Laboratorio Reig Jofre, S.A. ($RJF)

Hi. Good morning, everyone. Thank you very much for attending today, both here in person and through the streaming. We are going to present the results of Reig Jofre for 2025 and the outlook for 2026, and it's a pleasure to hold it here again in this room. Thanks to BME for providing this venue, this wonderful venue of the stock exchange in Madrid. I'm an analyst, and we value very much the opportunity to listen directly to the management teams and to discuss the development of the results of their organizations. We want to thank one more year, Ignasi Biosca, the CEO; and Laura Marti, CFO. Reig Jofre is one of the 40 companies that we cover from Lighthouse. This analysis services of the analyst institute in Spain. And together with BME, we are focusing on the analysis, and we are highlighting that analysis, and we want to provide greater visibility to the small caps of the Spanish market. Without further ado, I'm going to turn the floor over to Inma Santa-Pau, who is the Communications Director of Reig Jofre.

Thank you, Jose Ignacio. Good morning, and thank you very much for being here today for this result presentation for 2025 here at Bolsa de Madrid, and we want to greet also those that are joining through the streamline through the streaming. And by the end of this session, we will upload this presentation to the web so that you can watch it again if you want. First of all, Ignasi Biosca, the CEO; and Laura Marti, CFO, will introduce the results for the financial year and the strategic priorities for the following years. And then we will open a Q&A session where I encourage you to send your questions. For those of you that are connected through the streaming, you can send questions through our platform, our corporate web, our LinkedIn profile and also the web of the Spanish Institute of Analysts and Business and Investment Strategies. We will try to answer all questions. So if we don't have the time, we will answer them later on through an e-mail. And without further ado, I turn the floor over to Ignasi Biosca.

