Galderma : Q1 2026 trading update presentation

Q1 2026

trading update

APRIL 23, 2026

Flemming Ørnskov, M.D., MPH

Chief Executive Officer

Thomas Dittrich

Chief Financial Officer

1. Performance highlights

2. Trading update & outlook

3. Q&A and final remarks

3

1

Performance highlights

2026: Expanding opportunities to drive growth

1

Ramping-up significant launches & geographic expansion

2025-26 includes Nemluvio, Relfydess, Sculptra (China & new indications), Restylane (new product & indications) & Dermatological Skincare ongoing innovation

2

Global opportunity for further market share gains

Strong momentum in underpenetrated, fast-growing International markets, with further room to grow, and doubling-down on opportunities to drive growth in the U.S.

3 Continuing to strengthen the financial profile

Maintaining an investment grade balance sheet, completing the refinancing journey

4

and focusing on robust cash generation

Shift to long-term growth with increasing strategic optionality

Progressing the pipeline and exploring inorganic opportunities

5

Dynamic approach to commercial investments to drive continued growth

Benefiting from a broad portfolio and International exposure, Galderma has proven resilience to overcome significant external events and market volatility

5

Key financial highlights

Q1 2026

ACTUALS

Net Sales

GROWTH

1,473

Net sales in M USD

+25.5%

constant currency1 year-on-year growth

Strong start to the year, with continued execution of a unique, growth-driven integrated dermatology strategy

Widespread growth, aligned with strong performance across product categories and geographies

2026

FULL YEAR

+17-20% Net sales growth at constant currency Confirming full-year guidance, with attractive

net sales growth and significant margin

expansion, increasingly being de-risked with

GUIDANCE

App. 26% Core EBITDA margin at constant currency

confidence to navigate a volatile environment

1. Constant currency year-on-year growth means the annual growth rate of net sales, excluding the impact of exchange rates movements and excluding hyperinflation economies as and when applicable. The impact of changes in foreign exchange

rates are excluded by translating all reported revenues during the 2 periods at average exchange rates in effect during the previous year - applies throughout the document

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6

Strong start to the year

Q1 2026 net sales constant currency year-on-year growth

INJECTABLE AESTHETICS

+13.1%

DERMATOLOGICAL SKINCARE

+17.0%

THERAPEUTIC DERMATOLOGY

+71.3%

FILLERS &

NEUROMODULATORS BIOSTIMULATORS

+12.5% +14.0%

+25.5%

Volume as the primary growth driver

+16.0%

International

+41.5%

U.S.

7

Injectable Aesthetics continued momentum in the broadest portfolio supported by market-leading education & services

Progressing portfolio execution &

Relfydess regulatory reviews

Strengthening Restylane portfolio,

with recent launches & new campaign

Amplifying Sculptra scientific

positioning & market penetration

Additional science addressing the latest aesthetic needs

role in addressing aesthetic changes associated with weight loss medications & menopause from interim data from two investigator-initiated trials

Leading presence & recognition at congresses

Proprietary education & training events

Strengthened loyalty program

8

Dermatological Skincare continued strong growth momentum driven by execution, innovation & portfolio synergies

Launch of new AM/PM Antioxidant Serums across first top markets

With proprietary Gallic-AOX Power , a complex of Gallic Acid and Vitamin E helps defend against oxidative stress

Strong momentum in fast-growing markets - China highlight

Omni-channel activation behind core

Launch in the U.S. of Regenerating Skin Nectar with TriHex+ technology

Debut of Alastin Signature Practices in partnership with leading U.S. aesthetics clinics

products and new innovation

N°1

online Dermatological Skincare market share (Dec 2025 - Feb 2026)

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Therapeutic Dermatology growth driven by Nemluvio

- highlights from the continued strong trajectory in the U.S.

