Press release

Fribourg, 29 December 2025

AEVIS VICTORIA SA successfully completes major Group-wide refinancing

AEVIS VICTORIA SA (“AEVIS”) announces the successful completion of a comprehensive refinancing program across multiple levels of the Group, as part of its ongoing efforts to optimize its capital and financing structure.

At the holding company level, AEVIS arranged a new syndicated financing facility, enhancing the Group’s overall financial flexibility and liquidity profile.

Within the real estate segment, AEVIS completed the refinancing of an interim facility originally put in place in 2020 to finance the acquisition of several hotel assets. This interim financing has been replaced with long-term, traditional mortgage financings, further strengthening the stability of the Group’s balance sheet. In addition, AEVIS successfully secured a new financing facility for L’Oscar Hotel in London.

Collectively, these transactions extend and diversify the Group’s debt maturity profile and, together with the significant reduction of the Group’s consolidated debt by more than CHF 100 million in H1 2025, are expected to materially reduce the Group’s cost of debt and financial expenses, resulting in interest expense savings in the high single-digit million range on an annualized basis.

For further information:
AEVIS VICTORIA SA Media and Investor Relations: c/o Dynamics Group, Zurich
Philippe R. Blangey, prb@dynamicsgroup.ch, +41 (0) 43 268 32 35 or +41 (0) 79 785 46 32
Séverine Van der Schueren, svanderschueren@aevis.com, +41 (0) 79 635 04 10

AEVIS VICTORIA SA – Investing for a better life
AEVIS VICTORIA SA invests in healthcare, hospitality & lifestyle and infrastructure. AEVIS′s main shareholdings are Swiss Medical Network Holding SA (76.3%, directly and indirectly), the only Swiss private network of hospitals present in the country’s three main language regions, MRH Switzerland AG, a luxury hotel group managing eleven hotels in Switzerland and abroad, Infracore SA (30%, directly and indirectly), a real estate company dedicated to healthcare-related infrastructure, Swiss Hotel Properties SA, a hospitality real estate division, and NESCENS SA, a brand dedicated to better aging. AEVIS is listed on the Swiss Reporting Standard of the SIX Swiss Exchange (AEVS.SW). www.aevis.com.

Press Release // December 23, 2025

FDA approves another interchangeable Ranibizumab Biosimilar, Nufymco^® – Strengthening US Presence with Zydus as Commercialization Partner 

• FDA approves Biologics License Application (BLA) for additional ranibizumab biosimilar under the trade name Nufymco^®
• Zydus becomes commercialization partner for Nufymco^® in the US
• Targeted strategy to maximize market penetration for ranibizumab biosimilars by building further on existing partnerships
   

Planegg-Martinsried, Germany – Formycon AG (FWB: FYB, Prime Standard, “Formycon”) and Bioeq AG (“Bioeq”) announce that the U.S. Food and Drug Administration (FDA) has approved Nufymco^®1 (ranibizumab-leyk), an interchangeable biosimilar to Lucentis^®2. With its second FDA-approved ranibizumab biosimilar in the US, the companies are further underscoring their pioneering position in high-quality biosimilar development.

Zydus Lifesciences Limited (including its subsidiaries and affiliates; “Zydus”) has been secured as another strong commercialization partner for the US market. The company has proven expertise with medically administered drugs (known as Medical Part B), a category that includes Nufymco^®. Recently, Zydus also obtained exclusive rights to Formycon’s Keytruda^®3 biosimilar FYB206 for the US and Canada – a strong testament to the attractiveness of and confidence in Formycon’s development platform.

Nufymco^® is an interchangeable biosimilar to Lucentis^®, developed by Formycon, and will be available in the US for all approved indications, expanding access to essential retinal therapies by offering a more affordable treatment option for patients.

“Our FDA approval for Nufymco^® marks an important milestone for Formycon and reaffirms our role as an innovative leader in biosimilar development. With two strong and internationally established partners, we are ideally positioned to expand access to high-quality and affordable ranibizumab biosimilars for ophthalmic patients in the US. This expanded market coverage opens new growth opportunities by enabling a differentiated approach within the complex US healthcare and reimbursement landscape, supporting sustainable market penetration,” comments Dr. Stefan Glombitza, CEO of Formycon AG.

Nufymco^® is FDA approved for the treatment of patients with age-related neovascular (wet) macular degeneration (AMD) and other serious eye diseases such as diabetic macular edema (DME), diabetic retinopathy (DR), macular edema due to retinal vein occlusion (RVO), and myopic choroidal neovascularization (mCNV).

