Fine Foods & Pharmaceuticals N.t.m. Spa · MIL:FF
Fine Foods & Pharmaceuticals N.t.m. Spa — H1 2026 Earnings Presentation
41 slides from Fine Foods & Pharmaceuticals N.t.m. Spa's earnings presentation, Sep 8, 2026
Slide 1: H1 2026 Results Presentation
H1 2026 RESULTS PRESENTATION 08/09/2026
Slide 2: Index
FINE FOODS H1 2026 INDEX RESULTS PRESENTATION 2 Index 1 2 3 WE CREATE FINANCIALS SHAREHOLDING VALUE STRUCTURE & CORPORATE GOVERNANCE 4 5 INVESTOR BACK UP INFORMATION ESG DETAILS & CONTACTS
Slide 3: We Create Value
FINE FOODS H1 2026 RESULTS PRESENTATION 3 WE CREATE VALUE
Slide 4: Italian leading independent CSDMO
FINE FOODS H1 2026 WE CREATE VALUE RESULTS PRESENTATION 4 Italian leading independent CSDMO active in the attractive and growing nutraceutical, pharmaceutical and cosmetic markets, following an innovative cross-functional R&D approach, ensuring top-tier quality standards, and fostering strong lastin
Slide 5: Fine Foods at a glance
FINE FOODS H1 2026 WE CREATE VALUE RESULTS PRESENTATION 5 Fine Foods at a glance Italian independent CSDMO active in the >80,000 sqm of covered area on a total area nutraceutical, pharmaceutical and cosmetic of more than 230,000 sqm industries through 3 Business Units 4 specialized plants all locate
Slide 6: European reference markets
FINE FOODS H1 2026 WE CREATE VALUE RESULTS PRESENTATION 6 European reference markets* €BN 1,018.2 867.1 644.0 5.7% 9.9% 7.9% 3.9% 6.8% 463.5 849.6 Pharma 381.3 729.9 539.1 2.0% 4.0% 369.1 2.0% 7.0% 5.3% 295.2 142.1 Cosmetics 115.7 81.4 88.1 4.7% 6.6% 6.5% 5.4% 5.8% 75.3 12.9 16.7 21.5 26.5 Nutra 10.
Slide 7: Consistently outperforming reference markets
FINE FOODS H1 2026 WE CREATE VALUE RESULTS PRESENTATION 7 Consistently outperforming European Vitamins & Dietary supplements Fine Foods Revenue reference markets* European Pharmaceuticals 252.1 €M European Cosmetics Fine Foods Fine Foods Revenue 102.5 €M 2015 2016 2017 2018 2019 2020 2021 2022 2023
Slide 8: Flexible and integrated business model
FINE FOODS H1 2026 WE CREATE VALUE RESULTS PRESENTATION 8 Flexible and integrated NUTRACEUTICALS AND COSMETICS business model Concept Development Regulatory Compliance Formulation Production Distribution Fine Foods is positioned within the value creation chain of pharmaceuticals, nutraceuticals and
Slide 9: R&D for efficient and high-quality product development
FINE FOODS H1 2026 WE CREATE VALUE RESULTS PRESENTATION 9 R&D for efficient and high-quality OPPORTUNITY LAB product Formulae databank development ➝ Wide range of ready-to-use product formulations 197 NUTRACEUTICALS & COSMETICS Using different approaches, based on INNOVATION LAB customer needs, our
Slide 10: What we do
FINE FOODS H1 2026 WE CREATE VALUE RESULTS PRESENTATION 10 What we do PHARMACEUTICAL NUTRA / PHARMA COSMETICS FORMS Cross-fertilised innovation is implemented by exploiting our expertise in different fields, best Capsules Tablets Powders Granules Liquids Creams Liquids Creams Gels Parfum Toothpaste
Slide 11: Sofar's acquisition
FINE FOODS H1 2026 WE CREATE VALUE RESULTS PRESENTATION 11 Sofar’s acquisition Sofar S.p.A. acquisition completed on June 12, 2026 from Highlights 2025 Revenues Alfasigma S.p.A. Revenues by products Sofar is a specialized and integrated plant located in 2% Trezzano Rosa, Milan ~25,000 sqm €27 mn Ent
Slide 12: Selection of products
FINE FOODS H1 2026 WE CREATE VALUE RESULTS PRESENTATION 12 Selection of products
Slide 13: Customers' loyalty
FINE FOODS H1 2026 WE CREATE VALUE RESULTS PRESENTATION 13 2026 Customers’ loyalty 2020 2010 2000 ~ 130 clients distributed across the 3 BUs Retained key domestic and global clients acquired before 2000 Several new clients added afterwards, including those derived from our acquisitions in the cosmet
Slide 14: Our Commitment to Quality, Safety and Sustainability
FINE FOODS H1 2026 WE CREATE VALUE RESULTS PRESENTATION 14 Our Commitment to Quality, Safety and Sustainability RATING ESG Membro Sedex dal 2016 (BU Nutra) Membro UNGC dal 2021 CERTIFICAZIONI AUTORIZZAZIONI PRODOTTI SPECIFICI HALAL KOSHER
Slide 15: Financials
FINE FOODS H1 2026 RESULTS PRESENTATION 15 FINANCIALS
Slide 16: H1 2026 Executive Summary
