Fine Foods & Pharmaceuticals Ntm

Earnings Release • May 15, 2023

Company

Name Surname Role The Board of Directors of Fine Foods & Pharmaceuticals N.T.M. S.p.A today approved the Group's Interim Financial Report as of 31 March 2023.

Mus. Optas et maximus, tem il ium et a nestorem acese laudisi tatur, aut que eost hil Fine Foods closes Q1 2023 with Revenues +29.2% and EBITDA +100.6% compared to Q1 2022

eatiur aut doluptur rest, volorpo rehenem. Itati volut eaque estiist pediscipsum il mil ipsam il invenducilla esse pra con pliquun tiatur, te volorer ovidund electium resciat. Atiosa autatem poribus ellaccum, sum secto vellatiam, utaturiorum am, quat quaspero The significant recovery in Food BU revenues (+37.8%) complements the strong revenue growth of the Pharma BU (+41.8%).

maio. Temperum harum qui to conem a abor sunt, odi atureic temo esciaspedis quiassum eum

facitas mi, sint, ommoluptatur aut pernatiist fugia quidene modioriatium facepudis ut ommolore solupta erspis quiducilles magnam ium et ad earchit atioremqui arum sunt hit, qui sin nost a Positive EBITDA margins of € 7.9 million, this value doubled compared to Q1 2022.

dolenimilit lam as volo quid eossincium, ut labo. Ehendicat officet dercill itiatem cum que doluptur magnihi ciurit odi voluptia venimol ecaesen delesen desciae caborit enimetureped quidel modi ut que sumquam, tem aut ipsum nonem est lit mo qui inihita nobis enturibusam velent quam EBITDA Margin increased from 7.8% in Q1 2022 to 12.1% in Q1 2023.

estrumetur abo. Ut alis eum as et esti sit ut harum eum aut eaquis is repti cust abore ni omnihic

ipiciet am dolupid quia digent fugias eostia nossecus, invero od essit,i officeni tem etum laborat Highlights

• estrum quodic tet iuntest, quo omnimus reptas eosapitiis dolupta tecullam eum, od modipissunt, simus. Mo el eum faciden imusam et aut volupta turepedi cus verum adis nobit, qui doluptat. • Q1 2023 Revenues were € 65.6 million, with a strong increase (+29.2%) compared to € 50.8 million in Q1 2022.
• Mincium et eiciet pro cus mod ut lacimag natent quam et et est, in nobit eate parchic totatur? • Q1 2023 EBITDA was € 7.9 million, which doubled from € 4 million in Q1 2022.
• Equam, odit magnistisint alit rati am atus accuptaeped millaborem voluptaquo debisciis nimin cuptas nimusdam nonecea non perem int, voloreptatus re voles elenemq uatempe re nis ea • Q1 2023 EBITDA Margin of 12.1%, improved from 7.8% in Q1 2022. EBITDA Margin would be at 13% net of energy cost increases.
• archilia sim que autatem andaeprorent aut eumque nullate lab intemporunt elibusant perum volo • Q1 2023 Operating Result (EBIT) was € 4.2 million compared to € 0.4 million in Q1 2022.
• offic tore occusdae. Sunte dolorib ereribusti dollupta volor arit omnimet utatem. At aut dolorectet haribusa niminullore dolor ad moluptatus utae vendae provit omnimusaesci tendus alicatibus • Q1 2023 Income Before Taxes was € 4.3 million, with a shift from € -2.3 million in Q1 2022.
• plaboriatiur mi, cus es dolore, cum atectios exeriore conest lacernam rerist, tem et voluptae. Elesendi quis nonsequibus alitas eum que core nis accus aperum es evelect atemporendis same • Q1 2023 Profit for the Period was € 2.9 million, with a shift from the Loss for the Period of € -2.5 million in Q1 2022.
• nonet volum doluptia quas re ped quaspicipsum dolupta quossitia doluptur saperae volorro ma conseni quaeser ionserr ovitatempor sitio core quatius prorem quis sinctam, sum quia il eatis ea • The Group's Net Financial Position as of 31 March 2023 was € 51.5 million, compared to € 43.6 million as of 31 December 2022.

velendanihic testiant.Hillecuptate ne nonetur? Sa sitatquiae. Liberio nectur reptatur aliquidelia ***

iducienduci tore anda dolor sequi que acea dia deleniaspero core quis et laccaborenti doloraesecea vel modit idem arum fugiam eos quos reribus molor repudia simagnima endestius solupiet re pro

con nobis eatendendit qui aut volut lateautest, consecepta velisci taquamu scient, quate in nihil id moluptatur. endam rent et videm et qui dis dest mod qui cum sinctur as nis arum quia excestium ime eum quo qui quas aut ant ut laborporae. Ut porum et optates mi, ommolor eperit quiassequid earunde lluptate ditatur am ut qui as ut laut ditem laborporio molorem saperessi omnissusciis dolut magnihil ini corerro es niscia natem reri qui soloratistis velita quam volo quo el et alit harchil eum restinis experi consequam alique nonem eosam essit dolles ex erci. Verdellino (Bergamo, Italy), 15 May 2023 - The Board of Directors of Fine Foods & Pharmaceuticals N.T.M. S.p.A. - an Italian independent Contract Development & Manufacturing Organisation (CDMO) that develops and manufactures contract products for the pharmaceutical, nutraceutical, and cosmetics industries, listed on Euronext STAR Milan (ticker: FF), today approved the Group's Interim Financial Report as of 31 March 2023, prepared under IAS/IFRS Accounting Standards issued by the IASB (International Accounting Standards Board) and not subject to audit.

Q1 2023 showed Consolidated Revenues of € 65.6 million, up 29.2% compared to € 50.8 million in Q1 2022.

Name Surname Role Company Fine Foods & Pharmaceuticals N.T.M. S.p.A, CEO Giorgio Ferraris said: "Q1 2023 closed with an important revenue growth of 29.2%, confirming our ability to ground actions to support development in the most complex situations. We are pleased with the Food and Pharma BUs performance and are optimistic about the future of the Cosmetic BU, which in the first quarter was penalised by the integration of the two plants following the merger."

