Medios AG

Quarterly Report • Nov 11, 2025

Group Quarterly Statement

as of September 30, 2025

Key financials (IFRS)

		9M 2025	9M 2024	∆ in %	Q3 2025	Q3 2024	∆ in %
Revenue	€ thousand	1,529,997	1,400,505	9.2	538,285	493,244	9.1
Pharmaceutical Supply	€ thousand	1,239,476	1,191,224	4.1	439,366	403,294	8.9
Patient-Specific Therapies	€ thousand	166,017	161,574	2.7	55,789	54,057	3.2
International Business	€ thousand	124,151	47,257	>100	43,013	35,674	20.6
Services	€ thousand	353	450	–21.6	117	220	–46.8
EBITDA	€ thousand	63,634	44,067	44.4	21,439	19,505	9.9
Margin (in % of Revenue)	%	4.2	3.1	1.1 PP	4.0	4.0	0
EBITDA without extraordinary expenses¹	€ thousand	70,351	55,779	26.1	24,020	24,646	–2.5
Margin (in % of Revenue)	%	4.6	4.0	0.6 PP	4.5	5.0	–0.5 PP
Pharmaceutical Supply	€ thousand	38,782	37,042	4.7	12,407	14,183	–12.5
Patient-Specific Therapies	€ thousand	18,145	16,734	8.4	6,085	5,854	3.9
International Business	€ thousand	21.998	9,779	>100	8,171	7,092	15.2
Services	€ thousand	–8,574	–7,776	10.3	–2,642	–2,483	6.4
EBIT	€ thousand	35,218	22,315	57.8	11,855	9,693	22.3
Margin (in % of Revenue)	%	2.3	1.6	0.7	2.2	2.0	0.2
Comprehensive income after tax	€ thousand	19,912	10,434	90.8	7,228	4,027	79.5
Earnings per share adjusted2
Undiluted	€	0.79	0.43	84.0	0.29	0.16	84.2
Diluted	€	0.79	0.43	84.0	0.29	0.16	84.2
Earnings per share	€	1.50	1.19	26.2	0.55	0.49	11.4
Cash flow from operating activities	€ thousand	52,664	27,557	91.1	29,299	–6,464	>100
Investments (CapEx)	€ thousand	–4,716	–3,557	32.6	–1,832	–1,773	3.3
Free cash flow (before M&A)3	€ thousand	47,948	24,020	99.6	27,467	–8,237	>100
Cash flow from investment activities	€ thousand	–2,293	–221,342	–99.0	–1,378	–1,487	–7.3
Employees as of September 30, 2025	Number	999	1,000	–0.1
Employees4 (average)	Number	982	784	25.2
		09/30/2025	12/31/2024
Total assets	€ thousand	939,328	934,357	0.5
Equity	€ thousand	518,110	510,192	1.6
Equity ratio	%	55.2	54.6	0.6 PP

		9M 2025	9M 2024	∆ in %	Q3 2025	Q3 2024	∆ in %
1 Special items	€ thousand	6,717	11,712	–42.6	2,582	5,140	–49.8
Expenses from stock options	€ thousand	632	1,086	–41.8	211	532	–60.3
Other expenses M&A	€ thousand	894	4,315	–79.3	879	2,180	–59.7
ERP implementation costs	€ thousand	3,781	1,558	>100	1,380	1,010	36.6
One-off special expenses related to the change in the Executive Board	€ thousand	1,410	0	n/a	112	0	n/a
Performance-related expenses for the acquisition of compounding volumes	€ thousand	0	4,753	n/a	0	1,418	n/a

	9M 2025	9M 2024	∆ in %	Q3 2025	Q3 2024	∆ in %
€ thousand	19,912	10,434	90.8	7,228	4,027	79.5
€ thousand	6,717	11,712	–42.6	2,581	5,141	–49.8
€ thousand	18,224	14,000	30.2	6,075	6,246	–2.7
€ thousand	–7,049	–7,011	0.5	–2,426	–2,926	–17.1
€ thousand	37,804	29,134	29.8	13,458	12,488	7.8
Number	25,229,988	24,528,996	2.9	24,681,547	25,505,723	–3.2
€ thousand	1.50	1.19	26.2	0.55	0.49	11.4

³ Calculated from cash flow from operating activities minus capital expenditures (CapEx)