1) Nufymco^® is a registered trademark of Formycon AG
2) Lucentis^® is a registered trademark of Genentech, Inc.
3) Keytruda^® is a registered trademark of Merck Sharp & Dohme LLC, a subsidiary of Merck & Co, Inc, (NYSE: MRK) Rahway, NJ/USA.

About Formycon:
Formycon AG (FSE: FYB) is a leading, independent developer of high-quality biosimilars, follow-on products of biopharmaceutical medicines. The company focuses on therapies in ophthalmology, immunology, immuno-oncology and other key disease areas, covering almost the entire value chain from technical development through clinical trials to approval by the regulatory authorities. For commercialization of its biosimilars, Formycon relies on strong, well-trusted and long-term partnerships worldwide. With FYB201/ranibizumab and FYB202/ustekinumab, Formycon already has two biosimilars on the market. Another biosimilar, FYB203/aflibercept, has been approved by the FDA, EMA, and MHRA. Four pipeline candidates – including FYB208/dupilumab – are currently in development. With its biosimilars, Formycon is making an important contribution to providing as many patients as possible with access to highly effective and affordable medicines.

Formycon AG is headquartered in Munich, listed in the Prime Standard of the Frankfurt Stock Exchange: FYB / ISIN: DE000A1EWVY8 / WKN: A1EWVY. Further information can be found at: https://www.formycon.com/

About Bioeq:
Bioeq is a Swiss biopharmaceutical joint venture between the Polpharma Biologics Group and Formycon AG. Bioeq develops, licenses, and markets biosimilars. www.bioeq.ch

About Zydus Lifesciences Limited:
Zydus Lifesciences Limited is an innovation-led life-sciences company with leadership positions across pharmaceuticals and consumer wellness, supported by an emerging MedTech franchise and a global footprint across the United States, India and other international markets. As of September 30, 2025, the group employs 27,000 people worldwide, including 1,500 scientists engaged in R&D, and is driven by its mission to unlock new possibilities in lifesciences through quality healthcare solutions that impact lives. The group aspires to transform lives through path-breaking discoveries. For more details visit www.zyduslife.com

About Biosimilars:
Since their introduction in the 1980s, biopharmaceutical drugs have revolutionized the treatment of serious and chronic diseases. By 2032, many of these drugs will lose their patent protection – including 45 blockbusters with an estimated total annual global turnover of more than 200 billion US dollars. Biosimilars are successor products to biopharmaceutical drugs for which market exclusivity has expired. They are approved in highly regulated markets such as the EU, the USA, Canada, Japan and Australia in accordance with strict regulatory procedures. Biosimilars create competition and thus give more patients access to biopharmaceutical therapies. At the same time, they reduce costs for healthcare systems. Global sales of biosimilars currently amount to around 21 billion US dollars. Analysts assume that sales could rise to over 74 billion US dollars by 2030.

 
Contact:
Sabrina Müller,
Director Investor Relations & Corporate Communications,
Formycon AG
Fraunhoferstr. 15
82152 Planegg-Martinsried
Germany

Tel.: +49 (0) 89 – 86 46 67 149
Fax: + 49 (0) 89 – 86 46 67 110

Sabrina.Mueller@formycon.com

Disclaimer:
This press release may contain forward-looking statements and information which are based on Formycon’s current expectations and certain assumptions. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, performance of the company, development of the products and the estimates given here. Such known and unknown risks and uncertainties comprise, among others, the research and development, the regulatory approval process, the timing of the actions of regulatory bodies and other governmental authorities, clinical results, changes in laws and regulations, product quality, patient safety, patent litigation, contractual risks and dependencies from third parties. With respect to pipeline products, Formycon AG does not provide any representation, warranties or any other guarantees that the products will receive the necessary regulatory approvals or that they will prove to be commercially exploitable and/or successful. Formycon AG assumes no obligation to update these forward-looking statements or to correct them in case of developments which differ from those anticipated. This document neither constitutes an offer to sell nor a solicitation of an offer to buy or subscribe for securities of Formycon AG. No public offering of securities of Formycon AG will be made nor is a public offering intended. This document and the information contained therein may not be distributed in or into the United States of America, Canada, Australia, Japan or any other jurisdictions, in which such offer or such solicitation would be prohibited. This document does not constitute an offer for the sale of securities in the United States.

MindMaze Therapeutics: Consolidating a Global Approach to Reimbursement for Next-Generation Therapeutics

Geneva, Switzerland – December 23, 2025 — MindMaze Therapeutics Holding SA (SIX: MMTX) (MindMaze Therapeutics or the Company), a commercial-stage company delivering evidence-based, precision digital treatments for neurological diseases, today outlined the evolution of its global reimbursement strategy to enable scalable patient access and sustainable commercial growth for next-generation neurotherapeutics.