Mus. Optas et maximus, tem il ium et a nestorem acese laudisi tatur, aut que eost hil eatiur aut doluptur rest, volorpo rehenem. Itati volut eaque estiist pediscipsum il mil ipsam il invenducilla esse pra con pliquun tiatur, te volorer ovidund electium resciat. Food Business Unit Revenues in Q1 2023 were € 40.7 million compared to € 29.5 million in Q1 2022, with an increase of 37.8% compared to Q1 2022 despite the continuing Russian-Ukrainian conflict and other market difficulties.

Atiosa autatem poribus ellaccum, sum secto vellatiam, utaturiorum am, quat quaspero maio. Temperum harum qui to conem a abor sunt, odi atureic temo esciaspedis quiassum eum facitas mi, sint, ommoluptatur aut pernatiist fugia quidene modioriatium facepudis ut ommolore The Pharma Business Unit contributed to Q1 2023 growth, with an increase of 41.8%, from € 11.9 million in Q1 2022 to € 16.8 million in Q1 2023, generated by increased volumes of existing products and new production.

solupta erspis quiducilles magnam ium et ad earchit atioremqui arum sunt hit, qui sin nost a dolenimilit lam as volo quid eossincium, ut labo. Ehendicat officet dercill itiatem cum que doluptur magnihi ciurit odi voluptia venimol ecaesen delesen desciae caborit enimetureped quidel modi ut que sumquam, tem aut ipsum nonem est lit mo qui inihita nobis enturibusam velent quam estrumetur abo. Ut alis eum as et esti sit ut harum eum aut eaquis is repti cust abore ni omnihic Cosmetic Business Unit contribution in the Q1 2023 was € 8.1 million compared to € 9.4 million recorded in the same period of 2022: despite a significant back-log of orders, up compared to the first quarter of the previous year, Cosmetic BU recorded a decrease mainly due to the temporary production slowdown due to the restructuring of the Trenzano production site and the integration operations of Pharmatek, which just merged into Euro Cosmetic.

ipiciet am dolupid quia digent fugias eostia nossecus, invero od essit,i officeni tem etum laborat estrum quodic tet iuntest, quo omnimus reptas eosapitiis dolupta tecullam eum, od modipissunt, EBITDA in Q1 2023 was € 7.9 million, with a significant improvement compared to € 4 million in the first quarter of the previous year of 100.6%.

simus. Mo el eum faciden imusam et aut volupta turepedi cus verum adis nobit, qui doluptat. Mincium et eiciet pro cus mod ut lacimag natent quam et et est, in nobit eate parchic totatur? Equam, odit magnistisint alit rati am atus accuptaeped millaborem voluptaquo debisciis nimin EBITDA Margin in Q1 2023 was 12.1% compared to 7.8% in Q1 2022. The margin improvement derived from the reduction in the impact of personnel and energy costs on revenues, and better absorption of fixed costs on revenues. However, the energy percentage cost is still higher than the historical cost. This impact is estimated at almost 1 percentage point on EBITDA.

cuptas nimusdam nonecea non perem int, voloreptatus re voles elenemq uatempe re nis ea archilia sim que autatem andaeprorent aut eumque nullate lab intemporunt elibusant perum volo Net of the increase in energy cost mentioned above, EBITDA in Q1 2023 would be € 8.6 million and the EBITDA margin 13% (9.7% in Q1 2022).

offic tore occusdae. Sunte dolorib ereribusti dollupta volor arit omnimet utatem. At aut dolorectet

haribusa niminullore dolor ad moluptatus utae vendae provit omnimusaesci tendus alicatibus plaboriatiur mi, cus es dolore, cum atectios exeriore conest lacernam rerist, tem et voluptae. Elesendi quis nonsequibus alitas eum que core nis accus aperum es evelect atemporendis same nonet volum doluptia quas re ped quaspicipsum dolupta quossitia doluptur saperae volorro ma conseni quaeser ionserr ovitatempor sitio core quatius prorem quis sinctam, sum quia il eatis ea Fine Foods & Pharmaceuticals N.T.M. S.p.A. Chief Executive Officer, Giorgio Ferraris, said: "Although penalised by the international situation, Fine Foods' margins recovered significantly in Q1 2023 compared to Q1 2022 due to the deployment of timely commercial actions and the implementation of production efficiency and cost control initiatives."

iducienduci tore anda dolor sequi que acea dia deleniaspero core quis et laccaborenti doloraesecea vel modit idem arum fugiam eos quos reribus molor repudia simagnima endestius solupiet re pro Operating Result (EBIT) in Q1 2023 was € 4.2 million, strongly recovering compared to € 0.4 million in Q1 2022.

velendanihic testiant.Hillecuptate ne nonetur? Sa sitatquiae. Liberio nectur reptatur aliquidelia con nobis eatendendit qui aut volut lateautest, consecepta velisci taquamu scient, quate in nihil Income Before Taxes in Q1 2023 was € 4.3 million compared to € -2.3 million in the same quarter of the previous year.

id moluptatur. endam rent et videm et qui dis dest mod qui cum sinctur as nis arum quia excestium ime Profit for the Period in Q1 2023 was € 2.9 million, with an extremely positive result compared to the Loss for the Period of € -2.5 million in Q1 2022.

eum quo qui quas aut ant ut laborporae. Ut porum et optates mi, ommolor eperit quiassequid earunde lluptate ditatur am ut qui as ut laut ditem laborporio molorem saperessi omnissusciis dolut magnihil ini corerro es niscia natem reri qui soloratistis velita quam volo quo el et alit harchil eum restinis experi consequam alique nonem eosam essit dolles ex erci. The result for both periods was impacted by changes in the Fair Value of financial assets. In Q1 2023, the Parent Company's asset securities management showed a positive change in Fair Value of € 1.1 million. The trend contrasted the previous year (negative change in Fair Value of € 2.4 million). The overall securities management showed a positive performance of about € 5.1 million as of 31 March 2023.

Name Surname Role Company Tangible Fixed Assets, Intangible Fixed Assets and Rights of Use of € 128 million increased by about € 1 million in Q1 2023 as a result of net investments of € 4.7 million and depreciation and amortisation for the period of € 3.7 million.

