Piu Medical S.P.A. · MIL:PMED
Piu Medical — Investor Presentation (April 2026)
21 slides from Piu Medical's investor presentation, April 2026
Slide 1: Investor Presentation
Investor Presentation April 2026
Slide 2: Management team
DRAFT Management team Today’s speaker Fabrizio Maroni Stefano Maroni Fabio Giordano Executive Chairman CEO CFO 20+ years of experience 20+ years of experience 25+ years of experience 2
Slide 3: Più Medical at a glance
DRAFT Più Medical at a glance Overview Key metrics(3) ▪ Più Medical S.p.A. (“Più Medical” or the “Group”) is an Italian pharmacy network founded in 2025, located in Lombardy (Northern Italy), Italy’s leading region in terms of population density, average c. € 31.0 c. € 11.1 expenses, pharmaceutical
Slide 4: A well-rooted pharmacy network, growing stronger in Lombardy
DRAFT A well-rooted pharmacy network, growing stronger in Lombardy 1 LATTUADA 8 BIANDRONNO 9 BORSANO 10 CUTTONE Site: Gallarate, Via Vittorio Arconti, 21 (VA) Site: : Biandronno, Via Roma 34,(VA) Site: Borsano, Via Boccaccio 96 (VA) Site: Lainate, Via Rho, 80 (MI) Date of acquisition: Apr 2023 Date
Slide 5: Key investment highlights
DRAFT Key investment highlights Strong and positive market trends Favourable market trends with upside potential linked to the evolution of the role of pharmacies Buy-and-build Ambitious M&A strategy in the 2025-2029 period to create a leading yet sustainable platform in consolidation strategy North
Slide 6: Strong and positive market trends
DRAFT Strong and positive market trends… Favourable market trends with upside potential linked to the evolution of the role of pharmacies KPIs Fragmented pharmacy market High population age Steady market growth Focus on Lombardy Italian retail c. 20k c. 60m 26.8b pharmacy c. 9.3k Pharmacies in Italy
Slide 7: Supporting a selective and scalable consolidation strategy
DRAFT …supporting a selective and scalable consolidation strategy Industrial approach to pharmacy consolidation with a focus on quality and long-term value creation A highly fragmented and unconsolidated market A differentiated and value-oriented growth model Strategy rationale ▪ The Group is pursui
Slide 8: The Pharmacy of the Future
DRAFT The Pharmacy of the Future From Dispensing to Data-Driven Health Management – integrating care, technology, and personalization Più Medical’s mission Integrating proprietary nutraceutical products within the pharmacy ecosystem to enhance personalization and preventive care Transform the tradit
Slide 9: Buy-and-build consolidation strategy
DRAFT Buy-and-build consolidation strategy Ambitious M&A strategy in the 2025-2029 period to create a leading yet sustainable platform in Northern Italy KEY FIGURES M&A PLAN OUTCOME 1 Number of targets Improved brand visibility and customer experience 2 Key financials 2026 – 2029 Targets Strengthene
Slide 10: Strategic site selection
DRAFT Strategic site selection Outstanding pharmacy selection capabilities based on high-hidden growth potential TARGET CORE HIDDEN GROWTH CHARACTERISTICS POTENTIAL Located in high Above-average 1 Enhancement of human capital population density pharmaceutical spend area per capita 2 Increase in spac
Slide 11: Integration process to unlock platform value and synergies
DRAFT Integration process to unlock platform value and synergies Streamlined integration strategy targeting independent pharmacies to drive operational efficiency and revenue growth Step 1 Step 2 Step 3 ✓ Typical target represented Integrate acquired pharmacies Easy-fix acquired pharmacies Develop d
Slide 12: Proven value creation
DRAFT Proven value creation Proven execution capabilities with a fast and efficient integration of new pharmacies into a well-performing and synergistic platform Retail integration plan Scale synergies on purchasing Action plan: Action plan: ▪ Standardize operational procedures across locations to e
Slide 13: R&D and Innovation to drive sustainable competitive advantage
DRAFT R&D and Innovation to drive sustainable competitive advantage From digital health to operational excellence: research-driven innovation as a core growth pillar R&D Program Launch Testing Market Deployment Enabling Infrastructure Scalable Growth Strategies Innovative Applications • IT departmen
Slide 14: Selected historical case studies
DRAFT Selected historical case studies Leveraging sector expertise and synergies to drive continuous improvement in financial performance across acquired pharmacies Pre-acquisition results (1Y before) Post-acquisition results (up to 2024) Acquisition Date: 05/2017 Turnover Variation +77.0% Turnover
Slide 15: 2024 Pro-Forma Financial Highlights
DRAFT 2024 Pro-Forma Financial Highlights 2024 pro-forma consolidated financials (IAS-compliant) € 26.1m € 3.6m € 33.3m € 23.4m EBITDA Total Revenues Fixed Assets Equity Adjusted(1) 14.0% € 1.3m € 9.5m 64% EBITDA Cash Net Income Net Debt(2) Adjusted %(1) conversion(3) Source: Company information and
Slide 16: 1H2025 Pro-Forma Financial Highlights
DRAFT 1H2025 Pro-Forma Financial Highlights 1H2025 pro-forma consolidated financials (IAS-compliant) € 13.4m € 2.0m € 33.0m € 23.3m EBITDA Total Revenues Fixed Assets Equity Adjusted(1) 15.0% € 0.1m € 9.2m EBITDA Net Income Net Debt(2) Adjusted %(1) Source: Company information and Financial statemen
Slide 17: Shareholding structure and Corporate Governance
DRAFT Shareholding structure and Corporate Governance Shareholding structure Board of Directors Più Medical’s share capital is structured with ~60% held by management, ~18% as The Company’s Board of Directors comprises 5 members, including 2 independent free float, and the remaining ~22% held by “an
Slide 18: Management and organizational structure
DRAFT Management and organizational structure Executive Chairman CEO Fabrizio Maroni Stefano Maroni CFO Fabio Giordano Pharmacy organizational chart(1) Administrative & finance Procurement Pharmacy Branches of G.S.M. S.r.l.(1) ▪ 2 Full-Time Employees ▪ 1 Full-Time Employee Structure and HQ organizat
Slide 19: Wide product offering with unexploited private label potential
DRAFT Wide product offering with unexploited private label potential Despite high product margins, private label represents less than 3% of revenues, highlighting strong margin-growth potential Category Revenue breakdown(1) Reimbursability breakdown(1) Avg. price(1) Product margin Prescription c. 57
Slide 20: Client engagement and spending patterns fueled by loyalty growth
DRAFT Client engagement and spending patterns fueled by loyalty growth Clients show solid engagement and diverse spending patterns across segments, with loyalty cards driving repeat purchases and revenue boost Loyal Customers Performance 2021-2024(1) +196.2% 24.066 CAGR Loyal customers General custo
Slide 21: Disclaimer
DRAFT Disclaimer Forward-Looking Statements: this document may include projections and other “forward-looking” statements. In particular, all statements that address expectations or projections about the future, including statements about operating performance, market position, industry trends, gene