Gruenenthal_AnnualReport_2025

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Grunenthal Report 2025/2026

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Grünenthal Report 2025/2026 CORPORATE PROFILE Grünenthal is a global leader in pain management and related diseases. We have a long track record of bringing innovative treatments to patients worldwide. As a fully integrated pharmaceutical company, we cover the entire value chain – from drug research and development to commercialisation of portfolios with growth products and established medicines. We operate in accordance with the highest ethical and regulatory standards, and we focus our efforts on our vision of a World Free of Pain.

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Contents 04 Letter from the CEO 06 About Us 58 Serving the Unmet Needs of patients living with pain 76 Reliable Supply to Patients 14 Our Transformational Journey 88 People and Culture 26 Record Financial Performance and Consistent Growth 106 Responsible Business 32 Cutting-Edge Science 3

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Grünenthal Report 2025/2026 LETTER FROM THE CEO patients. For QutenzaTM specifically, in 2025 we announced a strategic licensing agreement granting Apotex Inc. exclusive rights to commercialise QutenzaTM in Canada. In addition, in 2026, together with our partners Clinect and BCWorld Pharm, we are bringing QutenzaTM to Australia and South Korea, key markets in the Asia-Pacific region. In February 2026, we acquired the remaining 49 percent of Kyowa Kirin International's (KKI) stake in Grünenthal Meds, a joint venture formed in 2023 to market the established medicines portfolio from KKI. Thanks to the outstanding expertise and commitment of our teams in Grünenthal and Grünenthal Meds, we were able to manage this complex portfolio across regions, generate growth and create synergies with our infrastructure – all while executing a staggered integration approach. With this, we concluded one of the most complex deals in our M&A journey so far. Beyond M&A, QutenzaTM is continuing to grow strongly in the US and Europe. Across its approved indications in these markets, it addresses areas of signif- icant unmet need for patients living with neuropathic pain. In 2025, around 125,000 patients received treatment with QutenzaTM worldwide. That figure includes 22,000 people in the US, where QutenzaTM approached € 104 million net sales in 2025. Our performance in the US has been bolstered by the successful integration of MovantikTM, which brought additional growth in this market and, with QutenzaTM, led to combined net sales of € 210 million in the US. Our established brands are also performing strongly, contribut ing € 1.4 billion operational revenue to our overall Grünenthal revenue in 2025. This gives us the opportunity to keep investing in innovation. An innovation-led pipeline We continue to advance our pipeline and now have three assets in human clinical trials: Tegacorat, NOP and NaV inhibitor. Tegacorat, our Glucocorticoid Receptor Modulator (GRM), offers a potential new treatment for Duchenne muscular dystrophy (DMD). This fatal, inherited disease has no curative treatment options. Corticosteroids are the current standard of care as they can help slow the progression of muscle deterio- ration, giving affected children more years of mobility and independence. However, they come with significant side effects. Our tegacorat aims to de- liver comparable or improved efficacy with a favourable safety profile. Through our NOP programme, we are developing a selective, peripherally restricted oral therapy for chronic and acute pain. It has a unique mecha- nism of action that may present a favourable safety profile compared to ex- isting treatments. Building on years of pioneering research in NOP receptors, this programme represents a unique opportunity for a transformative first- in-class medicine. Our tegacorat and NOP lead molecules are scheduled to enter Proof of Concept trials in 2026. Voltage-gated sodium (NaV) channels are another research area that Grünenthal is focusing on. Our NaV portfolio comprises several projects Dear Friends and Partners, As I reflect on the past year, I am proud of Grünenthal’s continuing progress towards our vision of a World Free of Pain. With one in five people world- wide living with chronic pain1, the need for better treatments is urgent. We are leading the development of next-generation non-opioid pain therapies, while also applying our deep understanding of neurons and signalling mech- anisms to develop medicines in other therapeutic areas where these path- ways play an important role. Record financial performance and growth Our strategy of leveraging our strong legacy brands while pursuing targeted acquisitions and investing in innovation has proven successful again. Since 2017, we have more than tripled our EBITDA. In 2025, we delivered an- other record-breaking year with our highest ever adjusted EBITDA of € 500 million, a revenue of € 1.8 billion and an improved operating cash flow from € 212 million in 2024 to € 309 million. We delivered this performance in spite of declining revenue from established brands due to generic compe- tition. Our results were driven by strong momentum from our growth brands and positive contributions from strategic build-muscle deals. Over the last eight years, we have acquired established brands worth more than € 2.3 billion and have honed our ability to integrate and maximise the value of entire portfolios. In 2025, we acquired the commercial rights to CialisTM (tadalafil) in Mexico, Brazil and Colombia from Eli Lilly and Company. In the coming years, we will collaborate with Eli Lilly to transfer manufacturing to our site in Santiago, Chile. We also established several new partnerships to expand our geographic reach and make our products available to more 4

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Letter from the CEO that leverage different approaches and modalities. Our NaV 1.8 inhibitor en- tered clinical development in early 2026. Our scientists are also pioneering genetic medicine approaches in pain research to explore these promising, clinically validated channels and provide patients with innovative non-opioid treatment options for acute and chronic pain conditions. Focusing on efficiency and sustainability As part of Grünenthal’s ongoing commitment to progress and excellence, our Global Operations team has now completed its first five-year strategic cy- cle. This strategy has transformed our manufacturing network into a unified, high-performing organisation. A key achievement within this cycle came in 2025 when our site in Quito, Ecuador, received EU regulatory approval for the commercial production of VimovoTM. This marks the first time that a global product from Grünenthal’s portfolio will be manufactured in one of our manu- facturing sites outside Europe. We also continued to make meaningful strides for sustainability in 2025. We received the EcoVadis Gold Medal for our sustainability performance once again. In addition, the rating agency MSCI awarded Grünenthal an excep- tional (p) AA ESG rating. This places us among the industry’s leading per- formers. We also partnered with Impact Hero to take the first major steps for our global reforestation initiative, planting 50,000 trees in Senegal and another 50,000 across Kenya and Tanzania. Investing in people and communities took part in this survey – which represents 88 percent of our global workforce. Eighty-three percent of respondents said Grünenthal is a great place to work, while 20 of our operating countries were certified as a Great Place to Work®. These record-high results confirm strong engagement, pride in working for Grünenthal and a high level of trust in our leadership. The insights are now shap- ing our actions related to culture, leadership and recognition. We will conduct the next Great Place to Work® survey in 2026 to further track our progress. In 2025, we continued to invest in development and recognition initiatives, while also advancing our gender equality efforts. Forty-two percent of lead- ership positions are now held by women and we implemented improved pol- icies for parents and for flexible working. We also reinforced our support for local communities through volunteering activities and by providing dona- tions to organisations that focus on health and well-being, as well as social responsibility and environmental protection. Looking ahead In the future, we will remain focused on accelerating our pipeline to bring meaningful treatments to patients who need them. To maximise our invest- ment in innovation, we will continue to expand our portfolio through M&A and strategic partnerships, while fully unlocking the potential of our growth brands QutenzaTM and MovantikTM. On behalf of the Executive Board Team, I invite you to join us on our journey as we continue to work towards our vision of a World Free of Pain. Our people play a fundamental role in our success. For this reason, we re- main committed to attracting new talent while developing our employees and strengthening our culture. We are deeply proud of our most recent Great Place to Work® survey results. In 2024, more than 3,700 Grünenthal employees Gabriel Baertschi Chief Executive Officer Leadership position in pain-related markets2 Solid revenue base # 1 in Latin America3 and Europe4 Operating cash flow € 309 m in 2025 + 46 % vs operating cash flow in 2024 € 1.8 bn in 2025 Adjusted EBITDA € 500 m in 2025 + 21 % vs adjusted EBITDA in 2024 5

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ABOUT US We are proud to work for a World Free of Pain. 7

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Grünenthal Report 2025/2026 THE GRÜNENTHAL WORLD Grünenthal is a global company with our head- quarters in Aachen, Germany, and with affiliates in 28 countries across Europe, Latin America and the US. Our products benefit patients in around 100 countries worldwide. As a family-owned business, we have been delivering innovative medicines for 80 years, focusing on pain treat- ments for the past five decades. We aim to strengthen our leadership in this field by creating cutting-edge, non-opioid therapies. We cover the full value chain from research to distribution and collaborate with top scientific organisations to enhance our impact. Our company's profit- able growth has been driven by acquisitions of established brands that secure our financial stability and enable investments in research. Boston, US Innovation Hub Quito, EC Production Panama, PA Regional Office Products sold in around Production capacities 100 countries Strong and capable team 4,100 employees worldwide 8 5 manufacturing sites in Europe and Latin America International R&D network 2 R&D sites – one R&D Unit in Aachen (Germany) and an Innovation Hub in Boston (US) Santiago de Chile, CL Production

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Aachen, DE Production, Headquarters and R&D Unit Grünenthal countries Partner countries Mitlödi, CH Production Origgio, IT Production About Us 9

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Grünenthal Report 2025/2026 OUR EXECUTIVE BOARD TEAM Gabriel Baertschi Jan Adams, MD Chief Executive Officer I love science and have a deep passion for improving patients’ lives. I chose a career in the pharma industry because of this, and it is also why I was excited to join Grünenthal as its CEO and Chairman of the Corporate Executive Board in 2016. Since then, we have delivered on a strategy that has transformed this company and more than tripled its value by completing big acquisitions and expanding our R&D pipeline. I am excited about our future and the pos- itive impact all Grünenthal employees can continue to have on patients, communities and our environment. Chief Commercial Officer I assumed the role of Chief Commercial Officer (CCO) in October 2024 and focus on accelerating our growth drivers Qutenza™ and MovantikTM/ MoventigTM, while also maximising our established brands portfolio, all with- in a fit-for-purpose operating model. From 2020, and before my CCO role, I led Grünenthal's R&D organisation as Chief Scientific Officer (CSO), dur- ing which time we created a state-of-the-art R&D organisation and built an industry-leading pipeline focused on innovative treatments for acute and chronic pain. After joining Grünenthal in 2017 and prior to my CSO role, I was Head of Strategy and Portfolio. I am a medical doctor by training with 20+ years of experience in healthcare and pharma, including roles at Takeda, McKinsey & Company and Novartis. 10

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About Us Fabian Raschke Uli Brödl, MD Chief Financial Officer After joining Grünenthal in 2016, I was appointed to the role of Chief Financial Officer (CFO) in 2019. Together with a committed team, we have delivered several significant achievements that have contributed to the organisation’s growing success in recent years – including placing Grünenthal's first ever bonds on the capital markets in 2021. With more than 20 years in finance- related roles, as CFO I also cover the evolution of our value-driving IT func- tion, where our people collaborate on forward-looking projects that support Grünenthal’s digital roadmap. Chief Scientific Officer I joined Grünenthal as Chief Scientific Officer in February 2025, drawn by the significant potential to improve the lives of people living with pain. Improving patient outcomes has been the driving force throughout my academic and professional life. After training as a medical doctor, I have spent two dec- ades developing innovative healthcare solutions and leading clinical projects that bring advanced medicines to patients. Now, I am continuing this work as part of Grünenthal’s R&D organisation and alongside an inspirational team of thought-leading scientists. 11

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Grünenthal Report 2025/2026 OUR EXECUTIVE BOARD TEAM Victor Barbosa Leen Hofkens Head Global Operations Since 2017, I have led Global Operations (GO) at Grünenthal, working with over 2,000 colleagues to ensure the quality, safety, cost-efficiency and uninterrupted supply of our medicines to patients and healthcare partners worldwide. Over the past few years, we have been on a transformation jour- ney, shaping GO into a high-performing, integration-driven organisation that continuously fuels and enables the company’s growth through acquisitions, scaling our capabilities to deliver faster, more reliably and with greater impact across our global network. Head Global Human Resources One of my top priorities after joining Grünenthal in 2018 as Head Global Human Resources was to launch our Values & Behaviours, which now guide our decision-making and shape our culture. Our HR team has also strengthened Grünenthal’s approach to performance, development and compensation in recent years, while driving progress for our diversity, inclusion and engage- ment agenda. Together, these have helped to create a high-performance culture where individuals can thrive and make a positive impact. 12

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About Us Sebastian Köhler Quentin Le Masne de Chermont General Counsel I joined Grünenthal in 2018, bringing more than 10 years of experience in executive roles and strategic legal consultancy. Since then, I have had the privilege of building and leading the General Counsel Area team, a one-stop shop for Legal, Compliance, Responsibility, Enterprise Risk, Internal Audit, Legal Operations, and Patents & Trademarks, and Corporate Citizenship. Our mission is to guide the company through its complex challenges, staying true to our ethical framework while driving Grünenthal’s strategic goals for- ward. We focus on delivering clear, actionable advice that supports the com- pany’s sustainable growth. Head Corporate Strategy and Business Development With extensive experience in strategic consulting across the healthcare sec- tor, I have, since 2019, led teams at Grünenthal in shaping the roadmap that guides our company toward its ambitious long-term objectives. Today, through our integrated Corporate Strategy and Business Development organisation, we bring together experts from Strategy, Commercial, R&D and Operations. Our team plays a central role in advancing Grünenthal’s M&A agenda, identify- ing, assessing and executing strategic acquisitions, while also building a global network of alliances and partnerships that supports our growth ambition. 13

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OUR TRANSFORMATIONAL JOURNEY Our strategy is preparing Grünenthal for long-term success. 15

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Grünenthal Report 2025/2026 BRINGING OUR VISION TO LIFE At Grünenthal, our teams are driving progress to- ward our vision of a World Free of Pain. Guided by a clear strategy, we have transformed the company to position it for long-term success. Since 2017, this transformation has delivered sustainable growth, a diversified portfolio and a strong innovation pipeline to improve patient care, while fostering a culture that attracts international talent. The five pillars of our corporate strategy 1. Innovation Be a leading innovator in pain and pain- adjacent indications to address critical unmet medical needs. 2. Growth Drive the commercial success of our growth brands and evolve our go-to-market model towards digital and omnichannel approaches. 3. Acquisitions Complement our portfolio with deals for established brands, irrespective of thera- peutic area. 4. Efficiency Drive profitability through efficiencies across the value chain and manufacture at the best safety, quality and cost level. 5. People Invest in building capabilities of our people and operate in line with the highest ethical and regulatory standards. Grünenthal is in a strong position to accelerate progress and unlock new opportunities in the years ahead. Our solid performance gives us confidence as we enter the next phase of growth, with significant potential to deliver measurable value for our business, our partners and the patients we serve. Gabriel Baertschi Chief Executive Officer 16

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Our Transformational Journey Innovation - R&D transformation Since 2017, Grünenthal has established a mod- ern, innovative R&D model that empowers teams to advance high-potential, modality-agnostic as- sets. We leverage cutting-edge approaches such as bioinformatics, systems biology, translational medicine and genetic medicine methodologies. Our scientists have pioneered research into the nociceptin receptor and exploit the potential of voltage gated sodium channels to create innova- tive, non-opioid pain treatments and improve pa- tients' lives, while advancing us towards our vision of a World Free of Pain. Grünenthal's research teams comprise a wide range of capabilities, as well as an industry lead- ing understanding of sensory biology, neuronal hyper- and hypoexcitability and neuronal health in general. Now, we leverage these capabilities in disease areas adjacent to pain, where unmet medical needs can be addressed through our core competencies and our modality-agnostic R&D operating model. This will enable us to ex- pand our research pipeline and increase our positive impact on patients worldwide. With tegacorat, our Selective Glucocorticoid Re- ceptor Agonist and Modulator (SEGRAM), we are Researcher working on a fluorescence microscope preparing a Proof-of-Concept trial in Duchenne muscular dystrophy. With this, we aim to provide patients with a new treatment option that offers better efficacy than the current standard-of- care and carries reduced side effects. Find out more about innovation in the 'Cutting-Edge Science' chapter on p. 32. 17

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Grünenthal Report 2025/2026 Pipeline development 2019-2026 2026 Qutenza™ LCM RESEARCH | PRECLINICAL DEVELOPMENT Post-surgical neuropathic pain MPC-06-ID* (Rexlemestrocel-L) Chronic low back pain Tegacorat (Glucocorticoid Receptor Modulator) NOP receptor agonist (Nociceptin Receptor Agonist) NaV 1.8 inhibitor (Voltage gated sodium channel 1.8 inhibitor) Research projects Duchenne muscular dystrophy Acute and chronic pain Acute and chronic pain Pain and adjacent indications PHASE I PHASE II PHASE III SUBMISSION RESEARCH/ PRE-CLINICAL PHASE I PHASE II PHASE III Chronic inflammatory diseases Chronic pain Acute and chronic pain 2019 Qutenza™ LCM RTX (Resiniferatoxin) MPC-06-ID* (Rexlemestrocel-L) Tegacorat (Glucocorticoid Receptor Modulator) NOP (Nociceptin Receptor Agonist) Further research projects * Collaboration with Mesoblast 18

