Recordati: RECORDATI FIRST NINE MONTHS 2025 RESULTS: REVENUE +12.2%, EBITDA(1) +11.8%, ADJUSTED NET INCOME(2) +10.7%; ISTURISA PEAK SALES ESTIMATE DOUBLED TO GREATER THAN € 1.2 BILLION

NEWS RELEASE

RECORDATIFIRSTNINEMONTHS2025RESULTS:
REVENUE +12.2%, EBITDA⁽¹⁾+11.8%, ADJUSTED NET INCOME⁽²⁾+10.7%; ISTURISAPEAKSALESESTIMATEDOUBLEDTOGREATERTHAN€1.2BILLION

• Consolidated net revenue of € 1,956.2 million in the first nine months of 2025, +12.2% or +8.1% on a like-for-like basis(3) and at constant exchange rates (CER)
• EBITDA(1)of€743.9million,+11.8%,marginonrevenueof38.0%
• Adjustednetincome(2)of€493.1million,+10.7%
• Netincomeof€326.3million,-3.6%includingalsoaone-offprovisionof€14.1million
• Freecashflow(4)of€396.8million,-€37.5millionreflectingmainlyU.S.stockbuildup
• Netdebt(5)at€2,032.2million,2.1xEBITDApro-forma(6)
• Strong performance across the business expected to deliver FY 2025 results in line with original guidance (lower half of range) despite challenging macro environment (FX of approx. -3% for FY 2025)
• Isturisa® peak-year sales target doubled togreater than € 1.2 billion (from € 550-650 million),with additional investments ramping up to € 40-50 million per annum targeting thebroader "non-overt" Cushing's syndrome population (within current label)
• Resolutiontodistributeaninterim2025dividendof€0.63pershare

Milan, November 11th, 2025 - The Board of Directors of Recordati S.p.A. approved the Group's Interim Report on 30th September 2025, representing additional voluntary financial reporting) and can also be viewed on the authorized storage system 1Info).

Rob Koremans, Chief Executive Officer of Recordati, commented: "We are very pleased with the excellent progress we have achieved in the first nine months across the business, especially in Rare Diseases and the strong traction of Isturisa® with the expanded label. After a thorough analysis of the Cushing's syndrome market, we are now confident to double our peak year sales expectations for Isturisa® to greater than € 1.2 billion as we invest in and target the non-overt patient population, unlocking tremendous additional potential. We are excited about the opportunities ahead and assured in our ability to continue executing on our strategy and creating incremental value for all our stakeholders."

Financialhighlights

• Consolidatednetrevenue for the first nine months of 2025 was € 1,956.2 million, up 12.2% versus the first nine months of 2024 or 8.1% on a like-for-like(3) basis at CER, driven by strong business momentum across both Specialty & Primary Care and Rare Diseases. The adverse FX impact for the first nine months of 2025 was € 35.5 million (-2.0%).
  
  

RECORDATIINDUSTRIACHIMICAEFARMACEUTICAS.p.A.

Registered Office

Via Matteo Civitali, 1 20148 Milano, Italy
Tel. [phone]
Fax [phone]
www.recordati.com

Share Capital € 26.140.644,50 fully paid-up
Milano, Monza, Brianza and Lodi Comp. Reg. No. 00748210150 Tax Code/VAT No. 00748210150
Milano R.E.A. No. 401832

Company subject to the Management and Coordination Activity of Rossini Luxembourg S.àr.l

• Specialty & Primary Care revenue was € 1,129.9 million for the first nine months of 2025, up 3.2% or 5.0% on a like-for-like basis(3) at CER (+2.5% excluding Türkiye). This reflects continued strong performance of all core therapeutic areas (promoted product evolution index of 104), despite slight slowdown in relevant market growth (Italy, Cough & Cold and lack of a price increase in Türkiye to date). In particular, the Urology and Cardiovascular franchises grew by mid-single digit rates, while the Gastrointestinal franchise grew at high-single digit rates driven by the strong in-market performance of several products in the portfolio, both prescription and OTC.
  
