Chiesi closed 2025 with a positive Net Financial Position (cash minus financial liabilities including leasing) of €729 million, improving by €194 million versus 2024, reconfirming the Group’s capacity to self‑finance its investment strategy. The Group’s three therapeutic areas – Respiratory (Air), Rare Diseases (Rare), and Specialty Care (Care) – all contributed well to the year’s sales. A strong performance in the Global Rare Disease business unit saw sales increase to €906 million, +22.3% at CER, representing 50% of total Group growth across the U.S., Europe and international markets.

The Air franchise sales reached €1.886 billion, up 3.9% at CER, driven by an impressive growth of Chiesi triple inhaled therapy (15.8%) which more than compensated for continued generic competition on legacy products. Finally, the Care franchise revenues totaled €904 million, growing double digits (+13.3% at CER) across key markets. Driven by three years of accelerated internationalization, the Group continued to expand its global footprint with strong geographic momentum.

The U.S. remained the fastest growing region (+23.5% at actual rates; +28.9% at CER). China & International and Emerging Markets also achieved double-digit growth. The EU midsize countries grew by 9.8%, while EU Top5 markets remained broadly stable (-0,6% at CER) within a mature landscape.

Leadership transition opens the next phase of the Company’s journey Chiesi today also announced a leadership transition, as Giuseppe Accogli, following a three-year tenure with solid results, will leave the company on 15 May 2026 to pursue another opportunity. To ensure continuity, and maintain momentum, Chiesi’s Group CFO Jean-Marc Bellemin will be appointed Interim Group CEO (while also retaining his current role), with the full support of the Group Executive Leadership Team and the Board of Directors. The search process to identify the right candidate for the next phase of the Group’s journey is already underway.

With a strong foundation in place, Chiesi remains firmly committed to executing its patient-centric strategy, intensifying its focus on advancing innovation and R&D, and delivering long-term sustainable value. Alessandro Chiesi, Chiesi Group Chairman, commented: “Giuseppe Accogli has played a meaningful role in strengthening the organization and supporting its development over recent years, in particular across business performance and cultural evolution. On behalf of the Board and personally, I thank him warmly for his contributions.

We also thank Jean-Marc Bellemin for taking on the interim role and ensuring a smooth transition. Chiesi has deep and strong foundations, a clear strategy, and a talented leadership team. Thanks to the passionate work of all our people, we are well positioned to maintain continuity and progress, while staying focused on meeting patients’ needs, supporting our people and advancing our innovation and sustainability objectives”.

Giuseppe Accogli commented: “I feel great pride in closing out 2025 as a year of strong and resilient performance for Chiesi, and overall three years of remarkable progress, including double-digit revenue growth over the period, and eight partnerships to develop innovative products. Our diversified portfolio, global footprint and long‑term sustainability commitments, together with our expanded industrial capacity and supply chain resilience are a legacy I am proud to have reinforced. I know they set the company up for continued success.

I want to thank warmly all our colleagues, as truly people and culture are what makes Chiesi the unique company it is and made my time here very special.” Strong financial position supports innovation and long-term value for patients, communities and the planet The company invested €885 million in R&D, equivalent to 24.4% of revenues, the highest level in the Group’s history and reflective of strategic focus on respiratory, neonatology and rare disease innovation. During 2025, Chiesi expanded its rare disease innovation platform through three strategic partnerships strengthening both near-term pipeline and long-term technology capabilities and reinforcing Chiesi’s position in high unmet-need areas: with Key2Brain to advance the development of two blood-brain barrier (BBB)-crossing recombinant enzyme replacement therapies (ERT) for lysosomal storage disorders (LSD); with Arbor Biotechnologies to develop a clinical-stage gene-editing program and access to broader platform capabilities; and with Aliada Therapeutics to advance BBB-crossing platform technology in LSD. In 2025, Chiesi achieved its third B Corp certification, with a verified