H1 2026
FINANCIAL RESULTS
Sep 11th, 2026
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DISCLAIMER
This document has been prepared by PharmanutraS.p.A. (the “Company”) for use during meetings with investors and financial analyst and is solely for information purposes. It contains solely data and information provided by the Company or already in the public domain. This Document may not be reproduced or distributed, in whole or in part, by any person other than the Company.
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looking statements are subject to significant risks and uncertainties (many of which are outside the control of Pharmanutra) which could cause a material difference between forward-looking information and actual future results. The Company does not make any guarantee that subsequent tothe date of the document,there will not be any changes to the activities and/or earnings situation of the Company.
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Projections are inherently subject to substantial and numerous uncertainties and to a wide variety of significant business, economic and competitive risks, and the assumptions underlying the projections may be inaccurate in any material respect.
Therefore, the actual results achieved may vary significantly from the forecasts, and the variations may be material.
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H1 2026 HIGHLIGHTS
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H1 2026 HIGHLIGHTS
•International development continued through the first launch of Sidevit® B12 abroad and the launchofproductsfromthe SiderAL®line inKorea,BulgariaandFinland.
•Distributionagreementsigned tomarketSucrosomial®Ironproductsin FranceandSwitzerland.
•2newpatentapplications and7newtrademarkregistrationapplications werealsofiled.
•Entry into the Euronext Tech Leaders segment, a prestigious recognition of the company’s scientificvocationandcapacitytodevelopcutting-edgetechnologiesinthenutraceuticalbusiness.
•Achievement of ISO13485 certification for quality management system in the medical devices sector;AEOF (Authorised Export Operator – Full) qualification; U.S. Food and Drug Administration(FDA) registration.
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H1 2026 HIGHLIGHTS
+ 17.9%
+6.2%
+8.2%
-2.9MNET REVENUES € 73 M
(€ 61.8M IN H12025)
€9.9M NET RESULT
(13.6% ON NET REVENUES)EBITDA € 17.5 M
(€ 16.4 M IN H1 2025)24%EBITDAmarginonnetrevenues 30%excludingNewBusinessUnitsNet Sales Revenues: organic increase compared to
H12025:
+9.3%onItalianmarket
+34.8%onforeignmarkets
NetResult€9.9M(€9.1MinH12025).
EPSof€1.04(€0.96inH12025)
The decrease of NFP is mainly attributable to dividend distribution(Euro-11.5million)NFP -2.9M EURO
(11.4M OF NET CASH AT 12/31/25)
FINANCIAL RESULTS
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NET REVENUES
Net revenues at 30.06.2026 accounted for € 73 million , recording 18% increase comparedtothepreviousyear.
Revenues from foreign markets recorded a growth of 35.3% while revenues from domestic market increased by 9.5% despite a challenging environment.
Akern’snet revenues accounted for € 3.9 million (+7.2%), representing about5.4%ofthetotalnetrevenuesoftheGroup.
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CONTRIBUTION FROM NEW BUSINESS UNITS
New BU contribution €/1000 2026 2025 Δ Δ % 2026 2025 Italy AS IS Revenues 43.850 40.332 3.518 8,7% 60,1% 65,2% Italy New Bu Revenues 913 638 275 43,0% 1,3% 1,0% Domestic Market revenues 44.763 40.970 2.548 6,2% 60,7% 65,5% ROW AS IS Revenues 24.152 19.095 5.057 26,5% 33,1% 30,9% ROW New BU Revenues 4.040 1.812 2.228 123,0% 5,5% 2,9% Foreign markets revenues 28.192 20.907 7.285 34,8% 38,6% 33,8% Total AS IS Revenues 68.002 59.427 8.575 14,4% 93,2% 96,0% Total New BU Revenues 4.953 2.450 2.503 102,2% 6,8% 4,0% Total Revenues 72.955 61.877 11.078 17,9% 100% 100%Incidence
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NET REVENUES BY TRADEMARK AND AREA OF BUSINESS
ForeignMarketsF.P.:
Sideral® brandedproductsaccountforabout93.7%ofsalesonforeignmarkets(92.8%in2025).
Cetilar®brandedproductsaccountforabout3.5%ofsalesonforeignmarkets(2.5%in2025).
