ALKALOID – Operating Results for the January – September 2025 period

Sales

As the unaudited stand-alone Income Statement shows, sales in the January - September 2025 period reached MKD 10,180,866,920, which is an increase of 2% compared to the same period last year. The total consolidated sales reached MKD 15,191,149,664, which is an increase of 7% compared to the same period last year.

In 2024, ALKALOID achieved an impressive 14% growth, significantly exceeding initial projections and planned growth for that year. This exceptional result set a high benchmark for 2025, where current growth is moderate but aligned with the projected dynamics. Compared to the planned sales for the first nine months of 2025, actual sales are 2% higher.

Sales by region and country

Consolidated sales on the domestic market increased by 17% compared to the same period last year. As a proven partner in public healthcare, the company actively participates in providing the latest rare and specialized treatments by representing renowned global pharmaceutical manufacturers, thereby significantly bolstering the national healthcare system. Despite the limited profitability of these programs, they have considerably increased the domestic market share in total consolidated sales. 35% of the total consolidated sales were realized on the domestic market, while foreign markets account for 65%. The breakdown by region shows that South-East Europe countries took 27% share of the sales, Eastern Europe (CIS, UA…) took a 19% share, 18% of the sales went to the countries of Western Europe (EU and EFTA).

Sales in Austria experienced the highest growth, increasing 6 times, followed by Netherlands where sales grew 5.5-fold, Sweden where sales grew 4 times, Finland where sales grew 3.5 times, as well as Malta and South Africa where sales were doubled. Following next is Iceland with an increase of 83%, then Portugal 59%, Ireland 45%, Georgia 40%, Kazakhstan 29%, Poland 23%, Germany 19%, Bosnia and Hercegovina 14%, Armenia 13%, etc. In the upcoming period, we expect cumulative sales in foreign markets to exceed last year's figures.

Sales by product group

Broken down by product group, the highest share of the total consolidated sales belongs to the Pharmaceuticals segment with 91%, more specifically, antibiotics account for 23%, OTC products 18%, neurological products 13%, cardiovascular products 12%, etc. The Chemistry, Cosmetics and Botanicals segment has a share of 9% of the total consolidated sales, or more precisely Chemistry 2%, Cosmetics 6% and Botanicals 1%. Total sales are up in the Pharmaceuticals segment, while in the Chemistry, Cosmetics and Botanicals segment they are at the same level compared to the same period in 2024. The Pharmaceuticals segment is up by 7%, Chemistry is up by 20%, Cosmetics is down by 2% and Botanicals is down by 14%. The decrease in the Cosmetics and Botanicals sales segment is mainly due to reduced and limited prices and margins across almost the entire portfolio in Macedonia, Serbia and Montenegro during a certain period of the year.

Capital expenditures

In the January – September 2025 period a total of MKD 929,289,935 has been invested in fixed assets.

Operating results

Stand-alone earnings before interest, taxes, depreciation and amortization (EBITDA), which amount to MKD 2,546,860,903 marked an increase of roughly 8%, whereas net profits rose by 7% to MKD 1,531,839,773.

Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) reached MKD 2,771,616,825 - an increase of 11%, while net consolidated profit of MKD 1,487,454,694 grew by 8%.

In its operations ALKALOID AD Skopje engaged more than 1,000 domestic suppliers.

Employees

In the January – September 2025 period, ALKALOID AD Skopje recruited 46 new employees in the R.N. Macedonia. In March 2025 the Management Board of ALKALOID AD Skopje decided to approve and pay holiday allowance to its employees in the amount of MKD 44,500 net. The ALKALOID Group has 2,996 employees, of which 2,251 in the country and 745 in its subsidiaries and representative offices abroad.

Shares

The shares of ALKALOID AD Skopje have been listed on the Macedonian Stock Exchange since 2002 and stand as one of the most traded and most liquid shares. In the January–September 2025 period, the share price ranged from MKD 24,000.00 to MKD 31,099.00, with an average of MKD 27,334.92—representing a 31.7% increase compared to the same period in 2024. The share price movement followed the average annual growth trend, driven by the consistent and transparent reporting of the company’s positive performance, favorable public opinion, confidence in our products and management, and the general trend in global and regional stock exchanges. On 30.09.2025, 6,395 individuals and companies held ALKALOID AD Skopje shares, while its market capitalization was MKD 36.9 billion.

On April 1st, 2025, the Annual Shareholders’ Assembly approved the calculation and payment of gross dividend for 2024 in the amount of MKD 901,752 thousand. In accordance with the dividend calendar as of May 2025 the company started paying dividend in the amount of MKD 630 gross i.e. 567 net-dividend for one ordinary share. The dividend per share for 2024 is 16.67% higher than the dividend paid per share for 2023.

2025 Business Plan

The 2025 Business Plan, adopted by the Management Board of ALKALOID AD Skopje at its December 27^th, 2024 meeting, anticipates investment of around 8% of the consolidated revenue in tangible and intangible assets, growth in consolidated sales of 8% compared to the actual sales in 2024, and growth in pre-tax consolidated profit of 7% in comparison to 2024.

The 2025 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 2025 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 has prevailed in recent years, continues into 2025. Key challenges such as inflation and increasing interest rates are anticipated to maintain their current levels or even experience slight declines. Additionally, global security crises further complicate the economic landscape, introducing uncertainties that may impact energy prices, disrupt supply chains, and affect the availability of certain materials. The potential risk of a global trade war could trigger further increases in raw material prices and increased operating costs. We are closely monitoring these occurrences and are taking measures to mitigate potential effects.

We expect to sustain our growth trajectory in 2025. Building upon our ongoing investments in new manufacturing facilities, equipment, and research and development endeavors, we aim to fortify our competitive portfolio and capitalize on market expansion opportunities. In pursuit of these objectives, we will continue to recruit talent domestically and internationally, while steadfastly investing in enhancing the knowledge and skills of our workforce and in building talents.