Building on a decade of clinical development and five years of focused reimbursement engagement, the Company’s approach integrates reimbursed deployment in the United States, national evidence-generation programs in Switzerland, and guideline-aligned engagement in the United Kingdom, creating a coordinated framework for long-term reimbursement durability across major healthcare systems.

Reimbursement Journey: From Vision to Scalable Reality

The MindMaze platform began actively evaluating and engaging with U.S. reimbursement pathways for digital neurorehabilitation in 2020, recognizing that long-term scale in healthcare innovation requires formal reimbursement alignment.

Over the subsequent five years, the MindMaze platform worked closely with clinical partners, payers, and policymakers to demonstrate real-world feasibility and utilization of technology-enabled care. This effort began with early clinic-to-home deployments at Vibra Healthcare hospitals, where MindMaze solutions were used to extend supervised neurorehabilitation beyond inpatient settings into the home, enabling patients to continue high-frequency therapy after discharge and generating real-world utilization and outcomes data that informed reimbursement discussions.

This multi-year body of real-world evidence supported the establishment of a CMS Category III (CAT III) reimbursement code for home-based digital neurorehabilitation—one of the first reimbursement pathways designed to recognize high-intensity neurotherapeutic care delivered outside traditional clinical environments. CAT III reimbursement enables continued real-world deployment while utilization, outcomes, and payer engagement are further evaluated and documented.

What CAT III Reimbursement Covers

The CAT III code enables reimbursement for:

• Technology-enabled, clinician-supervised digital neurorehabilitation
• High-frequency, high-intensity therapy delivered at patients’ homes
• Remote monitoring, therapy adaptation, and patient engagement tools
• Data-driven personalization and outcome tracking

Rather than reimbursing hardware alone, CAT III supports a service-based care model, aligning reimbursement with patient usage, therapy intensity, and clinical oversight. This framework allows providers to extend therapy duration and reach more patients without proportional increases in staffing or infrastructure.

Why This Is First of Its Kind

MindMaze Therapeutics’ reimbursement framework is considered first-of-its-kind because it:

• Supports high-dose digital neurorehabilitation as a reimbursable clinical service
• Enables home-based therapy at scale, not as an exception
• Recognizes AI-driven personalization and remote supervision as integral to care delivery
• Aligns reimbursement with real-world usage, not rare and episodic clinic visits

This represents a fundamental shift from episodic rehabilitation models toward continuous, data-driven neurological care.

Geography-Specific Reimbursement Strategy

United States (US): Reimbursed Scale Through CMS Category III

In the U.S., CAT III reimbursement provides the foundation for near-term commercial scale. It enables providers to deploy MindMaze Therapeutics’ solutions across post-acute, outpatient, and home-based settings, driving increased patient onboarding, longer therapy duration, and recurring utilization. It also serves as a strategic foundation toward potential Category I (CAT I) reimbursement in the future. Real-world evidence from national programs such as SwissNeuroRehab, and multi-site deployments with hospital partners are designed to support this progression.

“Reimbursement is what allows innovation to reach patients at scale,” said Alexandre Capet, CEO of MindMaze Therapeutics. “Our Category III reimbursement enables expanded patient access and utilization, while our Swiss and international clinical programs generate the evidence required for durable, long-term reimbursement models. Together, these initiatives support our ambition to build a globally scalable, reimbursed neurotherapeutics platform.”

Switzerland (CH): National Evidence Generation via Innosuisse

In Switzerland, MindMaze Therapeutics participates in SwissNeuroRehab, a CHF 11.2 million Innosuisse-backed national flagship consortium involving leading Swiss university hospitals and rehabilitation centers.

SwissNeuroRehab is part of Innosuisse’s national flagship initiatives designed to accelerate innovation with system-level impact:

• https://www.innosuisse.admin.ch/en/ongoing-flagships
• https://www.swissneurorehab.ch/

As a technology partner, MindMaze Therapeutics supports the deployment and validation of advanced digital neurorehabilitation pathways across institutional and home-based settings, generating high-quality clinical and health-economic evidence aligned with payer and policy expectations.

United Kingdom (UK): Guideline-Driven Market Access

In the UK, MindMaze Therapeutics is aligning its evidence-generation strategy with NICE evaluation frameworks for digital health technologies. Engagement focuses on demonstrating clinical effectiveness, system efficiency, and scalability within the NHS, supporting future reimbursement and adoption discussions.

