1Sofar S.p.A. consolidated since 1 June 2026 2Adjusted EBITDA is calculated net of non -recurring items recorded in the period.
3EBITDA refers to operating result (EBIT) before deducting depreciation, amortisation, and impairment losses.
The Board of Directors of Fine Foods & Pharmaceuticals N.T.M. S.p.A. reviewed and approved the 30 June 2026 Half -Year Financial Report today.
Resilient H1 2026 performance:
BU Pharma +12%
Growth in the pharmaceutical segment is supported by the new Brembate manufacturing site becoming fully operational and the recent acquisition of Sofar . This goes alongside improved performance in the Nutra Business Unit during the second quarter. Strategic transition strengthens the Group’s diversification with a view to its long -term objectives.
Highlights
• H1 2026 closed with consolidated revenue1 of €124.8 million, slightly down ( -3.1%) compared to H1 2025. Performance gradually recovered in the second quarter, with a more balanced turnover mix shifted towards the Pharma business unit, which recorded double -digit growth.
• Pro forma consolidated revenue and Adjusted EBITDA , calculated as if Sofar S.p.A. had been consolidated from 1 January 2026, were €138.6 million and €17.9 million, respectively.
• The Pharma BU recorded revenue of €46.6 million, +12.0% (up on a like -for-like basis: +5.7% ),, representing 37.4% of consolidated revenue (32.3% in H1 2025). Growth was driven by the Brembate site expansion becoming operational and the first -time consolidation of Sofar.
• Adjusted EBITDA .2 for H1 2026 amounted to €15.2 million, compared to €21.6 million in H1 2025, with the Adjusted EBITDA Margin declining to 12.2% (from 16.8% in H1 2025). The decrease reflects start -up costs associated with the new production capacity at Brembate, which are expected to be gradually offset as volumes increase. EBITDA3 was €14.5 million (€20.3 million in H1 2025), with an EBITDA Margin of 11.6% (15.8% in the corresponding period of 2025).
• Adjusted EBIT in H1 2026 was €5.1 million, compared to €13.8 million in H1 2025, following higher depreciation and amortisation costs linked to the new Brembate plant becoming fully operational and subject to the full tax rate. EBIT was €0.5 million, due to the non -recurring, non -cash impairment charge relating to the Cosmetics Business Unit (€4 million).
• Adjusted Result for the Period in H1 2026 was €2.1 million compared to €9.7 million in H1 2025.
Result for the Period was -€2.4 million (compared to €8.8 million in the same period of 2025) and is attributable to non -recurring and non -cash items.
• The Group's Net Financial Position as of 30 June 2026 was €98 million, compared to €47.9 million as of 31 December 2025. The increase mainly reflected expenditure of more than €41 million on the acquisition of Sofar and capital expenditure. The Group remained in compliance with its financi al covenants and had total liquidity of €36.3 million.
• Operating cash flow rose to €7.7 million (€7.1 million in H1 2025).
• The acquisition of 100% of Sofar S.p.A. was finalised, accompanied by a multi -year production agreement (r -MSA) with Alfasigma, and new loans totalling €50.0 million were secured to support the three -year investment plan.
***
2 Verdellino (Bergamo, Italy), 08 September 2026 - The Board of Directors of Fine Foods & Pharmaceuticals N.T.M. S.p.A. (ticker: FF), a Contract Solutions Development & Manufacturing Organization (CSDMO), specialising in the contract development and manufacturing of products for the nutraceutical, pharm aceutical, and cosmetics industries, approved its 30 June 2026 Half -Year Financial Report today.
H1 2026 showed Consolidated Revenues of €124.8 million, slightly down ( -3.1%) compared to €128.7 million in H1 2025. The performance in H1 2026 reflected a more balanced turnover mix, driven by the Pharma BU.
