THIS ANNOUNCEMENT, INCLUDING THE INFORMATION INCLUDED HEREIN, IS RESTRICTED AND IS NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE IN OR INTO THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH OFFERS OR SALES OF THE SECURITIES WOULD BE PROHIBITED BY APPLICABLE LAW. THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN OFFER OF SECURITIES IN ANY JURISDICTION.

Steffi Kim Group Communications Fresenius SE & Co. KGaA Else-Kröner-Straße 1 61352 Bad Homburg Germany T +49 175 3284722 steffi.kim@fresenius.com www.fresenius.com

• Fresenius intends to sell approximately 13.4 million shares in Fresenius Medical Care AG, equivalent to approximately 5 per cent of Fresenius Medical Care’s issued share capital, via an accelerated bookbuild offering to institutional investors
• On completion, Fresenius’s financial investment in Fresenius Medical Care will reduce from approximately 25 per cent¹ to approximately 20 per cent¹
• The sale continues Fresenius’s disciplined, value-oriented reduction of the financial investment; proceeds will be used consistently with the stated capital allocation priorities set out under #FutureFresenius

Fresenius SE & Co. KGaA (XETR: FRE; OTCM: FSNUY) today announced its intention to sell approximately 13.4 million shares in Fresenius Medical Care AG (XETR: FME; NYSE: FMS) through a placing to institutional investors by way of an accelerated bookbuild offering. The placing price will be determined on completion of the bookbuild, and the result will be announced thereafter. The sale would reduce Fresenius’s financial investment in Fresenius Medical Care from approximately 25 per cent¹ to approximately 20 per cent¹ of issued share capital.

“With the structured reduction of our stake in Fresenius Medical Care we are creating further capacity to redeploy that capital into our growth platforms. That was the purpose of #FutureFresenius, and it is the foundation REJUVENATE builds on – a more focused Fresenius, with a stronger balance sheet and the strategic flexibility to act on the opportunities in front of us,” said Michael Sen, CEO of Fresenius.

The net proceeds will be applied consistent with the stated capital allocation priorities set out under #FutureFresenius.

Since the deconsolidation of Fresenius Medical Care on 30 November 2023, Fresenius has managed its holding as a financial investment and has progressively reduced it, including through participation on a pro-rata basis in Fresenius Medical Care’s share buyback program as well as a sale of 7.8 million shares in August this year. Today’s placing is a further step in that reduction, supporting Fresenius’ commitment to delivering long-term profitable growth and creating shareholder value.

●●●
Transaction Details

• BNP Paribas, BofA Securities Europe SA, Deutsche Bank Aktiengesellschaft and J.P. Morgan SE are acting as Joint Bookrunners for the placing.
• The bookbuild will commence immediately following this announcement; pricing and allocation are expected to be announced before the opening of Xetra trading on 12 November 2026.
• Fresenius has agreed a lock-up on its remaining Fresenius Medical Care shares of 90 days, subject to customary exceptions.

 

Fresenius (XFRA: FRE, OTC: FSNUY) is a global, therapy-focused healthcare company dedicated to saving and improving human lives around the world. Through Fresenius Kabi and Fresenius Helios, the company delivers system-critical, innovative and affordable healthcare across the full continuum of care: Fresenius Kabi is a leading provider of lifesaving medicines, medical nutrition, and medical technologies for critically and chronically ill patients, reaching around 450 million people each year. Fresenius Helios is Europe’s largest private hospital operator, treating around 27 million patients annually.

With more than 178,000 employees and operating in more than 60 countries, Fresenius generated €22.6 billion in revenue in 2025.

For more information, visit www.fresenius.com and follow Fresenius on LinkedIn.

Fresenius Medical Care AG is an independent, separately listed company (XETR: FME; NYSE: FMS), in which Fresenius SE & Co. KGaA holds a financial investment of approximately 25 per cent¹; Fresenius Medical Care’s results are not consolidated in the Fresenius Group’s revenue and earnings.

Forward-Looking Statements
This release contains forward-looking statements that are subject to various risks and uncertainties. Future results could differ materially from those described in these forward-looking statements due to certain factors, e.g. changes in business, economic and competitive conditions, regulatory reforms, results of clinical trials, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, the availability of financing and unforeseen impacts of international conflicts. Fresenius does not undertake any responsibility to update the forward-looking statements in this release.

Correspondence Address
 

Fresenius SE & Co. KGaA	Fresenius Management SE
Registered Office Bad Homburg, Germany	Registered Office Bad Homburg, Germany
Commercial Register Amtsgericht Bad Homburg, HRB 11852	Commercial Register Amtsgericht Bad Homburg, HRB 11673
Chairman of the Supervisory Board Wolfgang Kirsch	Management Board Michael Sen (Chairman), Sara Hennicken, Dr. Marc-Alexander Mahl,  Dr. Michael Moser, Dr. Christian Pawlu  Chairman of the Supervisory Board Wolfgang Kirsch

Securities Information
Fresenius SE & Co. KGaA is listed on the Frankfurt Stock Exchange and is a member of the DAX 40 index. The shares are traded on Xetra, the electronic trading venue of Deutsche Börse, under the ticker FRE.
ISIN: DE000FRE5EN2 ● WKN: FRE5EN

American Depository Receipts
Fresenius SE & Co. KGaA maintains a sponsored Level I American Depositary Receipt programme, traded over the counter in the United States on the OTC Markets platform under the ticker FSNUY, at a ratio of four American Depositary Receipts to one ordinary share. Depositary bank: J.P. Morgan Chase Bank N.A.
ISIN: US35804M1053 ● CUSIP: 35804M105

Contacts
For Media contacts, click here, and to contact Investor Relations, click here.