Apportal® brandedproductsaccountforabout0.8%ofsalesonforeignmarkets.Revenues breakdown by Trademark and Area of Business €/000 2026 2025 Δ% 2026 2025 Sideral 49.706 41.567 19,6% 68,1% 67,2% Cetilar 6.485 5.483 18,3% 8,9% 8,9% Apportal 6.699 5.933 12,9% 9,2% 9,6% Sidevit B12 1.807 1.078 67,6% 2,5% 1,7% Ultramag 797 1.148 -30,6% 1,1% 1,9% Other 1.970 1.518 29,8% 2,7% 2,5% Medical Instruments 3.933 3.670 7,2% 5,4% 5,9% Raw Materials and Semif. P. 1.558 1.480 5,3% 2,1% 2,4% Total 72.955 61.877 17,9% 100% 100%Incidence %
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PROFIT AND LOSS
Revenues from new BU amounts approximately to €5M (+2.5M€), representing 6.8% of
totalrevenues.REVENUES
The increase in operating expenses compared to 2025 is physiologically driven by higher revenuesandbythemarketingexpensestosustainnewBUgrowth.OPERATING EXPENSESPHN GROUP PROFIT AND LOSS (€/000) 30/06/2026 30/06/2025
A) REVENUES 74.281 63.096
Net Revenues 72.955 61.877 Other revenues 1.326 1.219
B) OPERATING EXPENSES 56.800 46.634
Cost of goods sold and logistics 16.335 12.110 SG&A expenses 34.468 29.114 Personnel expenses 5.203 4.447 Other operating expenses 794 963
(A-B) EBITDA 17.481 16.462
EBITDA Margin on Net Revenues 24,0% 26,6% C) Amort., depr. and write offs 2.197 2.034
(A-B-C) EBIT 15.284 14.428
D) NET FINANCIAL INCOME/(EXPENSES) (81) (7)
Financial income 475 608 Financial expenses (556) (615)
(A-B-C+D) EBT 15.203 14.421
Current taxes (5.303) (5.269)
NET RESULT 9.900 9.152
Net Result attr. to non-controlling interests (27) (33)
NET RESULT ATTR. TO THE GROUP 9.927 9.185
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RECLASSIFIED CONSOLIDATED BALANCE SHEET
The change in Operating Working Capital is a consequence of the timing dynamics of collectionsandpaymentsandproductionplanningpolicies.OPERATING WORKING CAPITAL Net financial position decreased by 14.3M € due to dividend distribution and investmentsincapex.NET FINANCIAL POSITIONThe changes in the items Other Receivables and Other Payables are respectively due to the accounting of deferrals related to costs whose competence extends beyond June30,2026,andtherecognitionoftaxesontheperiod'sresult.OTHER RECEIVABLES AND PAYABLESAmounts in €/000 30/06/2026 31/12/2025 ∆ 2026 vs 2025 Trade receivables 34.882 24.762 10.120 Inventories 9.370 8.852 518 Trade Payables (22.158) (19.883) (2.275) Operating Working Capital 22.094 13.731 8.363 Other receivables 10.039 8.673 1.366 Other Payables (7.031) (6.086) (945) Net Working Capital 25.102 16.318 8.784 Intangible assets 24.767 24.475 292 Tangible assets 24.302 24.132 170 Financial assets 2.125 2.381 (256) Total Fixed Assets 51.194 50.988 206 Provisions and other L/T liabilities (3.828) (7.509) 3.681
NET INVESTED CAPITAL 72.468 59.797 12.671
Net Equity 69.528 71.241 (1.713) Non current financial liabilities 13.637 15.450 (1.813) Current financial liabilities 4.720 5.064 (344) Non current financial assets (280) (1.344) 1.064 Current financial assets (7.912) (12.039) 4.127 Cash and cash equivalents (7.225) (18.575) 11.350 Net Financial Position 2.940 (11.444) 14.384 TOTAL SOURCES 72.468 59.797 12.671 Thechangeisattributabletothepaymentofvariableremunerationandtheseverance indemnities(TFM)duetodirectors.PROVISION AND OTHER LONG TERM LIABILITIES
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CONSOLIDATED CASH FLOW
Cashfromfinancingactivitiesisinfluencedbydividenddistribution(Euro-11.5M).CASH FROM FINANCING ACTIVITIESChanges in operating working capital are driven by collection and payment policies for commercialreceivablesandpayables.
