ANNUL REPORT 2025 RECORDATI S.P.A. 2 RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.p.A. Company subject to management and co-ordination by Rossini Luxembourg S.à.r.l. Registered Office: 1 Via Matteo Civitali, Milan Fully paid-up share capital: € 26,140, 644.50 Tax identification number and Milan Company Registration No. 00748210150 The Company prepares the consolidated financial statements for the Recordati Group. BOARD OF DIRECTORS Elected by a Shareholders’ Meeting dated 29 th April 2025, in office until the date of the Shareholders’ Meeting held to approve the 2027 Annual Report. ANDREA RECORDATI Chairman ROBERT KOREMANS Chief Executive Officer DIVA MORIANI Lead Independent Director STEPHEN SANDS Independent LUIGI LA CORTE JOANNA LE COUILLIARD Independent GIAMPIERO MAZZA PIERGIORGIO PELUSO Independent CATHRIN PETTY KIM STRATTON BOARD OF STATUTORY AUDITORS Elected by a Shareholders’ Meeting dated 21 st April 2023, in office until the date of the Shareholders’ Meeting held to approve the 2025 Annual Report. ANTONIO SANTI Chairman EZIO SIMONELLI SILVIA MINA Statutory Auditors ANDREA BALELLI Alternate auditor INDEPENDENT AUDITORS EY S.p.A. Engaged by a Shareholders’ Meeting of 29 th April 2020 for the financial years 2020-2028.

ANNUL REPORT 2025 RECORDATI S.P.A. 3 CONTENTS REVIEW OF OPERATIONS ..................................................................... 4 FINANCIAL STATEMENTS AS AT AND FOR THE YEAR ENDED 31 ST DECEMBER 2025 ................................................................................ 14 NOTES TO THE FINANCIAL STATEMENTS ................................................................................... 25 CERTIFICATION IN RESPECT OF THE FINANCIAL STATEMENTS .................................................... 98

ANNUAL REPORT 2025 RECORDATI S.P.A. REVIEW OF OPERATIONS 4 REVIEW OF OPERATIONS

ANNUAL REPORT 2025 RECORDATI S.P.A. REVIEW OF OPERATIONS 5 To our Shareholders, The annual report of Recordati Industria Chimica e Farmaceutica S.p.A. (hereinafter also the “Company” or “Recordati”) for the year ended 31 st December 2025, which we submit to you for your approval, reports net income of € 317,587 thousand. The items in the reclassified income statement which shows costs by function are given below with the relative percentage of revenue (1) and the change compared with the previous year: € (thousands) 2025 % of revenue 2024 % of revenue Changes 2025/2024 % Net revenue (1) 613,446 100.0 679,123 100.0 (65,677) (9.7) Cost of sales (263,153) (42.9) (268,893) (39.6) 5,740 (2.1) Gross profit 350,293 57.1 410,230 60.4 (59,937) (14.6) Selling expenses (90,723) (14.8) (88,797) (13.1) (1,926) 2.2 R&D expenses (78,959) (12.9) (74,361) (10.9) (4,598) 6.2 G&A expenses (88,245) (14.4) (85,592) (12.6) (2,653) 3.1 Other income (expense), net (30,721) (5.0) (5,216) (0.8) (25,505) 489.0 Operating income 61,645 10.0 156,264 23.0 (94,619) (60.6) Dividends 344,319 56.1 283,209 41.7 61,110 21.6 Financial income/(expense), net (88,203) (14.4) (109,058) (16.1) 20,855 (19.1) Pre-tax income 317,761 51.7 330,415 48.6 (12,654) (3.8) Income taxes (174) (0.0) (9,585) (1.4) 9,412 (98.2) Net income 317,587 51.7 320,830 47.2 (3,243) (1.0) (1) The item also includes other revenue of € 126 thousand (€ 192 thousand in 2024), mainly related to training grants and rents, which are classified in Note 4 to the financial statements under “Other revenue and income”. Net revenue came to €613.4 million, down €65.7 million, or 9.7%, compared with €679.1 million in the previous year. Net sales of products amounted to €544.8 million, down €48.3 million, or 8.1%, compared with €593.1 million in the previous year. This change is mainly attributable to lower sales to subsidiaries in Europe of corporate products, particularly in the cardiovascular sector. Revenues from services and royalties amounted to €68.6 million, down €17.4 million, or 20.2%, compared with €86.0 million in the previous year. The fall in this item compared with the previous year is mainly attributable to lower balances charged to subsidiaries relating to transfer price adjustments to products, made for compliance with the arm's length principle. See note 3 to the financial statements for further details.

ANNUAL REPORT 2025 RECORDATI S.P.A. REVIEW OF OPERATIONS 6 The cost of sales amounted to € 263.2 million, down € 5.7 million compared on the previous year due to lower sales volumes. The increase in the cost of sales as a percentage of net revenue, which rose from 39.6% to 42.9%, was a result of a change in the mix of sales revenues compared with the same period in the previous year. Selling expenses amounted to € 90.7 million (14.8% of net revenue), up € 1.9 million (2.2%) compared with expenses incurred in the previous year. The change is attributable to higher promotional expenses and other selling costs incurred designed to respond more effectively to the development of the business model and to fully exploit market opportunities, notwithstanding the reduction in personnel costs after the commercial reorganisation of the Specialty & Primary Care sector that took place last year. R&D expenses came to € 79.0 million, accounting for 12.9% of net revenue, up € 4.6 million (6.2%) compared with the expenses incurred in the previous year. The change is the result of personnel costs and other costs incurred to strengthen corporate units to support ongoing projects and geographical expansion. General and administrative expenses amounted to €88.2 million, accounting for 14.4% of net revenue, an increase of €2.7 million (3.1%) compared with expenses incurred in the previous year. Other net income and expenses showed a net cost of € 30.7 million and were mainly due to: the recognition of costs of € 12.8 million relating to the payback for Urorec® following a ruling by the Council of State dated 3 rd September 2025; costs incurred for ongoing improvements to the sales force of the Specialty & Primary Care sector totalling € 8.6 million; € 6.1 million of write-downs of intangible assets, calculated on the basis of an analyses to determine the recoverability of the value of the asset. The item also reflects a provision for probable costs for remediation work to be carried out at the Campoverde manufacturing site (see notes 7, 8 and 32 to the Financial Statements for further information on other expenses). Operating profit, amounting to €61.6 million, accounting for 10.0% of net revenue, was down €94.6 million compared with the previous year due to the reduction in gross profit and an increase in other costs and expenses. Dividends from subsidiaries came to € 344.3 million, up € 61.1 million on 2024 (see note 10 in the notes of the financial statements for further information). Net financial expenses amounted to € 88.2 million, down € 20.9 million, (19.1%), compared with the previous year. This change is due mainly to lower interest expense payable to subsidiaries, due to the reduction in debt, as well as to lower interest rates on bank loans (see note 11 to the Financial Statements for further details). The change in taxes of €9.4 million is the result of a reduction and change in the mix of taxable income between dividends from subsidiaries and operating and financial results. Net income was €317.6 million.

ANNUAL REPORT 2025 RECORDATI S.P.A. REVIEW OF OPERATIONS 7 A brief summary is given below of the Net Financial Position, while further details are given in note 43 of the Notes to The Financial Statements. € (thousands) 31.12.2025 31.12.2024 Changes 2025/2024 Current account sight deposits and other cash and cash equivalents 124,090 135,444 (11,354) Short-term receivables from Group companies 103,891 81,560 22,331 Receivables for dividends due from Group companies 2,026 - 2,026 Cash and cash equivalents and other short-term receivables 230,007 217,004 13,003 Short-term payables to banks (19,445) (18,169) (1,276) Loans due within one year (287,259) (247,903) (39,356) Short-term payables to Group companies (735,514) (756,501) 20,987 Current debt (1,042,218) (1,022,573) (19,645) Net current financial position (812,211) (805,569) (6,642) Loans – receivable after than one year 550,545 718,458 (167,913) Loans – payable after one year (2,060,617) (2,079,143) 18,526 Long-term loans due to Group companies - (83,737) 83,737 Non-current debt (1,510,072) (1,444,422) (65,650) Net financial position (1) (2,322,283) (2,249,991) (72,292) (1) Inclusive of the fair value of derivatives to hedge foreign exchange rate risk (cash flow hedges), recognised within asset item 23 and liability item 35 with an overall net positive impact of € 975 thousand as at 31 st December 2025. During the year dividends amounting to € 267.6 million were paid to shareholders, treasury shares worth € 112.4 million were purchased, net of sales for the exercise of stock options, and an upfront payment of $ 25 million was made for the licence and supply agreement with Amarin for the marketing of Vazkepa®. Capital expenditure on property, plant and equipment came to € 20.7 million and related to investments regarding the Milan headquarters (€ 8.6 million) and the Campoverde di Aprilia plant (€ 12.1 million). Free cash flow, i.e. operating cash flow excluding financial components, milestones, dividends and share buybacks net of sales from the exercise of stock options, was negative at € 33.2 million in 2025, down € 151.1 million compared with 2024, mainly due to the decrease in EBITDA and higher interest and income tax payments. With regard to loans, the Company took out new loans in 2025 amounting to € 470.0 million and made repayments totalling € 451.6 million as follows: • March saw the full advance repayment amounting to € 28.0 million of the loan from Allied Irish Bank which was disbursed in March 2021 and involved semi-annual repayments of the principal from March 2022 to March 2026; • in June, the loan of € 180.0 million disbursed in May 2021 was renegotiated through its full repayment ahead of its May 2026 maturity date and a new loan was taken out for € 345.0 million, of which € 280.0 million, net of advisory and up-front fees, disbursed on 30 th June 2025 and the remaining € 65.0 million was disbursed in August;

ANNUAL REPORT 2025 RECORDATI S.P.A. REVIEW OF OPERATIONS 8 • in September, the Company repaid in advance the $ 50 million tranche of a bond issued by the Company on 30 th September 2014 and in addition to the $ 5 million due under the repayment plan, the remaining $ 10 million due in 2026 was also repaid; • In September, an agreement was signed with PGIM Inc., Prudential's Investment Manager, for a $ 220.0 million Note Purchase and Private Shelf Agreement. In detail, the Multiborrower and Multicurrency Shelf Facility agreement grants the Group the right to issue bonds up to a total maximum of $ 220.0 million, or the equivalent in €, over the next three years, with pricing to be set at the time of each single drawdown, a maximum term of 20 years and an average life of 15 years. On 30 th September 2025, the Company issued a bond for € 125.0 million with a 10-year maturity on the amount. R&D The Company strives to promote continuous innovation for the benefit of patients. At the same time, we continue to pay the utmost attention to the safety of the people who rely on our products and to develop targeted risk mitigation programmes to make new indications available. We also aim to extend the geographical reach of existing products to places where we can really make a difference. The main R&D activities carried out in 2025 in the Specialty & Primary Care area are summarised in the paragraphs below. Eligard® (leuprorelin acetate) The marketing authorisation application for Eligard 7.5 mg, 22.5 mg and 45 mg in the United Kingdom received a positive opinion in December 2025, with approval by the MHRA in January 2026. The new device had already been approved in Russia in May 2025. Vazkepa® (Icosapent Ethyl) In June 2025, an agreement was signed with Amarin for the acquisition of Vazkepa. Subsequently, in the fourth quarter of 2025, the procedure for transferring the marketing authorisation in the United Kingdom and Switzerland was completed. In November 2025, the EMA also issued a positive opinion on the renewal of the authorisation for the European Union. LOMEXIN® (fenticonazole) In February and July 2025, respectively, the re-registrations of Lomexin 600 mg and 1.000 mg vaginal capsules and Lomexin 2% cream for Russia were also completed, in compliance with the new Eurasian Economic Union regulations. The subsequent mutual recognition application was then submitted in Armenia and Kazakhstan. In September 2025, Belgium authorised the transition from prescription-only to over-the-counter status for the 2% vaginal cream and for the 200 mg and 600 mg vaginal capsules. On the other hand, new registration applications have been submitted for Lomexin 600 mg and 1,000 mg vaginal capsules in Gabon, Burkina Faso, Mali and Madagascar. Activities involving pharmaceuticals for the treatment of rare diseases The Company carries out support activities for research carried out by other subsidiaries for which they are charged back on the basis of service agreements. In fact the Group is increasingly more committed to R&D for the development of treatments for rare diseases and it has many pharmaceuticals in its pipeline for treating these illnesses at different stages of development.

ANNUAL REPORT 2025 RECORDATI S.P.A. REVIEW OF OPERATIONS 9 RISK DISCLOSURES With regard to an analysis and description of the principal risks and uncertainties, in its capacity as a holding company, the Company is indirectly exposed to the risks to which its subsidiaries are exposed. Therefore, with regard to "Risks related to the external environment", "Strategic and operational risks" and "Legal and compliance risks", see the relevant paragraphs in the dedicated section "Risk assessment and management" in the Management Report of the consolidated annual report. FINANCIAL RISKS A specific analysis of the information required under paragraph 3, point 6-bis of Art. 2428 of the Italian Civil Code concerning the Company’s objectives and policies in respect of financial risk management is given here below. The Company constantly monitors the financial risks to which it is exposed in order to take immediate mitigation action when necessary. The company aims to achieve a balanced and prudent financial structure as a fundamental condition for financing internal and external growth, thereby reducing financing costs to a minimum, while maximising returns. Speculative investments in shares, funds or financial assets which might impair the value of companies is not permitted. The only financial investments admissible are investments in risk free assets and/or funds issued by major financial institutions. The Company monitors the financial risks to which it is exposed in order to take immediate mitigation action, when necessary, in compliance with the applicable legislation and regulations and it transacts only with banks with a strong credit rating. On the basis of the above and considering that the related effects would not be significant, no sensitivity analysis has been carried out. As required by IFRS 7, information is given below on the main financial risks to which the Company is exposed. Credit risk Credit risk is exposure to potential losses resulting from commercial counterparties failing to meet their obligations, also in relation to the effects of the prolonged period of economic and financial difficulty. The Company closely controls its credit exposure through the allocation of credit limits to each single customer and an internal reporting system. As at 31 st December 2025 the credit exposure is not critical due to the large number of counterparties, their geographical distribution and the average amount of each receivable. More specifically, it is considered that the allowance for doubtful accounts recognised in the balance sheet, amounting to € 791 thousand, is sufficient in relation to the risk of insolvency. It is underlined that gross trade receivables, inclusive of receivables from subsidiaries, amounted to € 215,417 thousand. Interest rate risk The Company raises external funds using debt and invests excess cash in money market funds and other financial instruments. The fluctuation of interest rates influences the cost and returns of the debt and investment instruments therefore affecting the Company’s net financial charges. The Company’s policy is to limit the risk arising from interest rate fluctuations by establishing medium to long-term loans at fixed or floating interest rates. Any floating rate loans are promptly hedged by using derivative instruments (e.g. interest rate swaps – IRS), used solely for hedging and not speculative purposes. This hedging policy allows the company to reduce the risk attaching to fluctuations in interest rates (as illustrated in note 27).

ANNUAL REPORT 2025 RECORDATI S.P.A. REVIEW OF OPERATIONS 10 Foreign currency risk The Company is exposed to foreign currency fluctuations which can affect its operating results. In particular, the Company is exposed to foreign currency fluctuations on its international sales and financing denominated in currencies other than the euro. The Company also enters into forward contracts for the purchase and sale of currency in order to hedge amounts at risk. It does this for hedging purposes only and not for speculation. Liquidity risk The liquidity risk to which the Company could be exposed consists of the inability to raise sufficient funds for its ongoing business and for the development of its industrial and commercial activities. The two main factors which determine the Company's liquidity are, on the one hand, the resources generated or absorbed by operations and by investments, and on the other, the expiry and renewal terms of debt or the degree of liquidity of financial investments and market conditions. The Company has a supply of readily available liquidity and substantial credit facilities available granted by a number of leading Italian and international banks. The maturities of the Company’s financial assets and its debt are reported in notes 26, 28, 37 and 38 to the financial statements which discuss cash and cash equivalents, medium to long-term borrowings and short- term debt from banks and other lenders. The Group believes that the funds and credit facilities currently available, in addition to those generated by operations and financing activities, are enough to satisfy investment needs, working capital requirements and the repayment of debts on their natural due dates. CLIMATE CHANGE RISK As reported in the consolidated management report, the Company recognises a potential risk relating to climate change over a long-term time horizon and it will continue to monitor this potential risk over the years. As concerns the short and medium-term, in view of the sector, the company has currently classified climate change as a risk with no concrete or substantial impacts on the Company’s operations. OTHER INFORMATION Company is subject to management and co-ordination by Rossini Luxembourg S.àr.l, in accordance with Art. 2497 and following of the Italian Civil Code. Key figures from the financial statements for the year ended 31 st December 2024 approved by the company that exercises management and co-ordination are reported in Attachment 6. Treasury stock consisting of 2,965,916 shares was purchased during the year, for consideration of € 157.1 million and 1,025,570 shares were sold for consideration of € 49.2 million, following the exercise of options under the 2018-2022, 2021-2023 and 2022-2024 stock option plans by Group employees. As at 31 st December 2025 the Company held 4,769,267 treasury shares in portfolio with a face value of € 0.125 each, accounting for 2.28% of the share capital. In compliance with the requirements contained in Art. 4, paragraph 7 of the Regulation on related-party transactions adopted with Consob Resolution 17221 of 12 th March 2010 and subsequent amendments and also in Art. 2391-bis, paragraph 1 of the Italian Civil Code, the Company reports that it has adopted “Regulations for related-party transactions”, the full text of which is available on the Company website at www.recordati.it (in the “Corporate Governance” section), as last updated on 17 th June 2021. For all information on corporate governance, reference is made to the Report on Corporate Governance and Ownership Structure prepared in accordance with Art. 123-bis of the Consolidated Finance Law, approved by the Board of Directors at the same time as it approved the Annual Report. Information pursuant to paragraphs 1 and 2 of Art. 123 bis of Legislative Decree No. 58/1998 is contained in the separate “Report on

ANNUAL REPORT 2025 RECORDATI S.P.A. REVIEW OF OPERATIONS 11 Corporate Governance and Ownership Structure”, the full text of which is available on the company’s website www.recordati.it (in the “Corporate governance” section). Reference is made for “information concerning the environment and personnel” to the Consolidated Sustainability Statement. The Company has a secondary headquarters at 4 Via Mediana Cisterna, Campoverde di Aprilia (Latina). Shares held by directors, statutory auditors, general managers and other key management personnel are reported in the Report on remuneration policies and wages published in accordance with Art. 123-ter of the Consolidated Finance Law. Reference is made to the information given in the Code of Ethics for details of the principles governing conduct adopted by the Company. Reference is made to the information given in the Sustainability Statement for details of the company’s approach to sustainability. Reference is made to note 45 to the financial statements for information required by the Consob (Italian securities market authority) communication dated 28 th July 2006 on “atypical and/or unusual transactions”. The Management report in the consolidated annual report may be consulted for further information on operating activities, development strategies and the business outlook. RELATED-PARTY TRANSACTIONS As at 31 st December 2025 the Company had a total net debt position of € 7,014 thousand towards Group companies, with credit positions of € 816,735 thousand and debt positions of € 823,749 thousand. The table below summarises these receivables and payables by nature: RELATED-PARTY TRANSACTIONS Receivables Payables Net (€ thousand) Loans 615,312 (48,537) 566,776 Cash Pooling 41,040 (686,977) (645,937) Trade 147,364 (83,150) 64,214 Other 13,018 (5,085) 7,933 Total 816,734 (823,749) (7,015) Sales, services and royalties to Group companies in 2025 amounted to € 355,336 thousand (€ 422,812 thousand in 2024). During the year, dividends were declared by Casen Recordati S.L. (€ 123,306 thousand), from Recordati Rare Diseases S.a.r.l. (€ 79,692 thousand), from Recordati AG (€ 53,621 thousand), from Bouchara Recordati (€ 30,000 thousand), from Italchimici S.p.A. (€ 16,821 thousand), from Natural Point S.r.l. (€ 16,000 thousand), from Recordati Ireland Limited ( € 15,000 thousand), from Recordati Romania Srl (€3,952 thousand), from Herbacos Recordati S.r.o (€ 3,201 thousand), from Recordati Polska S.p. z.o.o. (€ 1,998 thousand) and from Opalia Pharma S.A. (€728 thousand).

ANNUAL REPORT 2025 RECORDATI S.P.A. REVIEW OF OPERATIONS 12 The following summary is given in the table below in compliance with Consob Resolution No. 15519 of 27 th July 2006: PERCENTAGE OF TRANSACTIONS WITH RELATED PARTIES Total Related Parties (amount) Related Parties (%) (€ thousand) Percentage of transactions or positions in the balance sheet with related parties Trade receivables and other 256,540 160,382 62.52% Other non-current financial assets 550,545 550,436 99.98% Short-term financial assets 105,916 105,916 100.00% Trade payables and other (221,409) (88,235) 39.85% Other short-term financial liabilities (735,514) (735,514) 100.00% Percentage of transactions or positions in the income statement with related parties Revenue 618,108 355,342 57.49% Income from investments 344,319 344,319 100.00% Costs of purchases and service provision (389,157) (64,433) 16.56% Financial income/(expense), net (88,203) 7,208 (8.17%) Transactions and positions with related parties as a percentage of balance sheet items is basically the same as that for the income statement items. Transactions with related parties are conducted under normal market conditions. With regard to direct relations during the year with the company that exercises management and co- ordination, we report that the CEO and some employees of the Recordati Group have been designated as beneficiaries of an incentive scheme, with a vesting period of five years, under which they have purchased shares of Rossini Luxembourg S.àr.l. at face value, an indirect shareholder of Recordati S.p.A., and they will receive a return at the end of the life of the scheme. With the exception of the previous point, no other direct business was conducted with the company that carries out management and coordination activities. NON-EUROPEAN UNION SUBSIDIARIES In relation to the provisions of articles 15 and 18 of the Markets Regulations concerning the conditions for the listing of the parent companies of companies formed and regulated under the laws of countries that do not belong to the EU and which are of significant importance for the purposes of consolidated financial statements, since 31 st December 2024 the regulatory provisions of Art. 15 of the Markets Regulations have applied to the subsidiaries Recordati Ilaç, Sanayi Ve Ticaret A.Ş., Recordati Rare Diseases Inc., Rusfic LLC Recordati AG and Recordati UK LTD (formerly Eusa Pharma Uk ltd) and the conditions laid down in the aforementioned Art. 15 in relation to which the certification is required from the management body have been satisfied. SIGNIFICANT TRANSACTIONS, EXCEPTION TO DISCLOSURE OBLIGATIONS The Company decided to take advantage, with effect from 20 th December 2012, of the right not to comply with obligations to publish the reports required when significant extraordinary operations are performed consisting of mergers, demergers, share capital increases through contributions in kind, acquisitions and disposals, in accordance with Art. 70, paragraph 8 and with Art. 71, paragraph 1-bis of the Issuers’ Regulations issued by Consob with Resolution No. 11971/1999 and subsequent amendments.

ANNUAL REPORT 2025 RECORDATI S.P.A. REVIEW OF OPERATIONS 13 BUSINESS OUTLOOK At the date of preparing the financial statements no corporate events had occurred after the end of the year which might require modifications to be made to the value of assets and liabilities and the amounts in the income statement. The implementation of company strategies, operations at the beginning of the current year, the potential of our products, the financial strength of the company and the managerial capacities of our personnel lead us to forecast a positive result again in 2026. We report that, at consolidated level, the market has been informed of continued growth in revenue, EBITDA and Adjusted Net Income, with an expected positive impact also at Company level. Milan, 19 th March 2026 on behalf of the Board of Directors the Chief Executive Officer Robert Koremans

ANNUAL REPORT 2025 RECORDATI S.P.A. REVIEW OF OPERATIONS 14 FINANCIAL STATEMENTS AS AT AND FOR THE YEAR ENDED 31 ST DECEMBER 2025

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 15 RECORDATI S.P.A. INCOME STATEMENTS FOR THE YEARS ENDED 31 ST DECEMBER 2025 AND 31 ST DECEMBER 2024 INCOME STATEMENT Amounts in euro Notes 2025 2024 Revenue 3 613,320,245 678,930,869 Other income 4 4,788,254 10,660,692 Total income 618,108,499 689,591,561 Raw materials costs 5 (193,063,110) (182,689,311) Personnel costs 6 (115,680,393) (111,046,220) Depreciation and amortisation 7 (63,062,686) (53,704,686) Other operating expenses 8 (196,094,270) (183,696,711) Changes in inventories 9 11,437,467 (2,190,414) Operating income 61,645,508 156,264,219 Income from investments 10 344,318,510 283,209,292 Financial income/(expense), net 11 (88,203,153) (109,058,369) Pre-tax income 317,760,865 330,415,142 Income taxes 12 (174,342) (9,584,855) Net income 317,586,522 320,830,287 Earnings per share (in euro) Basic 1.546 1.555 Diluted 1.519 1.534 Basic earnings per share are calculated on average shares outstanding in the relative periods, consisting of 205,483,735 shares in 2025 and 206,316,241 shares in 2024. The figures are calculated net of average treasury stock held, which amounted to an average of 3,641,421 shares in 2025 and 2,808,915 shares in 2024. Diluted earnings per share are calculated taking into account rights granted to the beneficiaries of stock option and performance share plans. The notes to the financial statements form an integral part of these financial statements.

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 16 RECORDATI S.P.A. BALANCE SHEETS AS AT 31 ST DECEMBER 2025 AND 31 ST DECEMBER 2024 ASSETS Amounts in euro Notes 31 st December 31 st December 2025 2024 Non-current assets Property, plant and equipment 13 115,317,529 105,655,162 Goodwill 14 16,944,333 16,944,333 Intangible assets 15 544,449,151 547,309,638 Investments 16 1,857,995,178 1,851,188,778 Other non-current financial assets 17 550,545,359 718,458,401 Deferred tax assets 18 6,474,507 11,844,642 Total non-current assets 3,091,726,057 3,251,400,954 Current assets Inventories 19 118,591,913 107,154,445 Trade receivables 20 214,625,500 187,925,835 Other receivables 21 41,914,623 30,463,683 Other current assets 22 2,998,980 2,697,238 Derivatives measured at fair value 23 4,903,239 14,166,162 Receivables for dividends 24 2,025,586 - Other short-term financial receivables 25 103,890,673 81,559,769 Cash and cash equivalents 26 124,089,812 135,444,133 Total current assets 613,040,326 559,411,265 Total assets 3,704,766,383 3,810,812,219 The notes to the financial statements form an integral part of these financial statements.