So thank you very much. Welcome, everyone, and good morning. Welcome to this results presentation for the year 2025 and for an update about the situation of the company and on the Reig Jofre project for this year, which is the 96th year of our history. We make progress one more year on our path to become a company that is becoming more and more global. We are close to being that mid-European pharma that we are heading towards. And we are also closer to transitioning from a pharma company to a biopharma company. That is our strategic path and our strategic bet. We exceed the number of 1,500 people, and we have parity in the leadership team of the company. We have products in more than 70 countries in the world, through 185 business partners, both with our products and our own brands and also with our services for the development and advanced production for other companies. I would like to highlight this industrial commitment that we have in our DNA with 5 specialized plants that has always made the difference and distinguishes us from other companies that are more oriented towards the development and commercialization of products, and that makes us different as Reig Jofre. I would like to remind you that by the closing of 2025, we owe a lot to the more than 6,000 shareholders that make up our stakeholding in this beautiful project that we have started. This is a novel product, which is universalizing health solutions based on science. Reig closes the year 2025 with a growth of 5% in direct sales in the 8 markets where we operate with our own teams. We grow in each and every market. And we have a growth of 4% in the business unit of specialized products and Specialty Pharmacare, 3% of growth in Consumer Healthcare. And beyond the clear progress in the year 2025, it's been a year where we have introduced a paradigm shift in the business of Reig Jofre. We are changing. We are evolving the business, the Reig business model, and we are in a year where we are shifting our paradigm in that development. Our bet on the EMINTECH project, an innovation project that has allowed us to accelerate our commitment within innovation in-house with internal innovation, both in product and in technology. And it was in 2025, recognized and supported with a grant by the CDTI within the framework of the first IPCE health project in Europe with a subsidy of EUR 13 million -- around EUR 13 million and quite an extended period. The year 2025 will be the first year when Reig becomes a member of the active substances, the drug substance, the raw material after almost 100 years. And we do that not only with more classical and chemical drug substances, but with drug substances that have a biotechnological origin, integrating the capacity to produce those substances with our existing know-how and capabilities, which are the traditional ones of finished dosage forms. That vertical integration takes place within the framework of the acquisition that we announced in 2025 of up to 85% of the Leanbio company that controls the joint venture Syna Therapeutics, and that will determine the development of the future Reig Jofre. Finally, I would also like to discuss that in our commitment to orient the company towards profitable growth during the year 2025, we have focused on investing on the redefinition of functions, processes and mainly digitalization in order to provide our operations with the largest or the highest productivity possible. Those investments guarantee the commitment with -- or the compliance with the last -- latest quality standards, including the requirements of Annex 1 for the manufacturing of the sterile products of the GMP standards in Europe. We have been adapting to those in the year 2025, 2026, we should complete it. The interventions to adapt to those standards will force occasionally in the year 2025 to stop temporarily one of the lines of antibiotics within the sterile plant of Toledo and reduced production in order to increase controls in other lines in that same plant. And the consequence was a drop in production of up to 30% in antibiotics for this family of products. And as we said on some other occasions, antibiotics are very much needed products, but with a very low margin, and that has affected temporarily the results of the group as a whole. With the streamlining of the new line by 2026, we should reverse that situation in this year. If we go over sales and the development of the 3 business units, I will start from the right to the left. I will focus on Consumer Healthcare first, the health products for consumers for pharmacy use, which grows 3%, up to EUR 74 million. Good performance of the Forte Pharma brand, our strong brand mainly in the French market and the Belgian market, where it is a leader and also in the rest of the international markets with distributors, including sales in China, which have also increased and online sales that are growing year-on-year. Only 26% of this business unit are sales in the Spanish market. In the center, the Specialty Pharmacare unit. This is a specialized products for medical prescription. It grows 4% in this case with a very good performance of dermatology, which grows 18% as a consequence of the last launches for acne and Vincobiosis and also fungal infections in the nails. Dermatology offsets slightly, the slight drop of the osteoarticular area, which drops 3% in spite of absorbing that drop of 25% of the regulated price of our product in Spain because of the emergence of generics, not in 2025, but by the end of 2024 that we absorbed those 9 months in price drop in 2025. We were selling more than EUR 20 million up until that moment. And the good performance of the Reig Jofre in Poland and Sweden, markets that have evolved very well offsets the drop of osteoarticular products in Spain. Specialty Pharmacare closes with EUR 120 million, close to the EUR 137 million of the business unit that we have on our left, Pharmaceutical Technologies, which continues to be the main business unit of Reig with EUR 137 million of turnover. In this unit, Pharmaceutical Technologies grows 5% in the area of injectables and lyophilized hospital products with B2C direct sales to hospitals and in the markets, where we have our own teams or indirectly B2B through distributors of licensees where we don't have our own teams. Up to 28% of the turnover is specialized services for CDMO, which we anticipate that will grow in the next years. And it is also this division that concentrates 25% of its sales outside Europe, products produced in the plants of Barcelona and Toledo with a special mention of the Japanese market where our products continue to grow hand-in-hand with our partners. The drop, as I mentioned before, of 30% of the antibiotic plant of Toledo, which drops EUR 20 million in total sales up to EUR 48 million from the EUR 68 million of the year 2024 is what causes a global drop of the business of 10% in this business unit. And then globally in Reig a drop of 2% to EUR 331 million compared to the previous year. I would like to remind you that antibiotics were 20% of the turnover of the group in the year 2024. So very little margin, but a large chunk of our sales. We have also tried to analyze that effect of antibiotics, and we have excluded that drop because it is a one-off drop in production in 2025. And we can see that the whole Reig business in gray only grows 4% from EUR 271 million, excluding antibiotics to EUR 283 million in 2025 with a growth of 3% in the Spanish market, 4% in the rest of Europe and 33%, especially a very healthy growth in Asia, as I was mentioning before, especially in Japan. I would like to remind you that we are closing the process for the regulatory approval of the new sterile antibiotic products in Toledo that will replace two of the lines that were obsolete. This project was approved by the Board of Directors of the company by the end of 2023. So we have spent 2024 and 2025 with the implementation -- physical implementation and the civil works should be completed. And so we will have a high productivity, high quality and high-capacity line for the second semester of this financial year 2026. Regarding the international operations, we are very satisfied with the growth of direct sales B2C through our in-house teams, our sales teams in the markets where we have a presence in Europe, which are 8 countries. We grow 5% there, close to EUR 200 million -- EUR 199 million. Poland grows 18% with specialty products, both in osteoarticular and also starting to grow in dermatology. We hope that this following years, dermatology will gain weight in Poland. In the Nordic markets, we have also grown double digit, 12% with a very good year and performance of our team in Sweden, which is in charge of commercializing specialty products and hospital products, not only in Sweden, but also in Denmark, Iceland, Norway and the whole Nordics. And then we have the plant Bioglan in Sweden, which is manufacturing parenteral gels and semi-solid products for third parties. Sales of the sales teams in the U.K. grew 17% and 11% of growth, also double digit in Belgium. Those double-digit growth offset more modest but positive growth both in France, Spain and Portugal, where we are focusing very much. In the map that you see on the slide, you see what we think is the main commercial synergy of Reig Jofre, which is introducing every time we open up a new market to open an office in a new market to introduce the products of the 3 business units in each of them with sales either to hospitals with -- looking for the medical prescription and also direct sales in pharmacies in all those markets where we have our own operations. The rest of the markets where we don't have our own operations, we have 115 commercial partners, sales partners that helps us bring products to those markets with the sales -- with a business model that we call B2C, which represent 22% of the sales of Reig and 80% of the sales are sales through advanced development services of lyophilized and liquid vials and antibiotics derived from penicillin in CDMO model. As regards industrial infrastructures, we have always said that Reig has an industrial component, but always in a specialized way. We produce not the most basic financial -- pharmaceutical products, but we always look for niches where we can make a difference. In Barcelona, for example we have the new injectables and lyophilized factory, which has been the focus of investment in digitalization and redesign of processes in a project that we call catalyst. We want to transform quality into a competitive advantage