Author: Ravi Shankar

After a record first half, Kinepolis strengthens its lead in the third quarter

Regulated information

22 October 2026, 07:00 CET

Kinepolis delivered record results in the third quarter, recording a 49.1% increase in visitor attendance, driven by an exceptionally successful summer film slate and the expansion of its U.S. footprint. As a result, the Group further widened its lead over 2025, both in terms of attendance and financial performance. 

The success of ‘The Odyssey’ and ‘Spider-Man: Brand New Day’, among others, drove significant like-for-like visitor and revenue growth, despite adverse exchange rate effects from the Canadian and U.S. dollar versus the euro. Revenue per visitor continued to increase, driven by higher in-theatre sales per visitor and the success of premium cinema experiences such as IMAX and ScreenX.

Continued cost management and investment in premium offerings allow Kinepolis to take full advantage of favorable market dynamics, resulting in exceptional EBITDAL and net profit growth, both in Q3 and year-to-date.

Important achievements Q3 2026

• Acquisition of US Showcase cinemas
• Opening of IMAX 70mm auditorium in Brussels, with ‘The Odyssey’ screenings sold out through early November
• Spider-Man themed ScreenX takeovers at seven locations across Europe and North America
• Introduction of recliners at Kinepolis Breda and Leidschendam (NL)

Eddy Duquenne, CEO Kinepolis Group, on the third quarter:

“We are firmly on track for a record year, supported by a strong and promising year-end, with highly anticipated releases such as ‘Avengers: Doomsday’ and ‘Dune: Part Three’.

The integration of Emagine and Showcase is progressing successfully and we remain disciplined in the execution of our yearly improvement exercise. At the same time, we continue to invest in and actively pursue opportunities to drive further growth, while consistently enhancing the moviegoing experience for our customers.”

Business update Q3 2026 attached.

Attachment

• ENG Business Update Q3 2026

• Third quarter 2026 total revenues increase by 21% to approximately US$117.6 million, compared to third quarter 2025
• Third quarter 2026 total operating expenses of approximately US$74.6 million, in line with third quarter 2025
• Tightened 2026 total revenue guidance to US$380 million – US$390 million from prior US$375 million – US$395 million
• Full third quarter financial results and business update brought forward to October 27, 2026; conference call and webcast for analysts and investors to follow at 13:30 CET/08:30 EDT

Leiden, the Netherlands, October 22, 2026: Pharming Group N.V. (Euronext Amsterdam: PHARM/Nasdaq: PHAR), a global biotechnology company focused on rare immune and genetic diseases, today announces preliminary, unaudited revenue and select financial information for the three months ended September 30, 2026. Pharming will report its full preliminary (unaudited) financial results for the third quarter 2026 and provide a business update on October 27, 2026, brought forward from November 5, 2026 following results indicating revenue above and total operating expenses below analyst consensus.

Total revenues for the third quarter 2026 are expected to be approximately US$117.6 million, compared with US$97.3 million in the third quarter of 2025. This represents growth of approximately 21% year-on-year, reflecting strong performance from RUCONEST® and Joenja®.

Third quarter revenues comprise approximately US$93.8 million from RUCONEST, a 14% increase compared to the third quarter of 2025 and a 30% increase compared to the second quarter of 2026, and US$23.8 million from Joenja®, a 58% increase compared to the third quarter of 2025.

The RUCONEST revenue performance reflects stabilization and continued recovery of demand in the US, early seasonal increase in channel inventory at a single U.S. specialty pharmacy customer following significant drawdowns earlier in the year, and the completion of the planned withdrawal from non-U.S. markets.

Joenja revenue growth was driven by continued strong growth in the number of U.S. patients on paid therapy, significantly increased international demand – including from launches in Germany and Japan during the quarter and continued penetration in the U.K. – with temporary benefit from ordering patterns in other international markets.

Total operating expenses for the third quarter are expected to be approximately US$74.6 million, in line with US$74.5 million in the third quarter 2025. This performance is reflective of efficient scaling of the business.

Full-year 2026 outlook
Tightened 2026 total revenue guidance to between US$380 million and US$390 million (1% to 4% growth) from prior US$375 million to US$395 million (0% to 5% growth) and lowered total operating expense guidance to between US$310 million and US$315 million (0% to 1% growth) from prior US$315 million to US$320 million (1% to 3% growth).

Clinical updates
At ESID 2026, Pharming presented positive Phase II data for leniolisib in patients with genetically defined primary immunodeficiencies (PIDs) with immune dysregulation linked to PI3Kδ signaling; Pharming expects topline Phase II results from its separate trial in CVID patients with immune dysregulation, with or without an identified genetic cause, in November 2026. We are working towards a single registrational Phase III trial in the broader CVID indication, incorporating patient populations from both studies. The estimated prevalence rate for CVID with immune dysregulation is approximately 39 patients per million, compared with approximately 1.5 patients per million for APDS, representing substantial growth potential for Joenja.

For Napazimone (KL1333) for mtDNA-driven mitochondrial disease, we expect approximately 145 of the planned 180 subjects to be enrolled in the pivotal FALCON clinical trial by the end of 2026. We now expect enrollment to be completed in the first half of 2027. Topline results from the pivotal FALCON study are expected approximately one year after the completion of enrollment.

Full third-quarter results
Pharming will report third quarter 2026 financial results and provide a business update on October 27, 2026. Management will host a conference call and webcast for analysts and investors on the same day at 13:30 CET/08:30 EDT. To participate in the conference call or to watch the live webcast, please register in advance using the links below.

Conference call registration:
https://register-conf.media-server.com/register/BI6feabfc862ab4ba1bc7e6386d00414a3
Once registered, dial-in information and a unique PIN will be provided, allowing access to the call.

Please note, the Company will only take questions from dial-in attendees.

Webcast registration:
https://edge.media-server.com/mmc/p/nnjperkk

The webcast will also be accessible on the Pharming website at Investors/Financial Documents & Reports, and a replay will be available shortly after the event.

Trademarks
Joenja® and RUCONEST® are registered trademarks owned by or licensed to Pharming Group N.V. or its affiliates.

About Pharming

Pharming Group N.V. (Euronext Amsterdam: PHARM/Nasdaq: PHAR) is a global biotechnology company that develops and commercializes innovative medicines for people living with rare immune and genetic diseases.

We combine specialized scientific, medical, regulatory and commercial expertise to advance a focused portfolio of approved medicines and development programs that address significant unmet medical needs. Guided by insights from patients and the wider rare disease community, we are dedicated to delivering innovative therapies for some of the most challenging rare diseases.

Pharming is headquartered in Leiden, the Netherlands, with operations in the United States and Europe.

For more information, visit www.pharming.com and find us on LinkedIn.

For further public information, contact:
Pharming
Michael Levitan, VP Investor Relations & Capital Markets
T: +1 (908) 705 1696
E: investor@pharming.com

Saskia Mehring, Head of Corporate Communications
T: +31 6 28 32 60 41
E: media.relations@pharming.com

Media Relations
Julia Deutsch (Lyra Strategic Advisory on behalf of Pharming)
E: JDeutsch@lyraadvisory.com

Netherlands: Leon Melens (LifeSpring Life Sciences Communication on behalf of Pharming)
T: +31 6 53 81 64 27

Forward-looking Statements

This press release may contain forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those expressed or implied in these statements. These forward-looking statements are identified by their use of terms and phrases such as “aim”, “ambition”, “anticipate”, “believe”, “could”, “estimate”, “expect”, “goals”, “intend”, “may”, “milestones”, “objectives”, “outlook”, “plan”, “probably”, “project”, “risks”, “schedule”, “see”, “should”, “target”, “will” and similar terms and phrases. Examples of forward-looking statements may include statements with respect to timing and progress of Pharming’s preclinical studies and clinical trials of its product candidates, Pharming’s clinical and commercial prospects, and Pharming’s expectations regarding its projected working capital requirements and cash resources, which statements are subject to a number of risks, uncertainties and assumptions, including, but not limited to the scope, progress and expansion of Pharming’s clinical trials and ramifications for the cost thereof; and clinical, scientific, regulatory, commercial, competitive and technical developments. In light of these risks and uncertainties, and other risks and uncertainties that are described in Pharming’s 2025 Annual Report and the Annual Report on Form 20-F for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission, the events and circumstances discussed in such forward-looking statements may not occur, and Pharming’s actual results could differ materially and adversely from those anticipated or implied thereby. All forward-looking statements contained in this press release are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Any forward-looking statements speak only as of the date of this press release and are based on information available to Pharming as of the date of this release. Pharming does not undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information.

Inside Information
This press release relates to the disclosure of information that qualifies, or may have qualified, as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

Attachment

• Pharming Group third quarter 2026 pre-announcement_EN_22OCT26

OSLO, Norway (22 October 2026) – TGS today reports interim financial results for Q3 2026.

Financial highlights:

• Revenues of USD 397 million driven by high contract activity, compared to USD 388 million in Q3 2025 
• EBITDA of USD 222 million, including USD 41 million in gain from sale of the well data business, compared to USD 242 million in Q3 2025
• EBIT of USD 86 million, including USD 41 million in gain from sale of the well data business, compared to USD 94 million in Q3 2025
• Cost impacted by operational challenges 
• Robust order inflow¹ of USD 357 million resulting in a total order backlog¹ of USD 679 million, a Y/Y increase of 52%
• Dividend of USD 0.155 per share to be paid in Q4 2026

“The third quarter saw strong contract activity across both the 3D streamer vessel fleet and the Ocean Bottom Node (OBN) operations, resulting in the highest contract revenues since the fourth quarter of 2024. Although a higher activity level led to year-over-year growth in revenue, margins were negatively impacted by a combination of higher costs, driven by operational challenges, and low contract pricing. Going forward we are pleased to see a stronger pipeline of streamer contract opportunities, with clients competing for available capacity on several occasions. This development gives us confidence that contract pricing will improve from 2027. In OBN, tendering activity continues to increase, reinforcing our expectation of higher activity levels next year.

Our order intake continues to be strong, supported by a healthy mix of new contract awards and multi-client projects during the quarter, bringing total backlog to USD 679 million, up 52% from Q3 last year. The streamer fleet is fully booked for the fourth quarter, and visibility has improved significantly compared with the same period last year, enabling us to optimize asset allocation. Given the increased volume of contract work in the pipeline, we have decided to defer certain multi-client projects. As a result, we now expect multi-client investments in 2026 to be approximately USD 510 million, compared with our previous guidance of approximately USD 550 million.

Sustained high oil prices have strengthened our customers’ cash flows, while a marked increase in acreage awards has created a growing inventory of areas yet to be evaluated and explored. Together, these developments are driving demand for high-quality seismic data and reinforce our confidence in the opportunities ahead,” says Kristian Johansen, CEO of TGS.

Management presentation
CEO Kristian Johansen and CFO Sven Børre Larsen will present the results today at 09:00 a.m. CEST. The presentation will be webcasted live.

Webcast access and registration are available by copying and pasting the link below into your browser, or use the link on the front page of www.tgs.com:
https://qcnl.tv/p/F9pp7ArbItpZ5nPyrrIErw

The Q3 2026 earnings release and presentation will be available on www.tgs.com and www.newsweb.no.

For more information, visit TGS.com (http://www.tgs.com) or contact:

Bård Stenberg, VP IR & Business Intelligence
Mobile: +47 992 45 235
E-mail: investor@tgs.com

^{¹Order inflow and backlog excludes the North American well data business, which was sold in Q3 2026.}

About TGS 
TGS provides advanced data and intelligence to companies active in the energy sector. With leading-edge technology and solutions spanning the entire energy value chain, TGS offers a comprehensive range of insights to help clients make better decisions. Our broad range of products and advanced data technologies, coupled with a global, extensive and diverse energy data library, make TGS a trusted partner in supporting the exploration and production of energy resources worldwide. For further information, please visit www.tgs.com (https://www.tgs.com/).

Forward Looking Statement
All statements in this press release other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that are difficult to predict and are based upon assumptions as to future events that may not prove accurate. These factors include volatile market conditions, investment opportunities in new and existing markets, demand for licensing of data within the energy industry, operational challenges, and reliance on a cyclical industry and principal customers. Actual results may differ materially from those expected or projected in the forward-looking statements. TGS undertakes no responsibility or obligation to update or alter forward-looking statements for any reason.

 

Attachments

• Earnings Release Q3 2026
• Q3 2026 Presentation

Nokia Corporation
Interim report
22 October 2026 at 08:00 EEST

Nokia Corporation Interim Report for Q3 2026

Nokia delivers strong net sales and profit growth

• Q3 net sales grew 9% y-o-y on a constant currency basis (+10% reported).
• Network Infrastructure net sales grew 15% y-o-y on a constant currency basis, led by IP Networks growing 43% and Optical Networks 18%. Group net sales to AI & Cloud customers grew 123% and order intake 118%.
• Mobile Infrastructure net sales grew 5% y-o-y, in part due to acceleration of revenue from Q4 into Q3. The segment benefited from product mix, commercial discipline and continued execution of the cost reduction program.
• Q3 comparable gross margin was largely stable y-o-y at 44.6%. Reported gross margin declined 220bps to 42.2%.
• Q3 comparable operating margin increased 220bps y-o-y to 11.7% benefiting from revenue growth and operating efficiency. Reported operating margin declined 160bps to 3.8% due to accelerated restructuring and integration cost.
• Q3 comparable diluted EPS from continued operations of EUR 0.09; reported diluted EPS from continued operations of EUR 0.03.
• Nokia’s full year financial outlook is unchanged.

“Team Nokia continues to deliver on our commitments as we execute against our strategy. In Q3, we grew net sales by 9% and improved comparable operating margin by 220 basis points. We continue to simplify our portfolio, and we are on track to complete the Infinera integration by the end of 2026, one year ahead of plan with EUR 200 million of net synergies.

In AI & Cloud, net sales more than doubled year-over-year and we secured EUR 1.5 billion in new orders. Our strong order backlog also positions us for future growth. We expect our combined Optical and IP Networks businesses to grow between 25% and 30% in 2027. Nokia’s strengths are uniquely suited to meet growing demands for AI infrastructure that is larger, more distributed and hyperconnected. We are investing where we can differentiate and co-innovate with hyperscalers. Our partnership with Google in support of their EUR 13 billion investment in Finland is an example of how our optical and IP networks provide the critical connectivity AI infrastructure requires.

AI-native networks are moving into the physical world, and our AI-RAN platform is being developed to deliver the performance needed for this market. Together with T-Mobile and NVIDIA, we completed the world’s first AI-RAN call in a live operator network in line with the commitment we announced last year. As we move towards commercial deployment the features and spectral efficiency delivered by our platform are uniquely differentiated in the market.

Overall, growth is accelerating, operating leverage is becoming more visible and I’m confident in the long-term shareholder value Team Nokia is creating.”