Positioned for Long-Term Growth

With 27+ completed clinical studies, 11 regulatory clearances across major markets, and a data engine processing more than 1.2 billion data points per month, MindMaze Therapeutics continues to strengthen its position in AI-powered neurorehabilitation.

By aligning reimbursement history, real-world patient usage, and national-scale evidence generation, the Company is building a durable foundation for long-term value creation—expanding patient access today while supporting future reimbursement durability across global markets.

About MindMaze Therapeutics

MindMaze Therapeutics is a Swiss-based, commercial-stage company formed in December 2025 through the business combination of RELIEF THERAPEUTICS Holding SA (Relief) and NeuroX Group SA. The Company develops and commercializes first-of-its-kind digital treatments for neurological diseases and brain disorders. Built on an advanced brain technology platform integrating software, sensors, and telehealth, its solutions are deployed globally across clinics and home settings. MindMaze Therapeutics’ clinically validated neurotherapeutics have demonstrated significant medico-economic outcomes across conditions such as stroke, Parkinson’s disease, and at-risk aging. The Company continues to expand its R&D pipeline into adjacent neurological indications, including multiple sclerosis, spinal cord injury, traumatic brain injury, and Alzheimer’s disease.

The Company also manages Relief’s preexisting portfolio of clinical and commercial biopharmaceutical assets focused on rare dermatological, metabolic, and respiratory diseases.

MindMaze Therapeutics is listed on the SIX Swiss Exchange under the ticker MMTX and quoted in the U.S. on OTCQB under RLFTF and RLFTY.

For more information, visit www.mindmazetherapeutics.com.

Disclaimer

This press release contains forward-looking statements, which may be identified by words such as “believe,” “assume,” “expect,” “intend,” “may,” “could,” “will,” or similar expressions. These statements are based on current plans and assumptions and are subject to risks and uncertainties that could cause actual results, financial condition, performance, or achievements to differ materially from those expressed or implied. Such factors include, among others, business, economic, financial, regulatory, and competitive factors, as well as the Company’s ability to execute its strategy. This communication is provided as of the date hereof, and MindMaze Therapeutics undertakes no obligation to update any forward-looking statements contained herein as a result of new information, future events or otherwise.

Gerresheimer AG corrects comprehensively revenues from bill-and-hold agreements

Duesseldorf, December 22, 2025. The Management Board of Gerresheimer AG (ISIN: DE000A0LD6E6, “Gerresheimer”) today decided to correct all revenues from bill-and-hold agreements recognized in the 2024 consolidated financial statements in the amount of approximately EUR 28m.

Following the audit of the consolidated financial statements and group management report for the 2024 financial year initiated by BaFin, Gerresheimer AG commissioned an investigation by an independent external law firm. This investigation revealed that the recognition of revenues from bill-and-hold agreements consistently did not comply with IFRS requirements and that these revenues were systematically recognized too early.

Gerresheimer AG will correct this accounting error in the previous year’s figures when preparing the 2025 consolidated financial statements. The revenues from bill-and-hold agreements of around EUR 28 million recognized in the 2024 consolidated financial statements will be corrected and recognized in the revenues for the 2025 financial year. This will be partially offset by the correction of revenues from bill-and-hold agreements from the 2023 financial year amounting to around EUR 10 million, which will now be recognized in revenues for the 2024 financial year.

As a result of the correction of these revenues from bill-and-hold agreements, the revenue of EUR 2.036 billion reported for the 2024 financial year is expected to decrease by around 1% (around EUR 18 million), the reported adjusted EBITDA of EUR 419.4 million by around 1% (around EUR 5 million) and the reported adjusted EPS of EUR 4.67 by around 2% (around EUR 0.10).

Gerresheimer AG will not include any revenues from new bill-and-hold agreements in its 2025 consolidated financial statements and will also refrain from this practice in the future.

To the extent that such revenues were already included in the revenues figures of the financial information published during the 2025 financial year, they will be corrected in the respective subsequent publications in the 2026 financial year by adjusting the previous year’s figures. In the 2025 half-year financial report, this is expected to account for revenues of around 4 million euros.

The company will continue to cooperate fully with BaFin in the audit of the 2024 consolidated financial statements and group management report.

Berlin, 19 December 2025 – Cantourage Group SE (ISIN: DE000A3DSV01), based on an analysis of preliminary, unaudited consolidated financial figures and corresponding current projections, has determined that operating earnings (EBITDA) for the period from January to November 2025 amount to approximately EUR 5.5 million. Current market expectations (consensus of the two analyst firms covering the Company) for the full 2025 financial year stand at EUR 4.8 million EBITDA.