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Our Transformational Journey Growth - Sustained growth and commercial expansion Grünenthal has made remarkable progress since 2017. Our profitability, measured by adjusted EBITDA, has more than tripled during this period. The company’s value (measured by equity market value and operating cash flow) is now more than three times higher. 2025 was another record fi- nancial year for Grünenthal with adjusted EBITDA of € 500 million and revenue of € 1.8 billion. Grünenthal is well-positioned to maximise busi- ness opportunities and build successful brands. In 2025, our established medicines portfolio performed above plan, while growth brands Qutenza™ and Movantik™ delivered strong mo- mentum in key markets. Accelerating the growth of Qutenza™ resulted in the first profitable months for our US business and the integration of Movantik™ made the US our second-largest sales market in 2025. Latin America now generates nearly a quarter of company revenue, reflecting the success of our diversified, innovation-driven portfolio and its strong growth and profitability since 2017. The ongoing integration of Cialis™ in Latin America further strengthens our growth outlook in this region. We also saw strong performance in Europe in 2025 from both our established portfolio and growth brands. Specifically, QutenzaTM grew significantly in key markets such as France and Germany. Find out more about growth in the 'Record Financial Performance and Consistent Growth' chapter on p. 26. Grünenthal’s business results 2017-2025 Adjusted EBITDA in € mn 500 438 427 412 341 338 370 212 129 500 400 300 200 100 0 2017 2018 2019 2020 2021 2022 2023 2024 2025 Averitas is now a two-asset organisation that delivered € 210 million Net Sales in 2025 250 in € mn 210 200 150 100 50 0 101 65 32 2 9 2020 2021 2022 2023 2024 2025 19

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Grünenthal Report 2025/2026 Acquisition - Expansion through M&A Grünenthal has a strong track record of driving growth through targeted acquisitions of estab- lished brands. As previously stated, in 2025 we acquired the commercial rights to CialisTM in Mexico, Brazil and Colombia, further strength- ening Grünenthal's footprint in Latin America. In February 2026, we also exercised our option to complete on the purchase of the remaining 49 percent of our Joint Venture for Kyowa Kirin International's established brand portfolio (since referred to as Grünenthal Meds). Grünenthal Meds has contributed € 57 million in EBITDA and € 349 million in revenue since the joint venture began in 2023. Since 2017, we have invested more than € 2.3 billion in value-accretive deals to grow our port- folio, enhance profitability and increase cash flow. Our acquisition strategy focuses on brands that deliver rapid financial returns, address unmet medical needs and create synergies across man- ufacturing, logistics and commercial operations. Find out more about acquisitions in the 'Serving the Unmet Needs of Patients Living with Pain' chapter on p. 58. 2017 European Rights / 2018 Global Rights Acquired in 2017 Acquired in 2018 Acquired in 2022 Acquired in 2020 Acquired in 2018 Joint Venture established in 2023 and completed in 2026 Acquired in 2024 Acquired in 2025 20

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Our Transformational Journey Efficiency - Operational excellence To ensure a safe, reliable and efficient global prod- uct supply, we established our Global Operations (GO) business area in 2017. Our teams in GO have continuously enhanced efficiency across our value chain, from sourcing and manufacturing to logis- tics. We apply advanced methods that improve processes, reduce costs and conserve resources for both in-house and third-party production. All of this has meant our manufacturing and oper- ations teams have successfully maintained unin- terrupted supply, even amid global challenges. We have also further modernised our operations and, in 2024, opened a state-of-the-art manufactur- ing facility in Quito, Ecuador, which received EU regulatory approval in 2025 for the commercial production of up to 300 million Vimovo™ tablets per year. In 2020, we launched the GO2025 growth plan, that created an optimal setup for inte- grating new products and contributed € 110.8 million to Grünenthal’s EBITDA. Building on this momentum, we will launch GO2030 in 2026. Find out more about efficiency in the 'Reliable Supply to Patients' chapter on p. 76. Colleagues at our production site in Santiago de Chile 21

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Grünenthal Report 2025/2026 People - Inclusive culture and responsible business Our people are at the heart of Grünenthal’s success. Since 2017, we have strengthened a values-driven, agile culture focused on contin- uous improvement, earning record employee engagement results in the 2024 Great Place to Work® survey and positive recognition from lead- ing ESG (Environmental, Social and Governance) rating agencies. Guided by the highest ethical and regulatory standards, our employees make a meaningful difference for patients every day. Through our holistic Corporate Responsibility Programme, we maximise our positive impact on employees, partners and society while reducing our environmental footprint, helping safeguard the long-term future of our business, communi- ties and the environment. Find out more about about people in the 'People and Culture' chapter on p. 88. Colleagues working together at a leadership event 88 % 83 % of our employees shared feedback in the Great Place to Work® survey in 2024 of participants stated Grünenthal is a great place to work (2024 survey) 20 countries certified by Great Place to Work® 22

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Our Transformational Journey THE NEXT STEPS As a result of this transformation, Grünenthal now touches the lives of millions of patients worldwide with innovative treatments that improve their qual- ity of life. Our company is in a strong position to achieve further growth while reaching more pa- tients with life-changing treatments for pain and beyond. We will continue to innovate and keep moving towards our vision of a World Free of Pain. Gabriel Baertschi speaks about the company's solid performance 23

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A REPEATABLE MODEL FOR SUSTAINABLE VALUE CREATION Quentin Le Masne de Chermont during a presentation How does Grünenthal combine scientific innova- tion with financial discipline? We discussed this ap- proach with Quentin Le Masne de Chermont, Head Corporate Strategy and Business Development. He explained Grünenthal’s focus on differentiated and value-driven R&D, as well as our strategy, partner- ships and priorities for sustainable growth. What makes Grünenthal attractive to investors and financial partners? We have shown that we can grow in a disciplined way. When we acquire assets, business units or companies, we are careful about the price and we have a strong track record of integrating these in the right way to improve their perfor- mance over time. At our core, we take a highly focused and rigor- ous approach to our investments. We look for a clear strategic fit, tangible synergies, manageable risk and a realistic route to strong cash generation. That combination of focus and our integration ex- perience gives partners confidence in Grünenthal. When integrating acquisitions, what differentiates Grünenthal’s operating platform and commercial strategy? In simple terms, our operating platform is built to integrate acquisitions efficiently. We can absorb new brands quickly because we already have the capabilities, from manufacturing through to sup- ply chain and commercial execution. Our manufacturing and supply chain network is one of our biggest value levers in this regard. We operate six production sites across five coun- tries and they are all approved by leading regula- tory authorities, including the FDA in the US and the EMA in Europe. When we acquire products, like ZomigTM or CrestorTM, we systematically con- sider whether it makes sense to transfer produc- tion to our own facilities. If it does, insourcing can reduce the cost of goods and strengthen quality oversight, while also improving supply security. Through our Global Operations function, we also benefit from logistics infrastructure that is built for scale. It allows us to take on additional volumes without a proportional increase in fixed costs, which supports operating leverage and strong cash conversion. In terms of our commercial strategy, we integrate acquired brands into our existing structures with minimal incremental cost. We move quickly to streamline any overlaps in our commercial ap- proach or our general and administrative (G&A) functions, while always ensuring continuity for 24

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Our Transformational Journey customers. That approach enables us to protect revenue and capture synergies in a disciplined, repeatable way. How do you make sure that value creation continues after a transaction closes? Integration does not stop when a deal closes. We have a dedicated Integration team that stays in- volved well beyond Day One. It has a clear focus on finding additional efficiencies and margin improve- ments over time. In practice, that means we keep looking for further insourcing opportunities across the entire value chain, not just related to the initial transfer of finished product manufacturing. The planned insourcing of the CrestorTM API (Active Pharmaceutical Ingredients) is one example. We expect it to contribute additional EBITDA over time. This mindset of continuous optimisation helps to make sure that our acquisitions deliver synergies, while also providing sustained margin expansion and stronger cash flow in the years that follow. What is Grünenthal’s approach to acquiring and/or partnering in R&D? How would you summarise Grünenthal’s value proposition? We apply the same discipline to R&D decisions that we apply to capital allocation. We focus our efforts on pain and adjacent indications – epilepsy, pruri- tus and neurodegenerative disorders – because we have deep expertise of the underlying patho- physiology. When we look at external opportunities, we are deeply rigorous. We prioritise assets that are clearly differentiated and that have a well-de- fined development and regulatory pathway, while also offering an attractive risk-adjusted return. Partnerships are central to our model. Working with external innovators lets us share risk while still getting access to promising science. At the same time, we actively prioritise our portfolio to con- centrate our resources on the programmes with the strongest strategic and financial rationale. This approach helps us to keep innovation moving for- ward without compromising financial discipline. We combine focus with discipline. We allocate capital carefully, we have a proven ability to in- tegrate and improve acquired assets, business units or companies, and we have deep expertise in pain and related indications. The platform behind that value proposition makes it tangible. We have a regulator-approved manufacturing network, scalable logistics infra- structure and an operating model that lets us in- tegrate new brands efficiently while continuous- ly improving performance over time. For investors and financial partners, this trans- lates into predictable execution and improving margins, as well as strong cash generation and sustainable long-term value creation. That com- bination builds confidence and it is why partners choose to work with us for the long term. They trust us to deliver, time and again. Realised and expected synergies and cost savings from past Established Brand acquisitions* 500 in € mn Peak synergies p.a. 345 62 400 300 200 100 0 407 62 2025 EBITDA from M&A excl. synergies Realised M&A synergies as of 2025 2025 EBITDA from M&A incl. synergies * Does not include CialisTM acquisition as only acquired mid-2025 25

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RECORD FINANCIAL PERFORMANCE AND CONSISTENT GROWTH Delivering record results through a balanced portfolio, targeted acquisitions and continued investment in future growth. 27

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A MILESTONE YEAR OF GROWTH, EFFICIENCY AND VALUE CREATION 2025 was another milestone year for Grünenthal, marked by strong operational execution, disci- plined cost management and continued growth across our global portfolio. The business deliv- ered its highest adjusted EBITDA to date of € 500 million, with revenue reaching € 1.8 billion. These results reflect strong organic momentum from our growth brands, as well as the impact of tar- geted acquisitions and partnerships. Our dual strategy – leveraging our established brands while investing in innovation and selec- tively expanding the portfolio through M&A – again proved effective in 2025. In parallel, we continued to unlock value through the seamless integration of past acquisitions and targeted pro- duction cost improvements, including increased insourcing across our manufacturing network. Together, these actions strengthened margins, enhanced operational efficiency and supported another record year of financial performance. A balanced portfolio for consistent growth Across all regions, performance remained robust throughout the year. Key drivers of this success included: Strong performance of established brands, which generated € 1.4 billion in operational revenue and continued to provide the reliable cash flow needed to invest in future growth. Continued expansion of our growth brands, particularly QutenzaTM, which treated around 125,000 patients worldwide in 2025 and con- tinued to grow strongly in the US. Further contributions from MovantikTM, which is now more deeply embedded within our US organisation and adds an additional growth driver in this important market. Strong commercial execution in the US, where all regions delivered growth. In 2025, the US became Grünenthal’s largest market due to the growth of QutenzaTM and MovantikTM. These results highlight the resilience and balance of Grünenthal’s portfolio, which is underpinned by a clear strategy and disciplined delivery. Maintaining a strong capital position Investor confidence in Grünenthal remained high throughout 2025. This strengthened our long-term funding position and reflects strong support from our debt investors. Our ‘(p)AA’ ESG rating from MSCI further supports our credit profile and underlines our commitment to responsible, transparent and sustainable busi- ness practices. Grünenthal Report 2025/2026 28

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Record Financial Performance and Consistent Growth Financial performance in numbers* IN € MILLION Revenue** Cost of sales*** Gross profit# Marketing, Sales & Medical costs## Core Research & Development cost Other Costs Depreciation Fixed Assets### EBITDA Adjusted EBITDA+ Earnings before taxes Operating cash flow ACTUAL 2024 ACTUAL 2025 1,798 - 669 1,129 - 504 - 179 - 342 246 349 412 32 212 1,797 - 639 1,158 - 500 - 126 - 298 230 465 500 147 309 * Management view Profit and loss statements (P&L) can be displayed in Accounting and Management view. Both P&Ls include the same information, but are designed to serve different needs. The Accounting P&L is used for reporting according to German Commercial Code (HGB) while the Management P&L is used for internal steering and tracking. Both views are similar for Revenue, Cost of sales and thus Gross profit. But they differ in terms of the recognition of depreciation on acquired product rights and medical affairs costs. Depreciation of acquired products rights are recognised in Management view as part of “other costs” whereas Accounting view shows it as part of “selling expenses”. Medical commercial R&D costs comprise post approval product costs, e.g. for the maintenance of registration, for clinical studies for Phase IIIb/IV and the support of investigator initiated studies as well as structural costs. These costs are part of “Marketing, Sales & Medical costs” in Manage- ment view whereas shown as “Research & Development costs” in Accounting view. ** Revenue primarily comprises sales of products and revenue from licensing, as well as milestone payments. It also includes service income from our contract manufacturing business, such as customer refunds for the purchase of machines required to produce a certain product or for customisation of product formulations. *** Cost of sales are any costs that can be directly associated with products sales # Gross profit reveals how much money a company earns taking into consideration the costs that it incurs for producing its products and/or services. ## Marketing, Sales & Medical costs consists of all costs to promote, sell and distribute our products to the customer. This excludes depreciation on acquired products which is part of “other costs”. ### Depreciation of machines, IT equipment and several other items is an incremental part of CoGs, Marketing, Sales and Medical costs, R&D costs. + In order to derive the Earnings before interest, taxes, depreciation and amortisation (EBITDA), it needs to be added back. Adjusted EBITDA, short for adjusted Earnings Before Interest, Taxes, Depreciation and Amortisation, is a key performance indicator for the Grünenthal Group. It is calculated by adjusting the operating result for amortisation, depreciation and impairment and special effects, in par- ticular from restructuring and acquisition-related expenses 29

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Grünenthal Report 2025/2026 Working together to move ideas forward 30 Enabling growth through operational and digital modernisation 2025 also saw significant progress in building the systems and capabilities that are necessary to sup- port Grünenthal’s future financial performance. Preparations for SAP S/4HANA – our next- generation enterprise resource planning system – advanced across the organisation, modernising the digital backbone to enable future efficiency and improved insights. Progress in commercial technology modernisa- tion, including the planned transition to Veeva Vault CRM (customer relationship management), supported our shift towards more customer - centric and omnichannel ways of working. We harmonised our global business analytics platforms and data infrastructure, enabling fast- er, more seamless and increasingly AI-enabled analytics and decision support across the or- ganisation. Further strengthening cybersecurity as a multi - year priority – building on our progress in recent years, 2025 saw continued high investment in infrastructure to enhance resilience, protection and compliance across the organiasation. Looking ahead Grünenthal enters 2026 from a position of con- fidence. With a balanced portfolio, momentum with our growth products, our innovation pipe- line and a proven ability to execute and integrate value-accretive acquisitions, our business is well placed to build on the achievements of 2025. Our financial performance reflects a success- ful year and a clear trajectory. Our company is growing in scale, increasing product diversity and investing boldly to deliver meaningful value for patients, partners and communities worldwide.