IMPORTANT NOTICE

This announcement is not a prospectus and does not contain or constitute an offer of securities for sale in or into any jurisdiction, including the United States, Canada, Australia, Japan, South Africa or any jurisdiction in which offers or sales of the securities would be prohibited by applicable law. Neither this announcement nor anything contained herein shall form the basis of, or be relied upon in connection with, any offer or commitment whatsoever in any jurisdiction.

This announcement is not an offer to sell, or solicitation of an offer to buy, any securities in the United States. The securities described herein have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States absent registration or an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There will be no public offering of the securities described herein in the United States or anywhere else.

In member states of the European Economic Area (“EEA”) and the United Kingdom, this announcement is directed exclusively at persons who are “qualified investors” within the meaning of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 (“Prospectus Regulation”) or the Public Offers and Admissions to Trading Regulations 2024 (“POATRs”) (“Qualified Investors”).

In addition, in the UK, this announcement is only being distributed to and is only directed at (i) persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”), (ii) high net worth entities falling within Article 49(2) of the Order, and (iii) persons at or to whom it can otherwise lawfully be distributed or directed (all such persons together being referred to as “relevant persons”). Any person who is not a relevant person should not act or rely on this announcement or any of its contents.

The information contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy or completeness.

This announcement may include statements that are, or may be deemed to be, “forward‐looking statements”. These forward‐looking statements may be identified by the use of forward‐looking terminology, including the terms “believes”, “estimates”, “plans”, “projects”, “anticipates”, “expects”, “intends”, “may”, “will” or “should” or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward‐looking statements may and often do differ materially from actual results. Any forward‐looking statements reflect the Company’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 its business, results of operations, financial position, liquidity, prospects, growth or strategies. Forward‐looking statements speak only as of the date they are made.

The Company and its affiliates expressly disclaim any obligation or undertaking to update, review or revise any forward-looking statement contained in this announcement whether as a result of new information, future developments or otherwise.

No reliance may or should be placed by any person for any purposes whatsoever on the information contained in this announcement or on its completeness, accuracy or fairness. The information in this announcement is subject to change.

– End –
 

aap Implantate AG: Management Board refines 2026 forecast and provides first outlook for 2027 – Ambition 2030: Revenue of at least EUR 21 million with an EBITDA margin of 17.5% to 22.5%

• 2026 Forecast Clarified: Revenue of EUR 12.0 million to EUR 13.0 million, EBITDA of EUR -0.5 million to EUR +0.5 million
• These figures are based on the approved business plans and the published nine-month results: Q3 2026 revenue of EUR 3.3 million (+2%), EBITDA after nine months above the IFRS break-even point
• Outlook for 2027: Revenue of at least EUR 14 million, EBITDA ranging from EUR 0.0 million to EUR 2.0 million
• 2030 Ambition: Revenue of at least EUR 21 million and an EBITDA margin of 17.5% to 22.5% at steady state
• Growth drivers: sales expansion, expanded product portfolio, and more efficient manufacturing in Berlin
• Updated investor presentation now available at www.aap.de

Berlin, November 11, 2026 – The Management Board of aap Implantate AG (“aap,” ISIN: DE000A3H2101), a manufacturer of “Made in Germany” trauma implants, has clarified its forecast for fiscal year 2026 following the approval of the business plans and based on business performance in the first nine months, and has presented, for the first time, a quantified outlook for fiscal year 2027 as well as a medium-term ambition through 2030. In doing so, the Management Board is establishing a solid foundation for investors and providing a clear and verifiable outlook for the coming years.

2026 Forecast: Ranges Narrowed Following Approval of Business Plans

As previously reported, aap generated revenue of EUR 3.3 million in the third quarter of 2026, up 2% from the same quarter a year earlier. After nine months, consolidated revenue totaled EUR 9.35 million (9M/2025: EUR 9.48 million). EBITDA under IFRS was above the break-even point in the first nine months.

With the approval of the business plans, management now has the necessary visibility to refine the forecast for the current fiscal year and lay a solid foundation for 2027. For 2026, revenue is now expected to range from EUR 12.0 million to EUR 13.0 million (previously: EUR 11.5 million to EUR 14.5 million) and EBITDA from EUR -0.5 million to EUR +0.5 million (previously: EUR -1.0 million to EUR +1.5 million). The midpoint of the new revenue range, at EUR 12.5 million, corresponds to the previous year’s revenue. The new EBITDA range falls within the middle of the previous forecast range. The Management Board thus confirms the expectation expressed in the Corporate News release of November 2, 2026, of positive EBITDA in the middle of the forecast range.

Rubino Di Girolamo, Chief Executive Officer (CEO) of aap Implantate AG, explains:

“We have restructured aap in recent years, completed the MDR transformation, and established the structures for growth. The foundation has been laid. The new Management Board team led by Cornelius Fink, and Nicole Kassel will consistently continue this development. The targets presented today provide a clear and binding framework for this.”

Outlook for 2027: Revenue of at least EUR 14 million – three growth drivers with high visibility

For fiscal year 2027, the Management Board expects revenue of at least EUR 14 million and EBITDA of between EUR 0.0 million and EUR 2.0 million. Based on the midpoint of the 2026 forecast, this corresponds to revenue growth of approximately 12%. With this, aap further specifies the previously communicated goal of average double-digit revenue growth starting in 2027.

