Lavipharm S.A. — Investor Presentation 2025

Apr 24, 2025

Annual Analysts Update Athens Exchange, 24 April 2025

Presentation by Vassilis Baloumis, CFO

Discussion with Panagiotis Giannouleas, Deputy CEO

Lavipharm | FY-24 Financial Results

Lavipharm FY-24 at a glance

* All figures are adjusted due to the cessation of wholesale operations and logistics services to third parties

Financial Overview

FY-24 Results Highlights Key financial figures

* Before rebate & clawback

Source: Company Data; All figures in EUR million, unless stated otherwise * Adjusted due to the cessation of wholesale operations and logistics services to third parties

Pharma Market

Product & Services Revenue Breakdown

Other countries

Product Category Revenue Breakdown

*RX: Pharmacy Medical Prescription

Source: Company Data

Pharma Market

Financial Statements

Pillars of Growth

Corporate Governance

Dynamics

Financial Statements

Dynamics

Profitability Drivers

Source: Company Data; All figures in EUR million, unless stated otherwise

Pillars of Growth

Net Debt Evolution (EUR mn)

Despite the significant CapExrequirements, Lavipharm maintains its net debt levels at < 3.0x EBITDA

Net Debt (EUR mn)

Pharma Market Dynamics

Greek Pharma Market – Resilient & Outperformer

Lavipharmsales outgrow 4x the Greek pharmaceutical market sales trajectory*

Strong Performance by Lavipharm, outperforming market in 2016 –2024 period Pharma sales** (EUR mn) ^{2016 2017 2018 2019 2020 2021 2022 2023 2024} CAGR (2016-2024) Greece 2,767 2,737 2,814 2,945 3,056 3,140 3,320 3,462 3,560 +3.2% Lavipharm Sales in Greece 12.7 13.3 14.3 15.0 17.9 22.0 24.5 27.2 34.1 +13.1% +17.9% CAGR since the new management took over +6.1% CAGR +0.8% CAGR +3.9% CAGR Pillars of Growth

Pharma Market

Dynamics

Financial Overview

Financial Statements

Corporate Governance

**Outpatient Market

Source: Company Data (Wholesaler prices, before clawbacks and rebate), Eurostat

Corporation's Ranking | Total Pharma Market

6Y IQVIA Evolution 2019-24 | Values (EUR mn) | MS (%) | PPG (%) | Ranking

Monthly %PPG Evolution 2023-24 (Units/Values)

wth
Pillars of Gro
Governance Corporate

Financial Overview

Pharma Market

Financial Statements

Dynamics

Corporation's Ranking | Total Pharma Market

Dec | YTD | MAT/12/2024 Performance & Monthly %PPG Evolution 2022-2024(Units/Values)

Dec 2024 YTD Dec 2024
IQVIA Data +/- +/- Values S Values S M M
Total Pharma Market 327.193.099 9,0% 100,0% 3.560.390.578 3,9% 100,0%
0,9% 5,9% -2,4% 6,0% Vianex 19.434.005 213.240.235
Pfizer 15.556.371 10,1% 4,8% 158.735.650 5,1% 4,5%
Elpen 13.235.791 9,3% 4,0% 145.064.234 6,9% 4,1%
Nordisk 15,6% 3,9% 14,0% 4,0% Novo 12.867.777 142.390.604
Pharma 16.962.987 82,1% 5,2% 141.397.390 48,6% 4,0%
Sanofi 12.461.621 -0,2% 3,8% 138.290.817 1,4% 3,9%
Viatris 11.915.352 6,1% 3,6% 134.183.873 -1,1% 3,8%
Boehringer 11.646.763 3,8% 3,6% 134.407.957 2,1% 3,8%
Pharmaserve-Lilly 12.282.147 18,9% 3,8% 127.937.853 -2,0% 3,6%
Astrazeneca 11.258.519 15,4% 3,4% 121.723.735 9,3% 3,4%
… … … … … … …
LAVIPHARM 3.210.927 44,6% 0,98% 34.138.397 25,5% 0,96%
Others (252) 186.360.839 5,3% 57,0% 2.068.879.833 2,0% 58,1%