Fine Foods & Pharmaceuticals N.T.M. S.p.A. Managing Director Pietro Oriani said: “The first -half results confirm the Group’s solidity and the effectiveness of its transformation process, while highlighting the continued growth of the Pharma Business Unit, now close in size to the Nutra Business Unit. The Pharma division is benefiting f rom the Brembate plant expansion, which has increased the production capacity while supporting strategic specialisation across sites and more efficient production -line optimisation. This was further strengthened by the acquisition of Sofar S.p.A. from Alfasigma S.p.A., a key step in expanding the Group’s product range to include liquid and semi -solid formulations. After a weak first quarter, the Nutra Business Unit recovered in the second quarter, continuing its focus on innovation and the development of targete d customer solutions. The Cosmetics Business Unit continues to strengthen its industrial and commercial capabilities, although the full benefits of this transformation will take time to be reflected in the results. The first half of the year marks another step in the Group’s evolution: greater diversification and a stronger industrial platform are enhancing our resilience and improving our positioning to support long -term growth.” Among the three segments, the Pharma Business Unit , including Sofar, was the strongest performer, with steady growth and first -half revenue of €46.6 million, up 12%, representing 37.4% of consolidated revenue. The growth reflected the structural stability of the regulated market, the optimisation of produ ction in the existing sites, the commissioning of the new Brembate plant and the operational integration of Sofar S.p.A.’s Trezzano Rosa site, which results were consolidated effective as of 1 June
2026
The Nutra Business Unit generated revenue of €63.6 million, accounting for 51% of consolidated revenue. After declining by 17.9% in Q1 2026 against a particularly strong comparative period, performance improved in Q2, with the decline narrowing to 3.5%. For H1 2026, Nutra revenue was down to -10.9% compared to H1 2025 (−€7.8 million). Within the Nutra Business Unit, the innovative segment continued to grow, while weakness remained concentrated in weight -management categories, in line with market dynamics reflecting the adoption of GLP-1-based therapies and destocking across the supply chain.
The Cosmetics Business Unit , accounting for 11.6% of total revenue, showed contrasting trends between the first two quarters: a first quarter of growth (9.2%) compared to H1 2025 was followed by a second quarter of decline ( -17.9%), bringing the half -year figure to -7.2% at €14.5 mi llion. This performance was mainly affected by a major customer’s insourcing and by the phasing on selected development projects. This trend confirms the strategy’s ability to broaden the product portfolio and increase the share of proprietary formulations .
The Group’s diversification across its three increasingly integrated and complementary business units is one of Fine Foods’ key strengths. This model enables the Group to balance differing dynamics across its target markets, supporting its growth and stren gthening resilience over the medium to long term.
Industrial Added Value (IAV) , which is the difference between revenue and costs related to raw material consumption, changes in inventories of finished goods, and work in progress, is an indicator of the Group’s performance, and was €58.5 million, representing 46.9% of revenue (46% i n H1 2025).
3 During H1 2026, the Group incurred non-recurring expenses with a total EBITDA impact of €0.7 million, almost half the €1.3 million recorded in H1 2025, and are mainly attributable to consultancy costs for strategic development (€359,000) and the top -up of the provision for risks relating to salary adjustments (€176,000).
The decline in revenue, mainly due to the downturn in the nutraceutical segment, has reduced the offsetting of fixed overheads, which were further impacted by costs associated with the new Brembate site start -up. These are expected to be gradually offset as volumes increase under the existing multi -
year agreements. The Sofar S.p.A. integration benefits are not materially effecting margins yet. The Group’s Adjusted EBITDA was €15.2 million, with an Adjusted EBITDA Margin of 12.2% (16.8% in H1 2025).
EBITDA was €14.5 million, compared to €20.3 million in H1 2025, with EBITDA Margin declining to 11.6% from 15.8%.
Adjusted EBIT was €5.1 million in H1 2026, compared to €13.8 million in H1 2025. The decrease reflected higher depreciation and amortisation associated with the new Brembate plant, subject to the full tax rate, whose authorised and operational capacity supports the exp ected growth of the Pharma Business Unit. EBIT was €0.5 million in H1 2026, after a non -recurring, non -cash impairment charge of €4.0 million on Fine Cosmetics goodwill, recorded following a prudential impairment test update.
Adjusted Income Before Taxes for H1 2026 was €3.6 million (€12.6 million in H1 2025) and Income Before Taxes was -€1.1 million (€11.3 million in H1 2025).
Adjusted Result for the period for H1 2026 was €2.1 million (€9.7 million in H1 2025). The Group reported a loss of €2.4 million for H1 2026, compared to a profit of €8.8 million in H1 2025. The 2026 result reflected the non -recurring items described above, primarily the impairment charge, which ha d no impact on cash generation.