The planned growth is based on three drivers that have already been initiated:

Existing customers – approx. EUR 0.7 million: Additional revenue from new product launches with existing customers.

International – approximately EUR 1.0 million: Additional sales staff as well as market entry or expansion in ten additional countries.

aap Implants Inc. (US) – approximately EUR 1.0 million: Expansion of the US sales team, revenue from new products, and improved utilization of implant sets already on the market.

About three-quarters of the planned growth is thus expected to come from international business and the US subsidiary – the areas that have already shown the most dynamic growth in the first nine months of 2026.

Ambition 2030: Revenue of at least EUR 21 million and an EBITDA margin of 17.5% to 22.5%

To provide investors with a clear medium-term outlook, the Management Board has set an ambition for 2030: revenue of at least EUR 21 million and an EBITDA margin of 17.5% to 22.5% in a steady-state scenario – that is, after the launch of new products and assuming a stable market environment. Based on 2025 revenue of EUR 12.5 million, this corresponds to an average annual growth rate of approximately 11%. Compared to the previously cited revenue figure of approximately EUR 20 million for 2030, the Management Board is thus setting a clear lower limit and, for the first time, quantifying the targeted profitability. The 2030 ambition applies exclusively to the trauma business. Potential revenue from antibacterial silver technology – for which initial approval is expected no earlier than 2030 – is not included in this figure. However, it represents another potential growth driver.

Three value drivers are intended to support this path: investments in production capacity and technology at the Berlin site – including new lathes and milling machines as well as robotics and automation – the further expansion of sales capacity in Europe, the US, and new markets, and an expanded product portfolio with eleven development projects through 2031. Once the planned portfolio expansion is complete, the product range is expected to cover approximately 90% of the human body – all regions except the spine and skull. In terms of margins, aap benefits from a gross margin of approximately 90%, economies of scale, and increasingly automated manufacturing.

Cornelius Fink, Member of the Management Board (COO) of aap Implantate AG, explains:

“New manufacturing facilities and more efficient production processes have been implemented. This allows us to manufacture more productively in Berlin and create the capacity needed for our planned growth. At the same time, efficient production is the key driver for achieving the margin we have set as our goal for 2030.”

Nicole Kassel, Member of the Management Board (CFO) of aap Implantate AG, adds:

“The proceeds from the capital increase are financing the implementation of our plans – from expanding sales and developing new products to further automating production. Our goals for 2027 are built on a solid foundation, and we look forward to our 2030 target with full confidence.”

Investor Presentation and Munich Capital Markets Conference

A short video and the updated 2026 investor presentation, featuring forecasts, an outlook, and our 2030 ambition, are now available in the Investor Relations section at www.aap.de. aap will present the materials on November 11, 2026, at the Munich Capital Markets Conference (MKK) as well as in one-on-one meetings with investors. The subscription period for the current capital increase ends on November 20, 2026.

About aap Implantate AG

Headquartered in Berlin, aap Implantate AG develops, manufactures, and distributes implants for trauma surgery. At the core of its portfolio is the patented LOQTEQ® plate system, which combines fracture compression and angle-stable fixation in a single surgical step. All existing products are MDR-certified and are 100% manufactured in Berlin. In Germany, aap sells directly to hospitals and purchasing groups; internationally, it sells through distributors; and in the US, through its subsidiary aap Implants Inc. Product registrations are in place in 46 countries. In addition, aap has a patented antibacterial silver-coating technology that has already passed clinical trials and is seeking approval. The stock is listed on the regulated market of the Frankfurt Stock Exchange (General Standard) (ISIN: DE000A3H2101, WKN: A3H210).

www.aap.de

Investor Relations Contact:

CROSS ALLIANCE communication GmbH
Susan Hoffmeister
Phone: +49 89 125 09 0333
Email: sh@crossalliance.de
www.crossalliance.de

 

Important Notice

This announcement is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy or subscribe for securities of aap Implantate AG. The offering is governed exclusively by the subscription offer published in the Federal Gazette. This announcement is not intended for publication or distribution in or within the United States of America, Canada, Australia, or Japan. It may contain forward-looking statements based on the current expectations of the Executive Board and subject to risks and uncertainties; actual results may differ materially.

Contact:
If you have any questions, please contact:
aap Implantate AG; R. Di Girolamo; Chairman of the Executive Board / CEO; Lorenzweg 5; D-12099 Berlin
Phone: +49/30/750 19 – 170; Fax: +49/30/750 19 – 290; r.digirolamo@aap.de

aap increases revenue by 2% in the third quarter of 2026 – on top of the already high prior-year level

• Q3 revenue rises 2% to EUR 3.3 million – strong prior-year quarter surpassed once again; revenue performance improves year-to-date
• U.S. business grows by 2% in local currency in Q3 on a high prior-year basis; highest monthly order intake of the year at the start of Q4
• EBITDA continued to improve in the first nine months of 2026 and remained above the break-even point under both and IFRS

Berlin, November 10, 2026

aap Implantate AG (“aap”) continued its operational recovery in the third quarter of 2026. Compared to the previous quarter, revenue rose from EUR 2.8 million to EUR 3.3 million, slightly exceeding the level of the same quarter last year. For the first nine months of 2026, this results in a revenue decline of only 1.4% compared to the same period last year. This reflects a gradual improvement in revenue performance over the course of the year.