Justin Hotard, President and CEO

This is a summary of the Nokia Corporation Interim Report for Q3 2026 published today. Nokia only publishes a summary of its financial reports in stock exchange releases. The summary focuses on Nokia Group’s financial information as well as on Nokia’s outlook. The detailed, segment-level discussion will be available in the complete financial report hosted at www.nokia.com/financials. Investors should not solely rely on summaries of Nokia’s financial reports and should also review the complete reports with tables.

FINANCIAL RESULTS

EUR million (except for EPS in EUR)	Q3’26	Q3’25	YoY change	Q1-Q3’26	Q1-Q3’25	YoY change
Reported results
Net sales	5 154	4 700	10%	14 402	13 443	7%
Gross margin %	42.2%	44.4%	(220)bps	43.7%	43.5%	20bps
Operating profit	196	252	(22)%	229	403	(43)%
Operating margin %	3.8%	5.4%	(160)bps	1.6%	3.0%	(140)bps
Profit from continuing operations	176	90	96%	307	150	105%
Loss from discontinued operations	(21)	(10)		(59)	(34)
Profit for the period	156	80	95%	248	116	114%
EPS from continuing operations, diluted	0.03	0.01	200%	0.05	0.02	150%
Net cash and interest-bearing financial investments	2 584	3 001	(14)%	2 584	3 001	(14)%
Comparable results
Net sales	5 154	4 705	10%	14 405	13 453	7%
Constant currency and portfolio YoY change			9%			7%
Gross margin %	44.6%	44.8%	(20)bps	45.5%	44.4%	110bps
Operating profit	605	448	35%	1 340	1 024	31%
Operating margin %	11.7%	9.5%	220bps	9.3%	7.6%	170bps
Profit from continuing operations	498	334	49%	1 223	760	61%
EPS from continuing operations, diluted	0.09	0.06	50%	0.21	0.13	62%

Segment results	Network Infrastructure		Mobile Infrastructure		Portfolio Businesses
EUR million	Q3’26	Q3’25	Q3’26	Q3’25	Q3’26	Q3’25
Net sales	2 158	1 850	2 902	2 755	96	97
YoY change	17%		5%		(1)%
Constant currency YoY change	15%		5%		(2)%
Gross margin %	41.2%	42.7%	47.5%	47.3%	31.3%	18.6%
Operating profit/(loss)	216	143	420	355	3	(4)
Operating margin %	10.0%	7.7%	14.5%	12.9%	3.1%	(4.1)%

OUTLOOK

	Full Year 2026
Comparable operating profit(1),(2)	EUR 2.1 billion to EUR 2.6 billion

¹ Please refer to Alternative performance measures section in Nokia Corporation Interim Report for Q3 2026 for a full explanation of how this term is defined.
² Outlook is based on a EUR:USD rate of 1.14 for the remainder of 2026.

The outlook and the underlying outlook assumptions are forward-looking statements subject to a number of risks and uncertainties as described or referred to in the Risk Factors section later in this release.
Along with Nokia’s official outlook target provided above, Nokia provides the below assumptions that support the group level financial outlook for 2026.

	Full year 2026	Comment
Q4 seasonality		Nokia assumes a 20% to 24% q-o-q increase in net sales in Q4. Comparable operating profit: Nokia assumes a typically strong q-o-q increase in operating profit in Q4 to deliver full year operating profit above the mid-point of our comparable operating profit outlook.
Network Infrastructure net sales growth(1)	12 – 14%	This incorporates an updated assumption for combined Optical and IP Networks to grow somewhat above Nokia’s prior 18-20% assumption in 2026.
Comparable financial income and expenses	Positive EUR 300 to 400 million (update)	Strong income from Nokia’s venture fund investments is leading to an increase in the outlook assumption for 2026.
Comparable income tax rate	~26% (update)	Nokia’s effective tax rate remains sensitive to geographic mix.
Cash outflows related to income taxes	EUR 500 million
Capital expenditures	EUR 750 – 850 million (update)	Reduced assumption partially due to some changes in real estate plans and the timing of some of the cash impact of manufacturing investments moving to 2027. Nokia’s optical manufacturing expansion plans remain on-track, this only relates to timing of some cash payments.
Free cash flow conversion from comparable operating profit	35% to 55% (update)	Nokia is lowering its FCF conversion assumption due to investments the company is making in working capital during 2026 to secure supply and support the growth opportunity in 2027 along with accelerated restructuring. Nokia is now planning to invest an additional EUR 400 million in working capital this year.
Restructuring and associated charges related to cost savings programs	EUR 1 100 million (update)	Nokia has increased the scale of some of its restructuring programs as it accelerates efforts to simplify the company’s operations and location strategy and increase operating leverage in the business going forward.
Restructuring and associated cash outflows	EUR 800 – 900 million (update)	Restructuring and related cash outflows relating to all Nokia restructuring programs.

¹ Net sales growth assumption is on a constant currency and portfolio basis.

SHAREHOLDER DISTRIBUTION

Dividend

Under the authorization by the Annual General Meeting held on 9 April 2026, the Board of Directors may resolve on the distribution of an aggregate maximum of EUR 0.14 per share to be paid in respect of financial year 2025. The authorization will be used to distribute dividend and/or assets from the reserve for invested unrestricted equity in four installments during the authorization period unless the Board decides otherwise for a justified reason.

On 22 October 2026, the Board resolved to distribute a dividend of EUR 0.03 per share. The dividend record date is 27 October 2026 and the dividend will be paid on 5 November 2026. The actual dividend payment date outside Finland will be determined by the practices of the intermediary banks transferring the dividend payments.

Following this announced distribution, the Board’s remaining distribution authorization is a maximum of EUR 0.03 per share.

RISK FACTORS

Nokia and its businesses are exposed to a number of risks and uncertainties which include but are not limited to:

• Competitive intensity, which is expected to continue at a high level as some competitors seek to take share;
• Changes in customer network investments related to their ability to monetize the network or opportunities related to AI and data center growth;
• Our ability to ensure competitiveness of our product roadmaps and costs through additional R&D investments;
• Our ability to procure or manufacture certain components (e.g. semiconductors), the costs thereof and our ability to align our inventory levels and supplier commitments with customer demand
• Disturbance in the global supply chain;
• Impact of inflation, increased global macro-uncertainty, major currency fluctuations, changes in tariffs and higher interest rates;
• Potential economic impact and disruption of global pandemics;
• War or other geopolitical conflicts, disruptions and potential costs thereof;
• Other macroeconomic, industry and competitive developments;
• Timing and value of new, renewed and existing patent licensing agreements with licensees;
• Results in technology licensing; costs to protect and enforce our intellectual property rights; on-going litigation with respect to licensing and regulatory landscape for patent licensing;
• The outcomes of on-going and potential disputes and litigation;
• Our ability to execute, complete, successfully integrate and realize the expected benefits from transactions;
• Timing of completions and acceptances of certain projects;
• Our product and regional mix;
• Uncertainty in forecasting income tax expenses and cash outflows, over the long-term, as they are also subject to possible changes due to business mix, the timing of patent licensing cash flow and changes in tax legislation, including potential tax reforms in various countries and OECD initiatives;
• Our ability to utilize our Finnish deferred tax assets and their recognition on our balance sheet;
• Our ability to meet our sustainability and other ESG targets, including our targets relating to greenhouse gas emissions;

as well the risk factors specified under Forward-looking statements of this release, and our 2025 annual report on Form 20-F published on 5 March 2026 under Operating and financial review and prospects-Risk factors.

FORWARD-LOOKING STATEMENTS

Certain statements herein that are not historical facts are forward-looking statements. These forward-looking statements reflect Nokia’s current expectations and views of future developments and include statements regarding: A) expectations, plans, benefits or outlook related to our strategies, projects, programs, products, growth management, licenses, operational key performance indicators and decisions on market exits; B) expectations, plans or benefits related to future performance of our businesses (including the expected impact, timing and duration of geopolitical conflicts and the general or regional macroeconomic conditions on our businesses, our supply chain, the timing of market changes or turning points in demand and our customers’ businesses) and any future dividends and other distributions of profit; C) expectations and targets regarding financial performance and results of operations, including market share, prices, net sales, income, margins, cash flows, cost savings, the timing of receivables, operating expenses, provisions, impairments, tariffs, taxes, currency exchange rates, hedging, investment funds, inflation, product cost reductions, competitiveness, value creation, revenue generation in any specific region, and licensing income and payments; D) our ability to execute, expectations, plans or benefits related to transactions, investments and changes in organizational structure and operating model; E) impact on revenue with respect to litigation/renewal discussions; and F) any statements preceded by or including “anticipate”, “continue”, “believe”, “envisage”, “expect”, “aim”, “will”, “target”, “may”, “would”, “could“, “see”, “plan”, “ensure” or similar expressions. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause our actual results to differ materially from such statements. These statements are based on management’s best assumptions and beliefs in light of the information currently available to them. These forward-looking statements are only predictions based upon our current expectations and views of future events and developments and are subject to risks and uncertainties that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Factors, including risks and uncertainties that could cause these differences, include those risks and uncertainties identified in the Risk Factors above.

ANALYST WEBCAST

• Nokia’s webcast will begin on 22 October 2026 at 3.00 p.m. Finnish time (EEST). The webcast will last approximately 60 minutes.
• The webcast will be a presentation followed by a Q&A session. Presentation slides will be available for download at www.nokia.com/financials.
• A link to the webcast will be available at www.nokia.com/financials.
• Media representatives may join the conference call via the link, where dial-in details are also available.

FINANCIAL CALENDAR

Nokia plans to publish its fourth quarter and full year 2026 results on 28 January 2027.

About Nokia

Nokia is a global leader in connectivity infrastructure, enabling the AI supercycle. We build networks that connect intelligence and deliver a comprehensive connectivity solution across fixed, mobile, IP, optical, core, and data center networks. With security by design, AI-driven innovation, and AI-optimized architecture, Nokia delivers trusted infrastructure that enables AI to scale and advances connectivity to secure a brighter world.

Inquiries:

Nokia
Communications
Phone: +358 10 448 4900
Email: press.services@nokia.com
Maria Vaismaa, Vice President, Corporate Communications

Nokia
Investor Relations
Phone: +358 931 580 507
Email: investor.relations@nokia.com

Attachment

• 2026_Q3_Nokia_ Earnings_release_English

    

PRESS RELEASE – OCTOBER 22, 2026

Solid operational performance of Wendel Investment Managers with +10% revenue growth at constant perimeter and constant exchange rate since the start of the year

Ongoing active capital rotation of WPI: c.€1.6 billion value crystallization from the disposals of Stahl (achieved) and IHS¹, at a 20% premium to NAV²

A solid financial structure, with long debt maturities
and a 9.5% LTV ratio as of September 30, 2026

Q3 2026 NAV per share at €167.0, up 5.1% since Q2
and up 3.9% YTD³

Wendel Investment Managers (third-party private asset management): continued fundraising momentum and revenue growth year to date

• Wendel IM reached €48.7 billion of assets under management across private equity, private debt and secondaries
• More than €3.0 billion raised during the first nine months of 2026, including $2.0 billion in private credit and €1.3 billion in secondaries;
• Fee Paying AuM totaled €37.7 billion, up 9% over the last twelve months and 5% since the start of the year
• Management fees and other revenues totaled €344.0 million⁴ over the first nine months of the year, representing growth of +41.3% compared to the prior year, reflecting the full-year contribution from Monroe Capital and the acquisition of Committed Advisors in April 2026. Growth at constant perimeter and constant exchange rate was +10%

Wendel Principal Investments (Wendel’s own balance sheet investments): numerous value creation initiatives and value crystallization events

• Solid performance from the majority of portfolio companies in the first nine months of the year
• €1.14 billion of cash proceeds received on October 1^st following the completion of the disposal of Stahl, at a 20% premium to pre-announcement NAV
• IHS disposal process underway (closing expected by year-end)
• €50 million equity injection into Globeducate (Wendel share) to support its external growth

Fully diluted Net Asset Value⁵ as of September 30, 2026: €167.0 per share

• Fully diluted Net Asset Value per share increased by 5.1% since June 2026, mainly driven by the rebound in market multiples during the third quarter, together with the accretive impact (+€0.5 per share) of share buybacks in the third quarter of 2026.
  • Wendel Investment Managers: Valuation in NAV remained broadly stable this quarter, increasing by €0.3 per share compared with the end of June 2026. Pro forma of Stahl and IHS, Asset management now represents roughly a third of GAV excluding cash⁶
  • Wendel Principal Investments:
    • Listed assets : total value up by €2.7 per share due to Bureau Veritas share price increase in Q3 2026.
    • Unlisted assets’ valuation: total value up by €5.8 per share, due to a rebound in market multiples in Q3 2026.

Dynamic execution of 2030 Strategic roadmap

• Development of the third-party asset management platform
  • Completion of the acquisition of Committed Advisors, a manager specialized in the secondary market: Wendel Investment Managers further strengthens its position as a leading European midmarket private asset management platform.
  • Platform development: appointment of Bénédicte Rabier as Chief Product Officer of Wendel Investment Managers, responsible for defining and implementing the product roadmap and marketing strategy for Wendel Investment Managers.
  • Wendel Investment Managers (Wendel IM), is expected to generate around €200 million in 2026 annual FRE⁷ in private equity, private debt, and secondary. 
• Portfolio rotation within WPI
  • €1.6 billion of disposal proceeds from Stahl and IHS⁸, announced in February 2026; the disposal of Stahl was completed on October 1, 2026.
  • €50 million reinvested in Globeducate (Wendel share) in September 2026 to support the company’s external growth strategy.
• Over €500 million returned to shareholders
  • Interim dividend of €2.55 per share payable on November 19, 2026, representing half of the minimum dividend for the 2026 financial year.
  • 2026 share buyback program equivalent to 9% of share capital, completed in full on July 27, 2026, for a total consideration of €310 million.

Strong financial structure

• Available cash of €1.5 billion post Stahl disposal, gross bond debt of €1.4 billion, and €875 million in syndicated credit (undrawn)
• Average debt maturity of 5.8 years, with no maturity before 2030 and an average fixed cost of 2.8%
• Loan-To-Value ratio at 9.5%⁹ as of September 30, 2026
• S&P confirmed the BBB credit rating during Q1 2026

Laurent Mignon, Wendel Group CEO, commented: “During the first nine months of 2026, we continued to resolutely transform Wendel and execute our strategic roadmap through to 2030. Wendel Investment Managers is demonstrating its full value creation potential. Wendel IM is now a global and diversified mid-market private asset management platform with close to €50 billion in assets under management. Fundraising momentum and revenue growth continued, in line with our ambitions. At the same time, we are continuing to build out the platform, notably through the creation of a business development function. We are continuing to implement our capital allocation strategy through the completion of the disposal of Stahl in October and the ongoing disposal process of IHS. Together, these two transactions represent approximately €1.6 billion in cash proceeds, at a premium of around 20% to their initial valuation in our Net Asset Value10. These transactions enable us to execute our ambitious growth strategy while maintaining a very strong financial structure, with long maturities and funding secured at attractive fixed interest rates. Wendel IM and WPI are two strong and complementary drivers of value creation, enabling us to deliver ambitious returns to shareholders. This value creation is already materializing in 2026 through more than €500 million in returns to shareholders, via the share buyback program representing 9% of the share capital, the dividend paid in May and the payment of an interim dividend of €2.55 to be paid in November. Our transformation towards a more attractive business model is underpinned by a robust balance sheet with permanent capital, attractive investment opportunities and a leading private asset management business dedicated to private assets, which has now reached critical scale and benefits from strong growth prospects for the years ahead.”