  
• Rare Diseases revenue was € 782.2 million for the first nine months of 2025, up 29.2% as compared to the first nine months of 2024, or 14.1% on a like-for-like(3) basis at CER, driven by strong volume growth across all three franchises. The Endocrinology franchise achieved net revenue of € 283.6 million, an increase of 18.4%, reflecting strong new patient uptake of Isturisa® in the U.S. with over 1,200 net active patients and double-digit growth of Signifor®. The Hema-Oncology franchise achieved net revenue of € 301.3 million, growing by 71.4%, reflecting the contribution of Enjaymo® of € 104 million (+24.7% vs the first nine months of 2024 pro-forma(8)), and driven by strong growth of Sylvant® and Qarziba®. The Metabolic franchise achieved net revenue of €
  
  

197.3 million, growing by 3.7%, driven by Carbaglu® and Panhematin®.

• Adjusted operating income(9) was € 591.1 million for the first nine months of 2025, up 9.6% as compared to the first nine months of 2024 and 30.2% of net revenue. Operatingincome was €
  
  

496.7 million in the first nine months of 2025, down 1.5% over the first nine months of 2024, absorbing gross margin-related non-cash charges of € 62.5 million versus € 28.1 million in the first nine months of 2024, arising mostly from the unwind of the fair value step up of the acquired Enjaymo® inventory and additional amortization. Non-recurring costs were € 32.0 million versus €
7.3 million in the first nine months of 2024 and include, beside the costs for further optimization of the Specialty and Primary Care commercial organization in Italy and Spain, also a one-off provision in the third quarter of 2025 of € 14.1 million for a litigation settlement with AIFA (Italian health authorities) related to prior years' payback for Urorec®.

• EBITDA(1) was € 743.9 million for the first nine months of 2025, up 11.8% compared to the first nine months of 2024, with margin of 38.0% of net revenue. Strong revenue performance was partially offset by a higher level of investments to support the launches of the Isturisa® expanded label in the U.S. and Enjaymo®, and to support continued geographic expansion.
  
  
• Financial expenses were € 67.4 million, up 8.1% as compared to the same period of the previous year. New loans taken out during 2024 to fund the acquisition of Enjaymo® and in 2025 resulted in an increase in interest expense of € 14.1 million, while net exchange gains over the period amounted to € 10.9 million (mainly unrealized and driven by the devaluation of the U.S. dollar), against net FX losses of € 2.8 million in the first nine months of 2024.
  
  
• Adjustednetincome(2) was € 493.1 million, 25.2% of revenue, up by 10.7% compared to the same period of 2024, with higher operating performance partially offset by the increase in financial expenses and the tax rate. Netincome was € 326.3 million, 16.7% of net revenue, down 3.6% versus the prior year, reflecting non-cash charges arising from the acquisition of Enjaymo®, higher non-recurring cost and higher tax rate.
  
  

• Freecashflow(4) was € 396.8 million for the first nine months of 2025, a decrease of € 37.5 million versus the first nine months of 2024, with higher EBITDA more than offset by higher working capital absorption (mainly driven by higher U.S. stock levels) and higher interests and income tax paid.

• Netdebt(5) as of September 30, 2025 was € 2,032.2 million, or leverage of 2.1x EBITDA pro-forma(6),

compared to net debt of € 2,154.3 million on December 31, 2024, following dividend payment of €
138.5 million, treasury shares purchased for € 101.4 million (net of proceeds from exercising stock
options) and the upfront payment for Vazkepa® rights of USD$ 25 million.

• Shareholders'equity was € 1,927.8 million.
  
  

IsturisaUpdate

On April 15, 2025, the U.S. Food and Drug Administration (FDA) approved the supplemental new drug application (sNDA) for Isturisa® (osilodrostat) for the treatment of endogenous hypercortisolemia in adults with Cushing's syndrome for whom surgery is not an option or has not been curative. This was an expansion of the previous indication for the treatment of patients with Cushing's disease, which is a sub-type of Cushing's syndrome. The Isturisa® indication expansion was supported by the extensive Isturisa® clinical development program, which included over 350 patients. In addition, during the second quarter of 2025, Isturisa® was granted regulatory approval in both Canada and Russia.