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2025 was a year of disciplined delivery and strategic growth. We achieved record adjusted EBITDA, while strengthening our portfolio and investing in innovations that will shape Grünenthal’s future. Fabian Raschke Chief Financial Officer 31

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CUTTING-EDGE SCIENCE By leveraging groundbreaking research, our experts strive to create next- generation therapies for pain and beyond that change the lives of patients. 33

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Grünenthal Report 2025/2026 Data analysis in Grünenthal's Liquid chromatography-mass spectrometry laboratory 34

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Cutting-Edge Science Addressing the unmet medical need Due to chronic pain’s complex nature and vari- ous root causes, existing pain therapies do not work for all patients. Some medications do not provide enough pain relief. Others carry severe side effects. Grünenthal is committed to ad- dressing this situation and providing more pa- tients with better outcomes. To this end, we are investing in the development of innovative and non-opioid medicines that offer effective relief for people living with chronic pain. ADDRESSING THE GLOBAL BURDEN OF PAIN Over 1.5 billion people worldwide suffer from chronic pain1 and the condition has a profound impact on patients, families and society. Instead of viewing chronic pain as a symptom, Grünenthal perceives it as a disease in its own right – a sta- tus that the World Health Organization and the International Association for the Study of Pain recognised in 2019.5 Chronic pain and its impact Pain is considered to be chronic when it has last- ed for more than three months.6 Chronic pain can arise without any obvious cause, or it may be experienced due to an underlying condition such as arthritis, cancer or diabetes.7 Chronic pain is a very complex phenomenon and can be influenced by a range of interconnected factors The burden of chronic pain including sleep, anxiety or depression.7 injury, illness, nerve damage, poor The impact that chronic pain has on individuals, their loved ones and society is greatly under- estimated. People affected by chronic pain can experience higher rates of anxiety, depression and insomnia. They may even struggle to main- tain an independent lifestyle.8 Chronic pain is one of the most common rea- sons that a person will visit their doctor. This leads to missed days at work, lower productiv- ity, or even unemployment or early retirement9, which puts a burden on societies, economies and healthcare systems. Across Europe and the US, the cost of chronic pain is estimated to be in the billions.10 1 in 5 people suffer from chronic pain world- wide.1 60 % of permanent work incapacity in Europe is related to musculoskeletal pain.11 78 % of patients living with chronic pain in Europe are not satisfied with the efficacy of their treatment.12 53-90 % of adults with chronic pain experience a clinically significant degree of insomnia.13 $ 560-635 bn is the estimated medical cost and lost productivity caused by chronic pain in the US each year.7 € 300 bn estimated total cost of the conse- quences of chronic pain across Europe.12 35

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Grünenthal Report 2025/2026 REACHING BEYOND PAIN Investigating the pathophysiology of pain, Grünenthal's industry-leading research teams developed a wide range of capabilities, as well as an in-depth understanding of sensory biol- ogy, neuronal hyper- and hypoexcitability and neuronal health in general. Now, our researchers strive to leverage these capabilities in disease ar- eas beyond pain that share similar pathophysio- logical pathways and can be addressed using our core competencies and our modality- agnostic R&D operating model. We discussed the strategic reorientation of Grünenthal’s R&D organisation with our Chief Scientific Officer (CSO), Uli Brödl, MD. Uli, you have been CSO since February 2025. How have you settled into this role and why are you rethinking Grünenthal’s R&D strategy? I am now very settled in this role after a busy 12 months. I was given a warm welcome by the R&D organisation and the entire company, with valu- able support during my onboarding and beyond. While I familiarised myself with our R&D organi- sation, I got to know many great scientists – and I have listened carefully to their voices. Simply put, I believe at Grünenthal, we are uniquely positioned to play to our strengths. Our colleagues have outstanding expertise and problem-solving skills. So why should we limit our R&D to pain? Historically, Grünenthal has focused on pain. How is this changing now? We are broadening our focus. Grünenthal will remain committed to pain research and is one of very few companies in the world to do so. There is still huge unmet need in this area that we must address to help to improve the quality of life for patients who suffer from pain. However, the number of key players in the pain field is relatively small, limiting opportunities for collaboration with other pharmaceutical com- panies, start-ups and/or academic institutions to identify innovative medicines for patients. Because our people have skills that extend far beyond pain research, it makes sense for us to consider ways of leveraging those skills to help even more patients. Which specific skills and capabilities do you have in mind? We conducted an in-depth analysis of our oper- ating model and capabilities and concluded that Grünenthal could move into therapeutic areas adjacent to pain by leveraging its core compe- tencies and expertise. Really, it is about strengthening our strengths. We want to work on those areas where our understanding of biology, patients’ needs and Grünenthal’s strengths intersect. For example, our teams have incredible knowledge of sen- sory neurons and sensory biology, crucial el- ements in pain pathophysiology. Interestingly, pruritus or itch, an unpleasant sensation that evokes the desire to scratch, is mechanistically similar to pain. In this respect, it is only natural to widen our focus to address pruritus in order to improve patients’ quality of life.

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Cutting-Edge Science You can make similar arguments for expanding our research into epilepsy and neurodegenera- tive disorders. We have a deep understanding of neuronal hyper- and hypoexcitability, neuronal health and neuroinflammation, and can leverage our small molecule and RNA therapeutic plat- forms to address these important disease areas. How will Grünenthal implement its new R&D strategy? We are already implementing it today. Our teams are reviewing various targets and novel assets, but also existing compounds from our libraries to determine whether they could be repurposed for these new indications. In addition, we are strength- ening R&D business development to acquire excit- ing assets and are seeking collaboration partners to bring promising assets to patients. Therapeutic area strategy Research at Grünenthal Focused therapeutic area strategy We focus our R&D efforts on pain, epilepsy, pru- ritus and neurodegenerative disorders - areas of high unmet medical need. Comprehensive disease understanding Deep understanding of the underlying human disease biology enables us to identify well vali- dated, highly promising targets. Double down on most promising targets We pursue targets holistically and leverage a wide range of modalities to minimise compound- specific risks and maximise probability of success. Teaming up We collaborate with leading institutions around the world to tap into the best science and tech- nologies wherever they exist. Grünenthal leverages in-house research, business development and collaboration opportunities to drive cutting-edge science and bring innovative medicines to patients. We are committed to applying our capabilities to pain and pain-adjacent indications where we can create value for patients by leveraging our expertise in neurobiology, neuronal hyper- and hypoexcitability, sensory biology, neuronal health and neuroinflammation. Pain Epilepsy Pruritus Neurodegenera- tive disorders 37

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Grünenthal Report 2025/2026 Histology - Grünenthal researchers analyse a sample DEVELOPING LIFE-CHANGING TREATMENTS Grünenthal is uniquely positioned in the thera- peutic area of pain and beyond. Our scientists develop promising new treatments by identifying the best potential targets. We pur- sue those targets by leveraging deep expertise across research areas and platforms, including neurobiology, bioinformatics, systems biology, translational medicine and RNA approaches. Humanising research Grünenthal’s experts select targets by study- ing human genetic and clinical data, as well as by developing pre-clinical models using human tissues and cells. This increases the probability of success for the clinical translation of a chosen target in patients. For example, we conduct investigations on hu- man sensory neurones that carry signals from the periphery to the spinal cord. By studying these neurones and examining how they interact with other cell types, we can understand how they function in healthy individuals and how they are impaired in patients suffering from one of our focus indications. Our research teams are evaluating wheth- er natural variation in a target, such as genetic differences, may have functional consequences. Beyond genetic evidence, we analyse existing clinical and pharmacological evidence implicat- ing the activity or function of a target in a dis- ease of interest. Within our scientific framework, a target is considered very promising if it is possi- ble to combine an understanding of its biological function with clinical and genetic evidence for a role in disease pathophysiology. In addition, we always consider the safety implications of mod- ulating a target before adding it to our portfolio. 38

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Cutting-Edge Science Functional readout Biomarkers Clinical data Innovation – Humanising Research Application of innovative technologies and diverse therapeutic modalities Multi-modal molecular data Disease-relevant biobanks Human-centric disease understanding Integrated and intelligent data analysis Human-validated targets Small molecule Genomic medicine 39

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Grünenthal Report 2025/2026 Turning data into knowledge We use our expertise in bioinformatics and systems biology to screen, analyse and process large vol- umes of omics data that is generated from human and disease model samples. Our scientists lev- erage state-of-the-art data analytics and digital technologies to analyse such multi-modal data sets and transform them into insights that can guide our research. We build strong collaborative relation- ships with external partners, including academic groups and key external experts. Together, we mine this data to deepen our understanding of how cells and tissues communicate in a given disease. The power of omics data Omics approaches are high-throughput technologies that can be used to simul- taneously profile biological systems at different levels of cellular hierarchy and organisation. This includes genes, tran- scripts, proteins and more: Genomics analyses the entire set of genes within an organism and studies their interrelationships. Transcriptomics investigates all RNA molecules, including mRNA, rRNA, tRNA and other non-coding RNAs. Proteomics enables the study of all of the proteins produced by an organism. Working with a multi-electrode array system in our laboratories 40

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Cutting-Edge Science Synthesis robot in Grünenthal's oligonucleotide laboratory Enabling data-driven decisions through bioinformatics Grünenthal’s human-centric research approach is anchored in holistic exploration and analysis of multi-modal data sets from omics techniques, bi- omarkers, functional assays and clinical data. We have built advanced digital platforms to integrate and analyse this data. In this way, we generate actionable insights for our research programmes and portfolio. Our bioinformatics strategy deploys indus- try-leading Artificial Intelligence (AI) paradigms to solve diverse scientific problems, with a far-reaching impact across research domains. For instance, we have implemented: Machine Learning methods to discern cellular states in electrophysiology assays and to op- timise oligonucleotide libraries. This catalyses our genetic medicine strategy. Deep Learning models to predict the molecular properties of potential drug molecules. Our interdisciplinary bioinformatics research enables us to collaborate with experts from diverse disciplines for testing and validating in silico hypotheses. Dissecting a disease at the cellular level Grünenthal has made strategic invest- ments in deploying single-cell omics to dissect disease biology at the cellular level. We have perfected key aspects of single-cell technologies in-house to apply them effectively in pain research and beyond. The ongoing acquisition of disease-relevant data sets and in silico innovations will help us create a highly resolved cellular and molecular map of the biology of pain and adjacent diseases. This will enable us to zoom in on human disease pathways with an unprecedented level of clarity and will pave the way towards the development of more precise treatments for patients in need. 41

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Grünenthal Report 2025/2026 Synthesis of oligonucleotides at Grünenthal's Aachen campus in Germany 42

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BUILDING A GENETIC MEDICINE PLATFORM Scientists at Grünenthal are leveraging genetic medicine to develop innovative approaches for treating pain and adjacent indications. enables improved selectivity and efficacy, while supporting patient safety by reducing the likeli- hood of off-target effects. We are broadening our research approach and capabilities by integrating genetic medicine methodologies into our established portfolio of small molecule treatments. In this context, we place a particular emphasis on RNA therapeutics. RNA-based treatments enable precise design and offer a reversible but long-lasting impact. Specifically, they may be suitable to modulate targets that are inaccessible to small molecules. The use of specially designed small interfering RNAs (siRNA) to target messenger RNA (mRNA) is one stand-out example of this approach. siRNA selectively inhibit the production of specific pro- teins involved in the disease biology, addressing targets that were previously beyond the reach of conventional modalities. Efficient portfolio expansion Our genetic medicine strategy is also driving the development of an advanced RNA therapeutics delivery platform optimised for efficient and se- lective delivery to neurons in both the central and peripheral nervous systems. This enables RNA-based treatments to address pain-relevant sensory neurones, while also supporting ther- apeutic applications across other neurological Cutting-Edge Science indications such as in epilepsy and neurode- generation. This ‘plug-and-play’ concept, where different RNA sequences can be seamlessly in- tegrated into existing chemistries, allows rapid customisation and development of new thera- pies for various indications. It aims to accelerate the expansion of our portfolio in a highly efficient manner. Pioneering progress enables expansion to indications beyond pain In recent years, Grünenthal has made signif- icant progress with its RNA-based pain pro- grammes. Our experts are also evaluating next-generation delivery technologies through external partnerships, particularly via collabo- rations at our Boston Innovation Hub. These co-innovation activities are advancing target- ed drug delivery – and positioning Grünenthal at the forefront of this emerging field within pain and other neurological diseases. As part of our approach to these innovations, Grünenthal has established a dedicated laboratory space for synthesising oligonucleotides in Aachen. In combination with our deep expertise in medic- inal chemistry, this new space unlocks powerful potential for scientific discovery. Specifically, these capabilities enable our teams to explore chemis- tries rapidly and to address challenges of delivery to relevant target tissues and duration of action. In this way, we are opening up new ways for genet- ic medicine to speed up the development of new treatments for pain and other diseases. Improving selectivity and safety Using the base genetic code in molecule design is central to RNA therapeutics. It makes it pos- sible for our scientists to create drugs aimed at specific targets with high levels of precision. This Grünenthal is actively leading the way forward for RNA-based treatments with the potential to have a huge positive impact on patients with pain and other diseases. Keith Phillips Head New Modalities 43

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Grünenthal Report 2025/2026 A PARTNER OF CHOICE IN PAIN AND BEYOND We collaborate with organisations worldwide to drive progress for pain research and look to ex- pand our pipeline with assets in adjacent indica- tions. From evaluating new molecules through to commercialising products, we are always on the lookout for high-potential partnerships. A powerful partner for R&D Grünenthal is committed to maintaining its lead- ership in pain. We look for small or large compa- nies that are seeking deep expertise to support progress for pain assets. In addition, we are keen to work with organisations that look to divest their pain programmes or enter into licensing agreements. We also believe it is vital to work closely with academia for pain R&D and beyond. Universi- ties have strong relationships with hospitals and can leverage their academic networks to access human tissue, proprietary models and biomark- er research. For this reason, we collaborate with pioneers from academia who are pursuing pro- gress in pain medicine. Historically, a significant proportion of clinical programmes in pain have derived from reformu- lating existing drugs or repositioning medicines from other central nervous system indications in pain. Pain research has also attracted less fund- ing from industry and venture capital than disease areas like oncology and immunology. Many large pharmaceutical companies have exited the pain medicine space. However, the pain R&D landscape has been transforming in the last few years. Innovation driven by smaller companies and academic in- stitutions has led to breakthroughs related to genomics, as well as a movement away from rodent models towards models that offer more translatable insights. These changes are mak- ing it possible to identify new targets and non- opioid mechanisms with the potential to address the unmet medical needs associated with many pain conditions. Several companies are now pursuing novel approaches like gene therapy or cell therapy, which may provide better patient outcomes in the long run. Grünenthal, for example, is investi- gating novel modalities such as RNA therapeu- tics. These treatments have provided scientific breakthroughs outside of the pain medicine space and may have the potential to act on well-known pain targets. Reaching beyond pain Investigating the pathophysiology of pain, our organisation has gathered a wealth of capa- bilities and an in-depth understanding of sen- sory neurons, hyper- and hypoexcitability and neuronal health in general. Now, we strive to leverage these capabilities in disease areas that share some common biological mechanisms and pathways with pain and can be addressed using our core competencies and our modali- ty-agnostic R&D operating model. We are actively looking to expand our pipeline with assets addressing neurodegenerative dis- eases, epilepsy and pruritus. Whether for pain assets or in adjacent indications, our partnering approach is flexible depending on the stage of the asset and the aspirations of our partner. It may involve licensing deals or an early research collaboration and access to our capabil- ities, co-development or co-commercialisation, a geographic-split deal for an asset in clinical devel- opment or an asset acquisition. Finding the right partnership opportunities We are seeking selective and potent molecules that have a strong target validation and address key pathways in our disease areas of interest. Since animal models can sometimes have low translatability to the clinic, we are interested in collaborations with companies that use more hu- man-relevant models, tissues or cell systems and that are investigating credible biomarkers for a given indication. 44

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Cutting-Edge Science Grünenthal scientists in discussion 45

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Grünenthal Report 2025/2026 MEET THE INNOVATORS Our experts are constantly championing innovation for patients In a world of data and science, it can be tempting to focus on the numbers and overlook the peo- ple behind them. However, the real power of our R&D engine comes from our amazing team. Hun- dreds of experts from around the world come to work each day, dedicated to delivering innova- tive therapy options to patients. This pioneering spirit drives our company forward on its journey to a World Free of Pain. Maria Stupar Head Safety & Benefit Risk Opioids and Generics Chanchal Kumar Head Bioinformatics, Disease Understanding Maria uses data to ensure the highest standards of safety for our products at every stage in the development process. Chanchal is using cutting-edge data analytics and digital technologies to identify the specific cells that cause disease. Scan to learn more Scan to learn more 46

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Cutting-Edge Science Sevil Davidson Computational Biologist Keith Phillips Head New Modalities Florian Jakob Head Drug Discovery Engine By embracing the power of Artificial Intelligence and Machine Learning, Sevil develops algorithms that predict the properties of molecules to quickly identify promising therapeutic candidates. Keith is driving our research into RNA-based therapies together with a highly qualified and in- ternational team. With tegacorat, Florian has contributed to the development of a novel glucocorticoid receptor modulator under investigation for its potential an- ti-inflammatory activity. While tegacorat engages the same receptor pathway as traditional cor- ticosteroids, ongoing research aims to explore whether its pharmacological profile could offer therapeutic benefits for inflammatory conditions. Scan to learn more Scan to learn more Scan to learn more 47

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Grünenthal Report 2025/2026 FIGHTING A GENETIC DISEASE AND ITS DEVASTATING IMPACT With tegacorat14 (GRM-01), Grünenthal is already targeting a positive impact beyond the area of pain. This asset is a selective glucocorticoid re- ceptor agonist and modulator (SEGRAM) that we are developing for the treatment of Duchenne muscular dystrophy (DMD). fibres degenerate and become weakened. After onset in early childhood, DMD causes progressive muscle weakness throughout the body and even- tually impacts mobility, breathing and the heart.15 What is the root cause of DMD? dystrophin gene.19 As girls have two X chromo- somes, they experience either no symptoms or mild symptoms if they inherit an X chromosome with the DMD mutation. However, girls remain carriers of DMD and can eventually pass the de- fective gene to their children.19,20 What is Duchenne muscular dystrophy? DMD is a fatal rare disease that has a severe and life-altering impact. It is caused by a mutation in the dystrophin gene, which encodes for a critical protein; dystrophin. Without this protein, muscle In many cases, DMD is passed down through families. It primarily affects males, as the dys- trophin gene that causes DMD is located on the X chromosome.15,16,17,18,19 If a boy inherits an X chromosome that contains the gene mutation for DMD, they will be affected by this condition as they lack another X chromosome bearing an intact While DMD is primarily thought of as an inherit- ed disease, it is important to note that around 30 percent of DMD cases arise due to spontaneous mutations in the dystrophin gene and affect fam- ilies with no prior history of the disease.21 DMD at a glance Approx. 1 in 5,000 boys born each year are affected by DMD.22 By the age of 12, most children with DMD have lost their ability to walk.15,18 Approx. 30 percent of DMD cases are due to spontaneous mutations and affect families with no known history of DMD.21 With no cure available, DMD is fatal in all cases.15 Driving scientific innovation at Grünenthal 48

