A global industrial leader in attractive specialty chemicals niches and in pharmaceutical packaging

Full Year 2025 results





Media and Investors' Conference

February 18, 2026







Highlights

2025 Peter Schaub

Business

development

Alois Waldburg-Zeil

Financial

results

Gerold Brütsch

Strategy

and Outlook

Alois Waldburg-Zeil

First full financial year

of CPH Group without the spun-off paper division

Overall headwind

through tariffs, forex and geopolitical tensions

Strategic acquisitions

at Zeochem (high-value chromatography gels) and Perlen Packaging (vials and containers) strengthen product portfolios and market positions

Profitability of Blister

Packaging temporarily impacted by product mix and new capacities in the market (pricing/volumes)

Strong profitable

growth of chromatography gels and deuterated products segments

Unchanged dividend of

CHF 2.00 reflecting the company's overall confidence (proposal to AGM)





Highlights

2025

Peter Schaub

Business

development Alois Waldburg-Zeil

Financial

results

Gerold Brütsch

Strategy

and Outlook

Alois Waldburg-Zeil



Sales in CHF million

334 (2024: 323)

EBITDA in CHF million

50 (2024: 54)

EBITDA margin in %

15 (2024: 17)

Net result in CHF million

23 (2024: 34)

Free cash flow in CHF million

16 (2024: 35)

Equity ratio in %

55 (2024: 63)



CPH is a global industrial leader in

attractive specialty chemicals niches and in pharmaceutical packaging

115

Sales EBITDA

24



Zeochem Perlen Packaging

Key figures for 2025 in CHF million

219

Sales

26

EBITDA

Differentiation through high customer benefit

Worldwide amongst Top 3 in molecular sieves for healthcare and industrial applications and deuterated products

Focused growth strategy Leading market positions

Differentiation through high customer benefit

Worldwide amongst Top 3 for coated barrier films for pharmaceutical applications and complementary primary medicinal packaging













Global footprint Strong brands

Strong global megatrends and focused strategies drive growth

Megatrends Markets Applications Products



Division Sales share

Health s

Demography

Pharmaceuticals

Medicines

Respirators Medical oxygen API

Pharmaceutical

packaging Molecular sieves

Chromatography gels Deuterated products

76%



Energy

Industry

Natural gas/LNG

Ethanol Hydrogen

Molecular sieves

11%





Zeochem Perlen Packaging

Zeochem

CPH Group Media and Investors' Conference of 18 February 2026 9





Zeochem - strategic highlights 2025

Focus on high-value specialties in global niche markets

Louisville

1979

Québec

2025

Paris

2025

Zvornik

2018

Donghai

2016

Rüti*

2018

Vadodara

2024

Singapore

2009

Shanghai

2015

  • Highly valuable acquisition of SiliCycle, a global leader

    in pharma-grade chromatography gels based in Canada

  • Integration of SiliCycle enables building a global chromatography gels platform across Europe, Asia and North America

  • Successful integration of Sorbchem (acquired 2024) strengthened market position in India

  • Capacity expansion for deuterated compounds in Rüti/CH

  • Focus on advancing Zeochem's strategy in high-value specialized applications in global niche markets





Zeochem

New record EBITDA and improved EBITDA margin

SALES

140

120

100

80

60

40

20

0

CAGR 4.8%

Market environment

  • Stable market for applications of deuterated compounds and chromatography gels; deuterated compounds with profitable annual sales growth averaging 21% over the last five years

  • Economic uncertainties dampen demand for molecular sieves; overcapacity among competitors put pressure on molecular sieve prices

  • Strong momentum in Asia, subdued development in Europe and the US



2021 2022 2023 2024 2025

Business development

  • Growth in high-quality molecular sieves for natural gas

    purification and in deuterated solvents

  • Chromatography gels recorded significant growth thanks to the acquisitions of Sorbchem India in 2024 and SiliCycle in 2025

  • Sales down for lithium-based products following slight declines in lithium costs and passing on the resulting savings to customers