⁴ Employees excluding the Executive Board, managing directors, and trainees

⁵ PPA: Purchase Price Allocation

Quarterly statement as of September 30, 2025

MEDIOS AG ACHIEVES STRONG GROWTH IN EARNINGS AND PROFIT MARGIN IN THE FIRST NINE MONTHS OF 2025

• Revenue increases by 9.2% to €1,530.0 million
• Disproportionately high EBITDA pre increase of 26.1%
• Organic EBITDA pre growth of 5.1%
• Cash flow from operating activities almost doubles
• Significant improvement in earnings per share to €0.79
• New CEO Thomas Meier to take office on February 1, 2026
• Outlook for 2025 confirmed

SIGNIFICANT EVENTS

New CEO to take office on February 1, 2026

The Supervisory Board of Medios AG has appointed Thomas Meier as a member of the Executive Board with effect from February 1, 2026, and named him as the new Chairman of the Executive Board (CEO) of the company. He succeeds Matthias Gärtner, who will remain in office until December 31, 2025.

Medios AG Annual General Meeting 2025: Shareholders approve all proposed resolutions

At the Annual General Meeting on May 27, 2025, Medios shareholders approved all resolutions proposed by the Executive Board and Supervisory Board by a large majority. A total of around 56% of the voting share capital was represented. This year's Annual General Meeting was again held in virtual form.

In its speech, the Executive Board focused particularly on the progress made in implementing the growth strategy. The focus was on organic growth in the Pharmaceutical Supply segment and the Patient-Specific Therapies segment, the successful integration of the Ceban Group, and the resulting increase in profitability for the Medios Group.

Among other things, Medios shareholders approved the further development of the Executive Board remuneration system. In future, for example, "operating cash flow" will replace the previous target of "inorganic growth (M&A)" in the short-term incentive component. They also approved the introduction of a new 2025 Stock Option Plan. The aim is to retain qualified employees and managers in the Medios Group over the long term and to give them a share in the company's success. The total cap for Stock Option Programs remains limited to a maximum of 10% of the share capital. Shareholders also approved a new authorization to issue convertible bonds and bonds with warrants.

Successful completion of a public share buyback offer

On June 18, 2025, the Executive Board, with the approval of the Supervisory Board, decided to submit a public buyback offer to the shareholders of Medios AG for up to 1,000,000 no-par value bearer shares of the company with a notional value of €1.00 each. The offer price per Medios share offered for repurchase was €12.50, representing a premium of approx. 9.30% based on the average stock market price (closing auction price of the Medios share in electronic trading on the Frankfurt Stock Exchange XETRA) over the last five trading days.

By the end of the acceptance period on July 8, 2025, a total of 1,077,813 shares had been tendered. As the total number of shares for which the offer was accepted exceeded the maximum number, the declarations of acceptance were considered on a pro rata basis. The allocation ratio was approximately 92.78%. Medios has thus repurchased shares representing approx. 3.92% of the current share capital of Medios AG.

Medios thus made use for the first time of the authorization granted by the Annual General Meeting on June 21, 2023, according to which treasury shares amounting to up to 10% of the share capital existing at the time of the resolution may be repurchased until June 20, 2028.

POSITION OF THE MEDIOS GROUP

Earnings position of the Medios Group (IFRS)

In the first nine months of the 2025 financial year, the Medios Group increased its revenue by €129.5 million or 9.2% to €1,530 million compared with the same period of the previous year.

The Pharmaceutical Supply segment generated external revenue of €1,239.5 million in the reporting period (previous year: €1,191.2 million), representing an increase of €48.3 million or 4.1% compared to the same period of the previous year. External revenue in the Patient-Specific Therapies segment also increased by €4.4 million or 2.7% to €166.0 million (previous year: €161.6 million) compared to the same period of the previous year. The International Business segment, which has been included in the consolidated financial statements of Medios AG since June 1, 2024, contributed €124.2 million to consolidated revenue (previous year: €47.3 million). The Services segment continued to generate external revenue of €0.4 million (previous year: €0.4 million).

The Group's gross profit amounted to €151.5 million in the reporting period, up €44.3 million or 41.3% on the previous year (€107.3 million). The gross profit margin also improved significantly by 2.2 percentage points to 9.9% (previous year: 7.7%).