The Company today upgraded its peak year sales estimate for Isturisa to greater than € 1.2 billion (from a previous range of € 550 - € 650 million) based on a decision to actively pursue the non-overt Cushing's syndrome market which is included in the current expanded U.S. label. The non-overt Cushing's syndrome patient population typically does not present clinical characteristics, but an unmet medical need remains with cardiometabolic co-morbidities such as hypertension or diabetes. These patients are treated by community endocrinologists, selected primary care physicians and cardiologists. At peak, the total opportunity is potentially over four-fold the number of eligible patients for treatment from approximately 7,000 patients today to approximately 30,000 patients, driven by better diagnosis and treatment of the non-overt Cushing's syndrome patient population.

On the basis of the expanded label, the Company is increasing commercial and medical activities, headcount and real-world evidence studies. In addition, the Company will initiate a Phase IV randomized controlled study in 2026 to assess the efficacy and safety of osilodrostat in adults with mild hypercortisolemia and uncontrolled hypertension due to Cushing's syndrome. Additional investments behind Isturisa® in the U.S. will ramp up to a total of approximately € 40 million - € 50 million per year.

PipelineUpdate

During the second quarter of 2025, an investigator-sponsored clinical trial (IST) was initiated to investigate the safety, dose and early signs of effect for dinutuximab beta (Qarziba®) in combination with chemotherapy for the treatment of patients with GD2-positive Ewing sarcoma.

Following the Committee for Medicinal Products for Human Use (CHMP) positive opinion earlier this year, on July 28, 2025, the European Commission issued a positive decision and granted marketing authorization, under exceptional circumstances, for Maapliv®, a solution of amino acids intended for the treatment of maple syrup urine disease (MSUD) presenting with an acute decompensation episode in patients from birth who are not eligible for an oral and enteral branched-chain amino acids (BCAA)-free formulation.

The Company completed enrollment of the pasireotide Phase 2 trial for the treatment of post-bariatric hypoglycemia in August 2025. Top-line results are expected in the second quarter of 2026.

Following the meeting with the U.S. Food and Drug Administration (FDA) in early September, a potential
U.S. biologics license application (BLA) pathway was established with the FDA for Qarziba® requiring an additional set of clinical data from the ongoing BEACON-2 trial. Results of the interim analysis are expected in the first half of 2028 and are expected to form the basis, together with existing clinical data, for a potential regulatory filing.

The other lifecycle management programs are progressing in line with plans.

CorporateDevelopment

On June 24, 2025, Recordati announced a licensing and supply agreement with Amarin to commercialize the marketed cardiovascular medicine, Vazkepa® (icosapent ethyl) across 59 countries, focused in Europe. Vazkepa® is indicated to reduce the risk of cardiovascular events in statin-treated adult patients at high cardiovascular risk with elevated triglycerides and either established cardiovascular disease or diabetes with at least one other cardiovascular risk factor. Vazkepa® was approved in 2021 in the EU and UK and in 2022 in Switzerland based on the REDUCE-IT study, a Phase 3 Cardiovascular Outcomes Trial (CVOT) performed in over 8,000 patients with statistically significant and clinically meaningful results in Major Adverse Cardiovascular Events (MACE).

Vazkepa® is currently commercialized in 11 European countries, generated net sales of € 12 million in 2024 and is expected to achieve over € 40 million in revenues in 2027 and to be EBITDA positive from 2026. The expected revenue in 2025 is less than € 10 million with a slightly negative impact at the EBITDA level, reflecting the commercial investments required to sustain the expected future growth. Under the terms of the agreement, Recordati paid Amarin an upfront cash payment of US$ 25 million.