The industrial platform continued to expand, with Tangible Fixed Assets increasing by approximately €15.6 million in H1 2026. Net investments comprised €13.0 million in the Nutra and Pharma Business Units and €0.5 million in the Cosmetics Business Unit. During H1 2026, extraordinary investments on the Brembate plant expansion totalled €6.0 million. The acquisition of Sofar S.p.A. added €11.3 million to the fixed assets (net investments in June 2026 of €180,000 and depreciation of €127,000).
Depreciation of tangible fixed assets for the period totalled approximately €9.3 million.
Intangible Fixed Assets and Rights of Use increased by €1.2 million as of 30 June 2026, following the recognition of goodwill arising from the consolidation of Sofar S.p.A. (€4.7 million), new net investments (€0.9 million) and a €0.3 million contribution from Sofar , offset by the €4 million Fine Cosmetics goodwill impairment and depreciation and amortisation (€0.7 million).
Working Capital as of 30 June 2026 was €40.3 million, compared to €24.4 million as of 31 December 2025, while Net Trade Working Capital was €51.2 million, compared to €35.2 million. Approximately two-thirds of the increase reflected the inclusion of Sofar in the scope of consolidation (€10.6 million), with the remainder mainly attributable to higher Group trade receivables.
Shareholders' Equity as of 30 June 2026 was €116 million (€134.2 million as of 31 December 2025).
As of 30 June 2026, the Group’s Net Financial Position stood at €98 million, compared to €47.9 million as of 31 December 2025. The increase reflected more than €41.0 million invested to support growth, comprising €27 million for the acquisition of Sofar , including €0.5 million as the best estimate of deferred consideration, and €14.6 million in net industrial investment. Additional outflows of €15.7 million comprised dividends of €3.7 million and share buybacks of €12.0 million. Operations generated a positive cash flow of €11.0 million before capital expenditure, up from €9.5 million in H1 2025.
Financial charges resulted in a further cash outflow of €1.5 million, while other cash flows, including taxes, represented €2.3 million.
4
SIGNIFICANT EVENTS DURING THE PERIOD
On April 17, 2026, Fine Foods announced that it had signed a binding agreement with Alfasigma S.p.A., a pharmaceutical company headquartered in Italy with more than 75 years of experience, to acquire all of the share capital of Sofar S.p.A., an Alfasigma s ubsidiary with a manufacturing facility in Trezzano Rosa (Milano).
On 22 April 2026, Fine Foods informed the Presidency of the Council of Ministers of the acquisition as required by Decree Law 21 of 15 March 2012, as converted with amendments by Law No. 56 of 11 May 2012, as amended, (“Golden Power” regulation).
On 12 June 2026, the company announced the successful acquisition of 100% of Sofar S.p.A.'s share capital. The Group signed a long -term contract manufacturing agreement (r -MSA) with Alfasigma S.p.A., ensuring operational and production continuity at the Tr ezzano Rosa site.
On 11 June 2026 and 25 June 2026, the Parent Company Fine Foods signed two new medium - to long -
term loan agreements to support the investment plan for the next three years: one with BNL for €3.00 million, with due date in 2031, and one with Intesa San Paol o S.p.A. for €20.0 million, with due date in 2030.
EVENTS FOLLOWING THE END OF THE PERIOD
On 1 July 2026, Fine Foods was selected among the 100 Borsa Italiana -listed companies included in the Intermonte Valore Italia Index , which is for SMEs with a market capitalisation of less than €1 billion and outside the FTSE MIB.
BUSINESS OUTLOOK
The Group’s target markets show favourable growth prospects over the medium to long term, in Europe and globally.
Meanwhile, the main players in the Health & Beauty sector are increasingly outsourcing, opting for integrated partners to develop and manufacture nutraceutical, pharmaceutical, and cosmetics solutions. This shift supports asset -light business models that emphasise advanced research and brand management.
Fine Foods & Pharmaceuticals N.T.M. S.p.A. aims to strengthen its competitive position by expanding its market share across its three core business units —Nutra, Pharma, and Cosmetics —enhancing their synergies.