for Reig through the total commitment to operational excellence. The Barcelona plant is also a reserve of strategic capacity for Europe in case of a hypothetical pandemic or emergency situation that brings us to be very close to -- working very close to European authorities in industrial strategy and being part of the European strategic autonomy plan. We have also spoken about Toledo, the penicillin-derived products. It cannot produce any other type of medical products because of the contention measures. So it's a very restricted area. And we have gone through a renewal process. And at the same time, in the year 2025, we have been recognized, and those antibiotics have been recognized as critical medicines. And so we are part of the Critical Medicines Alliance. We are members of the Joint Industrial Corporation Forum of the European Commission. And on the political side, I would say that Ministry of Health in Spain told us at the end of the last year, 2025, that they have an interest on adjusting the price of some material antibiotics that were obsolete in their prices, prices from the year 2000 with cost of the year 2025, and they wanted to increase. That could be an upside to turn around the plant throughout the year 2026. We expected to receive the support of the authorities to focus on the future of the production of antibiotics, both in Spain and also at European level and to keep that strategic autonomy that is pursued now by the authorities that we also want to contribute to. The semi-solid plant in Malmo in Sweden, under the brand Bioglan had an excellent performance in terms of production in the year 2025, mainly in production for third parties throughout Europe. In the month of May, we inaugurated an extension of capacity to produce enteral gels that go directly to the stomach for treatment of Parkinson's disease for a German customer that was very useful in the end to cover the increasing demand that those patients require of that product and that has taken place in the second half of the year 2025 and that we forecast it will continue during the year 2026. And finally, we have, for the first time in this slide of industrial assets, the new plant of antibodies and technological proteins and recombinant proteins, 4000 square meters of civil works that will be completed in the year 2026. And later on, we'll receive the approvals, the regulatory approvals and can start at full capacity producing raw materials. We have a biotechnological basis for Reig Jofre and also for services to the market. Innovation. I always say that in the last 100 years, we have had a single commitment, which is very strong. That is with innovation. And that innovation is in 2 fronts. One, first front is innovation in products, a more classical model like any other pharma company. And then a second one, a commitment within technological innovation in installations and industrial processes, which are more specific model of Reig Jofre. It's more our own commitment. This double commitment makes us as we say internally, we say that we are strange, strange element, a strange participant, and that gives us a competitive advantage because we make a difference, and we are especially proud about that. The innovation strategy at Reig encompasses those 2 fronts, the product and the industrial ones. And we do that with a strategy that is focused on 3 horizons, the short, medium and long terms. In technological innovation, we bet on the CDMO advanced services in the short term, where we have invested and grown in the last few years in the midterm in vertical integration and development and production of biotechnological active principles. And then in the long term, we are also analyzing other technologies, other therapies, advanced gene therapies where our experience with injectable products can become a differentiator and a competitive advantage in the future. In terms of product innovation, we shouldn't forget about that. In the short term, we are focusing on health care products, not always medicinal products, but always supported by the scientific evidence that allows us to look for the scientific support and for medical prescription and recommendation. And then in the short term, also advanced generics. That's one of the areas we are choosing. And then in the midterm, medicines and incremental innovation, we are betting on that, and there's a recognition of both Spain and the whole of Europe and then in the long term for disruptive innovation and innovative medicines. Our strategy for innovation in both fronts has consolidated throughout the year 2025 because of the progress of our EMINTECH project that started in the year 2023 that will be completed in the year 2026 and that is aligned with the existing strategy at Reig. And it opens a new field and allows us to make progress in all the advanced areas of innovation. As I said at the beginning, during the year 2025, we have received a recognition both of the European Commission and also of the CDTI in Spain with granting of that aid, that grant of EUR 13 million to fund 50% of the innovation that we are focusing on right now. I would now like to focus on this integration, this vertical integration with the consolidation of the business within the perimeter of the Reig, of the Leanbio and Syna Therapeutics companies. That was a relationship that was started in 2018. It's not a new one. We created together with Leanbio, the joint venture Syna to develop biosimilars with a lead project at that point in time that was licensed in the year 2023 to Accord Healthcare. The success stories and the ability to work together and to collaborate and identify the mutual value and what we could contribute to each other has made us develop and consolidate this relationship. Given the fact that in the year 2018, when we created a joint venture, we started with 10% of the capital of Leanbio. But then in 2024, we continued to invest with an amount of and also of around EUR 6.6 million. And right now, on the 1st December 2025, we acquired the stake of some of the old partners in the amount of EUR 3.5 million, and we are now owners of 85% of the of the share capital. So we have made a continued investment throughout these years that allows us now to control from the year 2026 fully the perimeter of the 2 companies. We understand that if historically, pharma was based on chemical industry with the entry of the -- into the 21st century, we are -- have a biotechnological base. That's where the main developments are taking place and the main blockbusters and pharmacological treatments are placed in the market right now. And that's why from Reig Jofre we want to accompany this transition of the industry. We don't want to lag behind and being part of the past, but we want to prepare to make this development into the future. And we bet on this vertical integration that allows us not only -- historically, we are focused in the pharma product, the finished product and now we start in the drug substance. We get into the drug substance for the first time to be able to integrate from the drug substance to the drug product and to offer the whole value chain of the pharmaceutical product, either our own product or also in offering services to third parties and bringing products from cellular -- cell culture to the hospital use. In order to give you more detail about what is in Leanbio and Syna. Leanbio is a company -- a services company. It is a company for the services, for the development and production of biotechnological products with microbial mammal cell cultures and which can offer bioconjugates for the market. It is a company that since its inception had premises 400 square meters in the Parc Científic in Barcelona for the development stage of the products. And in 2024, Leanbio decided to build a 4,000 square meter plant with industrial capacity, not just development, but also industrial capacity and compliant with the GMP regulations. And that was built during the year 2025 together with the funding that we receive -- they received from Reig Jofre, and that will be completed in the year 2026. Leanbio will provide around 100 jobs when it is fully operational. And within our profitable growth strategy, we are looking for Leanbio to give us at least EUR 25 million of sales in the fifth year of operation with a margin and EBITDA sales margin, expected EBITDA sales margin of around double the current margins of Reig Jofre. That's why we are betting on this type of business that should lead us to a greater margin and grow profitably at Reig Jofre. If we focus on Syna Therapeutics. On the contrary, that's a product company, not a service, but a product company, focused on the development of biosimilars that will provide access to innovative products to everyone, to the whole developed world. The biosimilars give greater access and more cheaper access to health products in developed markets. And the development of biosimilars allows us to introduce innovation in markets where they normally didn't have access to that innovation, so the growth of the market is potentially quite relevant. Our lead project has started or has entered in the last clinical stage in the year 2025. It should be completed in 2026. Productive processes is now in qualification stage. And it is indicated for hematological cancers. It has a market close to $1 trillion and a market that continues to grow, and we expect our market -- our partner, Accord Healthcare to be able to obtain 20%, 25% of the market share in the world of this product. And of course, we anticipate that it is a market that can grow because it can enter new markets, and it is a growing one. We will have a royalties model with Accord Healthcare, who will be in charge, which will be in charge of commercialization. So in this year 2026, this current year, we expect the completion of civil works and of the clinical trial of the new industrial plant in Barcelona. Both projects will require during the year 2026 some relevant investments for the finalization. In the year 2027, we expect to start with the regulatory process for the approval of the product and the approval also of the GMP plant. And then as we receive those regulatory approvals in the years 2028 and onwards, we will have a fully operational plan with a ramp-up in terms of capacity, and we expect to reach to 50% capacity on the year 2030, more or less. And in parallel, we will try to launch a biosimilar both in Europe and in the U.S. And so far, that's the description of the business, and I turn the floor over to our CFO, who will talk about the financial results.