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 17 RECORDATI S.P.A. BALANCE SHEETS AS AT 31 ST DECEMBER 2025 AND 31 ST DECEMBER 2024 EQUITY AND LIABILITIES Amounts in euro Notes 31 st December 31 st December 2025 2024 Equity Share capital 27 26,140,645 26,140,645 Additional paid-in capital 27 83,718,523 83,718,523 Treasury stock 27 (239,379,359) (131,570,438) Statutory reserve 27 5,228,129 5,228,129 Other reserves 27 291,957,466 222,245,778 Revaluation reserve 27 2,602,228 2,602,229 Interim dividend 27 (128,782,972) (123,948,886) Net income 27 317,586,522 320,830,287 Total equity 359,071,182 405,246,267 Non-current liabilities Loans – due after one year 28 2,061,590,673 2,090,155,851 Employee benefit obligations 29 3,211,926 3,667,452 Other non-current financial liabilities 30 - 83,736,822 Total non-current liabilities 2,064,802,599 2,177,560,125 Current liabilities Trade payables 31 145,623,021 127,101,336 Other current payables 32 75,786,189 43,931,330 Tax liabilities 33 3,295,867 20,252,565 Provisions 34 10,126,352 9,289,715 Derivatives measured at fair value 35 3,843,525 4,857,871 Borrowings - due within one year 36 287,258,548 247,903,167 Payables to banks 37 19,445,345 18,168,894 Other short-term payables 38 735,513,755 756,500,949 Total current liabilities 1,280,892,602 1,228,005,827 Total equity and liabilities 3,704,766,383 3,810,812,219 The notes to the financial statements form an integral part of these financial statements.

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 18 RECORDATI S.P.A. STATEMENT OF COMPREHENSIVE INCOME FOR THE YEARS ENDED 31 ST DECEMBER 2025 AND 31 ST DECEMBER 2024 € (thousands) 2025 2024 Net income 317,587 320,830 Gains/(losses) on cash flow hedges, net of tax 1,672 (1,403) Valuation of employee benefits pursuant to IAS 19, net of tax (190) 85 Financial assets measured at fair value through other comprehensive income (3,583) (3,995) Other changes, net of tax (142) (142) Other items recognised in equity (2,243) (5,456) Comprehensive income 315,344 315,374 Data per share (in euro) Basic 1.5346 1.529 Diluted 1.5079 1.508 Basic earnings per share are calculated on average shares outstanding in the relative periods, consisting of 205,483,735 shares in 2025 and 206,316,241 shares in 2024. The figures are calculated net of average treasury stock held, which amounted to an average of 3,641,421 shares in 2025 and 2,808,915 shares in 2024. Diluted earnings per share are calculated taking into account rights granted to the beneficiaries of stock option and performance share plans. The notes to the financial statements form an integral part of these financial statements.

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 19 RECORDATI S.P.A. STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY FOR THE YEARS ENDED 31 ST DECEMBER 2025 AND 31 ST DECEMBER 2024 Balance as at 31 st December 2023 26,141 83,718 (127,970) 5,228 89,678 (286) 167,050 2,602 (117,396) 224,017 352,782 Allocation of 2023 net income as per shareholders’ resolution dated 22.04.2024 Dividends distributed (23,457) 117,396 (224,017) (130,078) Retained earnings 0 Sales of treasury stock 115,423 (22,752) 92,671 Repurchase of treasury stock (119,023) (119,023) Dividends expired 14 14 Interim dividends (123,949) (123,949) Comprehensive income (142) (1,403) (3,911) 320,830 315,374 Stock option valuation reserve 6,118 6,118 Performance shares valuation reserve 11,337 11,337 Balance as at 31 st December 2024 26,141 83,718 (131,570) 5,228 66,093 (1,689) 157,842 2,602 (123,949) 320,830 405,246 Allocation of 2024 net income as per shareholders’ resolution of 29.04.2025 Dividends distributed 58,928 123,949 (320,830) (137,953) Retained earnings 0 Sales of treasury stock 49,246 (4.685) 44,561 Repurchase of treasury stock (157,055) (157,055) Dividends expired 15 15 Interim dividends (128,783) (128,783) Comprehensive income (142) 1.672 (3.773) 317,587 315,344 Stock option valuation reserve 2.472 2,472 Performance shares valuation reserve 15.224 15,224 Balance as at 31 st December 2025 26,141 83,718 (239,379) 5,228 124,894 (17) 167,080 2,602 (128,783) 317,587 359,071 The notes to the financial statements form an integral part of these financial statements. € (thousands) Share capital Additional paid-in capital Treasury stock Statutory reserve Other reserves Revaluation reserves Interim dividend Net (loss)/income for the year Total Sundry reserves Reserve for derivatives Stock option reserve - Performance shares reserve and/or Other IAS reserves

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 20 RECORDATI S.P.A. CASH FLOW STATEMENT FOR THE YEARS ENDED 31 ST DECEMBER 2025 AND 31 ST DECEMBER 2024 € (thousands) 2025 2024 OPERATING ACTIVITIES Net income 317,587 320,830 Income taxes 174 9,585 Net interest 87,027 109,857 Income from investments (344,319) (283,209) Depreciation and impairment of property, plant and equipment 14,038 12,875 Amortisation and impairment of intangible assets 49,024 40,830 Equity-settled share-based payment transactions 6,116 6,639 Other non-cash items 16,364 (1,968) Changes in other assets and other liabilities 5,201 30,266 Cash flow from/(used in) operating activities 151,212 245,705 before changes in working capital Change in inventories (11,437) 2,190 Change in trade receivables (26,700) (43,045) Change in trade payables 18,522 28,868 Change in working capital (19,615) (11,987) Interest received 14,895 5,332 Interest paid (129,371) (100,713) Income taxes paid (29,675) (3,287) Cash flow from/(used in) operating activities (12,554) 135,050 INVESTMENT ACTIVITIES Investments in property, plant and equipment (20,716) (17,219) Disposals of property, plant and equipment 5 3 Investments in intangible assets (31,163) (10,909) Disposals of intangible assets - 2,301 Investments in subsidiaries - (5) Dividends received 342,321 283,209 Change in financial receivables 164,091 (686,614) Changes in other short-term receivables 2,709 (10,809) Cash flow from/(used in) investing activities 457,247 (440,043)

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 21 RECORDATI S.P.A. CASH FLOW STATEMENT FOR THE YEARS ENDED 31 ST DECEMBER 2025 AND 31 ST DECEMBER 2024 € (thousands) 2025 2024 FINANCING ACTIVITIES New loans 470,000 1,020,000 Repayment of loans (451,048) (312,927) Payment of lease liabilities (1,467) (1,310) Change in short-term payables to banks and other lenders (4,179) (82,303) Loans received from/(repaid to) subsidiaries (127,176) 68,277 Changes in other short-term payables 37,873 209 Dividends paid (267,556) (253,718) Repurchase of treasury stock (157,055) (119,023) Sales of treasury stock 44,561 92,670 Cash flow from/(used in) financing activities (456,047) 411,875 Change in cash and cash equivalents (11,354) 106,882 Net cash and cash equivalents at beginning of year 135,444 28,562 Cash and cash equivalents at year-end 124,090 135,444 The notes to the financial statements form an integral part of these financial statements.

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 22 RECORDATI S.P.A. INCOME STATEMENT IN ACCORDANCE WITH CONSOB RESOLUTION NO. 15519 OF 27 TH JULY 2006 INCOME STATEMENT Amounts in euro 2025 2024 of which related parties of which related parties Net revenue 613,320,245 355,336,157 678,930,869 422,812,192 Other income 4,788,254 6,000 10,660,692 148,792 Total income 618,108,499 689,591,561 Raw materials costs (193,063,109) (34,986,369) (182,689,311) (27,059,596) Personnel costs (115,680,393) (111,046,220) Depreciation and amortisation (63,062,686) (53,704,686) Other operating expenses (196,094,270) (29,446,655) (183,696,711) (33,592,962) Changes in inventories 11,437,467 (2,190,414) Operating income 61,645,508 156,264,219 Income from investments 344,318,510 344,318,510 283,209,292 283,209,292 Financial income/(expense), net (88,203,153) 7,207,584 (109,058,369) (34,001,864) Pre-tax income 317,760,865 330,415,142 Income taxes (174,342) (9,584,855) Net income 317,586,523 320,830,287

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 23 RECORDATI S.P.A. BALANCE SHEET IN ACCORDANCE WITH CONSOB RESOLUTION N. 15519 OF 27 TH JULY 2006 ASSETS Amounts in euro 31 st December 31 st December 2025 2024 of which related parties of which related parties Non-current assets Property, plant and equipment 115,317,529 105,655,162 Goodwill 16,944,333 16,944,333 Intangible assets 544,449,151 547,309,638 Investments 1,857,995,178 1,851,188,778 Other non-current financial assets 550,545,359 550,435,907 718,458,401 718,372,834 Deferred tax assets 6,474,507 11,844,642 Total non-current assets 3,091,726,057 3,251,400,954 Current assets Inventories 118,591,913 107,154,445 Trade receivables 214,625,500 147,363,717 187,925,835 127,270,761 Other receivables 41,914,623 13,018,079 30,463,683 14,704,671 Other current assets 2,998,980 2,697,238 Derivatives measured at fair value 4,903,239 14,166,162 Receivables for dividends 2,025,586 2,025,586 - - Other short-term financial receivables 103,890,673 103,890,673 81,559,769 81,559,769 Cash and cash equivalents 124,089,812 135,444,133 Total current assets 613,040,326 559,411,265 Total assets 3,704,766,383 3,810,812,219

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 24 RECORDATI S.P.A. BALANCE SHEET IN ACCORDANCE WITH CONSOB RESOLUTION N. 15519 OF 27 TH JULY 2006 EQUITY AND LIABILITIES Amounts in euro 31 st December 31 st December 2025 2024 of which related parties of which related parties Equity Share capital 26,140,645 26,140,645 Additional paid-in capital 83,718,523 83,718,523 Treasury stock (239,379,359) (131,570,438) Statutory reserve 5,228,129 5,228,129 Other reserves 291,957,466 222,245,778 Revaluation reserve 2,602,228 2,602,229 Interim dividend (128,782,972) (123,948,886) Net income 317,586,522 320,830,287 Total equity 359,071,182 405,246,267 Non-current liabilities Loans – due after one year 2,061,590,673 2,090,155,851 Employee benefit obligations 3,211,926 3,667,452 Other non-current financial liabilities - - 83,736,822 83,736,822 Total non-current liabilities 2,064,802,599 2,177,560,125 Current liabilities Trade payables 145,623,021 83,149,933 127,101,336 57,001,208 Other current payables 75,786,189 5,085,133 43,931,330 6,013,205 Tax liabilities 3,295,867 20,252,565 Provisions 10,126,352 9,289,715 Derivatives measured at fair value 3,843,525 4,857,871 Borrowings – due within one year 287,258,548 247,903,167 Payables to banks 19,445,345 18,168,894 Other short-term financial liabilities 735,513,755 735,513,755 756,500,949 756,500,949 Total current liabilities 1,280,892,602 1,228,005,827 Total equity and liabilities 3,704,766,383 3,810,812,219

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 25 RECORDATI S.P.A. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ST DECEMBER 2025 1. GENERAL INFORMATION These financial statements as at and for the year ended 31 st December 2025, have been prepared by Recordati Industria Chimica e Farmaceutica S.p.A. (hereinafter the “Company” or “Recordati”), and they were approved by the Board of Directors on 19 th March 2026 which authorised their publication. Recordati Industria Chimica e Farmaceutica S.p.A. is a listed joint-stock company registered and with service address in Italy. These financial statements are available at the registered address of the Company at 1 Via Matteo Civitali, Milan. The Company’s activities include the development, production and marketing of pharmaceutical products or of pharmaceutical chemicals. The Company operates in a broad and diverse context which includes general medicine, specialist medicine, self-medication and rare diseases. In addition to being present in the cardiovascular field and in that of hypertension in particular, Recordati is also active in that of urology, with treatments for benign prostatic hyperplasia and male functional disorders, and in psychiatry. The annual company financial statements comprise the income statement, the balance sheet, the statement of other comprehensive income, the statement of changes in equity, the cash flow statement and these notes to the financial statements. The annual financial statements have been prepared in compliance with International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”) and endorsed by the European Union and also by regulations issued to implement Art. 9 of Legislative Decree No. 38/2005. Details of the accounting standards adopted by the Company are given in note 2 to the financial statements. The presentation adopted by the Company for the income statement in the separate company annual financial statements classifies revenues and expenses by nature. The distinction between the principle of current and non-current has been adopted for the presentation of assets and liabilities in the balance sheet. The indirect method was used to prepare the cash flow statement. These financial statements are presented in euro (€) and all amounts in the notes to the statements are rounded to the nearest thousand euro unless otherwise stated. SEGMENT REPORTING The Company’s only operating segment is the Specialty & Primary Care segment. Furthermore, the pharmaceutical chemicals business is considered an integral part of the Specialty & Primary Care segment because from an organisational and strategic viewpoint it is involved principally in the production of the active ingredients required to produce pharmaceuticals. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES In compliance with Legislative Decree No. 38 of 28 th February 2005 (which implements the options provided for by Art. 5 of Regulation (EC) No. 1606/2002 of the European Parliament and Council of 19 th July 2002 concerning the application of international accounting standards), the annual company financial statements have been prepared by applying the International Financial Reporting Standards (IFRS) issued or revised by the International Accounting Standards Board (IASB) and endorsed by the European Union and also the regulations issued in implementation of Art. 9 of Legislative Decree No. 38/2005. These annual financial statements have been prepared using the same accounting standards as those applied in the last annual financial statements. The Company has not adopted any new standard, interpretation or amendment in advance that has been issued, but is not yet in force.

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 26 The financial statements have been prepared on a going concern basis, because the Directors have found no cash flow, operational or other indicators to suggest that the company might face difficulties in its ability to meet its obligations in the foreseeable future and in the next twelve months in particular. Account has been taken of the impacts, and also the potential impacts, resulting from the Russian-Ukraine crisis when making estimates and the related assumptions required to draft this financial report. The Group operates on the Russian market, in compliance with the regulations in force, and on the Ukrainian market with revenues in 2025 amounting to 5.9% and to 0.7% respectively of the Group's total revenue. The Group constantly monitors developments in the conflict, as well as possible developments in the geopolitical environment and their consequences on business strategies in order to adopt mechanisms to safeguard its competitiveness, investments, performance and resources. The same approach is also adopted to the potential impacts of any changes to US legislation that might affect the pharmaceutical sector. In view of studies performed when preparing this financial report and also in consideration of the achievement of its expected results in the sector to which it belongs, no factors have been identified to-date which might have any significant impact on the financial statements. Adoption of new standards The accounting standards adopted for the preparation of this financial report are consistent with those used for the preparation of the financial report for the year ended 31 st December 2024, except for the adoption of new standards and amendments effective from 1 st January 2025. The Company has not adopted any new standard, interpretation or amendment in advance that has been issued, but is not yet in force. A description of new standards, interpretations and amendments for which application is mandatory from 1 st January 2025 is given below. On the basis of assessments carried out these have had no significant impacts on the annual financial statements as at and for the year ended 31 st December 2025. Amendments to IAS 21: Lack of exchangeability The amendments to IAS 21 "The Effects of Changes in Foreign Exchange Rates" state how an entity should consider whether a currency is exchangeable and how to determine the spot exchange rate when a currency is not exchangeable. The amendments also require disclosure of information that enables users of its financial statements to understand how the currency not being exchangeable into the other currency affects, or is expected to affect, the entity’s financial performance, financial position and cash flows. Standards issued but not yet in force Standards and interpretations that had already been issued but were not yet in force at the date of preparation of the Company's financial statements are illustrated below. The Company intends to adopt these standards and interpretations, if applicable, when they come into force. • IFRS 18 - Presentation and Disclosures in Financial Statements In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements for the presentation of the income statement, including specific totals and subtotals. Furthermore, entities will have to classify all costs and income within the income statement into five categories: operating, investing, financing, income taxes and discontinued operations, where the first three categories are new. The standard also requires disclosure based on the new definition of management-defined performance measures (MPMs), subtotals of costs and revenues, and it includes new provisions for the aggregation and disaggregation of financial information based on the identified roles of the primary financial statements (PFS) and notes.

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 27 In addition, amendments have been made to IAS 7 Cash Flow Statements, which include changing the starting point for determining cash flows from operating activities using the indirect method from profit or loss to operating profit or loss and removing the option to classify cash flows from dividends and interest. Furthermore, consequential amendments have been made to several other accounting standards. IFRS 18, and amendments to other standards, are effective for financial years beginning on or after 1st January 2027, but early application is permitted but only if disclosed. IFRS 18 will be applied retrospectively. The Company is currently working to identify the impacts that the changes will have on its financial statements and notes to the financial statements. Preliminary assessments of the main expected impacts on the Company's balance sheet are as follows: - rental income, changes in fair value relating to investment property and the share of profits of a subsidiary and a joint venture will be classified under "investment" in the income statement; - foreign exchange differences will be classified within the category in which the related income and expenses that gave rise to the exchange difference were classified and new supplementary information will be introduced with reference to: a) management defined performance measures; b) costs by nature if these costs are presented by function in the "operating" category in the statement of profit/(loss) for the year; c) a reconciliation for each item in the income statement between the amounts restated in accordance with IFRS 18 and those previously presented in accordance with IAS 1; - interest income and interest expense will be classified under investment and financing activities, respectively, in the cash flow statement. • IFRS 19 – Subsidiaries without Public Accountability: Disclosures In May 2024, the IASB issued IFRS 19, which allows eligible entities to opt for a reduction in their disclosure requirements while continuing to apply the provisions for recognition, measurement and presentation in other IFRS accounting standards. In order to be eligible at the end of the year, an entity must be a subsidiary as defined under IFRS 19, it must not have “public accountability” and must have a parent company (ultimate or intermediate) which prepares consolidated financial statements, available to the public, drawn up in compliance with IFR accounting standards. IFRS 19 will become effective for financial years beginning on or after 1st January 2027, with the possibility of early application. As the Company's shares are publicly listed, the Company is not eligible for the application of IFRS 19." • Amendments to the classification and Measurement of the financial Instruments – Amendments to IFRS 9 and IFRS 7 In May 2024, the IASB issued amendments to IFRS 9 and IFRS 7, entitled Amendments to the Classification and Measurement of Financial Instruments (the Amendments). The changes include: - a clarification according to which a financial liability is derecognised at the “settlement date” and the introduction of an accounting policy choice (if specific conditions are satisfied) to derecognise financial liabilities settled through electronic payment systems before the settlement date; - additional guidance on how to assess contractual cash flows for financial assets with environmental, social and governance (ESG) or similar characteristics; - clarification on the characteristics of a “non-recourse feature” and which are characteristics of contractually linked instruments;

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 28 - the introduction of disclosure requirements for financial instruments with contingent features and additional disclosure requirements for equity instruments classified at fair value through other comprehensive income (OCI). The Amendments are effective for annual periods beginning on or after 1 st January 2026, with early adoption permitted only for the classification of financial assets and related disclosures. The Company does not expect the amendments to have a significant impact on the consolidated financial statements. • Annual Improvements to IFRS Accounting Standards - Volume 11 In July 2024, the IASB issued nine limited-scope amendments as part of its periodic maintenance of IFRS. The amendments include clarifications, simplifications, corrections or changes aimed at improving consistency in the following standards: IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 7 Financial Instruments: Disclosures and the related Guidance on implementing IFRS 7, IFRS 9 Financial Instruments, IFRS 10 Consolidated Financial Statements and IAS 7 Statement of Cash Flows. The amendments will take effect for administrative periods beginning on or after 1st January 2026. Early adoption is permitted, provided that adequate information is provided. These amendments are not expected to have a significant impact on the Group's consolidated financial statements. • Contracts Referencing Nature-depending Electricity - Amendments to IFRS 9 and IFRS 7 In December 2024, the IASB issued amendments to IFRS 9 and IFRS 7, Contracts Referencing Nature- dependent Electricity. The changes apply solely to contracts that refer to this type of electricity and: - they clarify the application of own-use requirements for contracts falling within their scope of application; - they modify the requirements for the designation of a hedged item in a cash flow hedge relationship for the contracts in question; - they introduce new disclosure requirements to enable investors to understand the effects of such contracts on a company's financial performance and cash flows. The amendments will take effect for administrative periods beginning on or after 1 st January 2026. Early adoption is permitted, provided that adequate information is provided. The amendments relating to the own-use exception must be applied retrospectively, while those relating to hedge accounting must be applied prospectively to new designated hedging relationships from the date of first-time adoption. Furthermore, the amendments to the disclosures required by IFRS 7 must be implemented in conjunction with the amendments to IFRS 9. If an entity does not restate comparative information, it may not present comparative disclosures. The Company does not expect these changes to have a significant impact on its financial statements. Use of estimates The preparation of financial statements requires estimates and assumptions to be made by directors based on the best possible assessments that have an impact on the values of revenue, expenses, assets and liabilities in the balance sheet and disclosure of contingent assets and liabilities as at the balance sheet date. If in the future those estimates and assumptions should differ from the actual circumstances, they shall be modified appropriately in accordance with the changes in the circumstances.

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 29 A brief description is given below of those items in the financial statements which more than others require greater discretion on the part of directors in making estimates and for which a change in the conditions underlying the assumptions used could have a significant impact on financial data. • Investments in subsidiaries: in compliance with the accounting standards applied, investments in subsidiaries are subject to impairment testing to ascertain whether a reduction in value has occurred, which is recognised with a write-down, when indicators exist which predict difficulty in realising the relative recoverable amount. Testing whether the aforementioned indicators exist requires the directors to make subjective assessments based on information available within the Company and on the market and on historical experience. Furthermore, if it is found that potential impairment may have occurred, the Company proceeds to measure it by using the measurement techniques considered most appropriate. Accurate identification of indicators of potential impairment and estimates to calculate it depend on factors which may change over time thereby influencing assessments and estimates made by the directors. • Goodwill: according to the accounting standards applied by the Company, goodwill is subject to an annual impairment test to ascertain whether a reduction in value has occurred. That test requires the use of discretionary assessments by directors based on the information available within the Company and on the market as well as on past experience. These assessments also depend on factors which may change over time, thereby influencing assessments and estimates made by Management. Furthermore, if it is found that potential impairment may have occurred, the Company proceeds to measure it by using the measurement techniques considered most appropriate. • Provisions: in some circumstances the decision as to whether or not a present obligation (legal or constructive) exists is not easy to make. Management assesses these circumstances on a case-by- case basis in combination with an estimate of the funds required to meet the obligation. When Management considers that it is only possible that a liability will arise, then the risks are reported in a special section of the report on commitments and risks without any recognition of a provision. • Deferred tax assets: recognition must be supported by a plan to recover these assets based on hypotheses and assumptions that Management considers reasonable. • Inventories: stock that may be obsolete or that has a slow turnover is periodically tested for impairment and is written down where the net realisable value is less than the carrying amount. Write-downs are based on assumptions and estimates resulting from experience and historical results. • Financial instruments: trade receivables are adjusted by the relative allowances for bad debts to take account of their actual recoverable amount. Calculation of the amount of write-downs requires Management to make subjective assessments with account therefore taken of past events, current conditions and forecasts of future economic conditions. Generally, methods for measuring the fair value of financial instruments for accounting or disclosure purposes are summarised below with reference made to the main categories of financial instruments to which they apply: — derivative instruments: appropriate pricing models are used based on market values for interest rates; — loans and borrowings and unlisted financial assets: the discounted cash flow method (based on the present value of expected cash flows in consideration of current interest rates and credit ratings) is used for financial assets with maturities of greater than one year for measurement of the fair value on first-time recognition. Subsequent recognition is carried out using the amortised cost method; — listed financial instruments: the market price as at the reporting date is used.

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 30 IFRS 13 requires the fair value of financial instruments to be measured by classifying them on the basis of a hierarchy of levels laid down by the standard itself, which reflects the degree of observability of the market inputs used in the calculation of the fair value. The following levels are identified: • Level 1: unadjusted quotations recorded on active markets for assets or liabilities subject to measurement; • Level 2: inputs that are not quoted prices as per level 1, but which are observable on the market, either directly (as in the case of prices) or indirectly (i.e. because they are derived from prices); • Level 3: inputs that are not based on observable market data. Balance Sheet Property, plant and equipment – Property, plant and equipment is recognised at historic cost net of the relative accumulated depreciation and any accumulated impairment. Subsequent costs are only capitalised when it is probable that the future economic rewards will flow to the Company. The costs for ordinary maintenance and repairs are recognised through profit or loss at the time at which they are incurred. The carrying amount of property, plant and equipment is subject to impairment testing to measure any loss in value when events or situations occur which indicate that the carrying amount of the assets can no longer be recovered (see paragraph on impairment for details). Depreciation is calculated on a straight-line basis using rates which are held to be representative of the estimated useful life of the assets: • Industrial buildings 2.5% - 5.5% • Plant & machinery 10% - 17.5% • Other equipment 12% - 40% The depreciation of an asset begins when it is installed and is ready for use or, in the case of self-constructed assets, when the assets have been completed and are ready for use. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in income. Leases – The Company has applied IFRS 16 using the modified retrospective approach. Accounting model for the lessee – At the start of a contract or when changes are made to a contract that contains a lease component, the Company allocates the consideration for the contract to each lease and non- lease component on the basis of the relative prices. At the date of inception of a lease contract, the Company recognises a right-of-use asset and a lease liability. The right-of-use asset is initially measured at cost inclusive of the amount of the initial lease liability, adjusted for payments due for leasing carried out at the date of or before the date of inception, plus the direct costs incurred and an estimate of the costs that the lessee will have to bear for disassembly and removal of the underlying assets and to restore the underlying assets or the site in which it is located, net of lease incentives received. The right-of-use asset is subsequently depreciated on a straight-line basis from the date of inception until the end of the lease contract unless the lease transfers ownership of the underlying asset to the Company at the end of the lease contract or, considering the cost of the right-of-use asset, it is expected that the Company will exercise its purchase option. In this case, the right-of-use asset will be depreciated over the useful life of the underlying asset, calculated on the same basis as that used for property, plant equipment. Furthermore, standard practice is followed to reduce the value of the right-of-use asset for impairment and it is adjusted to reflect any changes resulting from subsequent measurements of the lease liability.

