Stable foundations for new opportunities and shared growth

The double-digit growth trend continued in the core pharmaceutical segment. JGL Pharma recorded total revenue of EUR 263 million, 23 per cent higher than the previous year. Profit before tax increased by 65 per cent to EUR 45 million. At the same time, profitability strengthened significantly – EBITDA rose by almost 35 per cent to a record EUR 57 million, with an EBITDA margin of 23 per cent.

The published results, confirming sustained double-digit growth over the past four years, further reinforce the financial stability of JGL Group and create scope for new investments, as well as for strengthening its presence in key markets. A similar positive trend was recorded by associated companies Adrialab d.o.o. and by the pharmacy business operated through Ljekarna Pablo, further demonstrating the resilience the Group’s business system.

"The results achieved confirm the soundness of our long-term strategy of therapeutic and technological focus, aimed at sustainable growth, the development of our own brands, and continuous investment in innovation, manufacturing capacities and people. We are particularly pleased that growth is being generated across all key markets and within all core business segments. This provides a stable foundation for further progress – both in strengthening our international presence and in the development of products and therapeutic solutions," said Eva Usmiani Capobianco, President of the Board of Directors, adding that the Board of Directors is especially proud that, thanks to these results, the Company continues to enhance both the material and non-material conditions of its employees.

In 2025, JGL continued to invest strongly in people – through salary and benefits growth, new reward models, ongoing recruitment and the development of competencies. Once again, the maximum non-taxable amounts prescribed in the Republic of Croatia for bonuses and occasional payments were paid, totalling EUR 1,900.00 per employee.

At the same time, JGL strengthened our organisational culture through a project focused on the implementation and measurement of core values, and launched an Education Centre to enable both new and existing employees to develop more quickly and achieve even greater operational excellence.

Over the 12-month period, a total of EUR 15 million was invested in development projects, and more than 67 million units of finished products were manufactured, representing a 12 per cent increase compared with the previous year. In terms of the structure of key therapeutic areas, dermatology accounts for the largest share of sales at 33 per cent, followed by flu and cold products with a 32 per cent share, and ophthalmology with an 18 per cent share.

Aknekutan, the leader in dermatology, generated net sales of EUR 62 million, representing a 35 per cent increase compared with the previous year. Aqua Maris, a natural line of products for respiratory tract hygiene, maintained its leading position within the Company’s OTC portfolio with net sales of EUR 53 million and a 17 per cent increase in sales. Vizol S (+39 per cent) and Dramina (+17 per cent) also delivered excellent results, while Meralys HA achieved double-digit growth on the Croatian market and further consolidated its position as the leading brand in the nasal decongestants category, with a 39 per cent market share.

It is also worth highlighting that the associated company Adrialab d.o.o. expanded its portfolio and strengthened its market position in pharmacies by acquiring exclusive distribution rights for the Polar Ice brand. At the same time, Medicuspharma was integrated into JGL Group, further diversifying the sales portfolio. The acquisition of the Ljekarne Novalja Healthcare Institution additionally reinforced the retail network and the Group’s presence on the domestic market.

On international markets, 71 new marketing authorisations were obtained through registration procedures, confirming the continuity of regulatory and market expansion and JGL’s strong export orientation.

"Our achievements are the result of the dedication, expertise, and teamwork of our employees, who demonstrate high standards of excellence every day. I would like to thank each of our employees, as well as our partners, suppliers and other stakeholders, for their trust and cooperation. Support and long-term partnership are essential to the continued growth, development and success of JGL Group. Looking ahead, we remain steadfast in implementing our strategy of sustainable and responsible growth. We will continue to invest in innovation, the development of our own brands, manufacturing capacities and our people, guided by a clear commitment to quality, integrity and long-term value creation," concluded Usmiani Capobianco.

Effective debt management and JGL’s stable performance resulted in a reduction of the net debt to EBITDA ratio to 1x in 2025, further strengthening financial stability and creating new investment potential.

The Company has announced that preparations are currently under way for a new investment cycle entitled NEBO (New Era of Boundless Opportunities), which includes a greenfield investment in new manufacturing capacities and a modern working environment, laying the foundations for long-term growth and enhanced competitiveness on global markets.