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Cutting-Edge Science What is the main unmet need for patients with DMD? How is Grünenthal addressing this unmet medical need? Current treatment options are not curative and cannot prevent disease progression, although treatment advances may allow children who are diagnosed today to live into their fourth decade.17 The typical life expectancy of a patient with DMD is between 21–40 years.16 With no curative treatment options available, corticosteroids are the current standard of care. They can slow down the progression of mus- cle deterioration, giving children more years of mobility and independence.15,17,23 However, they come with significant side effects and their cu- mulative impact over time can be significant. As a result, there is an urgent need for safer and more effective treatment options.17,24 Grünenthal is currently developing tegacorat, a SEGRAM with the potential to provide potent anti-inflammatory efficacy with reduced side effects compared to currently-used corticos- teroids. Its safety profile may allow long-term treatment, which would address a major unmet medical need for patients with DMD and could make a meaningful difference to patients’ lives. Grünenthal aims to investigate tegacorat within a Phase II trial of boys between the ages of four and under seven who have Duchenne muscular dystrophy but have not taken corticosteroids. The trial will commence in 2026 at centres in the US and Europe. Learn more about DMD Pat Furlong’s expert insights into DMD Stabilising the disease ‘right where it is’ would mean the world to patients and parents. Pat Furlong President and Founder of Parent Project Muscular Dystrophy

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Grünenthal Report 2025/2026 OUR CLINICAL PIPELINE PHASE I PHASE II PHASE III SUBMISSION 2026 Qutenza™ LCM RESEARCH | PRECLINICAL DEVELOPMENT Post-surgical neuropathic pain MPC-06-ID* (Rexlemestrocel-L) Chronic low back pain Duchenne muscular dystrophy Acute and chronic pain Acute and chronic pain Pain and adjacent indications Tegacorat (Glucocorticoid Receptor Modulator) NOP receptor agonist (Nociceptin Receptor Agonist) NaV 1.8 inhibitor (Voltage gated sodium channel 1.8 inhibitor) Research projects * Collaboration with Mesoblast 50

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Cutting-Edge Science Gabriel Baertschi during a presentation to the management team 51

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Grünenthal Report 2025/2026 Qutenza™ – Life Cycle Management Qutenza™ is a topical system that contains pre- scription-strength capsaicin. It is a non-opioid treatment that can provide prolonged pain relief for several months. Its most frequently report- ed adverse effects are usually transient, self- limiting, mild-to-moderate reactions on the ap- plication site.25 In Europe, it is approved for treating peripheral neuropathic pain (PNP) in adults either alone or in combination with other medicinal products for the treatment of pain. In the US, Qutenza™ is approved for treating PNP associated with post-herpetic neuralgia and for treating pain associated with diabetic peripheral neuropathy (DPN) of the feet.26 The indication for treating pain associated with DPN of the feet was only approved in the US in 2020. The approval marked a major milestone in our efforts to bring this treatment to more patients because painful DPN is a progressive and debilitating compli- cation of diabetes that affected more than five million Americans in 2020.27 It is difficult to diag- nose, treat and manage effectively. Through the Phase III trial AV001, Grünenthal investigated the efficacy, safety and tolerabil- ity of QutenzaTM in patients with post-surgical neuropathic pain (PSNP). The trial evaluated QutenzaTM versus a low-concentration cap- saicin topical system (0.04 %) in 409 patients with PSNP across Europe and the US and as- sessed changes in average pain intensity over a 42-week period. The primary analysis evaluat- ed pain reduction following the first treatment during the initial 12 weeks of the study. The trial was designed to address differing reg- ulatory expectations in major markets. In line with European Medicines Agency (EMA) guid- ance, one primary analysis assessed change in pain intensity over the 12-week period relative to baseline. In line with US Food and Drug Adminis- tration (FDA) guidance, another primary analysis assessed pain intensity at Week 12 relative to baseline. Overall, AV001 further supported the well-estab- lished efficacy and safety profile of QutenzaTM. The trial met the primary endpoint aligned with EMA guidance, demonstrating statistically significant pain relief over 12 weeks, with effects also observed over the full 42-week treatment period. The study did not meet the primary endpoint aligned with FDA guidance, as the difference versus control at Week 12 did not reach statistical significance. Moving forward, the outcome of AV001 will sup- port several regulatory submissions aimed at in- creasing QutenzaTM's availability and potential to reach more patients worldwide, including an update to the EU SmPC (Summary of Product Characteristics). A supplemental New Drug Ap- plication (sNDA) submission to the FDA will not be pursued. Publication of the AV001 data is planned in accordance with Averitas' and Grünenthal's standard publication processes, with timing cur- rently anticipated for Q4 2026. QutenzaTM (capsaicin) 8 % topical system releases capsaicin through the skin 52

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MPC-06-ID - Collaboration with Mesoblast on a cell therapy for chronic low back pain We entered into a strategic partnership with Mesoblast in 2019, a world leader in cellular medicines, for the development of its investiga- tional medicine rexlemestrocel-L (MPC-06-ID). The innovative cell therapy option is currently in clinical Phase III development for chronic low back pain (CLBP), associated with degenerative disc disease. CLBP is a major contributory factor to the US opioid crisis, and rexlemestrocel-L has received Regenerative Medicine Advanced Therapy designation from the FDA for treatment of CLBP. In 2021, the Phase III trial MSB-DR003 provided several important findings, including a significant and long-lasting treatment effect on pain relief. As a primary outcome measure has not yet been achieved, Mesoblast commenced MSB-DR004, a second randomised controlled Phase III trial to investigate MPC-06-ID in CLBP associated with degenerative disc disease. MSB-DR004 is expected to complete recruitment in Q2 2026 and focuses on achieving durable pain reduc- tion with opioid-sparing activity in patients who receive a single intradiscal injection of rexlemes- trocel-L + hyaluronic acid.

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Tegacorat – Investigational treatment for Duchenne muscular dystrophy Tegacorat is a non-steroidal selective gluco- corticoid receptor agonist and modulator. This Grünenthal proprietary asset is an oral investiga- tional medicine for the treatment of Duchenne muscular dystrophy (DMD). For families facing a DMD diagnosis, treatment options today are not curative and cannot pre- vent disease progression. Corticosteroids are the current standard of care and can slow down the progression of muscle deterioration, giving children more years of mobility and independ- ence.15,17,23 However, they come with significant side effects, including weight gain, behaviour- al changes, delayed puberty, increased risk of fractures, Cushingoid appearance and stunted growth.24 As a result, there is an urgent need for safer and more effective treatment options.17,24 Digital asset library

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Cutting-Edge Science Tegacorat has the potential to provide potent anti-inflammatory efficacy with reduced side effects compared to corticosteroids. Its safety profile could enable long-term treatment to ad- dress a major unmet medical need for patients with DMD that would make a meaningful positive difference to patients’ lives. The clinical Phase I trials for tegacorat involved a total of 88 healthy participants and primarily aimed to characterise the safety and tolerabili- ty profile of tegacorat, while also confirming its pharmacokinetic characteristics. Grünenthal aims to investigate tegacorat within a Phase II trial of boys between the ages of four and under seven who have DMD but have not taken corticosteroids. The trial will commence in 2026 at centres in the US and Europe. Mode of action video Pat Furlong's expert insights into DMD

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Grünenthal Report 2025/2026 NOP – Promising treatment for acute and chronic pain Our proprietary nociceptin (NOP) receptor agonist is the culmination of many years of pioneering research in the field of NOP re- ceptor agonists. Our molecule has a unique mechanism of action for treating acute and chronic pain and is hypothesised to deliver ro- bust pain relief in a broad range of conditions without the side effects commonly associated with opioids. For this reason, it may provide a unique and transformative first-in-class thera- py option for patients living with pain. The NOP agonist is currently being studied in a Phase I clinical trial in healthy participants. The trial aims to establish the safety and pharmacoki- netic profile of the compound. Later in 2026, the molecule will enter a Phase II trial in post-surgical bunionectomy, a well-established setting to first test the efficacy and safety of our compound in acute pain. Why is the NOP receptor so promising? The NOP receptor is a G protein-coupled receptor. Its natural ligand is the 17-amino acid neuropeptide known as nociceptin (N/OFQ). NOP agonists have been shown to suppress responses in pre-clin- ical models of hyperalgesia. Although the NOP receptor shares sequence identity (~60 percent) with the opioid receptors μ-OP (MOP), κ-OP (KOP) and δ-OP (DOP), it has little or no affinity for opioid peptides or morphine-like compounds. Likewise, classical opioid receptors have little affinity for NOP’s endogenous ligand nociceptin.28

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Cutting-Edge Science NaV inhibitors – Creating the next generation of non-opioid pain medicines One of Grünenthal’s most promising early re- search areas is our voltage-gated sodium channels (NaV) programme, where we are striv- ing to create the next generation of non-opioid pain medicines. NaV channels can carry sodium ions into cells, resulting in an excitatory signal. If a channel's activity is modified so it can no longer carry sodium ions, it will also no longer be able to evoke excitatory signals. Of the family of nine NaV channels, we are particularly inter- ested in those expressed in dorsal root gangli- on neurones. These specific channels play roles in triggering excitatory signals in nociceptive neurones that are felt as pain by the human brain. As well as recognising their key role in pain signalling, ge- netic and some clinical validation make them promising human pain targets. Manipulating these NaV channels in a way that suppresses or prevents their excitatory signalling could provide a significant analgesic effect across a range of chronic and acute pain conditions. Our lead candidate, a highly selective NaV 1.8 in- hibitor, entered clinical development in Q1 2026. Learn more about voltage-gated sodium channels Sodium enters a cell through a voltage-gated sodium channel 57

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SERVING THE UNMET NEEDS OF PATIENTS LIVING WITH PAIN We work hand in hand with healthcare professionals around the world to improve patient treatment. 59

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Grünenthal Report 2025/2026 IMPROVING CARE FOR PATIENTS We empower healthcare professionals to provide better treatment for patients. One in five people worldwide suffers from chronic pain.1 Grünenthal aims to improve the lives of those people by devel- oping and delivering life-changing treatments. Our products are available in around 100 countries, either directly from our 28 affiliates or indirectly from our strategic partners. We provide millions of people with access to medicines that improve their health condition, both for pain and beyond. Strong product portfolio Grünenthal’s product portfolio has a well- balanced mix of resilient established brands complemented by our growth brands. Our es- tablished brands portfolio includes mature and off-patent products. These are characterised by high brand awareness, predictable and sta- ble sales, and high profitability. Examples include Crestor™, Nebido™, Nexium™ and Versatis™. Our growth brands portfolio includes innova- tive and patent-protected products such as MovantikTM /MoventigTM and Qutenza™. Combining these two product categories makes our business resilient. Profit from our portfolio finances Grünenthal’s innovation ac- tivities for new pain treatments. Diversified product mix While 82 percent of our revenue comes from established brands, revenue from pain products accounted for 54 percent of our revenue in 2025. In recent years, we have diversified our product portfolio beyond pain through successful acquisitions of established brands. Revenue by product typology* Revenue by therapeutic area Growth brands 18 % Established brands 82 % Non-pain** 46 % Pain 54 % Revenue split as of December 31, 2025 based on pharma net sales. * ** Includes for example gastroenterology, Women’s and Men’s Health, Cardiovascular, CNS and others. 60

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Serving the Unmet Needs of Patients Living with Pain Our products benefit patients in around 100 countries worldwide 61 Europe is the largest market for Grünenthal with € 855 million revenue in 2025. We also have a strong foothold in Latin America (€ 377 million) and the US (€ 210 million), and our Partner Business generated € 255 million in 2025. This geographic split minimises our business risk profile and allows us to pursue valuable growth opportunities. Revenue by geography Other 5 %*** Europe 48 % Partner Business 14 % US 12 % Latin America 21 % *** Primarily Contract manufacturing business.

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2025 was a very successful year for our growth and established brands in Europe, the US and Latin America. We will face challenges in 2026, but we have the strengths and capabilities to bring our medicines to even more patients in need and support progress toward Grünenthal’s vision of a World Free of Pain. Jan Adams, MD Chief Commercial Officer 62

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Serving the Unmet Needs of Patients Living with Pain TURNING SUCCESS INTO FUTURE OPPORTUNITIES While 2026 will bring new challenges, the strengths and capabilities in place provide a solid foundation to reach more patients and advance our vision of a World Free of Pain. Jan Adams, MD, our Chief Commercial Officer (CCO) shares perspectives on upcoming challenges and Grünenthal’s priorities shaping the company’s path forward. What were the biggest highlights and achievements for Grünenthal’s Commercial organisation in 2025? A major achievement has been the strong growth of Qutenza™ across geographies, with the brand delivering a 31 percent increase in pharmaceu- tical sales versus 2024. This performance was driven by robust contributions from European markets, alongside an acceleration of growth in the United States. As a result, our US business achieved its first profitable months beginning in July 2025. In addition, we successfully integrated Movantik™, acquired in 2024, into our US opera- tions, establishing it as a second growth brand. In addition to our growth brands, I am very proud of the performance of our established brands portfolio. Our teams secured and even grew our sales levels, despite ongoing and upcoming loss of exclusivity for several key brands. Finally, I was impressed by the close collabora- tion across all of our teams, including global and local teams, as well as the Partner Business team. It helps to ensure that we can bring our products to more patients in need around the world. What are the key challenges and focus areas for Grünenthal’s Commercial organisation for the next few years? We want to continue moving forward with our pri- orities of driving our growth brands MovantikTM / MoventigTM and QutenzaTM while also protecting and maximising our strong base of established brands. A key challenge for us will be to contin- ue to navigate loss of exclusivity of key brands in some markets but I strongly believe we will see another successful year if we focus on our strengths and further build our capabilities. What strengths and properties of the Commercial organisation make you feel confident that we are well prepared for those challenges? First and foremost, I know that we have the right people with the right capabilities and the right motivation to handle challenges and opportu- nities in the coming years. 2025 was my first full year as CCO of Grünenthal and I was very im- pressed by the quality of work and dedication of the people in our global teams, as well as those in our clusters and countries. Our strong track record is the second rea- son that I am so optimistic about the coming years. For example, look at QutenzaTM: while previous owners struggled to unlock the poten- tial of this important treatment option, it is now on a strong growth trajectory with sales growing double-digits for many years. Similarly, we have been able to grow MovantikTM in the US with very limited investment. That is why I know we have the capabilities to be successful. Finally, I am excited about the outlook for our M&A activities. These projects have opened up big opportunities for Grünenthal and our Com- mercial organisation in the last few years. We have a track record of successfully acquiring, in- tegrating and growing these brands. The recent acquisition and ongoing integration of CialisTM in Latin America is just the latest example; one of many that make me optimistic about our activi- ties in the coming years. 63

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Grünenthal Report 2025/2026 SHAPING OUR FUTURE SETUP Scientists are working to improve patients' care In 2025, we implemented organisational chang- es to ensure that our commercial operations are fit for the future. This work focused on creating the right structure, capabilities and operating models to accelerate growth for our assets and to maximise the value of our strong portfolio of late life-cycle brands. We reshaped our regional footprint to enable faster decision-making and stronger execution in key markets. The creation of our Southern Europe Cluster was a notable milestone. It brings together Italy, Spain and Portugal under a single leadership. That enables us to leverage scale and share best practices across markets, while de- ploying resources more efficiently. We also enhanced our ability to deliver integrat- ed patient value by elevating Medical Affairs and Market Access to report directly to the Chief Com- mercial Officer. Their inclusion in the Commercial Leadership Team reflects the increasing strate- gic importance of scientific leadership, evidence generation and payer engagement. This change strengthens cross-functional alignment, speeds up decision-making and increases our ability to bring innovation to patients and customers. These organisational improvements provide a stronger foundation for our growth ambitions. They enable us to invest where it matters most, react to market opportunities with agility and drive sustainable value across our portfolio. 64