Q3/2026 – Revenue Figures

Region / Revenue in kEUR	Q3/2026	Q3/2025	Change
EMEA (= Europe, Middle East, Africa) North America LATAM (= Latin America) APAC (= Asia-Pacific)	1,521 797 832 184	1,481 732 828 214	3% 9% 0% -14%
Revenue	3,334	3,255	2%

 

Region / Revenue in kUSD	Q3/2026	Q3/2025	Change
North America	875	855	2%

9M/2026 – Revenue Figures

Revenue in kEUR	9M/2026	9M/2025	Change
EMEA (= Europe, Middle East, Africa) North America LATAM (= Latin America) APAC (= Asia-Pacific)	4,546 2,280 1,929 597	4,753 2,022 2,047 663	-4% 13% -6% -10%
Revenue	9,352	9,484	-1%

 

Region / Revenue in kUSD	9M/2026	9M/2025	Change
North America	2,607	2,266	15%

 

Regional Revenue Trends

EMEA, the region with the highest revenue, posted revenue growth of 3% in the third quarter of 2026 compared with the same quarter of the previous year. In the Middle East, revenue recovered significantly, rising 22% compared with the same quarter of the previous year. However, revenue there remained 51% below the prior-year level for the first nine months. New products drove dynamic growth in Spain and Portugal and offset the decline in revenue in South Africa. Most other markets in the region saw slight increases or decreases in revenue in the third quarter.

The US business remained a key growth driver for the Group. As early as the third quarter of 2025, aap had already increased revenue by 18% compared with the same quarter of the previous year. Against this high comparative base, revenue grew by an additional 2% in local currency in the third quarter of 2026. The fourth quarter also began with the highest monthly order intake of the year.

In the LATAM region, revenue matched the level of the exceptionally strong prior-year quarter, in which 21% growth had been achieved. An expanded product portfolio and new markets offset the high one-time orders from the third quarter of 2025. This creates a solid foundation for the coming year. For the fourth quarter, aap is confident that it will further reduce the cumulative revenue shortfall compared to the prior year.

In the APAC region, revenue in the third quarter was 14% below the prior-year figure. The comparable quarter of 2025 had been exceptionally strong, with growth of over 200%. For the fourth quarter, aap is confident that it will make further progress and generate additional growth on the region’s continuously expanding foundation.

Revenue and Earnings Performance in the First Nine Months

The strong third quarter helped narrow the year-over-year revenue shortfall in the first nine months. Cumulative revenue reached EUR 9.3 million (9M/2025: EUR 9.5 million).

Earnings performance also remained positive: EBITDA improved again in the first nine months of 2026 and was above the break-even point under IFRS. This underscores the progress made in efficiency, cost control, and operational performance.

Outlook for the Fourth Quarter

aap is starting the fourth quarter on a solid footing. A corresponding outlook is included in the investor presentation, which on our website will be available starting November 11, 2026.

 

About aap Implantate AG

aap Implantate AG is a globally active medical technology company headquartered in Berlin, Germany. The company develops, manufactures, and markets products for traumatology. In addition to the innovative LOQTEQ® anatomical plate system, its IP-protected portfolio includes a wide range of cannulated screws. Furthermore, aap Implantate AG has an innovation pipeline featuring promising development projects, such as antibacterial silver-coating technology and magnesium-based implants. These technologies address critical problems in traumatology that have not yet been adequately solved. In Germany, aap Implantate AG sells its products directly to hospitals, purchasing groups, and hospital networks, while internationally it primarily relies on a broad network of distributors in approximately 25 countries. In the U.S., the company, through its subsidiary aap Implants Inc., employs a sales strategy based on distribution agents. The shares of aap Implantate AG are listed on the General Standard segment of the Frankfurt Stock Exchange (XETRA: AAQ.DE). For further information, please visit our website at www.aap.de.

The figures presented in this release may contain technical rounding differences that do not affect the overall message.

Contact Investor Relations:

CROSS ALLIANCE communication GmbH
Susan Hoffmeister
Phone: +49 89 125 09 0333
Email: sh@crossalliance.de
www.crossalliance.de

Important notice

This announcement is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy or subscribe for securities of aap Implantate AG. The offering is governed exclusively by the subscription offer published in the Federal Gazette. This announcement is not intended for publication or distribution in or within the United States of America, Canada, Australia, or Japan. It may contain forward-looking statements based on the current expectations of the Management Board and subject to risks and uncertainties; actual results may differ materially.

 

Forward-Looking Statements

This press release may contain forward-looking statements based on the current expectations, assumptions, and forecasts of the Executive Board, as well as on information currently available to it. The forward-looking statements are not to be construed as guarantees of the future developments and results mentioned therein. Various known and unknown risks, uncertainties, and other factors may cause the company’s actual results, financial position, development, or performance to differ materially from the estimates provided herein. These factors also include those described by aap in published reports. Forward-looking statements are therefore valid only as of the date they are made. We assume no obligation to update the forward-looking statements made in this press release or to adapt them to future events or developments.

