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Pharmanutra Investor Presentation 2026
4324_rns_2026-05-11_803c18e2-10e6-429e-8898-1f2eae97f0d5.pdf
Investor Presentation
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emarket
CERTIFIED
PHARMANUTRA
group
we belong to science
Q1 2026
FINANCIAL RESULTS
May 11th, 2026
emarket
sale storage
CERTIFIED
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 group
emarket
with storage
CERTIFIED
C
Q1 2026 HIGHLIGHTS
PHARMANUTRA
group
CERTIFIED
HIGHLIGHTS
- Solid organic growth in revenues and EBITDA, with increase of 24% and 25.8%, respectively, compared to the previous year.
- Revenues from the business AS IS increased both on the Italian market (+15% approximately), thanks to the implementation of the new commercial structure, and on foreign markets (+32%). The increase in revenues from foreign markets was positively influenced by the timing of the order intake from distributors.
- Revenues from the New Business Units significantly increased (+108% approximately), in particular for Pharmanutra USA.
- As a result of higher revenue volumes, the operating result of the business AS IS increased by approximately 30%, representing 26% of net revenues (vs 24% in Q1 2025).
PHARMANUTRA
group
emarket
with storage
CERTIFIED
C
FINANCIAL RESULTS
PHARMANUTRA
group
e market
sdir storage
CERTIFIED
Net Sales Revenues: organic increase of 24% compared to Q1 2025.
19% EBITDA margin on net revenues.
EBITDA margin on net revenues excluding new business units is 26% (24% in Q1 2025).
Net Result € 3.5 M (€ 2.4 M in Q1 2025).
EPS of € 0.36 (€ 0.25 in Q1 2025)
Positive Net Financial Position (Net cash) of € 11.9 million (€ 11.4M of net cash at 31/12/25)
Net REVENUES € 32.7 M (€ 26.4 M IN Q1 2025)
EBITDA € 6.2 M (€ 4.9 M IN Q1 2025)
€3,5M NET RESULT (10.4% ON NET REVENUES)
CASH GENERATED BY OPERATING ACTIVITIES
PHARMANUTRA
group
CERTIFIED
NET REVENUES
Net revenues at 31.03.2026 accounted for € 32.7 million, recording a 24% increase compared to the previous year.
Revenues from foreign markets recorded a growth of 42.5% while revenues from domestic market increased by 15.1% despite a challenging environment.
Akern's net revenues accounted for € 2.3 million (+11%), representing about 7.1% of the total net revenues of the Group.
PHARMANUTRA
group
CERTIFIED
NET REVENUES BY TRADEMARK AND AREA OF BUSINESS
| Revenues breakdown by Trademark and Area of Business | Incidence% | ||||
|---|---|---|---|---|---|
| €/000 | 2026 | 2025 | Δ% | 2026 | 2025 |
| Sideral | 22.064 | 17.114 | 28,9% | 67,5% | 64,9% |
| Cetilar | 3.003 | 2.490 | 20,6% | 9,2% | 9,4% |
| Apportal | 2.815 | 2.352 | 19,7% | 8,6% | 8,9% |
| Sidevit B12 | 652 | 407 | 60,1% | 2,0% | 1,5% |
| Ultramag | 391 | 519 | -24,7% | 1,2% | 2,0% |
| Other | 778 | 713 | 9,2% | 2,4% | 2,7% |
| Medical Instruments | 2.306 | 2.077 | 11,0% | 7,1% | 7,9% |
| Raw Materials and Semif. P. | 698 | 711 | -1,8% | 2,1% | 2,7% |
| Total | 32.707 | 26.384 | 24,0% | 100% | 100% |
Foreign Markets F. P.:
Sideral® branded products account for about 95% of sales on foreign markets (91% in 2025).
Cetilar® branded products account for about 3% of sales on foreign markets (3% in 2025).
Apportal® branded products account for about 0.7% of sales on foreign markets.
PHARMANUTRA
group
CERTIFIED
CONTRIBUTION FROM NEW BUSINESS UNITS
| New BU contribution | Incidence | |||||
|---|---|---|---|---|---|---|
| €/1000 | 2026 | 2025 | Δ | Δ% | 2026 | 2025 |
| Italy AS IS Revenues | 19.456 | 16.972 | 2.484 | 14,6% | 59,5% | 64,3% |
| Italy new BU Revenues | 385 | 318 | 67 | 21,1% | 1,2% | 1,2% |
| Italy Revenues | 19.841 | 17.290 | 2.551 | 14,8% | 60,7% | 65,5% |
| ROW AS IS Revenues | 10.958 | 8.307 | 2.651 | 31,9% | 33,5% | 31,5% |
| ROW New BU Revenues | 1.908 | 786 | 1.122 | 142,7% | 5,8% | 3,0% |
| ROW revenues | 12.866 | 9.094 | 3.773 | 41,5% | 39,3% | 34,5% |
| Total AS IS Revenues | 30.414 | 25.279 | 5.135 | 20,3% | 93,0% | 95,8% |
| Total New BU Revenues | 2.293 | 1.104 | 1.189 | 107,7% | 7,0% | 4,2% |
| Total revenues | 32.707 | 26.384 | 6.324 | 24,0% | 100% | 100% |
PHARMANUTRA
group
PROFIT AND LOSS
REVENUES
Revenues from new BU amounts approximately to €2.3M (+1.2M€ compared to the previous year), representing 7% of the total revenues.
