Pharmanutra

Investor Presentation • Oct 1, 2025

PHARMANUTRA GROUP LE ECCELLENZE DEL MADE IN ITALY 2025

Milan, October 1st, 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.

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PHARMANUTRA 2030

PHARMANUTRA PERFORMANCE AND STOCK PRICE MOVING IN OPPOSITE DIRECTIONS

PHARMANUTRA GROUP

PHARMANUTRA GROUP

Founded in 2003 experienced a continuous and long-lasting organic growth development path.

Listed in 2017 on the AIM market of the Italian Stock Exchange, in December 2020 the Group switched to trading in the EURONEXT STAR MILAN.

In 2023 new HQ building including top-class R&D Lab Area and manufacturing plant of Sucrosomial ® Minerals.

FAST EVOLUTION SINCE THE BEGINNING

THE KEY BEHIND PHARMANUTRA UNIQUENESS

A NUTRACEUTICAL COMPANY WITH A PHARMACEUTICAL MINDSET

• Developed a marketleading position in Italy for Sucrosomial® iron based supplements
• Leveraged a proprietary, patented sucrosomial technology

• Prescription-based commercial approach

• Strong engagement with healthcare professionals

• Built a high brand perception

• Enabled premium pricing strategies

INTELLECTUAL PROPERTY PROTECTION

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

OUR DISTINCTIVE AND UNEQUIVOCAL PREPARATION AND FORMULATION

• Ferric Pyrophosphate
• Phospholipids
• Sucrose esters of fatty acid (SUCRESTER)
• Tricalcium phosphate
• Pregelatinized rice starch

SUCRESTER PLAYS A PRIMARY KEY ROLE IN PROTECTING ORAL SUCROSOME AND INCREASING ITS ABSORPTION AND BIOAVAILABILITY

SIDERAL® SCIENTIFIC UNIQUE SELLING PROPOSITIONS...

...SIDERAL® IS THE SMART IRON

THE SMART IRON THAT WORKS WHERE OTHER OPTIONS FAIL

CLINICAL STUDY ON IRIDA PATIENT 7 YEARS OLD

SUCROSOMIAL® IRON MENTIONED IN THE GUIDELINE OF WHO

Read full press release

Read full press release

THE MOST RECENT R&D OUTCOME...

Results suggest that orodispersible Sucrosomial® Vitamins D3 and B12 have an higher absorption rate compared to conventional vitamins, demonstrating a high safety and tolerability.

LAUNCH: NOVEMBER 2024

Apportal® BOOST

Conversion-Focused Campaigns on Amazon

YouTube Video Campaigns

Digital Advertising Campaigns Lifestyle & Business Platforms

Pharmacies (Physical Stores and Online)

THE ONLY PRODUCT THAT GUARANTEES IMMEDIATE ENERGY EVERY TIME YOU NEED IT

Apportal® Boost 22 active ingredients, carefully selected and properly dosed to deliver maximum energy effectiveness.

New Website / Campaign Landing Page

Social media

Influencer Marketing

LAUNCH: JUNE 2025

DOMESTIC AND INTERNATIONAL MARKET

TWO PHARMANUTRA PRODUCTS IN THE TOP20 DIETARY SUPPLEMENTS SOLD IN ITALY

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

NUMBERS THAT SPEAK: DRIVING BUSINESS FORWARD

RISING ABOVE: MARKET SHARE SUCCESS OF OUR KEY TRADEMARKS

Food Supplements Iron Market and % Sideral® Market Share

Tonic Market and % Apportal® Market Share

Total Market and % Cetilar® Market Share

RAPID GROWHT: NEW PRODUCT SIDEVIT® B12 GAINS GROUND FAST

Food Supplement Market and % Sidevit B12® Market Share

Rework Jun 2025 Food Supplement Market

POTENTIAL MARKET OF SIDEVIT® B12 COMPARED TO APPORTAL

WIDE INTERNATIONAL NETWORK

In addition to direct subsidiaries PharmaNutra operates in 85 countries with 52 partners, carefully selected among the best international pharmaceutical and nutraceutical companies.

