Everyone, thank you for joining us for this nine-month 2026 results presentation. 2026. Let me introduce myself. My name is María Marín, and I am the Director of Investor Relations and External Communications. Today is Iker Etxezarreta. By way of introduction, this period confirms a very positive trend for the company, driven by strong revenue and EBITDA growth, progress in integrating SIFI and Edol, allowing us, as usual, we will structure the presentation into three blocks. Firstly, we will review the highlights and main figures for the nine months. Then we will look at business performance by portfolio and business area, and finally analyze the income statement together with the guidance for 2026. Turning to the highlights and main figures, the first nine months of 2026 have been a period of strong growth and strategic progress for the company.
As you can see, total revenue is up 24%, and pharma revenue is also up 24%, driven by both the integration of acquisitions, which very significantly, above all, the performance of direct sales international markets. This is especially relevant because this growth is being achieved while we absorb the expected impact of the bilastine Japan LOE. We've changed the perimeter, but at the same time, the international business is performing positively. Integrations are progressing as planned, and the Japan impact, as you know, was expected and is being absorbed, allows us to keep investing in the drivers that will sustain future growth. Looking at EBITDA, it grows by 17%, including SIFI organizational restructuring costs here and Edol already booked in Q1, and if we exclude these, growth would have been 20%, reflecting strength underlying. Moving to R&D and portfolio in two.
In 2026, we've been particularly active with the new developments we already previewed for you in the first half of the year. For Akantior, we add the reimbursement approval in Italy to the one already obtained, as you know, in Spain. In mesalazine, we've obtained European approval for the 1,500 mg tablet presentation. Methrin completed recruitment for the pivotal efficacy trial before, which is a key step. On the other hand, we continue to drive growth in ophthalmology, expanding our development and submitting dossiers. At a corporate level, we highlight the agreement signed in July with Dongkook Pharmaceutical for the commercialization in Latin America of a license for benign prostatic hyperplasia. Regarding the financial situation, the solid business performance allows us to keep the debt ratio in line with our targets and expected ranges.
I remind you that the company's commitment was to keep net debt below 2x EBITDA and adequate liquidity, and SIFI and Edol integration on schedule. Above all, maintaining continuity and good business performance, which is key for us and streamlining organization. Here we completed SIFI. Finally, we should also highlight that the Derio relocation is progressing as planned, and we continue right, driving solid progress in consolidating our industrial agenda. This slide shows a summary of the nine-month key figures. As we mentioned before, we continue to show solid growth in both revenues and in EBITDA, and with a profit staying above last year. Let me remind you again. Revenue totals EUR 563.51 million, which represents growth of 24% versus 2025. EBITDA stands at EUR 124.4 million, representing a 17% increase.
And are we absorbing the EUR 3.2 million in organizational restructuring costs that we had already recorded in the first quarter. PBT reaches EUR 83.3 million, up 1%, and net income stands at EUR 71 million, which is also 1% higher than the previous year. Finally, just to point out, as you know, EBITDA versus profit is mainly due to the group's new perimeter, meaning higher depreciation, which are linked to business growth and largely the intangibles from SIFI and Edol acquisitions and higher financial expenses from the new debt. These are effects consistent with the current integration stage, and Iker will detail this further along with business lines. So Iker, over to you.
Thanks, María, and good morning, everyone. In the second block, we look at business trends over these nine months. We will review portfolio lines first and then business areas in more detail. By portfolio line, the nine months confirm a more diversified portfolio with new levers growth. Bilastine reaches EUR 94.3 million, feeling the expected impact from Japan due to LOE. In direct sales markets, growth in Latin America remains positive at 9%. Meanwhile, calcifediol adds EUR 55.6 million, maintaining solid 19% growth, confirming strong international performance in both direct sales and licenses. Mesalazine reaches EUR 7 million, growing by 10%, driven by LATAM. Altogether, the three main molecules total EUR 168.6 million, making 30% of sales. The big news for 2026 is ophthalmology, which, with the integration of SIFI and Edol, reached EUR 96.8 million and established themselves as a key area, now representing 17% of total revenue. Other pharma adds EUR 221.1 million, up 8%, and represents 41%. Meanwhile, Animal Nutrition and Health contributes 12%. Turning to business areas on page eight, pharma accounts for EUR 486.5 million, up 24%.
