Galenica continues to grow successfully and adds value as a network

In this Annual Report, we are pleased to report that Galenica is continuing to develop positively. In 2025, we have sustainably strengthened our market position, successfully launched new services on the market, and consistently advanced digitalisation in all business areas. This broad-based growth demonstrates our strength as a robust healthcare network that offers companies, partners and our patients compelling added value.

Pioneer of integrated healthcare

We are shaping the healthcare system of tomorrow together with strong partners, drawing on the full range of our skills and expertise from the Galenica network. In 2025, we continued to execute our strategy with conviction and achieved positive developments in all segments. Thanks to our broad positioning – from pharmacies and pharmaceutical logistics to products and services, home care and now also diagnostics – Galenica is successfully and future-oriented positioned in the market. By consistently focusing on the needs of our customers and patients, we aim to have a lasting impact on the further development of healthcare and promote innovation. An important milestone was the successful entry into the diagnostics business through the acquisition of the Labor Team Group in September 2025. This leading Swiss diagnostic service provider strengthens our offering in the physician segment and opens up additional long-term potential for innovative diagnostic services in our pharmacies.

Basic care strengthened in line with customer needs

Pharmacies in the Galenica network have further expanded their role as the first point of contact in the healthcare system. Galenica strategically expanded its pharmacy network through acquisitions in attractive locations. In 2025, Amavita not only celebrated its 20th anniversary, but also opened its 200th location with the acquisition in Morbio Inferiore. By the end of 2025, we had a total of 381 pharmacies. By investing in training, infrastructure, digital solutions and communication, we have further developed pharmacies as the first point of contact for acute health problems and expanded the “Consultation plus” offering. Customers and patients receive consultation and healthcare services, while the burden on the healthcare system is noticeably reduced. Demand for vaccinations, for example, has increased significantly. The latest political decisions, such as the “Cost Containment Package 2” passed by Parliament, support this trend and lay the foundation for broader remuneration of pharmaceutical services and the development of additional consultation offerings.

New pharmacy concept launched, partnerships expanded

“Consultation plus” has also opened its doors to health insurers: thanks to our high-quality consultation and healthcare services, which are standardised throughout Switzerland, our pharmacies are increasingly being positioned as entry points for various insurance models. In order to make the central role of the pharmacy everyday life even more tangible, Galenica has also developed a new concept, which Amavita has been piloting in Zurich’s Glatt shopping centre since October 2025. This concept helps to further expand consultations as a key task of the pharmacy and offers a modern customer experience: private consultation areas provide the setting for confidential conversations, self-service checkouts ensure short waiting times, and digital services are integrated directly into personal consultations. In addition, we have expanded our online drugstores offering, particularly in the over-the-counter range, with the increased investment in Puravita in December 2025.

Successful ERP modernisation for greater efficiency

Galexis reached a significant milestone in 2025: the ERP system at the Lausanne-Ecublens distribution centre has been converted, giving Galexis a pioneering role in Swiss pharmaceutical wholesale in Western Switzerland. The changeover was not only an IT project, but also a comprehensive transformation process. The insights gained from Lausanne-Ecublens are being directly incorporated into the preparations for the SAP rollout at the Niederbipp site in 2026. Alloga had already completed the SAP project in 2024 and increased efficiency by 20% in the reporting year by systematically adapting its workflows and picking processes.

Bundled expertise and expanded capacity in home care

Galenica has strategically bundled its offering in the home care sector. Since October 2025, the digital platforms Lifestage Solutions and HomeCare Bichsel have shared a joint management structure. This combined expertise creates a unique offering in the Swiss home care market: many years of experience in clinical nutrition paired with a digital platform that automates the ordering and billing of consumables. Medifilm has also made significant progress and remains an important growth driver in the Galenica home care network. Building on the expansion of capacity in the previous year, Medifilm put another fully integrated blister packaging machine into operation in 2025 and already began preparing a third system – an important step in meeting rising demand.

Pleasing overall result

Our focus is on consistent and long-term value creation. The Galenica Group has once again reported a pleasing annual result. It has significantly increased both its revenue (+5.5%) and adjusted EBIT (+11.3%) compared to the previous year, with all business areas contributing to this growth. The acquisition of Labor Team in September and special factors amounting to CHF 6.2 million also had a positive impact on the EBIT.

With this strong result, Galenica has clearly achieved both its revenue and EBIT forecasts for 2025. The Board of Directors will propose a dividend increase to CHF 2.50 per share to the Annual General Meeting, which corresponds to an increase of 8.7%. For 2026, Galenica expects revenue growth of between 5% and 7% and an increase in adjusted EBIT of between 6% and 8%. Excluding the extraordinary special factors of CHF 6.2 million in 2025, this corresponds to an increase in adjusted EBIT of between 9% and 11%.

Culture of continuous improvement and digital connectivity

Galenica increases its efficiency through a corporate culture that promotes continuous process improvements and the active participation of all employees. Not only does this strengthen operational performance and innovation, it also improves employee satisfaction. The motivation score in the Galenica network has increased consistently in recent years and reached a pleasing 78 out of 100 points in 2025. At the same time, Galenica is driving forward digitalisation along the entire value chain. With the introduction of the Data & AI Governance Board in 2025, the responsible handling of data and artificial intelligence has also been clearly defined and established. AI will help us, for example, to control demand, inventories and quality levels in logistics even more precisely or to automate reorders for pharmacies. AI will thus directly support our most important Sustainable Development Goals in future: patient safety and reliable healthcare.

Focus 2026: customer enthusiasm

The foundation for continued future success has thus been laid – with a clear focus on inspiring our customers time and time again. This is made possible thanks to the great dedication of our knowledgeable employees and our wide range of products and healthcare services. With our sustainable strategy and unique business model, we are succeeding in playing a defining role in the Swiss healthcare market. We do this in line with our social and environmental responsibility and with corporate governance based on strong values. This has also been recognised on the capital market with the positive performance of Galenica’s share price in the year under review. With the launch of the Science Based Targets initiative (SBTi), Galenica is also going one step further: we are embedding our climate protection ambitions in a binding and transparent manner.

Thank you for your trust

In this Annual Report, we are pleased to present Galenica’s continued positive development in detail. Our particular thanks go to everyone who has contributed to this success: first and foremost, our dedicated employees, who work with passion and professionalism every day to ensure the health and well-being of people in Switzerland. To our customers and patients who trust us with their health and rely on our products and services. And we would like to thank you, our valued shareholders, for the trust in the Galenica network. A sincere thanks also goes to our strong partners, who share our vision and work with us to shaping the integrated healthcare of the future.

Bern, 10 March 2026

Dr Markus R. Neuhaus

Chair of the Board of Directors

Marc Werner

CEO