Financials Recordati

Equities

REC

IT0003828271

Pharmaceuticals

Real-time Borsa Italiana Other stock markets 11:13:25 2026-04-17 am EDT			5-day change	1st Jan Change
50.50 ^EUR	+0.70%		+3.40%	+4.04%

Apr. 16	Futures lack momentum; focus remains on Middle East	AN
Apr. 15	European markets mixed as Lovaglio retains control of MPS	AN

Projected Income Statement: Recordati

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	1,580	1,853	2,082	2,342	2,618	2,780	3,007	3,220
Change	-	17.29%	12.36%	12.45%	11.82%	6.16%	8.2%	7.08%
EBITDA ¹	602.3	672.8	769.6	865.8	991.1	1,008	1,136	1,244
Change	-	11.71%	14.39%	12.5%	14.47%	1.67%	12.72%	9.55%
EBIT ¹	490.2	437.3	558	684.4	774.9	810.6	929.7	1,021
Change	-	-10.79%	27.6%	22.65%	13.22%	4.61%	14.7%	9.84%
Interest Paid ¹	-26.84	-35.9	-67	-91.7	-89.53	-81.4	-68.65	-65.58
Earnings before Tax (EBT) ¹	463.4	401.4	491	547.2	581.3	682.4	827.7	938.8
Change	-	-13.37%	22.31%	11.45%	6.23%	17.39%	21.3%	13.42%
Net income ¹	386	312.3	389.2	416.5	443.6	561.5	670	727.2
Change	-	-19.09%	24.62%	7.01%	6.51%	26.56%	19.32%	8.55%
Announcement Date	2/24/22	2/21/23	2/22/24	2/13/25	2/17/26	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	384.8	386	385.4	423.9	419.4	473.1	485.1	475.8	551.4	492.9	511.9	526.1	-	577.8	557.4	598.5	680	643.9	632.3	662.2
Change	-	0.29%	-0.16%	10.01%	-1.07%	12.81%	2.52%	-1.92%	15.89%	-10.6%	3.85%	2.77%	-	-	-3.54%	7.37%	13.61%	-5.31%	-1.8%	4.73%
EBITDA ¹	150	150.5	147.4	154.4	163	171.8	181.3	156.6	220.8	185.4	189.4	174	244	208.9	212.7	200.1	270.2	226.2	247.6	247.1
Change	-	0.31%	-2.02%	4.73%	5.59%	5.4%	5.48%	-13.58%	40.94%	-16.02%	2.15%	-8.13%	40.25%	-14.4%	1.84%	-5.92%	34.99%	-16.28%	9.45%	-0.17%
EBIT ¹	124.9	125.5	122.6	117.3	131.3	101	123.6	81.42	172.6	165.6	100.6	119.2	202	165.9	165.6	144.9	219.2	175.5	196.4	183.8
Change	-	0.5%	-2.35%	-4.31%	11.94%	-23.04%	22.33%	-34.12%	111.95%	-4.02%	-39.26%	18.49%	69.49%	-17.88%	-0.2%	-12.49%	51.32%	-19.96%	11.95%	-6.45%
Charge d'intérêts ¹	-	-6.007	-7.323	-4.65	-6.953	-31.19	-8.016	-12.19	-	-11.98	-24.48	-17.95	-25.75	-21.04	-15.53	-29.38	-30.91	-15.77	-20.69	-22.16
Earnings before Tax (EBT) ¹	116	119.5	115.2	112.7	124.3	69.83	115.6	91.72	159.9	128.9	100.8	101.3	161.1	130.6	150	105.4	164.9	119.5	144.9	152
Change	-	3.03%	-3.57%	-2.23%	10.34%	-43.83%	65.49%	-20.64%	74.39%	-19.39%	-21.79%	0.47%	59.08%	-18.96%	14.88%	-29.73%	56.38%	-27.52%	21.31%	4.85%
Net income ¹	89.87	117.2	89.28	89.61	96.72	54.68	90.05	70.84	124	103.6	76.9	84.7	123.6	101.8	113	78.1	125	91.08	110.2	117.3
Change	-	30.44%	-23.84%	0.37%	7.93%	-43.46%	64.68%	-21.33%	74.97%	-16.38%	-25.81%	10.14%	45.92%	-17.65%	11.06%	-30.9%	60.1%	-27.16%	20.95%	6.51%
Announcement Date	5/6/21	7/29/21	10/28/21	2/24/22	5/10/22	7/28/22	11/8/22	2/21/23	5/11/23	7/28/23	11/7/23	2/22/24	5/9/24	7/30/24	11/8/24	2/13/25	5/8/25	7/29/25	11/11/25	2/17/26

