Informazione
Regolamentata n.
20106-27-2026Data/Ora Inizio Diffusione 11 Settembre 2026 17:40:08Euronext Star Milan
Societa' :PHARMANUTRA
Utenza - referente :PHARMANUTRAN05 - Sarti Francesco
Tipologia :1.2
Data/Ora Ricezione :11 Settembre 2026 17:40:08 Data/Ora Inizio Diffusione :11 Settembre 2026 17:40:08
Oggetto :THE BOD APPROVED THE HALF-YEAR
FINANCIAL REPORT AS OF 30 JUNE 2026
Testo del comunicato
Vedi allegato
PHARMANUTRA S.P.A.:
THE BOARD OF DIRECTORS APPROVES
THE HALF -YEAR FINANCIAL REPORT AS OF JUNE 30TH 2026
The Group steady growth continues, driven by the great performance from international markets and flagship products
▪ Consolidated Sales Revenues € 73 M (+17 .9% versus 06/30/2025) ▪ EBITDA € 17 .5 M (+6 .2% versus 06/30/2025) ▪ Net Result for the period € 9.9 M (+ 8.1% versus 06/30/202 5) ▪ Net Financial Position €- 2.9 M (vs € 11 .4 M at 12/31/202 5)
Pisa, September 11th, 2026 – The Board of Directors of Pharma nutra S.p.A. (MTA; Ticker PHN), a company specializing in mineral -based nutritional supplements and medical devices for muscles and joints, today approved the Half -Year Financial Report as at 30 June 202 6, subject to limited audit.
Roberto Lacorte, Vice President and CEO of Pharma nutra S.p.A., commented : “It is a great satisfaction to share with all our stakeholders the results for the first half of the year, which confirm the solid and continuous growth of the Pharmanutra Group. An excellent result built first and foremost on the strength of our core busin ess, complemented by the growing contribution of the new Business Units, as well as the progress achieved through the ongoing integration of Akern, which is making a positive contribution to the Group’s overall performance. The investments made are progressively entering a phase of full value realization. Their contribution is becoming increasingly evident and significant , and, above all, they offer substantial potential for
further growth. We are only at the beginning of a new phase in which the increasing contribution of the new Business Units is expected to provide additional impetus to value creation and to the Group’s growth, not only in terms of revenues but also through an improvement in overall profitability. We therefore look to the future with great confidence, supported by the solid foundations we have built and by the significant growth drivers that w ill sustain our development in the years ahead. ”
ANALYSIS OF THE CONSOLIDATED RESULTS FOR THE FIRST HALF OF 202 6
The first half of 2026 recorded a significant increase in consolidated sales revenues (+17.9%) , with a s olid contribution from the busin ess “As is” (this is excluding the new Business Units USA, China, Spa in and Cetilar® Nutrition), which increased by 14.4%, as well a s from the new Business Unit s, which grew by 102% versus June 30th 2025 .
ECONOMIC DATA (€ million) 2026 % 2025 % Change
REVENUES 74,3 100,0% 63,1 100,0% 17,7%
SALES REVENUES 73,0 98,2% 61,9 98,1% 17,9%
EBITDA 17,5 23,5% 16,5 26,1% 6,2%
NET RESULT 9,9 13,4% 9,2 14,6% 8,1%
Earning per Share(Euro) 1,04 0,96 8,3% BALANCE SHEET & EQUITY (€ million) 30/6/2026 31/12/2025 Change
NET INVESTED CAPITAL 72,5 59,8 12,7
NET FINANCIAL POSITION (2,9) 11,4 (14,4)
EQUITY (69,5) (71,2) (1,7)
SALES REVENUES
In the first half of 2026, consolidated sales revenues recorded a 17.9% increase versus the same period last year, and amounted to 73 Million Euro.
The New Business Units contributed to total revenues for ab out 5 Million Euro .