  • New record EBITDA (CHF 24 million) and higher EBITDA margin (21%)





in CHF million

EBITDA

25

20

15

10

5

0



2021 2022 2023 2024 2025

25%

20%

15%

10%

5%

0%

in CHF million

% of sales (EBITDA margin)

Perlen Packaging

CPH Group Media and Investors' Conference of 18 February 2026 12





Perlen Packaging - strategic highlights 2025

Specialist for pharmaceutical packaging

Whippany

2006

Müllheim

2007

Tököl

2025

Suzhou

2016

Ashdot Ya'akov

Ihud

2025

Anápolis

2018

Perlen

1954

  • Strategic portfolio expansion into complementary

    primary pharmaceutical packaging

  • LOG Pharma is an established pharma and medical packaging manufacturer with sites in Israel and Hungary

  • Sales synergies in a growing oral drug packaging market

  • LOG portfolio crucial for expansion into US market

  • Enhanced access to Eastern European markets via Hungary

  • Further strengthening the targeted growth strategy





Perlen Packaging

Acquisition-driven growth - but a temporary decline in profitability

SALES

250

200

150

100

50

0

CAGR 6.5%

Market environment

  • New capacities in Europe and sluggish economic environment

    put pressure on volumes and prices

  • Raw material prices declined slightly

  • Higher energy and transportation costs



2021 2022 2023 2024 2025

Business development

  • Sales +6.5% due to LOG Pharma acquisition

  • Lower EBITDA due to overcapacity, tariffs, exchange rate effects,

    product mix and a slightly higher cost base in CH

  • Cost reduction program and further optimizations initiated

  • Integration of LOG Pharma progressing, sales do not yet meet expectations due to customer-related order adjustments

  • New cutting and packaging lines operational in Switzerland, Brazil and the US





in CHF million

EBITDA

50

40

30

20

10

0



2021 2022 2023 2024 2025

25%

20%

15%

10%

5%

0%

in CHF million

% of sales (EBITDA margin)



Agenda



Highlights

2025

Peter Schaub

Business

development

Alois Waldburg-Zeil

Financial

results Gerold Brütsch

Strategy

and Outlook

Alois Waldburg-Zeil



Key figures CPH Group 1

76% of sales from health market



Sales

in CHF million

400

300

200

100

0

CAGR 5.G%

Sales by region

in CHF million

400

300

200

100

0

Sales by application

in CHF million

400

300

200

100

0

2021 2022 2023 2024 2025



EBITDA and EBITDA margin

in CHF million / in %



80

60

40

20

0

2021 2022 2023 2024 2025

20%

15%

10%

5%

0%

2021 2022 2023 2024 2025

Europe The Americas Asia Rest of World





Free cash flow

in CHF million

60

40

20

0

2021 2022 2023 2024 2025

2021 2022 2023 2024 2025

Health C Demography Energy Other

ROCE

in %

25

20

15

10

5

0

2021 2022 2023 2024 2025

1 continued divisions

in CHF millions



1continued divisions



2024 1%

  1. Net sales 3.3% above prior-year, thereof

    +8.1% from acquisitions and -3.8% due to FX.

    ±

    Net sales

    1

    334.1

    100.0

    323.3

    100.0

    +10.8

    +3.3%

    Other operating income

    3.2

    1.0

    3.8

    1.2

    Change in inventories

    -

    -

    0.5

    0.2

    Cost of materials

    -161.2

    -48.3

    -166.9

    -51.7

    Cost of energy

    -13.3

    -4.0

    -11.3

    -3.5

    Gross profit

    2

    162.8

    48.7

    14G.4

    46.2

    +13.4

    +G.0%

    Personnel expense

    3

    -79.5

    -23.8

    -67.3

    -20.8

    Other operating expense

    3

    -33.0

    -9.9

    -28.3

    -8.8

    EBITDA

    4

    50.3

    15.0

    53.8

    16.6

    -3.5

    -6.5%

    ±% Organic decline in particular due to geopolitical uncertainties and lower raw material prices,

    which had been passed on to the customers.

    2 Gross profit increased by G.0% or

    CHF 13.4 million mainly due to acquisitions. Gross profit margin of 48.7% clearly above prior year (46.2%).