In the Pharmaceutical Supply segment, gross profit rose by €2.8 million to €51.6 million (previous year: €48.8 million), driven by revenue, which corresponds to an increase of 5.8%. In the Patient-Specific Therapies segment, gross profit rose by €7.5 million or 21.7% to €42.2 million (previous year: €34.7 million). This improvement is attributable in part to the elimination of performance-related expenses for the reduction in compounding volumes amounting to €4.8 million. The remaining increase is attributable to organic earnings growth, which also had a positive effect on the gross profit margin, which improved from 20.1% or, adjusted for the special effect in the previous year, from 21.6% to 23.9%. The International Business segment generated gross profit of €57.2 million, compared with €23.1 million in the same period of the previous year, and contributed significantly to the increase in consolidated gross profit through both organic and inorganic earnings growth. This includes one-time income of €2.1 million resulting from the disposal and deconsolidation of shareholdings. At 46.0%, the gross profit margin was below the previous year's gross profit margin (previous year: 48.9%).

The Group's personnel expenses rose by a total of €15.9 million or 44.5% to €51.7 million compared to the previous year (previous year: €35.8 million). The material increase of €13.2 million is due to the expansion of the scope of consolidation through the inclusion of the Ceban Group. The remaining increase is attributable to moderate increases in personnel costs in the Pharmaceutical Supply (+€0.4 million) and Patient-Specific Therapies (+€0.6 million) segments, as well as an increase of €1.7 million in the Services segment. The latter is mainly attributable to one-time special expenses in connection with the change in the Executive Board. Non-cash expenses from Stock Option Programs (SOP) included in personnel expenses amounted to €0.6 million in the reporting period, down from €1.1 million in the previous year.

The Group's other operating expenses amounted to €36.2 million in the current financial year, an increase of €8.8 million or 32.0% compared to the same period of the previous year (previous year: €27.4 million). Here, too, the largest increase of €7.7 million resulted from the acquisition of the Ceban Group during the 2024 financial year.

The Group's earnings before interest, taxes, depreciation and amortization (EBITDA) increased by €19.6 million or 44.4% compared to the same period of the previous year, with an increase of €13.2 million resulting from the expansion of the consolidation scope by the Ceban Group. EBITDA is reconciled to consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA pre), adjusted for special items, as follows:

In € thousand	9M 2025	9M 2024
EBITDA	63,634	44,067
Expenses from Stock Option Programs	632	1,086
Other expenses M&A	894	4,315
Performance-related expenses for the acquisition of compounding volumes	0	4,753
One-off special expenses in connection with the change in the Executive Board	1,410	0
ERP implementation costs	3,781	1,558
EBITDA pre¹	70,351	55,779

¹ Adjusted for special items

The Pharmaceutical Supply segment contributed €38.8 million to consolidated earnings with EBITDA pre of €38.8 million. Compared to the previous year's figure of €37.0 million, this represents an increase of €1.7 million or 4.7%.

This positive development is attributable to organic earnings growth, which was supported by a targeted focus on higher-margin revenue. EBITDA pre adjusted for special items in the Patient-Specific Therapies segment also rose significantly by €1.4 million or 8.4% to €18.1 million (previous year: €16.7 million) as a result of organic growth. This was mainly achieved through a moderate increase in revenue combined with a shift in the product mix toward higher-margin products. The International Business segment contributed €22.0 million to consolidated earnings, an increase of €12.2 million compared to the previous year (previous year: €9.8 million). A material portion of this increase, €11.7 million, is attributable to inorganic growth. The Services segment reported EBITDA pre of €–8.6 million (previous year: €–7.8 million). The decline of €0.8 million is mainly due to higher personnel costs and other operating expenses, including higher marketing costs.

Depreciation and amortization increased significantly in the reporting period to €28.4 million (previous year: €21.8 million). A material component of this was acquisition-related amortization of customer bases capitalized as part of the purchase price allocation in the amount of €18.2 million (previous year: €14.0 million). Further depreciation and amortization was attributable to property, plant and equipment, buildings and other intangible assets totaling €6.2 million (previous year: €4.8 million) and to right-of-use assets in accordance with IFRS 16 amounting to €4.0 million (previous year: €2.9 million). The €6.7 million increase in depreciation and amortization compared with the same period of the previous year is mainly attributable to the first-time consolidation of the Ceban Group, in particular the acquisition of valuable customer relationships and their scheduled amortization.

