Consolidated net revenue of € 2,103.7 million in the first nine months of 2026, +7.5% or +9.4% on a like-for-like basis
(3)
at constant exchange rates (CER); adverse FX impact of € 35.6 million (-1.8%)
EBITDA
(1)
of € 801.1 million, +7.7%, margin on net revenue of 38.1%
Adjusted net income
(2)
of € 524.9 million, +6.4%, margin on net revenue of 25.0%
Net income of € 407.1 million, +24.8%
Free cash flow
(4)
of € 459.8 million, +€ 63.0 million vs prior year
Net debt
(5)
at € 1,697.8 million, around 1.6x EBITDA
FY 2026 financial targets confirmed at the upper end of the guidance range
Resolution not to distribute an interim dividend for the 2026 financial year
Milan, 10
th
November 2026
– The Board of Directors of Recordati S.p.A. approved the interim financial statements as of September 30, 2026, representing additional voluntary financial reporting
(6)
. The report was prepared using the assessment, measurement and recognition criteria prescribed by international accounting standards (IFRS). The Group’s Interim Report as of September 30, 2026 will be available within the legal deadline at the company’s offices and on the company’s website ( ) and can also be viewed on the authorized storage system 1Info ( ).
Rob Koremans, Chief Executive Officer of Recordati,
commented: “The performance in the first nine months of 2026 reflects the resilience of our business and the continued successful execution of our strategy. Our Rare Diseases franchise remains a key driver of growth, supported by strong momentum across our portfolio, particularly Isturisa
®
in the U.S., and continued progress in advancing our pipeline. At the same time, our Specialty & Primary Care business continues to demonstrate resilience, supported by the strength of our established brands and disciplined commercial execution. As we approach the end of the year, we remain focused on delivering against our commitments, investing in our future growth opportunities and ensuring that we continue to make a meaningful difference to the lives of patients around the world.”
Financial highlights
Consolidated net revenue
for the first nine months of 2026 was € 2,103.7 million, up 7.5% or 9.4% on a like-for-like
(3)
basis at CER (+8.0% excluding Türkiye) versus the first nine months of 2025. This was driven, in particular, by the strong momentum from the Rare Diseases business. The adverse FX impact for the first nine months of 2026 was € 35.6 million (-1.8%), mainly driven by the devaluation of the U.S. dollar and the Turkish lira.
Rare Diseases
revenue was € 928.2 million for the first nine months of 2026, up 18.7%, or 21.3% on a like-for-like
(
3
)
basis at CER as compared to the first nine months of 2025, driven by strong volume growth across the Endocrinology and Hema-Oncology franchises. The
Endocrinology
franchise achieved net revenue of € 389.8 million, an increase of 37.5%, reflecting continued growth of Isturisa
®
(€ 285.9 million, +54.8%), driven by strong new patient uptake across geographies, particularly in the U.S., and growth of Signifor
®
(€ 103.9 million, +5.1%). The
Hema-Oncology
franchise achieved net revenue of € 347.5 million, growing by 15.3%, reflecting the strong momentum of Enjaymo
®
across geographies (€ 135.2 million, +30.0%), as well as growth of Qarziba
®
(€ 125.5 million, +7.3%) and Sylvant
®
(€ 74.4 million, +6.8%). The
Metabolic
franchise achieved net revenue of € 190.9 million, a decrease of 3.3%, with positive growth in the second and third quarters of 2026, and reflecting phasing of Carbaglu
®
across geographies and positive one-offs in 2025 in France, and slightly lower demand of Panhematin
®
in Brazil against a strong performance in the first nine months of 2025.