    3 Personnel and other operating expenses above prior year mainly due to acquisitions.

    4 EBITDA of CHF 50.3 million and EBITDA margin of 15.0% slightly below prior year.

    2025

    %



    CPH Group Media and Investors' Conference of 18 February 2026 17



    in CHF millions

    1continued divisions



    2024 1%

    1

    ±

    EBITDA

    50.3

    15.0

    53.8

    16.6

    -3.5

    -6.5%

    Depreciation expense

    1

    -17.5

    -5.2

    -14.6

    -4.5

    Operating result EBIT

    2

    32.8

    G.8

    3G.2

    12.1

    -6.4

    -16.3%

    Financial result

    3

    -2.8

    -0.8

    0.3

    0.1

    Non-operating result

    3

    -0.1

    -0.1

    2.1

    0.7

    Result before income taxes

    2G.G

    8.G

    41.6

    12.G

    -11.7

    -28.2%

    Income taxes

    4

    -6.5

    -1.9

    -7.2

    -2.2

    Net result

    5

    23.4

    7.0

    34.4

    10.7

    -11.0

    -32.0%

    Earnings per share (in CHF)

    5

    3.G0

    5.74

    -1.84

    ±% 2

    3

    4

    5

    Depreciation and amortization above prior year as a consequence of the Sorbchem, LOG Pharma and SiliCycle acquisitions.

    EBIT margin further down than EBITDA margin due to acquisition-related higher depreciation and amortization.

    Positive one-time impacts in financial and non-operating result in the prior year.

    Acquisition-related higher interest expenses.

    Income tax expense at 21.6% (prior-year 17.2%)

    slightly above the expected mid-term range of 18-20%.

    Net result and earnings per share down by 32.0% due to lower EBIT combined with one-time impacts in the prior year and higher interest expenses.

    2025

    %



    CPH Group Media and Investors' Conference of 18 February 2026 18



    in CHF millions

    31.12.2025

    %



    31.12.2024 %





    Increase in total assets by CHF 36.3 million,

    ±

    1

Cash and cash equivalents

27.0

7.3

31.6

9.5

Trade receivables

56.5

15.3

48.3

14.5

Inventories

80.1

21.7

74.8

22.5

Other current assets

13.8

3.8

14.9

4.5

Fixed assets

191.5

51.9

163.0

49.0

Total assets

1

368.G

100.0

332.6

100.0

+36.3

+10.G%

Financial liabilities

2

53.2

14.4

18.9

5.7

+34.3

+181%

Trade payables

33.7

9.1

34.1

10.3

Other liabilities

37.2

10.1

33.8

10.1

Provisions

40.9

11.1

36.4

10.9

Shareholders' equity

3

203.9

55.3

209.4

63.0

-5.5

-2.7%

Total liabilities and equity

368.G

100.0

332.6

100.0

+36.3

+10.G%

Operating net working capital

4

78.3

21.2

67.6

20.3

+10.7

+15.G%

Capital employed

5

244.1

66.2

208.3

62.6

+35.8

+17.2%

Net debt

6

26.2

7.1

-12.7

-3.8

+38.G

n.a.

±% CHF 48.7 million from acquisitions.

  1. Financial liabilities increased by

CHF 34.3 million to finance the LOG Pharma and SiliCycle acquisitions.

3

Solidly financed with an equity ratio of 55.3%.

4 Increase in operating net working capital by CHF 10.7 million (CHF 9.2 million from acquisitions).

5 Increase in capital employed by

CHF 35.8 million, CHF 38.3 million from

acquisitions.

6

Net debt of CHF 26.2 million, prior year net cash of CHF 12.7 million.

Low leverage ratio of 0.5x (Net debt / EBITDA).