According to the Management Board’s current assessment, EBITDA for the full 2025 financial year is expected to be in a range of EUR 5.5 million to EUR 6.5 million, thereby exceeding current market expectations.

Cantourage Group SE will publish the final and audited figures for the 2025 financial year as scheduled as part of its regular financial reporting.

PRESS RELEASE

Biotest announces US FDA approval of Grifols’ Fesilty™ (fibrinogen, human-chmt)

• Fesilty™ (fibrinogen, human-chmt) approved by the U.S. Food and Drug Administration (FDA)
• This new fibrinogen product was developed and is manufactured by Biotest AG and will be commercialized in the U.S. by Grifols
• U.S. market entry planned in first half of 2026

Dreieich, 19 December 2025. Biotest AG, part of the Grifols group, today announced that Grifols has received approval from the U.S. Food and Drug Administration (FDA) for Fesilty™ (fibrinogen, human-chmt), which is manufactured by Biotest and will be commercialized in the U.S. by Grifols.

Within the U.S., Fesilty™ is indicated for the treatment of acute bleeding episodes in pediatric and adult patients with congenital fibrinogen deficiency (CFD), including hypo- or afibrinogenemia. This approval will allow Grifols to launch this product in the first half of 2026.

Human fibrinogen is one of the Biotest pipeline products that contributes a significant benefit to the whole Grifols group – now and in the future. Biotest received approval for human fibrinogen under the brand name Prufibry^® in Germany in November. Additional approvals in Europe are expected in 2026.

“This FDA approval marks a major achievement for both Biotest and Grifols,” said Dr. Jörg Schüttrumpf, Chief Executive Officer of Biotest AG. “We are proud that our plasma expertise contributes directly to expanding patient access to life-saving fibrinogen therapies in the treatment of critical conditions worldwide.”

Manufactured at Biotest Next Level

Human fibrinogen is produced at the Biotest Next Level (BNL) facility in Dreieich, Germany — one of the most advanced plasma protein production plants in Europe. The plant combines high efficiency, robust viral safety, and sustainability in the use of plasma as a raw material.

A shared success within the Grifols Group

As part of the Grifols group, Biotest plays a key role in advancing plasma-derived therapies from research to large-scale manufacturing. With Prufibry^® already approved in Germany, and now Fesilty™ approved in the United States, the companies together expand access to fibrinogen replacement therapy for patients around the world.

About Fesilty^TM

Fesilty is a human fibrinogen product commercialized in the U.S. by Grifols and indicated for treatment of acute bleeding episodes in pediatric and adult patients with congenital fibrinogen deficiency, including hypo- or afibrinogenemia. It was developed and is manufactured by Biotest AG in Dreieich, Germany. The newly developed manufacturing process of the product leads to high-purity fibrinogen with a defined concentration, high level of viral safety and good solubility.

About fibrinogen and fibrinogen deficiency

Fibrinogen is a blood clotting factor that is produced in the liver. It plays a key role in primary haemostasis (stopping blood loss from bleeding wounds) and wound healing. In case of a lack or shortage of fibrinogen blood’s ability to clot is impaired which leads to a much greater risk of bleeding and delayed haemostasis. The fibrinogen concentrate alternatives fresh frozen plasma (FFP) and cryoprecipitate contain variable amounts of fibrinogen and must be thawed prior to treatment. The defined amount of fibrinogen in the fibrinogen concentrate will allow a tailor-made, patient specific and highly effective therapy.

About Biotest

Biotest is a provider of biological therapeutics derived from human plasma. With a value-added chain that extends from pre-clinical and clinical development to worldwide sales, Biotest has specialised primarily in the areas of clinical immunology, haematology and intensive care medicine. Biotest develops and markets immunoglobulins, coagulation factors and albumin based on human blood plasma. These are used for diseases of the immune and haematopoietic systems. Biotest has more than 2,600 employees worldwide. Since May 2022, Biotest has been a part of the Grifols Group, based in Barcelona, Spain (www.grifols.com).

IR contact

Dr Monika Baumann (Buttkereit)
Phone: +49-6103-801-4406
Mail: ir@biotest.com

PR contact

Miriam Oehme
Phone: +49 -152 07016 992
Mail: pr@biotest.com

Biotest AG, Landsteinerstr. 5, 63303 Dreieich, Germany, www.biotest.com

Ordinary shares: securities’ ID No. 522720; ISIN DE0005227201
Preference shares: securities’ ID No. 522723; ISIN DE0005227235
Listing: Open Market: Berlin, Düsseldorf, Hamburg/ Hanover, Munich, Stuttgart, Tradegate

Disclaimer
This document contains forward-looking statements on overall economic development as well as on the business, earnings, financial and assets position of Biotest AG and its subsidiaries. These statements are based on current plans, estimates, forecasts and expectations of the company and are thus subject to risks and elements of uncertainty that could result in significant deviation of actual developments from expected developments. The forward-looking statements are only valid at the time of publication. Biotest does not intend to update the forward-looking statements and assumes no obligation to do so.

