LE ECCELLENZE
DEL MADE IN ITALY
October 1st, 2026
2
DISCLAIMER
This document has been prepared by Pharmanutra S.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.
This document may contain forward-looking statements about the Company based on current expectations and opinions developed by the Company, as well as based on current plans, estimates, projections and projects of the Company. These forward-
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.
Any reference to past performance or trends or activities of the Company shall not be taken as a representation or indication that such performance, trends or activities will continue in the future.
This document does not constitute a proposal to execute a contract, an offer or invitation to purchase, subscribe or sell for any financial instrument and neither it or any part of it shall form the basis of or be relied upon in connection with any contract or commitment or investments decision whatsoever. Any decision to purchase, subscribe or sell for securities will have to be made independently of this presentation.
Therefore, nothing in this presentation shall create any binding obligation or liability on the Company and its affiliates and any of their advisors or representatives.
Neither this presentation nor anything in it shall form the basis of any contract or commitment. This presentation is not intended to be relied upon as advice to investors or potential investors and does not take into accountthe investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this presentation based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. These projections should not be considered a comprehensive representation of the Company’s cash generation performance.
All forward–looking statements attributable to the Company or persons acting on its behalf apply only as of the date of this document and are expressly qualified in their entirety by the cautionary statements included elsewhere in this document. The financial projections are preliminary and subject to change; the Company undertakes no obligation to update or revise these forward–looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Inevitably, some assumptions will not materialize, and unanticipated events and circumstances may affect the ultimate financial results.
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.
By receiving this Presentation, you acknowledge and agree to be bound by the foregoing terms, conditions, limitations and restrictions.
3 Startedin 2023, it distributes the SiderAL®
product portfolio
nationwide mainly
through e-commerceStarted in 2023 to expand the Group’s presence through the distribution of Cetilar® and Cetilar® Nutrition product portfolioAcquiredin 2022, it
focuseson research
and development of
bioimpedance medical
devices and software for body composition
analysis
Foundedin 2003,
it develops and markets
scientifically advanced
nutraceuticals and
medical devices globally
Foundedin 2024,
advancedmedicalcenter
for sportsmedicine,
physiotherapyand
rehabilitation
4
MAIN PRODUCT FAMILIES
5
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 .
DOMESTIC MARKET
7
INNOVATION AT FULL SPEED: NEW PRODUCT LAUNCHES
•4newproducts launchedon23September:
twoApportal®andtwoCetilar®Nutritionproducts,
includingthe groundbreaking Sucrosomial® Creatine.
•In2027,launchof 3newgame-changing products and oneentirenewproductline.
8
34,80937,08640,4032,4103,2393,446
293 645 913
H1 2024 H1 2025 H1 2026
Pharmanutra Akern NutritionSTEADY REVENUE GROWTH IN THE DOMESTIC MARKET CONTINUES
WITH INCREASING CONTRIBUTIONS FROM AKERNAND CETILAR® NUTRITION
H1 2026 RESULTS
In € ‘000Italy
H1 2026
Revenues
+9.3%
9
UN YTD Jun
Jan Feb Mar Apr May Jun
YTD Jun YTD JunUNSELL OUT CONTINUED GROWTH ACROSS ALL CHANNELS
H1 2026 RESULTS
+11%
Total Pharmanutra product portfolio, includingmedicaldevicesand drugsand excludingCetilar® Nutritionline.
Source: Sell Out Units New line 5 Channels
10
FOOD SUPPLEMENT MARKET VS PHARMANUTRA ACROSS ALL CHANNELS
H1 2026 RESULTS
MARKET PHARMANUTRA
Source: New Line 5 Channels
11
9.8%
-0.9%0.02% 2.5%12.3%7.2% 9.1%116%OUTPERFORMING THE ITALIAN MARKET IN ALL PRODUCT CATEGORIES
H1 2026 RESULTS
MARKET PHARMANUTRA
Source: New Line 5 Channels
FOREIGN MARKETS
13 17,796 19,173 24,170 58 262 1,766 704 1,472 2,256
H1 2024 H1 2025 H1 2026
ROW USAChinaGLOBAL EXPANSION GAINS MOMENTUM
WITH INCREASING CONTRIBUTIONS FROM USA AND CHINA
H1 2026 RESULTS
In € ‘000
Excl. ItalyForeign
Mkts
H1 2026
Revenues
+34.8%
14
NEW BUSINESS UNITS: USA
EXPANDING THE PORTFOLIO, ACCELERATING GROWTH
FDA registration and AEO (Full) status obtained in February 2026 •H12026 Revenues: €1,766M(+574%) •3newSKUs ofSucrosomial®ironlaunchedin earlySeptember .
•SiderAL® Forte andExtra Strength launched on Fullscript , the largest practitioner-dispensing platform in US, reaching 5M+ patientsayear,with$1Bannualtotalsales.
•Sucrosomial® Iron has entered the Top 10 iron supplement brands on Amazon, our largest channel, further strengthening its marketpresenceandconsumerrecognition.
•In20275newSucrosomial®productstobelauched.