Italy
Revenues from the Italian market amounted to 44.8 Million Euro , representing 60.7% of total revenues, with a 9.3% increas e versus the same period last year.
Foreign Markets
Sales revenues generated in foreign markets amount ed to 28.2 Million euro , with a 34.8% increase versus the same period in 2025 and representing 38.6% of totale revenues, from 33.8%.
Revenues from foreign markets are almost exclusively generated by sales from the SiderAL ® line.
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
Changes compared with the previous period reflect the higher number of active contracts and the order intake dynamics of distributors.
The revenue trend in foreign markets as of 30 June 2026 by geographic area is shown in the chart below.
SALES REVENUES BY PRODUCT LINE
The revenue analysis by product line at 30 June 2026 highlighs steady growth of t he Sider AL® line (+19 .6%), boosted by the development of international markets. Strong growth was also recorded for Cetilar ® (+18.3%), Apportal ® (+12.9%) and Sidevit ® B12 (+67.6%) , the innovative Sucrosomial® vitamin launched in November 2024.
Revenues by geographic area €/1000 2026 2025 Δ% 2026 2025 Italy 44.763 40.970 9,3% 61,4% 66,2% Total Italy 44.763 40.970 9,3% 61,4% 66,2% Europe 12.398 11.707 5,9% 17,0% 18,9% Middle east 6.336 4.833 31,1% 8,7% 7,8% Far east 2.996 2.084 43,8% 4,1% 3,4% North America 2.366 834 183,7% 3,2% 1,3% South America 1.443 608 137,2% 2,0% 1,0% Other 2.653 841 215,6% 3,6% 1,4% Total Rest of World 28.192 20.906 34,8% 38,6% 33,8% Total 72.955 61.877 17,9% 100% 100%Incidence
Operating costs in the first half of 2026 amounted to 56.8 Million Euro , with a 22% increase at 30 June 2026 versus 30 June 2025 (46.6 Million Euro ).
FINANCIAL RESULTS
Gross Operating Result of the Pharmanutra Group in the first half e nded 30 June 2026 reached 17.5 Million Euro (16.5 Million Euro in the first half of 2025 ), with a 24% margin on net revenues .
Net Result for the period amounted to 9.9 Million Euro , compared to 9.2 Million Euro at 30 June 2025.
Net Earnings per share in the first half of 2026 amount ed to Euro 1 .04 compared to Euro 0 .96 at 30 June 2025.
Net Financial Position at 30 June is negative for 3 Million Euro compared to the posi tive balance of 11.4 Million Euro at 31 December 2025. This change is mainly attributable to the dividend payment of 11.5 Million Euro. Investments amounted to approximately 2.4 Million Euro during the semester.
Revenues by Product Line €/1000 2026 2025 Δ% 2026 2025 Sideral 49.706 41.566 19,6% 68,1% 67,2% Cetilar 6.485 5.484 18,3% 8,9% 8,9% Apportal 6.699 5.932 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 3.671 7,2% 5,4% 5,9% Raw Materials 1.558 1.480 5,3% 2,1% 2,4% Total 72.955 61.877 17,9% 100% 100%Incidence
SIGNIFICANT EVENTS IN THE FIRST HALF OF 2026
The first half of 2026 was marked by intense activities and recognition s for th e Group.
In January 2026 the Group obtained the ISO13485 certification , an international standard defining specific requiremets for Quality Management System s within the regulated medical device industry . The certification achievement will facilitate access to international markets and partnerships with the main organisations within the healthcare industry, since it represents a compulsory prerequisite for many supply agreements or international tenders.
In February the Company achieved the Authorized Export Operator Full (AEOF) qualification from the Italian Customs and Monopolies Agency . For operators holding AEOF status, mutual recognition agreements are currently in place with the United States, China, Switzerland, the United Kingdom, Norway, Japan and other countries.
In March a distribution agreement has been signed with the multinational company PiLeJe for iron-based food supplements containing Sucrosomial® Iron in France and Switzerland .