Wendel Investment Managers: c.36% of Gross Asset Value excluding cash, pro forma of IHS disposal

9 months Performance

Over the first nine months of 2026, the Wendel IM platform (IK Partners, Monroe Capital and Committed Advisors), focused on the midmarket private markets registered again a strong level of activity, generating a total of €344.0 million¹¹ in Management Fees and others, up by +41.3% vs 2025 thanks to the acquisition of Monroe Capital which is consolidated since April 1^st, 2025 and Committed Advisors consolidation since April 1^st, 2026. At constant perimeter and exchange rate, growth was +10 %. Including PRE, Wendel IM total revenues amounted to €350.9 million, up 42.1% vs 9 months 2025.

Wendel Investment Managers maintained strong fundraising momentum, raising €3.0 billion year-to-date, including $2.0 billion for Monroe Capital and €1.3 billion for Committed Advisors. At Monroe Capital, net equity outflows (new subscriptions net of redemption requests) from the non-listed BDC, Monroe Capital Income Plus, were limited to $0.17 billion year-to-date, with redemption requests declining in the third quarter compared with the second quarter.

As of September 30, 2026, Wendel’s private asset management platform had total assets under management (AUM) of €48.7 billion (including €9.9 billion of dry powder) and fee-paying assets under management (FPAUM) of €37.7 billion. Year-to-date, €5.3 billion of new fee-paying assets under management were generated, while approximately €4.9 billion of outflows and redemptions were recorded.

FRE for the full-year 2026 are expected to be around €200 million, on a pro forma basis¹², assuming a full-year contribution from Committed Advisors and at constant exchange rates.

Sponsor money invested by Wendel
Wendel commitments in IK Partners, Monroe Capital and Committed Advisors funds amount to €733 million as of September 30, 2026. Valuation of sponsor money in NAV stands at €383 million as of September 30, 2026.

Principal Investment companies’ value creation and performance

Wendel’s Principal Investments’ portfolio rotation

Early 2026, Wendel announced the following transactions:

• Sale of Stahl (excluding Muno) finalized on October 1^st, 2026: The transaction has generated total net proceeds (after debt and transaction costs) of c.€1.14 billion for Wendel

• Sale of IHS: Wendel supports MTN’s offer to acquire IHS Towers pursuant to which it will receive full liquidity on its 19% stake, representing net proceeds of approximately $535m. Closing is expected to occur by year end.

Together, these two transactions will generate approximately €1.6 billion and give Wendel full flexibility to achieve its long-term value creation objectives through investments in private assets, the development of Wendel Investment Managers (Wendel IM), and a higher return to shareholders

Listed Asset

Bureau Veritas – Double digit total revenue growth in the third quarter of 2026; Organic revenue growth sequential improvement; 2026 outlook confirmed
(full consolidation)

Revenue in the third quarter of 2026 amounted to €1,569.7 million, an 10.1% increase compared to the third quarter of 2025. Bureau Veritas delivered organic growth of 6.2%, showing a slight sequential acceleration compared to 5.9% delivered in the second quarter of the year. The scope effect was positive at 1.8%, reflecting bolt-on acquisitions (contributing to +2.7%) finalized in the past few quarters and partially offset by the impact of divestments completed over the last twelve months (contributing to -0.9%). Currency fluctuations had a positive impact of 2.1%, driven by the strengthening of the dollar against the euro, following two quarters of negative year-to-date currency effects.

Q3 2026 Highlights

• Broad growth across most divisions and geographies; with strong organic growth from Buildings & Infrastructure at +7.9% and Product Testing & Services at +7.0%, robust growth for Industrials & Commodities at 5.1%, and moderate for Business Assurance at +3.2%
• Three years of strong organic growth and a completion of c. 21% portfolio rotation support LEAP | 28 ambitions that were confirmed at the 2026 Capital Markets Day
• Total revenue growth target at constant currency upgraded to a double-digit CAGR for 2027-2028
• AI identified as a key lever for both growth and performance. Commitment for €1 billion revenue ambition for AI-driven markets and services by 2030
• Successful placement of a €700 million, A3-rated bond due in September 2034, with a 4.125% coupon, most debt maturities now extend beyond 2031 and are at fixed interest rates;
• A third of the €200 million share buyback program announced at the end of February 2026 completed

Confirmed 2026 Outlook

In a fast-changing global business environment, Bureau Veritas confirms its full year 2026 guidance. This is building on a solid 9-month delivery, a growing pipeline and a reshaped portfolio ¹³. The full-year 2026 guidance is as follows:

• Mid-to-high single-digit organic revenue growth
• Adjusted operating margin improvement at constant exchange rates
• Strong cash flow generation

Bureau Veritas is fully committed to its LEAP | 28 financial guidance, capitalizing on favorable market trends, and from the sustained execution of the strategy’s portfolio and performance programs.

For more information : group.bureauveritas.com

Unlisted Assets:

	Sales (in millions)
	9M 2025	9M 2026
CPI(1)	$115.5	$115.2
ACAMS(2)	$81.7	$83.6
Scalian	€378.6	€358.1
Globeducate(3)	€269.8	€308.3

(1)  In accordance with IFRS 5, the contribution of CPI France has been classified as “Net income from discontinued operations and operations held for sale” as from 2025. Comparable revenue for 9M 2025 amounted to $115.5 million, compared with reported revenue of $115.9 million at Q3 2025. The $0.4 million difference corresponds to CPI France, which was classified as held for sale and as a discontinued operation in accordance with IFRS 5.

(2)  In accordance with IFRS 5, the contribution from the Risk Assessment business was reclassified under “Net income from discontinued operations and assets held for sale” in Q3 2026. Comparable revenue for 9M 2025 amounted to $81.7 million, compared with reported revenue of $84.4 million at Q3 2025. The $2.7 million difference corresponds to the Risk Assessment business, which was classified as held for sale and as a discontinued operation in accordance with IFRS 5.

(3)  Equity-accounted. 9M revenue covering the period from December 1, 2025 to August 31, 2026. The Indian operations were not consolidated in Globeducate’s financial statements in 2025 but are included in the 9M 2026 figures (€17.3 million).

Crisis Prevention Institute – Revenue slightly down -0.3% as compared with 9M 2025
(full consolidation) 

Crisis Prevention Institute ended the first nine months with revenue of $115.2 million, slightly down -0.3% compared to 9M 2025. The year-to-date period in 2026 was characterized by the persistence of challenging market conditions with continued federal oversight and funding uncertainty across CPI’s customer’s end markets in North America (-1.3% in revenue). Despite these challenges, CPI benefited from higher instructor renewal rates and Learner Material sales, demonstrating continued customer engagement and activity. CPI’s International operations delivered growth of +6.9%, supported by favourable commercial momentum and accelerating demand.

Organic growth was -1.0% while +0.7% came from FX movements.

Andee Harris, CPI’s new CEO who joined in August 2025, is leading an effort to strengthen the company’s management and commercial organization to best capture market opportunities and return to stronger growth. These initiatives include, in particular, the reinforcement of the go-to-market capabilities, with a more targeted approach for new account development.

ACAMS – 9M 2026 pro forma revenue growth of +4.9% as compared to 9M 2025, driven by strong recovery in Europe and sustained growth in the Americas and the Middle East.

(full consolidation)

ACAMS reported revenue of $83.6 million¹⁴, up +2.3% compared to 9M 2025, or up +4.9% pro forma for timing of the Assembly Las Vegas flagship conference which was held September 29 to October 1, 2026 versus mid-September 2025.

9M 2026 performance reflects the ongoing commercial transformation, including recently appointed executive leadership and go-to-market teams, an enhanced technology platform, and strengthening demand across the Americas and EMEA amidst heightened recent enforcement activity.

Organic growth stood at +1.8% over the period while FX contributed by +0.4%. Pro forma organic growth was +4.4% over the period while FX contributed +0.4%.

Scalian – Revenue down 5.4% YTD, amid continued challenging market conditions

(Full consolidation)  

Scalian, a leading consulting firm specializing in systems engineering, operational performance and AI transformation, reported revenue of €358.1 million in the first nine months of 2026, down 5.4% compared with the same period in 2025. Organic growth stood at -5.1% over the period.

This performance reflects continued challenging market conditions, particularly in France, where the decline in activity was partly offset by a more resilient performance internationally. Recent commercial wins are expected to support a gradual improvement in performance over the coming quarters. In parallel, management continues to execute operational initiatives aimed at enhancing the Group’s profitability, in line with plan. 

On October 5, Scalian announced the appointment of Clément Charruel, as the Group’s Chief AI Officer. In his new role, he will be responsible for defining and implementing Scalian’s artificial intelligence strategy, embedding AI at the heart of its clients’ critical systems engineering processes, particularly in the aerospace, space, defence and energy sectors.

Globeducate – Revenue growth of +14.3% for the nine-month period ended August 31, 2026

 (Accounted for by the equity method. Revenue for the nine-month period from December 1, 2025 to August 31, 2026).

Globeducate, one of the world’s leading bilingual K-12 education groups, recorded €308.3 million of revenue for the nine-month period ended August 31, 2026, representing a total increase of +14.3% compared with the same period in the previous year. Of this increase, +5.5% was organic growth, +8.6% came from scope effects, -0.8% came from FX movements and +0.9% from changes in accounting and cut-offs. In 2025, Indian activities were not consolidated in Globeducate’s accounts but are consolidated in 2026 (€17.3 million, this impact is included in the +8.6% scope effect).

On September 30, 2026, Globeducate completed the acquisition of Queen Morta Schools, Lithuania’s leading private network of general education and early childhood education institutions, founded in 2011. Its schools serve more than 1,700 students across four Lithuanian cities.

Other unlisted assets
Tarkett is now an unlisted asset and Muno is classified as an asset held for sale (IFRS 5). The combined value of these two assets in Wendel’s NAV as of September 30, 2026 is approximately €300 million. Given the geopolitical context, the contribution of Tarkett’s Russian operations is excluded from the valuation of Tarkett in the NAV.

Net Asset Value as of September 30, 2026: €167.0 per share on a fully diluted basis

Change in NAV compared to June 30, 2026:

Wendel’s Net Asset Value (NAV) as of September 30, 2026, was prepared by Wendel to the best of its knowledge and on the basis of market data available at that date, in compliance with its methodology.

Fully diluted Net Asset Value was €167.0 per share as of September 30, 2026 (see detail in Appendix 1), compared to €158.9 per share as of June 30, 2026, representing an increase of +5.1% over the quarter.

The change in NAV in the third quarter breaks down as follows:

• Wendel Investment Managers contributed slightly positively to NAV growth, by +€0.3 per share in Q3 2026, mainly driven by the valuation increase in sponsor money, corresponding to investments in funds managed by IK Partners, Monroe Capital and Committed Advisors.
• Wendel Principal Investments contributed positively to value creation, with an increase of +€8.5 per share in Q3 2026:
  • Listed assets: total value creation per share of +€2.7 on a fully diluted basis over the quarter, driven by the share price performance of Bureau Veritas (c.15% economic interest owned by Wendel), which contributed +€2.7 to NAV. As of September 30, 2026, its 20-day average share price was up 6.2% compared to the previous quarter;
  • Unlisted assets: contribution to NAV was positive over the third quarter, with a total change of +€5.8 per share, mainly reflecting market multiples evolution during the quarter.
• Other elements impacting the fully diluted Net Asset Value:
  • Cash operating costs, net financing results and other items impacted NAV by -€1.2 per share over Q3. Wendel continued to maintain strict cost discipline (-€0.6 per share), while other assets and net financial result had a slightly negative impact (-€0.6 per share).
  • Wendel completed its share buyback program in July 2026. These share repurchases had a +€0.5 per share positive impact on Wendel’s fully diluted Net Asset Value in the third quarter.

Impact of changes in interest rates on the financial structure of Wendel and its portfolio companies

Wendel SE is fully financed at fixed rates, with €1.4 billion of bond debt carrying an average cost of 2.8%. The average maturity of this bond debt is 5.8 years, with no maturity before 2030. Following the completion of the Stahl disposal, Wendel has €1.5 billion of cash, currently invested at an average rate of 2.75%.

As regards Wendel Principal Investments’ portfolio companies, Bureau Veritas is fully financed at fixed rates, while the Group’s unlisted companies have, on average, hedged approximately 60% of their floating-rate exposure through swap and cap instruments. The unlisted companies advised by IK Partners benefit from the expertise of IK Partners’ Capital Markets team, which continuously optimizes their capital structure, debt maturities and financing costs.

The asset management companies within Wendel Investment Managers are structurally debt-free. As part of its business model and product offering to clients, Monroe Capital issues non-operating debt (Fund O and CLO-related debt), the interest rate effects of which are broadly offset by the financed assets.

Return to shareholders

9% Share Buyback Program Completed on July 27, 2026
Since February 27, 2026, Wendel has repurchased 3.835 million shares for a total amount of €310 million. This represents 9% of its share capital, acquired at an average price of €80.85 per share. The share buyback program was fully completed on July 27, 2026.

Dividends
An interim dividend of 2.55 euros will be paid on November 19, 2026, representing 50% of the minimum dividend to be paid for fiscal year 2026.
This interim dividend is in addition to the amount of 3.6 euros paid in May, corresponding to the 5.10 euro dividend paid for fiscal year 2025.