 

Contact:
If you have any questions, please contact:
aap Implantate AG; R. Di Girolamo; Chairman of the Executive Board / CEO; Lorenzweg 5; D-12099 Berlin
Phone: +49/30/750 19 – 170; Fax: +49/30/750 19 – 290; r.digirolamo@aap.de

Press Release

Medios Achieves Solid Revenue Growth in a Challenging Market Environment and Confirms Full-Year Forecast

• Consolidated revenue rises by 6.7% to €1,633.0 million in the first nine months of 2026; growth driven by all operating segments
• EBITDA pre¹ stands at €66.7 million (9M 2025: €70.4 million), with a margin of 4.1% (9M 2025: 4.6%)
• Operating cash flow amounts to €26.2 million (9M 2025: €52.7 million)
• Consistent implementation of the “Avanti Medios!” efficiency program is showing results
• New “Medios Next Level” strategy presented at Capital Markets Day
• Caelo acquisition completed; integration underway
• Full-year forecast confirmed; EBITDA pre¹ expected at the lower end of the range

Berlin, November 10, 2026 – The Medios Group (“Medios,” ISIN: DE000A1MMCC8), a European pharmaceutical services provider, increased its consolidated revenue by 6.7% to €1,633.0 million in the first nine months of 2026 (9M 2025: €1,530.0 million). All operating segments contributed to this growth.

EBITDA pre¹ amounted to €66.7 million (9M 2025: €70.4 million); the EBITDA pre¹ margin was 4.1% (9M 2025: 4.6%). Profitability was impacted by price declines for selected products in the Pharmaceutical Supply segment and temporarily higher material costs in the International Business.

Thomas Meier, CEO of Medios AG: “Despite a challenging market environment, we are growing in all operating segments. In Patient-Specific Therapies, we improved the EBITDA pre¹ margin quarter-over-quarter for the third consecutive time. The consistent implementation of our efficiency program, Avanti Medios!, is contributing to this. Furthermore, with our new Medios Next Level strategy, we are streamlining our structure and placing a clear investment focus on expanding our compounding business.”

Segment Performance: Revenue Above Prior-Year Level
In the Pharmaceutical Supply segment, revenue rose by 6.8% to €1,323.5 million (9M 2025: €1,239.5 million). EBITDA pre¹ declined by 9.1% to €35.3 million (9M 2025: €38.8 million). Price declines for selected products could not be fully offset by higher business volume. Additional earnings contributions from new business counteracted the price pressure, while personnel and other operating expenses increased at the same time. Since September, initial improvements in prices have become apparent.

The Patient-Specific Therapies segment increased its revenue by 8.4% to €180.0 million (9M 2025: €166.0 million). EBITDA pre¹, at €17.7 million, was 2.3% below the prior-year level (9M 2025: €18.1 million), primarily due to drug price regulation. Higher sales volumes across all customer groups and the measures to improve operations helped offset this, but were unable to fully compensate for the decline.

In the International Business segment, external revenue grew by 4.1% to €129.3 million. EBITDA pre¹ decreased by 7.7% to €20.3 million. In addition to temporarily higher material costs – particularly in connection with eye injections – increased personnel expenses weighed on the segment’s earnings. Furthermore, portfolio and divestment effects from the sale of non-core businesses in the prior year had positively impacted the previous year’s earnings by €2.6 million. Measures to improve profitability in the current financial year have been initiated.

Focus on Cash Flow
Operating cash flow for the first nine months of 2026 amounted to €26.2 million (9M 2025: €52.7 million). The 50.2% decline is primarily attributable to higher tax payments, lower earnings, cash proceeds from the sale of non-core businesses in the previous year and later payments to suppliers in the prior year. Working capital as of September 30, 2026, stood at €169.2 million (September 30, 2025: €136.8 million). To improve operating cash flow, Medios is focusing on optimizing capital tied up and cash conversion.

Capital expenditures (CapEx) totaled €10.3 million from January through September and were primarily attributable to the construction of a new building in Breda, the Netherlands. Free cash flow before acquisitions amounted to €15.9 million (9M 2025: €47.9 million). At the end of the reporting period, Medios had cash and cash equivalents of €92.2 million (9M 2025: €93.4 million). The net debt-to-EBITDA ratio stood at 1.2x, slightly below the prior-year level of 1.3x; the internal ceiling is 2.0x.

Stefan Bauerreis, CFO of Medios AG: “We are working intensively to ensure that our revenue growth is reflected more strongly in earnings and cash flow. That is why we are focusing on our operating cost base, capital tied up, and the swift implementation of the efficiency measures already initiated. At the same time, we continue to make targeted investments in the infrastructure we need for profitable growth.”

“Avanti Medios!” Is Having an Impact
As part of the “Avanti Medios!” efficiency program, Medios discontinued its activities in the Advanced Therapies business area and implemented restructuring measures at its Belgian subsidiary Magis Pharma in the third quarter. Prior to this, the closure of the Aschaffenburg site was completed. Total savings generated by the program amounted to €2.7 million as of September 30, 2026. Savings of €5 million are expected for the full year 2026. Beyond these individual measures, Medios is focusing on higher capacity utilization, efficient cost management, and the further optimization of its production network in Germany. The rollout of SAP S/4HANA is scheduled for January 1, 2027. It is intended to support process harmonization and thereby contribute to efficiency gains.

New “Medios Next Level” Strategy Unveiled
On September 29, 2026, Medios unveiled its new 2031 strategy, “Medios Next Level,” at its Capital Markets Day. It calls for a simplification of the Group’s structure and a clearly focused business model with two operating segments starting in 2027: Specialty Pharma Supply and Compounding. The focus is on profitable growth and targeted investments in the expansion of the European compounding business. Operational improvements, organic growth, and selective acquisitions are intended to strengthen profitability and cash generation. By 2031, Medios is targeting consolidated revenue of approximately €3.1 billion; at the same time, EBITDA adjusted² is expected to double to around €170 million.