Specialty & Primary Care
revenue was € 1,135.5 million for the first nine months of 2026, up 0.5% or 1.7% on a like-for-like
(3)
basis at CER as compared to the first nine months of 2025
(
7
)
, reflecting continued in-market growth of the promoted portfolio (+8.4%
(
8
)
) and some expected one-off headwinds. In particular, the
Cardiovascular
franchise achieved net revenue of € 311.4 million, an increase of 0.4%, mainly reflecting the loss of the Cardicor
®
license, offset by the growing contribution of Vazkepa
®
and Livazo
®
. The
Urology
franchise achieved net revenue of € 312.5 million, an increase of 1.0%, driven by the strong performance of Eligard
®
benefiting from a competitor stock-out in Türkiye, as well as by local products, mostly offset by the one-off Tergynan
®
re-launch in Russia in 2025. The
Gastrointestinal
franchise achieved net revenue of € 196.2 million, an increase of 2.1%, mainly driven by Procto-Glyvenol
®
. The
Cough & Cold
franchise achieved net revenue of € 82.1 million, a decrease of 8.6% due to a weaker season in key markets.
EBITDA
(1)
was € 801.1 million for the first nine months of 2026, up 7.7% compared to the first nine months of 2025, with margin of 38.1% of net revenue. Strong revenue performance and the positive mix effect at the gross profit level was partially offset by a higher level of investments to support the U.S. expansion, primarily for Isturisa
®
, the continued development of Enjaymo
®
, ongoing geographic expansion in Rare Diseases as well as the launch of Vazkepa
®
in Specialty & Primary Care.
Adjusted operating income
(
9)
was € 642.2 million in the nine months of 2026, an increase of 8.6% versus the first nine months of 2025. This represents 30.5% of net revenue, compared with 30.2% in the prior year, supported by strong operating performance.
Operating income
was € 621.2 million in the first nine months of 2026, up 25.1% over the first nine months of 2025, when non-cash charges of € 62.5 million were posted, mainly due to the fair value revaluation of the inventory acquired as part of the acquisition of the Enjaymo
®
rights. Non-recurring costs were € 21.0 million, compared with € 32.0 million in the first nine months of 2025, mainly reflecting the acceleration of the LTI Performance Share Plan triggered by the potential delisting of Recordati.
Financial expenses
were € 83.2 million in the first nine months of 2026, up by € 15.9 million compared to the same period of the previous year, mainly due to net exchange rate losses of € 5.3 million as compared to exchange rate gains of € 10.9 million in the first nine months of 2025, with the variance mainly driven by the performance of the U.S. dollar. Lower interest expenses contributed a positive impact of € 2.4 million compared to the same period of the previous year, mainly due to lower net debt, while impact of hyperinflation was negative € 4.3 million compared to € 4.5 million in the first nine months of 2025.
Adjusted net income
(2)
was € 524.9 million, 25.0% of net revenue, up by 6.4% compared to the same period of 2025, benefitting from higher adjusted operating income, partly offset by higher financial expenses and tax rate.
Net income
was € 407.1 million, 19.4% of net revenue, an increase of 24.8% versus the prior year, reflecting higher operating income, despite the higher financial expenses and income tax rate versus the first nine months of 2025.
Free cash flow
(4)
was € 459.8 million for the first nine months of 2026, an increase of € 63.0 million versus the first nine months of 2025, driven primarily by higher EBITDA, while higher income tax paid were offset by a favorable impact of changes in other assets and liabilities.
Net debt
(5)
as of September 30, 2026 was € 1,697.8 million, or leverage around 1.6x EBITDA, compared to net debt of € 2,037.3 million on December 31, 2025.
Shareholders’ equity
was € 2,339.9 million.
Pipeline Development
The osilodrostat (Isturisa
®
) Phase IV study in patients with hypertension caused by hypercortisolemia due to Cushing’s syndrome was initiated in August 2026.
The Phase 2 trial evaluating pasireotide for the treatment of post-bariatric hypoglycemia met its primary endpoint with a dose-dependent and significant increase in glucose levels during a standardized meal test (p<0.02)
(
10
)
. The Phase 3 development plan is expected to be finalized by the end of 2026.
On the basis of encouraging FDA feedback as well as early clinical evidence showing that sutimlimab, by targeting the classical complement pathway, can lead to a rapid and sustained platelet response in patients with immune thrombocytopenia (ITP) refractory to multiple lines of treatment, Recordati expects to advance sutimlimab into a pivotal registrational Phase 3 trial for the treatment of chronic ITP at the beginning of 2027.