Good morning. Financial results of Reig for 2025 reflect what Ignasi has mentioned, a year of strategic development with important investments that we have had mainly investments that we have discussed in the presentation in the Toledo plant in the antibiotic family and also the investment that we have made in Leanbio and in the subsidiary, Syna that has allowed us to consolidate those 2 companies in our balance sheet. Those 2 large investments have had an impact on our -- both on our P&L and also on our balance sheet. And I'm going to explain more or less in the next slides those impacts. Starting with the P&L on the part of revenues, we closed with EUR 331 million, thanks to the good development of the Specialty Pharmacare business growing 4%, Consumer Healthcare growing 3% and the injectables and lyophilized also growing at 5%. Thanks to that, we have had sales dropping only by EUR 8 million compared not to the drop in antibiotics, which is EUR 20 million. So we have offset quite a lot. We closed sales of EUR 331 million, a 2% drop because of that impact that we have had of this stoppage of the production lines of antibiotics during this year that we hope to recover in the year 2026. On the other hand, gross margin closes with EUR 196 million and a profitability percentage of 59%, which is higher than the profitability that we had in the previous year, and that is due in the end to the mix of -- product mix, the sales mix. We haven't produced and sold so many antibiotics as the previous year. So we have grown in sales in the more profitable products. And we have seen that the mix provides us with this increase in profitability. On the -- regarding EBITDA, we closed with EUR 30 million. In the next slide, I will clarify the analysis of this EBITDA compared to the previous year. For the consolidated net income, we closed with EUR 5 million. And that result, that net income suffers also the integration of Syna and Leanbio. We have accounted for that -- for those impacts, EUR 4.8 million because of the fair value of Syna and Leanbio compared to the book value that we had when we started in this project in the year 2019, that's why we have this profit, which is really a valuation of those 2 companies, and that's how it is reflected in our P&L account. The behavior of the EBITDA for the year is worth some more explanations. We have some extraordinary effects. This year, we go from EUR 38 million in 2024 to EUR 30.5 million in 2025. On the one hand, as we have mentioned, the business in the business units of specialty and consumer, injectables, international expansion, all the business has grown. We have grown in profitability in the amount of EUR 4 million, which represents 11% growth in EBITDA compared to the previous year, thanks to the good behavior of the markets. The impact of this reduction in volume of production of antibiotics in Toledo, we estimate that, that is EUR 10 million compared to the previous year that has affected our EBITDA in an exceptional or one-off situation. Then we had the impact. The other two impacts that we can look at is the impact of the EMINTECH project for the development of innovation that on the one hand, we have the revenue that were given to us because of the subsidy that we received, which is up to almost EUR 8 million because those are revenues that are related to costs not only of the year 2025, but also 2023 and 2024. That's where we have a positive impact. And on the other hand, we have costs from that project that was developed this year in the amount of almost EUR 5 million. The other important impact that Ignasi mentioned is a drop of the regulated price of the Condrosan medicine within the osteoarticular family that amounts to EUR 4 million. The impact was noticed in the third quarter of the year 2024, and that has been noticed up until the third quarter of 2025. And so we continue this year to invest within the P&L account we invested in the catalyst project of operational excellence to improve the quality processes of our plants in the amount of EUR 1.4 million. And then the impact, which is very small, EUR 200,000 of Syna and Leanbio in the month of December because it was purchased on the 1st of December, so we're integrating our P&L only one of the months, and that is the impact that we see there. Well, we also see a large impact of the integration is in the balance sheet. On the one hand, in the assets and mainly in the noncurrent assets from the year 2024 to 2025, the amount -- they increased by EUR 47 million. So of that increase of EUR 47 million of the noncurrent assets, EUR 38 million come from that integration of the balance sheet of Syna and Leanbio in the consolidation of the Reig Group. Those are assets that Leanbio has related to the plant that they are building and the assets that Syna has related to the development of the biosimilar. From an operational point of view, in terms of operational investments or in terms of cash flow, we have invested a total of EUR 34 million, which is higher by 30% to what we invested in the year 2024. So it was an important year in terms of investments, and those are CapEx investments of EUR 21 million devoted to the antibiotic lines in the Toledo plant and also a new line of injectables in the Barcelona plant investments that will give us greater productivity and capacity and efficiency in our plants. We also have -- in line with our strategic route of digitalization, we have also invested EUR 4 million. Mainly, we are updating our [ RP ] and also digitalizing and updating our quality systems and different manufacturing systems with a purpose. We have a road map that we have set for ourselves in order to get rid of paper within our factories. Regarding liabilities, our balance sheet has also changed significantly compared to the previous year. Mainly, our financial debt has changed because of the Syna and Leanbio effect. We have increased our net financial debt. In particular, the financial debt has increased by EUR 45 million, out of which EUR 28 million come from Leanbio and Syna. Out of those EUR 28 million of those 2 companies that we are integrating, we have EUR 14 million that are debts with credit institutions. Of course, those companies were funded, not just with our purchase and our capital increases, but also through credit institutions for the building of the plants and the development of the biosimilars. Those are EUR 14 million. And then also there are EUR 10 million in the balance sheet that we account for because of the rental amount, which amount to EUR 10 million that are incorporated into our balance sheet. I would also like to highlight that part of the increase of debt outside this combination of businesses is due to the investments that I explained before. And we also have EUR 6 million in other financial liabilities, that encompass the advance of the grant of EMINTECH, which will become revenue next year. So this debt will disappear organically next year. With all that, we closed with EUR 112 million of debt, and EUR 90 million out of those are with credit institutions and public institutions and EUR 20 million are rental liabilities and that brings us to a net financial debt of EUR 101 million reported. Those are 3.3x EBITDA for the year. If we exclude the impact of Syna and Leanbio in this calculation and in debt, we would have a net financial debt of EUR 76 million and a ratio of 2.5x more or less in line with our strategy.