Pillars of Growth

Corporation's Ranking | Total Pharma Market

Feb | YTD | MAT/02/2025 Performance & Monthly %PPG Evolution 2022-2024(Units/Values)

mics
Dyna
ments Financial State
	- 30 -

Financial Statements

Income Statement -Group

Income Statement (EUR mn )	2023	2024	Δyoy
Sales before Rebate & Clawback	54.335	61.009	12.3%
Rebate & Clawback	-6.497	-8.063	24.1%
Sales after Rebate & Clawback	47.838	52.946	10.7%
Gross Profit	22.150	25.079	13.2%
EBITDA from continuing operations	9.390	10.118	7.8%
EBITDA from discontinuing operations	0.164	0.427	160.4%
EBITDA from cont. and disc. operations	9.554	10.545	10.4%
Adj. EBITDA from cont. and disc. operations	9.096	10.387	14.2%
EBIT	5.176	5.538	7.0%
Net Financial result	-1.957	-1.934	-1.2%
EBT	3.219	3.604	12.0%
Income tax	-1.248	5.060	n.m.
Net Result from cont. operations	1.971	8.664	339.6%
Losses from disc. operations	-0.101	0.315	n.m.
Net Result	1.869	8.979	380.4%

Financial Statements

Pillars of Growth

Corporate Governance

Dynamics

Balance Sheet -Group

Statement of Financial Position (EUR mn )	2023	2024
PP&E	8.484	10.787
Right of use assets	11.060	10.562
Intangible assets	44.541	49.679
Other Non -Current Assets	5.049	9.456
Non -current assets	69.134	80.484
Inventories	14.834	19.460
Trade and other receivables	21.697	18.324
Cash and cash equivalents	8.435	5.589
Other current assets	0.686	1.627
Current assets	45.652	45.000
Total assets	114.786	125.484
Total equity	42.770	52.966
Long -term debt	12.697	12.172
Long -term Lease liabilities	10.999	10.173
Other Long -term Liabilities	12.519	11.048
Non -current liabilities	36.215	33.393
Short -term debt	7.993	10.566
Trade and other payables	26.882	26.509
Other Short -term Liabilities	0.926	2.050
Current liabilities	35.801	39.125
Total liabilities	72.016	72.518
Total equity and liabilities	114.786	125.484

Figures adjusted due to the cessation of wholesale operations and logistics services to third parties

Source: Company Data

Dynamics

Cash Flow Statement -Group

Cash Flow Statement (EUR mn )	2023	2024
Cash flow from operating activities	10.963	13.496
Working Capital Adjustments	-8.484	-6.759
Financial expenses paid	-1.934	-1.925
Tax expenses paid	-0.261	-0.172
Net cash flow from operating activities	0.284	4.640
Capital expenditure	-4.049	-9.644
Free cash flow	-3.765	-5.004
Other investing activities	0.591	0.144
Net cash flow from investing activities	-3.458	-9.500
Share capital increase	0	0
Proceeds from borrowings	47.647	34.174
Repayments of borrowings	-50.781	-31.478
Repayments of leases	-1.133	-0.928
Other financing items	-2.367	0.388
Net cash flow from financing activities	-6.634	2.156
Change in cash	-9.808	-2.704
Cash and cash equivalents at 1 January	18.243	8.435
Cash and cash equivalents at 31 December	8.435	5.731
Cash and cash equivalents at 31 December in cont. operations	0	-0.142
Cash and cash equivalents at 31 December in disc. operations	8.435	5.589

Income Statement - Company

Income Statement (EUR mn)	2023	2024	Δyoy
Sales after Rebate & Clawback	34.445	36.580	6.2%
Gross Profit	13.441	14.665	9.1%
EBITDA	9.534	8.746	-8.3%
Adj. EBITDA	9.077	8.589	-5.4%
EBIT	5.640	4.670	-17.2%
Net Financial result	-1.403	-1.358	-87.2%
Gain from liquidation of subsidiary	-	1.072	n.m.
Impairment of investment in subsidiaries	-0.838	-	n.m.
EBT	3.399	4.384	29.0%
Income tax	-1.038	4.317	n.m.
Net Result from cont. operations	2.360	8.702	268.7%
Losses from disc. operations	-	-	-
Net Result	2.360	8.702	268.7%

Figures adjusted due to the cessation of wholesale operations and logistics services to third parties