Caelo Strengthens the Compounding Business
Following the completion of the acquisition of a majority stake in Caesar & Loretz GmbH (Caelo), Medios has begun integrating the company. The initial consolidation took place on October 1, 2026; as a result, Caelo’s contribution is not yet included in the nine-month figures. Through this acquisition, Medios is expanding its Compounding Essentials business. Following a ramp-up phase, annual synergies of €3.4 million are expected from 2028/29 onwards.

Enhanced Financial Flexibility
All lending consortium banks have approved the increase and extension of Tranche B (RCF) under the existing term loan. The RCF (revolving credit facility) has thereby been increased to up to €125 million, with a further option to increase it to €150 million. The refinancing of the Caelo acquisition is thus already secured; at the same time, additional financial flexibility has been created under unchanged loan terms.

Full-Year Forecast Confirmed Despite “Hilfstaxe”
Medios confirms its forecast for the 2026 financial year, excluding M&A, with consolidated revenue between €2.10 and €2.16 billion and EBITDA pre¹ between €88 and €92 million. The adjustment to the “Hilfstaxe” in Germany – the agreement between health insurance companies and pharmacists regarding the prices of preparations manufactured in pharmacies – is expected to place an additional burden of approximately €1.2 million on EBITDA pre¹ in the Patient-Specific Therapies segment in the fourth quarter. The Executive Board therefore expects EBITDA pre¹ to be at the lower end of the range.
 

Key figures (IFRS)
in € million	9M 2026					9M 2025				∆ in %
Consolidated revenue (extenal)	1,633.0					1,530.0				6.7
Pharmaceutical Supply	1,323.5					1,239.5				6.8
Patient-Specific Therapies	180.0					166.0				8.4
International Business	129.3					124.2				4.1
Services	0.4					0.4				6.2
EBITDA pre1	66.7					70.4				–5.2
Pharmaceutical Supply	35.3					38.8				–9.1
Patient-Specific Therapies	17.7					18.1				–2.3
International Business	20.3					22.0				-7.7
Services	–6.6					–8.6				–22.7
Consolidated net income after income taxes	12.8					19.9				–35.9
Cash flow from operating activities	26.2					52.7				–50.2
Earnings per share (in €)	0.52					0.79				–34.0
Adjusted earnings per share (in €)	1.35					1.50				–10.0

¹ EBITDA is defined as consolidated earnings before interest, taxes, depreciation, and amortization. EBITDA pre is adjusted for extraordinary expenses related to stock options, expenses for M&A activities, expenses for the ERP system implementation, restructuring costs, and one-time expenses resulting from changes in the Executive Board.

² For greater transparency in earnings, Medios will replace “EBITDA pre” with a newly defined “EBITDA adjusted” starting in the 2027 financial year. Going forward, adjustments will be limited to two clearly defined categories – M&A expenses and restructuring costs.

The Quarterly Statement as of September 30, 2026 is available on the Investor Relations website at investors.medios.group.

Important events for the Medios Group in the 2026 financial year

November 23-25, 2026	Equity Forum – Frankfurt, Germany
December 3, 2026	Berenberg European Conference, Fairmont Windsor Park, UK

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About Medios AG
Medios is a leading specialty pharmaceutical provider in Europe. With locations in Germany, the Netherlands, Belgium, and Spain, the company supports key partners in the supply chain with innovative solutions and smart services. Medios has focused on forward-looking personalized medicine to enable everyone to access the most innovative therapies in collaboration with pharmacies, specialist medical practices, and pharmaceutical companies.

Medios AG is Germany’s first publicly traded specialty pharmaceutical company. Medios AG shares (ISIN: DE000A1MMCC8) are traded on the Regulated Market of the Frankfurt Stock Exchange (Prime Standard) and are included in the SDAX index.

www.medios.group

Contact
Katrin Neuffer
Director of Investor Relations & Communications
Medios AG
Heidestraße 9 | 10557 Berlin
T +49 30 232 566 800
ir@medios.group
www.medios.group

Disclaimer
This communication contains forward-looking statements that are subject to certain risks and uncertainties. Future results could differ materially from those currently anticipated as a result of various risk factors and uncertainties, including, but not limited to, changes in business, economic and competitive conditions, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings and the availability of financing. Medios AG assumes no responsibility to update any forward-looking statements contained in this release.

– Q3 revenue: EUR 19.9 million (Q3 2025: EUR 20.3 million); gross margin: 35.3% (prior year: 18.1%)

Cantourage Group SE (“Cantourage”, ISIN: DE000A3DSV01) achieved a significantly positive operating result in the third quarter of 2026 despite increasing price competition in the German market. EBITDA improved from EUR –2.2 million in the prior-year quarter to EUR 1.9 million, while the EBITDA margin rose from –11.0% to 9.5%. With revenue of EUR 19.9 million (prior year: EUR 20.3 million), the gross margin increased from 18.1% to 35.3%. The consistent focus on higher-value, high-margin products and increasing diversification across several European markets are strengthening the resilience of the business model and contributing significantly to improved earnings quality.
In the first nine months of 2026, Cantourage generated revenue of EUR 62.3 million, EBITDA of EUR 6.8 million and an EBITDA margin of 10.9%. As of September 30, 2026, the equity ratio stood at 75.6%, while the net cash position amounted to EUR 10.8 million. This strong financial foundation provides Cantourage with the flexibility to further develop its product portfolio and expand its international presence.