Abivax to be Added to Nasdaq Biotechnology Index

PARIS, France – December 18,  2025 – 10:05 pm CET – Abivax SA (Euronext Paris: FR0012333284 – ABVX / Nasdaq: ABVX) (“Abivax” or the “Company”), a clinical-stage biotechnology company focused on developing therapeutics that harness the body’s natural regulatory mechanisms to stabilize the immune response in patients with chronic inflammatory diseases, today announced that it will be added to the Nasdaq Biotechnology Index (Nasdaq: NBI), effective prior to market open on Monday, December 22, 2025.

Didier Blondel, Chief Financial Officer of Abivax commented: “Our inclusion in the Nasdaq Biotechnology Index marks a significant milestone for Abivax. It highlights the meaningful progress we’ve made as a company, particularly in advancing obefazimod through the successful Phase 3 ABTECT Induction trials for ulcerative colitis and reflects the increased visibility and perception of Abivax within the global biotechnology community.”

The NBI is designed to track the performance of a set of securities listed on The Nasdaq Stock Market^® that are classified as either biotechnology or pharmaceutical companies according to the Industry Classification Benchmark. Companies in the Nasdaq Biotechnology Index must meet eligibility requirements, including minimum market capitalization, average daily trading volume and seasoning as a public company, among other criteria. The NBI is evaluated annually in December and is calculated under a modified capitalization-weighted methodology.

For more information about the NBI, visit: https://indexes.nasdaqomx.com/Index/Overview/NBI

About Abivax

Abivax is a clinical-stage biotechnology company focused on developing therapeutics that harness the body’s natural regulatory mechanisms to stabilize the immune response in patients with chronic inflammatory diseases. Based in France and the United States, Abivax’s lead drug candidate, obefazimod (ABX464), is in Phase 3 clinical trials for the treatment of moderately to severely active ulcerative colitis.
 

Q4 & Full-Year 2024/25 (October 2024 – September 2025)

DOUGLAS Group achieves solid sales growth and doubles net income in volatile financial year 2024/25

• Full-year guidance achieved: Sales increased by 3.5% (excluding Disapo) to 4.58 billion euros; adjusted EBITDA margin of 16.8%; net income more than doubled to 175.4 million euros
• Omnichannel remains winning model in beauty retail: Growth stems from both stores and online, with E-Com experiencing a surge towards the end of the financial year
• Q4 influenced by challenging environment: Solid sales growth of 2.6% (excluding Disapo); adjusted EBITDA down 11.4% to 134.3 million euros mainly due to changing consumer behavior, including higher price sensitivity, as well as ongoing promotional competition
• Markets continue to structurally grow, yet at a slower pace: European premium beauty market expected to maintain growth, but likely further characterized by consumer uncertainty
• Guidance for financial year 2025/26 and mid-term targets:
  • Guidance FY 2025/26: Sales of 4.65-4.80 billion euros and adj. EBITDA margin of around 16.5%; net leverage between 2.5x and 3.0x as of 30 September 2026
  • Mid-term targets: Annual sales growth in the low- to mid-single-digits, sustaining a stable adj. EBITDA margin; reduction of net leverage to a range of 2.0x to 2.5x
• Strategic expansion: DOUGLAS Group considers to expand outside of continental Europe and evaluates market entry in the Middle East / GCC countries (Gulf Cooperation Council)

Düsseldorf, 18 December, 2025 – The DOUGLAS Group, Europe’s number one premium beauty retailer, has concluded the financial year 2024/25 with solid growth in sales and in line with its updated guidance. While the financial year got off to a good start in the first quarter (October – December 2024), consumer sentiment and spendings slowed down during the early months of 2025, especially in Germany and France. Following a turnaround in the third quarter, the July to September period saw a push in the E-Com business – overall profitability however was under pressure due to the challenging market conditions. For the full year and thanks in particular to significantly lower debt, the DOUGLAS Group more than doubled its net income. At the same time, it made major progress in the implementation of its targeted omnichannel strategy “Let it Bloom”.