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 31 The Company measures lease liabilities at the present value of the payments due for the lease not paid at the date of inception, discounted using the interest rate implicit in the lease. If it is not possible to calculate that rate easily, the Company uses the incremental borrowing rate. Generally, the Company uses the incremental borrowing rate as the discount rate. The Company’s incremental borrowing rate is calculated on the basis of interest rates obtained from various external sources of financing, which are then adjusted to reflect the terms and conditions of the lease and the type of asset leased. Payments due for the lease included in the measurement of the lease liability are comprised of: • fixed payments (including “in-substance” fixed payments); • variable lease payments due that depend on an index or a rate, initially measured using an index or rate as at the commencement date; • amounts expected to be payable under residual value guarantees; • the exercise price of a purchase option if the Company is reasonably certain to exercise that option, the payments due for a lease period where the Company has the option to extend it if the Company is reasonably certain to exercise that option and payments of penalties for terminating the lease in advance, unless the Company is reasonably certain that it will not terminate the lease in advance. Lease liabilities are measured at amortised cost using the effective interest rate criteria and are measured again: if there is a change in the future payments due for the lease resulting from a change in an index or rate; if there is a change in the amount that the Company expects will be due under residual value guarantees; or if the Company changes its assessment of whether or not it will exercise a purchase, extension or termination option; or if there is a change in the “in-substance” fixed payments due. When a lease liability is remeasured, the lessee makes a corresponding change to the relative right-of-use asset. If the carrying amount of a right-of-use asset is reduced to zero, the lessee recognises that change in net income for the year. The Company recognises right-of-use assets which do not satisfy the requirement to be defined as investment property within the item “Property, plant and equipment” in the balance sheet and lease liabilities within the item “Loans”. Short-term leases and leases of low-value assets – The Company has decided not to recognise right-of-use assets and lease liabilities relating to low-value assets and short-term leases, including computer equipment. The Company recognises the relative payments due for these leases as an expense on a straight-line basis over the lease term. Intangible assets – An intangible asset is recognised only if it can be identified, if it is probable that it will generate future economic rewards and its cost can be measured reliably. Intangible assets are recognised at purchase cost, net of amortisation calculated on a straight-line basis and on the basis of their estimated useful life which, however, cannot exceed 20 years. Patents, licences and know-how are amortised from the year of the first sale of the relative products. Amortisation of distribution and licence rights is generally calculated over the duration of the contract using the following percentages held to be representative of the estimated useful life of the assets: • patents and sales authorisations: 5% - 33%. • distribution licences, trademarks and similar rights: 5% - 25% Goodwill – Goodwill arising from acquisitions and/or mergers is allocated to the individual cash-generating unit to which it belongs. A cash-generating unit to which goodwill has been allocated shall be tested for impairment annually, and whenever there is an indication that the unit may be impaired, by comparing the carrying amount of the unit with the recoverable amount of the unit. If the recoverable amount of the unit exceeds the carrying amount of the unit, the unit and the goodwill allocated to that unit shall be regarded as not impaired. If the carrying amount of the unit exceeds the recoverable amount of the unit, the entity shall recognise the impairment loss. The main assumptions used to calculate the value in use regard the expected

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 32 operating cash flows during the period over which the calculation is made, the discount rate and the growth rate of the single cash generating unit considered. Impairment – At each balance sheet date, or more frequently if necessary, the Company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash- generating unit to which the asset belongs. The recoverable amount is the greater of net selling price and value in use. In measuring value in use, the estimated future cash flows are discounted to their present value using a discount rate net of tax that reflects current market assessments of the time value of the money and the risks specific to the asset. If the recoverable amount of an asset (or cash-generating unit) is estimated to be lower than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. Impairment losses are recognised as an expense immediately. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised. A reversal of an impairment loss is recognised as income immediately. Investments in subsidiaries – Investments in subsidiaries, which are those entities over which the Company holds control, are recognised at cost of purchase adjusted for impairment. Positive differences arising at the time of purchase between the purchase cost and the quota of the equity at present values held in the subsidiary attributable to the Company are therefore included in the carrying amount of the investment. In compliance with the accounting standards applied, in the presence of specific impairment indicators the value of investments in subsidiaries, measured on the basis of the cost criterion, is subject to impairment testing. More specifically, the value of investments is tested for impairment if the stated value of the investment in the separate financial statements is greater than the carrying amount of the net assets of the investment, with account also taken of the effects of any implicit gains recognised and tested in the consolidated financial statements. For the purposes of impairment testing, the carrying amount of investments is compared with the recoverable amount, defined as the higher of the value in use and the fair value less costs to sell. If the recoverable amount of an investment is less than its carrying amount, the carrying amount of the asset shall be reduced to its recoverable amount. The reduction constitutes impairment and is recognised through profit and loss. For the purposes of the impairment testing, the fair value is measured on the basis of the market value of the investment, regardless of the percentage of ownership. For investments in unlisted companies, the fair value is measured on the basis of valuation techniques, including the market-multiples approach. The value in use on the other hand is measured by applying the “discounted cash flow - equity side” criterion, which consists of calculating the present value of future cash flows which it is estimated will be generated by the subsidiary, inclusive of cash flows from operating activities and the consideration resulting from the final sale of the investment, net of the financial position as at the measurement date. When calculating estimated future cash flows, the Company takes due consideration of risks related to climate change issues, inclusive of the applicable regulations. It assesses whether they could have a significant impact on the estimate of the recoverable amount and where necessary this includes the impacts on cash flow forecasts for the estimate of value in use. If the necessary conditions for a previous write-down are reversed, the carrying amount of the investment is also reversed with recognition through profit and loss, up to the limits of the original cost. According to IFRS 2, incentive plans for the employees of subsidiaries constitute an increase in the value of the relative investments. That increase in value consists of the fair value of the options on the grant date and

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 33 it is recognised as an increase in the investments at constant rates over the period between the grant and the vesting date, with the balancing entry recognised directly in equity. Financial instruments Recognition and measurement Trade receivables and debt securities in issue are recognised at the time they are originated. All other financial assets and liabilities are recognised initially on the date they are traded and that is when the Company becomes a party to the contract underlying the financial instrument. The following are exceptions to this: trade receivables that do not contain a significant financial component, financial assets and liabilities that are initially recognised at more or less fair value or, if lower, at the present value of the minimum payments due for leases. On initial recognition, trade receivables which do not have a significant financial component are recognised at the transaction price. Classification and subsequent measurement Financial assets On initial recognition, a financial asset is classified on the basis of its measurement: amortised cost; fair value recognised through the comprehensive income (FVOCI) – debt security; (FVOCI) – equity; or at fair value recognised through profit or loss (FVTPL). Financial assets are not reclassified after their initial recognition unless the Company modifies its business model for the management of financial assets. In this case all the financial assets concerned are reclassified on the first day of the financial year after the business model is changed. A financial asset must be measured at amortised cost if both the following conditions are met and it is not designated as at FVTPL: • it is held as part of a business model the objective of which is to hold it in order to collect the relative contractual cash flows; • its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding to be repaid. A financial asset must be measured at FVOCI if both the following conditions are met and it is not designated as at FVTPL: • it is held as part of a business model the objective of which is achieved both by the collection of the contractual cash flows and by the sale of the financial assets; • its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding to be repaid. On the initial recognition of a security that is not held for trading, the Company may make an irrevocable choice to recognise subsequent changes in fair value through other comprehensive income. The choice is made for each asset. All financial assets not classified as recognised at amortised cost or at FVOCI are recognised, as stated previously, at FVTPL. They include all derivatives. On initial recognition, the Company may irrevocably designate a financial asset as measured at fair value through profit or loss if by doing so it eliminates or significantly reduces an accounting mismatch which would otherwise result from the measurement of the financial asset at amortised cost or at FVOCI.

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 34 Financial assets: subsequent measurement and profits and losses • Financial assets measured at FVTPL These assets are subsequently measured at fair value. Net profits and losses, inclusive of dividends or interest received, are recognised through profit or loss. • Financial assets at amortised cost These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, gains and losses on foreign exchange rates and impairment are recognised through profit and loss as are any profits or losses resulting from derecognition. • Debt securities measured at FVOCI These assets are subsequently measured at fair value. Interest income measured using the effective interest rate method, gains and losses on foreign exchange rates and impairment are recognised through profit or loss. Other net profits and losses are recognised through comprehensive income. On derecognition accumulated gains or losses recognised through other comprehensive income are reclassified as recognised through profit or loss. • Equities measured at FVOCI These assets are subsequently measured at fair value. Dividends are recognised through profit or loss unless they clearly represent a recovery in the value of the investment. Other net profits and losses are recognised through other comprehensive income and are never reclassified as recognised through profit or loss. Financial liabilities: classification, subsequent measurement and profits and losses Financial liabilities are classified as recognised at amortised cost or at FVTPL. A financial liability is classified as recognised at FVTPL when it is held for trading, is a derivative or is designated as such on initial recognition. Financial liabilities recognised at FVTPL are measured at fair value and any changes in their value, inclusive of interest expense, are recognised through profit or loss. Other financial liabilities are subsequently recognised at amortised cost using the effective interest method. Interest expense and gains and losses on foreign exchange rates are recognised through profit or loss, as are any profits or losses resulting from derecognition. Derecognition Financial assets Financial assets are derecognised when the contractual rights to the cash flows from them expire, when the contractual right to receive the cash flows as part of a transaction in which all the risks and rewards of ownership of the financial asset are transferred or when the Company neither transfers nor maintains substantially all the risks and rewards of ownership of the financial asset and does not retain control of the financial asset. The company is involved in transactions that involve the transfer of assets recognised in its accounts, but retains all or substantially all the risks and rewards arising from the transferred asset. In these cases the assets transferred are not derecognised.

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 35 Financial liabilities The Company derecognises a financial liability when the obligation specified in the contract is discharged or cancelled or expires. The Company also derecognises a financial liability when there is a change in the terms of the contract and the cash flows of the modified liability are substantially different. In this case a new financial liability is recognised at fair value on the basis of the modified terms of the contract. The difference between the carrying amount of the financial liability extinguished and the consideration paid (inclusive of assets that do not consist of cash transferred or liabilities taken on) is recognised through profit or loss. Netting Financial assets and liabilities can be netted and the amount resulting from that netting is recognised if, and only if, at the time the Company has the legal right to net the amounts and intends either to settle the balance on a net basis or realise the asset and settle the liability at the same time. Derivatives and hedges (hedge accounting) The Company uses derivatives to hedge its positions that involve foreign exchange and interest-rate risks. Derivatives are initially measured at fair value. After initial recognition, derivatives are measured at fair value and the relative changes are usually recognised through profit or loss. The Company designates some derivatives as hedging instruments to hedge against changes in cash flows relating to highly probable transactions resulting from fluctuations in foreign exchange and interest rates and some derivatives and non-derivative financial liabilities as instruments to hedge against foreign exchange risk on a net investment in a foreign operation. At the start of the designated hedging relationship the Company documents its risk management objectives, the hedging strategy, the economic relationship, the hedging instrument and whether changes in the cash flows of the item hedged and of the hedging instrument are offset against each other. Cash flow hedges When a derivative is designated as an instrument to hedge against changes in cash flows, the effective portion of the changes in the fair value of the hedging derivative is recognised through other comprehensive income and stated in the cash flow hedge reserve. The effective portion of the changes in fair value of a hedging derivative that is recognised through other comprehensive income is limited to the cumulative change in fair value of the instrument hedged, at present value, since the inception of the hedge. The ineffective portion of changes in the fair value of the derivative is recognised immediately through profit or loss. When the hedge ceases to meet the qualifying criteria or the hedging instrument is sold, expires or is exercised then hedge accounting is discontinued prospectively. When cash flow hedge accounting ceases, the amount that has accumulated in the cash flow hedge reserve remains in equity until, for a hedge that involves recognition of a non-financial asset or liability, it is included in the cost of the non-financial asset or liability at the time of initial recognition or, for cash flow hedges, it is recognised through profit or loss in the financial year or in the subsequent financial years in which the expected cash flows hedged have an effect on profit or loss. If future hedged cash flows are no longer envisaged, the amount must be immediately reclassified from the cash flow hedge reserve and from reserve for hedging costs to profit or loss.

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 36 Hedging for net investments When a derivative or a non-derivative financial liability is designated as a hedging instrument for a net investment in a foreign operation, for derivatives, the effective portion of the change in the fair value of the derivative or, for a non-derivative instrument, the gains or losses on exchange rates, are recognised through other comprehensive income and are stated in the currency translation reserve in equity. The ineffective portion is recognised immediately through profit or loss. The amount recognised through other comprehensive income is reclassified to profit or loss on the disposal of the following operation. Inventories – Inventories are stated at the lower of cost or market value, where the market value of raw materials and subsidiaries is their replacement cost while that related to finished goods and work-in-process is their net realizable value. Inventories of raw materials and supplies are measured at their average weighted purchase cost including costs incurred in bringing the inventories to their location and condition at year-end. Inventories of work-in-process and finished goods are measured at their average weighted manufacturing cost which includes the cost of raw materials, consumables, direct labour and indirect costs of production, exclusive of general expenses. Inventories are written down if the net realisable value is lower than cost as described above or in the case of obsolescence resulting from slow moving stocks. Cash and cash equivalents – These consist of cash at banks on sight and readily marketable short-term investments and they are measured at market value. Equity – Equity instruments issued by the Company are recorded at the amount of the proceeds received. All transactions of a capital nature between the Company and parties that exercise their rights and duties in their capacity as shareholders are recognised within that item. Dividends declared by the Company are recognised as a liability at the time of approval of the resolution to distribute them. The cost and selling prices of treasury shares are recognised directly in equity and therefore gains and losses on sales are not recognised through profit or loss. Provisions for employee benefits – Employee benefits are recognised in the balance sheet on the basis of measurements performed as prescribed by IAS 19. The liabilities recognised in the balance sheet for post- employment benefit schemes represent the present value of the defined benefit obligation, as adjusted for unrecognised actuarial gains and losses and unrecognised past service cost. More specifically, the “Projected Unit Credit Method” is used. All actuarial gains and losses are recognised directly through other comprehensive income and stated in equity. Until 31 st December 2006 the post-employment benefit provisions of Italian companies were considered defined benefit plans. The regulations governing those indemnities were amended by Law 296 of 27 th December 2006 (2007 Finance Act) and subsequent amendments made in early 2007. In view of those changes and for companies with at least 50 employees in particular, those indemnities are only to be treated as defined benefit plans for the amounts that matured prior to 1 st January 2007 (and not yet paid at the balance sheet date), while subsequent to that date they are treated as a defined contribution plan. Provisions – Provisions are recognised when the Group has a present obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate of the amount can be made. Foreign currencies – Transactions in currencies other than the euro are translated into the functional currency at the rates of exchange prevailing on the dates of the transactions. Monetary assets and liabilities denominated in those currencies are retranslated at the rates prevailing on the balance sheet date. Gains and losses on exchange rates are recognised through profit or loss for the period. Non-monetary assets and liabilities, measured at historical cost expressed in foreign currency, are not retranslated on the balance sheet date.

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 37 Income statement The expenses are stated on an aggregate basis in the income statement “by nature”. The choice of this method of presentation is based on the nature of the Company as both a holding and an operating company. The objective is to both optimise and simplify general accounting practices and all the relative compliance activity required by Italian tax regulations. Revenue – Revenue is measured with account taken of the consideration specified in the contract with the customer. It is recognised when control over the goods or services is transferred and it is stated net of returns, discounts and rebates. Information on the nature and timing of the satisfaction of performance obligations in contracts with customers and the relative policies for recognition of revenues is given below. Revenue is mainly comprised of the sales of products and income from license agreements. Sales of products are shown by the net amount of the invoice, less the estimated amounts for discounts and returns, and they are recognised when the control of the goods has been transferred to third parties. This usually occurs when ownership passes to the customer, on shipment or on receipt of the goods, depending on the specific conditions of the sale. Revenue arising from licensing agreements includes income generated by agreements to collaborate on products for which the Company has granted determined rights under licence but in which it retains a significant economic interests, through, for example, the ordinary sale of finished products. The revenue may take the form of up-front payments, profit-sharing and royalties. When control of the right to use intangible assets is transferred at the beginning of an agreement, the revenue is recognised in one single amount. If the substance of an agreement gives the right of access to intangible assets, the revenues are recognised over time, usually on a straight-line basis for the entire term of the contract. If the Company provides services, such as for example the supply of products, the revenue is recognised for the entire period of the service provision. Revenue linked to the achievement of a sales target by a licensee is recognised in one single amount when the target is reached. Revenue for royalties is recognised in one single amount when the right to receive them vests. Research and development expenses – R&D expenses are charged to the income statement in the year in which they are incurred in accordance with IAS 38, except in cases where they are capitalised in accordance with that same standard. More specifically, IAS 38 requires development costs to be capitalised if the technical and commercial feasibility for the sale of the products subject to development has been determined with a high probability of success and if future economic rewards are probable. Those expenses include amounts due under collaboration agreements with third parties. Share based payment transactions – According to IFRS 2, incentive plans for employees constitute a part of the remuneration of the beneficiaries, the cost of which is given by the fair value of the options on the grant date. It is recognised through profit or loss at constant rates over the period between the grant and the vesting date, with the balancing entry recognised directly in equity. Financial income and expense – These include interest income and expense, foreign exchange gains and losses, both realised and unrealised, and differences arising from the valuation of securities. Interest income and expense is recognised through profit and loss for the period to which it relates using the effective interest rate method. Taxation – Taxation on income constitutes the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year and tax rates in force at the date of the balance sheet are applied. Deferred tax is the tax expected to be payable or recoverable on temporary differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 38 be available against which deductible temporary differences can be used. Such assets and liabilities are not recognised if the temporary difference arises from goodwill. Deferred tax is calculated at the tax rates that are expected to apply to the period when the liability is settled or the asset realised. Deferred tax is recognised directly through profit or loss, except when it relates to items recognised directly in equity, in which case the deferred tax is also recognised in equity. Deferred tax assets and liabilities are netted when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis. Earnings per share – Earnings per share is the net profit for the period attributable to ordinary shareholders divided by the weighted average number of ordinary shares outstanding during the period. Diluted earnings per share is calculated by adjusting the average weighted number of outstanding shares for the effects of all the potential dilutive ordinary shares.

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 39 3. NET REVENUE Net revenue for the year ended 31 st December 2025 amounted to € 613,320 thousand (€ 678,931 thousand for the year ended 31 st December 2024), as detailed below: € (thousands) 2025 2024 Changes 2025/2024 Net sales 544,808 593,095 (48,287) Royalties and up-front payments 5,374 5,404 (30) Revenue from services 63,138 80,432 (17,294) Total 613,320 678,931 (65,611) The € 48,287 thousand reduction in net product sales compared with the previous year was caused mainly by lower sales to subsidiaries in Europe of corporate products, especially in the cardiovascular sector. Revenues from services were down € 17,294 thousand on the previous year (see the relative table that follows later in the notes for further details). Net sales revenue was as follows: € (thousands) 2025 2024 Italy Abroad TOTAL Italy Abroad TOTAL Pharmaceuticals 217,314 262,499 479,813 220,659 313,485 534,144 Pharmaceutical chemicals 1,764 56,534 58,298 1,290 55,678 56,968 Other 730 5,967 6,697 1,375 608 1,983 Total net revenue 219,808 325,000 544,808 223,324 369,771 593,095 Sales of pharmaceutical products in Italy were down 1.5% on the previous year due in particular to the expiry of the Transact Lat® licence in 2025 and the decline in sales of Avodart® due to a greater sell-in in 2024. This reduction was partially offset by the continued growth of OTC products. More specifically, an increase in sales of Magnesio Supremo® occurred during the year, achieved through the Company's network of agents in pharmacies and large-scale retail outlets, based on the distribution agreement in place with the subsidiary Natural Point S.r.l., which owns the rights to the product. The 16.3% year-on-year reduction in sales of pharmaceutical products abroad was mainly to due to lower sales to subsidiaries in Europe, as already mentioned above. Sales of chemical and pharmaceutical products rose by 2.3% on the previous year, mainly due to an average increase in prices, which offset the negative impact of the exchange rate resulting from the depreciation of the US dollar against the euro, which had a negative impact on value of exports. The item "Other" relating to foreign sales in 2025 includes margin sharing for sales of Vazkepa made by Amarin on behalf of the Company amounting to € 5,651 thousand.

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 40 Net revenue by geographical area was as follows: € (thousands) 2025 2024 Changes 2025/2024 Europe 559,592 626,662 (67,070) of which Italy 222,222 227,454 (5,232) Australasia 42,239 40,272 1,967 America 10,195 11,042 (847) Africa 1,294 955 339 Total 613,320 678,931 (65,611) Net sales included sales of products to subsidiaries, which amounted to € 286,824 thousand (€ 337,167 thousand in 2024), as detailed below: € (thousands) 2025 2024 Changes 2025/2024 Recordati Ireland Ltd. 88,980 144,868 (55,888) Innova Pharma S.p.A. 30,350 31,690 (1,340) Casen Recordati S.L. 26,433 30,416 (3,983) Recordati Pharma GmbH 22,838 20,598 2,240 Laboratoires Bouchara Recordati S.a.s. 21,471 24,298 (2,827) Recordati Polska Sp. z o.o. 17,840 17,165 675 Recordati Romania S.r.l. 15,200 9,055 6,145 Herbacos Recordati s.r.o. 15,092 13,565 1,527 Recordati Ilaç Sanayi Ve Ticaret A.Ş. 9,421 5,958 3,463 Jaba Recordati S.A. 9,184 10,619 (1,435) Recordati Rare Diseases S.à.r.l. 6,334 5,580 754 Rusfic LLC 6,051 5,179 872 Recordati AB 5,694 5,527 167 Recordati BV 3,126 3,034 92 Recordati AG 2,801 5,378 (2,577) Recordati Pharmaceuticals Ltd. 2,620 651 1,969 Recordati Austria Gmbh 1,718 1,631 87 Recordati Hellas Pharmaceuticals S.A. 1,692 1,643 49 Opalia Pharma S.A. 56 34 23 Recordati Ukraine LLC (77) 280 (357) Total 286,824 337,167 (50,343) All trade with subsidiaries was conducted under normal market conditions.

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 41 Revenues for royalties, services and up-front payments amounting to € 68,512 thousand (€ 85,836 thousand in 2024), are composed as follows: € (thousands) 2025 2024 Changes 2025/2024 Casen Recordati S.L. 18,100 22,940 (4,840) Herbacos Recordati s.r.o. 749 1,008 (259) Innova Pharma S.p.A. 1,156 937 219 Italchimici S.p.A. 754 535 219 Jaba Recordati S.A. 2,929 2,032 897 Laboratoires Bouchara Recordati S.a.s. 1,833 1,867 (34) Natural Point S.r.l. 391 404 (13) Opalia Recordati S.a.r.l. 295 179 116 Recordati AB 1,144 1,027 117 Recordati AG 3,848 4,769 (921) Recordati Austria Gmbh 454 248 206 Recordati BV 1,170 1,154 16 Recordati Hellas Pharmaceuticals S.A 1,810 2,177 (367) Recordati Ilaç Sanayi Ve Ticaret A.Ş. 1,304 1,159 145 Recordati Ireland Ltd. 17,839 27,955 (10,116) Recordati Pharma GmbH 3,012 2,936 76 Recordati Pharmaceuticals Ltd. 654 971 (317) Recordati Polska S.p. z.o.o. 718 704 14 Recordati Rare Diseases Inc. 1,265 1,160 105 Recordati Rare Diseases S.à.r.l. 952 684 268 Recordati Romania S.r.l. 5,262 3,172 2,090 Recordati UK LTD 1,929 7,029 (5,100) Recordati Ukraine LLC 130 128 2 Others 814 467 347 Total services and royalties to subsidiaries 68,512 85,645 (17,133) Royalties and up-front payments - 191 (191) Total services and royalties to non-Group entities - 191 (191) Total revenue from services and royalties 68,512 85,836 (17,324) Revenues for royalties from and services provided to subsidiaries related mainly to contracts under the "Group Service Agreement" for services provided on behalf of subsidiaries, to "Supply and Distribution Agreements" for the distribution of GSK products and to the adjustment of product transfer prices in compliance with the arm’s length principle.

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 42 The decrease in the item compared with the previous year was €17,324 thousand. The main changes with regard to the subsidiaries and the types of service are as follows: ▪ revenues from Recordati Ireland Ltd included € 15,342 thousand (€ 25,436 thousand in 2024) for adjustments to intercompany transfer prices made for compliance with the arm’s length principle and payments received for the use of its know-how granted to Recordati Ireland Ltd; ▪ revenues from Casen Recordati S.L. were down €4,840 thousand, mainly due to transfer-price adjustments on products for compliance with the arm's length principle; ▪ revenues from Recordati UK LTD were down €5,100 thousand, mainly due to the success fee charged to the subsidiary in 2024 following the successful completion of the acquisition of Enjaymo®; ▪ revenues from Recordati AG were down € 921 thousand, mainly due to fewer chargebacks for R&D activities and transfer price adjustments on products for compliance with the arm’s length principle; ▪ revenues from Recordati Romania S.r.l. rose by €2,090 thousand as a result of transfer price adjustments on products to comply with the arm's length principle. Services and royalties to non-Group entities fell to zero because the previous year the last quota of up-front payments resulting from licence and distribution contracts had been received. 4. OTHER INCOME Other income for the year ended 31 st December 2025 amounted to € 4,788 thousand, down € 5,873 thousand on the previous year (€ 10,661 thousand for the year ended 31 st December 2024). The item mainly includes chargebacks to subsidiaries for costs incurred on their behalf, non-recurring income and prior year income, in addition to grants for training courses, insurance refunds and chargebacks and to employees for the use of hire cars. The year-on-year decrease was due to the combined effect of the following factors: lower income from chargebacks to subsidiaries, down € 3,359 thousand, lower prior year income, down € 1,780 thousand, and lower other income down € 734 thousand, mainly due to lower “4.0, Research and Development and Innovation” tax credits and lower gains from the disposal of assets. No grants for investments recognised in the income statement have been received for the last five years.

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 43 5. RAW MATERIALS COSTS Costs for raw materials and goods for the year ended 31 st December 2025 amounted to € 193,063 thousand (€ 182,689 thousand for the year ended 31 st December 2024) and were composed as follows: € (thousands) 2025 2024 Changes 2025/2024 Raw materials and goods: 176,510 165,633 10,877 from licensing-in agreements 102,607 100,232 2,375 from others 73,903 65,400 8,503 Packaging materials 9,709 10,225 (516) Others and consumables 6,844 6,831 13 Total 193,063 182,689 10,374 The change in purchases of raw materials, goods and other materials is due to changes in the production mix to meet sales forecasts and changes in stock per product as well as the impact of increases in inflation occurring on purchasing markets. Other costs include purchases from Natural Point S.r.l. (€ 16,222 thousand), from Recordati Ireland Ltd (€10,099) thousand, from Italchimici S.p.A. (€ 6,041 thousand), from Casen Recordati S.L. (€ 2,350 thousand), Innova Pharma S.p.A. (€ 263 thousand) and from Recordati Ilaç Sanayi Ve Ticaret A.Ş. (€ 11 thousand), resulting in total purchases from subsidiaries of € 34,986 thousand. 6. PERSONNEL COSTS Personnel costs, which amounted to € 115,680 thousand in 2025 (€ 111,046 thousand in 2024) were composed as follows: € (thousands) 2025 2024 Changes 2025/2024 Wages and salaries 78,173 75,765 2,408 Social security payments 24,033 21,848 2,185 Salary resulting from stock option plans 489 2,083 (1,594) Salary resulting from performance share plans 5,628 4,557 1,071 Other costs 7,357 6,794 563 Total 115,680 111,046 4,634 The expense for incentive plans (stock options and performance shares) results from the application of IFRS 2, which requires the measurement of those instruments in the plans as a component of the wages of the beneficiaries and recognition of the cost calculated in that way through profit and loss. Stock option plans resulted in a cost of € 489 thousand in 2025, while costs relating to the long-term incentive plan named the "2023-2025 Performance Shares Plan" amounted to € 5,628 thousand. The increase in Wages and Salaries and related Social Charges compared to the previous financial year is attributable to both the fixed and the variable component of labor costs, as well as the different mix of personnel employed on average in the Company.