The other lifecycle management programs are progressing in line with plans.
Corporate Development
On January 29, 2026, Recordati announced a collaboration and license agreement with Moderna to develop and commercialize worldwide mRNA-3927, an investigational product for the treatment of propionic acidemia (PA). Under the terms of the agreement, Moderna will continue to lead the development of mRNA-3927, in collaboration with Recordati, and if approved, Recordati will lead global commercialization. mRNA-3927 is a post proof-of-concept, investigational product aimed to restore propionyl-CoA carboxylase (PCC) enzyme activity in patients with propionic acidemia. If approved, this could be the first disease-modifying treatment option on the market for this severe disease. mRNA-3927 is currently being evaluated in a potential registrational clinical study. The target patient enrollment has been reached, with a data readout expected by the end of 2026.
On June 25, 2026, Recordati announced a license agreement with Ionis Pharmaceuticals, Inc. for exclusive development and commercialization rights to zilganersen, an investigational RNA-targeted medicine for the treatment of Alexander disease (AxD), in all countries outside the U.S. Recordati will be responsible for regulatory filings and commercialization outside the U.S., including country-specific support for early access pathways based on local regulations and access dynamics. Ionis will maintain sole commercial responsibility for zilganersen in the U.S. and will continue to lead development globally. Alexander disease is a rare, progressive and often fatal neurological disorder caused by mutations in the GFAP gene. The disease affects astrocytes, critical support cells in the brain, leading to progressive loss of neurological function, including mobility, independence, swallowing and breathing. There are currently no approved disease-modifying therapies for AxD.
Voluntary Tender Offer
On November 9, 2026, the offering period of the voluntary cash tender offer launched on Recordati by CVC Fund IX (through CVC Capital Partners IX Aggregator SCA SICAV-RAIF Sub-Fund 2) and GBL (through its controlled investment vehicle Black Mountain S.à r.l.), through Respighi BidCo S.p.A. (the “
Offeror
”), ended.
Based on the provisional results, the Offeror holds an aggregate shareholding representing approximately 91.451% of the Company’s share capital (approximately 92% of the Company's share capital, taking also in account the treasury shares).
Upon confirmation of the provisional results, the Offeror will proceed to the squeeze-out of the remaining 16,881,530 shares, representing approximately 8% of the Company’s share capital, through the joint procedure pursuant to Articles 108, paragraph 2, and 111 of the Legislative Decree no. 58 of 24 February 1998, as subsequently amended and supplemented (the “CFA”), which will result in the delisting of Recordati shares from Euronext Milan. It is reasonable to expect that this procedure will be completed by the end of the month of November.
The final results of the reopening period will be announced by 7:29 a.m. on 16 November 2026, and the consideration for the shares tendered during the reopening period will be paid on 17 November 2026.
For additional information on the provisional results of the Offer following the reopening of the terms please refer to Press Release issued by Respighi BidCo S.p.A. on 9 November 2026 available on Recordati's website at
where further information on the voluntary tender offer is also available.
Management and coordination
The Board of Directors also acknowledged that, following the settlement of the Offer, Recordati S.p.A. has become subject to the management and coordination of Respighi TopCo S.à r.l. pursuant to Articles 2497 et seq. of the Italian Civil Code, replacing Rossini Luxembourg S.à r.l. in such capacity.
Business outlook
The Group confirms its financial targets for full year 2026 as follows and expects to land in the upper end of the guidance ranges:
Net revenue
between € 2,730 and € 2,800 million with FX headwind of ~-3.5%
EBITDA
(1)
between € 995 and € 1,030 million; margin of +/- 36.5% with FX headwind of ~-4.0%
Adjusted net income
(2)
between € 655 and € 685 million; margin of +/- 24.0%
The full year 2027 targets
(
1
1)
remain unchanged, with strong organic growth complemented by bolt-on business development and M&A.