The Group's financial result decreased by €1.4 million compared to the same period of the previous year to €–7.3 million (previous year: €–5.9 million) and mainly includes interest expenses for the tranches drawn down from the existing syndicated loan facility, which was taken out to finance the acquisition of the Ceban Group.

Tax expenses rose to €8.0 million (previous year: €6.0 million) due to the earnings situation. The tax rate for the reporting period was 29.7% (previous year: 36.2%).

Net income increased to €19.9 million (previous year: €10.4 million) compared to the same period of the previous year due to the expansion of the scope of consolidation and the reduction in extraordinary expenses, despite higher depreciation and amortization and financing costs.

Earnings per share for the first nine months of the 2025 financial year thus amounted to €0.79 per share (previous year: €0.43 per share), representing an increase of 84.0%. Adjusted earnings per share amounted to €1.50 per share (previous year: €1.19) and are based on the current period result, adjusted for special effects, acquisition-related PPA depreciation and amortization, and the resulting adjusted tax expense.

Financial position of the Medios Group (IFRS)

As of September 30, 2025, cash and cash equivalents amounted to €93.6 million, which was €12.6 million below the figure as of December 31, 2024 (€106.2 million). The €12.6 million decrease in cash and cash equivalents compared to the end of 2024 is largely attributable to the following cash flows:

Cash flow from operating activities amounted to €52.7 million in the first nine months of 2025 (previous year: €27.6 million) and resulted primarily from the cash-effective operating result (EBITDA) of €64.3 million, which was reduced by a reporting date-related increase in net working capital of €6.8 million. This development is attributable to a reporting date-related increase in trade receivables in the Pharmaceutical Supply and International Business operating segments. Tax payments in the reporting period amounted to €2.5 million (previous year: €7.1 million) and were lower than in the same period of the previous year due to timing effects relating to additional and advance tax payments as well as tax refunds.

Cash flow from investment activities amounted to €–2.3 million in the reporting period 2025 (previous year: €–221.3 million) and mainly resulted from payments of €2.3 million for contingent purchase price liabilities related to the acquisition of the Ceban Group, as well as payments of €4.7 million for investments in non-current intangible and tangible assets. In contrast, the Group received cash inflows of €3.4 million from the disposal of shareholdings within the International Business operating segment.

Cash flow from financing activities amounted to €–63.0 million in the reporting period (previous year: €190.3 million). This amount mainly resulted from scheduled repayments and interest payments in connection with existing loan liabilities, as well as cash outflows for the acquisition of treasury shares.

For short-term financing, the Medios Group received payments totaling €20.0 million from the revolving credit line in the current financial year. By the reporting date, a total of €40 million had been repaid to this facility. In addition, €18.8 million was repaid to the term loan facility as scheduled. These two loan components resulted in a net cash outflow of €38.8 million for repayments. Interest payments incurred in connection with loan liabilities amounted to €6.4 million. The repurchase of shares and treasury shares resulted in a further cash outflow of €12.6 million. In addition, the Group made repayments from leases in accordance with IFRS 16 in the amount of €3.8 million during the reporting period.

Net assets of the Medios Group (IFRS)

The Group's balance sheet total as of September 30, 2025 increased by €5.0 million to €939.3 million (December 31, 2024: €934.4 million) compared to December 31, 2024, mainly due to a material increase in current assets.

Intangible assets decreased by a total of €19.3 million as of September 30, 2025, compared to December 31, 2024, primarily due to scheduled depreciation and amortization of customer bases and other intangible assets in the amount of €19.4 million.

Property, plant, and equipment and capitalized right-of-use assets under lease agreements decreased compared with December 31, 2024, mainly due to scheduled depreciation and amortization.

Current assets increased by €28.0 million to €373.9 million as of the reporting date (December 31, 2024: €345.8 million).

As of the reporting date, inventories amounted to €92.1 million, roughly at the same level as at the end of 2024 (December 31, 2024: €92.4 million). Trade receivables increased significantly by €46.9 million as of the reporting date. In contrast, cash and cash equivalents decreased by €12.6 million to €93.4 million (December 31, 2024: €106.0 million). In addition, other assets declined by €3.2 million to €11.3 million (December 31, 2024: €14.5 million), mainly due to lower receivables from deferred discounts. Receivables from tax authorities decreased by €1.7 million to €8.1 million compared with the end of 2024 (December 31, 2024: €9.8 million).