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 44 Certain Group employees have been designated as beneficiaries of an incentive scheme, with a vesting period of five years, granted and fully financed by Rossini Luxembourg S.à r.l., an indirect shareholder of Recordati S.p.A.. They will benefit from a return at the end of the scheme and if the performance goals are met. Recognition, in accordance with IFRS 2, resulted in a charge recognised in the income statement for 2025 of € 1,152 thousand, which also includes the incentive scheme granted by Rossini Luxembourg S.à.r.l. to the CEO of the Recordati group. Other costs included the quotas for the year of the leaving indemnity charges destined to pension funds in accordance with the legislation introduced by Law 296 of 27 th December 2006. Average workforce figures for the Company are shown in the table below: 2025 2024 Changes 2025/2024 Executives 103 100 3 Office workers 632 626 6 Manual workers 347 352 (5) Total 1,082 1,078 4 Details of numbers of personnel employed by the Company at the end of the year are also reported: 2025 2024 Changes 2025/2024 Executives 105 101 4 Office workers 627 645 (18) Manual workers 342 349 (7) Total 1,074 1,095 (21)

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 45 7. DEPRECIATION AND AMORTISATION The item “Amortisation, depreciation and write-downs” amounted to € 63,063 thousand in 2025 (€ 53,705 thousand in 2024) and included € 42,952 thousand for the amortisation of intangible assets, € 6,072 thousand for write-downs of intangible assets, € 13,841 thousand for depreciation of property, plant and equipment and € 198 thousand for write-downs of property, plant and equipment, as reported below: € (thousands) 2025 2024 Changes 2025/2024 Patent rights and marketing authorisations 9,379 9,379 - Distribution, licenses, trademarks and similar rights 33,573 31,451 2,122 Total intangible amortisation 42,952 40,830 2,122 Distribution, licenses, trademarks and similar rights 6,072 - 6,072 Total intangible write-downs 6,072 - 6,072 Industrial buildings 1,680 1,572 108 General plant 692 650 42 Accelerated depreciation machinery 5,392 4,777 615 Normal depreciation machinery 2,202 1,987 215 Miscellaneous laboratory equipment 1,470 1,443 27 Office furnishings and machines 59 88 (29) Electronic equipment 606 549 57 Vehicles for internal transport 24 7 17 Improvements to leased assets 113 113 - Rights of use (IFRS 16) 1,603 1,689 (86) Total depreciation of property, plant equipment 13,841 12,875 966 Normal depreciation machinery 198 - 198 Total write-downs of property, plant and equipment 198 - 198 Total amortisation, depreciation and write-downs 63,063 53,705 9,358 The increase in the amortisation of intangible assets relates mainly to greater amortisation of S/4 Hana software licences and the amortisation of distribution rights for Vazkepa® (icosapent ethyl), acquired in the first half of 2025 from Amarin with amortisation of € 554 thousand in 2025 (see note 15 – Intangible Assets – for further details). We also report that during the year the Company wrote down intangible assets for a total of € 6,072 thousand, of which € 4,494 thousand related to the corporate product Reagila® and € 1,578 thousand to the product Colopeg®, calculated on the basis of analyses of the recoverability of the value of the assets. In addition, machinery used in the production of Isocef® was also written down by € 198 thousand when its production was discontinued.

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 46 8. OTHER OPERATING EXPENSES Other operating expenses in 2025 came to € 196,094 thousand (€183,697 thousand in 2024). They were composed as follows: € (thousands) 2025 2024 Changes 2025/2024 Royalties payable to non-Group licensors 32,849 32,375 474 Consultancy, services from non-Group entities and other expenses 25,655 29,206 (3,551) Meetings and scientific publications, market surveys and expenses for medical and scientific communications and advertising 14,154 12,849 1,305 Payback Urorec 20-25 12,762 - 12,762 External processing* 10,020 11,982 (1,962) Utilities and similar (motor fuel, gas, water, etc.) 8,921 10,702 (1,781) Company reorganisation costs 8,586 2,008 6,578 Commissions on sales to agents and logistics commissions 8,469 8,084 385 Sundry personnel costs 7,621 6,945 676 Transport and storage 6,639 6,085 554 IT system services and IT connections 6,096 5,267 829 Maintenance 4,582 4,543 39 Directors’ fees 2,990 3,005 (15) Destruction of industrial waste, cleaning and sanitisation 2,684 2,307 377 Sundry taxation and product registration taxes 2,536 2,367 169 Remediation works 2,300 - 2,300 Other Costs 9,783 12,379 (2,596) Total from non-Group entities 166,647 150,104 16,543 Transfer price margin charges from subsidiaries 11,889 17,843 (5,954) Intercompany operating expenses and royalties* 17,558 15,750 1,808 Total from intercompany expenses 29,447 33,593 (4,146) Total other operating expenses 196,094 183,697 12,397 * For 2024, we report the reclassification of € 3,299 thousand out of “External processing” into “Intercompany operating expenses and royalties”, of which € 2,394 thousand from the subsidiary Casen Recordati S.L. and € 905 thousand from the subsidiary Laboratoires Bouchara Recordati S.a.s. Compared with the previous year, costs payable to non-Group entities showed an overall increase of € 12,397 thousand, mainly due to the following: • a cost of € 12,762 thousand, recognised as payback on Urorec® following a ruling published by the Council of State on 3 rd September 2025 (see note 32 for further information). • higher company reorganisation costs of € 6,578 thousand, mainly following expenses incurred to streamline the sales force in the Specialty & Primary Care segment, the result of continuous efforts to focus our sales strategy on pharmacists and specialist docotors in our main Therapeutic Areas.

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 47 • a provision of €2,300 thousand for probable expenses in relation to remediation works to be carried out at the Campoverde production site; • greater other costs of €1,025 thousand, relating mainly to higher costs for Payback (1.83%) and allowances for doubtful accounts; • lower costs payable for consultancy, services from non-Group entities and other expenses of € 3,551 thousand, due to lower chargebacks by subsidiaries and other consultancy and services from non- Group entities. These costs include the fees paid to the independent auditors, for which details are provided in Attachment 7 in compliance with Art. 149-duodecies of the Consob Issuers’ Regulations. • lower costs for external processing amounting to € 1,962 thousand mainly due to a decrease in the purchase price of production materials; • utility costs down by € 1,780 thousand due to a fall in energy costs. Details are given in the relative parts of the Remuneration Report (published in accordance with Art. 123-ter of the Consolidated Finance Law) of the following: the remuneration of directors, statutory auditors, general managers and other key management personnel and also shares held in the Company by, and incentive plans for, those same persons. The item “sundry taxation” amounting to € 2,536 thousand (€ 2,367 thousand in 2024), is composed as follows: € (thousands) 2025 2024 Contribution under Decree Law No. 269/2003 259 216 Government licence tax 470 451 IMU (municipal property and service tax) 394 389 Stamp duties and similar 14 15 Sundry taxes 1,399 1,296 Total 2,536 2,367 In compliance with Decree Law 269 of 30 th September 2003 converted into Law 326 of 24 th November 2003, a contribution was paid in April amounting to 7% of the expenses incurred in the previous year for advertising activities, self-certified by the Company within the legal time limits. Taxes for government licences were attributable to the maintenance of and changes to registrations for ethical and self-medication products and to the registrations of new products. Sundry taxes include Tari (refuse tax), convention and congress registration taxes and Campoverde duties. Total costs payable to group companies, which came to € 29,447 thousand, (€ 33,593 thousand in 2024) showed a net decrease of € 4,146 thousand year-on-year, the result of € 5,954 thousand of lower product transfer price adjustments to comply with the arm's length criterion (totalling € 11,889 thousand in 2025), and of € 1,808 thousand of greater "Intercompany operating expenses and royalties", which totalled € 17,558 thousand in 2025). The latter composed as follows at year-end: • Royalties paid of € 147 thousand, of which € 83 thousand to Recordati Ireland Ltd and € 64 thousand to Recordati Rare Diseases Inc.;

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 48 • Costs for processing services amounted to € 3,696 thousand, of which € 3,474 thousand was payable to Casen Recordati S.L. and € 222 thousand to Laboratoires Bouchara Recordati S.a.s.; • Costs for various services amounted to € 10,692 thousand, of which € 5,045 thousand payable to Recordati AG, € 2,347 thousand to Recordati UK LTD, € 796 thousand to Casen Recordati S.L., € 774 thousand to Recordati BV, € 476 thousand to Laboratoires Bouchara Recordati S.a.s., € 460 thousand to Recordati Ireland Ltd, € 432 thousand to Recordati Pharma Gmbh, € 235 thousand payable to Recordati Bulgaria Ltd and € 127 thousand payable to Recordati Rare Diseases Germany Gmbh; • Co-promotion costs of € 398 thousand, solely in relation to Innova Pharma S.p.A.; • Costs for sales services amounted to € 2,625 thousand, of which € 1,236 thousand payable to Recordati BV, €876 thousand to Recordati Pharmaceuticals Ltd, €365 thousand to Recordati AG and €148 thousand to Recordati Polska. 9. CHANGES IN INVENTORIES In 2025, the item changes in inventories recorded a net positive balance of € 11,437 thousand (a net negative balance of € 2,190 thousand in 2024). The item was composed as follows: € (thousands) 2025 2024 Changes 2025/2024 Raw materials, ancillary materials, consumables and stocks 903 (1,359) 2,262 Intermediates and work-in-process 1,323 4,006 (2,683) Finished products 9,211 (4,837) 14,048 Total 11,437 (2,190) 13,627 10. INCOME FROM INVESTMENTS In 2025 income from investments amounted to € 344,319 thousand (€ 283,209 thousand in 2024) and consisted entirely of dividends declared by subsidiaries. In detail dividends were declared by Casen Recordati S.L. (€ 123,306 thousand), by Recordati Rare Diseases S.a.r.l. (€ 79,692 thousand), by Recordati AG (€ 53,621 thousand), by Recordati (€ 30,000 thousand), by Italchimici S.p.A. (€ 16,821 thousand), by Natural Point S.r.l. (€ 16,000 thousand), by Recordati Ireland Limited ( € 15,000 thousand), by Recordati Romania Srl (€3,952 thousand), by Herbacos Recordati S.r.o (€ 3,201 thousand), by Recordati Polska S.p. z.o.o. (€ 1,998 thousand) and by Opalia Pharma S.A. (€728 thousand). These dividends were collected during the year, with the exception of those declared by the subsidiary Recordati Polska S.p. z.o.o, which will be collected in 2026.

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 49 11. FINANCIAL INCOME (EXPENSE), NET In 2025 financial income/(expense) showed net expense of € 88,203 thousand (net expense of € 109,058 thousand in 2024). The item was composed as follows: € (thousands) 2025 2024 Changes 2025/2024 Foreign exchange gains (losses) (1,400) 1,067 (2,467) Interest income from subsidiaries 35,482 5,447 30,035 Interest expense payable to subsidiaries (28,274) (39,449) 11,175 Interest expense on long-term loans (87,077) (75,768) (11,309) Interest expense on bond debt (7,677) (7,137) (540) Net interest on short-term financial positions 3,079 10,286 (7,207) Bank charges (1,755) (2,937) 1,182 Costs for adjustment of employee benefit provisions (IAS 19) (129) (116) (13) Interest expense on lease liabilities (IFRS16) (452) (452) (0) Total (88,203) (109,058) 20,855 The item recorded a reduction in net expense of € 20,855 thousand, mainly due to the combined effect of the following factors: • an increase in net interest income from subsidiaries of € 30,035 thousand, mainly due to higher interest on loans and in particular the loan granted at the end of 2024 to Recordati UK LTD as part of the transaction to acquire Enjaymo®; • a decrease of € 11,175 thousand in interest payable to subsidiaries, due to lower interest on cash pooling operations and and loans; • an increase in interest expense on loans and bond issues of € 11,849 thousand, mainly attributable to interest payable on the € 850 million loan taken out at the end of 2024 for the transaction to acquire Enjaymo®, which more than offset the reduction in interest payable on other loans, which decreased both as a result of the decline in interest rates and the progressive repayment of the principal; • a decrease in net interest income on short-term positions of € 7,207 thousand, mainly due to lower net income on derivative instruments and lower interest on short-term deposits. • a fall in net foreign exchange gains (losses) of € 2,467 thousand, caused mainly by a write-down of the Russian ruble; In 2025 the item “Foreign exchange gains (losses)” recorded net losses of € 1,400 thousand (net gains of € 1,067 thousand in 2024) of which € 1,142 thousand related to net gains realised during the year and € 2,542, thousand to net unrealised losses resulting from the valuation as at 31 st December 2025 of receivables and payables in foreign currency.

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 50 Details of “Interest income from subsidiaries” amounting to € 35,482 thousand (€ 5,447 thousand in 2024) are as follows: € (thousands) 2025 2024 Changes 2025/2024 Recordati UK Ltd 33,978 3,341 30,637 Recordati AG 373 1,355 (982) Recordati Ireland Ltd. 1 105 (104) Recordati Rare Diseases Japan K.K. 179 97 82 Recordati Netherlands B.V. 705 340 365 Other 245 209 36 Total 35,482 5,447 30,035 This interest income is composed of interest of € 34,718 thousand on loans and € 764 thousand from the centralised cash pooling treasury system in operation at the Company since 2007 on the basis of which monthly interest receivable and payable calculated on the net daily balance is recognised at market rates. As at 31 st December 2025 both long-term loans were outstanding, with Recordati UK LTD (€ 536,856) and Recordati Rare Diseases Japan K.K. (JPY €2,500,000 thousand) (JPY €3,700 thousand), as well as short-term loans with Recordati Rare Diseases Australia Pty Ltd (AUD €3,700 thousand), Recordati Rare Diseases Comercio Medicamentos Ltda (€ 1,800 thousand) and Recordati UK LTD (€51,318 thousand). Details of “Interest expense payable to subsidiaries” amounting to € 28,274 thousand (€ 39,449 thousand in 2024 are as follows: € (thousands) 2025 2024 Changes 2025/2024 Casen Recordati S.L. 3,846 6,330 (2,484) Recordati Netherlands B.V. - 165 (165) Recordati UK LTD 2,761 3,362 (601) Italchimici S.p.A. 436 1,187 (751) Natural Point S.r.l. 873 1,204 (331) Recordati Pharma GmbH 2,304 2,525 (221) Recordati Rare Diseases Inc. 6,247 8,952 (2,705) Recordati Rare Diseases Italy S.r.l. 175 694 (519) Recordati Rare Diseases Middle East FZ LLC 277 1,096 (819) Recordati Rare Diseases S.a.r.l. 5,040 7,220 (2,180) Rusfic LLC 2,897 2,063 834 Other intercompany companies 3,417 4,651 (1,234) Total 28,274 39,449 (11,175) This interest expense consists of € 7,099 thousand on loans granted by subsidiaries and € 21,175 thousand relating to the centralised cash pooling system. As at 31 st December 2025 short-term loans were outstanding from Recordati Rare Diseases Inc (USD 25,000 thousand), Recordati Pharmaceuticals Ltd (GBP 7,500 thousand) and from Recordati Rare Diseases Middle East FZ LLC (€ 16,500 thousand). Interest expense in respect of personnel leaving indemnities (Italian trattamento fine rapporto scheme) relates to the interest cost component of the adjustment to the relative provision in compliance with IAS 19.

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 51 12. INCOME TAXES In 2025 income taxes recognised in the income statement amounted to € 174 thousand (€ 9,585 thousand in 2024). The item was composed as follows: € (thousands) 2025 2024 Changes 2025/2024 Current taxation IRES (corporate income tax) (5,575) 11,548 (17,123) IRAP (regional tax on production) - 2,237 (2,237) “Patent Box” tax relief - (3,006) 3,006 Prior year taxation 61 141 (80) Tax assessment 2018-2019 748 - 748 Total current taxation (4,766) 10,920 (15,686) Deferred taxation Provision for deferred tax assets/liabilities, net (3,213) (1,815) (1,398) Use of prior year deferred tax assets/liabilities 8,153 6,492 1,661 “Patent Box” tax relief - (6,012) 6,012 Total deferred taxation 4,940 (1,335) 6,275 Total 174 9,585 (9,411) The "Patent Box” tax relief is zero because the agreement entered into with the Revenue Agency on 21 st October 2021 for the economic contribution for the period 2021-2024 terminated in 2024. The Company reported negative IRES and IRAP taxable income for the period ended 31 st December 2025, which is why current taxation fell substantially compared with the previous year. Furthermore, the company made no provision, compared with the previous year, for the implementation of the Pillar Two regulations (see note 21 “ Other receivables” for further details). We report that €748 thousand of additional taxation due was recognised during the year following assessments relating to the tax years 2018 and 2019 (see note 21 “ Other receivables” for further details). The provision for deferred tax (assets)/liabilities of € 3,213 thousand is composed as follows: 2025 2024 Temporary differences Tax impact Temporary differences Tax impact Deferred tax assets Provisions (inclusive of agent customer indemnities) (4,907) (1,177) (5,906) (1,417) Costs relating to future years (1,516) (364) (1,386) (333) Write-down of inventories (1,113) (267) (269) (65) Write-down of fixed assets (6,270) (1,505) - - Dividends not received 416 100 - - Total (13,390) (3,213) (7,561) (1,815) Deferred tax assets/liabilities, net (3,213) (1,815)

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 52 Uses of deferred tax assets and deferred tax liabilities from previous years, amounting to € 8,153 thousand, is reported below: 2025 2024 Temporary differences Tax impact Temporary differences Tax impact Use (advance) and deferred “Patent Box” tax relief 20,547 6,075 17,882 5,288 Provisions (inclusive of agent customer indemnities) 6,481 1,555 1,243 298 Write-down of inventories 720 173 2,216 532 Other 1,458 350 1,524 374 Total 29,206 8,153 22,865 6,492 Use (advance) and deferred 8,153 6,492 The reconciliation between the current tax rate for income tax levied on the Company and the actual tax rate incurred is as follows: 2025 2024 Tax rate applicable for IRES (corporate income tax) 24.0 24.0 Dividends from subsidiaries (24.7) (19.6) Sundry items 0.1 0.1 Pillar Two 0.0 0.1 Effective tax rate for IRES (0.6) 4.6 IRAP (regional tax on production) 0.4 1.0 “Patent Box” tax relief 0.0 (2.8) Prior year taxes 0.0 0.0 Tax assessment 2018-2019 0.2 0.0 Tax rate on pretax net income 0.1 2.9

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 53 13. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment, net of accumulated depreciation, amounted to € 115,318 thousand as at 31 st December 2025 (€ 105,655 thousand at 31 st December 2024). The table below, which also includes the value of right-of-use lease assets in application of IFRS 16, shows the items of which the overall balance is composed and the changes that occurred in the reporting period. € (thousands) Land and buildings Plant and machinery Other equipment Improvements to leased assets Construction in progress Total Cost of acquisition Balance as at 31.12.24 59,635 217,939 54,624 1,471 24,647 358,316 Additions 355 4,144 896 - 18,311 23,706 Disposals - (993) (798) - - (1,791) Reclassifications 2,811 11,419 2,107 - (16,337) - Balance as at 31.12.25 62,801 232,509 56,829 1,471 26,621 380,231 Accumulated depreciation and write-downs Balance as at 31.12.24 39,996 169,993 42,550 122 - 252,661 Depreciation for the period 2,101 8,405 3,222 113 - 13,841 Disposals - (991) (796) - - (1,787) Write-downs for the period - 198 - - - 198 Reclassifications - - - - - - Balance as at 31.12.25 42,097 177,605 44,976 235 - 264,913 Carrying amount 31 st December 2025 20,704 54,904 11,853 1,236 26,621 115,318 31 st December 2024 19,639 47,946 12,074 1,349 24,647 105,655 In 2025 total additions of € 23,706 thousand and gross disposals of € 1,791 thousand were recorded as follows: • the additions consisted of € 14,423 thousand for work carried out at the Campoverde plant in Aprilia, € 8,703 thousand for investments in the headquarters and plants in Milan, and €580 thousand for new motor vehicle finance leases entered into during the year; • disposals, gross of provisions for depreciation released, amounted to € 993 thousand for the disposal of plant, machinery, sundry equipment and other assets and to € 798 thousand for motor vehicle finance leases terminated during the year. Depreciation for the year, amounting to € 13,841 thousand, was calculated on all depreciable assets using rates which are held to be representative of the estimated useful life of the assets. The write-downs, amounting to € 198 thousand, relate to the machinery used for the production of Isocef®, following the discontinuation of the marketing of the product.

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 54 The table below shows the amounts for right-of-use lease assets in accordance with accounting standard IFRS 16. These rights relate mainly to motor vehicles used by pharmaceutical sales representatives who work in local areas. We report that no restrictions exist on title and property, plant and equipment pledged as security for liabilities. € (thousands) Land and buildings Plant and machinery Other Total equipment Cost of acquisition Balance as at 31.12.24 5,457 1,211 4,631 11,299 Additions - - 580 580 Disposals - (946) (757) (1,703) Reclassifications - - - - Balance as at 31.12.25 5,457 265 4,454 10,176 Accumulated depreciation and write-downs Balance as at 31.12.24 701 1,058 1,856 3,615 Depreciation for the period 420 118 1,064 1,602 Disposals - (946) (757) (1,703) Reclassifications - - - - Balance as at 31.12.25 1,121 230 2,163 3,514 Net amount 31 st December 2025 4,336 35 2,291 6,662 31 st December 2024 4,756 153 2,775 7,684 14. GOODWILL The item goodwill, amounting to € 16,944 thousand, was unchanged compared with 31 st December 2024. As already reported, goodwill arose from the allocation of the purchase price paid as part of the acquisition on 21 st December 2022 from V.I.M. G. Ottaviani S.p.A. of a business unit related to the pharmaceutical speciality Telefil®, indicated for the treatment of erectile dysfunction and benign prostatic hyperplasia. As reported in the preceding note 2, “Summary of significant accounting policies”, goodwill is not amortised systematically but is tested for impairment at least once per year to determine its recoverable amount. Goodwill has been allocated to the cash-generating unit to which it belongs. A cash-generating unit to which goodwill has been allocated shall be tested for impairment annually, and whenever there is an indication that the unit may be impaired, by comparing the carrying amount of the unit, including the goodwill, with the recoverable amount of the unit. If the recoverable amount of the unit exceeds the carrying amount of the unit, the unit and the goodwill allocated to that unit shall be regarded as not impaired. If the carrying amount of the unit exceeds the recoverable amount of the unit, the entity shall recognise the impairment loss. The recoverable amount was determined by calculating the value in use of the cash-generating unit on the basis of the discounted cash flows ("DCF Analysis") derived from the expected operating cash flows during the period over which the calculation is made (2026-2030) and the cash flows beyond this period, according to the expected net operating income model in perpetuity. The main assumptions used to calculate the value in use regard the expected operating cash flows during the period over which the calculation is made, the discount rate and the growth rate.

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 55 Forecasts of operational cash flows for the specific period used for the calculation (2026-2030) were taken from the 2026 budget, and for the years 2027 to 2030, from specific forecasts for the cash generating unit subject to impairment testing, approved by the Board of Directors on 19 th March 2026. Adequate consideration has been given in the forecast of cash flows to the effects of the Russia-Ukraine conflict and from any amendments to US legislation and, in light of the analysis performed, on the basis of the results forecast and the resilience of the pharmaceutical industry no significant impacts have been identified, in the current situation, on our measurement of the CGUs. However, given the complexity of the situation and the uncertainty surrounding the development of the crisis and amendments to US legislation, the Company monitors developments constantly. As also reported in the consolidated management report regarding potential risk relating to climate change, in view of the sector in which the Company operates, Recordati has concluded that the risk has no concrete or substantial impacts on the operations of the Company and that therefore it has no significant impact on the recoverable amount of the asset. It was therefore not considered necessary to carry out any sensitivity analysis on the potential impacts resulting from that risk and the Company will continue to monitor this potential risk over the years. The discount rate used for estimation purposes was the weighted average cost of capital, net of tax, which reflects current market assessments of the cost of money and the specific risk associated with the Specialty and Primary Care cash-generating unit. That rate was 7.72%. The growth rate adopted for the period following the explicit forecast period was estimated on a prudent basis. Impairment test carried out following the procedures described for the cash generating unit, was examined and approved by the Board Directors on 19 th March 2026. The value in use for the CGU was in fact substantially greater than the carrying amount recognised in the financial statements as at 31 st December 2025 and therefore no impairment of goodwill was recognised. Furthermore, as required by the impairment methodology approved by a Board of Directors meeting held on 19 th March 2026, a sensitivity analysis was conducted to show the possible impact on the value of the headroom available when the following parameters change: long-term growth rate (+/- 0.5%), growth in operating income (+/- 10%) and the discount rate (+/- 0.5%). The result of the analysis confirmed the absence of impairment losses.