The Group recently announced the completion of the acquisition of all shares in Sofar S.p.A. from Alfasigma S.p.A., and Sofar's results were consolidated effective as of 1 June 2026. The Group is actively exploring further inorganic growth opportunities to enhance the variety of its products, including different pharmaceutical and galenic forms and packaging options.
The Pharma BU , which grew rapidly in H1 2026, will focus on managing higher volumes through multi -
year agreements with top international customers. The Group will keep focusing on output optimisation at current sites and integrating Sofar S.p.A.’s Trezzano Rosa site. P roduction at the expanded Brembate facility is underway, and its output is expected to steadily contribute to revenue growth throughout 2026.
Despite challenges, the Nutra BU is advancing its development, prioritising quality, innovation, and value -added services. Performance for the current financial year is expected to be mixed: the innovative segment is forecast to grow, while weight management product volumes remain weak, affected by lower consumption, linked to the growing uptake of GLP -1-based therapies, and supply
5 chain destocking. Quantifying the full scope of these effects presents challenges due to broader macroeconomic conditions. New commercial partnerships are expected to support the Nutra BU. The Group confirms its plan to boost the Nutra BU’s production capa city and develop new forms and technologies. This strategy is intended to enhance its competitiveness and support growth over the medium to long term.
The Cosmetics BU has completed a phase of integration, reorganisation and optimisation, supported by targeted investments, a new formulation research laboratory and a strengthened management structure, and is entering a phase of evolution and diversification. However, the financial benefits of this industrial and commercial transformation are expected to take longer to impact the financial results. Fine Cosmetics is focused on innovation and strategic partnerships in the international beauty and personal care market to inc rease its contribution to the Group’s growth.
Fine Foods’ diversified three -segment model remains a key strength; however, limited visibility in certain key markets supports a cautious outlook for the second half of the financial year.
Although the Group’s business model is naturally subject to quarterly volatility, the order book, signed multi -year agreements and development pipeline provide good visibility on business trends and underpin management’s confidence in sustainable medium - to long -term profit growth.
The Fine Foods Group, which obtained its EcoVadis Platinum rating for the fourth consecutive year in 2025, will continue its commitment to sustainability, strengthening its role as a reference partner for its customers, and provide solutions that are incre asingly aligned with the growing ESG market expectations.
OTHER RESOLUTIONS
During the same meeting, the Fine Foods & Pharmaceuticals N.T.M. S.p.A. Board of Directors appointed former board member Giovanni Eigenmann as Chief Financial and Information Officer.
*** Under Art. 154 -bis, paragraph 2 of the Consolidated Law on Financial Intermediation (TUF - Testo Unico della Finanza), the Manager responsible for preparing the corporate financial reports, Pietro Bassani, declared that the accounting information contained in this press release corresponds to the document results, accounting books and records. The 30 June 2026 H alf-
Year Financial Report was prepared under IAS/IFRS, issued by the IASB (International Accounting Standards Board).
This press release is available on the website www.finefoods.it, in the Investor Relations/Press Releases section. The presentation of the 30 June 2026 results, approved today by the Board of Directors, is available at www.finefoods.it (Investor relations/Presentations section). The Interim Financial Report as of 30 June 2026 will be made available within regulatory and legal deadlines on the 1Info authorised storage system ( www.1Info.it ) managed by Computershare S.p.A., on the website www.finefoods.it (Investor relations/Financial Reports section) and at the Company's registered office.
***
Attachments:
1. Interim consolidated income statement 2. Interim consolidated comprehensive income statement 3. Interim consolidated statement of financial position 4. Interim consolidated cash flow statement 5. Interim consolidated Shareholders' equity changes
***
6 Fine Foods & Pharmaceuticals N.T.M. S.p.A., listed on Borsa Italiana’s Euronext STAR Milan (Ticker: FF) is an Italian independent Contract Solutions Development & Manufacturing Organization (CSDMO) specialising in the contract development and manufacturing of products for the nutraceutical, pharmaceutical and cosmetics indus tries, with a customer -centric, service -oriented philosophy. Founded in 1984, Fine Foods proved to be a reliable and capable strategic partner for customers in the reference sectors. The company’s organization can provide successful design process and solid, long -term p artnerships. The continuous search for excellence is part of the company’s business model and includes research and development, innovation, process reliability, product quality, ESG, and sustainable management of the Group's supply chain. Fine Foods is a benefit corporation which relies on certifications and ratings under international standards. These guarantee its sustainability commitment across the business. Fine Foods is a growing and future -oriented company.