CPH Group Media and Investors' Conference of 18 February 2026 19



in CHF millions

2024 1%





±% 1

Net result

23.4

7.0

34.4

10.7

-11.0

-32.0%

Non-cash items 1

19.1

5.7

8.5

2.6

Cash flow 2

42.5

12.7

42.G

13.3

-0.4

-0.G%

Change in net working capital 3

-8.4

-2.5

10.4

3.2

Cash flow from operating activities

34.1

10.2

53.3

16.5

-1G.2

-36.1%

Purchase of subsidiaries 4

-33.2

-9.9

-32.8

-10.1

Capital expenditures 5

-21.2

-6.4

-20.4

-6.3

Disposal of fixed assets

3.5

1.1

1.9

0.5

Cash flow from investing activities

-50.G

-15.2

-51.3

-15.G

+0.4

-0.7%

Increase/Repayment of financial liabilities

25.8

7.7

18.1

5.6

Purchase/sale of own shares

-0.3

-0.1

-0.5

-0.2

Distribution to shareholders

-12.0

-3.6

-24.0

-7.4

Cash flow from financing activities

13.5

4.0

-6.4

-2.0

+1G.G

n.a.

Currency translation

-1.3

-0.4

0.6

0.2

Change in cash and cash equivalents

-4.6

-1.4

-3.8

-1.2

-0.8

+20.7%

Free cash flow 2 6

16.4

4.G

34.G

10.5

-18.5

-53.1%

2

3

4

5

6

Non-cash items include depreciation and amortization and change in provisions.

Cash flow before change in net working capital at

prior year level.

Change in net working capital due to timing effects.

Acquisitions of LOG Pharma and SiliCycle in

2025 as well as Sorbchem in 2024.

Capital expenditure include capacity (42%), efficiency (33%), replacement (15%) and other

(10%).

Free cash flow of 4.G% below target range of 8-10% due to lower EBITDA and temporary seasonal increase in net working capital.

±

1continued divisions 2before acquisition of subsidiaries

2025

%



CPH Group Media and Investors' Conference of 18 February 2026 20



in CHF millions



Zeochem



Perlen Packaging

CPH Group

2025

2024

± %

2025

2024

± %

2025

2024 1

± %

Net sales



1 114.7

117.3

-2.2%



4 21G.4

206.0

+6.5%

334.1

323.3

+3.3%

EBITDA

2 23.G

22.8

+4.5%

5 25.G

33.3

-22.2%

50.3

53.8

-6.5%

EBITDA margin

20.8%

19.5%

11.8%

16.1%

15.0%

16.6%

EBIT



3 15.1

14.G

+1.6%



6 17.1

26.6

-35.7%

32.8

3G.2

-16.3%

EBIT margin

13.2%

12.7%

7.8%

12.9%

9.8%

12.1%

Headcount (FTE)

452

406

+11.3%

784

546

+43.6%

1'244

G5G

+29.7%

1 Net sales 2.2% below prior-year, currency and acquisition adjusted unchanged (+/- 0.0%), volume growth compensated by lower raw material prices, which had been passed on to the customers.

2 Increase in EBITDA margin to 20.8% and highest ever EBITDA due to growth in high-value products.

3 EBIT affected by acquisition-related higher depreciation and amortization.

1continued divisions

4 Net sales 6.5% above prior-year, currency and acquisition adjusted -1.5%, organic volume growth with shift towards monoblister and lower raw material prices.

5 Decrease in EBITDA margin to unsatisfactory 11.8%, cost reductions and optimizations initiated.

6 EBIT affected by acquisition-related higher depreciation and amortization.

CPH Group Media and Investors' Conference of 18 February 2026 21



Sustainable value creation

  • Long-term corporate purpose embedded

  • Assessment of ESG-driven market opportunities

Responsible employer

  • Remain an attractive and

    careful employer

  • Ensuring equal rights

  • High engagement index of 80%



Net-zero strategy

  • Striving for net zero

  • Preparing an appropriate stage plan, while maintaining competitiveness

  • 92% of emissions from upstream and downstream value chain

Transparency s governance

  • ESRS-oriented ESG reporting

  • SBTi commitment by Perlen Packaging

  • Ethical supply chain

  • Board committee for sustainability implemented



Circular economy s innovation

  • Expanding circular portfolio

  • 83% of waste recovered

Short- and mid-term priorities

  • CO2transparency and reduction path

  • Implementing ESG strategy plan

  • Considering ESG aspects in every business decision











Highlights

2025

Peter Schaub

Business

development

Alois Waldburg-Zeil

Financial

results

Gerold Brütsch

Strategy

and Outlook Alois Waldburg-Zeil

Among the top 3 in attractive niche markets with above average growth potential Taking profit of the global megatrends

