sustainable operations and governance

The 2026–2030 Krka Group Development Strategy includes three strategic pillars. As part of them, we further detailed our commitment to ensuring uninterrupted access to medicines, developing innovative generic products for the treatment of chronic diseases, and creating value, so that positive effects of our business benefit all Krka stakeholders.

The 'Sustainability statement' forms an integral part of our 2024 Annual Report. We for the first time reported under the applicable European Sustainability Reporting Standards (ESRS) in that section. Compliance with standards was attested by the external auditor. Upgrades to sustainability reporting, key performance indicators, and internal controls were in the centre of our attention in 2025. On 3 December 2025, we received a score 55 out of 100 in the S&P Global Corporate Sustainability Assessment (CSA) performed by S&P Global, the international credit and ESG rating agency. The received independent ESG score confirms the outlined direction of the Krka Group's sustainable business operations and ESG governance.

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