*** For further information:
Fine Foods & Pharmaceuticals N.T.M. S.p.A.
Tel +39 035 4821382 Investor Relations: ir@finefoods.it Media Relations: media.relations@finefoods.it
7
1. Interim consolidated income statement
Half-year as of 30 June 2026 Half-year as of 30 June 2025
Revenue and income Revenue from contracts with customers 124,792,814 128,730,041 Other revenue and income 594,925 628,698 Total revenue 125,387,738 129,358,739
Operating costs
Costs for consumption of raw materials, change in inventories of finished goods and work in progress. 66,262,074 69,490,382 Personnel costs 28,733,474 26,671,033 Costs for services 14,711,693 12,433,164 Other operating costs 1,170,246 465,536 Amortisation, depreciation, and impairment losses 14,049,030 7,795,164 Total operating costs 124,926,517 116,855,279 Operating result 461,222 12,503,460
Changes in fair value of financial assets and liabilities - -
Financial income 22,978 155,677 Financial charges (1,545,459) (1,343,331) Income before taxes (1,061,259) 11,315,806 Income taxes 1,318,925 2,560,614 Profit/(loss) for the financial year (2,380,184) 8,755,192
2. Interim consolidated comprehensive income statement
Half-year
as of
30 June
2026 Half-year
as of
30 June
2025
Profit /(loss) for the financial year (A) (2,380,184) 8,755,192
Components that will not be subsequently reclassified to profit/(loss) for the financial year Revaluation of net employee benefit liabilities/assets (61,387) 32,573 Tax effect 14,733 (7,818)
Other comprehensive income (B) components (46,654) 24,756 Comprehensive profit/(loss) (A+B) (2,426,839) 8,779,948
8
3. Interim consolidated statement of financial position
Half-year as of Financial Statements as of (amounts in € units) 30 June 2026 31 December 2025
Assets
Non-current assets
Property, plant and machinery 159,768,585 144,157,789 Goodwill 12,235,179 11,507,954 Other intangible fixed assets 2,004,962 1,924,298 Rights of use 3,264,415 2,894,651 Other non -current assets 131,018 324,052 Deferred tax assets 2,350,988 1,864,403 Total non -current assets 179,755,146 162,673,147
Current assets
Inventories 44,298,394 34,954,626 Trade receivables 47,915,853 36,606,666 Tax receivables 886,398 47,368 Other current assets 7,705,849 6,863,433 Current financial assets 14,999,915 -
Cash and other liquid assets 21,341,119 38,882,901 Total current assets 137,147,529 117,354,995
Total assets 316,902,675 280,028,141
Shareholders' equity
Share Capital 22,770,445 22,770,445 Other reserves 96,591,835 106,946,489 Employee benefit reserve 204,348 251,002 FTA reserve (6,669,789) (6,669,789) Profits carried forward 5,517,888 810,290 Profit/(loss) for the financial year (2,380,184) 10,097,286 Total Shareholders' Equity 116,034,543 134,205,722
Non-current liabilities
Non-current bank borrowings 102,133,616 72,736,116 Employee benefits 2,202,662 1,922,357 Provision for risks and charges 3,405,326 2,710,805 Provision for deferred taxes 400,270 303,792 Non-current lease payables 784,569 899,666 Total non -current liabilities 108,926,443 78,572,737
Current liabilities
Current bank borrowings 29,959,595 12,752,615 Trade payables 41,000,347 36,351,971 Taxes payable 1,305,586 995,522 Current lease payables 939,370 390,589 Other current financial liabilities 500,000 -
Other current liabilities 18,236,791 16,758,986 Total current liabilities 91,941,688 67,249,683
Total Shareholders' equity and Liabilities 316,902,675 280,028,141
9
4. Interim consolidated cash flow statement
(amounts in € units) Half-year as of
30 June
2026 Half-year as of
30 June
2025
PROFIT/(LOSS) FOR THE FINANCIAL YEAR (2,380,184) 8,755,192