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 56 15. INTANGIBLE ASSETS Intangible assets, net of accumulated amortisation, amounted to € 554,449 thousand as at 31 st December 2025 (€ 547,310 thousand as at 31 st December 2024). The table below shows the items of which the overall balance is composed and the changes that occurred during the reporting period. € (thousands) Patent rights and marketing authorisations Distribution, licences, trademarks and similar rights Other Assets under construction and advances Total Cost of acquisition Balance as at 31.12.24 212,204 527,876 13,231 10,397 763,708 Additions - 24,194 - 21,968 46,162 Disposals - - - - - Reclassifications - 7,727 - (7,727) - Balance as at 31.12.25 212,204 559,797 13,231 24,638 809,870 Accumulated amortisation and write-downs Balance as at 31.12.24 99,495 103,672 13,231 - 216,398 Amortisation for the period 9,379 33,572 - - 42,951 Write-downs for the period - 6,072 - - 6,072 Disposals - - - - - Reclassifications - - - - - Balance as at 31.12.25 108,874 143,316 13,231 - 265,421 Net amount 31 st December 2025 103,330 416,481 - 24,638 544,449 31 st December 2024 112,709 424,204 - 10,397 547,310 In 2025 total additions of € 46,162 thousand were recognised relating to the following investments: • € 22,166 thousand in relation to the exclusive licence and supply agreement signed on 24 th June 2025 with Amarin to market the cardiovascular drug Vazkepa® (icosapent ethyl) across 59 countries, with a focus in Europe; • € 15,000 thousand relating to the corporate product Reagila®, for the milestone to be recognised in 2026 upon the almost certain achievement of the sales targets set out in the contract; • € 6,259 thousand related to the implementation of the S/4 Hana management software; • € 2,737 thousand related to the development and improvement of computer apps used by various corporate functions. Amortisation, which totalled € 42,951 thousand, was calculated on all amortisable assets on the basis of their finite useful life and for a period not exceeding 20 years. We also report write-downs of € 6,072 thousand, relating to the corporate product Reagila® (€ 4,494 thousand) and the product Colopeg® (€ 1,578 thousand), determined on the basis of specific analyses of the recoverability of the value of the assets.

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 57 16. INVESTMENTS Investments as at 31 st December 2025 amounted to € 1,857,995 thousand (€ 1,851,189 thousand as at 31 st December 2024), of which € 1,844,303 thousand related to investments in subsidiaries and € 13,692 thousand to other investments held by the Company. Please refer: • to Attachment 1 for details of changes occurring during the reporting period; • to Attachment 2 for the percentage interests and the number of shares or quotas held; • to Attachment 3 for a comparison between the carrying amount of the investments and the corresponding pro-rata equity; • to Attachment 4 for a detailed summary of both directly and indirectly controlled subsidiaries with the sales revenue and net income for each company. All the investments reported regard share capital with voting rights. The increase compared with 31 st December 2024 is mainly due to the following changes: • an increase of € 10,427 thousand due to adjustments to the carrying amount of investments by an amount corresponding to the cost of the instruments granted to the employees of investees, in accordance with IFRS 2, as part of the incentive plans of which € 831 thousand in relation to the cost of stock options and € 9,596 thousand in relation to the cost of performance shares. According to IFRS 2, incentive plans for the employees of subsidiaries constitute an increase in the value of the relative investments. That increase in value consists of the fair value of the options on the grant date and it is recognised as an increase in the investments at constant rates over the period between the grant and the vesting period, with the balancing entry recognised directly in equity; • a decrease of € 3,621 thousand due to the fair value adjustment as at 31 st December 2025 of the investment in the British company PureTech Health p.l.c., specialised in investments in start-up companies dedicated to innovative therapies, medical devices and new research technologies. The shares of this company have been admitted for listing on the London stock exchange since 19 th June 2015 and the total fair value as at 31 st December 2025 of the 9,554,140 shares held was € 13,688 thousand. The value of the investment was consequently decreased compared with that recognised as at 31 st December 2024 (€ 17,308 thousand) with the balancing entry, net of tax, recognised in other comprehensive income (in equity) in line with the accounting treatment in previous years. In compliance with the accounting standards applied, in the presence of specific impairment indicators the value of investments in subsidiaries, measured on the basis of the cost criterion, is subject to impairment testing. More specifically, the value of investments is tested for impairment if the stated value of the investment in the separate financial statements is greater than the carrying amount of the net assets of the investment, with account also taken of the effects of any implicit gains recognised and tested in the consolidated financial statements. For the purposes of impairment testing, the carrying amount of investments is compared with the recoverable amount, defined as the higher of the value in use and the fair value less costs to sell.

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 58 We report the discount rates used for carrying out impairment tests for each of the investments subject to testing as follows: Investment Discount rate Accent LLC 13.35 % Recordati UK 7.44% Forecasts of operational cash flows for the specific period used for the calculation (2026-2030) were taken from the 2026 budget approved by the Board of Directors of the company on 17 th February 2026, and for the years 2026 to 2030, from specific forecasts, approved by the Board of Directors on 19 th March 2026. Adequate consideration has been given in the forecast of cash flows to the effects of the Russia-Ukraine conflict. The impairment test found no need to write down the book value of the investment. 17. OTHER NON-CURRENT FINANCIAL ASSETS Other non-current financial assets as at 31 st December 2025 amounted to € 550,545 thousand (€ 718,458 thousand as at 31 st December 2024) and mainly included the long-term portions of loans receivable from the subsidiaries Recordati UK LTD (€ 536,856 thousand) and RRD Japan (€ 13,580 thousand). Long-term security deposits amounting to € 109 thousand were also recognised. 18. DEFERRED TAX ASSETS Deferred tax assets as at 31 st December 2025 amounted to € 6,475 thousand (€ 11,845 thousand as at 31 st December 2024), a decrease of € 5,370 thousand during the year. The composition and changes in this item during the year were as follows: € (thousands) 2025 2024 Balance as at 1 st January 11,845 10,045 Increases 4,390 8,318 Uses (9,760) (6,518) Balance as at 31 st December 6,475 11,845 € (thousands) Balance as at 31.12.2024 Provision Use Balance as at 31.12.2025 Write-down of fixed assets - 1,505 - 1,505 Valuation of derivatives 533 1,078 (1,606) 5 Provisions (inclusive of agent customer indemnities) 2,195 1,178 (1,555) 1,818 Write-down of inventories 210 267 (173) 304 Valuation of investments (43) 38 - (5) Benefit from 2023 “Patent box” tax relief 3,104 - (3,104) - Benefit from 2024 “Patent box” tax relief 6,012 - (2,972) 3,040 Dividends not received - (100) - (100) Other (165) 424 (350) (91) Total 11,845 4,390 (9,760) 6,475

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 59 The balance includes a decrease in deferred tax assets relating to components of profits and losses recognised in equity amounting to € 430 thousand, negative as at 31 st December 2025 (an increase of € 465 thousand as at 31 st December 2024). No deductible temporary differences, unused tax losses or unused tax credits for which deferred tax assets are not recognised existed as at 31 st December 2025. 19. INVENTORIES Inventories amounted to € 118,592 thousand at 31 st December 2025 (€ 107,154 thousand at 31 st December 2024). Details and changes during the year are shown below: € (thousands) 31.12.2025 31.12.2024 Changes 2025/2024 Raw materials, ancillary materials, consumables and stocks 23,639 22,799 840 Intermediates and work-in-process 33,473 32,150 1,323 Finished products and goods 61,480 52,205 9,275 Total 118,592 107,154 11,438 Final inventories are sufficient to meet expected future requirements and they are stated net of the related provision for obsolescence, which as at 31 st December 2025 amounted to € 1,434 thousand, a significant increase compared with the amount as at 31 st December 2024 (€ 1,042 thousand). The increase is attributable to sales mix expectations. 20. TRADE RECEIVABLES Trade receivables amounted to € 214,626 thousand as at 31 st December 2025 (€ 187,926 thousand as at 31 st December 2024), as reported below: € (thousands) 31.12.2025 31.12.2024 Changes 2025/2024 Trade receivables from subsidiaries 147,364 127,271 20,093 Trade receivables from non-Group entities: 68,053 61,679 6,374 Italy 53,098 47,564 5,534 Abroad 14,955 14,115 840 215,417 188,950 26,467 Allowance for doubtful accounts (791) (1,024) 233 Total trade receivables 214,626 187,926 26,700 An overall net increase of € 26,700 thousand was recorded compared with the previous year, of which € 6,374 thousand related to greater receivables from non-Group customers and € 20,093 thousand to greater receivables from subsidiaries. The exposure calculated on receivables from non-Group customers stood at 91 days outstanding as at 31 st December 2025, compared with 75 days as at 31 st December 2024.

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 60 The increase in receivables from non-Group entities and the relative index compared with the previous year is also attributable to the greater impact of the reduction in sales in the fourth quarter in the Specialty & primary care sector in Italy. Trade receivables include the adjustment to the year-end exchange rate for items denominated in currencies other than the euro, which in the 2025 resulted in the recognition of negative exchange differences of €154 thousand. Receivables from subsidiaries amounted to € 147,364 thousand as at 31 st December 2025. They arose from the supply of goods and services and were composed as follows: € (thousands) 31.12.2025 31.12.2024 Changes 2025/2024 Casen Recordati S.L. 32,635 23,172 9,463 Herbacos Recordati s.r.o. 3,541 4,199 (658) Innova Pharma S.p.A. 5,499 5,911 (412) Italchimici S.p.A. 536 269 267 Jaba Recordati S.A. 3,085 4,220 (1,135) Laboratoires Bouchara Recordati S.a.s. 3,057 1,959 1,098 Natural Point S.r.l. 186 173 13 Opalia Pharma S.A. 323 190 133 Recordati AB 5,009 1,580 3,429 Recordati AG 4,563 5,164 (601) Recordati Austria Gmbh 835 439 396 Recordati BV 2,388 1,302 1,086 Recordati Hellas Pharmaceuticals S.A 1,090 1,528 (438) Recordati Ilaç Sanayi Ve Ticaret A.Ş. 2,816 3,802 (986) Recordati Ireland Ltd. 28,372 42,316 (13,944) Recordati Pharma GmbH 8,521 6,505 2,016 Recordati Pharmaceuticals Ltd. 1,432 746 686 Recordati Polska S.p. z.o.o. 3,390 3,227 163 Recordati Rare Diseases Inc. 1,266 1,180 86 Recordati Rare Diseases S.à.r.l. 3,706 899 2,807 Recordati Romania S.r.l. 9,471 4,504 4,967 Recordati UK LTD 19,393 11,091 8,302 Recordati Ukraine LLC 134 131 3 Rusfic LLC 5,229 2,398 2,831 Others 887 367 520 Total 147,364 127,271 20,093 The trade receivables from Recordati Ireland Ltd. amounting to € 28,372 thousand (€ 42,316 thousand as at 31 st December 2024), included the amounts charged back under a Commercial and Management Service Agreement. The year-on-year decrease was mainly the result of the year-end transfer price adjustment, down € 10,094 thousand, made for compliance with the arm's length criterion.

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 61 Receivables from Casen Recordati S.L., amounting to € 32,635 thousand (€ 23,172 thousand as at 31 st December 2024), are mainly comprised of receivables relating to the "Group Service Agreement” and the “Supply and Distribution Agreement" for the contract entered into with GSK, as well as receivables for the year-end adjustment of transfer prices to comply with the arm's length criterion. The increase in this item compared with the previous year (€ 9,463 thousand) is mainly due to the Supply and Distribution Agreement and the year-end adjustment of transfer prices. Receivables from Recordati UK LTD, amounting to € 19,393 thousand (€11,091 thousand as at 31 st December 2024), mainly include receivables for interest on the loan granted at the end of 2024 as part of the transaction to acquire Enjaymo®. Receivables from Recordati Romania S.r.l., amounting to €9,471 (€4,504 thousand as at 31 st December 2024), are mainly due to the year-end adjustment of transfer prices to comply with the arm's length criterion. Other changes are attributable to automated netting procedures for outstanding intercompany positions, by which intercompany items are automatically netted against each other each month and the relative balances settled. Changes in the allowance for doubtful accounts in 2025: are given below: € (thousands) 2025 2024 Balance as at 1 st January 1,024 1,010 Use for losses on receivables (673) (65) Addition for the year 440 79 Balance as at 31 st December 791 1,024 The Company uses a matrix to measure losses on trade receivables from individual customers, which is composed of a very high number of small balances. Losses on receivables are estimated by using a method based on the probability of the deterioration of the receivables through the different stages of default. It considers exposures in different categories based on the credit risk characteristics they hold in common, such as for example geographical area and duration of the relationship with the customer. The following table provides information on exposure to credit risk for trade receivables from non-Group entities as at 31 st December 2025. € (thousands) Gross receivables Current (not past due) 59,524 1-30 days past due 3,140 31-60 days past due 1,089 61-90 days past due 1,043 Over 90 days past due 3,257 Total trade receivables, gross 68,053 The total amount of the allowance for doubtful accounts is considered appropriate in relation to potential insolvency risks.

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 62 The composition of trade receivables in foreign currency is as follows: 31.12.2025 31.12.2024 Currency(000) €(000) Currency(000) €(000) Receivables in US$ 6,947 5,968 5,481 5,126 Receivables in CHF 1,258 1,356 2,145 2,293 Receivables in RON 45,805 8,995 20,062 4,032 Receivables in CZK 62,801 2,589 75,657 2,995 Receivables in PLN 10,525 2,485 10,609 2,465 Receivables in GBP 913 1,042 413 499 Receivables in RUB 466,710 5,129 271,994 2,476 Receivables in TRY 33,444 662 89,111 2,424 Credits in SEK - - 659 57 21. OTHER RECEIVABLES Other receivables as at 31 st December 2025 amounted to € 41,915 thousand (€ 30,464 thousand as at 31 st December 2024) and they were composed as follows: € (thousands) 31.12.2025 31.12.2024 Changes 2025/2024 Tax income 21,810 3,283 18,527 From subsidiaries 13,018 14,705 (1,687) Advances to employees and agents 134 2,301 (2,167) Other 6,953 10,175 (3,222) Total other receivables 41,915 30,464 11,451 Tax receivables, amounting to € 21,810 thousand (€ 3,283 thousand as at 31 st December 2024), were composed as follows: € (thousands) 31.12.2025 31.12.2024 Changes 2025/2024 Receivables for current taxes from the tax consolidation (IRES - corporate income tax) 11,718 - 11,718 Receivables for current taxation 301 861 (560) VAT 6,724 - 6,724 Receivables from foreign VAT tax authorities 131 125 6 Tax credits for research 2,936 2,296 640 Total tax receivables 21,810 3,283 18,527 The substantial increase compared with the previous year is mainly because as at 31 st December 2025 the Company reported IRES receivables from the tax consolidation (€ 11,718 thousand) and VAT receivables (€ 6,724 thousand), whereas at the end of the previous year, the Company had a debit balance in respect of the two aforementioned items.

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 63 The IRES tax credit from tax consolidation of € 11,718 thousand (a debt of € 13,606 thousand at 31 st December 2024) mainly arises from IRES advance payments made during the year (€ 16,000 thousand) and withholding tax credits (€ 1,854 thousand), partially offset by tax provisions for the period made by all companies participating in the tax consolidation (€6,189 thousand). The resulting debt of € 13,606 thousand outstanding as at 31 st December 2024 was paid in full on 30 th June 2025. Current tax credits, amounting to €301 thousand, include IRAP (regional tax on production) credits of € 876 thousand, offset by a liability of € 457 thousand for additional taxes payable following an assessment for the 2019 financial year and a net liability of € 118 thousand for the adjustment to the global minimum tax (Pillar Two). No advance payments were made during the 2025 financial year, but payments of €58 thousand were recorded for the global minimum tax (Pillar Two). Receivables from subsidiaries, amounting to € 13,018 thousand, include receivables for the tax consolidation from Natural Point S.r.l. (€ 6,572 thousand), Italchimici S.p.A. (€ 5,592 thousand) and Recordati Rare Diseases Italy S.r.l. (€ 851 thousand). Residual amounts include receivables for various credits to be received from Recordati Ireland Ltd. (€2 thousand) and Recordati Austria Gmbh (€1 thousand). Advances to employees and agents, amounting to € 134 thousand (€ 2,301 thousand as at 31 st December 2024), include advances to employees and advances to the expense fund for pharmaceutical sales representatives. The decrease compared with the previous year is mainly due to the repayment of loans granted to some employees who exercised stock options at the end of 2024. Receivables from others, amounting to € 6,953 thousand mainly include the receivables for charges to be made to GSK (€2,880 thousand) for the “Strategic Amount” under the framework agreement signed in 2023. We also report receivables for advances to suppliers (€ 2,303 thousand), and receivables for charges to be issued (€ 1,770 thousand). 22. OTHER CURRENT ASSETS Other current assets amounted to € 2,999 thousand as at 31 st December 2025 (€ 2,697 thousand as at 31 st December 2024) and related mainly to prepaid expenses incurred. 23. FAIR VALUE OF HEDGING DERIVATIVES (CURRENT ASSETS) As at 31 st December 2025 the value of derivatives classified within this item stood at € 4,903 thousand (€ 14,166 thousand as at 31 st December 2024). The market value (fair value) as at 31 st December 2025 of a cross currency swaps entered into by the Company with Unicredit to hedge the $ 25 million tranche of a bond issued on 30 th September 2014 resulted in a total asset of € 1,369 thousand. That value represents the potential benefit resulting from a lower value in euro of the future cash flows in United States dollars in terms of principal and interest, due to an appreciation of the foreign currency with respect to the time of finalising the loan and acquiring the hedge instrument. We report that in September, the $ 50 million tranche of the bond issued by the Company on 30 th September 2014 was repaid early, which led to the simultaneous repayment of the cross-currency swap entered into with Mediobanca to convert the original debt into € 37.3 million. As a consequence, the fair value measurement of the hedge, which as at 31 st December 2024 was positive by € 4.3 million and directly recognised as an increase in equity and an increase in the asset item "Fair value of hedging derivatives” was reduced to nil with a reversal of the accounting entry. The interest rate swaps to hedge the medium and long-term loans measured at fair value as at 31 st December 2025 gave rise to a total asset of € 2,952 thousand which represents the unrealised benefit of paying the currently expected variable rates for the duration of the loans instead of the rates agreed.

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 64 The fair value as at 31 st December 2025 of forward contracts entered into to hedge currency risks on the loan granted to the company Recordati Rare Diseases Japan (€ 483 thousand) was recognised through profit or loss. The market value (fair value) as at 31 st December 2025 of forward contracts entered into to hedge currency risks on loans with the company Recordati Pharmaceuticals Ltd (€ 63 thousand) was recognised through profit or loss. The market value (fair value) as at 31 st December 2025 of some forward contracts entered into to hedge currency risks on trading positions was positive by € 36 thousand loans and the change for the year was recognised through profit and loss. The fair value of these hedging derivatives is measured at level 2 of the hierarchy set out in financial reporting standard IFRS 13. The fair value is equal to the present value of the estimated future cash flows. The estimated future cash flows at a floating interest rate are based on listed interest-rate swaps, futures prices and interbank rates. The estimated cash flows are discounted using a yield curve which reflects the reference interbank rate applied by market participants for the measurement of interest-rate swaps. 24. RECEIVABLES FOR DIVIDENDS Receivables for dividends as at 31 st December 2025 amounted to € 2,026 thousand (a nil balance as at 31 st December 2024) and was comprised solely of dividends to be received from the subsidiary Recordati Polska S.p. Z.o.o.. These receivables will be collected in 2026. 25. OTHER SHORT-TERM FINANCIAL RECEIVABLES Other short-term receivables as at 31 st December 2025 amounted to € 103,891 thousand (€ 81,560 thousand as at 31 st December 2024) and are comprised solely of receivables from subsidiaries as follows: € (thousands) 31.12.2025 31.12.2024 Changes 2025/2024 Laboratoires Bouchara Recordati S.a.s. 5,559 - 5,559 Recordati AB 1,145 1,059 86 Recordati AG 169 410 (241) Recordati Netherlands B.V. 34,337 21,081 13,256 Recordati UK LTD 58,450 56,645 1,805 Recordati Rare Diseases Australia Pty Ltd 2,161 2,267 (106) Recordati Rare Disease Japan K.K. 193 17 176 Recordati Rare Diseases Comercio De Medicamentos LTDA. 1,877 81 1,796 Total 103,891 81,560 22.331

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 65 The item includes: • receivables for cash pooling from Recordati Netherlands B.V. (€ 34,337 thousand), Laboratoires Bouchara Recordati S.a.s. (€ 5,559 thousand) and Recordati AB (€ 1,145 thousand); • loans receivable from Recordati AG (CHF 157,587), Recordati Rare Diseases Comercio De Medicamentos Ltda (€ 1,877,102), Recordati Rare Diseases Japan K.K (JPY 35,532,904), Recordati Rare Diseases Australia Pty Ltd (AUD 3,798,951) and Recordati UK LTD (€ 58,450,484). Interest is paid on these loans at market rates. 26. CASH AND CASH EQUIVALENTS Cash and cash equivalents as at 31 st December 2025 amounted to € 124,090 thousand (€ 135,444 thousand as at 31 st December 2024) and consisted of current account sight deposits and short-term bank deposits, as follows: € (thousands) 31.12.2025 31.12.2024 Changes 2025/2024 Current-account sight deposits 123,859 134,558 (10,699) Petty cash 2 4 (2) Proceeds from derivative instruments 229 883 (654) Cash and cash equivalents 124,090 135,444 (11,354)

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 66 27.EQUITY A summary of changes in the equity accounts is reported in the relative statement. Following the entry into force of Legislative Decree No. 6/2003, which amended the Italian Civil Code, the table contained in Attachment 5 was introduced, which gives the composition of reserves on the basis of availability for use and distribution. Share capital The share capital as at 31 st December 2025 amounting to € 26,141 thousand, was fully paid up and was composed of 209,125,156 ordinary shares with a par value of € 0.125 each. It remained unchanged during the course of 2025 Additional paid-in capital Additional paid-in capital amounted to € 83,718 thousand as at 31 st December 2025 and remained unchanged compared with 31 st December 2024. The adoption of international accounting standards resulted in the elimination of revaluation reserves amounting to € 68,644 thousand. The tax obligation on these (untaxed – taxation suspended) was transferred to the additional paid-in capital reserve. Treasury stock The treasury stock reserve amounted to € 239,379 thousand as at 31 st December 2025 (€ 131,570 thousand as at 31 st December 2024), and represents the value of the 4,769,267 treasury shares held in portfolio (2,828,921 as at 31 st December 2024). The net change during the year was € 107,809 thousand and was due to the sale of 1,025,570 shares for € 49,246 thousand at the service of the incentive plans and the purchase of 2,965,916 shares for € 157,055 thousand. Statutory reserve The statutory reserve as at 31 st December 2025 amounted to € 5,228 thousand and remained unchanged compared with 31 st December 2024, because the limit set by Art. 2430 of the Italian Civil Code had been reached. Other reserves Other reserves as at 31 st December 2025 totalled € 291,957 thousand (€ 222,246 thousand as at 31 st December 2024). The composition and changes in this item are shown below: € (thousands) 31.12.2025 31.12.2024 Changes 2025/2024 Gain on merger 30,204 30,204 - Extraordinary reserve 73,253 14,451 58,802 Reserve under Art.13 par.6 Legislative Decree No. 124/1993 99 99 - Extraordinary VAT concession reserve 517 517 - Research and investment grants 17,191 17,191 - Non-distributable reserve for investments in southern Italy 3,632 3,632 - International accounting standards reserve 167,078 157,841 9,237 Total 291,974 223,935 68,039 Fair value of derivatives (17) (1,689) 1,672 Total other reserves 291,957 222,246 69,711

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 67 Gain on merger The merger gain reserve as at 31 st December 2025 amounted to € 30,204 thousand and was unchanged since 31 st December 2024. Extraordinary reserve The extraordinary reserve as at 31 st December 2025 amounted to € 73,253 thousand (€ 14,451 thousand as at 31 st December 2024). The increase of € 58,802 thousand compared with the previous year is due to the following: • the allocation of € 58,928 thousand of the remaining profit for 2024, after the distribution of dividends, as decided by a shareholders’ resolution of 29 th April 2025; • a decrease of € 141 thousand relating to the adjustment to the debt for the acquisition of the shareholding in Opalia Pharma SA; • an increase of € 15 thousand for the allocation of dividends not paid and expired. Reserve under Art. 13, paragraph 6 of Legislative Decree No. 124/1993 As at 31 st December 2025 this reserve amounted to € 99 thousand and remained unchanged compared with 31 st December 2024. Extraordinary VAT concession reserve This reserve (Laws 675/1977, 526/1982, 130/1983 and 64/1986), amounting to € 517 thousand, relates to special VAT allowances on investments and is unchanged compared with 31 st December 2024. Research and investment grants This reserve amounted to € 17,191 thousand and was unchanged compared with 31 st December 2024. The grants will be subject to taxation if they are used for purposes other than to cover losses, which, however, is not planned by the Company. The assets corresponding to the grants received from the Ministry of Industry and Commerce (formerly Asmez) have been depreciated. Non-distributable reserve for investments in southern Italy This reserve amounted to € 3,632 thousand and remained unchanged compared with 31 st December 2024. International accounting standards reserve The international accounting standards reserve amounted to € 167,078 thousand as at 31 st December 2025 (€ 157,841 thousand as at 31 st December 2024) and was composed as follows: € (thousands) 31.12.2025 31.12.2024 Changes 2025/2024 Reversal of non-current asset revaluations 40,479 40,479 - Revaluation of investments 43,054 43,054 - Inventories 463 463 - Employee benefit obligations (191) (1) (190) Stock options 33,423 32,934 489 Adjustment to investments for stock options 34,382 33,551 831 Performance shares 11,334 5,707 5,627 Adjustment to investments for performance shares 18,230 8,634 9,596 Rossini Luxembourg S.à.r.l. incentive scheme 7,144 5,992 1,152 Reserve to adjust entries for merged company 24 24 - Financial instrument adjustment reserve 6,174 9,757 (3,583) Sales of treasury stock (27,438) (22,753) (4,685) Total 167,078 157,841 9,237

