Delivering results, building for long‑term growth

Strong revenue growth and a marked improvement in profitability made 2025 a year of sustained progress and positive momentum for PolyPeptide. We delivered a robust financial performance, further improved our position in the fast‑growing metabolic therapeutics market, and continued to strengthen our industrial‑scale capabilities. At the same time, we advanced our multi‑site expansion strategy, reinforcing our global footprint with a view to capturing long‑term market opportunities. Overall, these results reflect PolyPeptide’s disciplined execution and continued progress against our strategic priorities.

2025 Performance Highlights

As we reflect on 2025, several key achievements stand out:

• Strong revenue growth: PolyPeptide generated EUR 389.3 million in revenue, representing an increase of 15.6% versus 2024, or 16.0% at constant currency rates. Metabolics was a key growth driver, increasing its revenue share to 57% (2024: 40%). Commercial revenue rose to 61% of total revenue, supported by a 19.6% CAGR since 2021.
• Improved profitability and strong cash flow: EBITDA increased to EUR 46.8 million, with the margin strengthening to 12.0% (2024: 7.5%). The improvement was mainly driven by higher production volumes, operational efficiencies, and the successful ramp-up of the large-scale SPPS capacity in Braine-l’Alleud (Belgium). Higher profitability, complemented by customer-prepayments, delivered a strong operating cash flow.
• Capital expenditures (capex) on track: Key milestones included the full ramp-up of the large-scale SPPS capacity in Braine-l’Alleud (Belgium), that reached its target utilization rate, continued progress on expansion projects in Strasbourg (France) and Ambernath (India), and the ongoing modular expansion in Malmö (Sweden) to double SPPS capacity, supporting the Group’s mid‑term growth ambitions.

Executing Our Strategy in a Dynamic Market

We believe that peptides continue to represent one of the most attractive markets for CDMOs. Third‑party data projects the global peptide therapeutics market to grow at approximately 15% CAGR from 2024 to 2031, led by metabolics as the largest and fastest‑expanding segment. Growth is expected to accelerate further due to rising obesity‑related co‑morbidities, such as cardiovascular disease, chronic kidney disease, and MASH.

Since 2021, PolyPeptide has strengthened its position in the field of metabolic therapeutics, with related revenue having more than tripled. Further growth momentum is supported by a rich project pipeline across multiple therapeutic areas and a diversified customer base. PolyPeptide’s pipeline, efficient and sustainable technologies, and global multi-site network form key pillars enabling us to support our customers throughout the entire product lifecycle.

In 2025, we continued to pursue our capacity expansion strategy to strengthen our global industrial network. These expansions are carried out in close collaboration with customers and reflect the trust they place in our long‑term capabilities. Between 2023 and 2025, customer prepayments generated a cumulative net inflow of approximately EUR 156 million, materially contributing to capital expenditure programs.

Innovation remained central to our competitive advantages throughout 2025. Our focus on green chemistry, process intensification, automation, and industrial‑scale optimization aims to increase throughput, enhance sustainability, and accelerate development timelines. Our modular manufacturing concept enables rapid and flexible deployment of capacity while maintaining operational continuity and stringent GMP standards.

Throughout the year, we also strengthened our supply chain resilience through long‑term collaborations, reinforcing the robustness of our global network as we prepare for continued growth and rising customer demand.

2026 Guidance and Mid-term Outlook

The progress achieved in 2025 demonstrates PolyPeptide’s ability to deliver on its commitments while strengthening its financial and operational foundation. For 2026, we expect continued revenue growth of 20–25% versus 2025 (at constant currency rates) and an EBITDA margin in the mid- to high-teens. Capital expenditures are expected to be in line with the Group’s mid-term outlook of 15–20% of revenue.

Looking further ahead, PolyPeptide remains well positioned to meet its mid‑term outlook to double 2023 revenue reported by 2028, and achieve an EBITDA margin approaching 25% by 2028, with average capital expenditures at 15–20% of revenue to ensure capacity beyond 2028.

On behalf of the Board of Directors and the entire management team, we would like to thank our shareholders and customers for their continued support and confidence. Most importantly, we thank our employees for their commitment, professionalism, and contribution to PolyPeptide’s success. As we look ahead, we are excited about the opportunities before us and remain focused on delivering sustainable long-term value.

Baar, 10 March 2026

Sincerely,

Peter Wilden

Chair of the Board of Directors

Juan Jose Gonzalez

Chief Executive Officer