Recordati Industria Chimica e Farmaceutica

Investor Presentation • Apr 29, 2025

2025-2027 THREE-YEAR PLAN

April 29, 2025

Group Overview

Rob Koremans Chief Executive Officer

1

Core businesses

2

• Specialty & Primary Care

Alberto Martinez Executive VP Specialty & Primary Care

• Rare Diseases

Scott Pescatore Executive VP Rare Diseases

2025-2027 Financial projections

Luigi La Corte Chief Financial Officer

3

Rob Koremans Chief Executive Officer

RESILIENT AND DIVERSIFIED BUSINESS CREATING CONSISTENT VALUE IN A CONSTANTLY EVOLVING ENVIRONMENT

3

RECORDATI: IMPROVING THE LIVES OF PATIENTS WORLDWIDE

KEY FACTS

• Founded: 1926 in Correggio (IT)
• Fully integrated operations across R&D, manufacturing, commercialization and licensing
• Employees: > 4,450
• Global reach: Approx. 150 countries
• Production facilities: 10 plants (7 industrial, 2 chemical, 1 specialized for rare diseases)

FINANCIALS – FY 2024

million Euro

REVENUE	EBITDA(1)	ADJ. NET INCOME(2)
2,341.6	865.8	568.9
+9.2%* vs PY	+37.0% margin	+24.3% margin

ESG RECOGNITION

*Pro-forma growth calculated excluding revenue of Avodart® and Combodart®/ Duodart® for both 2024 and 2023

1) Net income before income taxes, financial income and expenses, depreciation, amortization and write-downs of property, plant and equipment, intangible assets and goodwill, non-recurring items and non-cash charges arising from the allocation of the purchase price of acquisitions as foreseen by IFRS 3 to the gross margin of acquired inventory according to IFRS 3.

2) Net income excluding amortization and write-downs of intangible assets (except software) and goodwill, non-recurring items, non-cash charges arising from the allocation of the purchase price of acquisitions as foreseen by IFRS 3 to the gross margin of acquired inventory pursuant to IFRS 3, monetary net gains/losses from hyperinflation (IAS 29), net of tax effects.

OVERVIEW OF THE BUSINESS

Specialty & Primary Care

64% of Revenue

EBITDA margin 34.8% (in FY 2024)

• >400 branded originator Rx and OTC products with strong equity and customer loyalty, virtually all post-LOE
• Direct presence in 30+ countries in Europe, CEE, Türkiye and Tunisia, and strong international partnerships

Rare Diseases

36% of Revenue EBITDA margin 40.9% (in FY 2024)

• Portfolio of >20 products across Endocrinology, Hema-Oncology and Metabolic to treat unmet medical needs
• Global business with strong established presence in N. America, EMEA, Japan and growing footprint in other key geographies (Latam, China, South Korea, Australia/NZ)

UNIQUE AND RESILIENT BUSINESS MODEL DELIVERING CONSISTENT PROFITABLE GROWTH

Established franchises with no material loss of exclusivity and R&D investments focused on lifecycle management and geographic expansion in Rare Diseases

HIGHLY-DIVERSIFIED BUSINESS, BOTH GEOGRAPHICALLY AND PORTFOLIO WISE

RESILIENT BRANDS POST LOE WITH LIMITED FURTHER EXPOSURE

Highlights

Strong track record in stabilizing revenue post first generic entry, with no meaningful residual LOE exposure in current SPC portfolio

Rare Diseases portfolio benefitting from long exclusivity and intrinsic protection beyond patent (formulation complexity, biologics), and lower historic generic penetration

TARGETED R&D INVESTMENTS SUPPORTING LIFECYCLE MANAGEMENT AND GEOGRAPHIC EXPANSION

Recent News

FDA grants Isturisa®(Osilodrostat) expanded indication for the treatment of endogenous hypercortisolemia in patients with Cushing's syndrome

Signifor® LAR approved in China (following prior approvals in China for Isturisa® and Carbaglu®)

R&D Life-Cycle Management Programs

Key On-going programs

Pasireotide (Signifor®) Post-bariatric hypoglycemia (PBH)

Dinutuximab beta (Qarziba®)

• Expansion into the U.S. for the treatment of highrisk neuroblastoma
• Ongoing early clinical trial in first-line induction for high-risk neuroblastoma
• Ewing sarcoma: Clinical trial investigating safety, dose and early signs of efficacy expect to initiate H1 2025