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 68 • the employee benefit obligations reserve, negative, amounting to € 191 thousand (negative by € 1 thousand as at 31 st December 2024), shows the valuation as at the date of the employee benefits provision in accordance with IAS 19; • the stock options reserve, amounting to € 33,423 thousand (€ 32,934 thousand as at 31 st December 2024), which was measured in accordance with IFRS 2, relates to the cost for stock options issued and granted after 7 th November 2002 and which have not yet been exercised; • the reserve for Adjustments to investments for stock options, amounting to € 34,382 thousand (€ 33,551 thousand as at 31 st December 2024), also includes the cost of stock options for employees of subsidiaries, the value of which, in accordance with IFRS 2, was recognised as an increase in the value of the investments of the companies in which these employees work; • the Performance shares reserve, amounting to € 11,334 thousand (€ 5,707 thousand as at 31 st December 2024), which was measured in accordance with IFRS 2, relates to the cost for performance shares granted on 27 th June 2023 and 9 th May 2024; • the reserve for Adjustments to investments for performance shares, amounting to € 18,230 thousand, (€ 8,634 thousand as at 31 st December 2024), also includes the cost of performance shares for employees of subsidiaries, the value of which, in accordance with IFRS 2, was recognised as an increase in the value of the investments in the companies in which these employees are employed; • the Rossini Luxembourg S.à.r.l. incentive plan reserve, amounting to € 7,144 thousand (€ 5,992 thousand as at 31 st December 2024) relates to the charge calculated in accordance with IFRS 2 for the incentive plan from which some employees benefited and under which they purchased Rossini Luxembourg S.à.r.l. shares at their nominal value; • the Financial instrument adjustment reserve, amounting to € 6,174 thousand (€ 9,757 thousand as at 31 st December 2024), is a result almost entirely of the adjustment as at the value date, net of tax, of the value of the investment in PureTech Health Plc, a company listed on the London Stock Exchange; • the Sale of treasury stock reserve, which was negative by € 27,438 thousand (the balance was negative by € 22,753 thousand as at 31 st December 2024), contains the difference between the amount paid by Group employees who exercised options as part of stock option plans and the carrying amount of the treasury stock recognised in the balance sheet in accordance with international accounting standards; Reserve for derivatives In accordance with the provisions of IFRS 9, this reserve is comprised of the following: the balancing entry of the amounts for the assets resulting from measurement at market value of cross-currency swaps of a cash flow hedge nature, the balancing entry of the amount recognised through profit or loss to offset movements in the exchange rate at the end of the year relating to a hedged loan in foreign currency and the liabilities resulting from the measurement at the market value of interest rate swaps also of a cash flow hedge nature. The amount as at 31 st December 2025, net of tax, was negative by € 17 thousand. Revaluation reserve The revaluation reserve as at 31 st December 2025 amounted to € 2,602 thousand and was unchanged compared with 31 st December 2024. The item includes revaluation balances pursuant to Law No. 413/1991. For tax purposes we also report that as at 31 st December 2025 the untaxed (suspended taxation) reserves amounted to € 87,826 thousand (as indicated in Attachment 5) and were composed as follows: • € 15,964 thousand for the Research and investment grant reserve, net of the taxed portion; • € 517 thousand for the Extraordinary VAT concession reserve • € 99 thousand for the Reserve under Art.13 par.6 Legislative Decree No. 124/1993 (Law establishing pension funds);

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 69 • € 71,246 thousand for Revaluation reserves, net of substitute taxes. Of these reserves € 68,644 thousand were derecognised in compliance with international accounting standards and the non- taxability was transferred to the additional paid-in capital reserve. In accordance with international accounting standard IAS 12, no deferred taxes have been recognised within these suspended reserves as their distribution has not yet been approved and is not expected. Incentive plans Two stock option plans were in place in favour of certain Group employees as at 31 st December 2025: the 2008-2022 plan with options granted on 3 rd August 2018 and the 2021-2023 plan with options granted on 6 th May 2021, 1 st December 2021 and 24 th February 2022. The strike price of the options is the average of the company's listed share price during the 30 days prior to the grant date. The options vest in four tranches over five years, starting in the second year for the earliest grants and three years, in one lump sum, for the 2021 and 2022 grants and will expire if not exercised by the end of the eighth year following the year granted. During the first half of 2023 the 2021-2023 plan was revoked, limited to the grant of options scheduled for 2023 under that plan, without therefore affecting the validity and effectiveness of the plan for the options granted in 2021 and 2022. However, options cannot be exercised if employees leave the Company before they are vested. Details of stock options outstanding as at 31 st December 2025 are given in the table below. Grant date Strike price (€) Options outstanding as at 1.1.2025 Granted during 2025 Options exercised during 2025 Options cancelled and expired Options outstanding as at 31.12.2025 03-Aug-18 30.73 716,000 - (199,666) - 516,334 06-May-21 45.97 1,270,398 - (490,305) (3,000) 777,093 01-Dec-21 56.01 130,000 - - - 130,000 24-Feb-22 47.52 2,786,000 - (333,864) (54,000) 2,398,136 Total 4,902,398 - (1,023,835) (57,000) 3,821,563 Certain Group employees have been designated as beneficiaries of an incentive scheme, with a vesting period of five years, granted and fully financed by Rossini Luxembourg S.à r.l., an indirect shareholder of Recordati S.p.A.. They will benefit from a return at the end of the scheme and if the performance goals are met. Recognition, in accordance with IFRS 2, resulted in a charge recognised in the income statement for 2025 of € 1,152 thousand, which also includes the incentive scheme granted by Rossini Luxembourg S.à.r.l. to the CEO of the Recordati group. In 2023, the Company adopted a new long-term incentive plan named the “2023-2025 Performance Shares Plan” in favour of certain Group employees. The plan involves three grants of rights to receive shares in the Company free of charge, one for each year covered by the plan, which, after a vesting period of three years, will allow the grantees to receive shares in the Company in an amount of up to 175% of the original allocation, depending on the performance of certain performance indicators. These rights, however, will lapse if employees leave the company before the end of the vesting period. The grants were made on 27 th June 2023 consisting of 440,485 rights, on 9 th May 2024 consisting of 437,634 rights and on 8 th May 2025 consisting of 511,380 rights. The cost to the Company as at 31 st December 2025, calculated in accordance with IFRS 2, was €5,628 thousand.

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 70 28. LOANS Loans outstanding as at 31 st December 2025 and 31 st December 2024 are summarised in the table below. € (thousands) 31.12.2025 31.12.2024 Changes 2025/2024 Bond subscribed in dollars by the investor Pricoa Capital Group (Prudential) 12,162 36,442 (24,280) Bond subscribed by the investor Pricoa Capital Group (Prudential) 109,375 125,000 (15,625) Loan granted by Allied Irish Bank at a floating interest rate repayable in semi-annual instalments commencing from 2022 and until 2026 - 28,000 (28,000) Loan granted by a pool of national and international lenders, led by Mediobanca, at a floating interest rate repayable in a single payment in 2026 - 180,000 (180,000) A syndicated loan at a floating interest rate repayable in semi-annual instalments commencing on 31 st March 2023 and repayable by 2 nd February 2027 428,600 568,600 (140,000) Bond subscribed in euro with the investor Pricoa Capital Group (Prudential) 75,000 75,000 - Loan granted by Cassa Depositi e Prestiti at a floating interest rate and repayable in semi-annual instalments starting from October 2025 for 70% and from April 2033 for the remaining 30% 47,667 50,000 (2,333) Loan agreement signed with a pool of national and international lenders, led by Mediobanca, at a floating interest rate repayable in increasing semi-annual instalments, commencing from 2024 and to be fully repaid by May 2028 296,250 355,000 (58,750) Loan from HSBC Continental Europe, at a floating interest rate, repayable in semi-annual instalments starting on 31 st August 2025 with the last on 29 th February 2029 61,250 70,000 (8,750) A syndicated loan at a floating interest rate repayable in semi-annual instalments commencing on 31 st March 2027 and until 30 th October 2029 850,000 850,000 - Loan granted by a pool of national and international lenders, led by Mediobanca, at a floating interest rate repayable in a single payment in 2030 345,000 - 345,000 Bond loan subscribed in with PGMI Inc. (Investment Manager of Pricoa Capital Group (Prudential) 125,000 - 125,000 Total amortised cost of loans 2,350,304 2,338,042 12,262 Portion due within one year (285,930) (246,522) (39,408) Portion due after one year 2,064,374 2,091,520 (27,146) Expenses relating to loans (9,111) (8,527) (584) Portion due after one year, net of costs 2,055,263 2,082,993 (27,730) Long-term lease liabilities (IFRS 16) 6,328 7,163 (835) Total 2,061,591 2,090,156 (28,565)

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 71 Long-term lease liabilities include long-term liabilities arising from the application of IFRS 16, amounting to €6,328 thousand (€ 7,163 thousand as at 31 st December 2024), representing an obligation to make payments under existing lease contracts. As at 31 st December 2025 these outstanding loans, inclusive also of the current portions, amounting to € 287,259 thousand (see note 36), totalled € 2,348,859 thousand (€ 2,338,059 thousand as at 31 st December 2024). The net increase of € 10,791 thousand compared with 31 st December 2024, was the result of new loans amounting to € 470,000 thousand, repayments for the year of € 451,048 thousand, a decrease of € 886 thousand in lease liabilities in application of IFRS 16, the effect of the foreign currency translation of the amount for the bond subscribed in USD with Prudential (a decrease of € 6,691 thousand) and the adjustment of liabilities according to the amortised cost criterion (an increase of € 584 thousand). The portions of the loans due after 31 st December 2026 will be repaid, on the basis of the repayment schedules, in the following years: Maturity € (thousands) 2027 597,226 2028 404,943 2029 435,921 2030 377,092 2031 and subsequent years 240,081 Total loans 2,055,263 Long-term lease liabilities (IFRS 16) 6,328 Total 2,061,591 We report the following with regard to 2025: • March saw the full early repayment of the loan from Allied Irish Bank which was disbursed in March 2021 and involved semi-annual repayments of the principal from March 2022 to March 2026; • in June, the loan of €180.0 million disbursed in May 2021 was renegotiated through its full repayment in advance of its May 2026 maturity date and a new loan taken out for €345.0 million, again from a consortium of domestic and international lenders led by Mediobanca. The main terms and conditions of the new loan are a floating interest rate equal to the 6-month Euribor (with a zero floor) plus a fixed spread with repayment of the principal in a single instalment on 25 th June 2030. The disbursement of the amount of € 280.0 million, net of advisory and up-front fees, took place on 30 th June 2025, while the remaining € 65.0 million was disbursed in August; • in September, the Company repaid in advance the $ 50 million tranche of a bond issued by the Company on 30 th September 2014 and in addition to the $ 5 million due under the repayment plan, the remaining $ 10 million due in 2026 was also repaid. At the same time, the cross currency swap hedging agreement entered into with Mediobanca for the conversion of the original debt into €37.3 million was terminated, of which €3.7 million related to the instalment due in September 2025 and €7.5 million to those originally scheduled for 2026. The fair value measurement of the hedge, which as at 31 st December 2024 was positive by € 4.3 million and directly recognised as an increase in equity and an increase in the asset item "Fair value of hedging derivatives” was reduced to nil with a reversal of the accounting entry (see note 23).

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 72 • In September, an agreement was signed with PGIM Inc., Prudential's Investment Manager, for a $ 220.0 million Note Purchase and Private Shelf Agreement. In detail, the Multiborrower and Multicurrency Shelf Facility agreement grants the Group the right to issue bonds up to a total maximum of $ 220.0 million, or the equivalent in €, over the next three years, with pricing to be set at the time of each single drawdown, a maximum term of 20 years and an average life of 15 years. On 30 th September 2025, the Company issued a bond for € 125.0 million with a 10-year maturity on the amount. Details of loans outstanding as at 31 st December 2025 (gross of the relative expenses) a) A bond subscribed by the Company on 30 th September 2014, relating to a tranche of $ 25 million, at a fixed rate, repayable semi-annually from 30 th March 2023 and maturing on 30 th September 2029. During the year $ 3.6 million was repaid and the total remaining debt as at 31 st December 2025 amounted to $ 14.3 million. The conversion of the debt as at 31 st December 2025 (totalling € 12,162 thousand) resulted in a net decrease in the liability of € 5,022 thousand compared with 31 st December 2024, therefore a greater amount than the instalments repaid (€2,664 thousand), due to the depreciation of the US dollar against the Company's accounting currency in 2025. The loan was hedged by a cross currency swap, with the original debt converted into a total of €18.7 million (€10.7 million as at 31 st December 2025) at a lower fixed rate. The measurement of the hedge at fair value as at 31 st December 2025, was positive on aggregate by € 1,369 thousand and was recognised directly as an increase in equity and an increase in the asset item “Fair value of hedging derivatives” (see note 23). The bond is subject to covenants and failure to comply with them may result in the immediate call of the bond. The financial covenants subject to measurement on a quarterly basis are as follows: • the ratio of consolidated net debt to consolidated EBITDA (for a period of twelve consecutive months) must be less than 3.00 to 1.00; • the ratio of consolidated EBIT to consolidated net interest expense (for a period of twelve consecutive months) must exceed 3.00 to 1.00. Those conditions were fulfilled. b) A bond was issued by the Company in May 2017 for a total of € 125.0 million, at a fixed rate, repayable annually from 31 st May 2025 and maturing on 31 st May 2032. The outstanding debt as at 31 st December 2025 amounted to € 109.4 million. The bond is subject to covenants and failure to comply with them may result in the immediate call of the bond. The financial covenants subject to measurement on a quarterly basis are as follows: • the ratio of consolidated net debt to consolidated EBITDA (for a period of twelve consecutive months) must be less than 3.00 to 1.00; • the ratio of consolidated EBIT to consolidated net interest expense (for a period of twelve consecutive months) must exceed 3.00 to 1.00. Those conditions were fulfilled. c) A loan agreement for a total of € 800.0 million was negotiated by the Company in two stages in 2022, granted by a consortium of domestic and international lenders. The main terms and conditions of the loan are a floating interest rate equal to the 6-month Euribor (with a zero floor) plus a spread, floating on the basis of a step up/step down mechanism as a function of changes in the leverage ratio, and a life of five years, with repayments of the principal in semi-annual instalments starting from 31 st March 2023, with the last instalment payable on 3 rd February 2027. The outstanding debt as at 31st December 2025 amounted to € 428.6 million. Starting in July 2022, the loan was partially and progressively hedged by an interest rate swap (a cash flow hedge), which converted the hedged portion to a fixed interest rate. The measurement of the derivatives at fair value as at 31 st December 2025 was positive in some cases by a total of € 287 thousand recognised directly as an increase in equity and an increase in the asset item “Derivatives measured at fair value” (see note 23), and in other cases it was negative by a total of € 1,103

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 73 thousand, recognised directly as a decrease in equity and an increase in the liability item "Derivatives measured at fair value" (see Note 35) The loan contract contains financial covenants which, if not complied with, may result in the immediate call of the loan. The financial covenants subject to measurement on a semi-annual basis are as follows: • the ratio of consolidated net debt to consolidated EBITDA (for a period of twelve consecutive months) must be less than 3.00 to 1.00; • the ratio of consolidated EBIT to consolidated net interest expense (for a period of twelve consecutive months) must exceed 3.00 to 1.00. Those conditions were fulfilled. d) A bond issued by the Company on 12 th September 2022 totalling € 75.0 million was placed privately and fully with companies belonging to the Prudential group. The main terms and conditions are a fixed interest rate with semi-annual interest payments and a term of 12 years, with repayment of the principal in five annual instalments starting in September 2030 and ending on 12 th September 2034. This transaction, designed to continue with the acquisition of medium to long-term funds to support the Group’s further growth, enabled it to benefit from attractive market conditions. It has standard terms and conditions, common to the US private placement market, substantially in line with those of a bond issued by the Company in 2017. The loan contract contains financial covenants which, if not complied with, may result in the immediate call of the loan. The financial covenants subject to measurement on a semi-annual basis are as follows: • the ratio of consolidated net debt to consolidated EBITDA (for a period of twelve consecutive months) must be less than 3.00 to 1.00; • the ratio of consolidated EBIT to consolidated net interest expense (for a period of twelve consecutive months) must exceed 3.00 to 1.00. Those conditions were fulfilled. e) A loan totalling € 50.0 million negotiated by the Company in April 2023 with Cassa Depositi e Prestiti. The main terms and conditions are a floating interest rate equal to the 6-month Euribor (with a zero floor) plus a spread, semi-annual payment of interest and a life of 10 years with semi-annual repayments at constant rates starting in October 2025 for 70% of the principal and repayment in April 2033 for the remaining 30%. The outstanding debt as at 31 st December 2025 amounted to € 47.7 million. The loan contract contains financial covenants which, if not complied with, may result in the immediate call of the loan. The financial covenants subject to measurement on a semi-annual basis are as follows: • the ratio of consolidated net debt to consolidated EBITDA (for a period of twelve consecutive months) must be less than 3.00 to 1.00; • the ratio of consolidated EBIT to consolidated net interest expense (for a period of twelve consecutive months) must exceed 3.00 to 1.00. f) A loan agreement totalling € 400.0 million was signed on 16 th May 2023 by Recordati S.p.A. with a pool of eight national and international lenders, which included Mediobanca in the role of lead coordinator, with an individual quota of € 50.0 million. The loan consists of two independent loans of € 300.0 million and € 100.0 million each, both at an interest rate equal to the 6-month Euribor (with zero floor), plus a floating step up/step down spread based on changes in the leverage ratio with semi-annual interest payments and a term of five years. The € 300.0 million loan was disbursed on 14 th June 2023 and will be repaid in half-yearly instalments of increasing value starting in April 2024, with final repayment in May 2028. The outstanding debt as at 31 st December 2025 amounted to €206.3 million. The loan was partially hedged by an interest rate swap (a cash flow hedge), which converted the hedged portion to a fixed interest rate. Measurement of the fair value of the derivative instruments at 31 st December 2025 was negative by € 1,743 thousand and this was recognised directly as a reduction in equity and an increase in the liability item “Fair value of hedging derivatives“ (see note 35). The €100.0 million loan, consisting of a Capex Line that can be used within 18 months to finance specific investments, was disbursed on 13 th November 2024,

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 74 with half of the principal to be repaid in equal six monthly instalments starting in October 2025 and the remaining half in May 2028. The outstanding debt as at 31 st December 2025 amounted to € 90.0 million. The loan contract contains covenants which, if not complied with, may result in the immediate call of the loan. The financial covenants subject to measurement on a quarterly basis are as follows: • the ratio of consolidated net debt to consolidated EBITDA (for a period of twelve consecutive months) must be less than 3.00 to 1.00; • the ratio of consolidated EBIT to consolidated net interest expense (for a period of twelve consecutive months) must exceed 3.00 to 1.00. Those conditions were fulfilled. The loan agreement contains ESG-linked parameters starting in 2024, which, if met, will allow a reduction in the interest rate charged. g) A loan agreement for € 70.0 million entered into on 1 st March 2024 by the Company with HSBC Continental Europe, at a floating interest rate equal to the 6-month Euribor (with a zero floor), plus a spread floating on the basis of a step up/step down mechanism as a function of changes in leverage ratio, and a term of five years with repayments of the principal in semi-annual instalments starting from 31st August 2025 with the last instalment on 29 th February 2029. The outstanding debt as at 31 st December 2025 amounted to €61.3 million. The loan contract contains financial covenants which, if not complied with, may result in the immediate call of the loan. The financial covenants subject to measurement on a quarterly basis are as follows: • the ratio of consolidated net debt to consolidated EBITDA (for a period of twelve consecutive months) must be less than 3.00 to 1.00; • the ratio of consolidated EBIT to consolidated net interest expense (for a period of twelve consecutive months) must exceed 3.00 to 1.00. Those conditions were fulfilled. h) A loan agreement signed on 30 th October 2024 by the Company with Mediobanca, UniCredit and Natixis, for the acquisition of Enjaymo® rights, for a maximum total of € 850.0 million, with payment of € 700.0 million guaranteed in equal amounts. Immediately afterwards, a syndication process was commenced, which, through the involvement of additional banks, enabled an additional € 150.0 million to be raised and, at the same time, the total value of € 850.0 million to be redistributed among the participants. The main terms and conditions are a floating interest rate equal to the 6-month Euribor (with a zero floor) plus a spread, floating on the basis of a step up/step down mechanism as a function of changes in the leverage ratio, and a life of five years, with repayments of the principal in semi-annual instalments starting from 31 st March 2027, with the last instalment payable on 30 th October 2029. The disbursement, net of structuring and up-front fees, took place in the last quarter of 2024. The loan was partially hedged by an interest rate swap (a cash flow hedge), which converted the hedged portion to a fixed interest rate. The measurement of the hedging instruments at fair value as at 31 st December 2025 was positive by € 2,665 thousand and was recognised directly as an increase in equity and an increase in the asset item “Fair value of hedging derivatives “ (see note 17). The loan contract contains financial covenants which, if not complied with, may result in the immediate call of the loan. The financial covenants subject to measurement on a quarterly basis are as follows: • the ratio of consolidated net debt to consolidated EBITDA (for a period of twelve consecutive months) must be less than 3.00 to 1.00; • the ratio of consolidated EBIT to consolidated net interest expense (for a period of twelve consecutive months) must exceed 3.00 to 1.00. Those conditions were fulfilled.

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 75 i) A loan agreement for € 345.0 million was entered into by the Company on 25 th June 2025, disbursed by a consortium of domestic and international lenders led by Mediobanca. The main terms and conditions involve a floating interest rate equal to the 6-month Euribor (with a zero floor) plus a fixed spread with repayment of the principal in a single instalment on 25 th June 2030. The disbursement of the amount of € 280.0 million, net of advisory and up-front fees, took place on 30 th June 2025, while the remaining € 65.0 million was disbursed in August. The loan contract contains financial covenants which, if not complied with, may result in the immediate call of the loan. The financial covenants subject to measurement on a quarterly basis are as follows: • the ratio of consolidated net debt to consolidated EBITDA (for a period of twelve consecutive months) must be less than 3.00 to 1.00; • the ratio of consolidated EBIT to consolidated net interest expense (for a period of twelve consecutive months) must exceed 3.00 to 1.00. Those conditions were fulfilled. j) A bond issued by the Parent Company on 30 th September 2025 for €125.0 million. The main terms and conditions involve a fixed interest rate with semi-annual repayments of the interest and a term of 10 years with repayment in a single instalment on 28 th September 2035. The bond is subject to covenants and failure to comply with them may result in the immediate call of the bond. The financial covenants subject to measurement on a quarterly basis are as follows: • the ratio of consolidated net debt to consolidated EBITDA (for a period of twelve consecutive months) must be less than 3.00 to 1.00; • the ratio of consolidated EBIT to consolidated net interest expense (for a period of twelve consecutive months) must exceed 3.00 to 1.00. Those conditions were fulfilled. 29. EMPLOYEE BENEFIT OBLIGATIONS The balance as at 31 st December 2025 amounted to € 3,212 thousand (€ 3,667 thousand as at 31 st December 2024), a decrease of € 455 thousand compared with the previous year. € (thousands) 31.12.2025 31.12.2024 Balance as at 1 st January 3,667 3,886 Additions for the year 129 116 Use during the year (764) (268) Adjustment to the measurement of employee benefit obligation provisions (IAS 19) 180 (67) Balance as at 31 st December 3,212 3,667 The balance of the provision for employee benefit obligations as at 31 st December 2025 is the same as the amount determined by measuring the provision as at 31 st December 2025 in accordance with IAS 19. The calculations carried out, which used actuarial parameters updated as at 31 st December 2025, found a smaller liability and resulted in the recognition of an adjustment of € 180 thousand to the provision compared with the figure as at 31 st December 2025, which was stated, net of tax, in the statement of comprehensive income, recognised in equity, as required by the relative accounting standard. 30. OTHER NON-CURRENT FINANCIAL LIABILITIES Other non-current financial liabilities as at 31 st December 2025 were nil (€ 83,737 as at 31 st December 2024). In the previous year, this item included the long-term portions relating to loans from the subsidiaries Recordati Rare Diseases Inc., Herbacos Recordati s.r.o. and Recordati Pharmaceuticals Ltd.

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 76 31. TRADE PAYABLES Trade payables as at 31 st December 2025 amounted to € 145,623 thousand (€ 127,101 as at 31 st December 2024), an increase of € 18,522 thousand compared with the previous year, mainly due to greater payables to subsidiaries. The item also includes end-of-period provisions for invoices to be received and is composed as follows: € (thousands) 31.12.2025 31.12.2024 Changes 2025/2024 Suppliers, subsidiaries 83,150 57,001 26,149 Suppliers, Italy 33,349 30,869 2,480 Suppliers, Italy for invoices to be received 8,759 9,774 (1,015) Suppliers, abroad 8,430 15,001 (6,571) Suppliers, abroad for invoices to be received 11,935 14,456 (2,521) Total trade payables 145,623 127,101 18,522 There were no concentrations of large debts to a single or a small number of suppliers. Details of trade payables to subsidiaries are as follows: € (thousands) 31.12.2025 31.12.2024 Changes 2025/2024 Casen Recordati S.L. 35,086 19,635 15,451 Herbacos Recordati s.r.o. 118 654 (536) Innova Pharma S.p.A. 620 1,054 (434) Italchimici S.p.A. 1,185 604 581 Jaba Recordati S.A. 558 1,910 (1,352) Laboratoires Bouchara Recordati S.a.s. 1,893 4,386 (2,493) Natural Point S.r.l. 1,331 813 518 Recordati A.B. 1,225 1,138 87 Recordati AG 5,102 4,853 249 Recordati BVBA 4,587 3,211 1,376 Recordati Hellas Pharmaceuticals S.A. 4,728 2,129 2,599 Recordati Ireland LTD 3,664 2,890 774 Recordati Pharma GmbH 4,527 2,475 2,052 Recordati Pharmaceuticals LTD 1,365 276 1,089 Recordati Polska S.p. z.o.o. 538 - 538 Recordati Rare Diseases Germany GmbH 1,252 475 777 Recordati Rare Diseases Middle East FZ LLC 1,497 1,690 (193) Recordati Romania S.R.L. 1,176 152 1,024 Recordati UK LTD 2,347 2,177 170 Rusfic LLC 10,102 5,877 4,225 Other subsidiaries 249 602 (353) Total payables to subsidiaries 83,150 57,001 26,149

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 77 The increase in this item compared with the previous year is mainly due to the Strategic Amount under the Supply and Distribution Agreement entered into with subsidiaries following the 2023 agreement entered into with GSK. The composition of the payables in foreign currency is as follows: 31.12.2025 31.12.2024 Currency(000) €(000) Currency(000) €(000) Payables in CAD 1 1 1 1 Payables in CHF 4,786 5,150 4,277 4,536 Payables in CZK 2,863 118 13,731 544 Payables in GBP 1,312 1,503 800 965 Payables in HUF 1,189 3 1,189 3 Payables in JPY (800) (6) - - Payables in ILS - - 3 1 Payables in PLN 1,103 261 102 24 Payables in RON 5,991 1,176 756 152 Tables in RUB 937,956 10,619 693,586 7,669 Payables in SEK 13,317 1,227 13,149 1,143 Payables in TND 21 6 21 6 Payables in USD 2,478 1,936 4,889 4,598 The adjustment of trade payables in non-euro currencies resulted in the recognition of net positive exchange rate differences of € 530 thousand. 32. OTHER CURRENT PAYABLES Other current payables as at 31 st December 2025 amounted to € 75,786 thousand (€ 43,931 thousand as at 31 st December 2024). The composition and changes in the individual items are as follows: € (thousands) 31.12.2025 31.12.2024 Changes 2025/2024 Payables to non-group entities for the acquisition of Opalia Pharma S.A. 3,964 3,822 142 Employees 19,403 19,665 (262) Social security 10,014 9,572 442 Commissions to agents 981 948 33 Payables to AIFA (Italian Medicines Agency) 18,877 879 17,998 Payables to shareholders for dividends to be paid 345 1,181 (836) Other payables to subsidiaries 5,085 6,013 (928) Other payables 17,117 1,851 15,266 Total other current payables 75,786 43,931 31,855 The significant increase compared with the previous year is mainly due to two factors: ▪ recognition within other payables of € 15,000 thousand for the milestone to be paid in 2026 upon the almost certain achievement of the sales targets set out in the contract for Reagila®; ▪ recognition within payables to the Italian Medicines Agency (AIFA) of the € 14,382 thousand payback on the Urorec® product following the ruling published on 3 rd September 2025, in which the Council

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 78 of State definitively rejected the Company's appeal against the unfavourable ruling of the Regional Administrative Court (TAR) of Lazio on 19 th June 2024, against which the Company had appealed against the request received from the Italian Medicines Agency (AIFA) to provide proof of payment made as annual payback on sales of the medicine Urorec®. Following this request, a dispute had arisen concerning the different interpretations of the application of the agreement signed at the time between the Company and AIFA, as well as the possibility of extending it. The Company had in fact argued that the payback obligation would cease to apply from 2020, highlighting procedural flaws and the negative economic impact of including Urorec® in the transparency list from February 2020. The Council of State examined the Company’s arguments presented in order of priority and held that the agreement with AIFA was automatically renewed for the two-year periods subsequent to 31st December 2019. The Court also rejected the claims that certain actions undertaken after 2021 should be regarded as having terminated the agreement. As a result, the Company remains liable for payment of the payback on Urorec® for a total amount of € 18,003 thousand. In accordance with the requirements of the relative accounting standards, the Company has therefore increased the provision previously recognised in relation to this matter. Payables to non-Group entities regard the acquisition of a further 10% of the share capital of Opalia Pharma S.A., reclassified into short-term liabilities on the basis of contractually agreed call and put options. The fair value of this purchase option is measured at level 2 because the valuation model considers the present value of the expected payments. Amounts due to employees include amounts accrued and not paid, vacations accruing and not taken and bonuses for presence and for achieving objectives. Social security payables not only include contribution expenses for those periods but also the amount due to pension institutes for December. Amounts payable to agents include € 31 thousand in commissions for foreign agents. In addition to the provision mentioned above, payables to AIFA include the provision for the payback (1.83%) relating to the second half of 2025. Details of other payables to subsidiaries are as follows: € (thousands) 31.12.2025 31.12.2024 Changes 2025/2024 Casen Recordati S.L. 1,157 3,657 (2,500) Herbacos Recordati s.r.o. 314 132 182 Innova Pharma S.p.A. 751 - 751 Laboratoires Bouchara Recordati S.a.s. 179 131 48 Natural Point S.r.l. 159 - 159 Recordati AG 601 - 601 Recordati Hellas Pharmaceuticals S.A. 409 768 (359) Recor.Pharmaceuticals Ltd 240 129 111 Recordati Rare Diseases Italy S.r.l. 1,059 532 527 Other subsidiaries 216 664 (448) Total other payables to subsidiaries 5,085 6,013 (928) The decrease in payables to Casen Recordati S.L. is due to the lower provision made for the “Strategic Amount” for the fourth quarter of 2025, lower than that made for the fourth quarter of 2024, under the Supply and Distribution Agreement following the agreement entered into in 2023 with GSK.