Businessoutlook

Strong performance across the business expected to deliver FY 2025 results in line with original guidance(10) (lower half of range) despite challenging macro environment (FX of approx. -3%, expected to continue into 2026)

In FY 2026, Rare Diseases are expected to approach 50% of TotalRevenues:

• Rare Diseases: high double-digit growth at CER, with accelerating Isturisa® uptake (behind broader label and activities to target non-overt patient population) and strong momentum of other key growth assets
• Specialty & Primary Care: low single-digit growth at CER (returning to mid- single digit in 2027), reflecting also loss of Cardicor® license (~ € 35 million/ year)

FY 2026 margins to reflect additional investments behind Isturisa® and adverse FX.

The FY 2027 targets(11) remain unchanged, with strong organic growth complemented by bolt-on BD and M&A.

Updated peak year sales expectations for Isturisa® doubled to over € 1.2 billion (from € 550 - 650 million).

Interimdividend2025

The Board of Directors has resolved to distribute an interim dividend for 2025 of € 0.63 per share (gross of applicable withholding taxes), payable to shareholders holding shares on the ex-dividend date. Treasury shares held by the Company on that date are excluded.

The interim dividend will be paid starting 26November2025, with record date 25 November 2025, and coupon no. 36. Shareholders must be registered by 24 November 2025 to be eligible.

The Independent Auditor, EY S.p.A., has issued the opinion required under Art. 2433-bis, paragraph 5 of
the Italian Civil Code, which is available at the Company's registered office.

The Directors' Report and the financial statements of Recordati S.p.A. as of 30 June 2025, which form the basis for the Board's decision to distribute the interim dividend, are available at the Company's registered office and website), and can also be accessed via the authorized storage system 1Info).

(1)Net income before income taxes, financial income and expenses, depreciation, amortization and write-downs of property,plantandequipment,intangibleassetsandgoodwill,non-recurringitemsandnon-cashchargesarisingfrom the allocation of the purchase price of acquisitions to the gross margin of acquired inventory as foreseen by IFRS
(2)Net income excluding amortization and write-downs of intangible assets (except software) and goodwill, non-recurringitems,non-cashchargesarisingfromtheallocationofthepurchasepriceofacquisitions tothegrossmargin of acquired inventory asforeseen by IFRS 3,monetary netgains/losses fromhyperinflation (IAS 29), net of tax effects.
(3)Pro-formagrowthcalculatedexcludingrevenueofEnjaymo®andVazkepa®for9M2025
(4)Total cash flow excluding financing items, milestones, dividends, purchases of treasury sharesnet of proceedsfrom exercise of stock options.
(5)Cash and cash equivalents, less bank debts and loans, which include the measurement at fair value of hedging derivatives.
(6)Pro-forma calculated by adding Enjaymo®'s estimated contribution from Octoberto November 2024 (when it still was propriety of Sanofi) to EBITDA
(7)Please note that Italian Legislative Decree 25/2016, which implements Directive 2013/50/EU, no longer stipulates thesubmissionofaninterimmanagementreport,whichwaspreviouslyrequiredintermsofparagraph5ofArt.154-ter of Italian Legislative Decree 58/1998.
(8) Comparingthe first nine months 2025 revenue (which considers also the margin retained by Sanofi's on in market salesforthosecountrieswhere itwasstillholdingtheMA)with thefirstninemonths 2024revenuetotallyrealizedby Sanofi.
(9)Netincomebeforeincometaxes,financialincomeandexpensesandnon-recurringitems,non-cashchargesarising fromtheallocationofthepurchasepriceofacquisitionstothegrossmarginofacquiredinventory asforeseenbyIFRS 3.
(10)FY2025originalguidancerangeannouncedonFebruary13,2025:NetRevenue€2,600-€2,670million;EBITDA
€970-€1,000million;AdjustedNetIncome€640-€670 million
(11)FY2027targets:NetRevenue€3,000-€3,200million,EBITDA€1,140-€1,225million,AdjustedNetIncome€770
-€820million,excludingpotentialimpactfromtariffsand/ormostfavourednationpricingpoliciesintheU.S.

ConferenceCall

Recordati will host a conference call tomorrow, November 12th, at 2:00 p.m. CET with all the dial-in details and a calendar invitation to follow.

