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Sales revenue

According to the stand-alone Income Statement, in the January – March 2026 period sales reached MKD 3,660,848,825, which is 6% higher compared to the same period last year. Total consolidated sales reached MKD 5,247,063,071, which is 1% higher compared to the same period last year.

Sales by region

Consolidated sales on the domestic market increased by 18% compared to last year. As a proven partner of public healthcare, the company actively participates in providing the most modern rare and specific therapies through representation of products from globally renowned pharmaceutical manufacturers, providing significant support to the national healthcare system. Although the profitability of these programs is limited, they significantly increase the share of the domestic market in total consolidated sales. Of total consolidated sales, 37% were realized on the domestic market, while 63% were realized on foreign markets. By region, 29% were realized in the countries of South-East Europe, 20% in the countries of Eastern Europe (CIS, UKR...), 13% in the countries of Western Europe (EU and EFTA), and 1% in other markets.

The highest growth in export markets compared to last year was recorded in Kazakhstan, where sales increased 20-fold, followed by the United Kingdom, where sales increased 2.4-fold, as well as the Czech Republic, where sales increased 2.3-fold. This is followed by Georgia (growth of 95%), Kosovo (growth of 39%), Greece (growth of 38%), Poland (growth of 34%), etc.

Sales by product group

By product groups, in the structure of total consolidated sales, the products from the Pharmaceuticals segment account for the largest share, i.e. 93%. Within this segment, antibiotics account for 21%, OTC products for 19%, neurological products for 13%, cardiovascular products for 11% of total consolidated sales, etc. The Chemistry, Cosmetics and Botanicals segment participates with 7% of total consolidated sales, more precisely Chemistry with 2%, Cosmetics with 4%, and Botanicals with 1%.

Investments

Total investments in fixed assets in the January – March 2026 period amounted to MKD 486,313 thousand, which represents a growth of 89% compared to the same period last year. Almost half of total investments relate to investments made through the related company ALKALOID ENERGETIKA DOOEL, aimed at the construction and development of photovoltaic capacities for the production of electricity from renewable sources.

Operating results

Stand-alone earnings before financial expenses, taxes and depreciation and amortization (EBITDA), in the amount of MKD 837,272,265, recorded an increase of around 12%, while stand-alone net profit amounted to MKD 475,481,780 and increased by 17%.

Consolidated earnings before financial expenses, taxes and depreciation and amortization (EBITDA) reached MKD 993,129,751 and recorded a growth of 7%, while consolidated net profit in the amount of MKD 515,611,777 increased by 5%.

Employees

In the January – March 2026 period, 28 new employments were realized in ALKALOID AD Skopje in the Republic of North Macedonia. By a decision of the Management Board of ALKALOID AD Skopje, in February 2026 a holiday allowance was approved and paid in the amount of MKD 47,000 net for the use of annual leave for the company’s employees. The ALKALOID Group has 3,027 employees, of which 2,223 are in the country and 804 are employed in capital-related companies abroad.

Shares

The shares of ALKALOID AD Skopje have been listed on the official market of the Macedonian Stock Exchange since 2002 and are among the most traded and most liquid shares on the Exchange. In the January – March 2026 period, the share price ranged from MKD 24,700.00 to MKD 27,300.00, with an average of MKD 25,249.85 per share. On 31.03.2026, ALKALOID AD Skopje shares were held by 6,532 shareholders (individuals and legal entities), while the company’s market capitalization amounted to MKD 36 billion.

On 30 March 2026, at the Annual Shareholders’ Assembly, the calculation and payment of gross dividend for 2025 in the amount of MKD 1,030,574 thousand was approved. In accordance with the dividend calendar, in May 2026 the company will start paying dividend in the amount of MKD 720 gross, i.e. MKD 648 net for one share. The dividend per share for 2025 is 14.3% higher than the dividend paid per share for 2024.

2026 Business Plan

The 2026 Business Plan, adopted by the Management Board of ALKALOID AD Skopje at its December 29^th, 2025 meeting, anticipates investment of around 8% of the consolidated revenue in tangible and intangible assets, growth in consolidated sales of 7% compared to the actual sales in 2025, and growth in consolidated profit of 7% in comparison to 2025.

The results achieved in the first quarter of 2026 are in line with the planned dynamics of implementation of the business plan. In the next period, cumulative placements on the domestic and foreign markets are expected to exceed last year’s achievements.

The 2026 Business Plan is based on the expectations, forecasts and opportunities on the existing and new markets and products available to the Company at the time of drafting the plan. Circumstances and events in 2026 may vary from those taken into account in the Business Plan and so may actual results.

Expectations for the upcoming period

The trend of operating within challenging economic conditions, which were present in recent years, continues in 2026 as well. Dominant challenges were inflation and the increase in interest rates, thus uncertainty remains pronounced. The company is exposed to interest rate risk mainly on the basis of short-term and long-term loans, whereby this is continuously monitored and managed through direct negotiations with banks, without significant oscillations in interest rates.

At the same time, global security crises, including the escalation of the conflict related to Iran, further complicate the economic environment and predictability. These developments have a significant impact on global energy markets, causing increases and heightened volatility in energy prices, which creates additional inflationary pressures and difficulties in supply chains, as well as risks related to the availability of certain raw materials and other materials. In addition, the potential risk of an escalation of global trade tensions may trigger further increases in raw material prices and lead to higher operating costs. We carefully monitor developments and take appropriate measures to mitigate these potential effects.

We expect in 2026 to continue along the path of continuous growth based on the opportunities from our current investments in new manufacturing capacities and equipment, and from investments in research and development projects, thus creating a competitive portfolio and opportunities for market expansion. To achieve these goals, we will continue with new employments in the country as well as in foreign markets, while continuously investing in raising and improving the level of knowledge and skills of our employees and in building talents.