Mus. Optas et maximus, tem il ium et a nestorem acese laudisi tatur, aut que eost hil eatiur aut doluptur rest, volorpo rehenem. Itati volut eaque estiist pediscipsum il mil ipsam il Commercial Net Working Capital, of € 58.9 million as of 31 March 2023 against € 46.3 million as of 31 December 2022, changed as follows: increase in trade receivables (€ 12.2 million) as a consequence of the significant increase in turnover and inventories (€ 8.9 million), which were still affected by the actions taken to cope with raw and packaging materials procurement difficulties, net of the increase in trade payables (€ 8.6 million).

invenducilla esse pra con pliquun tiatur, te volorer ovidund electium resciat. Atiosa autatem poribus ellaccum, sum secto vellatiam, utaturiorum am, quat quaspero Shareholders' Equity as of 31 March 2023 was € 136.1 million, up from 31 December 2022 (€ 133.3 million) mainly due to the positive result for the period.

maio. Temperum harum qui to conem a abor sunt, odi atureic temo esciaspedis quiassum eum facitas mi, sint, ommoluptatur aut pernatiist fugia quidene modioriatium facepudis ut ommolore solupta erspis quiducilles magnam ium et ad earchit atioremqui arum sunt hit, qui sin nost a The Group's Net Financial Position as of 31 March 2023 was € 51.5 million, compared to € 43.6 million as of 31 December 2022. The change of € 7.9 million was mainly due to an increase in commercial Net Working Capital and CAPEX made during the period.

dolenimilit lam as volo quid eossincium, ut labo. Ehendicat officet dercill itiatem cum que doluptur

magnihi ciurit odi voluptia venimol ecaesen delesen desciae caborit enimetureped quidel modi SIGNIFICANT EVENTS OCCURRING AFTER 31 MARCH 2023

ut que sumquam, tem aut ipsum nonem est lit mo qui inihita nobis enturibusam velent quam No significant events occurred after the end of the period.

ipiciet am dolupid quia digent fugias eostia nossecus, invero od essit,i officeni tem etum laborat BUSINESS OUTLOOK

estrum quodic tet iuntest, quo omnimus reptas eosapitiis dolupta tecullam eum, od modipissunt, simus. Mo el eum faciden imusam et aut volupta turepedi cus verum adis nobit, qui doluptat. The Group will develop the business along three main lines - Pharma, Food and Cosmetics - by strengthening corporate functions' activities. Fine Foods will seize any opportunities for growth through external lines.

estrumetur abo. Ut alis eum as et esti sit ut harum eum aut eaquis is repti cust abore ni omnihic

Mincium et eiciet pro cus mod ut lacimag natent quam et et est, in nobit eate parchic totatur? Equam, odit magnistisint alit rati am atus accuptaeped millaborem voluptaquo debisciis nimin cuptas nimusdam nonecea non perem int, voloreptatus re voles elenemq uatempe re nis ea The Pharma BU is expected to significantly grow due to the multi-year agreements signed with important customers that will require a production plant expansion as resolved by the Board of Directors on 30 March 2023. This is estimated at € 30 million over about two years.

archilia sim que autatem andaeprorent aut eumque nullate lab intemporunt elibusant perum volo offic tore occusdae. Sunte dolorib ereribusti dollupta volor arit omnimet utatem. At aut dolorectet haribusa niminullore dolor ad moluptatus utae vendae provit omnimusaesci tendus alicatibus The integration and optimisation of processes will continue for the Cosmetic BU. Investments for the Trenzano site production capacity expansion and closure of the Cremosano plant will be completed shortly. The greater efficiency generated by these activities will increase the ability to meet customer demands.

plaboriatiur mi, cus es dolore, cum atectios exeriore conest lacernam rerist, tem et voluptae. Elesendi quis nonsequibus alitas eum que core nis accus aperum es evelect atemporendis same The increase in sales recorded in the quarter confirmed the effectiveness of the commercial actions taken for the Food BU and allowed us to forecast a largely positive outlook.

nonet volum doluptia quas re ped quaspicipsum dolupta quossitia doluptur saperae volorro ma conseni quaeser ionserr ovitatempor sitio core quatius prorem quis sinctam, sum quia il eatis ea iducienduci tore anda dolor sequi que acea dia deleniaspero core quis et laccaborenti doloraesecea vel modit idem arum fugiam eos quos reribus molor repudia simagnima endestius solupiet re pro velendanihic testiant.Hillecuptate ne nonetur? Sa sitatquiae. Liberio nectur reptatur aliquidelia The Groups believes in a fair and sustainable future, creating long-term value for the benefit of its stakeholders and contributing to the development and well-being of the communities in which it operates. Fine Foods has been a benefit corporation since April 2021 and strives to return the value it receives. ESG issues for Fine Foods are a structured set of activities and the Group intends to continue its sustainability programme in the future.

id moluptatur. TREASURY SHARES BUYBACK PROGRAMME

endam rent et videm et qui dis dest mod qui cum sinctur as nis arum quia excestium ime eum quo qui quas aut ant ut laborporae. Ut porum et optates mi, ommolor eperit quiassequid earunde lluptate ditatur am ut qui as ut laut ditem laborporio molorem saperessi omnissusciis Today, the Company's Board of Directors resolved to launch the treasury share buyback programme to implement and comply with the authorisation to buyback and dispose of treasury shares approved by the 09 May 2023 Shareholders' Meeting (the "2023 Resolution").

con nobis eatendendit qui aut volut lateautest, consecepta velisci taquamu scient, quate in nihil

dolut magnihil ini corerro es niscia natem reri qui soloratistis velita quam volo quo el et alit harchil eum restinis experi consequam alique nonem eosam essit dolles ex erci. Programme purposes

The Programme aims at stabilising, supporting liquidity and market efficiency, and obtaining a securities portfolio ("securities stock") to be used for any extraordinary transactions, including exchanges of equity investments with other parties, including any bonds convertible into Company shares or bonds with warrants, and dividends in shares. The Board of Directors may add additional objectives or modify those

Name Surname Role existing in the Programme, under the 2023 Resolution and current legislation, in which case the market will be promptly notified.