Alternatively, if not pre-registered, the dial-in numbers for the conference call are: Italy + 39 02 802 09 11, toll free 800 231 525
UK + 44 1 212818004, toll free (44) 0 800 0156371
USA [phone], toll free (1) 1 855 2656958
France [phone]
Germany [phone]

Participants are invited to dial in 10 minutes before the start of the conference call. If operator assistance is required to connect, please dial *0.

The slides that will be referenced during the call will be available at www.recordati.comunder Investors/Company Presentations.

Recordatiis an international pharmaceutical group listed on the Italian Stock Exchange (XMIL: REC), with roots dating back to a family-run pharmacyin Northern Italyin the 1920s. We are uniquelystructuredto provide treatments across specialtyandprimary care, and rare diseases. Our fully integrated operations span clinical development, chemical and finished product manufacturing, commercialization and licensing. We operate in approximately 150 countries across EMEA, the Americas and APAC with over 4,450 employees. We believe that healthis afundamentalright, not aprivilege. Today, our purpose of "unlockingthe fullpotentialof life" aims at empowering individuals to live life to the fullest, whether addressing common health challenges or the rarest.

InvestorRelations

Eugenia Litz [e-mail]

Gianluca Saletta [e-mail]

MediaRelations

ICR Healthcare US:
Alexis Feinberg
[phone]
[e-mail]

UK, Europe & Rest of World: Jessica Hodgson
[phone]
[e-mail]

Thisdocumentcontainsforward-lookingstatementsrelatingtofutureeventsandfutureoperating,economicandfinancialresultsof theRecordatigroup.Bytheirnature,forward-lookingstatementsinvolveriskanduncertaintybecausetheydependontheoccurrence offutureeventsandcircumstances.Actualresultsmaythereforediffermateriallyfromthoseforecastforavarietyofreasons,mostof whicharebeyondtheRecordatigroup'scontrol.TheinformationonthepharmaceuticalspecialtiesandotherproductsoftheRecordati group contained in this document is intended solely as information on the activities of the Recordati Group, and, as such, it is not intended as a medical scientific indication or recommendation, or as advertising.

Summary of the consolidated results, prepared in accordance with International Financial Reporting Standards (IFRS)
(€ thousands)

INCOMESTATEMENT	Firstnine months2025	Firstnine months2024	Change %
NET REVENUE	1,956,163	1,743,081	12.2
Cost of sales	(641,133)	(556,171)	15.3
GROSS PROFIT	1,315,030	1,186,910	10.8
Selling expenses	(416,016)	(360,709)	15.3
Research and development expenses	(246,930)	(204,849)	20.5
General and administrative expenses	(123,735)	(110,014)	12.5
Other income/(expenses), net	(31,676)	(7,240)	n.a.
OPERATINGINCOME	496,673	504,098	(1.5)
Financial income/(expenses), net	(67,373)	(62,319)	8.1
PRE-TAXINCOME	429,300	441,779	(2.8)
Income taxes	(103,014)	(103,379)	(0.4)
NET INCOME	326,286	338,400	(3.6)
Adjustedgrossprofit(1)	1,377,491	1,214,986	13.4
Adjustedoperatingincome(2)	591,132	539,518	9.6
Adjustednetincome(3)	493,121	445,361	10.7
EBITDA(4)	743,912	665,666	11.8
Net income attributable to:
Equity holders of the Parent	326,286	338,400	(3.6)
Non-controlling interests	0	0	n.s.
EARNINGSPERSHARE(euro)
Basic(5)	1.585	1.640	(3.4)
Diluted(6)	1.560	1.618	(3.6)