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 79 Finally, in addition to the € 15,000 thousand payable for the Reagila® milestone, other payables include payables for credit notes to be issued (€ 798 thousand) and sundry payables, including contributions due in Bulgaria and Hungary for Eligard®, local taxes and various charges to be received. 33. TAX LIABILITIES Tax liabilities as at 31 st December 2025 amounted to € 3,296 thousand (€ 20,253 thousand as at 31 st December 2025). The composition and changes in this item are as follows: € (thousands) 31.12.2025 31.12.2024 Changes 2025/2024 Liabilities for employee withholding taxes 2,861 4,497 (1,636) Liabilities for self-employed and associate workers‘ withholding taxes 435 150 285 Payables for current taxes from the tax consolidation (IRES - corporate income tax) - 13,606 (13,606) VAT liabilities - 1,995 (1,995) Other liabilities - 5 (5) Total tax liabilities 3,296 20,253 (16,957) The substantial decrease compared with previous years is because as at 31 st December 2024 the Company had IRES payables from the tax consolidation (€ 13,606 thousand) and VAT payables (€1,995 thousand), whereas at the end of the current year, the Company had a credit balance in respect of the two aforementioned items (see note 21 – Other receivables for further details). 34. PROVISIONS Provisions as at 31 st December 2025 amounted to € 10,127 thousand (€ 9,290 thousand as at 31 st December 2024). The composition and changes in this item are as follows: € (thousands) 31.12.2025 31.12.2024 Changes 2025/2024 For taxes 144 144 - For agent customer indemnities 1,653 1,642 11 For other risks 8,330 7,504 826 Total provisions 10,127 9,290 837 The provision for taxes, unchanged compared with the previous year, arises from the merger of the former parent company FIMEI S.p.A. and is maintained on the balance sheet to cover any possible liabilities. Other risks include provisions for goods returns, litigation and sundry risks and include € 4.7 million relating to remediation and safety works to be carried out at the Campoverde site. As at 31st December 2024, provisions for other risks included €3.6 million relating to the dispute with the Italian Medicines Agency over the payback on the product Urorec® (see notes 8 and 32), reclassified in the current financial year within other payables following the settlement of the dispute and the total amount to be paid.

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 80 35. DERIVATIVES MEASURED AT FAIR VALUE (CURRENT LIABILITIES) As at 31 st December 2025, the value of derivatives classified within this item amounted to € 3,844 thousand (€ 4,858 thousand as at 31 st December 2024). The fair value as at 31 st December 2025 of the interest rate swaps to hedge medium and long-term loans gave rise to a total liability of € 2,846 thousand, which represents the missed opportunity to pay in future the currently expected floating rates for the term of the loans instead of the rates agreed. The fair value measurement relates to interest rate swaps entered into by the Company to hedge interest rates on the following loans: • a loan agreement for € 1,743 thousand signed in May 2023 with a consortium of eight national and international lenders, including Mediobanca in the role of lead coordinator; • € 1,103 thousand for a loan totalling € 800.0 million, negotiated in 2022 by the Company in two stages. It should be noted that this loan was partially hedged (for € 348.4 million) and that the negative fair value measurement relates only to the interest rate swaps to hedge a €199.2 million portion (the fair value measurement of the interest rate swaps on the remaining € 149.2 million was positive). The market value (fair value) as at 31 st December 2025 of forward contracts entered into to hedge currency risks on loans with the company Recordati Rare Diseases Inc. was negative by € 857 thousand and the change for the year was recognised through profit and loss. The fair value as at 31 st December 2025 of a forward contract entered into to hedge currency risks on a loan to the company Rusfic LLC, was negative by € 81 thousand and the change for the year was recognised through profit and loss. The market value (fair value) as at 31 st December 2025 of forward contracts entered into to hedge currency risks on a loan with the company Rare Diseases Australia Pty Ltd was negative by € 5 thousand and the change for the year was recognised through profit and loss. The market value (fair value) as at 31 st December 2025 of forward contracts entered into to hedge currency risk on sales positions was negative by €55 thousand, and the change for the year was recognised through profit and loss. The fair value of these hedging derivatives is measured at level 2 of the hierarchy set out in financial reporting standard IFRS 13 (see note 2). The fair value is equal to the present value of the estimated future cash flows. The estimated future cash flows at a floating interest rate are based on listed interest-rate swaps, futures prices and interbank rates. The estimated cash flows are discounted using a yield curve which reflects the reference interbank rate applied by market participants for the measurement of interest-rate swaps.

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 81 36. LOANS – DUE WITHIN ONE YEAR The short-term portions of loans outstanding as at 31 st December 2025, totalling € 287,258 thousand (€ 247,903 thousand as at 31 st December 2024) are reported as follows: € (thousands) 31.12.2025 31.12.2024 Changes 2025/2024 Bond subscribed in dollars by the investor Pricoa Capital Group (Prudential) 3,038 13,062 (10,024) Bond subscribed in euro by the investor Pricoa Capital Group (Prudential) 15,625 15,625 - Loan granted by Allied Irish Bank at a floating interest rate repayable in semi-annual instalments commencing from 2022 and until 2026 - 8,000 (8,000) A syndicated loan at a floating interest rate repayable in semi- annual instalments commencing on 31 st March 2023 and repayable by 2 nd February 2027 172,600 140,000 32,600 Loan granted by Cassa Depositi e Prestiti at a floating interest rate and repayable in semi-annual instalments starting from October 2025 for 70% and from April 2033 for the remaining 30% 4,667 2,335 2,332 Loan agreement signed with a pool of national and international lenders, led by Mediobanca, at a floating interest rate repayable in increasing semi-annual instalments, commencing from 2024 and to be fully repaid by May 2028 72,500 58,750 13,750 Loan from HSBC Continental Europe, at a floating interest rate, repayable in semi-annual instalments starting on 31 st August 2025 with the last on 29 th February 2029 17,500 8,750 8,750 Total loans due within one year 285,930 246,522 39,408 Current portion of lease liabilities (IFRS 16) 1,328 1,381 (53) Total 287,258 247,903 39,355 This item includes short-term liabilities resulting from the application of the financial reporting standard IFRS 16, amounting to € 1,329 thousand (€ 1,381 thousand as at 31 st December 2024), which represent an obligation to make payments under existing lease contracts.

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 82 37. PAYABLES TO BANKS Short-term liabilities to banks amounted to € 19,446 thousand as at 31 st December 2025 (€ 18,169 thousand as at 31 st December 2024). ). The composition and changes in this item are as follows: € (thousands) 31.12.2025 31.12.2024 Changes 2025/2024 Current account overdrafts 651 1,363 (712) Expenses on derivative instruments 524 218 306 Interest on loans 15,688 15,137 551 Interest on bonds 2,583 1,451 1,132 Total 19,446 18,169 1,277 This item shows a slight increase compared with the previous year (€1,227 thousand), mainly due to higher accrued interest payable on bonds, as a result of the issue on 30 th September 2025 of a new €125.0 million bond.

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 83 38. OTHER SHORT-TERM PAYABLES Other short-term payables as at 31 st December 2025 amounted to € 735,514 thousand (€ 756,501 thousand as at 31 st December 2024). The item includes payables to subsidiaries only, of which € 686,977 thousand related to payables arising from centralised treasury activities (cash pooling) and € 48,537 thousand related to loans payable, as follows: € (thousands) 31.12.2025 31.12.2024 Changes 2025/2024 Bouchara Recordati S.a.s. 21,929 22,975 (1,046) Casen Recordati S.L. 82,592 158,494 (75,902) Fic Médical S.a.r.l. 237 240 (3) Innova Pharma S.p.A. 8,316 11,057 (2,741) Italchimici S.p.A. 10,700 15,120 (4,420) Jaba Recordati S.A. 6,023 7,499 (1,476) Laboratoires Bouchara Recordati S.a.s. 0 8,353 (8,353) Natural Point S.r.l. 33,940 29,744 4,196 Recordati BVBA 46 2,293 (2,247) Recordati Hellas Pharmaceuticals S.A. 7,378 7,483 (105) Recordati Ireland Ltd. 78,988 738 78,250 Recordati Pharma GmbH 105,770 76,003 29,767 Recordati Rare Diseases Germany Gmbh 7,500 10,311 (2,811) Recordati Rare Diseases Inc. 2 3 (1) Recordati Rare Diseases Italy Srl 3,482 2,723 759 Recordati Rare Diseases S.a.r.l. 272,391 165,427 106,964 Recordati Rare Diseases Spain S.L. 4,286 4,024 262 Recordati UK LTD 27,824 125,354 (97,530) Rusfic LLC 15,573 12,037 3,536 Total cash pooling 686,977 659,878 27,099 Herbacos Recordati s.r.o. - 10 (10) Recordati Pharmaceuticals LTD 9,119 644 8,475 Recordati Rare Diseases Middle East FZ LLC 17,377 16,806 571 Recordati Rare Diseases Inc. 22,041 79,163 (57,122) Total loans 48,537 96,623 (48,086) Total other short-term payables 735,514 756,501 (20,987)

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 84 39. FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES As required by IFRS 7, a comparison of the carrying amounts as at 31 st December 2025 and the fair values of financial assets and liabilities is given below. € (thousands) Carrying amount Fair value Financial assets Other short-term financial receivables 103,891 103,891 Cash and cash equivalents and other current assets 127,089 127,089 Other non-current financial assets 550,545 550,545 Trade receivables 214,626 214,626 Other receivables 41,915 41,915 Derivatives measured at fair value 4,903 4,903 Financial liabilities Loans 2,348,848 2,027,823 - at fixed interest rates 308,893 301,463 - at fixed rate hedged by cross currency swaps (CCS) 12,132 12,244 - at floating rate hedged with interest rate swaps (IRS) 2,020,167 2,020,167 - liability for the application of IFRS 16 7,656 7,656 Trade payables 145,623 145,623 Other current payables and tax liabilities 79,082 79,082 Derivatives measured at fair value 3,844 3,844 Payables to banks 19,445 19,445 Other short-term payables 735,514 735,514 40. SEGMENT REPORTING Reporting by business segment, presented in compliance with IFRS 8 – Operating segments – has been performed according to the same accounting policies employed in the presentation of the consolidated financial statements of the Group where, following the acquisition of Recordati Rare Diseases, two main segments have been identified: the Specialty & Primary Care segment and the rare diseases pharmaceuticals segment, which relates to the whole of Recordati Rare Diseases. Consequently the only business segment that exists for Recordati S.p.A. is the Specialty & Primary Care segment. Furthermore, the pharmaceutical chemicals business is considered an integral part of the Specialty & Primary Care segment because from an organisational and strategic viewpoint it is involved principally in the production of the active ingredients required to produce pharmaceuticals. 41. LITIGATION AND CONTINGENT LIABILITIES The Company is a party to certain minor legal actions and disputes, the outcomes of which are not expected to result in any liability. The amount for contingent liabilities, currently considered “possible”, is not significant. Some licence agreements relating to the acquisition of the rights to Vazkepa® and Reagila® involve future milestone payments when specified conditions are met, the materialisation of which are still uncertain, with

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 85 the result that the contractually agreed payments are currently merely potential. The estimated value of the additional payments as at 31 st December 2025 is approximately € 143 million, relating to Vazkepa® ($ 150 million) and Reagila® (€15 million), linked to commercial milestones related to the potential achievement of certain net revenue thresholds at or above the expectations of peak total annual sales. 42. NET FINANCIAL POSITION For full disclosure on the Company’s financial position, the following table is given which summarises its net financial position: The situation is in line with the CONSOB Alert No. 5/21 of 29 th April 2021 concerning compliance with “Guidelines on disclosure obligations in accordance with the Prospectus Regulation” published by the ESMA on 4 th March 2021 with document ESMA32-382-1138. € (thousands) 31.12.2025 31.12.2024 Changes 2025/2024 Current account sight deposits and other cash and cash equivalents 124,090 135,444 (11,354) Short-term receivables from Group companies 103,891 81,560 22,331 Receivables for dividends due from Group companies 2,026 - 2,026 Cash and cash equivalents and other short-term receivables 230,007 217,004 13,003 Short-term payables to banks (19,445) (18,169) (1,276) Loans due within one year (287,259) (247,903) (39,356) Short-term payables to Group companies (735,514) (756,501) 20,987 Current debt (1,042,218) (1,022,573) (19,645) Net current financial position (812,211) (805,569) (6,642) Receivables - due after than one year 550,545 718,458 (167,913) Loans – due after one year (2,060,617) (2,079,143) 18,526 Long-term payables due to Group companies - (83,737) 83,737 Non-current debt (1,510,072) (1,444,422) (65,650) Net financial position (1) (2,322,283) (2,249,991) (72,292) (1) Inclusive of the fair value of derivatives to hedge foreign exchange rate risk (cash flow hedges), recognised within asset item 23 and liability item 35 with an overall net positive impact of € 975 thousand as at 31 st December 2025.

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 86 43. NON-RECURRING SIGNIFICANT EVENTS AND TRANSACTIONS In compliance with Consob communication of 28 th July 2006 a summary is given in the table below of the main events, transactions and actions which are non-recurring and which do not repeat frequently in the usual course of business. The overall net impact of such occurrences on the profit and loss, balance sheet and cash flow of the Company was negative by € 20,941 thousand. € (thousands) 31.12.2025 31.12.2024 Changes 2025/2024 Restructuring (8,139) (561) (7,578) Payback Urorec 20-25 (12,762) - (12,762) Other non-recurring costs (40) - (40) Total non-recurring income/(expense) (20,941) (561) (20,380) 44. ATYPICAL AND/OR UNUSUAL TRANSACTIONS In compliance with CONSOB communication of 28 th July 2006, the Company performed no atypical and/or unusual transactions in 2025, as defined in that same communication, according to which atypical and/or unusual transactions are those which because of their significance or importance, the nature of the counterparties, the content of the transaction, the way in which the transfer price is decided and the timing of the event (close to the end of the financial year) might give rise to doubts concerning: the accuracy and completeness of the information in the financial statements, a conflict of interests, the security of the company’s assets, the protection of the interests of minority shareholders. 45. RELATED-PARTY TRANSACTIONS As at 31 st December 2025 the Company had a total net debt position of € 7,015 thousand towards Group companies, with credit positions of € 816,734 thousand and debt positions of € 823,749 thousand. The table below summarises these receivables and payables by nature: RELATED-PARTY TRANSACTIONS Receivables Payables Net (€ thousand) Loans 615,312 (48,537) 566,766 Cash pooling 41,040 (686,977) (645,937) Trade 147,364 (83,150) 64,214 Other 13,018 (5,085) 7,933 Total 816,735 (823,749) (7,015) Sales, services and royalties to Group companies in 2025 amounted to € 355,336 thousand (€ 422,812 thousand in 2024). During the year, dividends were devlared by Casen Recordati S.L. (€ 123,306 thousand), Recordati Rare Diseases S.a.r.l. (€ 79,692 thousand, Recordati AG (€ 53,621 thousand), Bouchara Recordati (€ 30,000 thousand), from Italchimici S.p.A. (€ 16,821 thousand), Natural Point S.r.l. (€ 16,000 thousand), from Recordati Ireland Limited (€ 15,000 thousand), from Recordati Romania Srl (€ 3,952 thousand), from Herbacos Recordati S.r.o. (€ 3,201 thousand), from Recordati Polska S.p. z.o.o. (€ 1,998 thousand) and from Opalia Pharma S.A. (€ 728 thousand).

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 87 The following summary is given in the table below in compliance with Consob Resolution No. 15519 of 27 th July 2006: PERCENTAGE OF TRANSACTIONS WITH RELATED PARTIES Total Related Parties (amount) Related Parties (%) (€ thousand) Percentage of transactions or positions in the balance sheet with related parties Trade receivables and other 256,540 160,382 62.52% Other non-current financial assets 550,545 550,436 99.98% Short-term financial assets 105,916 105,916 100.00% Trade payables and other (221,409) (88,235) 39.85% Other short-term payables (735,514) (735,514) 100.00% Percentage of transactions or positions in the income statement with related parties Revenue 618,108 355,342 57.49% Income from investments 344,319 344,319 100.00% Costs of purchases and service provision (389,157) (64,433) 16.56% Financial income/(expense), net (88,203) 7,208 (8.17%) Transactions and positions with related parties as a percentage of balance sheet items is basically the same as that for the income statement. Transactions with related parties are conducted under normal market conditions. With regard to direct relations during the year with the company that exercises management and co- ordination, we report that some employees of the Recordati Group have been designated as beneficiaries of an incentive scheme, with a vesting period of five years, under which they have purchased shares of Rossini Luxembourg S.àr.l. at face value, an indirect shareholder of Recordati S.p.A., and they will receive a return at the end of the life of the scheme. With the exception of the previous point, no other direct business was conducted with the company that carries out management and coordination activities. In compliance with disclosure obligations set out in Art. 38 of Legislative Decree No. 127/91, we report that fees paid to directors and statutory auditors for carrying out their functions during the course of 2025 amounted to € 2,519 thousand and € 170 thousand respectively. Details of total remuneration received by directors and key management personnel are given in the table below. € (thousands) 2025 2024 Fixed remuneration 2,648 2,555 Non-monetary benefits 78 69 Bonuses and other incentives 1,239 1,776 Share-based payments 2,004 2,013 Total 5,969 6,413

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 88 The remuneration includes salaries and non-monetary benefits. Key management personnel also participate in incentive schemes. Following extraordinary operations involving the life of the Company in relation to the sale of their controlling interest by the Recordati family to a consortium of investment funds controlled by CVC Capital Partners VII Limited, on 28 th February 2019 the Board of Directors of the Company, appointed by a Shareholders’ Meeting held on 5 th February 2019, noted the management and co-ordination exercised by Rossini Luxembourg S.àr.l. over Recordati S.p.A. pursuant to articles 2497 and following of the Italian Civil Code. We report that Rossini Luxembourg S.àr.l. was formed on 14/05/2018. Key figures from the financial statements for the year ended 31 st December 2024 approved by the company that exercises management and co-ordination are reported in Attachment 6. The direct parent of the Company forms part of a consortium of investment funds controlled by CVC Capital Partners. 46. IMPORTANT EVENTS AFTER THE REPORTING PERIOD At the date of preparing the financial statements no corporate events had occurred after the end of the year which might require modifications to be made to the value of assets and liabilities and the amounts in the income statement. On 28 th February 2026, a conflict broke out in the Persian Gulf region involving several countries. Although the Group operates only in certain parts of the affected Middle East region, it continues to monitor the course of the conflict and geopolitical developments to assess their potential impact on its personnel, supply chain and activities. 47. PROPOSAL FOR THE ALLOCATION OF NET INCOME FOR THE YEAR A proposal is made for the net income for the year, amounting to € 317,586,523 to be allocated as follows: • distribution to shareholders of a dividend of € 0.71 per share, as the balance on the interim dividend for the financial year 2025 of € 0.63, on each of the shares outstanding on the ex dividend date, 18 th May 2026, exclusive of treasury stock held in portfolio on that date, with payment on 20 th May 2026 and record date on 19 th May 2026. The total dividend per share proposed for the financial year 2025 therefore amounts to € 1.34 per share (€ 1.27 per share in 2024); • allocation to the extraordinary reserve of the remaining net income.

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 89 RECORDATI S.P.A. ATTACHMENT 1 STATEMENT OF CHANGES IN DIRECT INVESTMENTS € (thousands) Balance as at 31 st December 24 Acquisitions Mergers Fair value measurement IFRS 2 Stock option measurement IFRS2 Performance shares measurement Balance as at 31 st December 25 Investments in subsidiaries Casen Recordati S.L. – Spain 276,615 136 1,061 277,812 Innova Pharma S.p.A. – Italy 10,566 - - 10,566 Bouchara Recordati S.a.s. – France 133,225 98 625 133,948 Recordati Pharmaceuticals Ltd. – United Kingdom 11,916 13 135 12,064 Recordati Hellas Pharmaceuticals S.A. – Greece 5,183 8 70 5,261 Herbacos Recordati s.r.o. – Czech Republic 20,221 12 128 20,361 Recordati Polska Sp. z.o.o. – Poland 21,351 47 433 21,831 Italchimici S.p.A. – Italy 106,294 - - 106,294 Natural Point S.r.l. – Italy 83,656 3 - 83,659 Recordati AG – Switzerland 208,902 90 1,946 210,938 Recordati Rare Diseases Canada Inc. – Canada 245 - - 245 Recordati Rare Diseases Inc. – United States 8,598 160 2,890 11,648 Recordati Rare Diseases S.A. de C.V. – Mexico 996 3 (39) 960 Recordati Rare Diseases Comercio Medicamentos Ltda – Brazil 304 3 52 359 Recordati Ireland Ltd (Ireland) 2,247 32 180 2,459 Opalia Pharma S.A. – Tunisia 19,982 - - 19,982 Recordati Romania Srl – Romania 1,806 8 77 1,891 Recordati Pharma GmbH – Germany 88,423 24 362 88,809 Accent LLC – Russian Federation 66,707 - - 66,707 Recordati Ukraine LLC – Ukraine 0 0 0 0 Recordati Bulgaria Ltd – Bulgaria 67 2 - 69 Recordati (Beijing) Pharmaceutical Co., Ltd – China 860 3 - 863 Recordati UK LTD – United Kingdom 707,916 92 329 708,337 Recordati Rare Diseases S.a.r.l. – France 57,791 97 1,347 59,235 Recordati Argentina S.r.l. – Argentina 5 - - 5 1,833,876 - - - 831 9,596 1,844,303 Investments in other companies: Sifir S.p.A. – Reggio Emilia - - Consorzio Dafne – Reggello (Florence) 2 2 Consorzio Nazionale Imballaggi – Rome - - DGT – United States - - PureTech Health p.l.c. – United Kingdom 17,308 (3,620) 13.688 Miacomet Inc. - - Standard Biotools Inc. – United States 3 (1) 2 17,313 - - (3,621) 831 - 13.692 Total 1,851,189 - - (3,621) 831 9,596 1,857,995

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 90 RECORDATI S.P.A. ATTACHMENT 2 SUMMARY STATEMENT OF DIRECT INVESTMENTS € (thousands) Balance as at 31 st December 2025 Percentage ownership Number of shares or quotas possessed Investments in subsidiaries Casen Recordati S.L. – Spain 277,812 100.00 2,389,660 Innova Pharma S.p.A. – Italy 10,566 100.00 960,000 Bouchara Recordati S.a.s. – France 133,948 100.00 10,000 Recordati Pharmaceuticals Ltd. – United Kingdom 12,064 100.00 15,000,000 Recordati Hellas Pharmaceuticals S.A. – Greece 5,261 100.00 1,005,000 Herbacos Recordati s.r.o. – Czech Republic 20,361 100.00 1 Recordati Polska Sp. z.o.o. – Poland 21,831 100.00 90,000 Italchimici S.p.A. – Italy 106,294 100.00 7,646,000 Natural Point S.r.l. – Italy 83,659 100.00 1 Recordati AG – Switzerland 210,938 100.00 650,000 Recordati Rare Diseases Canada Inc. – Canada 245 100.00 1,000 Recordati Rare Diseases Inc. – United States 11,648 100.00 100 Recordati Rare Diseases S.A. de C.V. – Mexico 960 100.00 49,999 Recordati Rare Diseases Comercio De Medicamentos Ltda – Brazil 359 100.00 166 A Recordati Ireland Ltd – Ireland 2,459 100.00 200,000 Opalia Pharma S.A. – Tunisia 19,982 90.00 612,000 Recordati Romania Srl – Romania 1,891 100.00 500,000 Recordati Pharma GmbH – Germany 88,809 55.00 1 Accent LLC – Russian Federation 66,707 100.00 1 Recordati Ukraine LLC – Ukraine 0 0.01 1 Recordati Bulgaria Ltd – Bulgaria 69 100.00 50 Recordati (Beijing) Pharmaceutical Co., Ltd – China 863 100.00 1 Recordati UK LTD – United Kingdom 708,337 100.00 10 Recordati Rare Diseases S.a.r.l. – France 59,235 84.00 4,580 Recordati Argentina S.r.l. – Argentina 5 5.00 446,525 1,844,303 Investments in other companies: Consorzio Dafne – Reggello (Florence) 2 1.16 1 Consorzio Nazionale Imballaggi – Rome 0 n,s, 1 DGT – United States 0 n,s, n,s, PureTech Health p.l.c. – United Kingdom 13,688 3.70 9,554,140 Miacomet Inc. 0 n,s n,s Standard Biotools Inc. – United States 2 n,s 1,698 13,692 Total 1,857,995