Company Maximum number of shares to be purchased and maximum value

Mus. Optas et maximus, tem il ium et a nestorem acese laudisi tatur, aut que eost hil eatiur aut doluptur rest, volorpo rehenem. Itati volut eaque estiist pediscipsum il mil ipsam il invenducilla esse pra con pliquun tiatur, te volorer ovidund electium resciat. Atiosa autatem poribus ellaccum, sum secto vellatiam, utaturiorum am, quat quaspero Purchases in the 18-month period from 09 May 2023, even if carried out in several tranches, may involve a maximum number of revolving ordinary shares (meaning the maximum number of treasury shares held in the portfolio each time) of 2,000,000 ordinary shares (currently equal to 9.1% of the ordinary shares issued by the Company and 7.8% of today's Company share capital) without a nominal value. This is within the legal limits and the authorisation under the 2023 Resolution. The maximum value of the Company's ordinary shares that may be purchased under this Programme has been set at Euro 26,000,000.

maio. Temperum harum qui to conem a abor sunt, odi atureic temo esciaspedis quiassum eum Programme duration

facitas mi, sint, ommoluptatur aut pernatiist fugia quidene modioriatium facepudis ut ommolore solupta erspis quiducilles magnam ium et ad earchit atioremqui arum sunt hit, qui sin nost a dolenimilit lam as volo quid eossincium, ut labo. Ehendicat officet dercill itiatem cum que doluptur The Programme will last 18 months as of 9 May 2023, unless there is an early interruption which will be legally reported to the Market. It is understood that the disposal of treasury shares in one or more tranches on Euronext STAR Milan of Borsa Italiana S.p.A. or outside this system is without time limits.

magnihi ciurit odi voluptia venimol ecaesen delesen desciae caborit enimetureped quidel modi ut que sumquam, tem aut ipsum nonem est lit mo qui inihita nobis enturibusam velent quam Minimum and maximum prices and volumes

estrumetur abo. Ut alis eum as et esti sit ut harum eum aut eaquis is repti cust abore ni omnihic ipiciet am dolupid quia digent fugias eostia nossecus, invero od essit,i officeni tem etum laborat estrum quodic tet iuntest, quo omnimus reptas eosapitiis dolupta tecullam eum, od modipissunt, simus. Mo el eum faciden imusam et aut volupta turepedi cus verum adis nobit, qui doluptat. Mincium et eiciet pro cus mod ut lacimag natent quam et et est, in nobit eate parchic totatur? Equam, odit magnistisint alit rati am atus accuptaeped millaborem voluptaquo debisciis nimin cuptas nimusdam nonecea non perem int, voloreptatus re voles elenemq uatempe re nis ea Purchases under the Programme will be made on the market where the Company's shares are listed at a price not higher than the highest price between the last independent transaction and the price of the highest current independent offer on that market or a different price under MAR. The unit price, as provided for in the 2023 Resolution, may not be more than 15 per cent lower or higher than the official stock exchange price of the shares recorded by Borsa Italiana S.p.A. in the session before each transaction. Following the 2023 Resolution, no volume exceeding 25 per cent of the average daily volume of shares traded on the relevant market each trading day may be purchased during the 20 trading days before each purchase date or at a different volume under Art. 3 of Delegated Regulation (EU) 2016/1052 which supplements MAR.

offic tore occusdae. Sunte dolorib ereribusti dollupta volor arit omnimet utatem. At aut dolorectet Purchasing methods

haribusa niminullore dolor ad moluptatus utae vendae provit omnimusaesci tendus alicatibus plaboriatiur mi, cus es dolore, cum atectios exeriore conest lacernam rerist, tem et voluptae. Elesendi quis nonsequibus alitas eum que core nis accus aperum es evelect atemporendis same nonet volum doluptia quas re ped quaspicipsum dolupta quossitia doluptur saperae volorro ma Buyback of treasury shares will be made by an appointed intermediary, under the procedures established by applicable regulations and Art. 132 of Legislative Decree no. 58/1998 – particularly the principle of equal treatment of shareholders - and related implementing provisions outlined in the Regulation adopted by Consob resolution no. 11971/1999.

archilia sim que autatem andaeprorent aut eumque nullate lab intemporunt elibusant perum volo

conseni quaeser ionserr ovitatempor sitio core quatius prorem quis sinctam, sum quia il eatis ea Appointed intermediary

iducienduci tore anda dolor sequi que acea dia deleniaspero core quis et laccaborenti doloraesecea vel modit idem arum fugiam eos quos reribus molor repudia simagnima endestius solupiet re pro velendanihic testiant.Hillecuptate ne nonetur? Sa sitatquiae. Liberio nectur reptatur aliquidelia con nobis eatendendit qui aut volut lateautest, consecepta velisci taquamu scient, quate in nihil The buyback programme will be coordinated by an authorised intermediary that will carry out the buyback independently and in compliance with the constraints deriving from applicable regulations and within the limits of the resolutions passed by the corporate bodies

id moluptatur. Treasury shares currently held

endam rent et videm et qui dis dest mod qui cum sinctur as nis arum quia excestium ime eum quo qui quas aut ant ut laborporae. Ut porum et optates mi, ommolor eperit quiassequid As of 15 May 2023, the Company held 1,033,043 ordinary treasury shares and its subsidiaries did not hold any.

earunde lluptate ditatur am ut qui as ut laut ditem laborporio molorem saperessi omnissusciis dolut magnihil ini corerro es niscia natem reri qui soloratistis velita quam volo quo el et alit harchil eum restinis experi consequam alique nonem eosam essit dolles ex erci. Any subsequent amendments to the buyback programme will be promptly reported by the Company to the public, according to legal methods and time limits. The transactions carried out will be reported to the market under the terms and conditions set out in legislation and regulations.

***

Under Art. 154-bis, paragraph 2 of the Consolidated Law on Financial Intermediation, the Manager responsible for preparing the corporate financial reports, Pietro Bassani, declared that the accounting

Name Surname Role information contained in this press release corresponds to the document results, accounting books and records.

Company This press release is available on the Fine Foods website www.finefoods.it, in the Investor Relations/Press Releases section.