Within pharma, Iberia reaches EUR 186.6 million, up 10%. International pharma without licenses reaches EUR 216.6 million and up 76%, driven by the integration of SIFI and Latin America. Licenses reach EUR 83.3 million, down 16%, in line with the expected impact from the loss of bilastine protection in Japan. Animal Nutrition and Health shows very positive growth at EUR 68.6 million, up 18% on 2025. Overall, we have a more diversified revenue base where international becomes the top revenue area at 39%, with Iberia accounting for 34%, followed by licenses at 15% and Animal Health at 12%. Looking closer, in Iberia, revenues reach EUR 100.6 million, up by 10%, as we just mentioned. In Spain, revenues EUR 131.7 million, down by 1%. Prescription business remains stable, driven by calcifediol and respiratory, offsetting a tougher environment for bilastine. Healthcare and consumer is down by 2%.
Priority brands show good momentum, offsetting a softer performance across the rest of the portfolio. Portugal performs strongly, reaching EUR 55 million, up by 49%. Faes Farma Portugal grows by 9%, driven by mesalazine and calcifediol in prescription, alongside strong healthcare performance. Meanwhile, Laboratórios Edol contributes EUR 27.8 million to the new Portuguese perimeter. International, on the next slide, reaches EUR 216.6 million, up 76%. Latin America maintains solid performance at EUR 91.3 million, up 18%. Continuing this trend, most markets are growing significantly, including Colombia up 14% and Ecuador up 15%, in Peru, 13% in Central America, and 21%, with Mexico standing out at 37%, which continues to be a key growth driver in the region. Growth is driven. Particularly strong performance from strategic products, especially bilastine and calcifediol. In ROW, excluding SIFI, revenue is up 9% to EUR 42.6 million, confirming a solid and sustained trend driven by strong sell-out performance in most markets.
Meanwhile, Faes Gulf remains pressured by the geopolitical context, though stabilizing progressively. SIFI contributes over EUR 82 million to the period with very strong market performance, like Italy and Spain. Technically, revenue reaches EUR 83.3 million, down by 16%, in line with expectations. Bilastine is at EUR 59 million, down by 23%, once again due to the Japan effect, as we have already noted. The performance of the license in other regions remains positive, with strong performance in Eastern countries and Asia-Pacific. Other licenses grow by 6% to EUR 24.3 million. Calcifediol is consolidating as the main driver, with 21% year-on-year growth and positive traction across all markets, especially with recent launches in France, Greece and Australia. Meanwhile, mesalazine reverses the trend H1 and grows 8%, balancing the timing gap between sell-in and sell-out orders. Meanwhile, Faes Farma maintains a solid performance in the nine months, reaching EUR 68.6 million, up 18%.
This result is mainly driven by the consolidation of ISF as the main growth driver and increased activity with major clients and an improved product mix. Additionally, as we mentioned in H1, we have included a small veterinary business in this area from Edol. Moving now to the third block of the presentation, focusing on the financial results for these nine months. On page 14, the income statement reflects the new group size and the contribution of acquisitions. Total revenue grows by 24% to EUR 563.5 million. This increase is driven by inorganic growth and solid international, and the good performance of Farm Faes offsetting bilastine's lower contribution in Japan. Gross profit from sales grows by 27% to EUR 380.6 million, ahead of revenue growth. Overall expense trends reflect the expanded perimeter and business growth and strict cost control. Staff costs rose by 41%, including EUR 3.2 million in restructuring costs.