Okay. Thank you very much. Now to conclude, I would like to focus on the outlooks that we have for the current financial year 2026. Our focus continues to be profitable growth and the generation of operational cash flow for the current year. We are going to recover growth in sales, and we want to recover the growth in EBITDA with a double-digit growth and also the growth of -- in profit in the year 2026 compared to 2025. That's our main focus from a financial perspective for the year. In parallel to that, and in order to achieve all those goals, we have to recover the growth that we have in the market and the sales in antibiotics and focus a lot on the Toledo plant and grow in injectables. And there, we will start around -- in order to have it operational for the second half of the year, the new line, the new Toledo line of high capacity and high quality and productivity. We will also spend the year 2026 looking for a way to streamline or rationalize our product portfolio of antibiotics in Toledo and to be able to focus on those products where we can be more -- we can add more value where we have more margin and where we can abandon lower-margin products or lower volume products. And we also expect to be able to have the support of the administration as regards the review of some prices for certain antibiotics that are necessary for Europe, but that should be recognized in the right price. In Barcelona, in the first quarter, we are updating one of the 3 areas for lyophilized medicinal products, and this will be the last year. The investment has already been made, but we are pending just the shift and the civil works. And we are working on the change to be able to introduce a new process that we opened to introduce higher-margin products and migrating towards biotechnology and other types of more advanced products. And from a sales perspective, we expect to continue to grow in the different business units and in the different markets where we operate as well as growing in the rest of the world, outside the markets where we have our own teams in place. The year 2026 will be a year where the focus -- it will be an important year for our progress in the field of biotechnology. We are going to turn this company into a biopharmaceutical company, that's where we are heading towards. And we still have a key year 2026 to be able to complete the plant and to complete the clinical trials of the biosimilar project and integrate within our perimeter. Commercial integration, we want to integrate the sales teams and everything to commercialize the products of -- and the services of Leanbio. The EMINTECH project, which comes to its fruition, this innovation, we will close the execution in the year 2026. And as regard M&A, potential inorganic growth operations. We are always keeping an eye on the market, and we continue to look for opportunities and to grow in markets where we don't have a sales presence, a direct sales presence, like, for example, Italy and Germany, 2 large European markets, where we think we should grow by finding a partner or finding an acquisition. We are not in a hurry. We are not going to purchase just because for the sake of purchasing. But if we find an opportunity that we find -- consider is interesting, we would grow and we would make those decisions quickly to be able to make progress along those lines. Also, the year 2026 and looking at the events in the last few days, we are preparing to anticipate potential tensions, mainly in supply chains, there will be tension in the supply chains. We don't have large products that travel around the area of conflict, but we do travel to Sweden and Red Sea. And in terms of gas and electricity, we have fixed prices for the year 2026. And as regards assets, we have part of our debt, as Laura said, at fixed interest rates. But anyway, we are keeping an eye on how those events could affect us or our customers. Those recent events in the world. And that's more or less the snapshot of the outlook for the year 2026.