OPERATING EXPENSES
The increase in operating expenses compared to 2025 is physiologically driven by the higher amounts of revenues and to the marketing expenses to sustain the revenues growth of the new BU. EBITDA margin increase is driven by higher revenues both for the business as is and the new business units.
| PHN GROUP PROFIT AND LOSS (€/000) | 31/12/2025 | 31/12/2026 |
| A) REVENUES | 33.396 | 26.822 |
| Net Revenues | 32.707 | 26.383 |
| Other revenues | 689 | 439 |
| B) OPERATING EXPENSES | 27.187 | 21.885 |
| Cost of goods sold and logistics | 7.666 | 5.063 |
| SG&A expenses | 16.602 | 14.354 |
| Personnel expenses | 2.524 | 2.121 |
| Other operating expenses | 395 | 347 |
| (A-B) EBITDA | 6.209 | 4.937 |
| EBITDA Margin on Revenues | 18.6% | 18.4% |
| C) Amort., depr. and write offs | 947 | 856 |
| (A-B-C) EBIT | 5.262 | 4.081 |
| D) NET FINANCIAL INCOME/(EXPENSES) | - | (28) |
| Financial income | 252 | 134 |
| Financial expenses | (252) | (162) |
| (A-B-C+D) EBT | 5.262 | 4.053 |
| Current taxes | (1.817) | (1.635) |
| NET RESULT | 3.445 | 2.418 |
| Net Result attr. to non-controlling interests | (11) | (18) |
| NET RESULT ATTR. TO THE GROUP | 3.456 | 2.436 |
PHARMANUTRA group
11
RECLASSIFIED CONSOLIDATED BALANCE SHEET
emarket
adv storage
CERTIFIED
| Amounts in €/000 | 31/03/2026 | 31/12/2025 | Δ 2026 vs 2025 |
|---|---|---|---|
| Trade receivables | 28.260 | 24.762 | 3.498 |
| Inventories | 8.483 | 8.852 | (369) |
| Trade Payables | (17.506) | (19.883) | 2.377 |
| Operating Working Capital | 19.237 | 13.731 | 5.506 |
| Other receivables | 8.923 | 8.673 | 250 |
| Other Payables | (9.230) | (6.086) | (3.144) |
| Net Working Capital | 18.930 | 16.318 | 2.612 |
| Intangible assets | 24.655 | 24.475 | 180 |
| Tangible assets | 24.074 | 24.132 | (58) |
| Financial assets | 2.709 | 2.381 | 328 |
| Total Fixed Assets | 51.438 | 50.988 | 450 |
| Provisions and other L/T liabilities | (7.817) | (7.509) | (308) |
| NET INVESTED CAPITAL | 62.551 | 59.797 | 2.754 |
| Net Equity | 74.474 | 71.241 | 3.233 |
| Non current financial liabilities | 14.439 | 15.450 | (1.011) |
| Current financial liabilities | 4.659 | 5.064 | (405) |
| Non current financial assets | (2.017) | (1.344) | (673) |
| Current financial assets | (7.843) | (12.039) | 4.196 |
| Cash and cash equivalents | (21.161) | (18.575) | (2.586) |
| Net Financial Position | (11.923) | (11.444) | (479) |
| TOTAL SOURCES | 62.551 | 59.797 | 2.754 |
OPERATING WORKING CAPITAL
The change in Operating Working Capital is a consequence of the timing dynamics of collections and payments and production planning policies.
OTHER RECEIVABLES AND PAYABLES
The changes in the items Other Receivables and Other Payables are respectively due to the accounting of deferrals related to costs whose competence extends beyond March 31, 2026, and the recognition of taxes on the period's result.
NET FINANCIAL POSITION
Net financial position increases by 0.5M € thanks to the cash generated by operating activities during the period.
PHARMANUTRA
group
12
CONSOLIDATED CASH FLOW
CASH FROM OPERATING ACTIVITIES
Changes in other assets/liabilities are mainly due to the recognition of the tax liability related to the profit of the period.
Changes in operating working capital are driven by collection and payment policies for commercial receivables and payables.
CASH FROM INVESTING ACTIVITIES
Capex are referred to R&D projects in progress, software implementations and other operating Capex.
