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Sales Revenue

According to the standalone Income Statement, sales revenue for the period January–June 2026 reached MKD 6,870,366,274, representing a 2% increase compared to the same period last year. Total consolidated sales amounted to MKD 10,337,103,798, also up 2% year-on-year.

Sales by Region

Consolidated sales on the domestic market increased by 12% compared to the previous year. As a reliable partner of the national healthcare system, the Company actively participates in providing state-of-the-art therapies for rare and specific diseases through the representation of products from leading global pharmaceutical manufacturers. Although these programs operate with limited profitability, they significantly increase the domestic market’s share of total consolidated sales.

The domestic market accounted for 37% of total consolidated sales, while foreign markets represented 63%. Regional sales distribution was as follows:

• 29% in Southeast European countries;
• 18% in Eastern European countries (Ukraine, CIS countries, etc.);
• 16% in Western European countries (EU and EFTA countries).

The strongest export growth compared to the previous year was recorded in Kazakhstan (sales increased 18-fold), Czech Republic (3.7-fold increase), Switzerland (2.6-fold increase). This was followed by the United Kingdom (+97%), Greece (+54%), Portugal (+51%), and Poland (+31%), among others

Sales by Product Group

The pharmaceutical segment accounted for 92% of total consolidated sales. Within this segment: Antibiotics: 19%, Over-the-counter (OTC) products: 19%, Neurology products: 14%, Cardiovascular products: 12%. The segments of chemical products, cosmetics, and herbal products together account for 8% of consolidated sales (chemical products – 2%, cosmetics – 5%, and herbal products – 1%).

Investments

Total investments in property, plant, and equipment during January–June 2026 amounted to MKD 837.711 million, representing a 69% increase compared to the same period of the previous year. Part of these investments was directed through the affiliated company ALKALOID ENERGETIKA DOOEL toward the construction and development of solar power plants for renewable energy production, with trial operations expected to begin in July 2026.

Operating Results

The individual Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) amounted to MKD 1,786,230,705, representing an increase of approximately 11%, while the individual net profit reached MKD 1,060,420,758, reflecting a 13% increase.

The consolidated Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) amounted to MKD 1,830,326,843, representing an 8% increase, while the consolidated net profit of MKD 890,511,735 increased by 4%.

Employees

During January–June 2026, ALKALOID AD Skopje created 43 new jobs in the Republic of North Macedonia. The average net salary per employee in June 2026 amounted to MKD 67,646. By decision of the Company's Management Board, employees received a vacation allowance of MKD 47,000 net during 2026.

The ALKALOID Group employs a total of 3,030 people, of whom 2,221 are employed in North Macedonia and 809 work in subsidiaries abroad.

Shares

The shares of ALKALOID AD Skopje have been listed on the official market of the Macedonian Stock Exchange since 2002 and remain among the most liquid securities on the market. During January–June 2026, the share price ranged between MKD 24,010.00 and MKD 27,300.00, with an average price of MKD 25,101.49 per share. As of 30 June 2026, the Company had 6,591 shareholders, both individuals and legal entities, and its market capitalization reached MKD 34.64 billion.

On 30 March 2026, the Annual General Meeting approved a gross dividend distribution for 2025 amounting to MKD 1,030.574 million. Dividend payments began in May 2026 at MKD 720 gross (MKD 648 net) per share. The dividend per share for 2025 was 14.3% higher than the dividend paid for 2024.

Business Plan for 2026

The Business Plan for 2026, adopted by the Management Board of ALKALOID AD Skopje on 29 December 2025, envisages investments amounting to approximately 8% of consolidated revenue in tangible and intangible assets, a 7% increase in consolidated sales compared to the actual results achieved in 2025, and a 7% increase in consolidated profit.

The results achieved during the first half of 2026 are in line with the planned dynamics for the implementation of the Business Plan. During the forthcoming period, total sales volumes on both the domestic and international markets are expected to exceed the achievements recorded in the previous year.

The Business Plan has been prepared based on the expectations, forecasts, and opportunities available to the Company in existing and new markets at the time of its adoption. However, actual circumstances and events in 2026 may differ from those considered when preparing the Plan.

 Expectations for the Upcoming Period

The trend of operating in a challenging economic environment continues in 2026. The key challenges remain inflation, higher interest rates, and pressure on consumers’ purchasing power, all of which affect consumption patterns and demand across individual markets.

The Company is exposed to interest rate risk primarily through its short-term and long-term borrowings. However, this risk is continuously monitored and managed through direct negotiations with banks, without significant fluctuations in borrowing costs.

At the same time, global security crises, including the escalation of tensions involving Iran, further complicate the economic environment and reduce predictability. These developments have a noticeable impact on global energy markets, driving higher and more volatile energy prices, creating additional inflationary pressures, supply chain challenges, and risks related to the availability of certain raw materials. Furthermore, the potential escalation of global trade tensions may lead to additional increases in raw material prices and operating costs. The Company closely monitors developments and takes appropriate actions to mitigate these risks.

During 2026, ALKALOID is expected to continue its sustainable growth through investments in new production facilities, equipment, and research and development (R&D) projects, thereby creating a competitive portfolio and new opportunities for market expansion. To support these objectives, the Company will continue creating new jobs both in North Macedonia and international markets, while also investing in employee development, training, and talent growth.