Isturisa®/ Enjaymo® geographic expansion

Programs under evaluation

Osilodrostat (Isturisa®)

Further data on mild Cushing's syndrome (already on label)

Sutimlimab (Enjaymo®):

Immune thrombocytopenic purpura (ITP)

DISCIPLINED VALUE-CREATING M&A TO COMPLEMENT GROWTH

Long track record of successful execution with fast and effective integration

CONSISTENTLY DELIVERING STRONG GROWTH, ACHIEVING TARGETS, WITH AVERAGE ROIC OF 15-20%* OVER LAST DECADE

Group Revenue 2014-2024 & 2025 Target range

*Return on avg. invested capital 2014-2024, source Factset estimates

1) Including Chemical Division

2) 2020 figures impacted by LOE on silodosin and on pitavastatin (and COVID-19 pandemic)

3) Midpoint of targets announced at FY 2023 results in February 2024

WORLD-CLASS MANAGEMENT TEAM

Management team comprises highly-experienced pharmaceutical executives

Robert Koremans Chief Executive Officer

Gabriele Finzi EVP, Corporate Development

Luigi La Corte Chief Financial Officer

Alessandra Abate Group Chief People and Culture Officer

Alberto Martinez EVP, SPC Business Unit

Bibianne Bon Group Chief Legal Officer

Scott Pescatore EVP, RRD Business Unit

Milan Zdravkovic EVP, Head of R&D

Alessandro Gilio Executive VP Group Industrial Operations

Group Overview

Rob Koremans Chief Executive Officer

1

Core businesses

2

• Specialty & Primary Care

Alberto Martinez Executive VP Specialty & Primary Care

• Rare Diseases

Scott Pescatore Executive VP Rare Diseases 2025-2027 Financial projections

Luigi La Corte Chief Financial Officer

3

Rob Koremans Chief Executive Officer

SPC – LONG LEGACY OF CONSISTENT ORGANIC GROWTH, COMPLEMENTED BY BUSINESS DEVELOPMENT

*Including Chemical Division

13

SPC – BROAD AND DIVERSIFIED PORTFOLIO ACROSS RX AND OTC

HIGHLY-INTEGRATED BUSINESS, WITH ROBUST SUPPLY CHAIN

Highlights

~ 60% of volumes manufactured by Recordati plants

Majority of CMOs based in Europe and in US

Producing API for several key products for both SPC and RRD

Stable 3rd party API revenue of ~€ 50 million

MAJORITY OF BUSINESS IN GEOGRAPHIES WITH POSITIVE UNDERLYING FUNDAMENTALS…

Highlights

Strong brand loyalty across S. Europe, CEE and Türkiye offsetting minimal price erosion in N. Europe, with net positive average pricing on total business of ~1%/ year (excl. Türkiye)

• Southern Europe: Brand loyalty enabling low to mid-single digit volume growth with resilient pricing
• Northern Europe: High GX penetration driving low-single digit erosion of volumes and prices
• CEE/ Türkiye: Strong revenue growth driven by volume and pricing

…WITH RELEVANT MARKETS IN CORE TAs SUSTAINED BY GROWING PREVALENCE AND TREATMENT RATES

European Market Outlook* 2024-2027 Billion Euro

^*All Europe - Source IQVIA

1) ATC G4 Urologicals; (2) ATC C Cardiovascular; (3) ATC A Alimentary tract (excludes A8, Obesity and A10, Diabetes)

SPC STRATEGIC PILLARS

Uniquely diversified business of brand originator products with direct presence in 30 markets leveraging

SPC TRANSFORMATION SINCE 2021

Improving competitiveness and optimizing portfolio through clear focus and enhanced capabilities

Timely transformation since 2021 built on 4 key pillars:

• Clear direction and focus
• The right leaders
• Growth mindset
• Organizational effectiveness

Switch from Primary to Specialty Care focus

• Bespoke rightsizing per market to ensure fit for purpose organizations aligned to portfolio potential
• New capabilities added, with increased focus on digitalization and enhanced customer engagement

EBITDA ratio steady increase from 33% to 35% since 2022

• Focused investments lead to lower SG&A ratio and sector-leading selling expenses
• SKU rationalization to optimize the portfolio, removing 7% of low value-added SKUs