CASH FROM FINANCING ACTIVITIES
Cash from financing activities is influenced by the maturity of time deposits and the repayment of financial loans.
| Cash Flow (€/000) | 31/03/2026 | emarket
adv storage
CERTIFIED |
| --- | --- | --- |
| Group Net Result | 3.456 | |
| NON MONETARY EXPENSES | | |
| Amortization, depreciation and w.o. | 947 | 856 |
| Accrual for employees benefits | 278 | 242 |
| Net result attributable to non-controlling interests | (11) | (18) |
| CHANGES IN OPERATING ASSETS AND LIABILITIES | | |
| Changes in operating working capital | (5.638) | (2.286) |
| Changes in other assets/liabilities | 2.936 | 850 |
| CASH FROM OPERATING ACTIVITIES | 1.968 | 2.080 |
| Capex | (949) | (701) |
| Net Financial Investments | 0 | 0 |
| Changes in other non current assets | (1.002) | 657 |
| CASH FROM INVESTING ACTIVITIES | (1.951) | (44) |
| Dividend paid | 0 | 0 |
| Treasury shares purchases | 0 | (249) |
| Changes in financial liabilities | (1.415) | (213) |
| Changes in financial assets | 4.196 | 6.659 |
| Other changes | (212) | 107 |
| CASH FROM FINANCING ACTIVITIES | 2.569 | 6.304 |
| CHANGES IN LIQUIDITY | 2.586 | 8.340 |
| Cash and cash equivalents at the beginning of the period | 18.575 | 15.494 |
| Cash and cash equivalents at the end of the period | 21.161 | 23.834 |
PHARMANUTRA group
emarket
edir storage
CERTIFIED
NET FINANCIAL POSITION
NFP
The net financial position as at 31st March 2026 is positive by Euro 11.9 million, compared to Euro 11.4 million as at 31st December 2025. Operating activities during the period generated cash of approximately Euro 1.9 million, in line with the previous year.
PHARMANUTRA
group
emarket
adv storage
CERTIFIED
MARKET
PHARMANUTRA
group
CERTIFIED
SELL OUT CONTINUED GROWTH
PHARMANUTRA
Cetilar® Nutrition line not included
Source Sell Out Units Pharma Data Factory – Pharmacy
CERTIFIED
IRON SUPPLEMENTS: SIDERAL® MARKET SHARE IN ITALY
The Sideral® line's evolution is aligned with the performance of the supplement market and maintains a significant market share in the overall iron market.
Food Supplements Iron Market and % Sideral® Market Share
% Sideral® Market Share in Food Supplements and in Total Iron Market (Value)
PHARMANUTRA
Excluding products that contain only lactoferrin Source Pharma Data Factory, Channel pharmacies
emarket
solv storage
CERTIFIED
ANTI-INFLAMMATORY TOPICAL CREAMS: CETILAR® MARKET SHARE IN ITALY
Total Market and % Cetilar® Market Share
In a market context characterized, during the period January–March 2026, by a contraction in volume (-3.0%) and a slight growth in value (+0.5%) compared to the same period of the previous year, the Cetilar® product line confirms a positive development trend: +2.3% in units and +2.5% in value.
During the period January–March 2026, Cetilar® has outperformed the market, by growing 2.5% in value (vs. -1,6% market decline) and 2.3% in units, (vs. -2.6% market decline).
Drugs and no-prescription drugs are not included
PHARMANUTRA
Source Pharma Data Factory, Channel pharmacies
emarket adv storage CERTIFIED
TONICS: APPORTAL® MARKET SHARE IN ITALY
Tonic, restoratives, and multivitamins market (adult)
Tonic Market and % Apportal® Market Share
The charts show the trend in the market share of the Apportal® Line (expressed in value and units), separately analyzing the tonic segment and the overall market for adult tonics, restoratives, and multivitamin products.
Despite a contraction of the tonic market in value terms of –5% and of the overall market of –7% in the first quarter of 2026 compared with the first quarter of 2025, the Apportal® Line shows an increase in market share both in value and in units.
Source Pharma Data Factory, Channel pharmacies
PHARMANUTRA group
emarket adv storage CERTIFIED
SIDEVIT® B12 MARKET SHARE IN ITALY
Source: Pharma Data Factory, Channel pharmacies - Quarterly Averaged Data
PHARMANUTRA group
emarket
solv storage
CERTIFIED
THE EXTENSIVE PHARMANUTRA FOOTPRINT WORLDWIDE
In addition to direct subsidiaries Pharmanutra operates in 80 countries with 52 partners, carefully selected among the best international pharmaceutical and nutraceutical companies.
PHARMANUTRA group
emarket
adv storage
CERTIFIED
OUTLOOK 2026
PHARMANUTRA
group
emarket
sale/strange
CERTIFIED
OUTLOOK 2026
- Expected growth of AS IS revenues both in the Italian and foreign markets.
- Significant increase in New Business Unit revenues driven by USA and China
- Ebitda margin improvement, although still influenced by marketing investments to support the New Business Units.
- Expected strong cash generation from operating activities.
- No significant impacts are expected from the current geopolitical tensions in the Middle East.
- In the coming years further increase in Ebitda margin is expected, together with a strong cash generation from operating activities.
PHARMANUTRA
group
emarket of e-licency CERTIFIED
PHARMANUTRA
group