***

Mus. Optas et maximus, tem il ium et a nestorem acese laudisi tatur, aut que eost hil

eatiur aut doluptur rest, volorpo rehenem. Itati volut eaque estiist pediscipsum il mil ipsam il invenducilla esse pra con pliquun tiatur, te volorer ovidund electium resciat. Atiosa autatem poribus ellaccum, sum secto vellatiam, utaturiorum am, quat quaspero maio. Temperum harum qui to conem a abor sunt, odi atureic temo esciaspedis quiassum eum facitas mi, sint, ommoluptatur aut pernatiist fugia quidene modioriatium facepudis ut ommolore solupta erspis quiducilles magnam ium et ad earchit atioremqui arum sunt hit, qui sin nost a dolenimilit lam as volo quid eossincium, ut labo. Ehendicat officet dercill itiatem cum que doluptur magnihi ciurit odi voluptia venimol ecaesen delesen desciae caborit enimetureped quidel modi ut que sumquam, tem aut ipsum nonem est lit mo qui inihita nobis enturibusam velent quam Fine Foods & Pharmaceuticals N.T.M. S.p.A., listed on Borsa Italiana's Euronext STAR Milan (Ticker: FF) is an Italian independent CDMO (Contract Development and Manufacturing Organisation) It develops and manufactures contract products for the pharmaceutical, nutraceutical and cosmetics industries. Founded in 1984, Fine Foods proved to be a reliable and capable strategic partner for customers in the reference sectors. The company's organisation can provide successful design process and solid, long-term partnerships. 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. With € 207 million revenue in 2022 and more than 10 per cent CAGR over the last decade, Fine Foods is a growing and future-oriented company.

estrumetur abo. Ut alis eum as et esti sit ut harum eum aut eaquis is repti cust abore ni omnihic

Equam, odit magnistisint alit rati am atus accuptaeped millaborem voluptaquo debisciis nimin cuptas nimusdam nonecea non perem int, voloreptatus re voles elenemq uatempe re nis ea archilia sim que autatem andaeprorent aut eumque nullate lab intemporunt elibusant perum volo offic tore occusdae. Sunte dolorib ereribusti dollupta volor arit omnimet utatem. At aut dolorectet haribusa niminullore dolor ad moluptatus utae vendae provit omnimusaesci tendus alicatibus plaboriatiur mi, cus es dolore, cum atectios exeriore conest lacernam rerist, tem et voluptae. Elesendi quis nonsequibus alitas eum que core nis accus aperum es evelect atemporendis same nonet volum doluptia quas re ped quaspicipsum dolupta quossitia doluptur saperae volorro ma conseni quaeser ionserr ovitatempor sitio core quatius prorem quis sinctam, sum quia il eatis ea iducienduci tore anda dolor sequi que acea dia deleniaspero core quis et laccaborenti doloraesecea vel modit idem arum fugiam eos quos reribus molor repudia simagnima endestius solupiet re pro velendanihic testiant.Hillecuptate ne nonetur? Sa sitatquiae. Liberio nectur reptatur aliquidelia con nobis eatendendit qui aut volut lateautest, consecepta velisci taquamu scient, quate in nihil

ipiciet am dolupid quia digent fugias eostia nossecus, invero od essit,i officeni tem etum laborat estrum quodic tet iuntest, quo omnimus reptas eosapitiis dolupta tecullam eum, od modipissunt, simus. Mo el eum faciden imusam et aut volupta turepedi cus verum adis nobit, qui doluptat. Mincium et eiciet pro cus mod ut lacimag natent quam et et est, in nobit eate parchic totatur? 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

id moluptatur.

endam rent et videm et qui dis dest mod qui cum sinctur as nis arum quia excestium ime

eum quo qui quas aut ant ut laborporae. Ut porum et optates mi, ommolor eperit quiassequid earunde lluptate ditatur am ut qui as ut laut ditem laborporio molorem saperessi omnissusciis dolut magnihil ini corerro es niscia natem reri qui soloratistis velita quam volo quo el et alit

harchil eum restinis experi consequam alique nonem eosam essit dolles ex erci.

Role

Consolidated income statement

Company (amounts in € units)	3 months 31 March 2023	3 months 31 March 2022
Mus. Optas et maximus, tem il ium et a nestorem acese laudisi tatur, aut que eost hil
Revenues and income eatiur aut doluptur rest, volorpo rehenem. Itati volut eaque estiist pediscipsum il mil ipsam il
Revenues from contracts with customers invenducilla esse pra con pliquun tiatur, te volorer ovidund electium resciat.	65,560,388	50,754,911
Other revenues and income Atiosa autatem poribus ellaccum, sum secto vellatiam, utaturiorum am, quat quaspero	228,337	159,075
Total revenues maio. Temperum harum qui to conem a abor sunt, odi atureic temo esciaspedis quiassum eum	65,788,725	50,913,987
facitas mi, sint, ommoluptatur aut pernatiist fugia quidene modioriatium facepudis ut ommolore
Operating costs solupta erspis quiducilles magnam ium et ad earchit atioremqui arum sunt hit, qui sin nost a
Costs for consumption of raw materials, change in inventories of finished goods and dolenimilit lam as volo quid eossincium, ut labo. Ehendicat officet work in progress.	39,416,667 dercill itiatem cum que doluptur	30,918,254
magnihi ciurit odi voluptia venimol ecaesen delesen desciae caborit enimetureped quidel modi Personnel costs	11,161,688	9,391,616
ut que sumquam, tem aut ipsum nonem est lit mo qui inihita nobis enturibusam velent quam Costs for services	6,781,231	6,254,710
estrumetur abo. Ut alis eum as et esti sit ut harum eum aut eaquis is repti cust abore ni omnihic Other operating costs	480,458	386,242
ipiciet am dolupid quia digent fugias eostia nossecus, invero od essit,i officeni Amortisation, depreciation, and impairment losses	3,748,501	3,552,684 tem etum laborat
Total operating costs estrum quodic tet iuntest, quo omnimus reptas eosapitiis dolupta tecullam eum, od modipissunt,	61,588,546	50,503,506
Operating result simus.	4,200,180	410,481
Mo el eum faciden imusam et aut volupta turepedi cus verum adis nobit, qui doluptat.
Changes in fair value of financial assets and liabilities Mincium et eiciet pro cus mod ut lacimag natent quam et et est, in nobit eate parchic totatur?	1,101,887	(2,357,415)
Financial income Equam, odit magnistisint alit rati am atus accuptaeped millaborem voluptaquo debisciis nimin	20,086	3,725
Financial charges cuptas nimusdam nonecea non perem int, voloreptatus re voles elenemq uatempe re nis ea	(1,054,022)	(324,536)
Income before taxes archilia sim que autatem andaeprorent aut eumque nullate lab intemporunt elibusant perum volo	4,268,131	(2,267,745)
Income taxes offic tore occusdae. Sunte dolorib ereribusti dollupta volor arit omnimet utatem. At aut dolorectet	1,361,792	214,306
Profit/(loss) for the financial year haribusa niminullore dolor ad moluptatus utae vendae provit omnimusaesci tendus alicatibus		2,906,338 (2,482,051)