Sander van der Laan, CEO DOUGLAS Group: “In a very volatile and thus challenging year, we have accomplished results within expectations. Going forward, we anticipate solid overall growth in Europe’s premium beauty market, but observe a changing consumer behavior compared to the highly dynamic post-pandemic years. As a leading player, we want to take advantage of the opportunities in this phase of market consolidation and rebalancing. We have the strength and ambition to further grow and also expect momentum from the ongoing expansion of our store network and by tapping into new markets – also outside of continental Europe. That’s why we consider a market entry in the Middle East where we see a great potential for our premium beauty business.”

FY 2024/25 results in line with expectations

In the financial year 2024/25, sales grew by 2.8%, or 3.5% excluding the sold-off online pharmacy Disapo, to 4.58 billion euros. Both stores with 2.5% (lfl: +0.2%) and E‑Com with 5.6% (excluding Disapo) contributed to overall growth. Sales from cross-channel services like Click & Collect Express – allocated to E-Com sales – have also developed exceptionally well.

Reported EBITDA was up 3.6%, amounting to 756.5 million euros and a rep. EBITDA margin of 16.5% (PY: 16.4%). Adjusted EBITDA declined 5.0% to 768.4 million euros and a margin of 16.8% (PY: 18.2%), also reflecting lower adjustments. Net income more than doubled to 175.4 million euros (PY: 84.0 million euros). Free Cash Flow was down -12.0% to 461.0 million euros (PY: 524.0 million euros). Average net working capital as a percentage of LTM Group sales improved to 4.4% (PY: 5.3%).

The DOUGLAS Group therefore achieved its guidance for the financial year 2024/25 – as updated on 20 March 2025 to reflect the changed market environment – across all four KPIs.

Final quarter of the financial year marked by strong E-Com performance

The DOUGLAS Group concluded the financial year with a solid fourth quarter: Group sales increased by 2.3%, or 2.6% excluding Disapo, to 981.9 million euros (lfl: +1.2%). Growth was driven by a  strong E-Com performance, whereas the increase in store sales was attributed to the expansion of the network. All segments contributed positively to total sales. In the French market, which has been facing a downward trend, NOCIBÉ improved its position and gained share, and the DOUGLAS Group also gained share in the slightly growing German premium market year in the financial year 2024/25.

Store sales rose 0.6% year-on-year. Performance varied between segments: Compared to the prior-year period, sales increased in Central Eastern Europe (+6.4%) and Southern Europe (+2.2%), and were in line in the DACHNL region (-0.3%). In France, stationary sales saw a slight decline (-1.5%).

E-Com sales surged almost everywhere in Q4, accumulating to a 6.2% improvement year-on-year, or 7.3% excluding Disapo. Beyond the online pure player segment Parfumdreams / Niche Beauty (+17.5%), Central Eastern Europe (+13.8%) and France (+11.0%) showed the biggest growth rates.

Consistently tight cost management supported profitability in the fourth quarter; however, the gross margin was impacted by changing consumer behavior including higher price sensitivity, ongoing promotional competition and lower supplier bonuses. Reported EBITDA went down 15.1% to 129.8 million euros, corresponding to an EBITDA margin of 13.2% (PY: 15.9%). Adj. EBITDA decreased by 11.4% to 134.3 million euros, resulting in a margin of 13.7% (PY: 15.8%). Net leverage stood at 2.9x as of 30 September 2025 (30 September 2024: 2.8x), or 2.1x before IFRS16.

Targeted investments in growth initiatives and operational efficiency

To support its growth ambitions in a further evolving and rebalancing market environment, the Group continues to invest in strategic initiatives – including in IT capabilities, supply chain excellence and harmonized processes and systems across the entire organization to achieve a higher degree of standardization and operational efficiency. Moreover, the company evaluates and tests the use of artificial intelligence in different areas such as marketing or the user experience in the online shop.

Sander van der Laan: “We firmly believe in ‘Let it Bloom’ as the right strategy for us and omnichannel as the winning model for beauty retail. As we set our eyes on profitable growth, we continue to invest in the initiatives that will drive our business and efficiency – such as IT, E-Com and expansion.”

Potential expansion beyond continental Europe

The DOUGLAS Group is considering to expand beyond continental Europe and currently evaluates a market entry in the Middle East. With their thriving retail landscapes, rapidly developing economies, and a customer base with strong purchasing power, the GCC countries are predestined for the DOUGLAS Group’s premium beauty offering. A final decision will be made in the course of 2026.