Interim dividend 2026
No interim dividend in view of the imminent squeeze-out and delisting
In light of the results of the Offer, the imminent squeeze-out of the minority shareholders and the resulting delisting of the Company’s shares from Euronext Milan, and considering that the Offer price of €53 per share is “cum dividend” (such that any interim dividend paid would be deducted from the Offer price and would therefore have no economic impact on the minority shareholders), the Board of Directors resolved not to approve the distribution of an interim dividend in respect of the 2026 financial year. Accordingly, the payment of the interim dividend indicated in the 2026 corporate events calendar (ex-dividend date 23 November 2026, payment date 25 November 2026) will not occur.
Conference Call
In light of the ongoing voluntary tender offer (VTO) process and Respighi's current shareholding in Recordati, the Company will not hold a conference call in connection with its first nine months 2026 financial results. The presentation on the first nine months 2026 financial results will be made available at under Investors/Company Presentations. The Investor Relations team remains available to address any questions through the usual communication channels.
(1)
Net income before income taxes, financial income and expenses, depreciation, amortization and write-downs of property, plant and equipment, intangible assets and goodwill, non-recurring items and non-cash charges arising from the allocation of the purchase price of acquisitions
to the gross margin of acquired inventory
as foreseen by IFRS
.
(2)
Net income excluding amortization and write-downs of intangible assets (except software) and goodwill, non-recurring items, non-cash charges arising from the allocation of the purchase price of acquisitions
to the gross margin of acquired inventory
as foreseen by
IFRS 3, monetary net gains/losses from hyperinflation (IAS 29), net of tax effects
.
(3)
Pro-forma growth calculated excluding revenue of Vazkepa® and Cardicor® for
9M
2026 and
9M
2025 (Specialty & Primary Care) and Inrebic® for
9M
2026 (Rare Diseases).
(4)
Total cash flow excluding financing items, milestones, dividends, purchases of treasury shares net of proceeds from exercise of stock options.
(5)
Cash and cash equivalents, less bank debts and loans, which include the measurement at fair value of hedging derivatives.
(6)
Please note that Italian Legislative Decree 25/2016, which implements Directive 2013/50/EU, no longer stipulates the submission of an interim management report, which was previously required in terms of paragraph 5 of Art. 154- ter of Italian Legislative Decree 58/1998.
(
7
)
The 2025 figures have been restated to reflect the reclassification of certain brands from Other
Therapeutic
a
reas
to Cardiovascular and Gastrointestinal
areas
in 2026.
The amount of reclassification for
9M
2025 is as follows: €
5
.
6
million from Other Therapeutic areas to Cardiovascular area and €
9
.
8
million from Other Therapeutic areas to Gastrointestinal
area.
(
8
)
IQVIA Aug-YTD.
(
9
)
Net income before income taxes, financial income and expenses and non-recurring items, non-cash charges arising from the allocation of the purchase price
of acquisitions
to the gross margin of acquired inventory
as foreseen by
IFRS 3.
(
10
)
p=0.0106 (50
µg s.c. pasireotide
vs placebo); p=0.0010 (100
µg s.c. pasireotide
vs. placebo); p< 0.0001 (200
µg s.c. pasireotide
vs placebo)
.
(1
1
)
FY 2027 targets: Net Revenue €3,000 - €3,200 million, EBITDA €1,140 - €1,225 million, Adjusted Net Income €770- €820 million, excluding potential impact from tariffs and/or most favored nation pricing policies in the U.S.
Recordati
is
an international pharmaceutical
Group
listed on the Italian Stock Exchange (XMIL: REC), with roots dating back to a family-run pharmacy in Northern Italy in the 1920s. We are uniquely structured to provide treatments across specialty and primary care and rare diseases. Our fully integrated operations span clinical development,
manufacturing of active ingredients
and finished
products,
commerciali
z
ation
and licensing. We operate in approximately 150 countries across EMEA, the Americas and APAC
,
with
around
4,
700
employees. We believe that health is a fundamental right, not a privilege. Today, our purpose
“Unlocking
the full potential of life” aims
to empower
individuals to live life to the fullest,
from
common
conditions to
the rarest.