Agenda

Wednesday, December 2, 2026  
Investor Day 2026

Friday, February 26, 2027
Full-Year 2026 Results – Publication of NAV as of December 31, 2026, and Full-Year consolidated financial statements (before-market release)

Thursday, April 22, 2027  
Q1 2027 Trading update – Financial communication as of March 31, 2027 (before-market release)  
  

Thursday, May 27, 2027  
Annual General Meeting   
  

Thursday, July 29, 2027  
H1 2027 Results – Financial communication as of June 30, 2027, and Half-Year consolidated financial statements (before-market release)

About Wendel
Wendel is one of Europe’s leading listed investment firms. Regarding its principal investment strategy, the Group invests in companies which are leaders in their field, such as ACAMS, Bureau Veritas, Crisis Prevention Institute, Globeducate, IHS Towers, Scalian and Tarkett. In 2023, Wendel initiated a strategic shift into third-party asset management of private assets, alongside its historical principal investment activities. In this context, Wendel completed the acquisitions of a 51% stake in IK Partners in May 2024, 72% of Monroe Capital in March 2025 and 64% (including forward sale) of Committed Advisors in April 2026. As of September 30, 2026, Wendel Investment Managers manages 48.7 billion euros on behalf of third-party investors, and c.3.6 billion euros (PF sale of Stahl & IHS) invested in its Principal Investments activity.
Wendel is listed on Eurolist by Euronext Paris.
Standard & Poor’s ratings: Long-term: BBB, stable outlook – Short-term: A-2

Wendel is the Founding Sponsor of Centre Pompidou-Metz. In recognition of its long-term patronage of the arts, Wendel received the distinction of “Grand Mécène de la Culture” in 2012.

For more information: wendelgroup.com
Follow us on LinkedIn @Wendel

Press contacts	Analyst and investor contacts
Christine Anglade: +33 6 14 04 03 87	Olivier Allot: +33 1 42 85 63 73
c.anglade@wendelgroup.com	o.allot@wendelgroup.com
Caroline Decaux: +33 1 42 85 91 27	Lucile Roch: +33 1 42 85 63 72
c.decaux@wendelgroup.com	l.roch@wendelgroup.com
Primatice
Olivier Labesse: +33 6 79 11 49 71
olivierlabesse@primatice.com
Hugues Schmitt: +33 6 71 99 74 58
huguesschmitt@primatice.com

Appendix 1: Fully diluted NAV per share of €167.0 as of September 30, 2026

(in millions of euros)			09/30/2026		06/30/2026
Listed investments	Number of shares	Share price (1)	2,295		2,189
Bureau Veritas	66.6m/66.6m	€27.4/€25.8	1,823		1,719
IHS	63.0m/63.0m	$8.5/$8.5	471		470
Investment in unlisted assets (2)			2,189		3,069
Asset Management Activities (3)			2,233		2,153
Asset Managers (IK Partners, Monroe Capital & Committed Advisors)			1,850		1,881
Sponsor Money			383		273
Other assets and liabilities of Wendel and holding companies (4)			261		276
Stahl proceeds received on October 1, 2026			1,145		n/a
Net cash position & financial assets (5)			366		507
Gross asset value			8,488		8,194
Wendel bond debt			-1,411		-1,419
IK Partners transaction deferred payment, Monroe & Committed Advisors earnouts				-273	-268
Net Asset Value			6,804		6,507
Treasury share cancellation			-352		-329
Net Asset Value fully diluted			6,452		6,177
Number of shares – fully diluted			38,648,801		38,879,366
Net Asset Value per share			€167.0		€158.9

(1)     Last 20 trading days average as of September 30, 2026, and June 30, 2026.
(2)  Investments in unlisted companies (Tarkett, Stahl as of end of June, Crisis Prevention Institute, ACAMS, Scalian, Globeducate, Muno, Wendel Growth). Aggregates retained for the calculation exclude the impact of IFRS16. Globeducate valued based on transaction multiples.
(3)  Investments in IK Partners (c.51%), Monroe Capital (c.72%) and Committed Advisors (c. 64% incl. forward sale) (excl. Cash to be distributed to shareholders). Valued as a platform based on FY25, FY26 & FY27 Net Income / Distributable earnings multiples.
(4)  Of which 4 222 240 treasury shares as of September 30, 2026 and 3 958 171 treasury shares as of June 30, 2026
(5)  Cash position and financial assets of Wendel & holdings.

Assets and liabilities denominated in currencies other than the euro have been converted at exchange rates prevailing on the date of the NAV calculation.
If co-investment and managements LTIP conditions are realized, subsequent dilutive effects on Wendel’s economic ownership are accounted for in NAV calculations. See page 286 of the 2025 Registration Document.

Appendix 2: Loan-to-Value Ratio as of September 30, 2026

	September 30, 2026
Total Assets as of September 30, 2026 (A)	6 977
Total cash as of September 30, 2026 including Stahl proceeds received on October 1st 2026	1 500
Bond debt & accrued interest	(1 411)
IK Partners deferred payments, Monroe & Committed Advisors earnouts	(273)
Total debt as of September 30, 2026	(1 684)
Net debt (B)	(183)
Spot LTV before restatements (B/A)	2.6%
Puts related to Monroe acquisition	(435)
Puts related to Committed Advisors	(115)
Funds Uncalled Commitments Monroe Capital	(83)
Funds Uncalled Commitments IK Partners	(103)
Funds Uncalled Commitments Committed Advisors	(164)
Funds Uncalled Commitments Iron Wave	(44)
Post September 30, 2026 sales & acquisitions, including SBB	414
Total adjustments (C)	(529)
Adjusted net debt (B+C)	(714)
S&P LTV as of September 30, 2026 (B+C)/(A-C)	9.5%

Appendix 3: Glossary

• AUM (Assets under Management): AUM refers to the total value of assets managed by a company on behalf of its clients, including all portfolios and mandates, whether those assets are equities, bonds, real estate, or other types. AUM is used to measure the size and influence of an asset manager, considering invested, committed, or available funds. Its composition may vary depending on calculation methods, but it remains a key indicator for comparing asset management firms and tracking their growth. 
• BDC: A business development company, or BDC, is a closed-end investment company that was created by American Congress in 1980 in order to assist middle market companies to meet their capital needs and grow. Most BDCs are publicly traded, but some BDCs are private vehicles.  BDCs can help investors generate current income, offering access to institutional loan investments.
• Fee paying AUM: The general definition of Fee-paying assets under management is the share of the AUM of the company that generates fees.
• Dry Powder : Committed capital that has not yet been invested and remains available for future investments by the fund manager.
• FRE (Fee-Related Earnings): This indicator is used by Wendel Investment Managers. It corresponds to operating income from third-party asset management activities, excluding Performance Related Earnings (see below). FRE also includes net income from Monroe Capital’s Fund O. It does not take into account other financial results, (with the exception of financial income from investment activities), impairment of non-current assets, non-recurring income and expenses (in particular restructuring costs), income and expenses unrelated to the business, entries relating to mergers and acquisitions (in particular gains and losses on disposals, impairment of goodwill allocations, earn-out and deferred payment expenses) and taxes.
• PRE (Performance Related Earnings): this indicator is used by Wendel Investment Managers. It constitutes the variable portion of fees (carried interest allocated to the Group).
• GP (General Partner): Entity in charge of the overall management, administration and investment of the funds. The GP is paid by management fees charged on assets under management (AuM).
• Sponsor Money : Capital committed by Wendel alongside third-party investors into funds managed by Wendel Investment Managers, aligned with the interests of fund investors.

---

1 Closing of Stahl’s disposal achieved on October 1^st, 2026. IHS transaction expected to occur in H2 2026, subject to IHS shareholders approval, regulatory approvals in the relevant markets, and customary closing conditions.

2 The disposals of Stahl and IHS were, or are expected to be, completed at a 20% premium to their valuation in the last reported NAV prior to the announcement of their disposals.

3 Restated from the €3.6 per share dividend paid in May 2026.

4 Including €13.9 million of fees paid by Wendel to IK related to the advisory mandate on WPI unlisted assets year-to-date.

5 Fully diluted of share buybacks and treasury shares.
6 GAV excluding cash & other assets.

7 Pro forma consolidated fee-related earnings (FRE), including minority interests, on a full-year basis. EUR/USD at 1.17.

8 Closing of Stahl finalized on October 1, 2026. IHS disposal is expected to occur in 2026, subject to IHS shareholders’ approval, regulatory approvals in the relevant markets, and customary closing conditions.

9 LTV calculation explained in Appendix 2.
10 The disposals of Stahl and IHS were completed or are expected to be completed at a 20% premium to their respective valuations in NAV prior to the disposal announcements.

11 Including €13.9m of fees paid by Wendel to IK related to the advisory mandate on WPI unlisted assets in 9M2026.

12 Pro forma consolidated fee-related earnings (FRE), including minority interests, on a full-year basis. EUR/USD at 1.17.

13 As per IFRS 5, excluding the activities planned for exit (Oil & Petrochemicals and Coal Testing and Inspection and from the “Government Services” businesses)

¹⁴ 9M2026 and 9M2025 figures exclude the non-core Risk Assessment offering which has been discontinued in accounting presentations starting from Q3 2026.

 

Attachment

• Wendel_Q3_2026_EN

[Ad hoc announcement pursuant to Art. 53 LR]

This press release is also available in Français (pdf) and Deutsch (pdf)

Follow today’s event live
09:30 CEST Investor & analyst call – audio webcast
Full details on our website

………….

Third-quarter and nine-month 2026 sales

Sustained RIG improvement

Philipp Navratil, Nestlé CEO commented: “Our execution is driving stronger growth. RIG was positive across all zones and globally managed businesses and reached 2.8% in the third quarter, continuing the performance improvement of recent quarters. The agreement to divest our mainstream vitamins, minerals and supplements business marks another important step in focusing our portfolio where we have the strongest competitive advantage. Against a challenging external backdrop, our focus remains on delivering value, consistently executing with discipline and driving sustainable RIG-led growth across the business”.

Sales performance summary

	Total Group	Zone Americas	Zone Asia, Oceania and Africa	Zone Europe	Nespresso	Nestlé Waters & Premium Beverages	Other businesses
Sales Q3-2026 (CHF m)	22 756	10 088	5 340	4 680	1 593	1 033	22
Sales Q3-2025 (CHF m)	21 641	9 473	5 008	4 622	1 534	932	72
Real internal growth (RIG)	2.8%	2.4%	5.0%	1.0%	1.1%	7.3%	– 18.7%
Pricing	1.1%	1.0%	1.3%	0.2%	1.4%	5.0%	0.9%
Organic growth	4.0%	3.3%	6.4%	1.2%	2.5%	12.3%	– 17.8%

 

Financial highlights

• Focus on execution driving strong RIG; on track for mid-term target of sustainable 2%+ RIG
• 9M-26 organic growth (OG) of 3.7%, with real internal growth (RIG) of 1.9% and pricing of 1.8%.
• Q3-26 OG of 4.0%, with RIG improving to 2.8% and pricing of 1.1%, moderating as expected.
• Q3-26 RIG positive across all zones and globally managed businesses.

 

• Strong emerging markets growth; improving momentum in developed markets
• Emerging markets continued to deliver strong growth, with OG of 6.8% and RIG of 4.3% in Q3, while developed markets remained solid with OG of 2.2%.
• OG rebounded in North America, as Petcare sell-in matched strong sell-out and Coffee RIG improved following the price increases earlier in the year.
• In Europe, RIG recovered after the impact of Q2-26 de-listings, while pricing moderated further in a competitive environment.

Operational and strategic updates

• Good progress in executing our strategy
• Investment prioritization behind high growth platforms and execution focus in the core is driving results – growth platforms maintained high single-digit OG and core improved further in Q3.
• Further portfolio sharpening with agreement to divest the mainstream Vitamins, Minerals and Supplements (VMS) business for USD 1.0 billion announced in September.
• Ongoing steps to strengthen supply chain resilience and support long-term business performance, reflected in updated strategy on Climate & Nature and Packaging Sustainability.

 

• Update on Nestlé’s business in Russia
• Nestlé’s business in the Russian Federation no longer consolidated, effective end of September 2026, following placement under temporary external administration.
• No impact on Q3 or 9M sales, limited financial impact on 2026 underlying results.

 

2026 guidance maintained

• OG expected to be in the range of 3% to 4%, with RIG accelerating versus 2025, driven by our focused growth plans.
• Underlying trading operating profit (UTOP) margin expected to improve versus 2025; second half margin expected to be broadly similar to the first half, excluding any tariff refunds.
• Free cash flow expected to be above CHF 9 billion.

 

Follow today’s event live
09:30 CEST Investor & analyst call – audio webcast
Full details in Events

PDF press releases:

• English (pdf, 327Kb)
• Français (pdf, 361Kb)
• Deutsch (pdf, 332Kb)

Contacts:

Media:
Christoph Meier  Tel.: +41 21 924 2200
mediarelations@nestle.com

Investors:
David Hancock  Tel.: +41 21 924 3509
ir@nestle.com 
 

Financial review Q3 2026

Group

Total reported sales in Q3-26 were CHF 22.8 billion. Organic growth was 4.0%, comprising 2.8% RIG and 1.1% pricing. RIG was positive across all zones and globally managed businesses, with particularly strong performance in emerging markets. Pricing reflected the carryover of pricing actions in 2025, supported by incremental pricing in 2026. Foreign exchange movements had a positive impact of 1.5%.

By product category, Q3-26 growth was led by Petcare and Food & Snacks. Coffee OG was 3.4% as we lapped the strongest quarterly growth rate of 2025; on a two-year cumulative basis, OG in Q3 was similar to Q1 and Q2. In the US, Coffee RIG recovered progressively from the initial impact of price increases taken earlier in the year. Petcare OG was 5.3%, with strong RIG of 4.3%, driven by continued momentum in cat and with sell-in matching strong sell-out. Nutrition OG was 0.3%, as strength in medical nutrition was offset by softer performance in adult and kids & all family nutrition. The impact of the infant formula recall on group OG was 20 bps in the quarter. Food & Snacks OG was 5.0%, supported by strong performance in Americas confectionery and improving trends in US frozen foods, further helped by seasonal order phasing.

By geography, Q3-26 OG in developed markets was 2.2%, with RIG of 1.9% and pricing of 0.3%. In emerging markets, OG was 6.8%, with RIG of 4.3% and pricing of 2.5%.

By channel, Q3-26 OG in retail sales was 3.9% and in out-of-home (OOH) channels was 4.8%. Within retail, e-commerce had OG of 15.3% in Q3 and reached 21.6% of year-to-date Group sales.

Acquisitions and divestures

On 1 September 2026, Nestlé reached an agreement to divest its mainstream vitamins, minerals and supplements (VMS) business to Yellow Wood Partners for USD 1.0 billion (CHF 0.8 billion). The transaction is subject to regulatory approvals and is expected to close by the first half of 2027. The scope of the transaction comprises seven established brands (Nature’s Bounty, Osteo Bi-Flex, Ester-C, Gard, Nuun, Puritan’s Pride and Sisu), together with the associated US private-label supplements business, dedicated manufacturing, packaging, warehousing and distribution operations. In 2025, the business generated sales of USD 1.2 billion (CHF 1.0 billion). It predominantly operates in the US, with a presence in numerous other countries including Canada and China.