Other operating expenses grew by 24%. EBITDA reached EUR 124.4 million, growing by 17%. Excluding SIFI and Edol restructuring costs, growth would have been 20% . Depreciation also rose to EUR 29.9 million, leaving an operating profit of EUR 94.5 million, up 7%. In 2025, financial expenses are EUR 7.2 million compared to EUR 1.1 million in 2025, slightly better than expected. Thanks to active liquidity management, partially offsetting higher interest rates. Consequently, consolidated profit stands at EUR 74.3 million, up 1% on 2. The performance over the nine months supports the guidance for 2026, which we reaffirm. We maintain the revenue growth target of between 17% and 19%. Based on 101 EBITDA growth of between 28% and 31%, and a net debt to EBITDA ratio below 2x. These guidance figures are supported by the drivers we see.
On the one hand, growth momentum in strategic international markets, notably Latin America, offsetting the impact from the loss of exclusivity of the bilastine license in Japan, and also the full integration of SIFI and Edol group, generating commercial synergies and strengthening our prescription presence. The omni-channel approach in our subsidiaries and the relocation of production to Derio with progressive improvements. There is also a favorable base of comparison in Q4 2026. Following the absorption in Q4 2025 of most of the M&A costs from acquisitions made. In short, the nine-month figures confirm that Faes Farma is progressing in line with its planned trajectory and maintains sufficient visibility to reach. With that, we conclude the nine-month results presentation 2025. As you can see, Faes Farma 13, in line with the implementation of our strategic plan, while disciplinedly integrating new acquisitions and reinforcing its diversification and maintains a solid. From here on, we are at your disposal to answer any questions.
Thank you very much, Iker. A reminder that you can submit questions via the platform, and we will gladly answer them. There is a first question about the anti-H4R molecule. Can we comment on it?
Well, as we've been mentioning on previous calls, the entire R&D area is undergoing a process of evolution, focusing on governance. Moving towards a more dynamic pipeline aligned with the state of science, but also commercial opportunities that we may see. In this specific case, the anti-H4R program is no longer part of our current development priorities, and if there are any milestones in this regard, we will inform you accordingly.
It is important to bear in mind that the change or evolution of the Dongkook model also implies a model, hybrid model with in-house development, but also open to external collaborations, taking into account the new group perimeter. Our entry into a new therapeutic area like ophthalmology presents us with many new opportunities.
There is a question from Guilherme Sampaio of CaixaBank. Does your EBITDA guidance imply growth of 30%-60% year- on- year for the Q4? What could lead to the top or bottom? If we exclude the effect of the extraordinary costs we reported in the Q4 of 2025, where do you see growth accelerating in Q4 2026?
As María explained at the beginning, honestly, it is a year with many changes for following results. That is, in the last quarter of the year, we are going to be slowing down sales growth simply due to the consolidation of the perimeter, which from the end of 2025 already included SIFI, Edol, and instead at EBITDA level, we are going to see an acceleration, not only because of the one-off items that were indeed recorded in the final quarter of 2025, but also due to the better performance of our existing businesses, and in particular, all of SIFI. We should also mention that a large part of the impact we expect for this financial year from bilastine in Japan is in these numbers, so we are very comfortable with the guidance we gave to the market.
There's a question about debt. What is the current net debt and the ratio? EBITDA, what is the net profit forecast for 2026?
Well, those are two very different questions. Regarding the situation or the amount of net financial debt in the quarter, it is around EUR 260 million. This leads me to mention that one of the company's priorities moving forward, and which we are already working for a few quarters, is improving cash conversion capacity at all times. Significant work is being done here with the commercial and industrial areas, allowing us to accelerate our anticipated deleveraging and substantial financial flexibility. I don't want to give figures for where we will be with the net financial debt-to-EBITDA ratio at the end of the year, but clearly, well below 2x EBITDA.
Regarding net profit, as you can see, there are many impacts, some of which are structural for the company due to the transformation of the financial economic setup brought by both the acquisitions and, where applicable, the integration of Derio and the debt situation. Besides that, as you know, at year-end, we will have to run different exercises of valuation. We expect to be in line with what we have been reporting in these new months compared to the previous year.
There is a question about the patent loss of bilastine in Japan. How do you expect this patent loss to continue impacting the Licensing segment? What level of further revenue drop do you expect in this segment as a result?