Paid NBRx1 weekly market share trend

(new patient starts)

~39% ~8%

in prurigo nodularis in atopic dermatitis

Majority

share of patients new to advanced therapies

("biologic naïve")

Science-driven healthcare professional engagement

Real world experience data

in support of skin clearance

Phase II meaningful data for children with atopic dermatitis

1. NBRx: New-to-brand prescriptions; rolling 6 week average as of the week ending March 20, 2026 | Sources: IQVIA; Company estimates; Nemluvio Galderma data on file

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GALDERVA

EST. 1981

2.

Trading update & outlook

Continued strong growth momentum

Galderma net sales, in M USD

1,473

1,129

+25.5%

Constant currency growth

+30.5%

Reported growth

Q1 2025 Q1 2026

Growth predominantly driven by strong volume,

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complemented by positive price and mix effects

12

Net sales, in M USD

Constant

currency growth Reported growth

+13.1%

+18.4%

648

547

+12.5%

+17.1%

311

364

Neuromodulators

+14.0%

+20.1%

236

284

Fillers & Biostimulators

Q1 2025 Q1 2026

13

Injectable Aesthetics

Net sales, in M USD

Constant

currency growth Reported growth

441

370

+17.0%

+19.3%

Q1 2025 Q1 2026

14

Dermatological

Skincare

NB: Key brands, not exhaustive

Net sales, in M USD

Constant

currency growth Reported growth

+71.3%

+81.4%

385

212

39

173

185

199

Q1 2025 Q1 2026

Note: Due to rounding, numbers presented may not add up precisely to the totals provided

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Therapeutic

Dermatology

NB: Key brands, not exhaustive

Confirming full-year guidance on a strong start to the year and a manageable U.S. tariff exposure

Group Net sales	+17-20% Growth in Constant Currency
Core EBITDA margin	Approximately 26% Core EBITDA margin at Constant Currency

NB: Assumes a 15% U.S. tariff on the import value of all products (reminder: semi-finished product for Nemluvio), excluding Dysport produced in the U.K. and Cetaphil & mature Therapeutic Dermatology portfolio produced in Canada USMCA compliant plant

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Closing

Q&A and final remarks

2026 another year of opportunities to continue to drive growth, across our core portfolio and through differentiated innovation & geographic expansion

Strong start to the year, with Q1 2026 net sales of

1.473 B USD, with continued execution of Galderma's

proven, growth-driven integrated dermatology strategy

Growth of 25.5% at constant currency, widespread across product categories and geographies, with double-digit growth and market outperformance

Strengthened financial profile, while demonstrating continued commitment to superior shareholder returns

Confirm full-year guidance, for attractive net sales growth and significant margin expansion, increasingly being de-risked with confidence to navigate a volatile environment and manageable exposure to U.S. tariffs

GA L D E R VA

E ST. 1981

Appendix

Q1 2026 net sales by product category and geography

Net sales Year-on-year growth

In M USD		Q1 2025	Q1 2026		Constant currency		Reported
Group total		1,129	1,473		25.5%		30.5%
By product category
Injectable Aesthetics		547	648		13.1%		18.4%
Neuromodulators		311	364		12.5%		17.1%
Fillers & Biostimulators		236	284		14.0%		20.1%
Dermatological Skincare		370	441		17.0%		19.3%
Therapeutic Dermatology		212	385		71.3%		81.4%
of which Nemluvio		39	185		>100%		>100%
By geography
International		697	862			16.0%	23.7%
U.S.		432	610			41.5%	41.5%

Note: Due to rounding, numbers presented may not add up precisely to the totals provided

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Overview of foreign exchange exposure

Exchange rates for top FX exposures, compared to the USD

	FY 2025 average rate		February 2026 closing rate (recall)		March 2026 closing rate
AUD	0.645		0.713		0.685
BRL	0.179		0.195		0.190
CHF	1.206		1.294		1.252
CNY	0.139		0.146		0.145
EUR	1.130		1.181		1.147
MXN	0.052		0.058		0.055

Simulation of FX impact for

2026 full-year figures1

Net sales

+245 bps

+105 bps

Core EBITDA

+144 bps

+45 bps

1. Factors in the simulation of all foreign exchange rate exposures, including for currencies not listed in the table of exchange rates for top FX exposures

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