~€200m growth at 7.3% CAGR since 2022

• Increased competitiveness of promoted portfolio, outperforming the competition YoY across SPC (EI 105%)
• Synergistic BD deals in core therapy areas to supplement organic growth

UROLOGY: KEY GROWTH DRIVER OF SPC

Urology Revenue

million Euro

Key growth drivers

Main products represent ~77% of Urology revenue with growth driven by:

• Eligard®: Strong market share gains across markets
• Urorec®: Italy, Russia, Turkey to drive future growth
• Avodart®/ Combodart®: Stabilization in Italy & Spain

Market dynamics

Growth in Prostate cancer (Eligard®) and Benign Prostatic Hyperplasia (Urorec®, Avodart®/ Combodart®) markets driven by:

• Growing prevalence of disease
• Increasing awareness
• Better diagnostics and earlier diagnosis of disease

ELIGARD®: COMPETITIVENESS TURNAROUND WITH ROBUST GROWTH PROSPECTS AHEAD

Eligard Evolution Index(1) Sep 2020 - Jan 2025

Highlights

Revenue declining before product was in-licensed in March 2021

Eligard® identified as a priority growth brand

New device successfully launched through 2024, driving double-digit growth and market share gains

Expectations of mid single-digit CAGR 2024-2027, taking into account new competitive entries

1) Evolution index calculated based on LEU (Local Currency Euro) on market where IQVIA data is available 2) 2021 Eligard: Recordati booked net margin as Revenue until distribution transfer from Astellas in 2021

CARDIOVASCULAR SALES STABILIZATION DRIVEN BY TARGETED PROMOTION IN SENSITIVE MARKETS

Cardiovascular Revenue

million Euro Key growth drivers

• Main products representing ~80% of Cardiovascular revenue supported by targeted promotion in select markets:
• Zanidip®/Zanipress®: Expect minor growth in Italy, Russia and International
• Seloken®/Betaloc®: Broadly stable following competitor out of stock in 2024 in CEE
• Livazo®: Russia, Turkey to drive continued growth

Market dynamics

Growth in Hypertension (Zanidip®/ Zanipress®, Seloken®/Betaloc®) and Hypercholesterolemia (Livazo®) markets expected to be driven by:

• Aging population leading to rise in prevalence of CV diseases
• Improved screening
• Earlier diagnosis and treatment

1) Includes all brands with same active ingredients

GROWTH OF GI, C&C AND OTHERS DRIVEN BY OTC PORTFOLIO (~50% OF TOTAL)

Gastrointestinal, Cough & Cold, Other Pharma revenue million Euro

Gastrointestinal

Revenue 50% OTC and 50% RX with majority of growth driven by OTC brands in Italy, Spain & CEE

Cough & Cold

Most of revenue generated in RX (~ 75%) but with majority of growth coming from OTC brands in Russia, France and Italy

Other Pharmaceuticals

Revenue 50% OTC and 50% RX with majority of growth driven by OTC brands in Southern Europe

SPC EXPECTED TO CONTINUE DELIVERING MID-SINGLE DIGIT ORGANIC GROWTH WITH SECTOR LEADING PROFITABILITY

Revenue actual and 2025-2027 plan million Euro

Highlights

Sales growing ~3.5-4.5% CAGR at CER, with adverse FX approx. -1.5%

Resilient margins thanks to focused strategy leveraging competitive and cost-effective commercial capabilities

Rx-Prescription segment with negligible LoE sustaining low single-digit growth

OTC-OTX Consumer Healthcare

segment boosting overall SPC growth to mid-single digits thanks to positive contribution of volume and price

Group Overview

Rob Koremans Chief Executive Officer

1

Core businesses

2

• Specialty & Primary Care

Alberto Martinez Executive VP Specialty & Primary Care

• Rare Diseases

Scott Pescatore Executive VP Rare Diseases

2025-2027 Financial projections

Luigi La Corte Chief Financial Officer

3

Rob Koremans Chief Executive Officer

RARE DISEASE MARKET ADDRESSING UNMET MEDICAL NEEDS

SIGNIFICANT UNMET PATIENT NEED

Most rare diseases do not have an approved pharmaceutical treatment and even if available, low diagnosis rates remain

LONGER MARKET EXCLUSIVITY

Protection beyond IP expiration, often more expensive and complicated to manufacture (especially biologics); slower erosion post-Gx due to strong product loyalty