(1)Grossprofitadjustedfromimpactofnon-cashchargesarisingfromtheallocationofthepurchasepriceofacquisitionstothegrossmarginofacquiredinventoryas foreseen by IFRS 3.
(2)Netincome before income taxes, financialincome and expenses, non-recurring items and non-cash charges arising from the allocation of the purchase priceof acquisitions to the gross margin of acquired inventory as foreseen by IFRS 3.
(3)Netincomeexcluding amortizationand write-downsofintangible assets(exceptsoftware)andgoodwill, non-recurring items, non-cashchargesarising fromtheallocationofthepurchasepriceofacquisitionstothegrossmarginofacquiredinventoryasforeseenbyIFRS3,monetarynetgains/lossesfromhyperinflation(IAS 29), net of tax effects.
(4)Net income before income taxes, financial income and expenses, depreciation, amortization and write-downs of property, plant and equipment, intangibleassetsandgoodwill,non-recurring itemsandnon-cashchargesarisingfrom theallocationof the purchase priceofacquisitions tothegrossmarginof acquiredinventory as foreseen by IFRS 3.
(5) Earnings per share (EPS) are based on average shares outstanding during the respective period, 205,829,172 in 2025 and 206,290,006 in 2024. These amounts are calculated deducting treasury shares in the portfolio, the average of which was 3,295,984 shares in 2025 and 2,835,150 shares in 2024.
(6) Diluted earnings per share is calculated by taking into account rights granted to employees.

COMPOSITIONOFNETREVENUE	Firstnine months2025	Firstnine months2024	Change %
Totalrevenue	1,956,163	1,743,081	12.2
Italy	265,272	258,631	2.6
International	1,690,891	1,484,450	13.9

(€ thousands)

Reconciliation of Net income to EBITDA⁽¹⁾

	Firstnine months 2025	Firstnine months 2024
Net income	326,286	338,400
Income taxes	103,014	103,379
Financial (income)/(expenses), net	67,373	62,319
Non-recurring expenses	31,998	7,344
Non-cash charges from PPA inventory uplift	62,461	28,076
Adjustedoperatingincome(2)	591,132	539,518
Depreciation, amortization and write-downs	152,780	126,148
EBITDA(1)	743,912	665,666

Reconciliation of Net income to Adjusted Net income⁽³⁾

	Firstnine months 2025	Firstnine months 2024
Net income	326,286	338,400
Amortization and write-downs of intangible assets (excluding software)	122,769	100,157
Tax effect	(29,026)	(22,619)
Non-recurring operating expenses	31,998	7,344
Tax effect	(9,139)	(1,943)
Non-cash charges from PPA inventory uplift	62,461	28,076
Tax effect	(15,615)	(7,019)
Monetary net (gain)/losses from hyperinflation (IAS29)	4,457	3,900
Tax effect	(1,070)	(935)
Adjustednetincome(3)	493,121	445,361

⁽¹⁾Net income before income taxes, financial income and expenses, depreciation, amortization and write-downs of property, plant and equipment, intangibleassets and goodwill, non-recurring items and non-cash charges arising from the allocation of the purchase price of acquisitions to the gross margin of acquiredinventory as foreseen by IFRS 3.
⁽²⁾ Netincomebeforeincometaxes,financialincomeandexpenses,non-recurringitemsandnon-cashchargesarisingfromthe allocationofthepurchasepriceofacquisitions to the gross margin of acquired inventory as foreseen by IFRS 3.
⁽³⁾Net income excluding amortization and write-downs of intangible assets (except software) and goodwill, non-recurring items, non-cash charges arising fromtheallocationofthepurchasepriceofacquisitionstothegrossmarginofacquiredinventory asforeseenbyIFRS3,monetarynetgains/lossesfromhyperinflation(IAS 29), net of tax effects.

ASSETS	30.09.2025	31.12.2024
Property, plant and equipment	213,801	206,700
Intangible assets	2,413,901	2,513,159
Goodwill	794,091	797,078
Other equity investments and securities	14,554	17,385
Other non-current assets	12,991	14,206
Deferred tax assets	135,566	94,527
TOTALNON-CURRRENTASSETS	3,584,904	3,643,055
Inventories	505,195	506,447
Trade receivables	574,044	516,743
Other receivables	125,715	109,024
Other current assets	32,339	21,387
Derivative instruments measured at fair value	5,060	15,376
Cash and cash equivalents	471,462	322,423
TOTALCURRENTASSETS	1,713,815	1,491,400
TOTALASSETS	5,298,719	5,134,455