Thank you, Ignasi. Thank you, Laura.

Jose Ignacio, do you want to open up the Q&A session?

And I would like to thank you on behalf of the Spanish Analyst Institute for presenting your results with us. One more year, it's been a very clear and a very detailed presentation. I understand that the year 2025 for you has been a transition year and that now we should look into the future into 2026. And in that sense, I have an interest on 2026. What's your forecast for the recovery of production in everything that has to do with antibiotics? And what milestones should we be looking at as analysts to understand that you are fulfilling your plans in that path, in that journey?

Well, thanks very much for the question. Antibiotics for me, the most relevant element is to bear in mind that there's not a demand problem. Demand is there. We have the customers, and we have the products. The only problem was we have had during the year 2025, we have had a set of conditions that are one-off conditions related to production, not with demand. So indicators that we should be looking at are the finalization of the civil works, which has already been completed of the new line and the approval for it to start. There's a regulatory process. We need to manufacture all products for the first time and get the approvals. But for the summer, we should have everything operational. The line should be up and running. And this is a line that can produce between 3x to 4x more units than the lines that we currently have. So as I said, I think we are going to stop 2 obsolete lines, and we are going to transfer that to the new line, that we will continue to have some remaining capacity, and that will allow us to increase productivity, will reduce unit cost and hence, we will be able to adapt better to the competitive landscape, both in terms of quality and also in terms of productivity. We are working on that price increase and one of the indicators this morning, for example, when I was coming here, I saw that they have already published that in the last price commission of the Health Ministry in January, they approved an increase in prices for the Spanish market for amoxicillin, which is the main molecule that we produce in Toledo. So there will be an increase in the price of the molecule of amoxicillin for us directly in our direct sales and also for our customers when we manufacture products from Toledo. And so we expect to capture part of that increase in prices, and that should help us. But anyway, the development continues to be there. The regulatory requirements are quite strict, and we are working with the Spanish medical products agency, which, of course, it is not only on our side. It is also up to the authorities. And then we are also controlling the operational expenses, and we are controlling the internal operations to be able to control the year 2026 and turn around this antibiotic business, which probably is one of the least -- less strategic, but one of the most fundamental ones that Reig has. It is not a future strategic bet, but it is the one that brings us to dominate the essential medicines that not only in Spain, but the whole of Europe is realizing that they are fundamental and that should be produced within the perimeter of the European Union. We shouldn't be dependent on third markets. Of course, there will always be some dependencies, but we need to be able to produce them in Europe.

And regarding investments, in production of antibiotics, have they been closed? They are already done? And that's it. You close it with this plan?

Well, we don't expect anything. But of course, there's a change in landscape in regulatory terms. So we will have to keep adapting. But the most relevant and significant expenditures have already been overcome. And this Annex 1 for sterile products in the European GMPs had a huge impact on all companies that produce sterile medicines in the market, not so much that those that produce high added value and high-priced sterile products, but those that produce injectable with lower prices. But luckily, these investments in the previous 2023, '24 and '25 have been absorbed, and we do not anticipate any level of investment. I hope we can lower the investment, and we can devote those investments to the biotechnology area, which is a strategic growth area for Reig and innovation, which is also part of the future of Reig.