HIGH MARKET POTENTIAL

Total worldwide rare diseases revenue expected to almost double in the next years, outpacing revenue growth of other prescription & generics counterparts(1)

FASTER TIME TO MARKET

Shorter duration of clinical development with smaller patient populations and faster regulatory review processes

(1) Reference:https://www.evaluate.com/thought-leadership/orphan-drugs-2025-report/

(2) Reference: Frontiers | Clinical development and marketing application review times for novel orphan-designated drugs https://ojrd.biomedcentral.com/articles/10.1186/s13023-018-0990- 4?utm\_source=chatgpt.com https://www.tandfonline.com/doi/full/10.4155/fmc-2019-0307

Out of >7,000 known rare diseases, only ~5% have approved product available

Rare diseases exclusivity 7 years U.S. 10 years Europe

Global Rare Diseases market(1) 2024: \$ 187 billion 2030* : \$ 333 billion

Average time to market(2):

7 years orphan drugs 10-15 years other pharmaceuticals

LONG-STANDING PRESENCE IN RARE DISEASES ACCELERATING WITH RECENT ACQUISITIONS AND GEOGRAPHIC EXPANSION

Revenue 2008 - 2024

RARE DISEASES STRATEGIC PILLARS

LONG-STANDING PRESENCE IN RARE DISEASES ACCELERATING WITH RECENT ACQUISITIONS AND GEOGRAPHIC EXPANSION

ENDOCRINOLOGY STRONG DOUBLE-DIGIT GROWTH TO BE DRIVEN BY ISTURISA®

Endocrinology Revenue million Euro

Key growth drivers

Isturisa®

• U.S. label expansion from Cushing's disease to the treatment of endogenous hypercortisolemia in adults with Cushing's syndrome
• Differentiated clinical profile with robust data set and positive impact on blood pressure and hyperglycemia(1)
• Attractive underlying market dynamics with increased awareness, earlier diagnosis and treatment, longer treatment duration
• Geographic expansion: e.g. China, Brazil

Signifor®

• Increasing share both within SSA class and Acromegaly market due to attractive efficacy and safety profile. Only broadspectrum SSTR binder providing superior disease and improved symptom control vs 1st generation SRLs(2)
• Potential update in acromegaly treatment guidelines moving Signifor into earlier line of therapy (currently primarily 2/3L)

1) Pivonello R et al. Lancet Diabetes Endocrinol 2020;8:748–61;Gadelha M et al. J Clin Endocrinol Metab 2022;107:e2882–95; 4;Fleseriu M, et al. Pituitary. 2025 Jan 25;28(1):22;https://www.ema.europa.eu/en/documents/product-information/isturisa-epar-product-information_en.pdf; 2) Gadelha MR et al. Lancet Diabetes Endocrinol. 2014 Nov;2(11):875-84; Stelmachowska-Banaś et al. Pituitary 2022;25(1):180–190

BROADER US LABEL TO ENABLE SIGNIFICANT GROWTH IN PATIENT NUMBERS

Isturisa U.S. Patients

Highlights

Broader label unlocks significantly larger opportunity with further additional growth from Cushing's disease

Provides full access to Cushing's syndrome patients suffering from hypercortisolemia, independent of etiology

Differentiated clinical profile with favorable impact on secondary implications of hypercortisolemia (blood pressure, diabetes and body-weight(1))

1) Pivonello R et al. Lancet Diabetes Endocrinol 2020;8:748–61;Gadelha M et al. J Clin Endocrinol Metab 2022;107:e2882–95; 4; Fleseriu M, et al. Pituitary. 2025 Jan 25;28(1):22; https://www.ema.europa.eu/en/documents/product-information/isturisa-epar-productinformation_en.pdf;

HEMA-ONCOLOGY: POTENTIAL TO MORE THAN DOUBLE REVENUE, INCLUDING CONTRIBUTION OF ENJAYMO®

Hema-Oncology Revenue million Euro

Key growth drivers

Qarziba®

• Recommended standard of care in the maintenance setting of NB1,2,3
• EU: Increase penetration in relapse & refractory settings and ensure proper dosage
• Geographic expansion: U.S., International (Mexico, Argentina, Colombia)
• Potential to expand to induction phase with new chemo-immuno indication

Sylvant®

• Only FDA/EMA approved 1L treatment for iMCD
• Improvement in diagnosis (currently 25-30% diagnosis rate in main countries) and ensure long-term treatment
• Increase in market share driven by increased adherence to treatment guidelines and access to drug

Enjaymo®

• Only approved treatment for CAD with limited competition expected in the mid-term
• Continued successful launch in U.S., Japan, Europe
• 2025 2027 Expansion into new markets and potential new indications

1) SIOPEN Research Network

2) QARZIBA® (dinutuximab beta). Summary of Product Characteristics. Available at: https://www.medicines.org.uk/emc/product/9441. Accessed: February 2024.

