PHARMANUTRA GROUP STAR CONFERENCE 2025

Milan, March 25-26th, 2025

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 to the 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 account the 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.

PHARMANUTRA'S UNIQUENESS

INTELLECTUAL PROPERTY PROTECTION

No player in the dietary supplements and medical devices industry has these 4 STRONG PILLARS IN ONE SINGLE COMPANY

TWO PHARMANUTRA PRODUCTS IN THE TOP20 DIETARY SUPPLEMENTS SOLD IN ITALY

	MAI Valvi (MIVE)
SIDERAL FORTE 20CPS	36.4	+8,8%
ESOXX ONE 20BUST STICK 10ML	25,0	+13,0%
GRINTUSS ADULTI SCIR 180G	23,2	+15,0%
GRINTUSS PEDIATRIC SCIR 180G	22,9	-6,0%
MARIAL 20 ORAL STICK 15ML	19,5	+12,2%
CARNIDYN PLUS 20BUST	19.4	+2,7%
ENTEROLACTIS PLUS 30CPS	18.9	+7,7%
ARMOLIPID PLUS 60CPR	18.6	-6.6%
VSL3 10BUST	17.3	+6,5%
YOVIS FLACONCINI 10FL OS	16,8	+22,9%
BETOTAL ADVANCE B12 30FL	13.8	+11,2%
ENTERELLE PLUS 24CPS	12.4	+12,6%
APPORTAL 14BUST	12,3	+17.0%
VICKS ZZZQUIL NATURA 60PAST	12.1	+11.4%
REUFLOR GOCCE 5ML	11.9	-4,2%
DICOFLOR GOCCE 5ML	11,8	-2,5%
NEOBIANACID 45CPR MASTICABILI	11,2	+10,1%
BETOTAL 40CPR	10,9	-8,9%
YOVIS STICK 10BUST	10,9	+12,8%
YOVIS CAPS 10CPS	10,8	+13,0%

Since November 2019 is N°1 Dietary Supplement sold in Italy

Source: New Line Ricerche di Mercato

WIDE INTERNATIONAL NETWORK

PharmaNutra operates in 86 countries with 58 partners, carefully selected among the best international pharmaceutical and nutraceutical companies.

2024 AND Q1 2025 RESULTS

HIGHLIGHTS FY 2024

Solid and organic growth in revenue and EBITDA, with increases of approximately 15% and 17%, respectively, compared to the previous year.
26,6% EBITDA margin on net revenues. EBITDA margin on net revenues related to the recurring business 31,4% (30,4% in FY 2023).
Net Result € 16,6 M (€ 12,8 M in FY 2023).
Positive Net Financial Position (Net cash) of 5,6 million Euro (-2,6M at 31/12/23). Operating activities during the period generated € 20 million in cash.
Proposed Dividend Per Share of € 1,00 +17,6% DPS OF 0,85 IN 2023

REVENUES EVOLUTION: SOLID ORGANIC GROWTH

POSITIVE GROWTH TREND IN PROFITABILITY

NET FINANCIAL POSITION BACK TO POSITIVE

NFP

The significative amount of cash generated by the operating activities (€ 20,5 M) allowed the Group to came back to a positive cash position net of outflows related to Capex (€ 3,6M), share buybacks (€ 551K) and dividend distribution (€ 8,2M).

POSITIVE SALES TREND IN Q1 2025

The expected consolidated net revenues for the Q1 of 2025 confirm the positive revenue growth trend.

We foresee double digit growth driven by strong performance in international markets.

OUTPERFORMING CONSENSUS OVER THE YEARS

REVENUES EXPECTATIONS EXCEEDED THROUGH THE YEARS

AVG. Growth rate vs CONSENSUS → +5,5% CAGR 2021-2024 REVENUES → +19,6%

EBITDA FOLLOWS THE TREND AND OVERCOME CONSENSUS

AVG. Growth rate vs CONSENSUS → +16,5% CAGR 2021-2024 EBITDA → +18%

ESG STATE OF THE ART

The Group obtained a score of 71/100 (Silver Medal) in the environmental impact assessment conducted by EcoVadis, ranking in the Top 15% position.

Additionally, in 2024, the CDP evaluation questionnaire was completed, resulting in a score of B.

The Group is also awaiting the finalization of the Omnibus decree on the modification of the CSRD. In the meantime, with the aim of integrating into the ESRS principles, the Gap Analysis between the current reporting with GRI and the ESRS one will be completed, and the Life Cycle Assessment is in the design phase.

We actively working in order to improve our ESG rating and we are confident that once the domotic system implemented at the end of 2024 is fully operational and data related to consumptions are available the rating will further improve.

BUSINESS GROWTH DRIVERS

PHARMANUTRA USA STRATEGIC PLAN 2025-2027

In 2023 and 2024 set up of our HQ in Miami, creating the basis for digital marketing and e-commerce initiatives and opening contacts with hospital groups and doctors

From January 2025 new strategic plan implanted starting together with a primary international consulting firm

Focus on three different distribution channels aiming at exploiting full potential of US market

First results are expected in 2H and are planned to be progressively and significantly consolidated over the next 2 years.

EXPECTED US REVENUES 2025-2027

CHINA: FULL DIGITAL DISTRIBUTION APPROACH

The online supplement Chinese market size is around 13,5 billion €. So far in China Pharmanutra has a client basis of almost 60.000 unique buyer with 30% of repeat customers

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