As I mentioned, a large part of the impact we were expecting in 2026 is already in these numbers. Also, the phasing we saw fitted perfectly with what we had planned. We already said that the entry of the generic in Japan would be from June onwards. What we can confirm is that the main impact of the loss of protection in Japan will be in this financial year, 2026. This does not mean that in 2027, we also expect a gradual landing, but with a much smaller impact than what we will reflect in this 2026 financial year. Furthermore, thinking that by the end of 2027, we can find or we can achieve within the Licensing segment, a dynamic balance where the losses we might have from Japan are already offset new revenues we can get from bilastine itself in other regions, and also with the other molecules.
There is a question about ROW. The international ROW part did very well this quarter. Can we give some color, and how is the integration going at the new Derio plant?
The ROW situation did better this quarter because in previous quarters, we pointed out, the difficulties at Faes Gulf due to the geopolitical context known to all, ultimately impacts both commercial activity and supply chain. Naturally, throughout the year, the company has taken corrective measures to adapt to the new circumstances, which is what we are seeing in this third quarter. Furthermore, we expect it to be an even greater growth driver for 2027. Regarding Derio, while we have been mentioning throughout the year that the relocation forecasts were being met, that continues to be the case.
At the nine-month mark, we are at almost 60% of production already in Derio, and also managing the relocation of the lines very efficiently, avoiding any kind of disruption to production, which, as you can imagine, is vital.
We have got several questions on Animal Nutrition and Health from several shareholders and analysts. Animal Nutrition and Health continues to grow strongly, so how is this translating into EBITDA? Are margins improving there? A question is also asked about the capacity at the ISF plant. What capacity we are currently at, and looking ahead to the coming years there is still room to drive growth through higher volumes in this segment.
Yes, indeed. We are very pleased with this year's performance in Animal Nutrition and Health. They are doing a very good job in a context that is not at all easy. We are not reporting an EBITDA breakdown by business unit. But we can share that the EBITDA growth in Animal Nutrition and Health is outpacing sales growth, meaning margins are improving, and they are also driving very efficient management and high value of the division's costs, right? Regarding the production capacity of ISF, well, it is at a high percentage, probably close to 90%. We have the capacity to increase production capacity with minor investments. So it is not a concern. The Animal Nutrition and Health business, specifically ISF, with vertical integration, which is quite different, naturally, the rest of the company. It has lower margins but higher turnover, and with that higher turnover, in terms of seeking favorable equity, that is still where we frame the production capacity we have within the ISF plant, with minor investments we can make.
There is a question about intangible amortization. Can we give some more color on the amount and how much is left to amortize? Also regarding staff costs which are somewhat high relative to revenues, whether this includes any.
Well, the modifications part relates to what I mentioned earlier, meaning the morphology. Both the balance sheet and the income statement of the company transform once the acquisitions are made, relevant from Edol first and then from SIFI as well. Plant, the new Derio Pharmaceutical plant, meaning the new Derio Pharmaceutical plant is a plant funded, is offline, but from now on we have. So let us think that with the acquisitions of SIFI, Edol, we have added four new facilities to the group. Logically, tha t brings some depreciation, and also indeed a volume of intangibles that are significant, right, in terms of brands.
To give you an idea we are talking about almost just over EUR 10 million in depreciation growth year-on-year, and practically EUR 5 million come from CFE. Approximately EUR 2.5 million come from Edol, and the rest would come from, shall we say, from Faes . From Faes Farma, yes. I mean all the Derio part and the rest of the brands that the group already had.
There is a fairly financial question regarding the nine months, asking if we can provide some color on the free cash flow generated in these nine months of the year.
Look, the company's cash generation as I mentioned earlier is going to be the cornerstone of the group's financial strategy. In other words it will give us the financial flexibility to accelerate growth where the company deems fit. In the future, we believe there are many opportunities to improve the company's health in various areas, coming from the more industrial side. Here I think it is worth highlighting that the new operations team is doing a magnificent job across all process improvements related to supply chain. When we talk about demand planning, S&OP management, stock management but also of, shall we say, negotiations or improving negotiations with suppliers. Equally the commercial side regarding collection periods and so on. So we believe there is a major opportunity to improve company's EBITDA and free cash flow.