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Serving the Unmet Needs of Patients Living with Pain KEY BRANDS OUTPERFORM THE MARKET In 2025, Qutenza™ made another exceptional im- pact on our business. Sales grew by 31 percent compared to the previous year. This impressive performance was achieved across geographies, with strong contributions from Europe and the US market (where we saw 25 percent growth). In 2025, Qutenza™ delivered € 192 million in revenue and was used to treat around 125,000 patients worldwide. This demonstrates our commitment to improving patient outcomes globally. Overall revenue from our established brands portfolio was ~ € 23 million higher than planned in our budget in 2025. This was due to disciplined execution and strict cost management, as well as strong price and patent defence. In addition, we integrated a large part of the Grünenthal Meds portfolio in 2025, our joint venture with Kyowa Kirin International that was agreed in 2023. Managing the late-stage life cycle We also identified MovantikTM and MoventigTM as growth brands. These two brands were acquired as part of build-muscle deals in 2024 and 2023, respectively. MovantikTM is exceeding our expec- tations and growing strongly above budget, con- tributing € 108 million of revenue in 2025. Our established brands portfolio contributed € 1.4 billion operational revenue or nearly 80 percent to our overall Grünenthal revenue in 2025. Importantly, several brands in the estab- lished brands portfolio (including Nexium™ and Zomig™) continued to outperform in the defined European markets. Despite ongoing and upcom- ing loss of exclusivity in some markets for key brands such as NebidoTM, PalexiaTM, VersatisTM, VimovoTM and ZomigTM, performance of these brands clearly exceeded our expectations. At Grünenthal, we manage our established port- folio to reflect the needs of patients and cus- tomers while delivering the highest value for our company. Most of our established brands are in later stages of their life cycle and already face generic competition or other market pres- sures. For those not facing generic competi- tion, attractive business opportunities remain in several markets. Our teams collaborate across departments and functions to ensure we max- imise the performance of this diverse portfolio of established brands across customer groups and channels. By applying our expertise in late- stage life cycle management, we unlock differ- entiated strategies for our portfolio that reflect the unique conditions for each treatment and its respective market. Promotional activities for these established brands are developed with a strong focus on return on investment by being cost-conscious, investing in the right portfolio mix and executing with agility on the most rele- vant channels that resonate with our customers and markets. Over the past years, Grünenthal has gained sig- nificant experience in managing brand loss of exclusivity, a crucial part of protecting the value of our portfolio. A strong understanding of the competitor landscape and a differentiated mar- ket archetyping strategy enable us to optimise these brands before and after loss of exclusivity. Successful patent-protection activities as well as clear pricing policies are also vital for secur- ing brand value. As a result of this active management, our established brands outperformed expected sales levels and contributed operational revenue of € 1.4 billion in 2025, which equates to nearly 80 percent of our overall Grünenthal revenue in 2025, with some brands growing versus the previous year (e.g. Transtec™ and Zomig™). By actively managing every step in the life cycle, we ensure our established brands continue to benefit millions of patients worldwide, while also delivering the best value for our company. Ana Inacio Global Head Established Medicines

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Grünenthal Report 2025/2026 QUTENZA™ HAS ACHIEVED EXCEPTIONAL GROWTH Our ambition with Qutenza™ is clear: We want to improve the lives of patients who suffer from peripheral neuropathic pain (PNP). Qutenza™ is a non-opioid topical patch that is approved in Europe for treating PNP in adults, either as a standalone treatment or alongside other pain medications. In the US, it is approved for neuropathic pain associated with postherpetic neuralgia and painful diabetic peripheral neuropa- thy (pDPN) of the feet. PNP conditions are highly prevalent worldwide and represent around 40 percent of all chronic pain cases.36 The most common form of PNP is pDPN, which affects 60–70 percent of individu- als with diabetes.39 More than 2.5 million people suffer from pDPN in the US 31, which is our strategic focus for Grünenthal in this market. pDPN is a de- bilitating complication that can severely impact daily life. The far-reaching burden of neuropath- ic pain highlights the importance of our ongo- ing clinical studies, particularly those aimed at expanding the Qutenza™ indication in the US to include post-surgical neuropathic pain (PSNP). 2025 was a significant and transformative year for Qutenza™. We maintained our strong growth trajectory, significantly expanding our reach to more patients worldwide and achieving sub- stantial revenue growth of 31 percent. Structur- al improvements and a deeper understanding of our markets enabled us to increase patient num- bers across key markets in Europe and the US. Focused organisational changes, both locally and globally, enabled us to concentrate more effectively on Qutenza™ and to build a solid foundation for sustainable growth. Grünenthal is taking decisive action to build on the positive momentum of Qutenza™. We have implemented a dynamic commercial strategy and strengthened our expertise in key account excellence, market access, medical affairs, ana- lytics and channel strategy. Our goal is to provide customers with a seamless and impactful expe- rience to achieve the best possible outcomes for patients. Through our dedicated portals for healthcare professionals and patients, we pro- vide valuable educational content and support, as well as tailored resources. We are laser-focused on our key responsibilities to serve the 2.5 million pDPN and 10 million OIC patients in the US and to deliver on our financial commitments to Grünenthal. Arvashni Seeripat General Manager Averitas Pharma

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Serving the Unmet Needs of Patients Living with Pain Further expanding access to therapies Our global commercial strategy for Qutenza™ aims to enhance patient care and expand access through strong relationships with healthcare pro- fessionals and payers. This approach supports long-term partnerships and advances our vision of a World Free of Pain. We are targeting further growth in 2026 and 2027 by reaching more pa- tients globally with this innovative treatment. Trusted by the medical community Several key updates to treatment guidelines emphasise the medical community’s confidence in Qutenza™. Qutenza™ is featured in The Neuropathic Pain Guidelines from the International Association for the Study of Pain (IASP). In the US, the American Diabetes Associa- tion (ADA) and the American Association of Clinical Endocrinology (AACE) recommend Qutenza™ for diabetic peripheral neuropathy. The American Society of Pain and Neurosci- ence (ASPN) and the American Limb Preserva- tion Society include Qutenza™ in their updated guidelines for managing pDPN. MovantikTM: Our new growth asset In summer 2024, Grünenthal acquired the US company Valinor Pharma and its asset MovantikTM (Naloxegol), giving Grünenthal global rights to the brand (excluding Canada and Israel). Outside the US, the product is marketed as MoventigTM and was part of the Grünenthal Meds acquisition and joint venture in 2023. MovantikTM addresses a substantial unmet medi- cal need in opioid-induced constipation (OIC) and adds a market-leading product to our US business. While OIC impacts up to 80 percent of patients who are undergoing opioid therapy, the condition remains underdiagnosed and frequently misman- aged. MovantikTM is indicated for the oral treatment of OIC in adult patients with chronic non- cancer pain. It is a once-daily oral peripherally acting μ-opioid receptor antagonist that specifically tar- gets the cause of OIC, unlike laxatives, without impacting the effect of the analgesia. In 2025, we established MovantikTM as a new growth asset in our US portfolio. Given the large market opportunity (10 million OIC patients) 32, strong growth trajectory and US patent protection un- til 2030 as a minimum, Grünenthal doubled the dedicated sales force to maximise MovantikTM’s potential. Since 30 June 2025, MovantikTM has been actively promoted in high-potential territo- ries, following a proven commercial strategy that emphasises efficacy, affordability and an advan- taged market access position. On 1 October 2025, MovantikTM was successful- ly integrated into the Averitas organisation with no customer or patient disruption. Averitas will continue to drive MovantikTM's growth alongside QutenzaTM, focusing on identifying and executing synergies across both brands. Accelerated growth in the US 2025 marked a transformative period of ac- celerated growth for our US affiliate, Averitas, which significantly strengthened our presence in the world's largest pharmaceutical market. Averitas implemented a new growth strategy for QutenzaTM and successfully transitioned into a multi-asset organisation with the integration of MovantikTM into our portfolio. In 2025, US business revenue amounted to € 210 million for QutenzaTM and MovantikTM. QutenzaTM volume grew by 25 percent compared to 2024 thanks to new growth levers and disciplined, fo- cused execution. Our field teams implemented a new customer strategy that targets physicians who treat a high number of pDPN patients. We also expanded our patient focus to include peo- ple who are at an earlier stage of their treatment journey to reach more of the 2.5 million people living with pDPN in the US. Elevated medical en- gagement transformed the scientific approach to QutenzaTM by improving description of the mode of action and helping physicians and pay- ers to better understand the unique benefits that QutenzaTM brings to patients. Our other growth asset, MovantikTM, achieved eight percent vol- ume gains in 2025. This was the result of our ef- fective commercial strategy and the successful launch of our expanded sales force. Averitas is well positioned to maximise the growth potential of QutenzaTM and MovantikTM in 2026 and beyond. The company is actively mon- itoring US economic and political developments and has built resilience against potential disrup- tions (e.g. tariff policies, insurance shifts) through supply chain flexibility and business mix decisions. 67

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Grünenthal Report 2025/2026 PROMOTING PAIN RESEARCH We are committed to building a better future for patients, and our teams are pursuing various initiatives that advance this goal. Working in Grünenthal's laboratories 68 EFIC-Grünenthal-Grant E-G-G Through the EFIC-Grünenthal-Grant (E-G-G), Grünenthal supports early-career scientists in launching their own research by funding inno- vative clinical pain research with up to € 115,000 provided every two years. Research grants are intended for clinical and human experimental pain research, including innovative education- al initiatives aimed at improving diagnosis and treatment of pain. Since 2004, the E-G-G has successfully fostered 76 innovative research projects. This represents an investment of approximately € 1.8 million for the benefit of ap- plicants in more than 14 countries. The three recipients of the 2025 E-G-G were honoured during the 14th Congress of the Euro- pean Pain Federation (EFIC) in April 2025. A ded- icated session provided an opportunity for past and current awardees to connect. It also gave current awardees a platform to share their re- search projects and present their achievements to E-G-G alumni and EFIC members. This further highlights the sustained impact of this initiative within the international pain research community over more than 20 years.

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Serving the Unmet Needs of Patients Living with Pain were held on European and national levels. A major achievement in 2025 was the dissemination of the SIP National Platform Toolkit. This step-by-step guide is designed to help stakeholders success- fully establish and manage SIP national platforms. Societal Impact of Pain (SIP) The Societal Impact of Pain (SIP) platform is a multi-stakeholder partnership led by the Euro- pean Pain Federation and Pain Alliance Europe, and Grünenthal is one of the main sponsors. The partnership aims to raise awareness about pain and encourage changes to pain policies by providing opportunities for discussion among healthcare professionals, pain advocacy groups, politicians, healthcare insurance providers, rep- resentatives of health authorities, regulators and budget holders. SIP is endorsed by more than 310 European and national patient and healthcare organisations. It collaborates with organisations from other disease areas to advocate for improved management of pain, for example in cancer and rheumatology. In 2025, SIP released several position papers to demonstrate the relevance of pain to EU policy makers. Main priority areas were pain in the Inter- national Classification of Diseases (ICD-11) as well as the prevention of chronic pain and access to treatment with the launch of the 'Policy Framework for the Delivery of Pain Care'. Impactful events 69

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Grünenthal Report 2025/2026 GLOBAL BRANDS BRAND NAME ACTIVE INGREDIENT / TECHNOLOGY Capsaicin Fixed-dose combination of Esomeprazole and Naproxen Lidocaine INDICATION RANGE* EU indication: Treatment of peripheral neuropathic pain in adults either alone or in combination with other medicinal products for the treatment of pain. US indication: Indicated in adults for the treatment of neuropathic pain associated with postherpetic neuralgia (PHN) and for neuropathic pain associated with diabetic peripheral neuropathy (DPN) of the feet. In adults for the symptomatic treatment of osteoarthritis, rheumatoid arthritis and ankylosing spondylitis, in patients who are at risk for developing non-steroidal anti-inflammatory drug (NSAID)-associated gastric and/or duodenal ulcers and where treatment with lower doses of naproxen or of other NSAIDs is not considered sufficient. EU and Peru indication: Symptomatic relief of neuropathic pain associated with previous herpes zoster infection (postherpetic neuralgia, PHN) in adults. Latin America indication: Treatment of localised neuropathic pain, including pain associated with a previous herpes zoster infection (postherpetic neuralgia). Zolmitriptan Oral formulations: In adults aged 18 years and older for acute treatment of migraine headache with or without aura. Nasal spray: In adults and adolescents aged 12 years and older for the acute treatment of migraine headache with or without aura, and in adults for the treatment of cluster headache.*** Testosterone undecanoate Treatment of male hypogonadism, when testosterone deficiency has been confirmed by clinical features and biochemical tests. OPERATIONAL REVENUE** 2025 IN € MILLION 192 70 167 89 87 70

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BRAND NAME ACTIVE INGREDIENT / TECHNOLOGY Esomeprazole Serving the Unmet Needs of Patients Living with Pain OPERATIONAL REVENUE** 2025 IN € MILLION 190 INDICATION RANGE* 20 mg; 40 mg gastro-resistant tablets: Indicated in adults for: Gastroesophageal Reflux Disease (GERD) • Treatment of erosive reflux esophagitis. • Long-term management of patients with healed esophagitis to prevent relapse. • Symptomatic treatment of gastroesophageal reflux disease (GERD). In combination with appropriate antibacterial therapeutic regimens for the eradication of Helicobacter pylori and: • Healing of Helicobacter pylori associated duodenal ulcer and. • Prevention of relapse of peptic ulcers in patients with Helicobacter pylori associated ulcers. Patients requiring continued NSAID therapy: • Healing of gastric ulcers associated with NSAID therapy. • Prevention of gastric and duodenal ulcers associated with NSAID therapy, in patients at risk. Prolonged treatment after i.v. induced prevention of rebleeding of peptic ulcers. Treatment of Zollinger Ellison Syndrome Indicated in adolescents from the age of 12 years for: Gastroesophageal Reflux Disease (GERD) • Treatment of erosive reflux esophagitis. • Long-term management of patients with healed esophagitis to Prevent relapse. • Symptomatic treatment of gastroesophageal reflux disease (GERD). In combination with antibiotics in treatment of duodenal ulcer caused by Helicobacter pylori Nexium™ is also available in other dosage forms with slightly varying indications.# * Status: February 2026. If not otherwise mentioned the EU SmPC approved at the time of review is used as a basis. Please note that indications and formulations may vary from country to country. Please refer to the respective local product information or Summary of Product Characteristics (SmPC). ** without license and milestone income *** Indication in UK: Zomig Nasal Spray is indicated for the acute treatment of migraine with or without aura. # see SmPC for ‘Nexium™ 10 mg gastro-resistant granules for oral suspension, sachet’ and for ‘Nexium™ 40 mg Powder for solution for injection/infusion’. 71

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Grünenthal Report 2025/2026 BRAND NAME ACTIVE INGREDIENT / TECHNOLOGY Rosuvastatin OPERATIONAL REVENUE** 2025 IN € MILLION 78 INDICATION RANGE* Treatment of hypercholesterolaemia Adults, adolescents and children aged 6 years or older with primary hypercho- lesterolaemia (type IIa including heterozygous familial hypercholesterolaemia) or mixed dyslipidaemia (type IIb) as an adjunct to diet when response to diet and other non-pharmacological treatments (e.g. exercise, weight reduction) is inadequate. Adults, adolescents and children aged 6 years or older with homozygous familial hypercholesterolaemia as an adjunct to diet and other lipid lowering treatments (e.g. LDL apheresis) or if such treatments are not appropriate. Prevention of cardiovascular events Prevention of major cardiovascular events in patients who are estimated to have a high risk for a first cardiovascular event, as an adjunct to correction of other risk factors. Tapentadol Prolonged-release tablet: Management of severe chronic pain in adults which can be adequately managed only with opioid analgesics. Management of severe chronic pain in children above 6 years and adolescents, which can be adequately managed only with opioid analgesics. Film-coated IR tablet: Relief of moderate to severe acute pain in adults which can be adequately managed only with opioid analgesics. Oral solution: Relief of moderate to severe acute pain in children*** and adolescents from 2 years of age and in adults, which can be adequately managed only with opioid analgesics. Tramadol EU and Latin America indication: Treatment of moderate to severe pain. Fixed-dose combination of Tramadol and Paracetamol Buprenorphine Symptomatic treatment of moderate to severe pain; use should be restricted to patients whose moderate to severe pain is considered to require a combination of tramadol and paracetamol. TranstecTM: Treatment of moderate to severe cancer pain and severe pain which does not respond to non-opioid analgesics. TranstecTM is not suitable for the treatment of acute pain. NorspanTM: Management of moderate to severe chronic pain in adults.# NorspanTM is not suitable for the treatment of acute pain. 141 81 56 58 72

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Serving the Unmet Needs of Patients Living with Pain BRAND NAME ACTIVE INGREDIENT / TECHNOLOGY INDICATION RANGE* Naloxegol MoventigTM Indication Europe: MoventigTM is indicated for the treatment of opioid-induced constipation (OIC) in adult patients who have had an inadequate response to laxative(s). MovantikTM Indication US: MovenatikTM is an opioid antagonist indicated for the treatment of OIC in adult patients with chronic non-cancer pain, including patients with chronic pain related to prior cancer or its treatment who do not require frequent (e.g. weekly) opioid dosage escalation. Management of breakthrough pain in adult patients using opioid therapy for chronic cancer pain. Fentanyl (as citrate) sublingual Fentanyl citrate nasal spray Management of breakthrough pain in adults who are already receiving maintenance opioid therapy for chronic cancer pain. Relief of pain associated with chronic anal fissures. Prevention of nausea and vomiting associated with moderately or highly emetogenic chemotherapy, for a planned duration of 3 to 5 consecutive days, where oral anti-emetic administration is complicated by factors making swallowing difficult. Severe pain to most intense pain. In Spain only, the label indication is: Prolonged treatment of severe chronic pain and for the relief of post-operative pain.## Glyceryl trinitrate rectal ointment Granisetron transdermal patch Morphine sulphate, Oral drops, Single dose containers OPERATIONAL REVENUE** 2025 IN € MILLION 120 29 18 13 8 5 Portfolio of Portfolio of 13 brands across six therapeutic areas, of which more than 60 percent of operational revenue is generated in the area of pain – key brands Abstral™, PecFent™, Oramorph™ and Rectogesic™. 117### * Status: February 2026. If not otherwise mentioned the EU SmPC approved at the time of review is used as a basis. Please note that indications and formulations may vary from country to country. Please refer to the respective local product information or Summary of Product Characteristics (SmPC). ** without license and milestone income *** in children restricted to hospital use where appropriate equipment to enable respiratory support is available. As with all symptomatic treatments, the continued use of tapentadol exceeding 3 days must be evaluated on an ongoing basis. Please note that for NorspanTM Grünenthal is only the Market Authorisation Holder in Latin America. # ## Grünenthal markets this product in a few selected markets. ### Grünenthal Meds portfolio represents the operational revenue with the product portfolio of the joint venture collaboration with Kyowa Kirin International (KKI), following the closing of the joint venture collaboration in August 2023. 73