Milestones across several strategic initiatives

In line with its commitment to the stationary shopping experience, the DOUGLAS Group continues to develop its store network: It has opened 35 new own stores (net) between July and September 2025, including the first flagship store in Tallinn, Estonia, and a new DOUGLAS store in the Swiss capital Bern. 36 existing own stores were refurbished (including relocations). In total, the company has refurbished 139 existing own stores (including relocations) and opened 74 new own stores (net) in 2024/25, elevating the number of stores as of 30 September 2025 to 1,959 (including franchise).

The Group has also achieved milestones in a number of further strategic initiatives: It has introduced three new exclusive brands (NEST, Iräye, Drybar) in Q4 and launched a new brand campaign platform to drive consistent and coherent communication across all 22 omnichannel countries.

Furthermore, it has made good progress in the rollout of its OWAC (“One Warehouse, All Channels”) supply chain model and getting fulfilment ready for future growth: The fifth OWAC warehouse near Warsaw, Poland, has commenced operations in August, enhancing service quality, delivery times and the customer experience. The OWAC currently handles all B2C orders and store deliveries in Poland and will serve six additional countries in the future. In Italy, OWAC operations transitioned to a modern and highly automated new warehouse: The move, while temporarily affecting the service rate during ramp-up, is expected to lead to significantly reduced logistics expenses. Finally, the company has recently signed a contract for its sixth OWAC warehouse in the Netherlands for the BENE region.

Guidance for financial year 2025/26 and mid-term targets

In light of the economic and market conditions leading to high price sensitivity among consumers, the DOUGLAS Group has provided its guidance for the financial year 2025/26 and expects sales between 4.65 and 4.80 billion euros, an adj. EBITDA margin of around 16.5%, and a net leverage between 2.5x and 3.0x as of 30 September 2026.

As key components to deliver on the latter, the company anticipates positive developments in average net working capital – expected below 4% of LTM sales – and capex (excl. leases), which are expected to be around 150 million euros.

Reflecting the focus on profitable growth, the Group also provided its mid-term targets for the next three years and expects to annually increase sales in the low- to mid-single-digits, sustain a stable adj. EBITDA margin, and reduce the net leverage to a range of 2.0x to 2.5x. The company anticipates to be in a position to consider paying a dividend at a net leverage of 2.0x to 2.5x.

Van der Laan: “Thanks to our dedicated employees, loyal customers and the strong relationships with our business partners, we have weathered a challenging year. Our markets evolve in a difficult environment, and we are well positioned to continue growing due to our effective omnichannel model and outstanding retail brands. We rely on our strengths and the strategic course we have set.”

Solid start into 2025/26 – trading statement on 19 January

The DOUGLAS Group has achieved a solid start into the new financial year 2025/26 and will provide more info on the performance in the first quarter in a trading statement on 19 January 2026.

Overview Financial Results (Q4 2024/25)

1. Sales per channel

2. Sales per segment

3. Key financial figures

Overview Financial Results FY 2024/25

1. Sales per channel

2. Sales per segment

3. Key financial figures

Segment Overview: DACHNL (Austria, Belgium, Germany, Switzerland, The Netherlands), France (France, Monaco), SE / Southern Europe (Andorra, Croatia, Italy, Portugal, Slovenia, Spain), CEE / Central Eastern Europe (Bulgaria, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia), PD/NB (Parfumdreams, Niche Beauty)

X-Channel refers to cross-channel services, e.g. Click & Collect Express.

About the DOUGLAS Group

The DOUGLAS Group, with its commercial brands DOUGLAS, NOCIBÉ, Parfumdreams and Niche Beauty, is the number one omnichannel premium beauty destination in Europe. The DOUGLAS Group is inspiring customers to live their own kind of beauty by offering a unique assortment online and in around 1,960 stores. With unparalleled size and access to customers, the DOUGLAS Group is the partner of choice for brands and offers a premium range of selective and exclusive brands as well as own corporate brands. The assortment includes fragrances, color cosmetics, skin care, hair care, accessories as well as beauty services. Strengthening its successful omnichannel positioning while consistently developing superior customer experience is at the heart of the DOUGLAS Group strategy “Let it Bloom”. The winning business model is underpinned by the Group’s omnichannel proposition, leading brands, and data capabilities. In the financial year 2024/25, the DOUGLAS Group generated sales of 4.58 billion euros and employed more than 19,900 people across Europe. The DOUGLAS Group (Douglas AG) is listed at the Frankfurt Stock Exchange.

For further information please visit the DOUGLAS Group Website.

Press Contact

Peter Wübben
SVP Group Communications & Sustainability
Phone: +49 211 16847 6644
Mail: newsroom@douglas.de

Investor Contact

Dafne Sanac
Director / Senior Principal Investor Relations
Phone: +49 151 55675545
Mail: ir@douglas.de