In the same month, Pharma nutra obtained official registration of its manufacturing facility with the U.S. Food and Drug Administration (FDA) . This registration formally recognizes the Parent Company's facility as suitable for the production of food substances intended for use in dietary supplements destined for the U.S. market. The registration marks an important step in the Group's growth str ategy, allowing Pharma nutra to internally manufacture its patented formulations for the U.S. market and ensuring full compliance with the requirements of the Federal Food, Drug, and Cosmetic Act, as amended by the Bioterrorism Act.
In April , the Shareholders' Meeting appointed a new Board of Directors consisting of nine members, with a strong gender balance, since 44% of the directors are women. In addition, 44% of the Board members meet the independence requirements set out in Article 148, paragraph 3, of the Italian Consolidated Finance Act (TUF), as referenced by Article 147 -ter, paragraph 4, of the TUF and Reco mmendation 7 of the Corporate Governance Code.
In June , Pharma nutra received significant recognition for its innovation capabilities and scientific excellence by joining Euronext Tech Leaders listing , Euronext's flagship initiative designed to promote the visibility and attractiveness of leading high -growth technology companies to international investors. Among the 113 European companies included in the segment, Pharma nutra is the only Italian company operating in the nutraceutical sector, a distinction that rewards the Group's continuous commitment to developing proprietary technologies and further validates the robustness of its international growth strategy.
During the first half of the year, the Group further advanced its international expansion process with the launch of Sidevit® B12 in Greece, as well as the launch of Sider AL Active® in South Korea and the introduction of new Sucrosomial® Iron products in Bulgaria (Sideral Med®) and Finland (Sideral Folic®), markets in which Pharma nutra was already present. During the period, two new patent applications and seven new trademark registration applications were also filed.
SIGNIFICANT EVENTS AFTER 30 JUNE 2026
Pharma Nutra was selected as one of the 100 companies included in the new “Intermonte Valore Italia” Index , unveiled at Borsa Italiana in early July. The index forms an integral part of Banca Generali's “PMI2Change” project, which aims to support the growth and enhance the
value of listed Italian SMEs, helping to create the best conditions for a more efficient matching of capital and businesses.
Also in July, the Group published its 2025 Sustainability Report , prepared on a voluntary basis in accordance with the Global Reporting Initiative (GRI) Standards, as the Company is exempt from the mandatory disclosure requirements of the Sustainability Statement under Legislative Decree No. 125/2024 currently in force .
Among the ESG initiatives undertaken by the Group during 2025, particular emphasis was placed on environmental initiatives, including the launch of the process to obtain ISO 14001 certification and a pilot Life Cycle Assessment (LCA) project carried out in collaboration with the Department of Energy, Systems, Territory and Construction Engineering of the University of Pisa. The project focused on the main upstream stages of the SiderAL® r.m. (raw material) value chain and was aimed at enhancing Scope 3 emis sions reporting .
EXPECTED BUSINESS DEVELOPMENT
In the second half of the year, a further significant increase in revenues is expected, driven both by the recurring business (“As is”), particularly revenues from foreign markets, and by the new Business Units, with profitability on revenues expected to r emain in line with the previous year.
*******
The Half -Year Financial Report as at 30 June 202 6, subject to a limited audit, will be made available to the public in the manner and within the timeframe provided for by current legislation.
********
CERTIFICATION OF THE MANAGER IN CHARGE OF PREPARING FINANCIAL STATEMENTS
The Manager responsible for preparing the company's financial reports, Mr. Francesco Sarti, declares, pursuant to paragraph 2 of Article 154 bis of Legislative Decree 58/1998, that the accounting information contained in this press release corresponds to t he document results, books and accounting records.