Pricing Pressure in Germany – International Business Gains Importance
In Germany, Cantourage generated revenue of EUR 9.5 million in the third quarter (approximately 48% of Group revenue). According to the company, declining market prices for cannabis flowers and intensifying competition weighed on business performance. Cantourage is therefore deliberately focusing on differentiated premium product portfolios rather than pursuing additional volume at any cost.
The United Kingdom generated revenue of EUR 9.3 million (approximately 47%), while Poland contributed EUR 1.1 million (approximately 6%). Together, these two markets accounted for more than half of Group revenue, reducing the company’s dependence on the German market.
Monique Jaqqam, CFO of Cantourage Group SE, commented: “The significant year-on-year improvement in earnings demonstrates that our focus on high-margin products and our diversified presence across several European markets are delivering results. At the same time, we are systematically developing our finance organization. By establishing standardized processes and transitioning to IFRS, we are laying the foundation for greater transparency, reliability and international comparability.”

Three Key Drivers Strengthening the Competitive Position
With the successful completion of its third EU-GMP certification project involving All Nations, following Green Karat and LOT420, and the conclusion of five-year exclusive supply agreements, Cantourage is securing access to internationally sought-after premium cannabis products. These partnerships strengthen product differentiation and improve supply planning and predictability.
New active pharmaceutical ingredients based on distillates and extracts complement the existing cannabis flower portfolio and create opportunities for additional pharmaceutical applications.                                                                                            
Through the further development of Telecan, Cantourage is also expanding digital access to individually assessed, physician-led medical care. Medical decisions remain independent and under the responsibility of the treating physicians. For Cantourage, the strategic value lies in strengthening its presence within the healthcare ecosystem rather than enabling automated prescribing.

About Cantourage
Cantourage is a leading European company engaged in the production and distribution of medical cannabis preparations and pharmaceutical products. With its experienced management team and “Fast Track Access” platform, Cantourage enables producers from around the world to gain faster, easier and more cost-effective access to the growing European medical cannabis market. To this end, the company processes and distributes cannabis raw materials and extracts, consistently ensuring compliance with the highest European pharmaceutical quality standards. Cantourage offers pharmaceutical-grade products across all relevant market segments: dried cannabis flowers, extracts, dronabinol and cannabidiol. Cantourage has been listed on the Frankfurt Stock Exchange since 11 November 2022 (ISIN: DE000A3DSV01).

 

• Patient-focused development: Telecan is expanding its digital offering to provide patients seeking medical advice and treatment with an additional route to physician-led care.
• Improved access to care: The supplementary offering is designed to address patients’ differing needs and provide greater flexibility in accessing a medical assessment.
• Strategic development: By expanding Telecan, Cantourage is strengthening its position in digital healthcare for medical cannabis and creating long-term growth opportunities.

Cantourage Group SE (ISIN: DE000A3DSV01) is continuing the targeted development of its telemedicine platform Telecan. In addition to the existing video consultation service, the platform will offer a further digital, questionnaire-based route for physicians to review treatment requests. The aim is to provide patients with a corresponding medical need with access to physician-led care that is as straightforward and flexible as possible while maintaining medical responsibility. Through this development, Cantourage is responding to evolving requirements for digital healthcare services while further strengthening Telecan’s positioning in the German medical cannabis market.

Patient-focused development of healthcare services

Telecan has established itself as a digital point of contact for patients seeking medical advice and, where appropriate, treatment with medical cannabis. The additional digital access route is intended to offer both existing registered patients and new patients another way to have their medical treatment needs assessed by a physician. The focus is not on use of the platform itself, but on providing appropriate medical care tailored to patients’ needs. The supplementary access route is designed to accommodate differing personal and medical requirements and make the process of obtaining a medical assessment more flexible. In doing so, Telecan is systematically building on its existing healthcare offering.

Expanded digital care pathway

Under the new offering, patients can initially submit their medical information through a structured digital questionnaire. A licensed physician assesses each case individually, may ask follow-up questions or arrange an additional consultation, and independently decides whether a prescription is appropriate. The offering is structured in accordance with the applicable medical and legal requirements.
In Cantourage’s view, this additional care pathway complements Telecan’s existing services with a form of physician contact that is already established in digital healthcare.
Paul Thies, Managing Director of Apsat GmbH (Telecan), comments: “By further developing Telecan, we aim to make it easier for patients to access a qualified medical assessment. This additional digital pathway expressly does not constitute automated prescribing. Every treatment case is reviewed individually by a licensed physician, who arranges direct physician-patient contact whenever medically or legally necessary. We consistently adhere to the applicable medical and regulatory requirements and have developed the platform further so that we can also respond flexibly to future legislative changes. Our aim is to make meaningful use of digital opportunities while ensuring high standards of medical quality and regulatory compliance.”

Strategic significance for Cantourage

Telecan is an important element of Cantourage’s strategic positioning in the German medical cannabis market. The platform supports access to care provided under physicians’ responsibility and contributes to the ongoing development of digital healthcare structures in this field.
For Cantourage, this may indirectly create additional commercial opportunities in its pharmacy business. The company generates its product revenue from the distribution of medical cannabis products to pharmacies, rather than from the telemedicine platform itself.
Philip Schetter, CEO of Cantourage Group SE, comments: “By further developing Telecan, we are putting patients’ needs at the centre of our efforts. Our goal is to provide people with a corresponding medical need with modern, responsible access to physician-led care. At the same time, we are strengthening Cantourage’s strategic position in the medical cannabis market. We believe that the patient-focused development of digital healthcare services can also provide positive momentum for our business over the long term.”