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Grünenthal Report 2025/2026 STATEMENT REGARDING THE RESPONSIBLE USE OF OPIOID- BASED MEDICINES General considerations for the management of pain with any medication that contains an opioid mechanism of action. All opioid medications are not authorised for all types of pain indication. Always refer to the product prescribing information. An individualised, patient-centred approach for the diagnosis and treatment of pain is es- sential to establish a therapeutic alliance be- tween patient and clinician.33 To optimise opioid treatment: It is important to optimally use multimodal, non-opioid approaches in acute and chronic pain before escalating to opioids or in con- junction with opioid therapy.33 Opioids should be used only when benefits for pain and function are expected to out- weigh risks.34 Consider patient variables that may affect opi- oid dose for each patient prior to opioid use.33 During ongoing opioid therapy, clinicians should collaborate with patients to evaluate and care- fully weigh benefits and risks of continuing opi- oid therapy and exercise care when increasing, continuing, or reducing opioid dosage.34 Make a careful selection of patients, abuse risk factors evaluated, and regular monitoring and follow-up implemented to ensure that opioids are used appropriately and in alignment with treatment goals (pain intensity and functional- ity) as agreed with the patient.35,36 Make patients aware of the potential side ef- fects of opioids and the potential for develop- ing tolerance, dependence and addiction.35,36 Addiction is possible even when opioids are taken as directed.37 Signs of opioid use disorder should be moni- tored and addressed.35,36 If an opioid is authorised and selected for treatment of acute pain, please consider: The use should be for the shortest necessary time.33 If an opioid is authorised and selected for treatment of chronic pain, please consider: To continue opioid therapy only if there is clini- cally meaningful improvement in pain and func- tion that outweighs risks to patient safety.34 Regular monitoring, clinical reviews, re-evalu- ations are required for long-term opioid treat- ment to assess pain control, impact on lifestyle, physical and psychological well-being, side ef- fects and continued need for treatment.35,36,38 How opioid therapy will be discontinued if ben- efits do not outweigh risks (CDC new ref), incl. tapering down the dose where possible.35,36 Patients and the general public can ben- efit from clear educational materials and awareness interventions to support the re- sponsible use of opioids.39 74

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Serving the Unmet Needs of Patients Living with Pain Patient and doctor in dialogue Read the Grünenthal Statement on the Responsible Use of Opioids 75

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RELIABLE SUPPLY TO PATIENTS With more than 2,000 people, our Global Operations team is committed to delivering a safe, efficient and dependable supply of life-changing medicines to patients around the world. 77

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Grünenthal Report 2025/2026 Our Global Operations (GO) team includes more than 2,000 people with 47 nationalities across five manufacturing sites in Chile, Ecuador, Germany, Italy and Switzerland. Specialists in this team support the entire end-to-end value chain with their expertise in procurement, quality, logistics, strategy and beyond. In this way, GO ensures a safe, efficient and reliable supply of medicines for patients worldwide. Some of our colleagues in Aachen, Germany, celebrating GO Day 2,000 + people 78 47 nationalities 5 manufacturing sites Learn more about our manufacturing sites

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Reliable Supply to Patients GO2025: OUR SUCCESSFUL TRANSFORMATION JOURNEY In 2025, Global Operations successfully completed GO2025, its five-year strategic cycle. This marked a significant milestone for the team. As part of this, the team has transformed from a fragmented group of specialist departments into a unified and high-performing organisation. This transformation was driven by a commitment to building excellence from within by investing in people, refining process- es and delivering strong financial results. Key GO2025 milestones € 110.8m contribution to Grünenthal’s EBITDA. € 26.2m delivered from integration synergies. 15.6 % annual return from M&A deals, more than double the 7.4 % EU pharma benchmark. 67 % reduction in recordable accidents. 100 % renewable electricity across all five production sites. Explore more GO2025 achievements With the successful completion of GO2025, Global Operations has delivered on its vision and ambition, establishing itself as a key driver of Grünenthal’s growth and transformation. Based on this success, we are confident that GO has the skills, capabilities and systems in place to enable Grünenthal to achieve its future ambitions. Victor Barbosa Head Global Operations

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Grünenthal Report 2025/2026 Operator at work in our Vimovo manufacturing building in Quito, Ecuador 2025 AT A GLANCE GO ensured a constant supply of medicines to approximately 100 countries in 2025. The team also continued to raise the bar for safety, quali- ty and cost efficiency across Grünenthal’s end- to-end value chain. GO colleagues focused on integrating and into insourcing acquisitions Grünenthal’s network and driving sustainability. The successes of 2025 will now enable GO to further scale processes and operations – and keep delivering strong financial results that support Grünenthal’s 2030 ambition. GO’s achievements in 2025 highlight the talent, commitment and hard work of its people. ~ € 24m in profitability improvements. + 5 % Right First Time, top-quartile industry performance. 20 % decrease in recordable accidents. 46 % of GO leadership positions filled internally. 3 sustainability certifications: SBTi, EcoVadis Gold, MSCI “AA”. 80 Learn more about our ratings

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SUPPLY CHAIN RESILIENCE AND RISK MANAGEMENT In 2025, Grünenthal consistently ensured supply continuity across its portfolio. Our teams quick- ly resolved issues and safeguarded against medi- cines becoming unavailable, while also absorbing unplanned demand and supporting higher-than- forecast volumes across multiple markets. Given the complex and evolving global environment, this performance enabled the business to consistently meet and exceed revenue expectations and repre- sents a clear competitive advantage. Now, we are building on this achievement to further integrate data and implement our supplier risk resilience initi- ative. In this way, we are future-proofing our supply chain and strengthening Grünenthal’s reputation as a reliable supplier of medicines. Vertical integration across the value chain Grünenthal’s extensive in-house manufactur- ing facilities, as well as its capacity to vertically integrate drug manufacture and supply, give the company a strategic advantage. Whenever it is beneficial and cost effective, our teams integrate drug production into our manufacturing foot- print, including APIs and packaging. This gives Grünenthal greater control over quality, cost and speed. It also enables us to respond more quickly to fluctuations in demand, while maintaining the highest quality standards across countries and regions. In addition, integration enables Grünenthal to unlock operational efficiencies that support profitable growth and expansion. In this way, vertical integration adds value for patients and for Grünenthal. It strengthens our ability to create operational capacity and to inte- grate new products, companies or manufacturing sites rapidly. It also ensures supply continuity dur- ing transitions and at every phase of the lifecycle, while safeguarding the availability of cost-effective medicines for patients. Across our supply chain, every action we take has one purpose: Making sure patients receive the medicines they need, when they need them, without interruption. Jose Prieto Head Global Supply Chain Learn more about our end-to-end supplier risk resilience initiative 81

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Grünenthal Report 2025/2026 INTEGRATION EXCELLENCE IN ACTION GO completed and advanced several major integration projects in 2025, while also laying the groundwork for future growth. The team remains focused on delivering seamless tran- sitions, safeguarding supply continuity and un- locking long-term value for Grünenthal – and for the patients we serve. In 2025, we reached key Integration Excellence milestones with the successful insourcing of VimovoTM into our Quito site and strong progress on NexiumTM. We also established a Technical Advisory Board to strengthen technical oversight and enable faster, higher-quality decisions for future integrations. Martin Lück Head Global Manufacturing Science & Integration

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Bringing VimovoTM manufacturing in-house Our delivery Capacity expansion: Doubling the site’s footprint and adding 60 new machines to produce up to 300 million tablets annually. Regulatory success: Making Quito the only EU-certified site in Ecuador. Early management: Focusing on quality, talent and cost-efficiency. Our success tablets produced in 2025 130 m 0 lost working days In 2025, our site in Quito, Ecuador, received reg- ulatory approval from the EU for commercial production of VimovoTM. This approval, which re- quires compliance with some of the world’s most rigorous quality and safety standards, marked the first time that a global product from Grünenthal’s portfolio will be produced at a manufacturing fa- cility outside Europe. We expect this success to generate up to € 10 million in annual gross margin improvement. € 10 m in annual gross margin improvement We also completed one of our most ambitious insourcing projects ever during 2025. Using our Vertical Start-Up model, we brought the manu- facturing of Vimovo 500mg /20mg modified- release tablets in-house. Our Quito site, which will produce these products, reached full com- mercial readiness in less than four years. That process included constructing a new manu- facturing building and obtaining regulatory ap- proval, as well as delivering the first shipment in September 2025. The challenge VimovoTM’s multi-layered formulation demands precision and scale. Taking over production meant overcoming technical complexities, reg- ulatory hurdles and capacity constraints, while also meeting aggressive timelines. Reliable Supply to Patients Supporting actions included: Bespoke recruit- ment and training, seamless site handovers and cross-functional coordination to halve yield losses from 15 percent to six percent while also accelerating regulatory approvals. This success demonstrates GO’s ability to deliver complex manufacturing transfers at scale, fast- er, more reliably and more cost-effectively than benchmark companies in the global pharmaceu- tical industry. critical deviations 0 ~ 60 % cost reduction, outperforming industry benchmarks Learn more about our integration and insourcing projects 83

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Grünenthal Report 2025/2026 GRÜNENTHAL PRO Grünenthal PRO delivers specialised contract manufacturing services for leading pharmaceu- tical and biotech partners, and is a core part of our business. It offers services including biophar- ma assembly, unit-dose nasal spray filling, Active Pharmaceutical Ingredients (APIs) production and packaging of complex drug formulations. In 2025, our contract manufacturing business achieved annual sales of more than € 90 million. Demand for high-quality, agile manufacturing by Grünenthal PRO remained robust throughout 2025. This led to successes including: Launching three new products. Implementing more than 80 new SKUs (Stock Keeping Units). Managing over 800 new materials, packaging designs and label artworks. Grünenthal PRO consistently delivered reliable results for our biopharma customers, achiev- ing an average On-Time-In-Full (OTIF) delivery rate of 93 percent while meeting or exceeding all key performance indicators for quality. Its operational excellence and customer- centric approach enable third-party customers to bring innovative therapies to patients safely, reliably and quickly. Insights into our production process at our Santiago de Chile site 84

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Operating at lightning speed for a biosimilar launch Grünenthal PRO partnered with a leading biosimi- lar customer in 2025 to achieve a record-breaking 35 - day turnaround from receipt of packaging and labelling artwork through to product release. This set a new benchmark for speed in the indus- try. The project’s success is particularly striking due to the complexity of the end-to-end process and the exceptionally quick turnaround. 35 -day turnaround from receipt of packaging and labelling artwork through to product release The challenge The client was targeting first-to-market advantage for a biosimilar product in a highly competitive ter- ritory. The project required rapid development of market-specific labels, patient information leaflets and packaging layouts, as well as sourcing and production of packaging materials. Such tasks typically demand extensive lead times. Our delivery Grünenthal PRO achieved an average OTIF deliv- ery rate of 93 percent, while meeting or exceeding quality targets for all biopharma customers. Our scalable infrastructure, robust operational setup and established supplier networks ensured that Grünenthal PRO responded quickly and flexibly. And our teams delivered this project without dis- ruption to ongoing commitments or service levels for other customers. This was possible because Grünenthal PRO imple- mented tailored artwork management processes, while also strengthening collaboration across key areas of specialisation including master data, art- work, material planning, procurement, scheduling Reliable Supply to Patients and release. This enabled rapid decision making, parallel processes and early risk mitigation. After packaging development, we progressed seam- lessly to assembly from prefilled vials, labelling, packaging and testing before distribution – within just 35 days. Biopharma assembly line in action at our Origgio, Italy, manufacturing site Grünenthal PRO has raised the bar for what we expect from a partner. Their ability to move quickly, adapt in real time, and deliver consistently enabled us to launch our product in 35 days and complete another project in just 15. These are timelines rarely seen in our industry, and the combination of speed, reliability and quality gave us a clear time-to-market advantage Biosimilar Grünenthal Client 85

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Grünenthal Report 2025/2026 GO2030: POWERING GROWTH AND FUELLING SUCCESS With strong capabilities and a clear vision, Global Operations (GO) is a key enabler of the company’s next phase of growth. In this interview, Victor Barbosa, Head Global Operations, looks ahead and shares the priorities for the future. What is next for Global Operations? We are launching GO2030 to build on the suc- cess of GO2025 by cementing our reputation through excellent safety and quality, as well as differentiation and scale in integration and effi- ciencies. This will continue to set us apart from competitors over the next decade. GO2030 has three clear priorities: Cost leadership: Enabling sustainable profit- ability in a highly pressured global environment. Integration excellence: Becoming the in- dustry benchmark for integrating acquisitions, products and manufacturing into the supply chain across all functions and processes. Be- ing better and faster than other companies, while creating value and securing a reliable, consistent supply of medicines for patients. Best-in-class safety and quality: Being recognised as the top company for safety and quality by embedding these topics into daily behaviours, ways of working and our organisa- tional culture. How does GO2030 support Grünenthal’s corporate strategy? GO underpins everything at Grünenthal: From es- tablished brands through to acquisitions, growth, new products and R&D. Our people enable in- vestment in innovation through cost leadership, bringing new medicines from R&D to market and ensuring a reliable global supply of medicines for patients. Simply put, GO is the backbone of Grünenthal’s strategy. What external trends and challenges does GO2030 address? Our three priorities address the challenging global landscape. We need to make Grünenthal as productive and efficient as possible to coun- teract cost pressures and inflation, especially in the US and Europe. These pressures on pricing highlight the significance of being cost leaders. At the same time, it is paramount for GO to en- sure an uninterrupted supply of medicines to pa- tients. We are deeply serious about our mission of supplying safe, reliable, high-quality medicines to patients efficiently and cost-effectively. Despite global disruptions and challenges, Grünenthal has maintained continuous and uninterrupted supply of medicines to patients. Grünenthal’s strength lies in its extensive, inte- grated global manufacturing network that covers Active Pharmaceutical Ingredients (APIs) through to finished products, packaging and distribu- tion worldwide. It gives us the control, resilience and flexibility that many competitors lack. Auto- mation, Artificial Intelligence and digitalisation will support productivity, integration and deci- sion-making, but as enablers, not as the strategy. What excites you most about this journey? I am excited about our future, about the company we are becoming and about the people who are defining our future. GO has transformed over the last eight years and I am inspired about what lies ahead. We have the ambition, vision, talent and momentum to build a very different and exciting company by 2030. Dive deeper into the GO2030 strategy 86

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Reliable Supply to Patients Victor Barbosa during a visit to our Aachen Packaging Centre in Germany 87

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PEOPLE AND CULTURE We focus on building our strong culture and turning colleague feedback into visible action – strengthening recognition, inclusion and leadership to move closer to our vision of a World Free of Pain. 89

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Grünenthal Report 2025/2026 ACTING ON WHAT MATTERS MOST In recent years, Grünenthal has achieved con- sistently high levels of employee engagement. All of our countries are now certified as a Great Place to Work® which reflects sustained invest- ment in our culture, from our hybrid working model to leadership development, inclusion and communication. Each country and function has its own action plan based on feedback from the most recent Great Place to Work® survey. These plans are designed to maintain our strengths and address local priorities. We did not conduct a Great Place to Work® survey in 2025 because these surveys oper- ate on a biennial cycle. Instead, we focused on taking action based on what colleagues told us during the last survey. We also tracked progress through continuous listening, pulse checks and leadership engagement. Recognition, communication and onboarding emerged as clear opportunities for further im- provement. For this reason, we launched the YOU recognition platform. It makes appreciation easier and more consistent. It supports leaders with communicating about priorities, progress and change clearly and more frequently. And it strengthens the way we welcome and integrate new colleagues. At the same time, we took practical steps to strengthen inclusion, flexibility and leadership. We marked International Men’s Day for the first time, introduced initiatives such as Family Starting Time and Workation, and deepened our investment in leadership and future skills, including through our senior leadership conference plenary and breakout sessions. We also continued with our leadership 360° feedback process and launched a comprehensive leadership development pro- gramme across our entire organisation. Together, these actions show how we are turn- ing feedback into progress and building a work- place where people feel seen, valued and able to contribute their best over the long term. For me, 2025 was not only about turning insights into action, it was about continuing to strengthen the many cultural strengths we already have, so we maintain high levels of engagement over time. Leen Hofkens Head Global Human Resources