plaboriatiur mi, cus es dolore, cum atectios exeriore conest lacernam rerist, tem et voluptae. Elesendi quis nonsequibus alitas eum que core nis accus aperum es evelect atemporendis same nonet volum doluptia quas re ped quaspicipsum dolupta quossitia doluptur saperae volorro ma Consolidated comprehensive income statement

conseni quaeser ionserr ovitatempor sitio core quatius prorem quis sinctam, sum quia il eatis ea

iducienduci tore anda dolor sequi que acea dia deleniaspero core quis et laccaborenti doloraesecea (amounts in € units) vel modit idem arum fugiam eos quos reribus molor repudia simagnima endestius solupiet re pro	3 months 31 March 2023	3 months 31 March 2022
velendanihic testiant.Hillecuptate ne nonetur? Sa sitatquiae. Liberio nectur reptatur aliquidelia Profit /(loss) for the financial year (A)	2,906,338	(2,482,051)
con nobis eatendendit qui aut volut lateautest, consecepta velisci taquamu scient, quate in nihil id moluptatur. Components that will not be subsequently reclassified to profit/(loss) for the endam rent et videm et qui dis dest mod qui cum sinctur as nis arum quia excestium ime financial year Revaluation of net employee benefit liabilities/assets eum quo qui quas aut ant ut laborporae. Ut porum et optates mi, ommolor eperit quiassequid Tax effect earunde lluptate ditatur am ut qui as ut laut ditem laborporio molorem saperessi omnissusciis dolut magnihil ini corerro es niscia natem reri qui soloratistis velita quam volo quo el et alit	- -	- -
Other comprehensive income (B) components harchil eum restinis experi consequam alique nonem eosam essit dolles ex erci.	-	-
Comprehensive profit/(loss) (A+B)	2,906,338	(2,482,051)

CF / P.IVA IT 09320600969 CAP. SOC. € 22.770.445,02 FINEFOODS.IT

Role

Consolidated statement of financial position

Company (amounts in € units)	31 March 2023	31 December 2022
Assets
Non-current assets
Mus. Optas et maximus, tem il ium et a nestorem acese laudisi tatur, aut que eost hil Property, plant and machinery	105,369,788	104,162,050
Goodwill eatiur aut doluptur rest, volorpo rehenem. Itati volut eaque estiist pediscipsum il mil ipsam il	15,907,954	15,907,954
Other intangible fixed assets	1,840,333	1,780,551
invenducilla esse pra con pliquun tiatur, te volorer ovidund electium resciat. Rights of use	4,892,147	5,163,111
Atiosa autatem poribus ellaccum, sum secto vellatiam, utaturiorum am, quat quaspero Other non-current assets	722,204	820,871
maio. Temperum harum qui to conem a abor sunt, odi atureic temo esciaspedis quiassum eum Deferred tax assets	7,277,672	7,312,662
facitas mi, sint, ommoluptatur aut pernatiist fugia quidene modioriatium facepudis ut ommolore Total non-current assets	136,010,098	135,147,200
solupta erspis quiducilles magnam ium et ad earchit atioremqui arum sunt hit, qui sin nost a Current assets
Inventories dolenimilit lam as volo quid eossincium, ut labo. Ehendicat officet	49,349,216	40,422,499 dercill itiatem cum que doluptur
Trade receivables	51,571,877	39,347,321
magnihi ciurit odi voluptia venimol ecaesen delesen desciae caborit enimetureped quidel modi Tax receivables	582,899	2,268,044
ut que sumquam, tem aut ipsum nonem est lit mo qui inihita nobis enturibusam velent quam Other current assets	5,550,865	5,890,398
estrumetur abo. Ut alis eum as et esti sit ut harum eum aut eaquis is repti cust abore ni omnihic Current financial assets	67,473,881	66,512,584
ipiciet am dolupid quia digent fugias eostia nossecus, invero od essit,i officeni Cash and other liquid assets	1,993,070	tem etum laborat 10,232,262
Total current assets estrum quodic tet iuntest, quo omnimus reptas eosapitiis dolupta tecullam eum, od modipissunt,	176,521,807	164,673,109
simus.
Total assets Mo el eum faciden imusam et aut volupta turepedi cus verum adis nobit, qui doluptat.	312,531,905	299,820,309
Mincium et eiciet pro cus mod ut lacimag natent quam et et est, in nobit eate parchic totatur?
Shareholders' equity
Equam, odit magnistisint alit rati am atus accuptaeped millaborem voluptaquo debisciis nimin Share Capital	22,770,445	22,770,445
cuptas nimusdam nonecea non perem int, voloreptatus re voles elenemq uatempe re nis ea Other reserves	126,373,493	126,461,456
Employee benefit reserve archilia sim que autatem andaeprorent aut eumque nullate lab intemporunt elibusant perum volo	206,186	206,186
FTA reserve offic tore occusdae. Sunte dolorib ereribusti dollupta volor arit omnimet utatem. At aut dolorectet	(6,669,789)	(6,669,789)
Profits carried forward haribusa niminullore dolor ad moluptatus utae vendae provit omnimusaesci tendus alicatibus	(9,478,535)	22,610
Profit/(loss) for the financial year	2,906,338	(9,501,145)
plaboriatiur mi, cus es dolore, cum atectios exeriore conest lacernam rerist, tem et voluptae. Total Shareholders' Equity	136,108,138	133,289,763
Elesendi quis nonsequibus alitas eum que core nis accus aperum es evelect atemporendis same
nonet volum doluptia quas re ped quaspicipsum dolupta quossitia doluptur saperae volorro ma Non-current liabilities
Non-current bank borrowings conseni quaeser ionserr ovitatempor sitio core quatius prorem quis sinctam, sum quia il eatis ea	70,939,115	77,573,797
Employee benefits iducienduci tore anda dolor sequi que acea dia deleniaspero core quis et laccaborenti doloraesecea	2,308,155	2,419,013
Provisions for risks and charges vel modit idem arum fugiam eos quos reribus molor repudia simagnima endestius solupiet re pro	41,105	41,105
Provision for deferred taxes velendanihic testiant.Hillecuptate ne nonetur? Sa sitatquiae. Liberio nectur reptatur aliquidelia	244,844	240,553
Non-current lease payables	2,068,065	2,222,216
con nobis eatendendit qui aut volut lateautest, consecepta velisci taquamu scient, quate in nihil Total non-current liabilities	75,601,283	82,496,684
id moluptatur. Current liabilities
endam rent et videm et qui dis dest mod qui cum sinctur as nis arum quia excestium ime Bonds	3,326,212	3,323,051
eum quo qui quas aut ant ut laborporae. Ut porum et optates mi, ommolor eperit quiassequid Current bank borrowings	44,071,252	36,590,346
earunde lluptate ditatur am ut qui as ut laut ditem laborporio molorem saperessi omnissusciis Trade payables	42,002,946	33,450,468
dolut magnihil ini corerro es niscia natem reri qui soloratistis velita quam volo quo el et alit Taxes payable	2,305	-
harchil eum restinis experi consequam alique nonem eosam essit dolles ex erci. Current lease payables	566,294	651,576
Other current liabilities	10,853,474	10,018,421
Total current liabilities	100,822,483	84,033,862
Total Shareholders' equity and Liabilities	312,531,905	299,820,309

