In 2025 we continued to advance Almirall’s growth trajectory in line with our ambition as leader in medical dermatology - bringing meaningful products to more patients and progressing our exciting R&D pipeline of innovative assets. We met our guidance and delivered continued double-digit sales growth and margin expansion making this another successful year for the company. Our results keep us on track to achieve our business goals and increasing the impact we have on patients, the medical community, and society.

Our strong achievements in 2025 were grounded in our business strategy, driven by our commercial excellence, and the growth of the broad portfolio of our medical dermatology products. We delivered 12.4% sales growth and achieved over 1.1 billion € total revenue while growing our EBITDA at 21%.

At the heart of our leadership in medical dermatology is bringing our broad portfolio of impactful products to more patients and supporting the medical community. The continued strong performance of our biologics portfolio is the backbone of our sustained growth: in 2025 we increased the sales of Ilumetri® by 12.3% year-on-year to a total of €234.4 MM which is a remarkable achievement in the mature psoriasis biologics market and testament to the strong commercial execution of our teams. Following the successful launch and market expansion of Ebglyss®, we delivered an increase in net sales of more than 3x year-on-year to a total of €110.8 MM. Its sales growth and the continued positive feedback we are receiving from patients and dermatologists about Ebglyss® are a reflection of its strong position and growth opportunity across Europe already in the second year after its launch.

In addition, our portfolio of impactful dermatology products continues to grow - driving our relevance as a partner for dermatologists who are using our products to treat a wide array of skin diseases. Wynzora® for the topical treatment of psoriasis grew by 30.5% year-on-year delivering a total of €33.8 MM sales, and we continued to expand Klisyri® for the treatment of actinic keratosis by 33.9% year-on-year, delivering a total of €32.8 MM sales.

The access to advanced treatments in dermatology is expanding, however, the significant unmet needs in this therapy area continue to exist and provide further opportunities for Almirall to make a meaningful difference and deliver sustained growth. Our continued investment in the progress of our R&D pipeline is closely aligned with Almirall’s long-term view on our contributions and commitment to positively impact patients and society and with further growing our leadership in medical dermatology.

In 2025 we invested 12.5% of our net sales in R&D– a total of 138.1 MM - which enabled us to achieve a number of milestones to advance our exciting pipeline of medical dermatology assets. In 2025 we increased the number of pipeline programs tested in proof-of-concept (PoC)/Phase II studies to three, including an anti-IL-1RAP monoclonal antibody(mAb) targeting hidradenitis suppurativa, and an IL-2muFc mutant fusion protein targeting alopecia areata, and atopic dermatitis. The approvals of Efinaconazole in Germany for the treatment of nail fungal infections, and of sarecycline in China for the treatment of acne complement our early-stage pipeline advances. Our focus on advancing our R&D capabilities has also built the basis for progressing three additional assets into phase II/PoC studies in the near future including an anti-IL-21 monoclonal antibody targeting hidradenitis suppurativa.

To enable more patients to get access to the benefits of our advanced treatments, we have focused on increasing the body of scientific evidence for our biologics Ebglyss® and Ilumetri® through several additional clinical studies. Our work in 2025 included the preparation for the start of a Phase III study with lebrikizumab in patients with nummular eczema, a debilitating condition that is distinct from atopic dermatitis but is thought to involve similar disease mechanisms and therefore makes targeting IL-13 by lebrikizumab a potentially promising therapy. More recently, we communicated positive topline data of a study assessing the safety and efficacy of Ebglyss® in children and adolescents (ADorableI). Supporting Ilumetri®, we presented the 2-year POSITIVE clinical study which demonstrates the product’s long-term value and real-world impact on patients’ wellbeing – aligned with our holistic view on patient outcomes following the treatment with our products.

We continued our successful engagement with patients and the medical community through our patient engagement, our strong presences at major medical conferences like the EADV and AAD, and through own conferences Immunoskin and Skin Academy which are sought after opportunities by dermatologists for scientific exchange and for advancing patient care collaboratively.

2025 was also a strong year for progressing our sustainability strategy Act4Impact”. We are proud of being recognised as a leader in sustainable business through various awards, including obtaining an EcoVadis score of 92 out of 100, maintaining the Platinum Medal which means Almirall is recognised among the top 1% of highest-rated companies worldwide. Time magazine, in collaboration with Statista, has recognised Almirall in two highly significant categories: we were included in the 2025 ranking of the world’s 500 most sustainable companies (with Almirall being ranked 11th in Spain), and in the 2026 list of the 500 best companies for sustainable growth. For the second consecutive year, the Financial Times has recognised Almirall as one of Europe’s Climate Leaders for 2025, highlighting its commitment to reducing emissions and transitioning towards a low-carbon economy.

Aligned with our company strategy, long-term view on our impact, and business ambition, we are continuing to focus on developing our people and further evolving our company culture. We are convinced that the talent we have at Almirall in combination with our strong focus on collaboration and partnership is the key to achieving our ambition. I appreciate the outstanding work done by our teams across our functions and markets - we see this work as the foundation for our continued growth and contributions to medical dermatology.

I am proud of the progress the team at Almirall is achieving and appreciate your collaboration and trust in Almirall on our continued journey.

Sincerely,