Investor Relations
Eugenia Litz
Eugenia.Litz@recordati.com
Gianluca Saletta
saletta.g@recordati.it
Media Relations
Laura Conti
conti.l@recordati.it
Rebecca Kerr
rebecca.kerr@recordati.com
This document contains forward-looking statements relating to future events and future operating, economic and financial results of the Recordati group. By their nature, forward-looking statements involve risk and uncertainty because they depend on the occurrence of future events and circumstances. Actual results may therefore differ materially from those forecast for a variety of reasons, most of which are beyond the Recordati group
’
s control. The information on the pharmaceutical specialties and other products of the Recordati group contained in this document is intended solely as information on the activities of the Recordati Group, and, as such, it is not intended as a medical scientific indication or recommendation, or as advertising
.
MAIN PRODUCTS NET REVENUE
(€ thousands)
First nine months 2026
First nine months 2025
Change %
Specialty & Primary Care
1,135,469
1,129,854
0.5
Zanidip
®
(lercanidipine) and Zanipress
®
(lercanidipine+enalapril)
1
142,585
144,062
(1.0)
Eligard
®
(leuprorelin acetate)
104,559
95,470
9.5
Seloken
®
/Seloken
®
ZOK/Logimax
®
(metoprolol/metoprolol+felodipine)
75,341
81,310
(7.3)
Avodart
®
(dutasteride) and Combodart
®
/Duodart
®
(dutasteride/tamsulosin)
2
74,182
77,611
(4.4)
Urorec
®
(silodosin)
63,221
63,547
(0.5)
Livazo
®
(pitavastatin)
55,876
42,974
30.0
Vazkepa
®
(ethyl-icosapent)
22,854
3,484
n.a.
Rare Diseases
928,161
782,240
18.7
Isturisa
®
(osilodrostat)
285,880
184,673
54.8
Signifor
®
/ Signifor LAR (pasireotide)
103,922
98,907
5.1
Enjaymo
®
(sutimlimab)
135,163
103,981
30.0
Qarziba
®
(dinutuximab beta)
125,459
116,897
7.3
Sylvant
®
(siltuximab)
74,427
69,688
6.8
(1)
of which Zanidip® € 120.6 million in 9M 2026 and € 121.4 million in 9M 2025
(2)
Trademarks are owned by or licensed to the GSK group of companies
RECORDATI GROUP
Summary of the consolidated results, prepared in accordance with International Financial Reporting Standards (IFRS)
(€ thousands)
INCOME STATEMENT
First nine months 2026
First nine months 2025
Change %
NET REVENUE
2,103,699
1,956,163
7.5
Cost of sales
(601,981)
(641,133)
(6.1)
GROSS PROFIT
1,501,718
1,315,030
14.2
Selling expenses
(448,719)
(416,016)
7.9
Research and development expenses
(274,805)
(246,930)
11.3
General and administrative expenses
(135,209)
(123,735)
9.3
Other income/(expenses), net
(21,786)
(31,676)
(31.2)
OPERATING INCOME
621,199
496,673
25.1
Financial income/(expenses), net
(83,239)
(67,373)
23.5
PRE-TAX INCOME
537,960
429,300
25.3
Income taxes
(130,857)
(103,014)
27.0
NET INCOME
407,103
326,286
24.8
Adjusted gross profit
(1)
1,501,718
1,377,491
9.0
Adjusted operating income
(2)
642,181
591,132
8.6
Adjusted net income
(3)
524,879
493,121
6.4
EBITDA
(4)
801,129
743,912
7.7
Net income attributable to:
Equity holders of the Parent
407,103
326,286
24.8
Non-controlling interests
0
0
n.s.
EARNINGS PER SHARE (euro)
Basic
(5)
1.988
1.585
25.4
Diluted
(6)
1.950
1.560
25.0
(1)
Gross profit adjusted from impact of non-cash charges arising
from the allocation of the purchase price
of
acquisitions to
the gross margin
of acquired
inventory
as foreseen by IFRS 3
.
(2)
Net income before income taxes, financial income and expenses, non-recurring items and non-cash charges arising from the allocation of the
purchase price
of
acquisitions to
the gross margin
of acquired
inventory
as foreseen by IFRS 3
.