Nestlé’s operations in Russia

Following a Russian presidential decree published in September 2026, Nestlé’s operations in the Russian Federation (“Russia”) have been placed under temporary external administration. The Group remains the legal owner of the assets. As we currently do not have control of the management of the operations in Russia, from the end of September 2026, the business is no longer being consolidated by Nestlé S.A.

On an annualized basis, Nestlé’s operations in Russia contributed approximately 2% of Group sales and 3-4% of Group UTOP and free cash flow. On deconsolidation, net assets of approximately CHF 1.6 billion have been derecognized. In addition, the Group has recognized a charge of approximately CHF 1.4 billion in respect of cumulative currency translation adjustments, which is non-cash and will have no impact on the Group’s total equity. In total, the deconsolidation adversely impacts Group net debt by approximately CHF 0.9 billion for year-end 2026.

 

Operating segments

In this section, “growth” refers to organic sales growth, unless otherwise specified.
 

Zone Americas

9M-26 operating performance

• OG was 3.3%, with RIG of 1.5% and pricing of 1.8%.
• Reported sales were CHF 28.7 billion, with a negative impact of 3.1% from foreign exchange movements.

Q3-26 sales performance
In Zone Americas, growth was broad based with positive OG across all major markets, led by RIG. In the US, OG and RIG accelerated as continued execution focus and targeted investments drove improved performance, despite ongoing weakness in some consumer segments. In Latin America, continued RIG-led growth was broad based across markets and categories, supported by positive market momentum.

• OG was 3.3%, with RIG of 2.4% and pricing of 1.0%.
• North America OG was 2.6%, with 1.8% RIG and 0.8% pricing. In Latin America, OG was 5.2%, with 3.7% RIG and 1.5% pricing.
• For the Zone, the acceleration in OG and RIG was driven by the US and Canada, with stronger RIG across most businesses. Latin America maintained momentum with strong performances in our largest markets of Brazil and Mexico contributing strongly to RIG, as pricing moderated.
• Market share continued to improve in Petcare and remained broadly stable across Coffee and Food & Snacks, with some share loss in Nutrition.

Q3-26 key growth drivers by product category

• Coffee (19% of Zone sales): OG was low single digit, driven by pricing. In the US, RIG is improving, driven by progressive recovery from the initial impact of price increases taken earlier in the year in Starbucks and Nescafé, as well as improvement in Coffee mate. Outside the US, OG was driven by mid single-digit RIG, with continued strength in markets such as Mexico and Brazil.
• Petcare (30% of Zone sales): OG strengthened to mid single digit, led by RIG with positive price contribution. Growth accelerated in the US, with mid single-digit RIG as category fundamentals and execution continued to strengthen and sell-in matched strong sell-out. Performance was further fueled by strong growth in Latin America.
• Nutrition (21% of Zone sales): OG was low single digit, driven by pricing. Medical nutrition was the standout performer, with OG accelerating for the sixth consecutive quarter. This was partially offset by adult nutrition, with Pure Encapsulations remaining strong but weaker performance in the quarter in some other brands. Performance in Gerber shows signs of stabilization.
• Food & Snacks (30% of Zone sales): OG was mid single digit, accelerating from the previous quarter and led by RIG across all segments. Confectionery delivered strong RIG, with good underlying momentum and market share gains, supported by some earlier seasonal orders. Growth in food benefited from improved performance in US frozen food brands Stouffer’s, DiGiorno and Hot Pockets with positive market share trends despite the challenging category environment.

 

Zone Asia, Oceania and Africa (AOA)

9M-26 operating performance

• OG was 5.0%, with RIG of 3.5% and pricing of 1.5%.
• Reported sales were CHF 15.7 billion, including a negative impact of 5.4% from foreign exchange movements.

Q3-26 sales performance
In Zone AOA, we maintained our strong growth momentum even against a tougher prior year comparison base. OG was strong and broad based across most country-category combinations with India, MENA, Japan and Malaysia & Singapore all delivering double-digit growth. Growth continued to be RIG-led, reflecting positive business momentum across the Zone.

• For Zone AOA, OG was 6.4%, in line with the strong performance delivered in Q2. RIG improved further to 5.0%, the Zone’s highest quarterly RIG since Q1-21, while pricing moderated to 1.3%.
• In AOA excluding Greater China, OG was 6.9%, with 5.4% RIG and 1.6% pricing. Growth was positive across most markets. India achieved 20% OG on a base of double-digit growth in Q3-25, gaining further market share.
• Greater China delivered 4.2% OG, comprising 3.7% RIG and 0.5% pricing. Growth reflects a low comparison base from the trade inventory reduction in 2025 along with some continued improvement in underlying performance, but market conditions remain challenging.
• The Zone gained market share overall, excluding Nutrition. Market share gains were achieved in Petcare and Food & Snacks, with Coffee improving further and Nutrition still impacted by the recall.

Q3-26 key growth drives by product category

• Coffee (25% of Zone sales): OG remained high single digit, led by RIG. Growth was driven by Nescafé across all formats, including double-digit growth in OOH. Continued momentum in cold coffee was also notable, driven by ready-to-drink expansion, liquid concentrates acceleration and soluble iced coffee offerings.
• Petcare (4% of Zone sales): OG accelerated to double digit, driven by strong RIG. Growth accelerated in emerging markets and remained steady in developed markets. Pro Plan, ONE and Felix continued to deliver strong growth and we strengthened our leadership in wet cat food in key geographies, supported by continued investment in the category.
• Nutrition (32% of Zone sales): OG was low single digit as performance continued to stabilize. Infant nutrition returned to positive growth showing consistent recovery across our markets and driven by strong contribution from Lactogen. Successful innovations helping to drive growth include Ascenda catch-up growth formula and the rollout of our unique 10-HMO formulations within illuma.
• Food & Snacks (39% of Zone sales): Another quarter of very strong performance, with OG approaching double digit, driven by RIG. Growth was broad-based across all major businesses and primarily driven by our billionaire brands. Maggi contributed strongly through savory cooking solutions and noodles. Milo maintained strong momentum with product extensions to target new age groups and new consumption occasions. KitKat was supported by new launches and Formula 1 and ‘Break Better’ activations.

 

Zone Europe

9M-26 operating performance

• OG was 2.2%, with RIG of 0.7% and pricing of 1.5%.
• Reported sales were CHF 13.7 billion, with a negative impact of 2.8% from foreign exchange movements.

Q3-26 sales performance
Performance in Zone Europe was solid, with positive market share trends underpinned by disciplined execution. RIG recovered from the weaker Q2, despite the continued competitive environment, driven by continued strength in Petcare and an improvement in Food & Snacks. As expected, pricing moderated as we lapped increases taken last year and in the context of a strong customer and competitor focus on providing value for consumers.

• OG was 1.2%, with RIG of 1.0% and pricing of 0.2%.
• By market, trends were mixed. RIG was driven by the Nordics, France and Iberia; Germany continues to be challenging but with sequential improvement.
• Market share strengthened further in Petcare, and trends continued to improve in Coffee and Food & Snacks. In Nutrition, market share remains impacted by the infant formula recall.

Q3-26 key growth drivers by product category

• Coffee (27% of Zone sales): OG was low single digit, driven by moderating pricing in a competitive environment. The slowdown in OG through the first three quarters of 2026 primarily reflects a progressively higher comparison base. In Q3, growth was supported by strong contributions from Nescafé ready-to-drink and Starbucks by Nespresso portion coffee.
• Petcare (30% of Zone sales): Petcare again delivered mid single-digit OG, driven by RIG. Wet cat food continues to be the main growth engine, along with double-digit OG in therapeutics and supplements. Growth was broad-based across markets and brands, led by double-digit OG in Felix and Pro Plan, and we continued to perform very strongly in e-commerce.
• Nutrition (14% of Zone sales): OG declined low single digit due to the infant formula recall across Europe. Outside infant nutrition, growth was led by consistent performance in medical nutrition, with continued strong sales growth in Compleat following its launch in 2025.
• Food & Snacks (29% of Zone sales): OG decline improved to low single digit. The environment remains difficult across several markets, and the hot weather was an additional headwind for confectionery demand. Despite this, growth improved in Maggi and Nestlé Confectionery and remained positive in KitKat.

 

Nespresso

9M-26 operating performance

• OG was 3.7%, with RIG of 1.5% and pricing of 2.2%.
• Reported sales were CHF 4.7 billion, impacted by a negative effect of 3.0% from foreign exchange movements.

Q3-26 sales performance
Nespresso delivered solid OG in the quarter against a strong prior year comparison base. Brand campaigns, seasonal editions and accessories are all resonating well with consumers, supporting new member recruitment. Sales growth in 2026 has been impacted by moderating pricing and some consumption softness. Despite this, capsule volume growth trends are positive, helped by an improvement in Europe.

• OG was 2.5%, with RIG of 1.1%; pricing was 1.4%, easing compared to the previous quarter as we cycle prior year increases.
• By geography, performance was led by North America with mid single-digit growth in the US and high single-digit growth in Canada. Growth was flat in Europe and in AOA.
• By system, Vertuo remains the primary growth driver, delivering high single-digit OG and RIG. Growth was supported by the Vertuo World campaign with Dua Lipa and the successful launch of the new Vertuo Up machine, helping to drive consumer adoption globally.
• By channel, OOH grew mid single digit across geographies, driven by higher customer consumption, growth in HORECA, and innovation supporting an acceleration in machine placements.
• Market share gains continued in North America and AOA, while Europe remains pressured across key markets due to ongoing competitive intensity.
• Seasonal editions and accessories continue to resonate strongly with consumers, supporting new member recruitment and reinforcing Nespresso‘s premium lifestyle proposition.
• Nespresso was proud to renew its B Corp Certification under B Lab’s new standards during the quarter.

 

Nestlé Waters & Premium Beverages

9M-26 operating performance

• Organic growth was 7.5%, with RIG of 3.5% and pricing of 4.0%.
• Reported sales were CHF 2.8 billion, with a negative impact of 4.6% from foreign exchange movements.

Q3-26 sales performance
Nestlé Waters & Premium Beverages continued to accelerate, delivering double-digit OG and gaining market share globally. Growth was driven by strong category fundamentals, and robust demand for our international brands and premium beverages innovations, supported by favorable weather in Europe.

• Organic growth was 12.3%, driven by RIG of 7.3% and pricing of 5.0%.
• Growth was broad-based across markets, led by North America along with an acceleration in Europe and AOA. Growth in Europe benefited from favorable weather.
• International brands continued to perform strongly delivering double-digit growth. The platforms Sanpellegrino and Maison Perrier strongly contributed to this growth reflecting the international expansion of Maison Perrier and the successful rollout of premium beverages innovations. These included Sanpellegrino CIAO! and ZERO, Maison Perrier French Kiss.
• By channel, retail and OOH delivered double-digit growth benefiting from strong category momentum during the peak season and favorable weather conditions in Europe.
• Market share gains globally with a strong contribution in key international brands.

 

Performance by product category

Q3-2026 sales performance

	Total Group	Coffee	Petcare	Nutrition	Food & Snacks	Waters & Premium Beverages
Sales Q3-2026 (CHF m)	22 756	6 155	4 659	4 440	6 469	1 033
Sales Q3-2025 (CHF m)	21 641	5 976	4 354	4 350	6 029	932
Real internal growth (RIG)	2.8%	1.3%	4.3%	– 1.1%	5.4%	7.3%
Pricing	1.1%	2.0%	1.0%	1.4%	– 0.4%	5.0%
Organic growth	4.0%	3.4%	5.3%	0.3%	5.0%	12.3%

Coffee delivered 3.4% OG in Q3-26, driven by pricing of 2.0%, which continues to ease, along with RIG of 1.3%. Growth was broad-based across geographies and led by the performance of Nescafé, and Starbucks. Performance in creamers improved in the quarter, driven by better RIG in Coffee mate, with strong contributions from Starbucks and Natural Bliss.

Petcare OG was 5.3% in Q3-26, with RIG of 4.3%. Performance was strong across all geographies. Growth was driven by continued strong performance in cat, with sell-in matching strong sell-out. Dog remained soft, partly reflecting the impact of warmer weather on consumption. Therapeutics growth accelerated, supported by focused investments. Our largest brands including Pro Plan and ONE continued to deliver strong sales growth.

Nutrition OG was 0.3% in Q3-26, with RIG of -1.1% and pricing of 1.4%. RIG reflected weaker performance in kids & all family and infant nutrition. The impact of the infant formula recall continued to ease, with performance in the category improving through the quarter. Medical nutrition delivered another strong quarter, while adult nutrition slowed. Pure Encapsulations continues to perform strongly, delivering consistent double-digit sales growth.

Food & Snacks recorded OG of 5.0%, driven by RIG. Growth was broad-based across all segments, led by confectionery and cooking solutions and strong momentum in both AMS and AOA supported by seasonal order phasing. Growth continued to be driven by our global-leading billionaire brands Maggi, Milo and KitKat.

 

Annex

Nine-month performance

	Total Group	Zone Americas	Zone Asia, Oceania and Africa	Zone Europe	Nespresso	Nestlé Waters & Premium Beverages	Other businesses
Sales 9M-2026 (CHF m)	65 865	28 735	15 706	13 724	4 740	2 814	146
Sales 9M-2025 (CHF m)	65 869	28 693	15 782	13 716	4 706	2 753	219
Real internal growth (RIG)	1.9%	1.5%	3.5%	0.7%	1.5%	3.5%	2.3%
Pricing	1.8%	1.8%	1.5%	1.5%	2.2%	4.0%	– 0.4%
Organic growth	3.7%	3.3%	5.0%	2.2%	3.7%	7.5%	2.0%
Net M&A	– 0.1%	0.0%	– 0.2%	0.8%	0.1%	– 0.7%	– 31.3%
Foreign exchange	– 3.7%	– 3.1%	– 5.4%	– 2.8%	-3.0%	– 4.6%	– 4.1%
Reported sales growth	0.0%	0.1%	– 0.6%	0.2%	0.7%	2.2%	– 33.4%

 

	Total Group	Coffee	Petcare	Nutrition	Food & Snacks	Water & Premium Beverages
Sales 9M-2026 (CHF m)	65 865	18 281	13 591	12 779	18 400	2 814
Sales 9M-2025 (CHF m)	65 869	17 992	13 583	13 432	18 106	2 756
Real internal growth (RIG)	1.9%	2.4%	2.6%	– 1.2%	3.1%	3.5%
Pricing	1.8%	3.8%	0.9%	0.5%	1.0%	4.0%
Organic growth	3.7%	6.1%	3.5%	– 0.7%	4.2%	7.5%

 

Continued strong VYVGART performance drives $1.7 billion in global product net sales, representing 54% year-over-year growth and 13% quarter-over-quarter growth

sBLA for VYVGART Hytrulo in IMNM on track for submission by year-end; pursuing additional registrational study in DM

Phase 3 MMN data for empasiprubart expected in December 2026

FB102 advancing to Phase 3 in celiac disease as potential new growth pillar in argenx’s next wave of immunology innovation

Management to host conference call today at 2:30 PM CET (8:30 AM ET)

October 22, 2026 7:00 AM CET

Amsterdam, the Netherlands – argenx SE (Euronext & Nasdaq: ARGX), the immunology innovation company, today announced its third quarter 2026 results and provided a business update.