3) Ladenstein R, et al. Cancers. 2020;12:309.

iMCD: Idiopathic Multicentric Castleman Disease

QARZIBA® OPPORTUNITY TO EXPAND INTO US AND EARLIER LINE OF THERAPY

POTENTIAL FUTURE TREATMENT CURRENT TREATMENT 1L MAINTAINANCE MAINTENANCE R/R INDUCTION RELAPSED REFRACTORY CHEMO maintenance setting.1,2,3 therapy) 5 INDUCTION THERAPY CHEMO 1L MAINTAINANCE MAINTENANCE R/R

Data above is based on: a. https://www.ncbi.nlm.nih.gov/pmc/articles b. Data for CR+VGPR+PR similar in Berhold 2020 (89%) vs 87.6% in Moreno 2018

Highlights

Qarziba® is an anti-GD-2 monoclonal antibody which is the recommended standard of care for children with high-risk neuroblastoma in the

Currently indicated in EU for 1L maintenance and 2L relapsed/ refractory high-risk neuroblastoma

Opportunity to move into the US in relapsed/refractory⁴ and exploring 1L (induction

1) SIOPEN Research Network

2) QARZIBA® (dinutuximab beta). Summary of Product Characteristics. Available at:

https://www.medicines.org.uk/emc/product/9441. Accessed: February 2024.

• 3) Ladenstein R, et al. Cancers. 2020;12:309.
• 4). BEACON 1 (BEACON Immuno, NCT02308527: ); Beacon 2 (EudraCT: 2022-003816-10; EU CT (CTIS) Number: 2024-516115-

24); HRNBL2 (NCT04221035) 5) SIOPEN Pilot (NCT06485947)

33

ENJAYMO® GROWTH TO BE DRIVEN BY INCREASED PENETRATION, GEO-EXPANSION AND POTENTIAL NEW INDICATIONS

MORE CAD PATIENTS CAN BENEFIT FROM ENJAYMO

• Commercialized in U.S. Japan, Germany/Austria, Israel and Italy, with currently less than 30% of the potential patients treated. Disease severity and operational excellence will improve penetration
• Opportunity to extend reimbursement in EU and expansion into geographies such as Russia, China, Saudi Arabia, S Korea, and key Latam countries

POTENTIAL NEW INDICATIONS

• Enjaymo® helps stop hemolysis in CAD by binding to C1s, a component in the classical complement pathway
• Mechanism of action may also be relevant in additional indications. Immune thrombocytopenic purpura (ITP) under evaluation

CAD market opportunity in lead markets

METABOLIC PORTFOLIO TO BE DRIVEN BY GEOGRAPHIC EXPANSION

Revenue expected be broadly stable

BUILDING BLOCK OF THE RARE DISEASES BUSINESS FUTURE DRIVERS

Solid and differentiated portfolio of 15 products serving patients with rare metabolic conditions

Key products

Medication to treat hyperammonemia, a genetic condition characterized by elevated levels of ammonia in the blood, associated with severe neurotoxicity

Only medication for amelioration of recurrent attacks of acute intermittent porphyria (AIP), a rare genetic disorder that affects the production of heme

Global market-leading eye treatment for patients with cystinosis, a rare genetic condition that leads to the accumulation of cystine in various organs, including the eye

Focus on brands with exclusivity in relevant geographies and countries with unmet medical needs

Geographic expansion (Carbaglu in China, Cystadrops in Japan)

Targeted investments and leverageable commercial infrastructure sustain strong profitability