(3)
Net income excluding amortization and write-downs of intangible assets (except software) and goodwill, non-recurring items, non-cash charges arising from the allocation of the purchase price of acquisitions to the gross margin of acquired inventory as foreseen by IFRS 3, monetary net gains/losses from hyperinflation (IAS 29), net of tax effects.
(4)
Net income before income taxes, financial income and expenses, depreciation, amortization and write-downs of property, plant and equipment, intangible assets and goodwill, non-recurring items and non-cash charges arising from the allocation of the purchase price of acquisitions to the gross margin of acquired inventory as foreseen by IFRS 3.
(5
)
Earnings per share (EPS) are based on average shares outstanding during the respective period,
20
4
,
7
66
,
883
in 2026 and
205,829,172
in 2025. These amounts are calculated deducting treasury shares in the portfolio, the average of which was
4
,
3
58
,
273
shares in 2026 and
3,295,984
shares
in 2025.
(6)
Diluted earnings per share is calculated
considering
rights granted to
beneficiaries of stock options and performance shares plans
.
COMPOSITION OF NET REVENUE
First nine months 2026
First nine months 2025
Change %
Total revenue
2,103,699
1,956,163
7.5
Italy
234,314
265,272
(11.7)
International
1,869,385
1,690,891
10.6
RECORDATI GROUP
(€ thousands)
Reconciliation of Net income to EBITDA
(1)
First nine months 2026
First nine months 2025
Net income
407,103
326,286
Income taxes
130,857
103,014
Financial income/(expenses), net
83,239
67,373
Non-recurring expenses
20,982
31,998
Non-cash charges from PPA inventory uplift
0
62,461
Adjusted operating income
(2)
642,181
591,132
Depreciation, amortization and write-downs
158,948
152,780
EBITDA
(1)
801,129
743,912
Reconciliation of Net income to Adjusted Net income
(3)
First nine months 2026
First nine months 2025
Net income
407,103
326,286
Amortization and write-downs of intangible assets
(excluding software)
125,238
122,769
Tax effect
(29,524)
(29,026)
Non-recurring operating expenses
20,982
31,998
Tax effect
(3,258)
(9,139)
Non-cash charges from PPA inventory uplift
0
62,461
Tax effect
0
(15,615)
Monetary net (gain)/losses from hyperinflation (IAS29)
4,338
4,457
Tax effect
0
(1,070)
Adjusted net income
(3)
524,879
493,121
(1)
Net income before income taxes, financial income and expenses, depreciation, amortization and write-downs of property, plant and equipment, intangible assets and goodwill, non-recurring items and non-cash charges arising from the allocation of the purchase price of acquisitions to the gross margin of acquired inventory as foreseen by IFRS 3.
(2)
Net income before income taxes, financial income and expenses, non-recurring items and non-cash charges arising from the allocation of the purchase price of acquisitions to the gross margin of acquired inventory as foreseen by IFRS 3
.
(3)
Net income excluding amortization and write-downs of intangible assets (except software) and goodwill, non-recurring items, non-cash charges arising from the allocation of the purchase price of acquisitions to the gross margin of acquired inventory as foreseen by IFRS 3, monetary net gains/losses from hyperinflation (IAS 29), net of tax effects.