“The story of argenx is one of continued innovation, growth and impact,” said Karen Massey, Chief Executive Officer. “VYVGART is the foundation of our business and continues to deliver strong performance across gMG and CIDP, with significant opportunity still ahead as we reach more patients, expand into new indications, and advance the next wave of FcRn medicines. The positive results from our Phase 3 ALKIVIA study further reinforce the potential of VYVGART beyond neurology, and underscore how much more it can deliver for patients. The upcoming Phase 3 readout for empasiprubart in MMN, the advancement of FB102, and progress across our emerging immunology pipeline are bringing the next chapter of argenx into focus as we build a global immunology innovator positioned for durable growth and value creation well beyond Vision 2030.”

Vision 2030
argenx remains on track to achieve its ‘Vision 2030’ anchored in the ambition to treat 50,000 patients globally with its medicines, secure 10 labeled indications, and progress five pipeline candidates into registrational development by 2030.

Realizing the full potential of VYVGART and advancing FcRn leadership
VYVGART^® (IV: efgartigimod alfa-fcab; SC: efgartigimod alfa and hyaluronidase-qvfc) is the first-and-only approved treatment for all adult patients living with generalized myasthenia gravis (gMG). It is also approved for chronic inflammatory demyelinating polyneuropathy (CIDP) globally, and primary immune thrombocytopenia (ITP) in Japan. Building on VYVGART’s leadership in MG and CIDP, argenx is progressing multiple label and indication expansions, exploring VYVGART’s potential in additional autoimmune diseases through proof-of-concept studies, and advancing next-generation FcRn molecules and delivery modalities.

• Generated $1.7 billion in global product net sales in the third quarter of 2026, representing 54% year-over-year growth and 13% quarter-over-quarter growth
• Submitted a Supplemental Biologics License Application (sBLA) for VYVGART in ocular myasthenia gravis (oMG) to the U.S. Food and Drug Administration (FDA)
• sBLA for VYVGART and VYVGART Hytrulo in pediatric gMG accepted for priority review by the FDA with a PDUFA target action date in February 2027
• VYVGART Hytrulo autoinjector expected to launch in second half of 2027 for all approved indications
• Reported positive Phase 3 ALKIVIA results with consistent and clinically meaningful treatment effects observed across immune-mediated necrotizing myopathy (IMNM) and dermatomyositis (DM); sBLA for VYVGART Hytrulo in IMNM on track for submission by year-end 2026, supported by Breakthrough Therapy Designation, with plans to conduct an additional registrational study in DM
• Topline results from Phase 3 ADVANCE-NEXT study in primary ITP expected in first half of 2027
• Phase 3 VitaliThy studies in Graves’ disease ongoing
• Advancing the future FcRn portfolio, including Phase 3-ready ARGX-213, designed for monthly dosing, and ARGX-124 currently in Phase 1 development

Advancing empasiprubart, argenx’s second pipeline-in-a-product opportunity
Empasiprubart (anti-C2) is argenx’s second pipeline-in-a-product opportunity and is being evaluated in Phase 3 studies in multifocal motor neuropathy (MMN) and CIDP, with additional Phase 2 studies exploring its potential in other indications and in combination with VYVGART in gMG.

• Topline results from the Phase 3 EMPASSION study (MMN) expected in December 2026
• Topline results from Phase 3 EMVIGORATE and EMNERGIZE studies in CIDP anticipated in the second half of 2027
• Phase 2 ADAPT-Forward platform study in gMG ongoing, evaluating empasiprubart as an add-on to efgartigimod and as monotherapy to support combination development pathway

Delivering next wave of immunology innovation
Beyond the FcRn portfolio and empasiprubart, argenx is advancing a differentiated immunology pipeline that includes FB102 (CD122), adimanebart (MuSK), ARGX-121 (IgA), ARGX-109 (IL-6), TSP-101 (Fn14), ARGX-118 (Galectin-10) and ARGX-125 (undisclosed target), together with additional candidates emerging from the Immunology Innovation Program. These programs support argenx’s ambition to build multiple pillars of sustainable growth beyond Vision 2030.

• Advancing FB102 to Phase 3 in celiac disease based on positive Phase 2 results, with ongoing programs in alopecia areata and vitiligo and potential across other autoimmune diseases
• Phase 3 study of adimanebart in congenital myasthenic syndromes (CMS) expected to begin in 2026; Phase 2 in spinal muscular atrophy (SMA) ongoing
• Phase 2 study of ARGX-121 in IgA nephropathy (IgAN) ongoing
• Advancing Phase 1 development of TSP-101, ARGX-118 and ARGX-125

THIRD QUARTER 2026 FINANCIAL RESULTS
argenx SE
UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF PROFIT OR LOSS

		Three Months Ended						Nine Months Ended
		September 30,						September 30,
(in millions of $ except for per share data)		2026			2025			2026				2025
Product net sales		$	1,721		$	1,127		$	4,534		$	2,866
Other operating income			30			24			71			60
Total operating income		$	1,751		$	1,151		$	4,605		$	2,926
Cost of sales		$	(165)		$	(109)		$	(431)		$	(301)
Research and development expenses*			(503)			(359)			(1,432)			(1,001)
Selling, general and administrative expenses			(598)			(336)			(1,370)			(937)
Total operating expenses		$	(1,266)		$	(805)		$	(3,233)		$	(2,240)
Operating profit		$	486		$	346		$	1,372		$	686
Financial income		$	45		$	43		$	137		$	118
Financial expense			(1)			(1)			(3)			(3)
Exchange gains/(losses)			8			(2)			(11)			74
Profit for the period before taxes		$	538		$	386		$	1,495		$	875
Income tax expense		$	(32)		$	(42)		$	(151)		$	(116)
Profit for the period		$	506		$	344		$	1,344		$	759
Profit for the period attributable to:
Owners of the parent		$	506		$	344		$	1,344		$	759
Weighted average number of shares used for basic profit per share			62,735,385			61,371,508			62,370,746			61,147,873
Basic profit per share (in $)			8.07			5.61			21.54			12.41
Weighted average number of shares used for diluted profit per share			64,886,406			66,441,326			64,578,235			65,944,952
Diluted profit per share (in $)			7.80			5.18			20.81			11.51

*Comparative figures have been aligned with the presentation adopted in the current period, reflecting the combination of research and development expenses and loss from investment in a joint venture.

DETAILS OF THE FINANCIAL RESULTS

Total operating income for the three and nine months ended September 30, 2026 was $1.8 billion and $4.6 billion, respectively, compared to $1.2 billion and $2.9 billion, respectively, for the same periods in 2025, and mainly consisted of:

• Product net sales of VYVGART for the three and nine months ended September 30, 2026, were $1.7 billion and $4.5 billion, respectively, compared to $1.1 billion and $2.9 billion, respectively, for the same periods in 2025.
• Other operating income for the three and nine months ended September 30, 2026 was $30 million and $71 million, respectively, compared to $24 million and $60 million, respectively, for the same periods in 2025. The other operating income in these periods primarily related to research and development tax incentives and payroll tax rebates.

Total operating expenses for the three and nine months ended September 30, 2026 were $1.3 billion and $3.2 billion, respectively, compared to $0.8 billion and $2.2 billion, respectively, for the same periods in 2025, and mainly consisted of:

• Cost of sales for the three and nine months ended September 30, 2026 was $165 million and $431 million, respectively, compared to $109 million and $301 million, respectively, for the same periods in 2025. The cost of sales was related to the sale of VYVGART.
• Research and development expenses for the three and nine months ended September 30, 2026 were $0.5 billion and $1.4 billion, respectively, compared to $0.4 billion and $1.0 billion, respectively, for the same periods in 2025. The research and development expenses mainly related to advancing efgartigimod, empasiprubart, adimanebart and FB102 across multiple registrational studies, plus early-stage pipeline and preclinical programs.
• Selling, general and administrative expenses for the three and nine months ended September 30, 2026 were $0.6 billion and $1.4 billion, respectively, compared to $0.3 billion and $0.9 billion, respectively, for the same periods in 2025. The selling, general and administrative expenses mainly related to professional and marketing fees linked to the global commercialization of the VYVGART franchise, and personnel expenses. Selling, general and administrative expenses for the three- and nine-month periods ended September 30, 2026 included approximately $150 million of acquisition-related expenses associated with the Company’s acquisition of Forte Biosciences Inc.

Financial income for the three and nine months ended September 30, 2026 was $45 million and $137 million, respectively, compared to $43 million and $118 million, respectively, for the same periods in 2025.

Exchange gains/losses for the three and nine months ended September 30, 2026 were an $8 million gain and an $11 million loss, respectively, compared to a $2 million loss and a $74 million gain, respectively, for the same periods in 2025.

Income tax for the three- and nine-month periods ended September 30, 2026 and 2025 is detailed below:

		Three Months Ended						Nine Months Ended
		September 30,						September 30,
(in millions of $)		2026			2025			2026			2025
Current tax expense		$	(129)		$	(52)		$	(359)		$	(122)
Deferred tax benefit			97			10			208			6
Income tax expense		$	(32)		$	(42)		$	(151)		$	(116)

Profit for the three- and nine-month periods ended September 30, 2026 was $0.5 billion and $1.3 billion, respectively, compared to $0.3 billion and $0.8 billion, respectively, for the same periods in 2025. The basic profit per share was $8.07 for the three months ended September 30, 2026, compared to $5.61 for the same period in 2025. The basic profit per share was $21.54 for the nine months ended September 30, 2026, compared to $12.41 for the same period in 2025.

Cash, cash equivalents and current financial assets¹ consisted of $2.6 billion in cash and cash equivalents and $1.1 billion in current financial assets which totaled $3.7 billion as of September 30, 2026 after paying approximately $2.1 billion for the acquisition of Forte Biosciences Inc., net of acquired cash, compared to $3.5 billion in cash and cash equivalents and $0.9 billion in current financial assets which totaled $4.4 billion as of December 31, 2025.

FULL YEAR EXPECTATIONS
Combined R&D and SG&A expenses are now expected to be approximately $4 billion for 2026, including the Forte transaction-related costs.

EXPECTED FINANCIAL CALENDAR

• February 25, 2027: Full-year 2026 Financial Results and Fourth Quarter 2026 Business Update
• April 29, 2027: First Quarter 2027 Financial Results and Business Update
• July 22, 2027: Half Year and Second Quarter 2027 Financial Results and Business Update
• October 21, 2027: Third Quarter 2027 Financial Results and Business Update

CONFERENCE CALL DETAILS
The third quarter 2026 financial results and business update will be discussed during a conference call and webcast presentation today at 2:30 PM CET/8:30 AM ET. A webcast of the live call may be accessed on the Investors section of the argenx website at argenx.com/investors.

Participants can access the conference call by dialing 800-590-8290 (United States and Canada) or 240-690-8800 (International). Country specific dial-in numbers are listed below:

Belgium                32 2290 4635
France                        33 172 001717
Netherlands                31 20 795 2683
United Kingdom                44 203 393 1560
Japan                        81 3 4520 9761
Switzerland                41 43 210 51 68

Use the access code 3810049 to join the call. Please dial in 15 minutes prior to the live call.

A replay of the webcast will be available on the argenx website.

About VYVGART
VYVGART® (efgartigimod alfa fcab) is a first-in-class human IgG1 antibody fragment that binds to the neonatal Fc receptor (FcRn), resulting in the reduction of circulating IgG autoantibodies. VYVGART Hytrulo® is a subcutaneous combination of efgartigimod alfa (VYVGART) and recombinant human hyaluronidase PH20 (rHuPH20), Halozyme’s ENHANZE® drug delivery technology to facilitate subcutaneous injection delivery of biologics. VYVGART is approved for generalized myasthenia gravis (gMG) and immune thrombocytopenia (Japan only). VYVGART Hytrulo is approved for gMG and chronic inflammatory demyelinating polyneuropathy (CIDP). VYVGART Hytrulo may be marketed under different proprietary names in other regions.

About argenx
argenx is the immunology innovation company, focused on turning immunology breakthroughs into medicines for patients. The company seeks novel biology wherever it emerges, co-creating with academic researchers through its Immunology Innovation Program (IIP) and investing in promising science, to develop treatments for people living with underserved diseases. By advancing molecules with the potential to reach multiple diseases and patient populations, argenx is building a world-class portfolio. This approach produced the first approved antibody fragment targeting the neonatal Fc receptor (FcRn) and today powers a growing pipeline of early and late-stage programs across several therapeutic areas. For more information, visit  www.argenx.com  and follow us on LinkedIn, Instagram, Facebook, and YouTube.

This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation (Regulation 596/2014).