Fine Foods & Pharmaceuticals N.T.M. S.p.A.
Via Berlino, 39 Zingonia-Verdellino 24040 (BG) Italia
T. +39 035 4821382 info@finefoods.it

CF / P.IVA IT 09320600969 CAP. SOC. € 22.770.445,02 FINEFOODS.IT

Role

Consolidated cash flow statement

Company	3 months 31 March 2023	3 months 31 March 2022
PROFIT FROM OPERATING ACTIVITIES AFTER TAX	2,906,338	(2,482,051)
Mus. Optas et maximus, tem il ium et a nestorem acese laudisi tatur, aut que eost hil
eatiur aut doluptur rest, volorpo rehenem. Itati volut eaque estiist pediscipsum il mil ipsam il Adjustments to reconcile profit after tax with net cash flows:
invenducilla esse pra con pliquun tiatur, te volorer ovidund electium resciat. Depreciation and impairment of property, plant and machinery	3,357,350	3,113,071
Amortisation and impairment of intangible fixed assets Atiosa autatem poribus ellaccum, sum secto vellatiam, utaturiorum am, quat quaspero	196,564	206,442
Amortisation of rights of use maio. Temperum harum qui to conem a abor sunt, odi atureic temo esciaspedis quiassum eum	194,588	233,172
Financial income facitas mi, sint, ommoluptatur aut pernatiist fugia quidene modioriatium facepudis ut ommolore	(20,086)	(3,725)
Financial charges solupta erspis quiducilles magnam ium et ad earchit atioremqui arum sunt hit, qui sin nost a	1,036,765	308,376
Changes in fair value of financial assets and liabilities dolenimilit lam as volo quid eossincium, ut labo. Ehendicat officet	(1,101,887) dercill itiatem cum que doluptur	2,357,415
Financial charges on financial liabilities for leases magnihi ciurit odi voluptia venimol ecaesen delesen desciae caborit enimetureped quidel modi	17,257	16,160
Income taxes ut que sumquam, tem aut ipsum nonem est lit mo qui inihita nobis enturibusam velent quam	1,322,783	6,816
Gains on the disposal of property, plant and machinery estrumetur abo. Ut alis eum as et esti sit ut harum eum aut eaquis is repti cust abore ni omnihic	15,709	(25,693)
Current assets write-downs ipiciet am dolupid quia digent fugias eostia nossecus, invero od essit,i officeni	238,825	431,196 tem etum laborat
Net change in severance indemnity and pension funds	(122,835)	(131,071)
estrum quodic tet iuntest, quo omnimus reptas eosapitiis dolupta tecullam eum, od modipissunt, Net change in deferred tax assets and liabilities	39,010	207,490
simus. Interest paid	(1,021,690)	(317,681)
Mo el eum faciden imusam et aut volupta turepedi cus verum adis nobit, qui doluptat. Changes in net working capital:
Mincium et eiciet pro cus mod ut lacimag natent quam et et est, in nobit eate parchic totatur? (Increase)/decrease in inventories	(8,951,249)	(2,611,262)
Equam, odit magnistisint alit rati am atus accuptaeped millaborem voluptaquo debisciis nimin (Increase)/decrease in trade receivables	(12,438,848)	(13,108,309)
cuptas nimusdam nonecea non perem int, voloreptatus re voles elenemq uatempe re nis ea (Increase)/decrease in other non-financial assets and liabilities	1,637,920	1,345,019
archilia sim que autatem andaeprorent aut eumque nullate lab intemporunt elibusant perum volo Increase/(decrease) in trade payables	8,552,478	(132,568)
offic tore occusdae. Sunte dolorib ereribusti dollupta volor arit omnimet utatem. At aut dolorectet NET CASH FLOWS FROM OPERATING ACTIVITIES	(4,141,009)	(10,587,204)
haribusa niminullore dolor ad moluptatus utae vendae provit omnimusaesci tendus alicatibus
plaboriatiur mi, cus es dolore, cum atectios exeriore conest lacernam rerist, tem et voluptae. Investments:
Elesendi quis nonsequibus alitas eum que core nis accus aperum es evelect atemporendis same Investments in tangible fixed assets	(4,586,163)	(4,000,246)
Disposal of tangible fixed assets nonet volum doluptia quas re ped quaspicipsum dolupta quossitia doluptur saperae volorro ma	5,369	40,174
Investments in intangible fixed assets conseni quaeser ionserr ovitatempor sitio core quatius prorem quis sinctam, sum quia il eatis ea	(256,346)	(113,488)
Net (investments)/disposals in financial assets iducienduci tore anda dolor sequi que acea dia deleniaspero core quis et laccaborenti doloraesecea	(1,859,409)	88,076
NET CASH FLOWS FROM INVESTMENTS vel modit idem arum fugiam eos quos reribus molor repudia simagnima endestius solupiet re pro	(6,696,550)	(3,985,483)
velendanihic testiant.Hillecuptate ne nonetur? Sa sitatquiae. Liberio nectur reptatur aliquidelia
Financing: con nobis eatendendit qui aut volut lateautest, consecepta velisci taquamu scient, quate in nihil
New financing id moluptatur.	15,348,796	71,970,006
Funding repayment endam rent et videm et qui dis dest mod qui cum sinctur as nis arum quia excestium ime	(12,499,411)	(44,355,461)
Principal payments - lease liabilities eum quo qui quas aut ant ut laborporae. Ut porum et optates mi, ommolor eperit quiassequid	(163,056)	(358,566)
Sale/(purchase) of treasury shares	(87,963)	(68,486)
earunde lluptate ditatur am ut qui as ut laut ditem laborporio molorem saperessi omnissusciis CASH FLOWS FROM FINANCING	2,598,366	27,187,492
dolut magnihil ini corerro es niscia natem reri qui soloratistis velita quam volo quo el et alit NET CHANGE IN CASH AND CASH EQUIVALENTS	(8,239,193)	12,614,805
harchil eum restinis experi consequam alique nonem eosam essit dolles ex erci. Cash and short-term deposits as of 1 January	10,232,262	17,118,957
Cash and short-term deposits as of 31 March	1,993,070	29,733,762

