Sopharma Trading Q1’26 unconsolidated revenues added 4.3% YoY to EUR 205.3m, coming 0.6% below our forecast. Profitability, however, weakened materially as gross profit declined by 22% YoY to EUR 12.3m, with the gross margin contracting to 6% from 8% in Q1’25. The decline reflects the absence of the previously distributed portfolio of 68 marketing authorizations acquired by Sopharma, a business line discontinued in Q4’25 and no longer contributing to Sopharma Trading’s profitability. As a result, EBITDA dropped by 31.0% YoY to EUR 7.9m, coming in 15.5% below our expectations. The weaker operating performance translated into the bottom line, with net income falling 38% YoY to EUR 5.3m, undershooting our forecast by 18.1%. Earnings per share stood at EUR 0.15. On the balance sheet, non-cash working capital decreased by EUR 7.1m since the beginning of the year. Interest-bearing debt declined by EUR 4.2m YoY, leading to an improvement in the debt-to-equity ratio to 71.4% from 78.1% at end-2025. During the quarter, the company sold all of its 450k treasury shares and acquired 0.81% stake in Doverie United Holding.