Contacts
Media:
Ben Petok
bpetok@argenx.com

Investors:
Alexandra Roy
aroy@argenx.com

Forward Looking Statements
The contents of this announcement include statements that are, or may be deemed to be, “forward-looking statements.” These forward-looking statements generally can be identified by the use of forward-looking words, such as “ahead”, “aim”, “ambition,” “anticipate”, “aspire”, “believe”, “can”, “continue”, “could”, “designed for”, “estimate”, “expect”, “entail”, “forecast”, “future”, “goals”, “hope”, “intend”, “is designed to”, “likely”, “may”, “might”, “objective”, “plan”, “possible”, “positioned”, “potential”, “pursue”, “project”, “predict”, “seek”, “should”, “strategy”, “target”, “upcoming”, “will” and other words and terms of similar meaning and expression, including in connection with any discussion of future operating or financial performance. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. argenx’s actual results may differ materially from those predicted by the forward-looking statements as a result of various important factors, including but not limited to, uncertainties associated with the development of novel drug therapies; the initiation, timing, progress, development and results of preclinical and clinical trials of argenx’s product candidates, including new indications, alternative dosing regimens, treatment modalities, and methods of administration, including statements regarding when results or interim analysis of the clinical trials will be available or made public; the risk that early stage clinical trials may not be predictive of results in later stage or large scale clinical trials; the expansion of argenx’s business, including the further development of argenx’s sales and marketing abilities and its Immunology Innovation Program, and the value of its pipeline; the potential attributes, benefits, and side effects of argenx’s products and product candidates, including new indications, alternative dosing regimens and treatment modalities, and their competitive position with respect to other alternative treatments; argenx’s ability to advance product candidates into, and successfully complete, clinical trials; argenx’s estimates of the number of patients who suffer from the diseases it is targeting and the number of patients that will enroll in its clinical trials; the demand and commercialization of argenx’s products and product candidates, including new indications, alternative dosing regimens, treatment modalities, and methods of administration, if approved; the anticipated timing or likelihood of market or regulatory decisions relating to or of argenx’s products, including new indications, alternative dosing regimens, treatment modalities, and methods of administration; the anticipated pricing and reimbursement of argenx’s products and product candidates, if approved; argenx’s plans to have various programs to help patients afford its products, including patient assistance and co-pay coupon programs for eligible patients; argenx’s ability to establish sales, marketing and distribution capabilities for any of its products and product candidates that achieve regulatory approval; argenx’s regulatory strategy and its ability to establish and maintain manufacturing arrangements for its products and product candidates; the scope and duration of protection, including any exclusivity period, argenx is able to establish and maintain for intellectual property rights covering its products and product candidates, platform and technology, including its intention to seek patent term extensions where available; argenx’s estimates regarding expenses, future revenues, cash flow, capital requirements and its needs for additional financing; argenx’s expectation that it will benefit from the Belgian innovation income deduction; argenx’s financial performance, including potential volatility in the price of its ordinary shares and American Depositary Shares; the acquisition of Forte Biosciences Inc., including argenx’s ability to integrate the acquired business and realize its anticipated benefits; the competition argenx faces in its drug discovery, development, and commercialization efforts; the rate and degree of market acceptance of argenx’s products and product candidates, if approved, by its patients as safe, effective and cost-effective; the potential benefits of argenx’s current collaborations, including the possibility to access partner technology platforms or capabilities; argenx’s plans and ability to enter into or maintain current collaborations for additional programs or product candidates; argenx’s plans and ability to enter into or maintain current new distribution partnerships; argenx’s long-term growth strategy to develop and market additional products and product candidates, including but not limited to, efgartigimod for new indications, empasiprubart, adimanebart, and FB102; the impact of government laws and regulations, including tariffs, export controls, sanctions and other regulations on argenx’s business; argenx’s expectations with respect to the timing and amount of any dividends (if any); argenx’s plans regarding its supply chain, including its reliance on third parties, service providers and manufacturers; inflation and deflation and the corresponding fluctuations in interest rates; regional instability and conflicts; and argenx’s business strategies, including Vision 2030, plans, projects, goals and targets and the timing, outcomes and benefits thereof. A further list and description of these and other risks, uncertainties, and factors that could cause actual results to differ materially from those referred to in the forward-looking statements can be found in argenx’s U.S. Securities and Exchange Commission (SEC) filings and reports, including in argenx’s most recent annual report on Form 20-F filed with the SEC as well as subsequent filings and reports filed by argenx with the SEC. Given these risks and uncertainties, the reader is advised not to place undue reliance on such forward-looking statements. These forward-looking statements speak only as of the date of publication of this press release. argenx undertakes no obligation to publicly update or revise the information in this press release, including any forward-looking statements, except as may be required by law.

Alternative Performance Measures Statement
In this document, argenx’s financial results are provided in accordance with IFRS® Accounting Standards (IFRS) and using a non-IFRS financial measure, cash, cash equivalents and current financial assets.

This value should not be viewed as a substitute for the company’s IFRS financial information and is provided as a complement to financial information provided in accordance with IFRS and should be read in conjunction with the most directly comparable IFRS financial information as set out below. Management believes this non-IFRS financial measure is useful for securities analysts, investors and other interested parties to gain a more complete understanding of the company’s available financial liquidities given that the company’s current financial assets are held in term accounts with an initial maturity of more than three months but less than twelve that may be used to meet its financial obligations. Such non-IFRS financial information, as calculated herein, may not be comparable to similarly named measures used by other companies and should not be considered comparable to IFRS financial measures. Non-IFRS financial measures have limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, an analysis of the company’s financial results as reported under IFRS.

A reconciliation of the IFRS financial information to non-IFRS financial information is included below:

Cash, cash equivalents and current financial assets totaled $3.7 billion as of September 30, 2026, compared to $4.4 billion as of December 31, 2025. The balance as of the period ended September 30, 2026 consisted of $2.6 billion in cash and cash equivalents and $1.1 billion in current financial assets and the balance as of the period ended December 31, 2025 consisted of $3.5 billion in cash and cash equivalents and $0.9 billion in current financial assets.

---

¹ A non-IFRS Alternative Performance Measure (APM). Refer to the “Alternative Performance Measures Statement” below for a reconciliation to the IFRS financial information.

The Board of Telia Lietuva, AB (hereinafter “Telia Lietuva” or “the Company”) approved unaudited Telia Lietuva, AB Interim Financial Statements, prepared according to International Financial Reporting Standards as adopted by the European Union, for 9 months’ period ended 30 September 2026.

Third quarter of 2026 (compared with the same period a year ago):

• Revenue went up by 9.7% and amounted to EUR 137.4 million (EUR 125.3 million)
• Adjusted EBITDA up by 9.5% to EUR 55.8 million (EUR 51 million)
• EBITDA increased by 9.2% and amounted to EUR 55.7 million (EUR 51 million)
• Profit for the period grew by 19.9% to EUR 27.5 million (EUR 22.9 million)
• Capital investments went up by 24.5% and amounted to EUR 19 million (EUR 15.2 million)
• Free cash flow went down by 47.8% and amounted to EUR 17.8 million (EUR 34.2 million)

9 months of 2026 (compared with the same period a year ago):

• Revenue was up by 8% and amounted to EUR 396.5 million (EUR 367 million)
• Adjusted EBITDA up by 9.9% to EUR 162.7 million (EUR 148 million)
• EBITDA increased by 9.4% and amounted to EUR 161.1 million (EUR 147.3 million)
• Profit for the period went up by 16.5% to EUR 78.8 million (EUR 67.7 million)
• Capital investments increased by 44.8% and amounted to EUR 56.4 million (EUR 39 million)
• Free cash flow went down by 10.1% and amounted to EUR 81.9 million (EUR 91.1 million)

Comment by Giedrė Kaminskaitė-Salters, CEO of Telia Lietuva:
During the third quarter of 2026 we continue to grow in all our core areas of activities dominated by IT and mobile services development. The total revenue for the nine months, compared with the same period a year ago, increased by 8 per cent whereof service revenue grew by 6.6 per cent, while equipment sales went up by 15 per cent. Over the year, adjusted EBITDA for January-September of 2026 increased by 9.9 per cent and reached a 41 per cent margin (40.3 per cent in 2025), and net profit for the period went up by 16.5 per cent. Higher capital expenditure during the third quarter of 2026 resulted in free cash flow contracting by 10.1 per cent for the nine months period compared with the same period a year ago.

In September 2026, an important milestone in the construction of our new data center near Vilnius was reached. The first phase – erection of the main building – was completed. The EUR 26 million value project is scheduled for completion in the second quarter of 2027, after which the installation and testing of the data center’s engineering and IT infrastructure systems will begin. These works are planned to be completed by the end of 2028, when the two initial data center modules with more than 400 racks will be ready to welcome the first customers. The new data center will allow the Company to double the capacity of the data centers it currently operates in Lithuania.

To maintain technological leadership, we plan to invest EUR 7.1 million in the expansion of our mobile network. With this project we will construct 50 new base stations, modernize 300 existing sites and upgrade around 130 additional sites with new radio equipment. We are starting to deploy the 1,500 MHz spectrum acquired in the recent auction, increasing 5G network capacity to support continued growth in mobile data traffic. Telia Lietuva currently operates the largest 5G network in Lithuania, comprising 1,830 base stations, with 5G coverage reaching 99.7% of the country’s territory.

The Company has been awarded the contract to provide critical IT and telecommunications infrastructure for Lithuania’s Presidency of the Council of the European Union in 2027. During the six-month Presidency, Telia Lietuva will deliver secure and resilient connectivity solutions, including internet services, wired and wireless networks, cybersecurity, and other technological solutions.

On consumers side, Telia Lietuva strengthened its content leadership with Disney+ integration into Telia Play. Following the successful integration of Netflix and HBO Max, Telia Play continued to expand its premium entertainment offering with the addition of Disney+, one of the world’s leading streaming platforms.

Telia Lietuva has once again secured first place in the Dive customer service survey in Lithuania. We have achieved the top rating six times over the past seven years.

As part of our desire to play a leading role in Lithuania’s defense, Telia Lietuva has announced that it will pay up to EUR 2,300 (before income tax) per month for up to nine months to employees who voluntarily choose military service. Their jobs and key additional benefits will be preserved, and a smooth return to work after service will be ensured. In doing so, the Company joins the ‘Visuotinė gynyba’ (Total Defense) association’s initiative, which encourages businesses to create better conditions for people wishing to contribute to the country’s defense effort.

As the next step in becoming a simpler, faster and more efficient company, Telia Lietuva plans to reduce its workforce during December 2026 with around 85 employees across all units to receive notices of proposed redundancy. This change is part of Telia Company’s Group restructuring operations across the Nordic and Baltic countries. The Group is simplifying its organizational structure by giving country teams more responsibility, reducing costs and targeting higher profitability. It is planned to complete the organizational restructuring by the end of 2026.

ENCL.:
– Telia Lietuva, AB Interim Report for January-September of 2026.
– Presentation of Telia Lietuva, AB results for 9 months of 2026.

Darius Džiaugys,
Head of Investor Relations,
tel. +370 5 236 7878,
e-mail: darius.dziaugys@telia.lt

Attachments

• Telia Lietuva_2026_9 months_Interim_Report
• Telia_Lietuva_2026_9_months_results_presentation

• Attractive biodistribution supports selection of MP0730 as Radio-DARPin therapy candidate 
• CD70 is a clinically validated target expressed in kidney cancer and other indications
• First-in-human program expected to start in H2 2027

ZURICH-SCHLIEREN, Switzerland and CONCORD, Mass., Oct. 22, 2026 (GLOBE NEWSWIRE) — Molecular Partners AG (SIX: MOLN; NASDAQ: MOLN), a clinical-stage biotech company developing a novel class of medicines known as DARPin therapeutics (“Molecular Partners” or the “Company”), today announced the selection of MP0730 as its lead Radio-DARPin candidate targeting the tumor-associated antigen CD70. MP0730 is the third program in the Company’s pipeline of targeted alpha radiotherapeutics, and a first-in-human program is expected to start mid-2027.

Molecular Partners presented preclinical data on MP0730 at the Discovery on Target – Radioligand Therapies conference on October 1, 2026, in Boston, MA (presentation title: DARPins as Ligands for Targeted Alpha Therapy: First-in-Human Experience with MP0712 and Opportunities for Next Radio-DARPin Candidates). The data outline an attractive biodistribution profile of the CD70-targeting Radio-DARPin lead candidate in tumor-bearing mice, with strong and sustained tumor uptake relative to healthy tissues, including kidney, liver and blood.

“The selection of MP0730 as our third Radio-DARPin Therapeutic marks another important milestone in our ambition to deliver transformative therapies for patients with high unmet medical needs. CD70’s clean expression profile paired with MP0730’s best-in-class properties provide a compelling foundation for achieving a favorable therapeutic index, addressing on-target, off-tumor accumulation observed with certain radiopharmaceutical approaches against other antigens expressed in kidney cancer,” said Daniel Steiner, Ph.D., SVP Targeted Radiotherapeutics of Molecular Partners.

CD70 is a clinically validated target, demonstrated through CAR-T cell therapies, and is overexpressed in clear cell renal cell carcinoma (ccRCC), a type of kidney cancer, and in other cancer indications. CD70 expression is maintained in metastases and limited in healthy tissues, making it an ideal candidate for targeted alpha radiotherapy.

ccRCC has a robust DNA repair mechanism and is inherently resistant to conventional cytotoxic therapies. Targeted alpha therapy induces difficult-to-repair double-strand breaks in tumor cells, independently from genetic mutations, due to its high linear energy transfer, thereby offering a new avenue for patients with hard-to-treat cancers such as ccRCC.

About Radio-DARPins
Molecular Partners develops targeted alpha therapeutics leveraging its Radio-DARPins as isotope-agnostic vectors to unlock a broad range of cancer targets and indications. The Company tailors its radiotherapeutic candidates by matching vector and isotope properties with disease and target biology to address unmet medical needs. Designed for precise delivery of potent radioactive payloads to tumor lesions, Molecular Partners’ Radio-DARPins address historic limitations of radioligand therapy, such as kidney accumulation and suboptimal tumor uptake, through optimized half-life extension and surface engineering approaches. In addition, the Company’s Radio-DARPins support swapping of chelator and isotope while maintaining comparable biodistribution of candidates, thereby offering potential competitive advantages over other vectors. DARPin (Designed Ankyrin Repeat Protein) therapeutics are a novel class of medicines – with key properties such as exquisite specificity, high affinity, small size – which have been clinically-validated across several disease areas, tested in >2500 patients globally, and developed through to the registrational stage.

About Molecular Partners AG 
Molecular Partners AG (SIX, NASDAQ: MOLN) is a clinical-stage biotech company pioneering a novel class of medicines known as DARPin therapeutics for cancer patients underserved by existing treatment modalities. Molecular Partners focuses on the development of targeted radiotherapeutics, leveraging the unique properties of DARPin miniproteins as isotope-agnostic vectors. The Company’s lead medicine MP0712, targeting DLL3 and armed with ²¹²Pb, advances in a US multicenter Phase 1/2a study for patients with small cell lung cancer and other neuroendocrine cancers. Molecular Partners has established partnerships with industry leaders and academic centers covering the full value chain of radiotherapeutics. Molecular Partners, founded in 2004, has offices in both Zurich, Switzerland and Concord, MA, USA. For more information, visit www.molecularpartners.com and find us on LinkedIn.

For further details, please contact:
Seth Lewis, EVP Corporate Finance
Concord, Massachusetts, U.S.
seth.lewis@molecularpartners.com
Tel: +1 781 420 2361

Laura Jeanbart, PhD, Head of Portfolio Management & Corporate Communications
Zurich-Schlieren, Switzerland
laura.jeanbart@molecularpartners.com
Tel: +41 44 575 19 35

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements. Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995, as amended, including without limitation: implied and express statements regarding the clinical development of Molecular Partners’ current or future product candidates; expectations regarding timing for reporting data from ongoing clinical trials or the initiation of future clinical trials; the potential therapeutic and clinical benefits of Molecular Partners’ product candidates and its RDT and Switch-DARPin platforms; the selection and development of future programs; Molecular Partners’ collaboration with Orano Med including the benefits and results that may be achieved through the collaboration; and Molecular Partners’ expected business and financial outlook, including anticipated expenses and cash utilization for 2026 and its expectation of its current cash runway. These statements may be identified by words such as “aim”, “anticipate”, “expect”, “guidance”, “intend”, “outlook”, “plan”, “potential”, “will” and similar expressions, and are based on Molecular Partners’ current beliefs and expectations. These statements involve risks and uncertainties that could cause actual results to differ materially from those reflected in such statements. Some of the key factors that could cause actual results to differ from Molecular Partners’ expectations include, but are not limited to, those set forth under the heading “Risk Factors” in Molecular Partners’ Annual Report on Form 20-F for the year ended December 31, 2025 and other filings Molecular Partners makes with the SEC from time to time. These documents are available on the Investors page of Molecular Partners’ website at www.molecularpartners.com. In addition, this press release contains information relating to interim data as of the relevant data cutoff date, results of which may differ from topline results that may be obtained in the future.