EQUITYANDLIABILITIES	30.09.2025	31.12.2024
Share capital	26,141	26,141
Share premium reserve	83,719	83,719
Treasury shares	(228,755)	(131,570)
Reserve for derivative instruments	(1,331)	(1,689)
Translation reserve	(351,689)	(274,413)
Other reserves	70,271	64,023
Profits carried forward	2,003,199	1,818,039
Net income	326,286	416,508
Interim dividend	0	(123,949)
Shareholders'equityattributabletoequityholdersof theParent	1,927,841	1,876,809
Shareholders' equity attributable to non-controlling interests	0	0
TOTALSHAREHOLDERS'EQUITY	1,927,841	1,876,809
Loans - due after one year	2,176,221	2,173,810
Provisions for employee benefits	20,155	21,355
Deferred tax liabilities	130,523	133,422
TOTALNON-CURRENTLIABILITIES	2,326,899	2,328,587
Trade payables	315,050	296,698
Other payables	221,151	195,385
Tax liabilities	130,913	93,941
Other current liabilities	5,024	4,693
Provisions for risks and charges	33,230	22,092
Derivative instruments measured at fair value	9,863	5,633
Loans - due within one year	312,307	287,772
Short-term debts to banks and other lenders	16,441	22,845
TOTALCURRENTLIABILITIES	1,043,979	929,059
TOTALSHAREHOLDERS'EQUITYANDLIABILITIES	5,298,719	5,134,455

Summary of consolidated results prepared in accordance with International Financial Reporting Standards (IFRS) (€ thousands)

CASHFLOW STATEMENT	Firstnine months 2025	Firstnine months 2024
OPERATINGACTIVITIES
Net income	326,286	338,400
Income taxes	103,014	103,379
Net interest	69,672	54,418
Depreciation of property, plant and equipment	26,803	24,003
Amortization of intangible assets	125,977	97,591
Write-downs	0	4,554
Equity-settled share-based payment transactions	12,183	10,120
Other non-monetary components	87,044	41,069
Change in other assets and other liabilities	8,570	(11,985)
Cashflowgenerated/(used)byoperatingactivitiesbeforechangein working capital	759,549	661,549
Change in:
- inventories	(94,937)	(41,813)
- trade receivables	(64,172)	(36,418)
- trade payables	21,583	14,223
Changeinworkingcapital	(137,526)	(64,008)
Interest received	3,891	4,007
Interest paid	(80,143)	(64,284)
Income taxes paid	(121,442)	(82,634)
Cashflowgenerated/(used)byoperatingactivities	424,329	454,630
INVESTMENT ACTIVITIES
Investments in property, plant and equipment	(27,631)	(21,743)
Disposals of property, plant and equipment	148	1,385
Investments in intangible assets	(30,158)	(15,377)
Disposals of intangible assets	111	2,351
Sale of non-current assets held for sale	5,000	2,000
Cashflowgenerated/(used)byinvestment activities	(52,530)	(31,384)
FINANCINGACTIVITIES
Opening of loans	466,445	144,872
Repayment of loans	(435,100)	(320,185)
Payment of lease liabilities	(8,482)	(8,311)
Change in short-term debts to banks and other lenders	1,544	(71,722)
Dividends paid	(138,520)	(130,220)
Purchase of treasury shares	(143,214)	(78,087)
Sale of treasury shares	41,783	52,744
Cashflowgenerated/(used)byfinancingactivities	(215,544)	(410,909)
Changeincashandcash equivalents	156,255	12,337
Opening cash and cash equivalents	322,423	221,812
Currency translation effect	(7,216)	871
Closingcashandcash equivalents	471,462	235,020

DECLARATIONBYTHEFINANCIALREPORTINGOFFICER
The Financial Reporting Officer, Niccolò Giovannini, declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated Law on Finance, that the accounting information contained in this press release corresponds to the Company's documentation, books and accounting records.