FINANCIAL STATEMENTS (subject to limited audit) Annex 1 – Consolidated Balance Sheet Annex 2 – Consolidated Income Statement and Consolidated Statement of Compreh . Income Annex 3 – Statement of changes in Consolidated Shareholders' Equity Annex 4 – Consolidated Cash Flow Statement (indirect method)
Annex 1
CONSOLIDATED BALANCE SHEET
€/1000 30/06/2026 31/12/2025
NON CURRENT ASSETS 51.474 52.331
Buildings, plant and equipment 24.302 24.132 Intangible assets 24.767 24.475 Investments 4 4 Non current financial assets 280 280 Other non current assets 224 1.287 Deferred tax assets 1.897 2.153
CURRENT ASSETS 69.428 72.902
Inventories 9.370 8.852 Cash and cash equivalents 7.225 18.575 Current financial assets 7.912 12.040 Trade receivables 34.882 24.762 Other current assets 9.526 7.831 Tax receivables 513 842
TOTAL ASSETS 120.902 125.233
NET EQUITY 69.528 71.241
Share Capital 1.123 1.123 Treasury shares (5.897) (5.897) Other Reserves 64.556 56.161 IAS Reserves (43) (36) Result of the period 9.927 20.002 Group Equity 69.666 71.353 Third parties equity (138) (112)
NON CURRENT LIABILITIES 17.465 22.959
Non current financial liabilities 13.637 15.450 Provision for non current risks and charges 1.798 1.841 Provision for employees and directors benefit 2.030 5.668
CURRENT LIABILITIES 33.909 31.033
Current financial liabilities 4.720 5.064 Trade payables 22.168 19.897 Other current liabilities 4.420 4.517 Tax payables 2.601 1.555
TOTAL LIABILITIES 51.374 53.992
TOTAL LIABILITIES & EQUITY 120.902 125.233
Annex 2
CONSOLIDATED INCOME STATEMENT
CONSOLIDATED COMPREHENSIVE INCOME STATEMENT
€/1000 2026 2025
TOTAL REVENUES 74.281 63.096
Net revenues 72.955 61.877 Other revenues 1.326 1.219
OPERATING EXPENSES 56.800 46.634
Purchases of raw material, cons. and supplies 3.366 3.903 Change in inventories (63) (2.758) Expense for services 47.500 40.079 Employee expenses 5.203 4.447 Other operating expenses 794 963
EBITDA 17.481 16.462
Amortization, depreciation and write offs 2.197 2.034
EBIT 15.284 14.428
FINANCIAL INCOME/(EXPENSES) BALANCE (81) (7)
Financial income 475 608 Financial expenses (556) (615)
PRE TAX RESULT 15.203 14.421
Income taxes (5.303) (5.269) Profit/(loss) of the period 9.900 9.152 Third parties result (27) (33)
GROUP'S PROFIT/(LOSS) OF THE PERIOD 9.927 9.185
Earning per share (Euro) 1,04 0,96 €/1000 2026 2025 Profit/(Loss) of the period 9.927 9.185 Gains (losses) from IAS adoption which will reversed to P&L Gains (losses) from IAS adoption which will not be reversed to P&L (8) (90) Comprehensive profit/(loss) of the period 9.919 9.095
Of which:
Compr. profit/(loss) attributable to minorities (27) (33) Net Comp.Profit/(loss) of the group 9.946 9.128
Annex 3
STATEMENT OF CHANGES I N SHAREHOLDERS’ EQUITY
€/1000 S. C. Treas. Sh. Other res. IAS Res.Res. of the
periodGroup
equityThird Part.
Cap. and Res.Third part.
res. of the
periodMinority
interestEquity
Balance as at 1/1/26 1.123 (5.897) 56.161 (36) 20.002 71.353 (27) (85) (112) 71.241 Other changes 82 (7) 75 (82) (82) (7) Dividends paid (11.490) (11.490) - (11.490) Allocation of result 19.918 (20.002) (84) (2) 85 83 (1) Result of the period 9.927 9.927 (27) (27) 9.900 Exchange differences - (115) (115) - (115) Balance as at 30/6/26 1.123 (5.897) 64.556 (43) 9.927 69.666 (111) (27) (138) 69.528 €/1000 S. C. Treas. Sh. Other res. IAS res.Res. of the
per.Group
equityThird part.