24

FINANCIALS

REVENUES EVOLUTION: SOLID ORGANIC GROWTH

PHARMANUTRA REVENUE OVER TIME: ABSOLUTE VS PERCENTAGE GROWTH

POSITIVE GROWTH TREND IN PROFITABILITY

FIRST HALF OF 2025

(€ million) ECONOMIC DATA	2025	%	2024	%	Change
REVENUES	63 1 ,	0% 100 ,	57 0 ,	0% 100 ,	7% 10 ,
SALES REVENUES	61 9 ,	98 1% ,	56 1 ,	98 4% ,	10 4% ,
EBITDA	16 5 ,	26 1% ,	16 2 ,	28 4% ,	1 6% ,
RESULT NET	9 2 ,	14 6% ,	8 9 ,	15 6% ,	3 2% ,
Share(Euro) Earning per	0 96 ,		0 93 ,		3 4% ,
(€ million) & BALANCE SHEET EQUITY	2025		2024		Change
INVESTED CAPITAL NET	66 3 ,		56 6 ,		9 7 ,
NET FINANCIAL POSITION	(5 1) ,		6 5 ,		(10 6) ,
EQUITY	(61 2) ,		(62 2) ,		(1 0) ,

• The first half of 2025, which is in line with forecasts, recorded organic growth in net revenues of 10.4%
• Ebitda increase by about 2% due to investments in new projects. Without these investments (about 4 million Euros), the EBITDA margin would have remained at 32%, confirming the strength of the core business.
• From a financial point of view, there was a temporary cash absorption due to dividend payments and to the earn-out to Akern's previous shareholders.

NET REVENUES

Net revenues at 30,06,2025 accounted for € 61,9 million, recording a 10,4% increase compared to the previous year.

Revenues on foreign markets recorded a growth of 12,5% while revenues on domestic market increased by 7,5%.

Akern's net revenues accounted for € 3,6 million (+32,6%), about 6% on the total net revenues of the Group.

NET FINANCIAL POSITION

NFP

The negative net financial position is primarily attributable to the dividend distribution (-9,5 million) and to a negative operating cash flow, which was impacted by the contractual payment of Akern's earn-out (-3 million) and by the recognition of deferred costs related to marketing activitieswhose economic competence extends beyond June 30 (around -4 million).

OUTLOOK 2025

• The foresee organic growth consistent with the Group's performance in 2024, despite a highly challenging environment, is expected to continue in 2025, together with a strong cash generation.
• In the second half of 2025, further development of revenues is expected on the American market, which is set to increase further in 2026, and on the Chinese market. It is believed that the application of customs duties recently agreed between the European Union and the United States does not significantly impact the development of sales in the American market.
• The development of the new projects Cetilar® Nutrition, Pharmanutra USA and Pharmanutra España – will lead to a limited reduction in margins for the current financial year and the following one.
• The strategies being implemented so far, along with ongoing and expanding Research and Development activities, lay the foundation for significant value creation in the coming years.

KEY DRIVERS OF BUSINESS GROWTH

8 INNOVATIVE PRODUCTS LATEST R&D PIPELINE: 107 PROTOTYPES IN DEVELOPMENT FOR

4 PRODUCTS →New business line in clinical nutrition

1 PRODUCT

→ Intended for adults with macro/micro nutrients deficiences →obesity, bariatric surgery, sarcopenia

2 PRODUCTS

→ Designed for athletes to enhance

their perfomance →Sport nutrition field

1 PRODUCT

→ Intended for physical and mental fatigue recovery

→ Designed for adults

To date 09/15/2025

PHARMANUTRA U.S. TOWARD BECOMING A MARKET-MAKING LEADER IN THE U.S.

2024 2025

Pharmanutra U.S. journey continues…

set up of HQ in Miami

2023

-digital marketing and e-commerce initiatives -opening contacts with hospital groups and doctors

with strategic milestones achieved…

Strengthened US team with new hires bringing distinctive expertise in ecommerce and digital marketing

-new strategic plan implanted

distribution channels

starting together with a primary international consulting firm - continues the focus on three

Scaled Amazon channel, achieving triple digit growth and becoming fastest growing brand in the iron supplement category

Launched a completely new website with elevated user experience, aligned with best-in-class DTC¹ models

… creating measurable impact

9x

Top line growth between January and September monthly sales

4x

Customer count since May, outpacing category median/ top performance on Amazon

35

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

Collaboration with influencers by posting stories , reelsand conducting live streaming event

In 2024 started developing digital visibility of scientific assets through publications on Nature China and meetings with HCPs

EXPECTED CHINA REVENUES 2025-2027

MILESTONES

03/2025 2024 2025

Launching of the new Cetilar® Nutrition sports supplements line with a new on field force and our own Cetilar e-commerce.

• Consolidation of the product range introducing 6 new items.
• Paris 2024 Olympics: alongside Marcell Jacobs
• America's Cup 2024: Human Performance Partner of Luna Rossa Prada Pirelli
• Entering the bike segment with the sponsorship of the iconic Granfondo Strade Bianche and Granfondo Il Lombardia.
• Online shop open to Europe.
• Starting affiliation and loyalty program.

Focus on boosting sales and maximizing exposure through the Giro d'Italia partnership becoming Official Nutrition Partner until 2027.

HIGHLIGHTS

2024: +63%* 2025: +120%**

Direct channel revenue

2024: +389%* 2025: +43%**

Online channel revenue

*Since Launching (Italy) **Projection