About Cantourage
Cantourage is a leading European company engaged in the production and distribution of medical cannabis preparations and pharmaceutical products. With its experienced management team and “Fast Track Access” platform, Cantourage enables producers from around the world to gain faster, easier and more cost-effective access to the growing European medical cannabis market. To this end, the company processes and distributes cannabis raw materials and extracts, consistently ensuring compliance with the highest European pharmaceutical quality standards. Cantourage offers pharmaceutical-grade products across all relevant market segments: dried cannabis flowers, extracts, dronabinol and cannabidiol. Cantourage has been listed on the Frankfurt Stock Exchange since 11 November 2022 (ISIN: DE000A3DSV01).

 

African Medicines Agency Marks First Year of Operations with New Platforms to Strengthen Regulation and Support Manufacturing

Inaugural AMA Week brings together regulators, manufacturers and partners to advance access to safe, quality-assured and effective medical products

KIGALI, Rwanda, November 6, 2026/APO Group/ — African Medicines Agency (AMA) (www.au-AMA.africa) has marked its first year of operations with the inauguration of its Technical Committees and the launch of two hubs to strengthen regulatory capacity and support medical-product innovation and manufacturing across Africa.

These milestones formed part of the inaugural AMA Week, which was held under the theme, Building Africa’s Regulatory Future Together: From National Strength to Continental Impact, from 25 to 30 October 2026 in Kigali, Rwanda. The gathering brought together National Regulatory Authorities (NRAs), Regional Economic Communities (RECs), policymakers, manufacturers, investors, researchers and global health partners to review progress and advance priorities for the Agency’s next phase of work.

AMA became operational in October 2025. Its mandate is to coordinate and strengthen Africa’s regulatory systems, helping countries draw on shared scientific expertise and reduce duplication while maintaining rigorous standards of quality, safety and efficacy.

Fragmented regulatory systems can leave gaps in oversight and delay access to medical products. Manufacturers seeking to supply several African markets may face different requirements, procedures and timelines. AMA works alongside national authorities to harmonise requirements, support joint assessments and promote reliance on trusted scientific evaluations. National authorities retain responsibility for marketing authorisation.

“Africa’s strength lies in the expertise of its national authorities. By sharing that expertise and relying on each other’s work, we can bring quality medical products to patients faster across the continent,” said H.E. Dr Delese Mimi Darko, Director-General of AMA.

Strengthening scientific expertise and regulatory capacity

On 26 October, AMA inaugurated seven Technical Committees, bringing together African experts to provide independent scientific advice across key areas of medical-product regulation. Their work will support the Agency’s collaboration with national and regional regulatory institutions.

“The Technical Committees have been entrusted with a highly important mission, which is to help build a regulatory system that is efficient, coherent, transparent and at the service of the population. Their members bring skills, experience and integrity that will be used to protect the health of Africa.” said Dr. Yossounon Chabi, Chair, AMA Governing Board.

On the third day of AMA Week, AMA launched its Capacity Strengthening Hub and Regulatory Innovation and Manufacturing Readiness Hub, both based at its headquarters in Kigali.

The Capacity Strengthening Hub will support the development of regulatory expertise across national authorities and regional bodies. The Regulatory Innovation and Manufacturing Readiness Hub will provide a platform for early engagement between regulators, researchers and manufacturers, helping developers understand regulatory expectations and generate the evidence needed to bring quality-assured products to market.

Connecting regulation, manufacturing and patient access

AMA Week opened with Manufacturing and Innovation Day on 25 October. Discussions brought manufacturers, investors, regulators, academia and patient representatives together to examine how predictable regulatory pathways, workforce development and technology transfer can support sustainable local production.

The Week also included the 11th African Medicines Regulators Conference, co-convened with the World Health Organization on 29–30 October. The conference provided a forum for African regulators and partners to advance cooperation, reliance and trust across regulatory systems.

Together, these engagements reinforced the connection between strong national authorities, effective continental coordination and a manufacturing environment capable of responding to Africa’s health needs.

As AMA enters its second year of operations, its priorities include advancing the work of its Technical Committees, implementing the two hubs’ programmes, strengthening safety monitoring and deepening collaboration with national authorities and regional bodies.

Patients remain the ultimate measure of this work: stronger protection against substandard and falsified products, better safety monitoring and more timely access to quality-assured treatments.

Further information about AMA’s work is available at https://au-AMA.africa/.

Distributed by APO Group on behalf of African Medicines Agency.

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Media contact:
Communications Unit
African Medicines Agency
Email: AMAComms@au-ama.africa / bizimunguj@au-ama.africa
Tel: (+250) 78 824 1588

About the African Medicines Agency:
The African Medicines Agency (AMA) is a specialised agency of the African Union, headquartered in Kigali, Rwanda. Its objective is to strengthen the capacity of States Parties and Regional Economic Communities to regulate medical products and improve access to quality, safe and effective medical products across Africa.

About AMA Week:
The inaugural AMA Week brought together African regulators, policymakers, manufacturers, researchers and partners to advance the Agency’s mandate, strengthen regulatory cooperation and support access to quality-assured medical products.