What we can say is that in this quarter, compared to what we reported in the first half, there has been a significant acceleration in the company's cash generation, which we already pointed out, which in the first six months of the year basically comes dynamics of the collection cycle of the Licensing line. Also from the improvement in working capital on SIFI's part following the efforts made in H1. We are very positive, and the fact that we are projecting a reduction in debt of around 0.2 points comes precisely from the improvement in the company's cash flow generation, which I stress will be the cornerstone of our financial strategy, and we will strive to improve every single aspect of cash flow generation where we really see clear opportunities.
There is a question in line with what you just said, Iker, about whether we can give any guidance for 2027 regarding sales growth, margin improvement following the full integration of Derio, and I can tell you we cannot provide any quantitative guidance right now. We will do that with the full year results. But Iker, I don't know if you want to add any color, to add anything.
Well, the reality, as you said, María, we will give guidance with the full year results. Just to briefly comment. We are thinking, as I said before, that the impact from Japan, which logically also reflects on margins next year will be lower year-on-year. That's on the one hand. On the other hand, we are indeed expecting any duplications between Derio and Leioa to disappear next year, which could bring around one point of margin beyond, and aside from relevant operational efficiency improvements, which will come more progressively, not just in Derio, but across the company's entire industrial setup, which, as you know, is much broader than what we had. Also to mention, it is true this is a complex year to follow due to a change in perimeter mid-year with two acquisitions. But to give you an order of magnitude, we can say that pro forma growth for 2025, isolating the impact of bilastine in Japan, would be around 10% i n fiscal year 2026.
Shall we also take all the questions related to more pipeline portfolio? Akantior. They ask if we can give more color on the status, right, of Akantior in Europe. In which other countries can we obtain reimbursement? How predictable is U.S. market approval for Akantior? Regarding the pipeline, roughly the same, give a bit more color on our strategy, right, on portfolio and R&D.
Yes. Regarding Akantior, the first thing we must say is that we're very pleased with how it's performing in Europe. It's true we're entering reimbursement now in Spain and Italy. We're also expecting, very likely, the agreement for Germany, whilst the U.K. part is a bit further off. But the most positive part, and I think it's very good news that in two home markets for us, like Spain and Italy, we are seeing a very positive traction and exceeding our forecasts. Also, as you know, in the rest of Europe, there is a royalty agreement, which is also performing very positively throughout the year.
Additionally, in 2027, we will surely see improvements, let's say, due to the renegotiation of that agreement. Regarding Akantior in the U.S., we have no updates to report. We hope to have updates throughout 2026 in terms of being able to submit the dossier. Logically, it remains a tremendous upside opportunity, which is not included in our numbers today. Regarding the possibility or not of FDA approval, well, I think it's too premature and too risky to say anything right now. But logically, we are optimistic and very positive. This relates to and helps me connect with the rest of the strategy, R&D, Akantior, and all the work to be carried out to secure its approval by FDA. Because this naturally focuses a large part efforts.
We also mentioned at the beginning of the call, and we've said so far this year, well, all the incremental innovation developments in this specific case was related to mesalazine, but as you know, in the company's DNA, it is something that's been a very successful part of our lives with bilastine, but also with Hidroferol. We must say that in ophthalmology, we think that this innovation also fits in very well. The main message of R&D is, as I mentioned earlier, about a dynamic hybrid model focusing on internal development, but also external collaborations with a very strong focus on ophthalmology, without forgetting, of course, allergy or a specific niche in immunology. Also a bit of a timeline, right? A timeline where we can have or be exploring, let's say, short-term agreements.
Thinking of the long- term, what we want is to have a phase I preclinical pipeline, dense, complete, scalable, and giving us optionality. Because we think that not only scientifically but also financially, all the investment in, shall we say, earlier phases can give us great financial optionality.
So thank you very much, Iker, for all the explanations. Thank you very much to everyone connected for your interest in the company. We are out of time, so any pending questions we will be happy to answer. We remain at your disposal and wish you a good day. Thank you very much.