I can continue asking, but I would like to turn the floor over to the audience.

I'm going to stand up. I thank you very much, as you do every year, laura, Ignasi for your transparency, for being coming here and gathering us, and I'm going to ask a short question because I have to leave, and I apologize in advance. Ignasi, you have described in a very elegant way in your intervention, the regulatory uncertainties that surround you for Reig, for the market, legislative. And so I would like you to explain how do you navigate Reig, this last price commission have already published the explanation about the increase of prices, but you also described drops in prices. And we shouldn't forget that the pharma sector has the whole legislation now being updated. And Laura, I always ask Laura about international uncertainties. So I'm going to ask again because I want to know what is going to happen this year?

Okay. Thank you. Regarding the regulatory uncertainties, it is true this sector, the health sector is a sector that luckily has potential patients. It is a very regulated sector, but of course, the cost of regulation for the industry is quite high. And politically, that is something that was not taken into account in the last 20 years. The model has been more about innovation entering with higher and higher prices and non-innovative products, products that had lost their patents were in the market. And the premise was that there was margin to continue to reduce prices all the time for the sake of productivity, so attain more productivity and lower costs. But productivity has reached a floor, and it is not possible to go any further because the quality requirements are becoming more and more strict. And we are going to lose productivity. We cannot gain productivity. So we have to make a huge effort to be able to navigate this and invest CapEx quite, relevant CapEx amount for small companies such as ours. And in the end, we are jeopardizing the possibility to have an industrial fabric of our own. And for me, that is the most concerning element in the long term. For Reig Jofre to have industrial fabric, our own industrial fabric in the continent and in the country is paramount. And for me and for Reig Jofre, in particular, we've navigated all that quite well. What has happened in the last 2 to 3 years, we approved the investment of a new line in Barcelona during COVID. We put together a new plant in Barcelona in Toledo in the year 2010 -- sorry, 2019, inaugurated a new antibiotic line. Now we are inaugurating another one. So each of those lines mean between EUR 10 million to EUR 15 million in CapEx and products continue to have prices that date back to the year 2000, and in some products that we reflect products that had a price of ESP 185, now have a price of EUR 0.85, so not just regulatory prices, but also salary cost, inflation and everything, all that has increased dramatically. So we are putting up -- putting too much pressure on our industrial fabric. And I think that for the review of those antibiotic prices, we start to realize that in the ministry, they are aware that we should tackle that with a different approach. And in Europe with a directive on critical medicines, Critical Medicines Act, we started to notice that they are becoming more and more sensitive to this topic.

I would add from a financial point of view, and regarding your question, that one of the good things, one of the assets that Reig has is diversification of our portfolio. That's why sometimes we have increases. Sometimes, we have decreases, regulated medicines, nonregulated. We have our own manufacturing, commercialization and so on and so forth. So the analysts do not like that very much because they have to do a very thorough analysis. But from a financial point of view and from the management -- risk management point of view, it's very nice because it mitigates impacts not only regulatory ones, but also what we are seeing. The impact is not so huge because we had this diversification in our portfolio. And we don't have a molecule, which is a very specific one that represents more than 10% of the sales of our whole portfolio, and that's good. And Ignasi has already mentioned that what is happening, we are keeping an eye and alert from the point of view of dollar-euro exchange rates, we are also very well covered. We have covered our next purchases. And let's see what impacts we can see, which are more operational, perhaps delays in the arrival of drug substances or raw materials. That will be under control anyway, I guess.

Juan Carlos from [ Alantra ]. I wanted to ask you about purchases procurement and the potential in the midterm that you have for biological or biosimilars, those that are expiring of the first and second generation, we anticipate quite a few in the next few years. Could you give us vision about the potential that they offer for the acquisition of Leanbio?

Yes, yes. Our strategy to migrate towards biotechnology was precisely to follow that path that was chosen by the industry, by the innovative industry around the year 2000. We identified those 2 pillars, a pillar of being able to offer those services to the different players in the market, and we are noticing more and more that, that demand is growing. And we think that the purchase of Leanbio allows us for that vertical integration and can also allow us to have an innovative company that is even a molecule for any type of treatment. Normally, those types of molecules, many of them are based on proteins or antibodies. They are biotechnological products, and those are treatments that end up being injected directly into the bloodstream or in the muscle. So that's why we think that the domain or the command of those technologies on the part of Reig opens up a huge potential for us. We are in the right sector. We are in the area where things are getting heated in terms of new developments in the pharma industry at worldwide level. And in parallel to that, we have the biotechnological product -- line of products that are going to lose -- to expire their patents, and that opens up the door to regulated markets in Europe and the U.S. to have a new out-of-patent versions with more adjusted prices that give greater access to the product and allow more patients to have access to the treatment. And in the end, that drop in prices will grow the market in terms of the unit production. But that can be significant in developed markets, but it is extremely important in markets where we didn't get to launching the innovative product or it was just for some segments of private health and so on. So it becomes massive. And we see a huge opportunity there. And that's why we are choosing biotechnology, not doing it would be leaving ourselves outside. And then we also have that commitment, which is a technological knowledge of the injectable, the biotechnological product, the protein and the capacity to produce that allows us to grow a lot in this development of the market and that we anticipate will continue along those lines. I think there's a question on the back.