Source: Company Data

Dynamics

Balance Sheet - Company

Statement of Financial Position (EUR mn )	2023	2024
PP&E	8.439	10.750
Right of use assets	10.187	9.922
Intangible assets	45.796	46.495
Other Non -Current Assets	25.621	31.320
Non -current assets	90.043	98.487
Inventories	10.475	13.434
Trade and other receivables	18.925	22.768
Cash and cash equivalents	7.580	3.827
Other current assets	0.000	0.001
Current assets	36.980	40.030
Total assets	127.023	138.517
Total equity	81.264	91.292
Long -term debt	12.676	12.172
Long -term Lease liabilities	10.246	9.765
Other Long -term Liabilities	9.545	8.432
Non -current liabilities	32.467	30.369
Short -term debt	2.212	4.279
Trade and other payables	10.710	11.922
Other Short -term Liabilities	0.369	0.655
Current liabilities	13.291	16.856
Total liabilities	45.758	47.225
Total equity and liabilities	127.023	138.517

Figures adjusted due to the cessation of wholesale operations and logistics services to third parties

Source: Company Data

Pillars of Growth

Financial Statements

Pillars of Growth

Dynamics

Cash Flow Statement - Company

Cash Flow Statement (EUR mn )	2023	2024
Cash flow from operating activities	9.312	9.844
Working Capital Adjustments	-8.061	-8.923
Financial expenses paid	-1.377	-1.349
Tax expenses paid	-	-
Net cash flow from operating activities	-0.126	-0.428
Capital expenditure	-3.919	-6.315
Free cash flow	-4.045	-6.743
Other investing activities	-0.490	1.031
Net cash flow from investing activities	-4.409	-5.284
Share capital increase	0	0
Proceeds from borrowings	21.296	3.800
Repayments of borrowings	-24.752	-2.202
Repayments of leases	-0.935	-0.684
Other financing items	-0.462	1.046
Net cash flow from financing activities	-4.853	1.960
Change in cash	-9.389	-3.753
Cash and cash equivalents at 1 January	16.969	7.580
Cash and cash equivalents at 31 December	7.580	3.827

Pillars of Growth

Financial Statements

Pillars of Growth

Corporate Governance

Dynamics

Pillars of Growth overview

Lavipharm	has identified the pillars which are set to drive the growth momentum and capitalises on those
Catapresan TTS	• A successful and profitable product already marketed in the Italian market • Imminent penetration in other markets to unlock the product's full potential
Tikun Europe collaboration	• Significant boost on therapeutic-related categories anticipated through the commercial distribution of Tikun's new medical cannabis and CBD products • Exploitation of an untapped market in Greece
Generics	• Long-standing strategic collaborations with Zentiva and Sandoz offer new product solutions • Lavipharm's owned branded generic products as another growth angle in the segment
Internal R&D pipeline	• New lines of products in the processing stage and expected to be launched • Own technology and scientific expertise, especially in transdermal products • New antiseptic OTC product developed internally to be marketed internationally through strategic partner iNova Pharmaceuticals.
Focused Growth Strategy	N®, Lonalgal®, Flagyl® • Product pipeline enrichment via acquisitions, i.e., Lonarid • Collaborations with third parties to optimise the company's performance, scale core competencies and capture new opportunities (i.e. FAMAR production collaboration)

Tikun Europe Collaboration

Enhancing Treatment-related Product Portfolio

In November 2022, Lavipharm entered into a strategic partnership with Tikun Olam Europe, the leading pharmaceutical company in the research, development and production of medical cannabis products in Greece

Through this collaboration, Lavipharm has undertaken the commercial distribution of Tikun's new products, which are currently available in the Greek market, starting from 2023, for a period of five years with the option of renewal

As of February 2024, Lavipharm has launched the first locally produced medical cannabis prescription product, in the context of the strategic partnership with Tikun Olam.

Size of Medical Cannabis Market in Europe (USD bn)

European Medical Cannabis Market

A growing market which is valued at USD 4.96bn and estimated to reach USD 13.37bn by 2027, implying an increase of 21.96% CAGR during the forecast period 2022 to 2027.