Changes in other assets/liabilities are mainly due to the recognition of the tax liability relatedtotheprofitoftheperiod.CASH FROM OPERATING ACTIVITIES Capex are referred to R&D projects in progress, software implementations and other operatingCapex.CASH FROM INVESTING ACTIVITIESCash Flow (€/000) 30/06/2026 30/06/2025 Group Net Result 9.927 9.185
NON MONETARY EXPENSES
Amortization, depreciation and w.o. 2.197 2.034 Accrual for employees benefits 571 565 Net result attributable to non-controlling interests (27) (33)
CHANGES IN OPERATING ASSETS AND LIABILITIES
Changes in operating working capital (8.581) (5.596) Changes in other assets/liabilities (4.915) (6.489)
CASH FROM OPERATING ACTIVITIES (828) (334)
Capex (2.198) (1.429) Net Financial Investments 0 0 Changes in other non current assets 1.319 602
CASH FROM INVESTING ACTIVITIES (879) (827)
Dividend paid (11.490) (9.591) Treasury shares purchases 0 (604) Changes in financial liabilities (2.157) (2.145) Changes in financial assets 4.127 6.875 Other changes (123) 92
CASH FROM FINANCING ACTIVITIES (9.643) (5.373)
CHANGES IN LIQUIDITY (11.350) (6.534)
Cash and cash equivalents at the beginning of the period 18.575 15.494 Cash and cash equivalents at the end of the period 7.225 8.960
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NET FINANCIAL POSITION
The Net Financial Position as at 30 June 2026 is negative by Euro -2.9 million, compared to Euro 11.4 million as at 31 December 2025. The decrease is due to dividend distribution (Euro -11.5 million) and to
investmentsincapex(aboutEuro-2.3 million).NFP
MARKETS
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UN YTD Jun
Jan Feb Mar Apr May Jun
YTD Jun YTD JunUNSELL OUT CONTINUED GROWTH ACROSS ALLCHANNELS
+11%
Total Pharmanutra product portfolio, includingmedicaldevicesand drugsand excludingCetilar® Nutritionline.
Source: Sell Out Units New line 5 Channels
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FOOD SUPPLEMENT MARKET VS PHARMANUTRA ACROSS ALLCHANNELS
MARKET PHARMANUTRA
Source: New Line 5 Channels
17 Food SupplementsIron Market and SiderAL® Market Share
+9,8%
+12,3%∆ Units Mkt
∆ Units SiderAL ®ForteIRON SUPPLEMENTS: SIDERAL® MARKET SHARE IN ITALY ACROSS ALLCHANNELS
SiderlAL® Medand SiderAL® Mamma notincluded. Source: New Line 5 Channels
18 Total Market and % Cetilar® Market Share
-0,9%
+7,2%∆ Units Mkt
∆ Units CetilarCremaANTI-INFLAMMATORY TOPICAL CREAMS:
CETILAR® MARKET SHARE IN ITALY ACROSS ALLCHANNELS
Total Cetilar ®Line excludingCetilar ® Oro. Source: New Line 5 Channels
19 Tonic Market and % Apportal® Market ShareMln
+0,02%
+9,1%∆ Units Mkt
∆ Units Apportal ®TONICS: APPORTAL® MARKET SHARE IN ITALY ACROSS ALLCHANNELS
Total Apportal ®Line. Source: New Line 5 Channels
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SIDEVIT® B12: MARKET SHARE IN ITALY ACROSS ALLCHANNELS
+2,5%
+116%∆ Units Mkt ∆ Units SidevitB12 Source: New Line 5 Channels
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THE EXTENSIVE PHARMANUTRA FOOTPRINT WORLDWIDE
PHARMANUTRA
ESPANAITALY
PHARMANUTRA
S.p.A.CHINA
CROSS BORDER
E-COMMERCE
In addition to directsubsidiaries, Pharmanutra operatesin 81 countries with 53 partners , carefullyselectedamongthe best international pharmaceutical and nutraceutical companies.
PHARMANUTRA
U.S. Corp .
OUTLOOK 2026
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SIGNIFICANT EVENTS AFTER 30 JUNE 2026
•Entry into the Intermonte Valore Italia Index , part of Banca Generali’s “PMI2Change” innovative projecttosupportthegrowthandenhancethevalueoflistedItalianSMEs (beginningofJuly).
•Productlaunchin FranceandSwitzerland ,throughthepartnershipwithPileje.
•Launchof 3newSucrosomial® Iron productsin US(beginningofSeptember) .
•LaunchofSiderAL®Forteon Fullscript, aUSpractitionerplatformthatallowsphysiciansandother healthcare professionals to recommend and dispense health and nutritional products directly to patients.AdditionalSKUswillbeadded.
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OUTLOOK 2026
•Newproducts tobelaunched ontheItalianmarket soon.
•In Q4,expansion of product range in existing markets and product launches in new internationalmarkets.
•Expected revenuegrowthfromthe“ASIS”business bothintheItalianandforeignmarkets.
•Significant increaseinNewBusinessUnitrevenues drivenbyUSAandChina.
•Ebitdamarginimprovement ,althoughstillinfluencedbymarketinginvestmentstosupportthe
NewBusinessUnits.
•Expected strongcashgeneration fromoperatingactivities.