Cap. and
res.Third part.
res. of the
per.Minority
interestEquity
Balance as at 1/1/25 1.123 (4.564) 48.966 29 16.608 62.162 90 (57) 33 62.195 Other changes (604) (90) (694) - (694) Dividends paid (9.591) (9.591) - (9.591) Allocation of the result 16.609 (16.608) 1 (57) 57 - 1 Result of the period 9.185 9.185 (33) (33) 9.152 Exchange differences - 182 182 - 182 Balance as at 30/6/25 1.123 (5.168) 56.166 (61) 9.185 61.245 33 (33) - 61.245
Annex 4
CONSOLIDATED CASH FLOW
€/1000 - INDIRECT METHOD 2026 2025
Net result before minority interests 9.927 9.185
NON MONETARY COST/REVENUES
Depreciation and write offs 2.197 2.034 Allowance to provisions for employee and director benefits 571 565 Third parties result (27) (33)
CHANGES IN OPERATING ASSETS AND LIABILITIES
Change in provision for non current risk and charges (293) (3.047) Change in provision for employee and director benefit (4.209) 240 Change in inventories (518) (2.842) Change in trade receivables (10.334) (6.527) Change in other current assets (1.695) (3.132) Change in tax receivables 329 (151) Change in other current liabilities (93) (403) Change in trade payables 2.271 3.773 Change in tax payables 1.046 4
CASH FLOW FROM OPERATIONS (828) (334)
Investments in intangible, property, plant and equipment (2.363) (1.443) Disposal of intangibles, property, plant and equipment 165 14 Change in other assets 1.063 500 Change in deferred tax assets 256 102
CASH FLOW FROM INVESTMENTS (879) (827)
Other increase/(decrease) in equity (123) 92 Treasury shares purchases (604) Dividends distribution (11.490) (9.591) Financial assets increase (985) (3) Financial assets decrease 5.112 6.878 Financial liabilities increase 3 1.302 Financial liabilities decrease (2.540) (3.349) Financial ROU liabilities increase 457 113 Financial ROU liabilities decrease (77) (211)
CASH FLOW FROM FINANCING (9.643) (5.373)
TOTAL CHANGE IN CASH AND CASH EQUIVALENTS (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
CHANGE IN CASH AND CASH EQUIVALENTS (11.350) (6.534)
Pharmanutra S.p.A.
Founded in 2003 in Pisa by Andrea and Roberto Lacorte, Pharmanutra is the holding company of an international Group engaged i n the research, development, and commercialization of nutritional supplements, medical devices, and patented raw materials. A leade r in iron -based supplements through its Sucrosomial® Technology (SiderAL® and Apportal®), and an emerging player in medical devices for mobil ity (Cetilar ®), the Group internally manages the entire value chain and holds a solid portfolio of patents, brands, and clinical evidence.
Pharmanutra operates in over 80 countries, with subsidiaries in the USA and Spain, and also includes Akern S.r.l. (bioimpedan ce analysis) and Athletica Cetilar S.r.l. (sports medicine)
pharmanutragroup.com
pharmanutra.it
For further information:
Pharmanutra S.p.A.
Via Campodavela 1 - 56122 Pisa Tel. +39 050 7846500 Press Office - Spriano Communication & Partners Via Santa Radegonda, 16 - 20121 Milano Tel. +39 02 83635708 Simona Del Re
IR Director
s.delre@pharmanutra.it
investorrelations@pharmanutra.it Matteo Russo
mrusso@sprianocommunication.com
Internal Press Office press@calabughi.com Cristina Tronconi
ctronconi@sprianocommunication.com
Fine Comunicato n.20106-27-2026 Numero di Pagine: 16