Equity amounted to €518.1 million as of September 30, 2025, which was €7.9 million above the level as of December 31, 2024 (€510.2 million). The increase was mainly due to the positive result of the current financial year. An offsetting effect arose from the acquisition of treasury shares as part of the share buyback program approved by the Annual General Meeting, under which the Medios Group acquired 1,000,000 of its own shares for a total purchase price of €12.6 million. The acquired shares are reported as a deduction from equity and reduce it accordingly. As of September 30, 2025, the equity ratio stood at 55.2%, almost at the same level as at the end of the year (December 31, 2024: 54.6%).

Non-current liabilities decreased to €206.6 million (December 31, 2024: €253.1 million), mainly due to repayments of the syndicated loan in the amount of €38.6 million – of which €18.8 million to scheduled repayments of the term loan and approx. €20 million to the net repayment of the revolving credit facility – as well as scheduled repayments of lease liabilities totaling €46.5 million.

Current liabilities increased by €43.5 million to €214.6 million compared with the end of 2024 (December 31, 2024: €171.1 million), mainly due to a reporting date-related increase in trade payables of €34.1 million. In addition, liabilities to tax authorities rose by €9.8 million to €37.5 million.

Positive outlook for the 2025 financial year

For the 2025 financial year, the Executive Board expects revenues to increase to approx. €2 billion. EBITDA pre is expected to rise again disproportionately to around €96 million. This corresponds to a further increase in the EBITDA pre margin to around 4.8%. This expectation is based on the assumption of organic growth in the midsingle-digit percentage range and takes into account the consolidation of the Ceban Group for twelve months.

The forecast continues to be based on a number of assumptions about the future. Should material assumptions prove to be incorrect, the forecast may be adjusted. The adjusted special expenses in the EBITDA pre forecast for 2025 include expenses for stock options and M&A, expenses for the introduction of an ERP system, and oneoff special costs in connection with the change in the Executive Board.

Consolidated statement of comprehensive income

In € thousand	9M 2025	9M 2024	∆ in %
Revenue	1,529,997	1,400,505	9.2
Change in stocks of finished goods and work in progress	715	–1,385	>100
Other income	3,171	1,786	77.5
Cost of materials	1,382,376	1,293,654	6.9
Personnel expenses	51,718	35,793	44.5
Other expenses	36,156	27,392	32.0
Earnings before interest, tax, depreciation and amortization	63,634	44,067	44.4
Depreciation and amortization	28,417	21,752	30.6
Operating profit/loss	35,218	22,315	57.8
Financial expenses	7,875	6,553	20.2
Financial income	559	611	–8.5
Financial result	–7,316	–5,942	23,1
Consolidated earnings before tax	27,901	16,372	70.4
Income Tax	7,989	5,938	34.5
Consolidated earnings after tax	19,912	10,434	90.8
Total consolidated earnings
Undiluted earnings per share (in €)	0.79	0.43	84.0
Diluted earnings per share (in €)	0.79	0.43	84.0

Consolidated balance sheet

Assets

In € thousand	09/30/25	12/31/24	∆ in %
Non-current assets	565,457	588,522	3.9
Intangible assets	490,631	509,893	–3.8
Property, plant and equipment	40,017	41,283	–3.1
Rights of use as lessee	32,879	35,488	–7.4
Financial assets	1,931	1,858	3.9
Current assets	373,871	345,835	8.1
Inventories	92,109	92,448	–0.4
Trade receivables	167,557	120,638	38.9
Other assets	11,315	14,487	–21.9
Income tax receivables	8,131	9,809	–17.1
Cash and cash equivalents	93,425	105,999	–11.9
Non-current assets held for sale	1,334	2,454	–45.6
Total assets	939,328	934,357	0.5

Liabilities

In € thousand	09/30/25	12/31/24	∆ in %
Equity
Subscribed capital	25,506	25,506	0.0
Capital reserve	406,915	406,283	0.2
Accumulated consolidated net income	98,315	78,403	25.4
Treasury shares	–12,626	0	n/a
Attributable to shareholders in the parent company	518,110	510,192	1.6
Liabilities
Non-current liabilities	206,630	253,097	–18.4
Financial liabilities	167,974	208,508	–19.4
Other accrued liabilities	3,928	3,797	3,5
Deferred tax liabilities	34,728	40,792	–14.9
Current liabilities	214,588	171,067	25.4
Other provisions	1,656	1,757	–5.7
Trade payables	122,891	88,831	38.3
Financial liabilities	30,034	32,883	–8.7
Income tax liabilities	37,476	27,677	35.4
Other liabilities	21,517	17,978	19.7
Advance payments received	420	258	62.8
Liabilities associated with disposal groups held for sale	595	1,682	–64.6
Total liabilities	421,218	424,165	–0.7
Total assets	939,328	934,357	0.5