¹EUR in Million

Estimates

Fiscal Period: December	2022 S1	2023 S1	2024 S1	2025 S1
Net sales ¹	892.5	1,044	1,186	1,324
Change	-	17.01%	13.54%	11.65%
EBITDA ¹	334.9	406.2	-	496.3
Change	-	21.29%	-	-
EBIT ¹	232.3	338.2	367.9	394.7
Change	-	45.59%	8.79%	7.28%
Charge d'intérêts	-	-	-	-
Earnings before Tax (EBT) ¹	194.2	288.9	291.7	284.4
Change	-	48.79%	1%	-2.54%
Net income ¹	151.4	227.6	225.4	216.1
Change	-	50.33%	-0.98%	-4.1%
Announcement Date	7/28/22	7/28/23	7/30/24	7/29/25

¹EUR in Million

Estimates

Forecast Balance Sheet: Recordati

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	748	1,420	1,579	2,154	2,037	1,697	1,384	1,119
Change	-	89.84%	11.2%	36.42%	-5.43%	-16.7%	-18.44%	-19.15%
Announcement Date	2/24/22	2/21/23	2/22/24	2/13/25	2/17/26	-	-	-

¹EUR in Million

Estimates

Cash Flow Forecast: Recordati

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	21.85	23.89	379.6	846.9	38.14	46.05	58.74	63.9
Change	-	9.31%	1,489.15%	123.11%	-95.5%	20.76%	27.56%	8.78%
Free Cash Flow (FCF) ¹	469.8	439	456	535.1	513.5	652.3	752.8	871.8
Change	-	-6.56%	3.87%	17.35%	-4.03%	27.02%	15.41%	15.79%
Announcement Date	2/24/22	2/21/23	2/22/24	2/13/25	2/17/26	-	-	-

¹EUR in Million

Estimates

Forecast Financial Ratios: Recordati

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	38.12%	36.3%	36.96%	36.97%	37.85%	36.25%	37.77%	38.64%
EBIT Margin (%)	31.02%	23.6%	26.8%	29.23%	29.59%	29.16%	30.91%	31.71%
EBT Margin (%)	29.33%	21.66%	23.58%	23.37%	22.2%	24.55%	27.52%	29.15%
Net margin (%)	24.43%	16.85%	18.69%	17.79%	16.94%	20.2%	22.28%	22.58%
FCF margin (%)	29.73%	23.69%	21.9%	22.85%	19.61%	23.47%	25.03%	27.07%
FCF / Net Income (%)	121.71%	140.57%	117.16%	128.48%	115.76%	116.18%	112.37%	119.88%
Profitability
ROA	15.36%	9.17%	9.48%	8.92%	8.54%	11.28%	13.11%	13.76%
ROE	31.96%	32.33%	32.46%	31.93%	34.3%	30.6%	30.17%	33.18%
Financial Health
Leverage (Debt/EBITDA)	1.24x	2.11x	2.05x	2.49x	2.06x	1.68x	1.22x	0.9x
Debt / Free cash flow	1.59x	3.23x	3.46x	4.03x	3.97x	2.6x	1.84x	1.28x
Capital Intensity
CAPEX / Current Assets (%)	1.38%	1.29%	18.23%	36.17%	1.46%	1.66%	1.95%	1.98%
CAPEX / EBITDA (%)	3.63%	3.55%	49.32%	97.82%	3.85%	4.57%	5.17%	5.14%
CAPEX / FCF (%)	4.65%	5.44%	83.25%	158.28%	7.43%	7.06%	7.8%	7.33%
Items per share
Cash flow per share ¹	2.352	2.208	2.32	2.726	2.854	3.579	3.853	4.259
Change	-	-6.09%	5.08%	17.46%	4.7%	25.4%	7.66%	10.56%
Dividend per Share ¹	1.1	1.15	1.2	1.27	1.34	1.555	1.731	1.868
Change	-	4.55%	4.35%	5.83%	5.51%	16.06%	11.29%	7.91%
Book Value Per Share ¹	6.707	7.526	8.063	8.976	9.178	10.64	11.91	12.79
Change	-	12.22%	7.14%	11.32%	2.25%	15.96%	11.91%	7.4%
EPS ¹	1.846	1.494	1.861	1.992	2.121	2.488	2.986	3.433
Change	-	-19.07%	24.56%	7.04%	6.48%	17.29%	20.03%	14.97%
Nbr of stocks (in thousands)	206,325	205,406	205,645	204,479	204,565	204,356	204,356	204,356
Announcement Date	2/24/22	2/21/23	2/22/24	2/13/25	2/17/26	-	-	-