RARE DISEASES: SUBSTANTIAL FURTHER GROWTH POTENTIAL

Revenue actual and 2025-2027 plan million Euro

Highlights

sales of five key products

OPPORTUNITY TO MORE THAN DOUBLE SALES OF KEY RARE DISEASES GROWTH DRIVERS

	PRODUCT	2024 REVENUE (€ M)	Peak Year Sales (PYS) targets (€ M)	Future growth drivers
O D N E		204	(1) 550 – 650	Favorable market dynamics (increasing treatment rates) • Cushing syndrome label in US • Potential extension of US exclusivity to 2033 (from 2031)(2) • • Successful national reimbursement in China
		118	150 – 200	Opportunity to move up treatment paradigm in Acromegaly • • Potential new indication: Post-Bariatric Hypoglycemia (PBH); additional € 150M opportunity (not included in PYS, enrollment completion by mid-2025)
		322	~700 – 850	Broader penetration in EU •
O C N O - A M E H		227	300 – 350	• US approval for relapsed/refractory patients (included in PYS, FDA meeting to discuss further clinical data analysis mid-2025) Potential new indication: Ewing sarcoma (not included in PYS, • clinical study expected to initiate in H1 2025)
				Significant scope for improved awareness and diagnosis •
		116	250 – 300	Evaluate potential new indications (not included in PYS) such as • immune thrombocytopenic purpura (ITP) and geographic expansion
		343	~550 – 650	1) Previous PYS target: €500-600 M 37 2) LOE U.S.: 2031 (2033 pending patent term extensions), last Orange Book patents expire 2035

Group Overview

Rob Koremans Chief Executive Officer

1

Core businesses

2

• Specialty & Primary Care

Alberto Martinez Executive VP Specialty & Primary Care

• Rare Diseases

Scott Pescatore Executive VP Rare Diseases

2025-2027 Financial projections

Luigi La Corte Chief Financial Officer

3

Rob Koremans Chief Executive Officer

MID-TERM OUTLOOK FORESEES CONTINUED STRONG ORGANIC GROWTH, COMPLEMENTED BY BUSINESS DEVELOPMENT

Revenue Planning – ILLUSTRATIVE ONLY

Approach to mid-term target setting

BD and M&A remain a key and integral part of Group strategy; growth over last decade broadly 50-50 organic/ BD, with organic momentum accelerating in more recent years

FY 2027 Targets assume range of realistic scenarios for development of current portfolio (SPC organic CAGR, RRD speed of ramp up on key assets) and of FX headwinds (-1%/-2%)

FY 2027 Targets also build in expected contribution from potential new deals, assuming a mix of deal types:

• On-market assets (impact on margin varies SPC vs RRD, upfront vs downstream value share)
• Launch/ late stage development assets (dilutive near term but high value creation)

Ongoing lifecycle management projects expected to contribute to growth post 2027 (accelerating 2030 onwards)

MID-TERM FINANCIAL PLANNING ASSUMPTIONS

Macro	Pricing and reimbursement broadly in-line with current environment • Potential impact of US tariffs not included • FX headwinds of just approx. -1% to –2% per annum, impacting both SPC (TRY) and RRD (USD) • Inflation in low to mid-single digit across key geographies and slightly reducing interest rates •
Revenue	Robust organic growth of both businesses, driven by volume • YoY pricing expected to be net positive (approx. +1%/ year, excl Türkiye) • No material impact from new LOEs • • Bolt-on acquisitions and new licenses included in 2027 targets (mix of deal types)
Margin and Profitability	Operating leverage and shifting mix to rare disease support underlying margin improvement • Plan to continue targeted investments to support key growth areas (incl RRD geographic expansion) • • Maintain R&D investments around 7% of revenue (excl. amortization) to support lifecycle management • Tax rate broadly in line with current levels ~24%

• Continued strong cash generation at around 90% of adj. net income on average over the period
• No change to progressive dividend and capital allocation policy
• Bolt on BD and M&A to be funded by Free Cashflow over time, with net debt within set leverage limits

2025-2027 FINANCIAL TARGETS

million Euro	FY 2024 Actual	FY 2025 Target	FY 2027 Target (incl. BD & M&A)	CAGR* 2024-2027 (mid-point)
Revenue yoy growth	2,341.6	2,600 – 2,670	3,000 – 3,200	+9.8%
EBITDA (1) margin on sales	865.8 37.0%	970 – 1,000 +/- 37.5%	1,140 – 1,225 ≥38%	+11.0%
Adjusted Net Income (2) margin on sales	568.9 24.3%	640 – 670 +/- 25%	770 – 820 +/- 25.5%	+11.8%

*CAGR at mid-point of guidance range

1) Net income before income taxes, financial income and expenses, depreciation, amortization and write-downs of property, plant and equipment, intangible assets and goodwill, non-recurring items and non-cash charges arising from the allocation of the purchase price of acquisitions as foreseen by IFRS 3 to the gross margin of acquired inventory according to IFRS 3.