Any forward-looking statements speak only as of the date of this press release and are based on information available to Molecular Partners as of the date of this release, and Molecular Partners assumes no obligation to, and does not intend to, update any forward-looking statements, whether as a result of new information, future events or otherwise.

In the third quarter of 2026, Harju Elekter Group generated sales revenue of 41 million euros, approximately 5% lower than in the corresponding period last year. While sales volumes have not yet reached the desired level, the quarter was the strongest of the year in terms of profitability. Operating profit amounted to 2.3 million euros, and the operating margin increased to 5.7%, exceeding the Group’s minimum target level of 5%. 

Profitability continued to be affected by projects that had previously been postponed, the execution of which depends, among other factors, on the delivery of certain customer-specific components. As a result, the realization of part of the planned production volumes was once again delayed. At the same time, workload remained below expectations in several units, particularly at the Lithuanian factory, due to a shortage of orders. In Finland, the key challenge has been growing the project business at the desired pace. Although the economic environment is showing gradual signs of recovery, the volume of higher value-added projects has not yet reached the level envisaged in our targets. Compared to the strong comparative base of the previous year, profitability remained more modest; however, the growth in the order book and improved utilization of production capacity provide grounds for a more positive outlook for the coming periods.

At the same time, we see encouraging developments in the gradual improvement of profitability compared to the first half of the year and the continued strengthening of the order book. Order intake growth is being driven primarily by strong investment activity in the data centre sector and the resulting demand for more advanced power distribution solutions. During the third quarter, we signed a contract worth approximately 15.5 million euros for the design and manufacture of E-house solutions for the electrical distribution system of a data centre being developed in Finland. E-house solutions integrate power distribution and control systems into a factory-built modular solution, reducing the amount of on-site work and shortening overall project implementation time. Demand is further supported by trends in the technology sector, including the rapid adoption of artificial intelligence applications, ongoing digitalisation, and electrification, all of which are driving the need for more reliable and higher-capacity electrical infrastructure solutions. We believe that the combined impact of these developments is creating an attractive long-term growth market for Harju Elekter and will continue to support the strengthening of our order book.

To support the increasing project volumes driven by growing demand from the data centre sector, a new 4,000-square-metre production facility was completed in Keila at the end of the quarter. The new factory expansion will manufacture electrical equipment and power control solutions for data centres, which will be exported to customers across Europe and other global markets. This investment significantly enhances our production capacity and supports the Group’s long-term growth strategy in the rapidly expanding data centre market.

To support the growing order book, we are increasingly managing the Group’s manufacturing network as an integrated whole. We are already seeing higher utilisation levels in our Estonian production units, and one of our key priorities is therefore to increase capacity utilisation at the Lithuanian factory and involve it more extensively in fulfilling the Group’s order backlog. At the same time, we are actively working to broaden the Lithuanian unit’s customer and product portfolio. While its activities have historically been focused largely on customers in the marine sector, our aim is to increase its presence in other market segments going forward. This is supported by the growing expertise of the Lithuanian team, which has been strengthened through participation in projects across other Harju Elekter units. For several ongoing tenders and projects, we already see opportunities to allocate additional production volumes to Lithuania, thereby improving the Group’s overall resource utilisation and creating a more balanced workload across our manufacturing units.

In addition, we continue to transform our operations in Finland. The contract manufacturing market has become increasingly competitive in recent years, and the traditional model based primarily on selling production capacity and labour hours is no longer sustainably competitive in a high-cost environment over the long term. As a result, we have decided to gradually reduce the share of lower value-added contract manufacturing and reallocate resources toward higher-margin project business. Our focus is on larger customers and projects where we can make better use of our engineering expertise and create greater value for our customers.

During the third quarter, we implemented changes in the Group’s leadership. The order book of our Swedish business unit has grown significantly in recent years, while market prospects remain favourable, supported by ongoing investments in electricity grid infrastructure. To support the next phase of development, we appointed Jan Kotka as the new Managing Director of our Swedish subsidiary. Jan brings extensive international experience in leading industrial companies and executing strategic transformation initiatives. The objective of the leadership change is to support sustainable profitability, improve operational efficiency, and strengthen collaboration across the Group.

A significant event also took place after the end of the quarter, when Harju Elekter accepted an offer from Siemens International Holding B.V. for the partial disposal of its shareholding in OÜ Skeleton Technologies Group. The transaction enables us to realise part of the value created by an investment made nearly a decade ago, recover the full amount of the original investment together with a reasonable return, and increase the Group’s financial flexibility. At the same time, we remain a shareholder in Skeleton and see potential to realise the remaining investment in the future under appropriate conditions.

Despite the challenges that remain, the Group’s key performance indicators are moving in the desired direction. A strengthening order book, improving profitability, increased production capacity, and favourable market trends driven by electrification and demand from the data centre sector give us confidence that Harju Elekter is well positioned for its next phase of growth. We will continue to focus on improving capacity utilisation across our manufacturing network, strengthening our order book, and developing the organisation, while looking to the future with cautious optimism.

Revenue and financial results

The Group’s revenue amounted to 41.0 (Q3 2025: 43.0) million euros in the third quarter and 118.2 (9M 2025: 126.5) million euros in the nine months. There are signs of improvement – total volume remained below the previous year’s level, but the decline slowed and sales shifted towards the growing Nordic markets. Growth was driven by the Finnish and Swedish markets, which significantly increased their share of the Group’s sales.

EUR’000		Q3	Q3	+/-	9M	9M	+/-
		2026	2025		2026	2025
Revenue		40,967	43,034	-4.8%	118,190	126,531	-6.6%
Gross profit		6,821	7,461	-8.6%	17,482	20,564	-15.0%
EBITDA		3,486	4,840	-28.0%	7,392	13,364	-44.7%
Operating profit (EBIT)		2,322	3,759	-38.2%	3,910	10,139	-61.4%
Profit for the period		1,314	2,898	-54.7%	1,605	8,161	-80.3%
Earnings per share (EPS) (euros)		0.07	0.16	-56.3%	0.09	0.44	-79.5%

The Group’s operating expenses amounted to 38.6 (Q3 2025: 39.4) million euros in the third quarter and 114.5 (9M 2025: 117.4) million euros in the nine months, decreasing by 2.0% and 2.5%, respectively. The majority of operating expenses consisted of the cost of sales.

Distribution costs increased to 2.1 (Q3 2025: 1.7) million euros in the third quarter and 5.8 (9M 2025: 4.4) million euros in the nine months. The increase is related to strategic investments in sales and marketing activities, including participation in international trade fairs and strengthening of sales teams, with the aim of laying the foundation for a recovery in sales volumes in future periods.

Administrative expenses increased by 12.7% to 2.3 (Q3 2025: 2.1) million euros in the quarter and by 13.5% to 8.0 (9M 2025: 7.0) million euros in the nine months, accounting for 6.7% (9M 2025: 5.5%) of nine-month revenue.

Labour costs increased by 9.0% to 9.2 (Q3 2025: 8.5) million euros in the third quarter and by 8.8% to 30.6 (9M 2025: 28.1) million euros in the nine months, of which wages and salaries amounted to 8.0 (Q3 2025: 7.2) and 24.6 (9M 2025: 21.8) million euros, respectively. Labour costs as a percentage of revenue rose to 22.5% (Q3 2025: 19.7%) in the third quarter and to 25.9% (9M 2025: 22.2%) in the nine months, as the Group retained its team and production capacity to serve upcoming project volumes.

Gross profit decreased to 6.8 (Q3 2025: 7.5) million euros and the gross margin fell to 16.6% (Q3 2025: 17.3%). The decline in margin was mainly due to lower production volumes, which resulted in weaker coverage of fixed costs. Third-quarter operating profit (EBIT) amounted to EUR 2.3 million (Q3 2025: EUR 3.8 million), resulting in an operating margin of 5.7% (Q3 2025: 8.7%). Gross profit for nine months was 17.5 (9M 2025: 20.6) million euros and the gross margin 14.8% (9M 2025: 16.3%), operating profit (EBIT) 3.9 (9M 2025: 10.1) million euros. The operating margin for nine months was 3.3% (9M 2025: 8.0%). Net profit for the nine months was 1.6 (9M 2025: 8.2) million euros.

Core business and markets

The most significant change took place by markets: the Group’s sales are increasingly concentrated in Finland and Sweden. These two markets accounted for 60.1% (Q3 2025: 41.7%) of the Group’s revenue in the third quarter.

Revenue in Finland amounted to 17.0 (Q3 2025: 13.7) million euros in the third quarter and 48.1 (9M 2025: 40.4) million euros in the nine months. Nine-month sales increased by 19.0% and Finland’s share of the Group’s revenue rose to 40.7% (9M 2025: 31.9%). Growth was supported by stable deliveries of electrical distribution solutions, particularly compact secondary substations and low-voltage switchgear.

Sweden recorded the strongest growth among the markets, with revenue of 7.6 (Q3 2025: 4.2) million euros in the quarter and 21.6 (9M 2025: 14.4) million euros in the nine months, an increase of 50.8% over the nine months. Sales were supported by the realisation of larger projects and demand for substations and technical buildings.

In the third quarter, sales decreased in Norway, Estonia and the Netherlands, mainly due to the high comparison base: in the previous year, sales in these markets were shaped by individual large projects whose timing has changed. Revenue in Norway amounted to 5.0 (Q3 2025: 10.7) million euros in the quarter and 14.8 (9M 2025: 28.2) million euros in the nine months, decreasing by 53.0% and 47.4%, respectively. Revenue in Estonia amounted to 4.6 (Q3 2025: 8.7) million euros in the quarter and 14.7 (9M 2025: 20.6) million euros in the nine months, decreasing by 47.1% and 28.5%, respectively. The decline was affected by the timing of orders related to distribution networks, while part of the production volume was directed at fulfilling Scandinavian contracts. As a positive sign, the Group’s sales are expanding into new and smaller markets.

Investments

During the nine months, the Group invested 5.5 (9M 2025: 2.9) million euros in non-current assets, almost twice as much as a year earlier. Of this amount, 4.4 (9M 2025: 1.2) million euros was invested in property, plant and equipment, 1.1 (9M 2025: 1.4) million euros in intangible assets and 0.04 (9M 2025: 0.3) million euros in investment property.

The largest investment was the new 4,000 m² production building in Keila, which increased the total production area of the Keila factories to 30,000 m². The new factory produces electrical equipment and control solutions for data centres, supporting the Group’s growth in this strategically important sector. In addition, production equipment was acquired to increase production capacity and improve process efficiency. In Finland, production was consolidated in Ulvila and the 850 m² Kerava production building was sold during the reporting period. Investments in intangible assets were mainly related to the development of the next-generation electric vehicle charger Elektra Sense and the Group’s digital solutions. The value of long-term financial investments remained at 27.2 (31.12.25: 27.2) million euros.

Share

The company’s share price on the last trading day of the reporting quarter on the Nasdaq Tallinn Stock Exchange closed at 5.16 euros.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unaudited
EUR ‘000	30.09.2026		31.12.2025		30.09.2025
ASSETS
Current assets
Cash and cash equivalents	1,484		1,545		2,698
Trade and other receivables	35,586		46,654		45,350
Prepayments	2,321		1,209		1,846
Inventories	25,761		19,896		26,689
Total current assets	65,152		69,304		76,583
Non-current assets
Deferred income tax assets	124		142		529
Non-current financial investments	27,217		27,225		27,234
Non-current receivables	2		9		0
Investment properties	27,103		28,228		28,564
Property, plant, and equipment	35,042		33,273		32,102
Intangible assets	10,624		9,880		9,342
Total non-current assets	100,112		98,757		97,771
TOTAL ASSETS	165,264		168,061		174,354
LIABILITIES AND EQUITY
Liabilities
Borrowings	12,156		15,452		12,857
Prepayments from customers	9,228		15,326		13,739
Trade and other payables	23,184		19,670		26,191
Tax liabilities	3,505		3,324		4,573
Current provisions	297		336		464
Total current liabilities	48,370		54,108		57,824
Borrowings	20,081		15,072		19,939
Other non-current liabilities	20		20		17
Total non-current liabilities	20,101		15,092		19,956
TOTAL LIABILITIES	68,471		69,200		77,780
Equity
Share capital	11,706		11,672		11,672
Share premium	3,619		3,410		3,410
Reserves	23,053		22,397		22,965
Retained earnings	58,415		61,382		58,527
Total equity attributable to the owners of the parent company	96,793		98,861		96,574
TOTAL LIABILITIES AND EQUITY	165,264		168,061		174,354

CONSOLIDATED STATEMENT OF PROFIT AND LOSS
Unaudited
EUR ‘000		Q3		Q3		9M		9M
		2026		2025		2026		2025
Revenue		40,967		43,034		118,190		126,531
Cost of sales		-34,146		-35,573		-100,708		-105,967
Gross profit		6,821		7,461		17,482		20,564
Distribution costs		-2,111		-1,748		-5,834		-4,429
Administrative expenses		-2,323		-2,062		-7,951		-7,007
Other income		186		145		859		1,175
Other expenses		-251		-37		-646		-164
Operating profit		2,322		3,759		3,910		10,139
Finance income		119		226		258		1,125
Finance costs		-975		-392		-2,285		-1,743
Profit before tax		1,466		3,593		1,883		9,521
Income tax		-152		-695		-278		-1,360
Profit for the period		1,314		2,898		1,605		8,161
Earnings per share
Basic earnings per share (euros)		0.07		0.16		0.09		0.44
Diluted earnings per share (euros)		0.07		0.16		0.09		0.44

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Unaudited
EUR ‘000	Q3	Q3		9M		9M
	2026	2025		2026		2025
Profit for the period	1,314	2,898		1,605		8,161
Other comprehensive income
Items that may be reclassified to profit or loss
Impact of exchange rate changes of foreign subsidiaries	330	-9		735		-376
Items that will not be reclassified to profit or loss
Realized gain on sales of financial assets	0	0		0		385
Revaluation of financial assets	-6	14		-6		8
Total other comprehensive income (-loss) for the period	324	5		729		17
Total comprehensive income	1,638	2,903		2,334		8,178

Priit Treial
CFO and Member of the Management Board

priit.treial@harjuelekter.com
+372 674 7400

Attachment

• HEG interim report Q3 2026