health C demography and energy

Continuous expansion of market position with a focus on growth regions and emerging markets Proven MsA and integration skills

to widening offering and global footprint

Strong balance sheet and highly engaged employees

Sales push

Strengthening of sales organizations in attractive niche markets

Innovation

Widening of product portfolio to meet customer needs and create value

Capacity utilization

Increasing capacity utilization worldwide

India

The strategic acquisition of Sorbchem in 2024 created the hub for the expansion of the business in fast growing India

Bottle packaging and Eastern Europe entry

Complementing pharmaceutical packaging offering and access to new markets through LOG Pharma

High-value chromatography gels

Complementing offering with derivatized chromatography gels from SiliCycle

Brazil

Ramp-up Brazilian operation established in 2023 to full capacity (greenfield pharmaceutical packaging

coating facility)



CPH Group

  • Market conditions volatile and challenging

  • Long-term megatrends of health C demography and energy intact

  • Stronger portfolio and footprint in high-value specialties in global niche markets and exploiting synergies in packaging offer substantial growth potential and attractive margins

  • Sales, EBITDA, EBIT and net income are all expected to exceed 2025 figures

Zeochem

  • Sales and EBITDA above previous year

  • Complete integration of SiliCycle

Perlen Packaging

  • Sales and EBITDA above previous year

  • Complete integration of LOG Pharma





Growth Sales increase

5-8% p.a.

Profitability EBITDA margins

16-18%

Cash flow Free cash flow margins

8-10%

Financing Equity ratio

>50%

Dividend Payout ratio

25-50%



QCA





Market capitalisation as of 31.12.2025

in CHF million

415

6 million registered shares of CHF 0.15 nominal value

Share price development

in CHF

100



80

60

40

20

0

SPIX_adjusted

CPHN_rebased

SPIX adjusted

CPHN1

2021 2022 2023 2024 2025



1 adjusted for the indicative share of around 28% of spun-off Perlen Industrieholding AG



Dividend policy

  • Payout ratio of 25% to 50% of net income

  • Taking into account liquidity, free cash flow, and the relevant forecasts

Shareholder structure

33.6%

Shareholder group Elly Schnorf-Schmid Stiftung and Swiss Industrial Finance AG (represented by Peter Schaub)

J. Safra Sarasin Investmentfonds AG

UBS Fund Management (Switzerland) AG

2025

2024

2023

2022

2021

Distribution per

share (in CHF) 2.00

2.00

2.281

1.151

1.301

Dividend yield

2.G%

2.7%

3.7%2

2.1%2

3.0%2

(as of 31.12.)

1 share from continued divisions based on share of earnings per share

2 continued divisions, adjusted for the indicative share of around 28% of spun-off Perlen Industrieholding AG

57.2%

6.0%

3.2%

Free float





Calendar

17.03.2026

Annual General Meeting, Lucerne

21.07.2026

Publication of 2026 Half-Year Report

10.09.2026

CPH Group Investors' Day in Zurich

18.02.2027

Media and Investors' conference

Publication of 2026 annual report

16.03.2027

Annual General Meeting, Lucerne

Analysts

Contacts

Alois Waldburg-Zeil

CEO

+41 41 455 87 67

Gerold Brütsch

CFO

+41 41 455 87 67

investor.relations@cph.group

Oliver Seifried

Head of Corporate Communications

+41 41 455 87 51

medien@cph.group



Baader Helvea

Volker Bosse

Research Dynamics

Alexandre Müller

Research Partners

Eugen Perger

Zürcher Kantonalbank

Tobias Klöpper

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CPH Group AG published this content on February 18, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on February 18, 2026 at 06:04 UTC.