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 91 RECORDATI S.P.A. ATTACHMENT 3 COMPARISON BETWEEN THE CARRYING AMOUNT OF DIRECT INVESTMENTS IN SUBSIDIARIES AND THEIR VALUATION USING THE EQUITY METHOD € (thousands) Share capital 31.12.2025 Equity 31.12.2025 Net income (loss) Percentage ownership Corresponding pro-rata equity (A) Carrying amount (B) Valuation at equity (C) Investments Casen Recordati S.L. – Spain 238,966 402,809 46,146 100.00% 402,809 277,812 515,334 Innova Pharma S.p.A. – Italy 1,920 10,563 (2,557) 100.00% 10,563 10,566 10,836 Bouchara Recordati S.a.s. – France 4,600 59,804 27,554 100.00% 59,804 133,948 267,292 Recordati Pharmaceuticals Ltd. – United Kingdom 17,190 15,398 228 100.00% 15,398 12,064 14,361 Recordati Hellas Pharmaceuticals S.A. – Greece 10,050 13,730 3,565 100.00% 13,730 5,261 12,651 Herbacos Recordati s.r.o. – Czech Republic 1,056 20,857 3,680 100.00% 20,857 20,361 33,928 Recordati Polska Sp. z.o.o. – Poland 1,066 30,915 8,215 100.00% 30,915 21,831 42,461 Italchimici S.p.A. – Italy 7,646 62,486 12,961 100.00% 62,486 106,294 133,466 Natural Point s.r.l. – Italy 10 75,034 18,537 100.00% 75,034 83,659 102,924 Recordati AG – Switzerland 69,787 622,816 199,445 100.00% 622,816 210,938 642,100 Recordati Rare Diseases Canada Inc. – Canada 218 3,629 576 100.00% 3,629 245 1,739 Recordati Rare Diseases Inc. – United States 10,195 471,671 62,073 100.00% 471,671 11,648 189,972 Recordati Rare Diseases S.A. de C.V. – Mexico 769 3,180 86 100.00% 3,180 960 1,504 Recordati Rare Diseases Comercio De Medicamentos Ltda – Brazil 0 2,148 1,647 100.00% 2,148 359 (2,334) Recordati Ireland Ltd – Ireland 200 217,911 82,993 100.00% 217,911 2,459 184,550 Opalia Pharma S.A.– Tunisia 2,844 35,374 5,340 90.00% 31,836 19,982 55,110 Recordati Romania Srl – Romania 981 11,892 4,819 100.00% 11,892 1,891 10,110 Recordati Pharma GMBH – Germany 600 194,834 27,175 55.00% 107,159 88,809 112,235 Accent LLC – Russian Federation 0 428 22 100.00% 428 66,707 17,904 Recordati Ukraine LLC – Ukraine 21 4,133 445 0.01% 0 0 0 Recordati Bulgaria Ltd – Bulgaria 26 201 26 100.00% 201 69 201 Recordati (Beijing) Pharmaceutical Co., Ltd – China 694 1,849 627 100.00% 1,849 863 923 Recordati UK LTD - United Kingdom* 0 323,276 97,669 100.00% 323,276 708,337 782,711 Recordati Rare Diseases S.a.r.l. – France 420 326,366 84,978 84.00% 274,148 59,235 275,016 Recordati Argentina S.r.l. – Argentina 83 165 10 5.00% 8 5 9 369,343 2,911,467 686,258 2,763,747 1,844,303 3,405,003 * The carrying amount of the investment has not been adjusted to bring it into line with the amount calculated using the equity method because, amongst other things, the results of the annual impairment test showed that the difference was not to be considered an indicator of permanent impairment.

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 92 RECORDATI S.P.A. ATTACHMENT 4 SUMMARY INFORMATION ON SUBSIDIARIES Subsidiaries Headquarters Currency Share capital Net income (loss) 2025 Equity as at 31/12/2025 Revenue 2025 INNOVA PHARMA S.p.A. Italy €(000) 1,920 (2,557) 10,563 42,142 Marketing and sales of pharmaceuticals CASEN RECORDATI S.L. Spain €(000) 238,966 46,146 402,809 213,380 Marketing and sales of pharmaceuticals BOUCHARA RECORDATI S.A.S. France €(000) 4,600 27,554 59,804 19,691 Research, production and sales of pharmaceuticals REC.RARE DISEASES COMERCIO DE MEDICAMENTOS LTDA. Brazil BRL(000) - 10,602 13,824 77,063 Dormant, holds pharmaceutical marketing rights in Brazil RECORDATI RARE DISEASES Inc. USA USD(000) 11,979 72,936 554,213 624,862 Research, production and sales of pharmaceuticals RECORDATI IRELAND LTD Ireland €(000) 200 82,993 217,911 305,932 Research, production and sales of pharmaceuticals LABORATOIRES BOUCHARA RECORDATI S.A.S. France €(000) 14,000 13,059 44,675 197,262 Research, production and sales of pharmaceuticals RECORDATI PHARMA GmbH Germany €(000) 600 27,175 194,834 104,412 Marketing and sales of pharmaceuticals RECORDATI PHARMACEUTICALS LTD United Kingdom GBP(000) 15,000 199 13,436 12,703 Marketing and sales of pharmaceuticals RECORDATI HELLAS PHARMACEUTICALS S.A. Greece €(000) 10,050 3,565 13,730 23,521 Marketing and sales of pharmaceuticals JABA RECORDATI S.A. Portugal €(000) 2,000 10,860 22,110 68,062 Marketing and sales of pharmaceuticals JABAFARMA PRODUTOS FARMACÊUTICOS S.A. Portugal €(000) 50 210 1,093 960 Marketing of pharmaceuticals BONAFARMA PRODUTOS FARMACÊUTICOS S.A. Portugal €(000) 50 304 2,016 2,640 Marketing of pharmaceuticals RECORDATI RARE DISEASES MIDDLE EAST FZ LLC United Arab Emirates €(000) 20 252 22,037 1,173 Marketing and sales of pharmaceuticals RECORDATI A.B. Sweden SEK(000) 100 17,272 62,016 370,248 Marketing and sales of pharmaceuticals RECORDATI RARE DISEASES S.A.R.L. France €(000) 420 84,978 326,366 396,729 Research, production and sales of pharmaceuticals NATURAL POINT S.r.l. Italy €(000) 10 18,537 75,034 41,111 Marketing and sales of pharmaceuticals RECORDATI AUSTRIA GmbH Austria €(000) 35 736 2,711 5,404 Marketing and sales of pharmaceuticals

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 93 Subsidiaries Headquarters Currency Share capital Net income (loss) 2025 Equity as at 31/12/2025 Revenue 2025 RECORDATI RARE DISEASES UNITED KINGDOM LTD United Kingdom GBP(000) 50 123 1,360 5,473 Marketing and sales of pharmaceuticals RECORDATI BULGARIA LTD Bulgaria BGN(000) 50 51 392 731 Marketing and sales of pharmaceuticals RECORDATI RARE DISEASES GERMANY GmbH Germany €(000) 26 4,561 5,494 78,761 Marketing and sales of pharmaceuticals RECORDATI RARE DISEASES SPAIN S.L. Spain €(000) 1,775 1,412 4,679 38,429 Marketing and sales of pharmaceuticals RECORDATI RARE DISEASES ITALY S.R.L. Italy €(000) 40 969 13,066 42,121 Marketing and sales of pharmaceuticals RECORDATI BVBA Belgium €(000) 19 1,710 1,960 39,587 Marketing and sales of pharmaceuticals FIC MEDICAL S.A.R.L. France €(000) 174 113 1,062 3,151 Marketing of pharmaceuticals HERBACOS RECORDATI s.r.o. Czech Republic CZK(000) 25,600 89,189 505,504 1,077,474 Research, production and sales of pharmaceuticals RECORDATI SK s.r.o. Slovak Republic €(000) 33 66 637 2,128 Marketing and sales of pharmaceuticals RUSFIC LLC Russian Federation RUB(000) 3,560 1,202,847 6,547,481 12,367,762 Marketing and sales of pharmaceuticals RECOFARMA ILAÇ Ve Hammaddeleri Sanayi Ve Ticaret L.Ş. Turkey TRY(000) - 10,249 - 50,255 Marketing of pharmaceuticals RECORDATI ROMANIA S.R.L. Romania RON(000) 5,000 24,560 60,612 155,581 Marketing and sales of pharmaceuticals RECORDATI İLAÇ Sanayi Ve Ticaret A.Ş. Turkey TRY(000) 2,754,508 253,390 3,963,078 5,883,623 Research, production and sales of pharmaceuticals RECORDATI POLSKA Sp. z o.o Romania PLN(000) 4,500 34,675 130,492 342,257 Marketing and sales of pharmaceuticals ACCENT LLC Russian Federation RUB(000) 20 2,018 39,743 3,600 Holds pharmaceutical marketing rights RECORDATI UKRAINE LLC Ukraine UAH(000) 1,032 22,151 205,812 800,187 Marketing of pharmaceuticals CASEN RECORDATI Portugal Unipessoal Ltd Portugal €(000) 100 111 1,284 744 Marketing and sales of pharmaceuticals OPALIA PHARMA S.A. Tunisia TND(000) 9,656 18,127 120,086 112,265 Research, production and sales of pharmaceuticals OPALIA RECORDATI SARL Tunisia TND(000) 20 2,293 13,816 6,287 Marketing of pharmaceuticals RECORDATI RARE DISEASE S.A. DE CV Mexico MXN(000) 16,250 1,807 67,156 145,412 Marketing of pharmaceuticals

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 94 Subsidiaries Headquarters Currency Share capital Net income (loss) 2025 Equity as at 31/12/2025 Revenue 2025 RECORDATI RARE DISEASE COLOMBIA S.A.S Colombia COP(000) 150,000 2,553,980 26,991,636 78,508,446 Marketing of pharmaceuticals RECORDATI RARE DISEASE CANADA INC. Canada CAD(000) 350 926 5,839 18,550 Marketing of pharmaceuticals RECORDATI RARE DISEASE JAPAN K.K. Japan JPY(000) 90,000 32,874 1,516,589 10,340,717 Marketing of pharmaceuticals RECORDATI RARE DISEASE AUSTRALIA Pty Ltd. Australia AUD(000) 200 1,448 3,699 13,988 Marketing of pharmaceuticals ITALCHIMICI S.p.A. Italy €(000) 7,646 12,961 62,486 38,872 Marketing and sales of pharmaceuticals RECORDATI AG Switzerland CHF(000) 65,000 185,763 580,091 438,282 Marketing and sales of pharmaceuticals RECORDATI (BEIJING) PHARMACEUTICAL CO. Ltd. China CNY(000) 5,706 5,157 15,214 85,276 Marketing of pharmaceuticals RECORDATI RARE DISEASES FZCO (2) United Arab Emirates €(000) 39 4,270 7,474 26,965 Marketing and sales of pharmaceuticals RECORDATI UK Ltd United Kingdom €(000) - 97,669 323,276 388,079 Marketing and sales of pharmaceuticals EUSA PHARMA (CH) GMBH Switzerland CHF(000) 20 - 41 - Marketing of pharmaceuticals RECORDATI NETHERLANDS B.V. Netherlands €(000) - 1,079 2,091 103,578 Marketing and sales of pharmaceuticals EUSA PHARMA DENMARK APS (DENMARK) Denmark DKK(000) - - - - Marketing and sales of pharmaceuticals RECORDATI KOREA Co. Ltd. South Korea KRW(000) 100,000 181,435 1,233,488 10,458,612 Marketing and sales of pharmaceuticals RECORDATI ARGENTINA S.r.l. Argentina ARS(000) 89,305 87,578 317,537 1,708,911 Marketing and sales of pharmaceuticals RECORDATI RARE DISEASE MENA RHQ Saudi Arabia SAR(000) 500 146 646 2,003 Marketing and sales of pharmaceuticals

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 95 RECORDATI S.P.A. ATTACHMENT 5 DETAILS OF ITEMS IN SHAREHOLDERS’ EQUITY € (thousands) Amount Availability for use Amount available Amount distributable without tax effects Amount distributable with tax effects Summary of uses over the preceding three years Notes Replenishment of losses Other uses Share capital 26,141 Additional paid-in capital 83,718 A B C 83,718 15,074 68,644 1 Revaluation reserve 2,602 A B C 2,602 - 2,602 Statutory reserve 5,228 B - - - Treasury stock reserve (239,379) (239,379) (239,379) - Other reserves Gain on merger 30,204 A B C 30,204 30,204 - Extraordinary reserve 73,253 A B C 73,253 73,253 - (30,243) 2 Reserve under Art. 13 par. 6 Legislative Decree No. 124/1993 99 A B C 99 - 99 Research and investment grants 17,191 A B C 17,191 1,227 15,964 3 Extraordinary VAT concession reserve 517 A B C 517 - 517 Southern Italy investment fund 3,632 IAS reserve 167,061 A B C 167,061 167,061 - (22,752) 2 Interim dividends (128,783) (128,783) (128,783) - Net income (loss) for the period 317,587 A B C 317,587 317,587 - Total equity 359,071 324,070 236,244 87,826 0 (52,995) Legend: A for share capital increase B to replenish losses C to distribute to shareholders Notes: 1 The additional paid-in capital reserve may be distributed when the statutory reserve has reached one fifth of the share capital. 2 The decrease is due to the difference between the amount paid by Group employees who exercised options under the stock option plans and the value of treasury shares recognised in the financial statements in the last three years. 3 The research and investment grant reserve has already been subject to taxation of € 1,227 thousand.

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 96 RECORDATI S.P.A. ATTACHMENT 6 SUMMARY OF THE LATEST FINANCIAL STATEMENTS APPROVED BY THE COMPANY THAT EXERCISES MANAGEMENT AND COORDINATION Annual financial statements of the company Rossini Luxembourg S.à.r.l. Amounts in euro 31.12.2024 Amounts in euro 31.12.2023 Income statement Revenue Operating costs (111,155) (103,869) Taxes (7,820) (8,385) Net income (loss) for the year (118,975) (112,254) Assets Non-current assets 1,097,330,982 1,098,330,981 Current assets 2,478,786 1,584,783 Total assets 1,099,809,768 1,099,915,765 Equity and Liabilities Equity Share capital 1,108,568 1,108,568 Reserves 1,099,417,178 1,099,417,178 Prior year net income (losses) (629,892) (517,638) Net income (loss) for the year (118,975) (112,254) Total equity 1,099,776,879 1,099,895,854 Liabilities Current liabilities 32,889 19,911 Total liabilities 32,889 19,911 Total equity and liabilities 1,099,809,768 1,099,915,765

ANNUAL REPORT 2025 RECORDATI S.P.A. FINANCIAL STATEMENTS 31 ST DECEMBER 2025 97 RECORDATI S.P.A. ATTACHMENT 7 DISCLOSURE OF AUDITORS' FEES FOR ACCOUNTING AUDITS AND OTHER SERVICES Type of service Firm that provided the service Fees in € Accounting audit Auditor of the Company 253,064 Due diligence services Auditor of the Company 0 Signing declarations and certifications Auditor of the Company 147,216

BILANCIO DI ESERCIZIO 2025 RECORDATI S.P.A. ATTESTAZIONE DI BILANCIO D’ESERCIZIO 98 CERTIFICATION IN RESPECT OF THE FINANCIAL STATEMENTS UNDER ARTICLE 154 -BIS OF LEGISLATIVE DECREE 58/98 1. The undersigned, Robert Koremans, in his capacity as Chief Executive Officer, and Niccolò Giovannini, as the Manager responsible for the preparation of the financial statements of Recordati S.p.A., pursuant to the provisions of article 154-bis, clauses 3 and 4, of Legislative Decree No. 58 of 24 th February 1998, hereby attest • the adequacy in relation to the characteristics of the company and • the effective application, of the administrative and accounting procedures applied in the preparation of the separate company financial statements for the financial year 2025. 2. They also attest that: 2.1 The financial statements as at 31 st December 2025: • have been prepared in accordance with the international accounting standards, recognised by the European Union pursuant to Regulation (EC) 1606/2002 of the European Parliament and Council, dated 19 th July 2002; • correspond to the amounts shown in the Company’s accounts, books and records; • provide a fair and correct representation of the financial conditions, results of operations and cash flows of the issuer. 2.2 The report on operations includes a reliable operating and financial review of the Company as well as a description of the main risks and uncertainties to which it is exposed. Milan, 19 th March 2026 The Chief Executive Officer The Manager responsible for preparing the Company’s financial reports Robert Koremans Niccolò Giovannini

Recordati Industria Chimica e Farmaceutica S.p.A. Financial statements as at 31 December 2025 Independent auditor’s report pursuant to article 14 of Legislative Decree n. 39, dated 27 January 2010, and article 10 of EU Regulation n. 537/2014

EY S.p.A. Sede Legale: Via Meravigli, 12 – 20123 Milano Sede Secondaria: Via Lombardia, 31 - 00187 Roma Capitale Sociale Euro 2.975.000,00 i.v. Iscritta alla S.O. del Registro delle Imprese presso la C.C.I.A.A. di Milano Monza Brianza Lodi Codice fiscale e numero di iscrizione 00434000584 - numero R.E.A. di Milano 606158 - P.IVA 00891231003 Iscritta al Registro Revisori Legali al n. 70945 Pubblicato sulla G.U. Suppl. 13 - IV Serie Speciale del 17/2/1998 A member firm of Ernst & Young Global Limited EY S.p.A. Via Meravigli, 12 20123 Milano Tel: +39 02 722121 Fax: +39 02 722122037 ey.com Independent auditor’s report pursuant to article 14 of Legislative Decree n. 39, dated 27 January 2010 and article 10 of EU Regulation n. 537/2014 (Translation from the original Italian text) To the Shareholders of Recordati Industria Chimica e Farmaceutica S.p.A. Report on the Audit of the Financial Statements Opinion We have audited the financial statements of Recordati Industria Chimica e Farmaceutica S.p.A. (the Company), which comprise the statement of financial position as at 31 December 2025, and the statement of income, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information. In our opinion, the financial statements give a true and fair view of the financial position of the Company as at 31 December 2025, and of its financial performance and its cash flows for the year then ended in accordance with IFRS accounting standards issued by International Accounting Standards Board as adopted by the European Union and with the regulations issued for implementing art. 9 of Legislative Decree n. 38/2005. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISA Italia). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the regulations and standards on ethics and independence applicable to audits of financial statements under Italian Laws. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key Audit Matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We identified the following key audit matters:

2 Key Audit Matter Audit Response Recoverability of the book value of investments in subsidiaries As of 31 December 2025, the investments in subsidiaries recorded in the Company's financial statements amount to Euro 1.844 million. In case of specific impairment indicators, the value of investments in subsidiaries, recorded at cost, is tested for impairment by the directors. For the purpose of impairment testing, the value of the investments in subsidiaries is compared with the recoverable amount, defined as the higher of the fair value less costs to sell and the value in use. The processes as well as the methods of evaluation and calculation of the recoverable amount of investments in subsidiaries are based on assumptions, sometimes complex, which imply, by their nature, estimates by the directors, especially with regard to the forecast of future cash flows, the determination of the discount rates and growth rates adopted beyond the period with explicit forecasts. Considering the significance of the item, the judgment requested and the complexity of the assumptions adopted in the estimation of the recoverable amount of investments in subsidiaries, we assessed this matter as a key audit matter. Financial statements disclosures related to this matter are reported in the note "2. Summary of significant accounting policies" and in particular in the note "16. Investments", which describes the composition of the balance as of 31 December 2025, as well as the methodology used to assess the recoverable amount of investments in subsidiaries, with specific reference to the valuation methodology and the assumptions used. Our audit procedures related to the key audit matter included, among the others: i. the analysis of the procedure adopted by the Company and the methodology applied in connection with identification and evaluation of any reduction in the value of investments in subsidiaries, taking into account the impairment test procedure approved by the Board of Directors of the Company on 17 February 2026; ii. the analysis of the differences between the value of investments in subsidiaries and the corresponding value of the net assets of the subsidiaries, also considering the outcome of the activities performed to assess the recoverability of goodwill in the consolidated financial statements; iii. the analysis of the reasonableness of the expected cash flows underlying the impairment test approved by the Board of Directors of the Company; iv. the assessment of the quality of forecasts as compared to the historical accuracy of the previous forecasts; v. the sensitivity analysis on key assumptions in order to identify the changes in assumptions that could have a significant impact on the valuation of the recoverable amount. Our procedures were performed with the support of our experts in valuation techniques, who analyzed the valuation methodologies adopted, verified the mathematical accuracy of the calculation models and evaluated the reasonableness of the criteria adopted to determine the discount rates and growth rates applied beyond the period with explicit forecasts. Finally, we analyzed the disclosures provided in the financial statements of the Company as of 31 December 2025.

3 Responsibilities of Directors and Those Charged with Governance for the Financial Statements The Directors are responsible for the preparation of the financial statements that give a true and fair view in accordance with IFRS accounting standards issued by International Accounting Standards Board as adopted by the European Union and with the regulations issued for implementing art. 9 of Legislative Decree n. 38/2005, and, within the terms provided by the law, for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. The Directors are responsible for assessing the Company’s ability to continue as a going concern and, when preparing the financial statements, for the appropriateness of the going concern assumption, and for appropriate disclosure thereof. The Directors prepare the financial statements on a going concern basis unless they either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. The statutory audit committee (“Collegio Sindacale”) is responsible, within the terms provided by the law, for overseeing the Company’s financial reporting process. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with International Standards on Auditing (ISA Italia) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with International Standards on Auditing (ISA Italia), we have exercised professional judgment and maintained professional skepticism throughout the audit. In addition:  we have identified and assessed the risks of material misstatement of the financial statements, whether due to fraud or error, designed and performed audit procedures responsive to those risks, and obtained audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;  we have obtained an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control;  we have evaluated the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Directors;  we have concluded on the appropriateness of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to consider this matter in forming our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report.

4 However, future events or conditions may cause the Company to cease to continue as a going concern;  we have evaluated the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We have communicated with those charged with governance, identified at an appropriate level as required by ISA Italia, regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We have provided those charged with governance with a statement that we have complied with the ethical and independence requirements applicable in Italy, and we have communicated them all matters that may reasonably be thought to bear on our independence, and where applicable, the actions taken to eliminate relevant risks or the safeguard measures applied. From the matters communicated with those charged with governance, we have determined those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We have described these matters in our auditor’s report. Additional information pursuant to article 10 of EU Regulation n. 537/14 The shareholders of Recordati Industria Chimica e Farmaceutica S.p.A., in the general meeting held on 29 April 2020, engaged us to perform the audits of the financial statements for each of the years ending 31 December 2020 to 31 December 2028. We declare that we have not provided prohibited non-audit services, referred to article 5, par. 1, of EU Regulation n. 537/2014, and that we have remained independent of the Company in conducting the audit. We confirm that the opinion on the financial statements included in this report is consistent with the content of the additional report to the audit committee (Collegio Sindacale) in their capacity as audit committee, prepared pursuant to article 11 of the EU Regulation n. 537/2014. Report on compliance with other legal and regulatory requirements Opinion on the compliance with Delegated Regulation (EU) 2019/815 The Directors of Recordati Industria Chimica e Farmaceutica S.p.A. are responsible for applying the provisions of the European Commission Delegated Regulations (EU) 2019/815 for the regulatory technical standards on the specification of a single electronic reporting format (ESEF – European Single Electronic Format) (the “Delegated Regulation”) to the financial statements as of 31 December 2025, to be included in the annual financial report. We have performed the procedures under the auditing standard SA Italia n. 700B, in order to express an opinion on the compliance of the financial statements as at 31 December 2025 with the provisions of the Delegated Regulation. In our opinion, the financial statements as at 31 December 2025 have been prepared in the XHTML format in compliance with the provisions of the Delegated Regulation.

5 Opinion and statement pursuant to article 14, paragraph 2, subparagraph e), e-bis) and e-ter) of Legislative Decree n. 39 dated 27 January 2010 and pursuant to article 123-bis, paragraph 4, of Legislative Decree n. 58, dated 24 February 1998 The Directors of Recordati Industria Chimica e Farmaceutica S.p.A. are responsible for the preparation of the Report on Operations and of the Report on Corporate Governance and Ownership Structure of Recordati Industria Chimica e Farmaceutica S.p.A. as at 31 December 2025, including their consistency with the related financial statements and their compliance with the applicable laws and regulations. We have performed the procedures required under audit standard SA Italia n. 720B, in order to:  express an opinion on the consistency of the Report on Operations and of specific information included in the Report on Corporate Governance and Ownership Structure as provided for by article 123-bis, paragraph 4, of Legislative Decree n. 58, dated 24 February 1998, with the financial statements;  express an opinion of the compliance with the laws and regulations of the Report on Operations and the above mentioned specific information included in the Report on Corporate Governance and Ownership Structure pursuant article n. 123-bis, paragraph 4, of Legislative Decree n. 58, dated 24 February 1998;  issue a statement on any material misstatement in the Report on Operations and in certain specific information contained in the Report on Corporate Governance and Ownership Structure pursuant article n. 123-bis, paragraph 4, of Legislative Decree n. 58, dated 24 February 1998. In our opinion, the Report on Operations and the specific information contained in the Report on Corporate Governance and Ownership Structure pursuant article n. 123-bis, paragraph 4, of Legislative Decree n. 58, dated 24 February 1998, are consistent with the financial statements of Recordati Industria Chimica e Farmaceutica S.p.A. as at 31 December 2025. Furthermore, in our opinion, the Report on Operations and the specific information contained in the Report on Corporate Governance and Ownership Structure pursuant article n. 123-bis, paragraph 4, of Legislative Decree n. 58, dated 24 February 1998, comply with the applicable laws and regulations. With reference to the statement required by art. 14, paragraph 2, subparagraph e-ter), of Legislative Decree n. 39, dated 27 January 2010, based on our knowledge and understanding of the entity and its environment obtained through our audit, we have no matters to report. Milan, 31 March 2026 EY S.p.A. Signed by: Giovanni Luca Guerra, Auditor This independent auditor’s report has been translated into the English language solely for the convenience of international readers. Accordingly, only the original text in Italian language is authoritative.