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People and Culture FROM LISTENING TO ACTION: STRENGTHENING CULTURE Our most recent Great Place to Work® survey gave us a clear view of what colleagues value about working at Grünenthal, including pride in our purpose and strong team spirit, and where we could go further, particularly on day-to-day recognition, inclusion and communication. In 2025, we shifted the focus to visible action and concentrated on three practical levers: Making appreciation more visible and inclusive through the launch of the YOU platform. Strengthening how leaders communicate with their teams about priorities, progress and change. Further improving onboarding to help new colleagues connect faster with their role, their team and our culture. We are tracking progress through targeted pulse checks, feedback in leadership and community forums, and usage data from our tools. These in- sights will sit alongside our next Great Place to Work® survey, planned for 2026, to give a round- ed picture of how our culture is evolving. Grünenthal employees consider the company a great place to work 91

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Grünenthal Report 2025/2026 RECOGNITION AS A CULTURE ACCELERATOR Feeling appreciated is one of the strongest driv- ers of engagement, inclusion and performance. Our last Great Place to Work® survey confirmed that colleagues wanted more consistent recog- nition and clearer ways to celebrate everyday contributions, not only major milestones. In 2025, we made recognition a priority. We launched YOU, our first global recognition platform, which helps colleagues celebrate everyday contributions more easily, whether through a simple message, a public recogni- tion or an award. Insights that shaped YOU Before designing YOU, we listened to our own or- ganisation very carefully. We interviewed leaders and colleagues across functions and countries to understand what “good recognition” means in practice – when people recognise others, what they value most and what gets in the way. Three themes came through strongly: recognising ef- fort, impact and behaviour. and refined these ideas, encouraging leaders, in particular, to reflect on how often they recog- nise their teams, what holds them back and what would make it easier. The result is a simple, ac- cessible tool that fits into daily routines and rein- forces that recognition is a shared responsibility and an expectation for all. How YOU works and what it reinforces Through YOU, colleagues can recognise anyone in the organisation in just a few clicks. Employees can choose between public or pri- vate recognition, and between monetary and non-monetary awards where available. Each rec- ognition is linked to our Values and Behaviours, and invites colleagues to highlight the effort, im- pact or behaviours they want to celebrate. This makes it easier to reinforce what matters most, not just what is measured. Early momentum and impact These insights, combined with external best practice, shaped the way YOU works. We tested Since its launch, YOU has started to build new recognition habits across Grünenthal. Early indicators show encouraging uptake across functions and countries, with growing numbers of recognitions exchanged each month and a healthy mix of senders and recipients. ~ 12 k 24 Recognitions sent in 2025 Countries where platform is used Colleagues describe feeling more seen and con- nected when they receive recognition, while many leaders report that YOU helps them notice and rein- force the behaviours they want to see more often. 92

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People and Culture Colleagues at the launch of our YOU recognition platform in Aachen, Germany 93

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Grünenthal Report 2025/2026 INCLUSION AND BELONGING: PUTTING OUR D&I AMBITIONS INTO PRACTICE Our Diversity and Inclusion strategy focuses on three pillars: enhancing our diversity, driving conscious inclusion and positively impacting our communities. In 2025, we continued to make pro- gress across all three, building a workforce that bet- ter reflects the patients and communities we serve. Our Diversity and Inclusion strategy: Enhancing our diversity Driving conscious inclusion Positively impacting our local communities Enhancing our talent pool through attrac- tion, retention and enablement of diverse talent. Creating psychological safety and be- longing through our people processes and leadership. Inspiring younger generations, partnering with diverse suppliers and supporting communities through volunteering. 94

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People and Culture Our workforce is becoming more diverse in back- ground, experience and generation. Today, we have 69 nationalities working across the organisation, with more than 50 percent of colleagues in the Mil- lennial and Gen Z generations, and 42 percent of our total leadership community being women. In 2025, we welcomed 527 new colleagues worldwide, with more than 15 percent joining through our in-house active sourcing team, and we further strengthened our onboarding to help people integrate quickly and feel part of our cul- ture from Day One. 42 % Women in leadership roles 95 Celebrating Pride at a breakfast in Aachen , Germany Our workforce at a glance Nationalities 69 527 Millennials and Gen Zs 50 % 15 % New colleagues worldwide Hires via in-house active sourcing

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Grünenthal Report 2025/2026 This mix of perspectives matters. It helps us build a stronger pipeline of future leaders and brings together diverse ideas and skills that are essen- tial for innovation in science, operations and commercial execution. Diversity topics offered to our leaders and our employees Intergenerational Diversity Neurodiversity International Women's Day Pride Month International Men's Day #IAmRemarkable Unlock Your Leadership Voice 14 Sessions 1,470 Participations 7 Topics 96

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People and Culture International Men’s Day: A new milestone Grünenthal marked International Men’s Day for the first time in 2025. Across the company, colleagues gathered to discuss topics such as mental health, role modelling, modern father- hood and the importance of positive male allies. The aim was to broaden the conversation and rec- ognise the experiences of men alongside those of women and other underrepresented groups. Col- leagues shared personal stories and reflections on how we can support one another better. Employees support senior citizens for Grünenthal Gives in Chile 97 Employees working together in a laboratory Engaging with communities: Grünenthal Gives Through Grünenthal Gives, our employee volun- teering initiative that allows colleagues to take a day’s paid leave to volunteer for a positive cause, colleagues contributed more than 4,300 hours of volunteering time in 2025, supporting local chari- ties and community projects around the world. This programme is part of the community pillar of our D&I strategy and gives people a practi- cal way to live our values, build connections and make a difference beyond their daily roles.

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Daniel Karthäuser and his family 98

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People and Culture Family Starting Time and Workation: Flexible working in action Our hybrid working model has been in place for several years and continues to work well, giving colleagues more choice in how they balance work and life. In 2025, we built on this strong foundation with additional options such as Family Starting Time and Workation. Family Starting Time supports colleagues who need more flexibility due to family or caring responsibilities. It helps teams agree local solu- tions that maintain performance while recognis- ing real-life demands. Workation enables colleagues to spend a defined period working from another coun- try, where business and legal conditions allow, strengthening our international culture and help- ing people balance work and family connections. These initiatives show how we are turning our commitment to inclusion into concrete options that respond to different life situations. Scan to learn more Family Starting Time allowed me to take enough time off after the birth and experience many special moments with my family that I might otherwise have missed. Daniel Karthäuser Global Operations Strategy Manager

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Grünenthal Report 2025/2026 LEARNING AND FUTURE SKILLS: PREPARING FOR WHAT IS NEXT To deliver our growth plans, we need colleagues with the right skills, mindset and tools, and we continue to empower employees to take own- ership of their personal and professional devel- opment. This commitment is reflected in the high level of engagement with development planning across the organisation. Overall, 88 percent of employees have a Personal Development Plan (PDP) in place, with 83 percent maintaining an active PDP, reviewed or updated during 2025, showing that continuous learning is firmly embedded in our culture. We are also progressing strongly with our multi- year rollout of 360° leadership feedback surveys. By 2025, around 80 percent of our leaders had completed a 360° feedback survey, support- ing a leadership culture built on self-awareness, growth and meaningful feedback. High levels of engagement in personal development 88 % Employees with PDP 96 % Linkedin learning activations 80 % Leaders completing 360° feedback sessions 78 % Coursera activations Employees in conversation 100

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People and Culture Across the year, colleagues accessed thousands of hours of content on our digital learning plat- forms and took part in blended programmes that combine online learning with live workshops, coaching and peer exchange. This mix allows people to learn at their own pace while still bene- fiting from shared reflection and practice. By investing in learning and future skills, we are building a more adaptable organisation, where colleagues can move into new roles, take on stretch assignments and shape their own de- velopment paths. We are seeing strong internal mobility, particularly at leadership levels, and are improving how we track these moves so we can highlight this strength more transparently in future. Employees working together 101 Our learning and development priorities in 2025 included: Leadership capabilities: Helping leaders communicate with impact, build trust and en- gagement, and lead change across teams and borders. Functional and technical skills: Expanding learning paths in areas such as commercial excellence, R&D, digital and operations. Future skills: Supporting colleagues to develop digital, data and AI literacy through platforms like LinkedIn Learning and Coursera. Our approach to learning follows the 70 – 20 – 10 philosophy: Most development happens on the job (70 percent), supported by coaching and feedback (20 percent) and complemented by formal learning such as courses and programmes (10 percent). While platforms like LinkedIn Learn- ing and Coursera are important, our biggest fo- cus is on creating meaningful on-the-job learn- ing opportunities, from stretch assignments and cross-functional projects to temporary moves. Our learning ecosystem continues to expand, combining high-quality internal offerings with globally-recognised online platforms. In 2025, our people invested 11,380 learning hours, with excep- tionally strong engagement in digital learning: LinkedIn Learning activation reached 96 percent. Learners completed 1,814 courses and 42,868 videos, developing key skills such as Artificial Intelligence and communication. Coursera activation reached 78 percent, strengthening capabilities in areas like com- munication, data science, business analysis and project management. Our internal learning management system now offers 171 e-learnings, with employees completing 1,178 modules across functional and cross-functional areas.

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Grünenthal Report 2025/2026 EARLY CAREERS: BUILDING THE NEXT GENERATION OF TALENT Early careers programmes are an important part of our talent pipeline. They bring new perspec- tives into Grünenthal, help us build critical capa- bilities for the future and offer young profession- als the opportunity to grow in an international, purpose-driven environment. The programme also strengthens our position in a highly competitive talent market. Through continu- ous improvement, feedback integration and strong leadership support, it now attracts more than 200 applicants per role, positioning Grünenthal as an employer of choice for early talent. By investing in early careers, we are building a sus- tainable pipeline of diverse talent that can grow with us and contribute to our long-term success. Find out more about careers at Grünenthal Our flagship Global Graduate Programme is shaping Grünenthal’s future through talent, di- versity and development. What began as a fo- cused talent development initiative has grown into an international platform for professional growth and innovation. Spanning multiple coun- tries and sites, the programme offers graduates unique opportunities to work across functions such as R&D, Global Operations, Finance and Commercial, gain global exposure and contrib- ute to meaningful projects that support our vi- sion of a World Free of Pain. More than 30 graduates have already complet- ed the programme, with an almost 100 percent retention rate over the past two years – a testa- ment to its impact and value. Participants rotate across teams and projects, benefiting from on- the-job experience, structured learning, mentor- ing and exposure to senior leaders. Many former graduates have moved into key roles and are now mentoring the next generation. 102 Grünenthal apprentices featured in a campaign during 2025

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People and Culture Graduates during a visit to Aachen, Germany 103

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Grünenthal Report 2025/2026 LEADERSHIP, VALUES AND BEHAVIOURS: HOW WE BRING OUR CULTURE TO LIFE Our Values and Behaviours define how we work together to achieve our vision of a World Free of Pain. They guide everyday decisions, shape the way we collaborate and determine what we recognise and reward. We are patientcentric We live entrepre neurship We join forces We act with integrity We drive performance We put our patients first when making decisions. We want to understand their needs and experiences, and customise solutions to improve their lives. We try new things and take smart risks. We think and act strategically, spot trends, plan long-term and create opportunities for growth. We work to win – and be better. We actively seek diverse input when designing solutions. We listen to each other, share knowledge to ensure a common understanding, and we always strive to learn from each other. In everything we do, we always advocate and apply the highest ethical standards, while treating people with respect and empathy. We want to share our vision and inspire each other to achieve our meaningful success together. Today, around 85 percent of our leaders have a personalised priority focused on organisational and people leadership. This helps to keep culture, com- munication and team development at the centre of performance discussions, not as an afterthought. In 2025, we continued to embed these expecta- tions into leadership and people practices. The launch of the YOU platform created a direct link between recognition and our Values and Be- haviours, making it easier to celebrate not only what people deliver, but how they deliver it. Col- leagues can highlight behaviours such as patient focus, collaboration, accountability and innova- tion whenever they give recognition. Leadership development remained a priority. Through our senior leadership conference and other programmes, leaders explored how to: Role-model our Values and Behaviours con- sistently. Give timely, specific feedback and recognition. Create inclusive, high-trust team environments. Communicate clearly about priorities, pro- gress and change. We also continued our leadership 360° feedback process and our comprehensive leadership de- velopment programme, giving leaders targeted insights into their strengths and development ar- eas and supporting them to role-model our Val- ues and Behaviours consistently across teams and locations. 104

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People and Culture These expectations apply at all levels of leader- ship, from first-line managers to the Executive Board. They are supported by our performance and development processes, which encourage regular dialogue about goals, impact and growth. Looking ahead to 2026, we will continue to fo- cus on recognition, inclusive leadership and fu- ture skills, and we will use the next Great Place to Work® survey to track how our culture is evolving, to build on the strong foundations we already have in place and to identify where we should go further. Employees in conversation during a senior leadership event 105

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RESPONSIBLE BUSINESS Our corporate responsibility approach ensures that we do business legally, ethically, respectfully and sustainably. 107

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Grünenthal Report 2025/2026 COMPLIANCE AND BUSINESS ETHICS We foster a strong speak-up culture in which all employees are committed to acting in line with our company values, protecting Grünenthal’s opera- tions and reputation, and minimising business risks. Speak-up culture Integrity is one of our core values. All employees receive training on our Code of Conduct, and we actively promote a speak-up culture in which employees, business partners and other third parties are encouraged to raise concerns. To support this, we provide a 24/7 Ethics Helpline available to anyone inside or outside Grünenthal. Every concern is reviewed diligently and confi- dentially by our Compliance Organisation. Organisational setup Our Compliance organisation is fully integrated into Grünenthal as part of the General Counsel Area. Compliance Officers are members of local leadership teams worldwide and act as trusted advisors to business leaders. They report direct- ly to the Global Compliance & Responsibility Of- ficer, who reports to the Corporate Executive Board and the Supervisory Board. Business partner compliance Grünenthal is committed to conducting business in full compliance with applicable laws and regu- lations. We expect the same from suppliers and Trust is the foundation of our business. That is why we continuously strive to earn the trust of our employees, patients, customers, suppliers, partners, investors and communities. Our Com- pliance and Ethics Framework supports this commitment by providing clear guidance for de- cisions and actions. We train our employees to ensure they act in accordance with this frame- work and uphold the highest ethical standards. Compliance Grünenthal’s Compliance Management System outlines our high standards for ethical and legal business conduct. Key performance indicators are used as part of governance to measure the effec- tiveness of our Compliance Management System. Compliance policies support legal, ethical and responsible conduct for our employees, patients and business partners. Communication includes awareness campaigns, regular training sessions and on-demand e-learning opportunities; while monitoring ensures continuous oversight of day- to-day operations and all relevant processes. Our ethical framework creates clarity for our employees to help them make the right decisions. Hannah Engels Global Compliance & Responsibility Officer 108

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Responsible Business other third parties acting on our behalf, includ- ing subcontractors. To prevent non-compliance, we identify and address risks at an early stage. A robust third-party due-diligence process is in place to identify, evaluate and mitigate compli- ance risks related to business partners. Our policies are guided by the United Nations Global Compact principles on human rights, labour, environment and anti-corruption, while our work also sup- ports the United Nations Sustainable Development Goals. Data Ethics Charter sets out principles that guide our digital activities. In 2025, we fully implemented an AI Governance framework to ensure all AI sys- tems comply with our Data Ethics Charter and applicable laws, including the EU AI Act. Risk Management Effective, efficient and secure processes are the foundation of successful business performance. Risk Management works closely with business areas to ensure risks are identified, assessed and mitigated in line with strategic objectives. Internal Audit Internal Audit is an independent and objective assurance and consulting function that supports Grünenthal in achieving its objectives. Audits assess the effectiveness of control and govern- ance processes and identify opportunities for improvement. Data privacy, data ethics and AI governance It is essential to manage data and Artificial Intelli- gence (AI) responsibly. Grünenthal believes that robust data privacy, ethical data management and strong AI governance are essential to our mission of delivering life-changing pharmaceuti- cal products – because they foster trust, ensure compliance and drive sustainable innovation. Handling data responsibly Grünenthal has robust frameworks to ensure ethical and compliant (personal) data handling. Our Data Protection team provides guidance to support other teams with processing personal data in line with all applicable requirements. Our Pablo Sastre Puche, Head of Data Privacy & AI Governance, in discussion with a colleague 109

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Grünenthal Report 2025/2026 LEADING THE WAY FORWARD Running a responsible business means caring for patients, providing a safe and supportive workplace for employees, acting with integrity and reduc- ing our environmental impact. These practices are grounded in Environment, Social and Governance (ESG) principles. Every day, our people collaborate across teams and specialisations to meet the high- est ESG standards throughout our value chain. Our industry-leading approach to managing ESG risks has earned distinguished recognition from independent agencies that asses our business practices. Industry leader Top rating Gold status For the second year in a row, Morgan Stanley Capital International (MSCI) recognised Grünenthal as an industry leader by awarding a ‘(p) AA’ rating. Our rating puts us ahead of numerous high-profile competitors in the pharmaceutical industry. Sustainalytics recognises Grünenthal as one of the top performing companies in the pharmaceu- tical industry. The agency certified Grünenthal as a low ESG risk and assessed our risk management approach as strong. The gold medal rating from EcoVadis puts Grünenthal in the top five percent of compa- nies assessed worldwide. The rating evaluates companies across four key areas: Environment, labour and human rights, ethics and sustainable procurement. Learn more about our ratings Our strong ESG ratings continue to set standards in the pharmaceutical industry. Sebastian Köhler General Counsel