RECORDATI GROUP
Summary of the consolidated results, prepared in accordance with International Financial Reporting Standards (IFRS)
(€ thousands)
ASSETS
30.09.2026
31.12.2025
Property, plant and equipment
232,716
222,324
Intangible assets
2,348,848
2,393,448
Goodwill
805,847
795,680
Other equity investments and securities
18,072
16,244
Other non-current assets
11,787
10,259
Deferred tax assets
153,922
136,415
TOTAL NON-CURRRENT ASSETS
3,571,192
3,574,370
Inventories
571,093
539,804
Trade receivables
637,426
570,154
Other receivables
131,922
106,458
Other current assets
30,607
24,591
Derivative instruments measured at fair value
12,005
8,074
Cash and cash equivalents
503,264
428,824
TOTAL CURRENT ASSETS
1,886,317
1,677,905
TOTAL ASSETS
5,457,509
5,252,275
RECORDATI GROUP
Summary of the consolidated results, prepared in accordance with International Financial Reporting Standards (IFRS)
(€ thousands)
EQUITY AND LIABILITIES
30.09.2026
31.12.2025
Share capital
26,141
26,141
Share premium reserve
83,719
83,719
Treasury shares
(54,289)
(239,379)
Reserve for derivative instruments
6,162
(17)
Translation reserve
(370,502)
(348,362)
Other reserves
27,495
73,822
Profits carried forward
2,214,043
2,009,007
Net income
407,103
443,624
Interim dividend
0
(128,783)
Shareholders’ equity attributable to equity holders of the Parent
2,339,872
1,919,772
Shareholders’ equity attributable to non-controlling interests
0
0
TOTAL SHAREHOLDERS’ EQUITY
2,339,872
1,919,772
Loans - due after one year
1,566,812
2,130,296
Provisions for employee benefits
21,033
19,838
Deferred tax liabilities
126,417
129,687
TOTAL NON-CURRENT LIABILITIES
1,714,262
2,279,821
Trade payables
297,408
345,183
Other payables
324,129
257,244
Tax liabilities
116,398
80,572
Other current liabilities
2,388
8,479
Provisions for risks and charges
21,751
19,152
Derivative instruments measured at fair value
5,846
4,862
Loans - due within one year
620,969
313,341
Short-term debts to banks and other lenders
14,486
23,849
TOTAL CURRENT LIABILITIES
1,403,375
1,052,682
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES
5,457,509
5,252,275
RECORDATI GROUP
Summary of consolidated results prepared in accordance with International Financial Reporting Standards (IFRS) (€ thousands)
CASH FLOW STATEMENT
First nine months 2026
First nine months 2025
OPERATING ACTIVITIES
Net income
407,103
326,286
Income taxes
130,857
103,014
Net interest
66,446
69,672
Depreciation of property, plant and equipment
29,149
26,803
Amortization of intangible assets
129,799
125,977
Write-downs
0
0
Equity-settled share-based payment transactions
26,259
12,183
Other non-monetary components
12,276
87,044
Change in other assets and other liabilities
58,168
8,570
Cash flow generated/(used) by operating activities before change in working capital
860,057
759,549
Change in:
- inventories
(19,574)
(94,937)
- trade receivables
(75,584)
(64,172)
- trade payables
(53,475)
21,583
Change in working capital
(148,633)
(137,526)
Interest received
3,513
3,891
Interest paid
(79,040)
(80,143)
Income taxes paid
(147,852)
(121,442)
Cash flow generated/(used) by operating activities
488,045
424,329
INVESTMENT ACTIVITIES
Investments in property, plant and equipment
(28,593)
(27,631)
Disposals of property, plant and equipment
414
148
Investments in intangible assets
(91,656)
(30,158)
Disposals of intangible assets
792
111
Disposal of other assets
440
5,000
Acquisition of holdings in other companies
(2,636)
0
Cash flow generated/(used) by investment activities
(121,239)
(52,530)
FINANCING ACTIVITIES
Opening of loans
3
466,445
Repayment of loans
(255,016)
(435,100)
Payment of lease liabilities
(9,142)
(8,482)
Change in short-term debts to banks and other lenders
(686)
1,544
Dividends paid
(144,742)
(138,520)
Purchase of treasury shares
(43,952)
(143,214)
Sale of treasury shares
154,907
41,783
Cash flow generated/(used) by financing activities
(298,628)
(215,544)
Change in cash and cash equivalents
68,178
156,255
Opening cash and cash equivalents
428,824
322,423
Currency translation effect
6,262
(7,216)
Closing cash and cash equivalents
503,264
471,462
DECLARATION BY THE FINANCIAL REPORTING OFFICER
The Financial Reporting Officer, Niccolò Giovannini, declares, pursuant to paragraph 2 of Article 154-
bis
of the Consolidated Law on Finance, that the accounting information contained in this press release corresponds to the Company’s documentation, books and accounting records.