Consolidated Statement of cash flows

Cash flow from operating activities Consolidated net income after tax 19,912 Depreciation and amortization 28,417 Decrease/increase in provisions –106 Other non-cash expenses 632 Increase in inventories, trade receivables, and other assets not attributable to in vesting or financing activities –45,109 Decrease/increase in trade payables and other liabilities not attributable to in 38,193 vesting or financing activities Financial result 7,317 Income/losses from disposal of assets –2,059 Income tax expense 7,989 Income tax payments –2,522 Net cash inflow from operating activities 52,664 Cash flow from investment activities Payments for investments in intangible assets –1,079 Proceeds from disposals of intangible assets 23 Payments for investments in property, plant, and equipment –3,637 Proceeds from disposals of property, plant, and equipment 626 Proceeds from disposals of long-term financial assets 191 Payments for investments in non-current financial assets –13 Cash outflows for additions to the scope of consolidation –2.328 Proceeds from disposals from the scope of consolidation 3,365 Interest received 559 Net cash outflow/inflow from investing activities –2,293 Cash flow from financing activities Payments for issuing costs of the capital increase 0 Payments from equity reductions / repurchase of own shares –12,626 Proceeds from the assumption of financial liabilities 19,891 Payments from the repayment of financial liabilities –58,766 Interest paid –7,723 Repayments of lease liabilities –3,816 Net cash inflow/outflow from financing activities –63,039 Net change in cash and cash equivalents –12,668 Cash and cash equivalents at the beginning of the period 106,224 Cash and cash equivalents at the end of the period 93,556	In € thousand	9M 2025	9M 2024	∆ in %
			10,434	90.8
			21,752	30.6
			–297	–64.3
			1,085	–41.8
			–15,691	>100
			5,322	>100
			5,943	23.1
			170	<–100
			5,938	34.5
			–7,078	–64.4
			27,577	91.0
			–950	13.6
			0	n/a
			–2,607	39.5
			144	>100
			530	–64.0
			–19	–31.6
			–218,900	–98.9
			0	n/a
			460	21.5
			–221,342	–99.0
			–103	–100.0
			0	n/a
			242,000	–91,8
			–43,755	34,3
			–4,932	56.6
			–2,916	30.9
			190,294	<–100
			–3,471	>100
			71,040	49.5
			67,569	38.5

Consolidated statement of changes in equity

In € thousand	Subscribed capital	Capital reserve	Accumulated consolidated earnings	Treasury shares	Attributable to shareholders in the parent company	Equity
Status as of 01/01/2024	23,806	379,146	65,855	0	468,807	468,807
Net profit for 2024			10,434		10,434	10,434
Share-based payments		1,086			1,086	1,086
Capital increase	1,700	25,534			27,234	27,234
Transaction costs from capital increase		–72			–72	–72
Status as of 09/30/2024	25,506	405,695	76,289	0	507,489	507,489
Status as of 01/01/2025	25,506	406,283	78,403	0	510,192	510,192
Net profit for 2025			19,912		19,912	19,912
Share-based payments		632			632	632
Capital reduction				–12,626	–12,626	–12,626
Status as of 09/30/2025	25,506	406,915	98,315	–12,626	518,110	518,110

This quarterly report was published on November 11, 2025.

Contact

Claudia Nickolaus Head of Investor & Public Relations, ESG Communications

Medios AG Heidestraße 9 | 10557 Berlin T +49 30 232 566 800 c.nickolaus@medios.ag www.medios.ag

Disclaimer

This document contains forward-looking statements that are subject to certain risks and uncertainties. Future results may differ substantially from those currently expected due to a variety of risk factors and uncertainties, such as changes in the business, economic, and competitive situations, exchange rate fluctuations, uncertainties in respect of legal disputes or investigations and the availability of financial resources. Medios AG does not accept any responsibility for updating the forward-looking statements contained in this document.