2) Net income excluding amortization and write-downs of intangible assets (except software) and goodwill, non-recurring items, non-cash charges arising from the allocation of the purchase price of acquisitions as foreseen by IFRS 3 to the gross margin of acquired inventory pursuant to IFRS 3, monetary net gains/losses from hyperinflation (IAS 29), net of tax effects.

UNCHANGED VALUE PROPOSITION AND CAPITAL ALLOCATION

Drive organic growth of diversified business		Sustain high level of profitability	Pursue targeted pipeline opportunities	Maintain clear capital allocation policy
Strong underling volume growth over the period of current portfolio across both business segments		Maintain sector leading operating and bottom-line margin as % of revenue	Targeted clinical opportunities with the potential to turn into commercial success	~50%	Progressive dividend pay-out
SPC Mid-single digit growth at CER	RRD Double-digit growth at CER	EBITDA Margin ≥38% by 2027	Cash R&D at ~7% of revenue	~50%	Accretive & growth bolt-on M&A and BD

Strong cash flow generation & robust balance sheet
	Free cash flow conversion ~90% of Adjusted Net Income		Net Debt / EBITDA target to stay at 1.7-2x	Flexibility to go up to max of close to 3x for larger scale, high quality opportunities

Note: financial planning assumptions provided up to 2025 1) With current portfolio alone 2) Excluding amortization

2030 AMBITION

COMPANY DECLARATIONS, DISCLAIMERS AND PROFILE

Statements contained in this presentation, other than historical facts, are "forward-looking statements" (as such term is defined in the Private Securities Litigation Reform Act of 1995). These statements are based on currently available information, on current best estimates, and on assumptions believed to be reasonable by Management. This information, these estimates and assumptions may prove to be incomplete or erroneous, and involve numerous risks and uncertainties, beyond the Company's control.

These risks and uncertainties include among other things, the uncertainties inherent in pharmaceutical marketing and development, impact of decisions by regulatory authorities, such as the FDA or the EMA, regarding whether and when to approve any drug or biological application that may be filed as well as their decisions regarding labelling and other matters that could affect the availability or commercial potential of our products, the future approval and commercial success of therapeutic alternatives, Recordati's ability to benefit from external growth opportunities, to complete capital markets or other transactions and/or obtain regulatory clearances, risks associated with intellectual property and any related pending or future litigation and the ultimate outcome of such litigation, trends in exchange rates and prevailing interest rates, volatile economic and capital market conditions, cost containment initiatives by payors of medicines and subsequent changes thereto, and the impact that pandemics, political disruption or armed conflicts or other global crises may have on our business.

Hence, actual results may differ materially from those expressed or implied by such forward-looking statements. All mentions and descriptions of Recordati products are intended solely as information on the general nature of the company's activities and are not intended to indicate the advisability of administering any product in any particular instance.

Recordati (Reuters RECI.MI, Bloomberg REC IM) is an international pharmaceutical group listed on the Italian Stock Exchange (ISIN IT 0003828271) uniquely structured to bring treatment across specialty and primary care and rare diseases. We believe that health, and the opportunity to live life to the fullest, is a right, not a privilege. We want to support people in unlocking the full potential of their lives. We have fully integrated operations across research & development, chemical and finished product manufacturing through to commercialization and licensing. Established in 1926, Recordati operates in approximately 150 countries across EMEA, Americas and APAC regions. At the end of 2023, Recordati employed over 4,450 people and consolidated revenue of € 2,082.3 million. For more information, please visit www.recordati.com

DECLARATION BY THE MANAGER RESPONSIBLE FOR PREPARING THE COMPANY'S FINANCIAL REPORTS

The manager responsible for preparing the company's financial reports Luigi La Corte declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated Law on Finance, that the accounting information contained in this presentation corresponds to the document results, books and accounting records.

Offices:

Recordati S.p.A. Via M. Civitali 1 20148 Milano, Italy

Investor Relations: Eugenia Litz +44 7824 394 750 Eugenia.Litz@recordati.com

Investor Relations: Gianluca Saletta +39 348 9794876 saletta.g@recordati.it

Website: www.recordati.com