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Hannah Engels, Global Compliance & Responsibility Officer, in discussion with Tobias Schäfers, Head of Responsibility DRIVING POSITIVE IMPACT Grünenthal’s responsible business practices are anchored in its Corporate Responsibility Pro- gramme, ensuring that our strategy translates into actions. We have set up a cross-functional Board of senior leaders to set priorities, define measurable targets and monitor progress for this programme. This Corporate Responsibility Board drives con- sistent implementation of the programme across all functions and regions, respecting local contexts and stakeholder perspectives. Grünenthal embeds responsibility at every level of the organisation by maintaining continuous dialogue with internal teams and external partners, and conducting in- itiatives that achieve measurable outcomes for the long term. Responsibility Report Grünenthal's annual Responsibility Report shares updates on our ESG ambitions. It transparently communicates our pro- gress while also forming the foundation for our annual ESG ratings. The Report is available on Grünenthal's corporate website www.grunenthal.com. 111

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Grünenthal Report 2025/2026 OUR FOCUS: PATIENT, PEOPLE, PLANET Grünenthal aims to make a valuable and sus- tainable contribution to society. We are com- mitted to patients and their families, our employ- ees, our customers and investors, as well as the communities in which we operate. We focus on creating value in the three areas that matter most to our stakeholders: Patient, People and the Planet. Our Corporate Responsibility Programme PATIENT PEOPLE PLANET Patient safety Product quality Access to healthcare Safe pain management through responsible Diversity, inclusion, equal opportunities Fair working conditions and remuneration Workplace safety and health protection Training and development • Reduction of emissions from production- related processes • Reduction of water pollution across our manufacturing sites use of opioids • Improving patients' quality of life through innovative medicines GOVERNANCE Ethical business culture Prevention and detection of corruption and bribery 112

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Responsible Business Patient We focus on patient safety, product quality and safe pain management through responsible use of opioids, while striving to improve patients’ quality of life with innovative medicines and bet- ter access to healthcare. Find out more about how we support patients in the Responsibility section of our corporate website: Overview of patient focus Elderly patient 100 % ~ € 1.8 m 38 % of Grünenthal's commercial business partners* have committed to our opioid framework provided since 2004 through the EFIC- Grünenthal-Grant to support scientists early in their career in carrying out innova- tive clinical pain research of Grünenthal's ESG impacts lie within the Patient area** partners active in 2024 that promoted and resold Grünenthal’s opioid-containing products. * ** based on Grünenthal's Double Materiality Analysis 2025. 113

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Grünenthal Report 2025/2026 People We aim to generate sustainable value in cru- cial areas such as workplace safety and health protection, fair working conditions, training and development, and the merit-based promotion of diversity, inclusion and equal opportunities. Find out more about how we work with employ- ees, partners and communities in the Responsi- bility section of our corporate website: Overview of people focus Employees take part in Grünenthal Gives volunteering day in Chile 20 25 + 4,300 + countries in which Grünenthal is certified as a Great Place to Work® years community support via foundations hours of volunteering by our Grünenthal colleagues around the world 114

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Responsible Business Planet Our employees work with suppliers, partners and customers to reduce CO2 emissions, save energy and resources, and decrease waste. In 2025, Grünenthal received the Science Based Targets initiative’s (SBTi) official approval of its near-term climate targets. This validation con- firms that our climate ambition is aligned with keeping global temperature increase to 1.5°C, the highest level of ambition recognised by the SBTi. Find out more about what we do for a sustain- able future in the Responsibility section of our corporate website: Overview of planet focus Solar power system at Grünenthal's site in Origgio, Italy 43 % 100 % 100 % emissions reduction achieved since 2020 for Scope 1 (emissions from our own opera- tions and production) and Scope 2 (emissions associated with purchased energy) of research laboratories certified by My Green Lab® renewable electricity at all our manufacturing sites since 2024 115

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Tree planting along Tanzania's coastline Ushongo via Impact Hero GROWING A GREENER TOMORROW Through our partnership with Impact Hero, launched in 2025, we plant trees in deforested areas to restore landscapes and support local communities. By the end of 2025, we completed our first 100,000-tree project cycle. If we main- tain this pace, we could reach one million trees within the next 10 years. Each tree contributes to healthier soils, greater biodiversity, and more resilient local ecosystems. With nearly 40,000 trees already planted by our global teams in re- cent years, we are building on a solid foundation and steadily expanding our measurable impact. Overview of planet focus 100k 500k ~ 2,200 t planted trees square metres of forest restored of annual CO2 sequestration potential* * While our tree-planting initiative is not part of a formal carbon offsetting scheme, it reflects our ongoing effort to contribute to broader environmental goals. 116

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Responsible Business EMBRACING POSITIVE CORPORATE CITIZENSHIP At Grünenthal, taking responsibility for society is an integral part of who we are. Every day, we improve the lives of people living with pain and we recognise that wellbeing extends far beyond medical care. That is why we support initiatives that make a tangible difference to the living con- ditions of individuals and communities. Diverse engagement for a diverse society Our commitment encompasses a broad spec- trum of societal needs. Our core focus is on peo- ple: their dignity, their needs and their opportuni- ties for a fulfilling life. In 2025, we supported organisations that ac- company seriously ill individuals and their fam- ilies during the final stages of life. We also en- gaged with projects that work with children and young people who face difficult circumstances, as well as efforts to help groups within society who require special protection. We also fund programmes that make everyday life easier, from mobility support and medical assistance through to integration measures for refugees. Projects that promote the responsible use of natural resources and help to minimise negative impacts on the climate are equally important to us. One example is our support for a water-ac- cess initiative in Ethiopia. It provides clean and safe water to enhance health, daily life and pros- pects for the local population. These initiatives are united by their direct benefit to people. They offer stability, foster connection, alleviate hardship and enable participation. This lasting impact gives our engagement activities a strong purpose and clear direction. Kelsina at the community’s new solar-powered water point, which now provides reliable access to clean and safe water, in Ethiopia € 250k provided worldwide in 2025 to support communities 117

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Grünenthal Report 2025/2026 OUR COMMITMENT TO THALIDOMIDE-AFFECTED PEOPLE More than 60 years after Thalidomide changed the lives of thousands of children and their families, supporting those affected remains a moral respon- sibility that guides us. Today, most Thalidomide- affected people are in their 60s and face new challenges linked to ageing and reduced mobility. Many have led remarkably independent lives for decades, but their needs are shifting and we are adapting our support accordingly. The Grünenthal Foundation for the Support of Thalidomide-affected People was created to provide practical, fast and individual help where it makes the biggest difference: in people’s homes, daily routines and social environments. Since 2012, the Foundation has provided more than 5,300 individual supportive measures to people affected by Thalidomide, reaching 1,000 individuals by the end of 2025. These figures reflect these people’s ongoing need for practi- cal assistance, as well as the trust that has de- veloped between them and the Foundation via years of dialogue and collaboration. Each situation is unique, but the aim remains the same: to enable people to be as self-sufficient and included within society as possible. In this context, the Foundation offers valuable additions to the statutory financial support provided by national institutions such as the Federal Contergan Foundation. In recent years, the importance of mobility for achieving independence has become especially clear. While accessible homes provide an impor- tant basis for daily life, autonomy is increasingly defined by the ability to move freely, meet others and take part in community life. At the same time, modern assistive technolo- gies are creating new opportunities for safe and self-determined mobility. That is why the Foun- dation now places a particular focus on mobility solutions, from adapted vehicles and powered 118 wheelchairs to customised aids that support people beyond their home environment. These practical measures, along with personal assis- tance where needed, make it possible to stay ac- tive in the community, pursue hobbies and main- tain social connections. ideas. One of these initiatives is the 'Ort des Wis- sens'. It is a digital platform that makes the leg- acy of Thalidomide-affected people visible and accessible, while strengthening the exchange of information with experts and facilitating stronger networks among affected people. individual support, our collaboration Beyond with associations of affected people has also grown over the last five years. Through the joint Dialogue Forum with the Federal Association of Thalidomide-affected People in Germany, we are working together as partners, sharing experi- ences, addressing tensions and developing new 5,300 individual support measures provided since 2012 With tailored support and adaptive solutions, Sabine Fritz continues to pursue her passion for sports shooting

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Responsible Business Members of the Grünenthal Foundation Commission with representatives of the Executive Board of the Federal Association of Thalidomide-affected People in Germany at the council meeting in November 2025. From left to right: Patrick Thevis, Susanne Schmitt-Degenhardt, Jutta Sattler, Gernot Stracke, Klaus Michels, Dr. Stephan Frings, Fabia Kehren and Tom Hermes Thalidomide is a sedative developed by Grünenthal that was sold as a sleep aid in the 1950s in over 40 countries worldwide under brand names such as Contergan and Distaval. In the early 1960s, it came to light that Thalidomide caused severe birth defects in unborn children. The product was withdrawn from the market shortly thereafter. Today, affected people in more than 40 countries receive lifelong financial support through the German Federal Contergan Foundation or comparable programmes, while the Grünenthal Foundation provides additional practical assistance to help address the everyday needs that public systems do not fully cover. More than 60 years ago, Thalidomide changed the lives of thousands of children and their families. The past cannot be undone. But it is crucial to enhance the living conditions of those affected, now and in the future. Gabriel Baertschi Chief Executive Officer 119

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REFERENCES Treede RD, et al. Pain. 2015 Jun;156(6):1003-1007 Including Anti-Calcitonin Gene-Related Peptides (CGRPs). Defined Pain Market incl.: Strong opioids, weak opioids (Codeine, Dihydrocodeine, Hydrocodone, Meptamizol, Nalbuphine, Tilidine, Tramadol), NSAIDs & plain Cox2 Inhibitors, oral solid Rx, Antimigraine Triptans, Lidocaine & Capsaicine Patches, Anti-epileptics & Anti-depressants with their respective share in Localized Neuropathic Pain acc Argentina, Brazil, Central America, Chile, Colombia, Ecuador, Mexico, Peru Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, UK Treede RD, et al. Pain. 2019;160(1):19-27 World Health Organization (WHO). International Classi.cation of Diseases 11th Revision (ICD-11). MG30 Chronic pain. 2019. Available at: https://icd.who.int/browse11/lm/en#/http://id.who.int/icd/entity/1581976053 [Accessed October 2024] Cohen SP, et al. Lancet. 2021;397:2082-297 Oliveira DS, et al. Pain Medicine. 2019;20(4):736–746. | Nijs J, et al. PMR 2020;410-419 | Breivik H, et al. Eur J Pain. 2006;10(4):287–333 Evan S, et al. Reducing Temporary Work Absence Through Early Intervention: The case of MSDs in The EU, London: The Work Foundation, 2013. | Yong RJ, et al. Pain. 2022;163(2):e328–e332. | Pain Alliance Europe. Survey on Chronic Pain and your Work Life. A survey in 14 EU countries. 2018. Available at: PAE-Survey-2018-Pain-And-Your-Work-Life.pdf (pae-eu.eu). [Accessed May 2022] U.S. Department of Health and Human Services. Pain Management Best Practices Inter-Agency Task Force Report: Updates, Gaps, Inconsistencies, and Recommendations. 2019. Available at: https://www.hhs.gov/ sites/default/.les/pmtf-.nal-report-2019-05-23.pdf. Accessed May 2022. | Pain Alliance Europe, Survey on Chronic Pain 2017, Diagnosis, Treatment and Impact of Pain. Available at: https://www.pae-eu.eu/wp-con- tent/uploads/2017/12/PAE-Survey-on-Chronic-Pain-June-2017.pdf. [Accessed April 2024] Bevan S, et al. Reducing Temporary Work Absence Through Early Intervention: The case of MSDs in the EU, London: The Work Foundation, 2013 Pain Alliance Europe, Survey on Chronic Pain 2017, Diagnosis, Treatment and Impact of Pain. Available at: https://www.pae-eu.eu/wp-content/uploads/2017/12/PAE-Survey-on-Chronic-Pain-June-2017.pdf. [Ac- cessed April 2024] Nijs J, et al. PMR 2020;410-419 The World Health Organisation (WHO) proposed the International Non-proprietary Name (INN) ‘tegacorat’ for our investigational medicine GRM-01, a non-steroidal selective glucocorticoid receptor agonist and mod- ulator (SEGRAM). We expect the publication in the INN Recommended List in March 2026. The Grünenthal proprietary asset is an oral investigational medicine currently in development for the treatment of Duchenne muscular dystrophy (DMD). Prior to the assignment proposal of the INN, the asset was referred to as GRM or GRM-01 in company publications and literature Bez Batti Angulski A, et al. Duchenne muscular dystrophy: disease mechanism and therapeutic strategies. Front Physiol. 2023 Jun 26;14:1183101 Landfeldt E, et al. Life expectancy at birth in Duchenne muscular dystrophy: a systematic review and meta-analysis. Eur J Epidemiol. 2020 Jul;35(7):643-653 Bushby K, et al. Diagnosis and management of Duchenne muscular dystrophy, part 1: diagnosis, and pharmacological and psychosocial management. Lancet Neurol. 2010 Jan;9(1):77-93 Emery AEH. The muscular dystrophies. Lancet. 2002 Feb 23;359(9307):687-695 Venugopal V, Pavlakis S. Duchenne Muscular Dystrophy. Updated July 2023. In: StatPearls [Internet]. Treasure Island (FL): StatPearls Publishing; 2025 Jan. Available at: https://www.ncbi.nlm.nih.gov/books/ NBK482346/. [Accessed September 2025] Cleveland Clinic. Duchenne Muscular Dystrophy (DMD). Updated June 2025. Available at: https://my.clevelandclinic.org/health/diseases/23538-duchenne-muscular-dystrophy-dmd. [Accessed September 2025] Cai A, Kong X. Development of CRISPR-Mediated Systems in the Study of Duchenne Muscular Dystrophy. Hum Gene Ther Methods. 2019 Jun;30(3):71-80 Crisafulli S, et al. Global epidemiology of Duchenne muscular dystrophy: an updated systematic review and meta-analysis. Orphanet J Rare Dis. 2020 Jun 5;15(1):141 McDonald CM, et al. Long-term effects of glucocorticoids on function, quality of life, and survival in patients with Duchenne muscular dystrophy: a prospective cohort study. Lancet. 2018 Feb 3;391(10119):451-461 Fischer R, et al. A Mixed-Method Study Exploring Patient-Experienced and Caregiver-Reported Benefits and Side Effects of Corticosteroid Use in Duchenne Muscular Dystrophy. J Neuromuscul Dis. 2023;10(4):593-613 Summary of Product Characteristics (SmPC) Qutenza™. Available at: https://www.ema.europa.eu/en/medicines/human/EPAR/qutenza#overview. [Accessed April 2024] Qutenza™ [prescribing information]. Morristown, NJ: Averitas Pharma. Available at: https://www.averitaspharma.com/our-products/ [Accessed April 2024] LTP 2020-2030: ADDRESSABLE POPULATIONS BY CONDITION (PDPN, PSNP, PHN, CINP). Company data on file. April 30, 2020 Butour JL, et al. Recognition and activation of the opioid receptor-like ORL 1 receptor by nociceptin, nociceptin analogs and opioids. European Journal of Pharmacology. 321 (1): 97–103. doi:10.1016/S0014- 2999(96)00919-3. PMID 9083791 Sicras-Mainar A et al. J Comp Eff Res. 2018;7:615–25 The Foundation for Peripheral Neuropathy. What is peripheral neuropathy? Types of Risk Factors. 2016. Available at: https://www.foundationforpn.org/types-risk-factors/ Abd-Elsayed AA, Marcondes LP, Loris ZB. Painful diabetic peripheral neuropathy – a survey of patient experiences. J Pain Res. 2023;16:1969-1979. | Iqbal Z, Azmi S, Yadav R, et al. Diabetic peripheral neuropathy: epidemiology, diagnosis, and pharmacotherapy. Clin Ther. 2018;40(6):828-850. | Gore M, Brandenburg NA, Dukes E, et al. Pain severity in diabetic peripheral neuropathy is associated with patient functioning, symp- tom levels of anxiety and depression, and sleep. J Pain Symptom Manage. 2005;30(4):374-385. | Gore M, Brandenburg NA, Hoffman D, et al. Burden of illness in painful diabetic peripheral neuropathy: the patients’ perspectives. J Pain. 2006;7(12):892-900. | Pop-Busui R, Ang L, Boulton AJM, et al. Diagnosis and Treatment of Painful Diabetic Peripheral Neuropathy. 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IMPRINT IMPRINT Contact Matt Crabb Head of Global Communications (Interim) E-Mail: GlobalCommunication@grunenthal.com Publisher Grünenthal Pharma GmbH & Co. KG Zieglerstraße 6 52078 Aachen Germany Phone: +49 241 569 0 E-Mail: info@grunenthal.com www.grunenthal.com Design gold’gelb GmbH, Aachen www.goldgelb.de 123

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