Medical Cannabis, a growth catalyst

Net Sales on upward trajectory, Momentum expectedto persist

March 2025 medical cannabis net sales exceeded combined sales of Feb–Nov 2024

Month	Feb-Oct 2024	Nov 2024	Dec 2024	Jan 2025	Feb 2025	Mar 2025	Apr 2025
Net Sales (EUR)	356,026	58,977	130,400	206,712	281,465	427,599	500,000 (est)
m-o-m growth (%)			121.1%	58.5%	36.2%	51.9%	16.9%

Financial Statements

Pillars of Growth

Focused Growth Strategy

Corporate Governance

Financial Statements

Pillars of Growth

Dynamics

ESG Commitments

Shareholding Composition & Group Structure

EUR 127.36mn Market Cap (as of 22/04/2024)

1

EUR 0.755 Share Price (as of 22/04/2024)

r.

LAVIPHARM S.A.

168.69mn Number of Outstanding Shares

Share info:

Listing in ATHEX	Nov 8, 1995
Sector / Subsector	Health Care / Pharmaceuticals
Market	MAIN MARKET
Reference symbols	LAVI, LAVI GA, LPHr.AT

Notes: Business Plan and analysis presented includes the companies in the frame A: Pharmaceutical, B: Cosmetics, C: OTC, D: Services

Thank you

D i s c l a i m e r

• This presentation has been prepared and issued by Lavipharm solely for informational purposes. For the purposes of this disclaimer, this presentation shall mean and include materials, including and together with any oral commentary or presentation and any question-and-answer session. By attending a meeting at which the presentation is made, or otherwise viewing or accessing the presentation, whether live or recorded, you will be deemed to have agreed to the following restrictions and acknowledged that you understand the legal and regulatory sanctions attached to the misuse, disclosure or improper circulation of the presentation or any information contained herein. By reading this presentation, you agree to be bound by the following limitations:
• No representation or warranty, express or implied, is or will be made in relation to, and no responsibility is or will be accepted by Lavipharm (or any member of Lavipharm Group) as to the accuracy, fairness, completeness, reliability or sufficiency of the information contained in this presentation and nothing in this presentation shall be deemed to constitute such a representation or warranty. The information contained in this presentation may contain and/or be based on information that has been derived from publicly available sources that have not been independently verified. Lavipharm is not under any obligation to update, revise or supplement this presentation or any additional information or to remedy any inaccuracies in or omissions from this presentation.
• This presentation does not constitute an offer, invitation or recommendation to subscribe for or otherwise acquire securities. Also, it is not intended to be relied upon as advice to investors or potential investors and does not take into account the objectives, financial situation or needs of any particular investor. You are solely responsible for forming own opinion and conclusion.
• Certain statements in this presentation may be deemed to be "forward-looking". You should not place undue reliance on such forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they reflect current expectations and assumptions as to future events and circumstances that may not prove accurate. Forward-looking statements are not guarantees of future performance, and the actual results, performance, achievements or industry results of the Company's operations, results of operations, financial position and the development of the markets and the industry in which it operates or is likely to operate may differ materially from those described in, or suggested by, the forward-looking statements contained in this presentation. In addition, even if the operations, results of operations, financial position and the development of the markets and the industry in which Lavipharm operates is consistent with the forward-looking statements contained in this document, those results or developments may not be indicative of results or developments in subsequent periods. A number of factors could cause results and developments to differ materially from those expressed or implied by the forward-looking statements including, without limitation, general economic and business conditions, competition, changes in regulations and currency fluctuations.
• Forward-looking statements may, and often do, differ materially from actual results. Any forward-looking statements in this document reflect Lavipharm's current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Company's financial position, operations, results of operations, growth, strategy and expectations. Any forward-looking statement speaks only as of the date on which it is made. New factors will emerge in the future, and it is not possible for Lavipharm to predict which factors they will be. In addition, Lavipharm cannot assess the impact of each factor on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those described in any forward-looking statements. Lavipharm disclaims any obligation to update any forward-looking statements contained herein, except as required pursuant to applicable law.

Annual Analysts Update Athens Exchange, 24 April 2025

For more information: Vassilis Baloumis CFO Tel. : + 30 210 6691 121 Email : ir@lavipharm.com

Annual Analysts Update Athens Exchange, 24 April 2025

Presentation by Vassilis Baloumis, CFO

Discussion with Panagiotis Giannouleas, Deputy CEO