Daniel [indiscernible] from Lighthouse. I have 2 questions. The first is after a year of large investments, 2025, can you clarify the trends for 2026 in terms of CapEx? And also the trends in the maneuver fund, so to speak, after a typical year? And the second question is the impact of Leanbio in that ambition to grow double digit in terms of EBITDA. You said that Leanbio had an impact of EUR 200,000 for just 1 month on the EBITDA. Could we extrapolate that to the whole year? It is also true that the factory is under development, is under construction. And how you relate that to that EBITDA in December? What could we expect of contribution for the whole year by Leanbio?

Shall I answer? Well, regarding investments for 2026 in the business, in the legacy business without Leanbio, so to speak, as we were saying before, the big chunk of the CapEx investments has already been completed. We are still finalizing the road map for digitalization, that has not come to an end, that will continue, but the big investments in the business -- in the legacy business that has been completed. So we do not expect to have more CapEx, and we expect our cash generation and free cash flow that is positive. And then Leanbio, those are businesses that are under construction. During the year 2026, we will complete building the plant and also the Syna clinical trials will be completed. So we will still have some investments to tackle in the year 2026 in this pillar of the business. And the other question about EBITDA of EUR 200,000 for the month of December and how can you relate that to the plant being built? You shouldn't forget that the Leanbio business already exists. The development is already existing in some other facilities. Since the year 2015 or something like that, they have been developing. So they already have their customers and their business, and that's why we have this EBITDA impact in December. And the plan that is being built for the next year for 2026, it will still be under construction, although we are seeing the first signs of income, and we are seeing down payments for different projects that we are embarking upon.

Joachim from [indiscernible] Capital. I have 2 questions. The first is about the Syna's biosimilar. You said that you expect the clinical trial to be completed next year. When could we expect you to present the results of that clinical trial? Could it be at ASCO next year, or when could that be? And then I've also seen, you said that you expected for the year 2030 to reach a 50% capacity, is that for the lyophilized and injectables or for the other part of the business? And then can you tell us what is the total capacity once you have completed all the works in Toledo and Barcelona for injectables. Is that a piece of data that you can provide?

Okay. Thank you. Regarding the biosimilar clinical trial, the results will be presented at the end of the year 2026. We don't have the dates yet. We do not know when we are going to communicate that. We are doing the clinical trial hand in hand with our partner. So we will end up reaching an agreement with them. I cannot give you specific data, but it will be completed by the end of the year 2026. That's for sure. 50% capacity for 2030, that is specifically for the drug substance, the API of raw materials with raw materials, with a microbial basis. There, we will produce the drug substance, and part of that drug substance that is producing the Leanbio plant will become a vial, pharmaceutical vial that will reach the hospital and in the old Sant Joan Despi plant of Reig and part will be sold as a drug substance to our customers, and they will do whatever they like with that. Our model is to try to capture customers end-to-end so that they manufacture the drug substance [indiscernible] in which is nearby and then do the finished product in [ Sant Joan Despi ] for injectables in the plant there. So about 50% is only for drug substances. That's a more scalable model, and it's a very beautiful facility, a very nice one. This facility for biotechnological drug substance, I think that it can be -- there are 2 brands currently, and there will be 2 plants in Spain, one in the north and then this other one. And this is going to be one of the largest, that can offer good services to the ecosystem, the biotechnological ecosystem in Spain and also in Europe. And as regards the total injectable capacity, we don't have the right dimensions yet because we depend on the size of the buyers, the type of products and so on. But in the end, we still have capacity, excess capacity, and we have a space to be able to install in the case of lyophilized. We said that we were going to do the last capacity extension in building the Sterile Zone 3, which then was devoted to vaccines during the COVID time. We have a space for 3 lyophilizers, and we only have installed 2 of them. And when we come closer to our maximum capacity, we would install that third lyophilizer, which would give us greater capacity and lower costs. But we don't want to do that in the short term because we have other CapEx projects. But as soon as we come close to the limit, we will extend capacity. Thank you.

Thanks very much. I think we can call it a day. Thanks very much for your attention and for attending this meeting at Bolsa de Madrid. I just want to give you some figures. Apart from the people attending here in the room, we have had remote people, around 90 people connected through our web page and more than 150 people connected through LinkedIn. The recording and the presentations will be available in our website, and we expect to count with you in the next presentation next year. Thank you very much, and good morning.

Some last few words to thank you for counting on the institute. Thanks to the 3 of you. We believe that these events and these presentations are very important. And I would also like to encourage all of you to become members of the institute. We've turned 60 years old last year. So we encourage you to be part of this institute because I think we can add a lot of value to the profession. And you can also add a lot of value to the institute. So thank you.