15
DIGITAL ECOSYSTEM
Strong presence on China’s key online platforms
TMALL
DOUYIN
RED SHOP
(Instagram)
(X) WECHAT ≈100% coverage of Chinese users Increase in marketing activities on Wechat, a very performing channel with almost 100% coverage of Chinese users.H1 2026 GROWTH VS H1 2025
+49% SiderAL®
+126% Apportal®
CUSTOMER REACH| H1 2026
100,000
28%
PRODUCT PIPELINE
3NEW
Sucrosomial® productlaunches
by end of 2026SCIENTIFIC ENGAGEMENT
Participation in nutrition science and technology events (i.e. NutritionScience and Technology Conference hostedby the ChineseNutritionSociety in July, Forum on Precision Nutritionand Biomanufacturing Technology Innovation in the Food Industry in October).
unique
buyers
repeat
customersNEW BUSINESS UNITS: CHINA
FULL DIGITAL APPROACH AND SCIENTIFIC ENGAGEMENT
+53.3% Revenues € 2,256 M
16
ACCELERATING GLOBAL
EXPANSION
•In the coming months, Pharmanutra will announceitsentry intoseveralnew countries in Africa, Asia, the Middle East and South America.
•Pharmanutra willfurtherstrengthenitsposition
in establishedinternational markets, through the expansionof its product range.
R&D: WHERESCIENCE
BECOMES GROWTH
18
A NUTRACEUTICAL COMPANY WITH A PHARMACEUTICAL APPROACH:
INTELLECTUAL PROPERTY PROTECTION STRATEGY
23
PROPRIETARY
RAW MATERIALS
-
Proprietary
supply chain
RESEARCH
STUDIES
-
Efficacyprovenby
relevantscientific
evidences204
REGISTERED
BRANDS
-
Brand
awareness59
PATENTS
BASED ON PURE
INNOVATION
-
Competitive
advantage28
19
THE SUCROSOME®: OUR DISTINCTIVE FORMULATION
DEMONSTRATED BENEFITS:
HIGHER ABSORPTION & EFFECTIVENESS –NO SIDE EFFECTS
20
NOT ONLY IRON:
SUCROSOMIAL®TECHNOLOGY APPLIED TO DIFFERENT NUTRIENTS
Leveragingon the winningexperienceof
Sucrosomial®patentedtechnology, Pharmanutra
developedmultimineraland multivitaminproducts
Sucrosomial®
mineralsSucrosomial®
Vitamins
21
R&D CENTRE:
PRE-CLINICAL RESEARCH MODELS
2D invitromodels
3D invitromodels
Ex vivomodels
Invivomodels
3D printerColture2D invitro
Multi-organs invitromodels
3DPrinterIntestinal
Organoids
INVIVOINVITRO
EXVIVO
22
LEADING THROUGH SCIENCE
Scientific Research
prototypes
(raw materials+
finishedproducts)clinical studies
publishedin 2026
full paper studies published on international peer reviewed scientific journals (about Sideral®, Cetilar®,
Ultramag®, Apportal®)
on-goingclinical studies
16231718Basic Research
full paper studies on Sucrosomial® Iron mechanism of action and kinetic full paper studies on Ultramag® studies presented at international scientific congresses in 2026 new research projects on new proprietary raw materialsfull paper studies on Sucrosomial® Vitamins 4 3 2 3 5
23
ADVANCING SCIENCE THROUGH GLOBAL COLLABORATIONS
24
PUSHING THE BOUNDARIES
OF INNOVATION
IMPRESSIVE RESEARCH PIPELINE
130+ prototypes in pre-clinical evaluationin the following fields:
•Bone fracture andmetabolism •Brain function integrity
•Gastricprotection
•Arthritis andjoint preservation
•Futureironupgrade
OUTLOOK 2026
26
OUTLOOK 2026
•Expected revenuegrowthfromthe“ASIS”business bothintheItalianandforeignmarkets.
•Significant increaseinNewBusinessUnitrevenues drivenbyUSAandChina.
•Ebitdamarginimprovement ,althoughstillinfluencedbymarketinginvestments
tosupporttheNewBusinessUnits.
•Expected strongcashgeneration fromoperatingactivities.
27
STRENGTHENING THE FOUNDATIONS FOR GROWTH
•Cooperative Compliance: aimed to promote an enhanced cooperation between the Italian Tax Administration and taxpayers in order to increase the level of certainty on relevanttaxissuesand,consequently,topreventtaxlitigations.
•ISO 27001 certification process started, confirming that the Company operates an
InformationSecurityManagementSystemalignedwithinternationalbestpracticesfor
the protection of data, information assets and cybersecurity risk. Being considered among the «essential» entities, Pharmanutra is also completing the NIS2 Directive complianceprocess.
•ISO 14001 environmental certification process to be completed in 2027, confirming that PHN has established a structured environmental management system to reduce environmental impact, ensure compliance with applicable regulations, improve resourceefficiency,andsupportcontinuousenvironmentalimprovement.
•UNI/PdR 125:2022 Gender Equality Certification to be achieved soon, recognising the Company's commitment to fostering an inclusive workplace and promoting equal opportunitiesforallemployees.