Adjustments to reconcile profit after tax with net cash flows:
Depreciation and impairment of property, plant and machinery 9,314,507 7,151,002 Amortisation and impairment of intangible fixed assets 434,218 409,247 Amortisation of rights of use 300,305 234,914 Other write -downs of fixed assets 4,000,000 -
Financial income (22,978) (155,677) Financial charges 1,522,508 1,321,403 Changes in fair value of financial assets and liabilities - -
Financial charges on financial liabilities for leases 22,951 21,928 Income taxes 1,334,935 802,782 Gains on the disposal of property, plant and machinery 3,049 (73,442) Current assets write -downs 837,985 694,008 Net change in severance indemnity and pension funds (185,435) 49,159 Net change in provisions for risks and charges 180,175 377,500 Net change in deferred tax assets and liabilities (39,139) 1,800,463 Interest paid (1,483,072) (1,156,273) Income taxes paid (2,581,911) (577,561) Changes in working capital:
(Increase)/decrease in inventories (1,165,141) (9,671,555) (Increase)/decrease in trade receivables (4,086,016) (7,532,285) (Increase)/decrease in other non -financial assets and liabilities 1,195,883 2,647,265 Increase/(decrease) in trade payables 505,363 1,952,059
NET CASH FLOWS FROM OPERATING ACTIVITIES 7,708,002 7,050,131
Investments:
Investments in tangible fixed assets (13,753,371) (19,040,407) Disposal of tangible fixed assets 46,710 124,390 Investments in intangible fixed assets (499,884) (577,291) Net (investments)/disposals in financial assets (14,999,915) -
Sofar acquisition (26,460,847) -
NET CASH FLOWS FROM INVESTMENTS (55,667,307) (19,493,307)
Financing:
New financing 58,162,354 31,949,345 Funding repayment and bonds (11,755,117) (12,963,828) Principal payments - lease liabilities (245,374) (172,106) Dividends paid to the Parent Company's shareholders (3,706,932) (3,427,544) Sale/(purchase) of treasury shares (12,037,408) (249,533)
CASH FLOWS FROM FINANCING 30,417,523 15,136,334
NET CHANGE IN CASH AND CASH EQUIVALENTS (17,541,782) 2,693,158
Cash and short -term deposits as of 1 January 38,882,901 19,210,213 Cash and short -term deposits as of 30 June 21,341,119 21,903,370
10
5. Interim consolidated Shareholders' equity changes
Share
Capital Legal
reserve Negative
reserve for
treasury
shares in the
portfolio Merger
surplus
reserve Share
premium
reserve Extraordinary
reserve Other
reserves FTA reserve Employee
benefit
reserve Profits/losses
carried
forward Profit/loss for
the financial
year Total
Shareholders'
equity
Balance as of 31 December 2024 22,770,445 5,000,000 (14,139,356) 19,366,185 86,743,750 1,532,549 4,416,281 (6,669,789) 191,928 4,691,909 8,155,879 132,059,779 Profit/(loss) for the financial year 10,097,286 10,097,286 Other income statement components 59,075 59,075 Comprehensive profit/(loss) - - - - - - - - 59,075 - 10,097,286 10,156,360 Dividends (3,427,544) (3,427,544) Purchase of treasury shares (4,582,874) (4,582,874) 2024 profit allocation 12,037,498 (3,881,619) (8,155,879) -
Balance as of 31 December 2025 22,770,445 5,000,000 (18,722,230) 15,938,641 86,743,750 13,570,047 4,416,281 (6,669,789) 251,002 810,290 10,097,286 134,205,722 Profit/(loss) for the financial year (2,380,184) (2,380,184) Other income statement components (46,655) (46,655) Comprehensive profit/(loss) - - - - - - - - (46,655) - (2,380,184) (2,426,839) Dividends (3,706,932) (3,706,932) Purchase of treasury shares (12,037,408) (12,037,408) 2025 profit allocation 5,389,688 4,707,597 (10,097,286) -
Balance as of 30 June 2026 22,770,445 5,000,000 (30,759,638) 15,938,641 86,743,750 15,252,804 4,416,281 (6,669,789) 204,347 5,517,887 (2,380,184) 116,034,543