Fine Foods & Pharmaceuticals N.T.M. S.p.A. Via Berlino, 39 Zingonia-Verdellino 24040 (BG) Italia T. +39 035 4821382 info@finefoods.it

CF / P.IVA IT 09320600969 CAP. SOC. € 22.770.445,02 FINEFOODS.IT

Role

Company

id moluptatur.

Consolidated Shareholders' equity changes

Mus. Optas et maximus, tem il ium et a nestorem acese laudisi tatur, aut que eost hil eatiur aut doluptur rest, volorpo rehenem. Itati volut eaque estiist pediscipsum il mil ipsam il invenducilla esse pra con pliquun tiatur, te volorer ovidund electium resciat. Atiosa autatem poribus ellaccum, sum secto vellatiam, utaturiorum am, quat quaspero	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
maio. Temperum harum qui to conem a abor sunt, odi atureic temo esciaspedis quiassum eum Balance as of 1 January 2023	22,770,445	5,000,000	(13,680,454)	29,741,389	86,743,750	14,240,490	4,416,281	(6,669,789)	206,186	22,610	(9,501,145)	133,289,763
facitas mi, sint, ommoluptatur aut pernatiist fugia quidene modioriatium facepudis ut ommolore solupta erspis quiducilles magnam ium et ad earchit atioremqui arum sunt hit, qui sin nost a Profit/(loss) for the financial year dolenimilit lam as volo quid Other income statement components	eossincium, -	ut labo. -	Ehendicat -	officet -	dercill itiatem -	cum que -	doluptur -	-			2,906,338	2,906,338 -
magnihi ciurit odi voluptia venimol ecaesen delesen desciae caborit enimetureped quidel modi Comprehensive profit/(loss)	-	-	-	-	-	-	-	-	-	-	2,906,338	2,906,338
ut que sumquam, tem aut ipsum nonem est lit mo qui inihita nobis enturibusam velent quam Purchase of treasury shares estrumetur abo. Ut alis eum as et esti sit ut harum eum aut eaquis is repti cust abore ni omnihic 2022 profit allocation ipiciet am dolupid quia digent estrum quodic tet iuntest, quo omnimus reptas eosapitiis dolupta tecullam eum, od modipissunt,	fugias	eostia	(87,963) nossecus,	invero od	essit,i officeni	tem etum	laborat			(9,501,145)	9,501,145	(87,963) -
Balance as of 31 March 2023 simus.	22,770,445	5,000,000	(13,768,417)	29,741,389	86,743,750	14,240,490	4,416,281	(6,669,789)	206,186	(9,478,535)	2,906,338	136,108,139

Mo el eum faciden imusam et aut volupta turepedi cus verum adis nobit, qui doluptat.

Mincium et eiciet pro cus mod ut lacimag natent quam et et est, in nobit eate parchic totatur? Equam, odit magnistisint alit rati am atus accuptaeped millaborem voluptaquo debisciis nimin cuptas nimusdam nonecea non perem int, voloreptatus re voles elenemq uatempe re nis ea archilia sim que autatem andaeprorent aut eumque nullate lab intemporunt elibusant perum volo offic tore occusdae. Sunte dolorib ereribusti dollupta volor arit omnimet utatem. At aut dolorectet haribusa niminullore dolor ad moluptatus utae vendae provit omnimusaesci tendus alicatibus plaboriatiur mi, cus es dolore, cum atectios exeriore conest lacernam rerist, tem et voluptae.

vel modit idem arum fugiam eos quos reribus molor repudia simagnima endestius solupiet re pro velendanihic testiant.Hillecuptate ne nonetur? Sa sitatquiae. Liberio nectur reptatur aliquidelia con nobis eatendendit qui aut volut lateautest, consecepta velisci taquamu scient, quate in nihil

eum quo qui quas aut ant ut laborporae. Ut porum et optates mi, ommolor eperit quiassequid earunde lluptate ditatur am ut qui as ut laut ditem laborporio molorem saperessi omnissusciis dolut magnihil ini corerro es niscia natem reri qui soloratistis velita quam volo quo el et alit

harchil eum restinis experi consequam alique nonem eosam essit dolles ex erci.

endam rent et videm et qui dis dest mod qui cum sinctur as nis arum quia excestium ime

Elesendi quis nonsequibus	alitas eum que core nis accus aperum es evelect atemporendis same Fine Foods & Pharmaceuticals N.T.M. S.p.A. nonet volum doluptia quas re ped quaspicipsum dolupta quossitia doluptur saperae volorro ma Via Berlino, 39 Zingonia-Verdellino 24040 (BG) Italia T. +39 035 4821382 info@finefoods.it	CF / P.IVA IT 09320600969 CAP. SOC. € 22.770.445,02	FINEFOODS.IT
	conseni quaeser ionserr ovitatempor sitio core quatius prorem quis sinctam, sum quia il eatis ea