FINE FOODS H1 2026 FINANCIALS RESULTS PRESENTATION 16 H1 2026 Executive Summary REVENUE ADJ EBITDA ADJ NET INCOME €M 15.2 €M 124.8 -29.7% vs H1 2025 €M 2.1 -3.1% vs H1 2025 ADJ EBITDA MARGIN -78.3% vs H1 2025 12.2% (-460 bps) CAPEX SOFAR ACQUISITION NET DEBT €M 14.6 PRICE €M 98.0 Extraordinary: €M 6
Slide 17: H1 2026 BUs Revenue Breakdown
FINE FOODS H1 2026 FINANCIALS RESULTS PRESENTATION 17 H1 2026 BUs Revenue Breakdown H1 2026 FY 2025 H1 2025 11.5% 12.2% 9.8% PHARMA PHARMA PHARMA 37.4% 33.8% 32.3% NUTRA 51.0% 54.0% 58.4% 36.9% 51.6% NUTRA 54.0% 33.8% 31.8% 55.5% NUTRA 11.7% 12.2% 12.2% COSMETICS COSMETICS COSMETICS H1 2026 Revenue
Slide 18: H1 2026 Main Financials Results Overview
FINE FOODS H1 2026 FINANCIALS RESULTS PRESENTATION 18 H1 2026 Main Financials Results Overview H1 2026 Consolidated Revenue amounted to €M 124.8, Var vs H1 % vs H1 decreasing compared to H1 2025 (-3.1%) €M H1 2026 H1 2025 2025 2025 Industrial Added Value ADJ (IAV) fell to €M 58.5 from €M Revenue 124
Slide 19: H1 2026 BUs ADJ EBITDA
FINE FOODS H1 2026 FINANCIALS RESULTS PRESENTATION 19 H1 2026 BUs ADJ EBITDA (€M) Nutra Cosmetics Group Pharma ADJ Ebitda/ Net Sales -29.7% -26.1% -17.8% 21.6 14.0 6.3 -125.9% 5.2 1.3 15.2 10.3 16.8% 12.2% 19.5% 16.2% 15.2% 11.2% 8.3% H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 (2.3%) (0.3) H1 2
Slide 20: H1 2026 Cash flow & Net Debt
FINE FOODS H1 2026 FINANCIALS RESULTS PRESENTATION 20 H1 2026 Cash flow & Net Debt (€M) Var vs H1 Cash Flow Statement (€M) H1 2026 H1 2025 2025 ADJ EBITDA 15.2 21.6 (6.4) Change in TWC (3.9) (14.6) 10.6 Other Change in NWC (0.2) 2.4 (2.7) (3.9) (0.2) Capex (14.6) (19.8) 5.2 15.2 Operating Cash Flow
Slide 21: TWC, CAPEX & M&A
FINE FOODS H1 2026 FINANCIALS RESULTS PRESENTATION 21 TWC, CAPEX & M&A TRADE WORKING CAPITAL (€M) CAPEX & M&A (€M) 18.4% 14.0% 19.0% % on Net Sales LTM 33.3% 14.4% 15.3% % Total on pro-quota Net Sales 51.2 6.8% 5.3% 5.5% % Ordinary on pro-quota Net Sales 6.2 47.4 41.5 35.2 Trade Receivables SOFAR 6.
Slide 22: Outlook and Guidelines for future growth 1/2
FINE FOODS H1 2026 FINANCIALS RESULTS PRESENTATION 22 Outlook and Guidelines ➢ Fine Foods' market segments are expected to grow in Europe and globally in the coming year for future growth 1/2 ➢ The weight-management nutraceutical products segment is undergoing a transformation, marked by both the gr
Slide 23: Outlook and Guidelines for future growth 2/2
FINE FOODS H1 2026 FINANCIALS RESULTS PRESENTATION 23 Outlook and Guidelines for future growth 2/2 NUTRA BU PHARMA BU COSMETICS BU Despite challenges, the Nutra BU is advancing its The Pharma BU, which grew rapidly in H1 2026, will The Cosmetics BU has completed a phase of development, prioritising
Slide 24: Shareholding Structure & Corporate Governance
FINE FOODS H1 2026 RESULTS PRESENTATION 24 SHAREHOLDING STRUCTURE & CORPORATE GOVERNANCE
Slide 25: Shareholding structure
FINE FOODS H1 2026 SHAREHOLDING STRUCTURE RESULTS PRESENTATION 25 Shareholding structure FINE FOODS SHARES N. OF SHARES (Million) % FLOATING (ON LISTED SHARES) ~54.3% LISTED SHARES 22.1 86% As of 31.08.2026 UNLISTED SHARES* 3.5 14% TOTAL EQUITY CAPITAL 25.6 100% 12.0% 4.2% *Unlisted shares are Multi
Slide 26: Corporate Governance
FINE FOODS H1 2026 SHAREHOLDING STRUCTURE RESULTS PRESENTATION 26 Corporate Governance → 4 Independent Directors Our governance is structured → 4 Non-executive Directors around an ESG responsible approach. It allows us to pursue a sustainable growth while also ensuring continuity to all our ENVIRONM
Slide 27: Investor Information & Contacts
FINE FOODS H1 2026 RESULTS PRESENTATION 27 INVESTOR INFORMATION & CONTACTS
Slide 28: Investor Information
FINE FOODS H1 2026 INVESTOR INFORMATION & CONTACTS RESULTS PRESENTATION 28 Investor MARKET EURONEXT STAR MILAN Information ISIN CODE IT0005215329 TICKER FF INTESA SANPAOLO S.p.A. Recommendation: Buy SPECIALIST Analyst: Giada Cabrino Target Price: € 12.80 E-mail: giada.cabrino@intesasanpaolo.com Last
Slide 29: Why Fine Foods?
FINE FOODS H1 2026 INVESTOR INFORMATION & CONTACTS RESULTS PRESENTATION 29 Why Fine Foods? Positioning Performance Reliability • Strategic CSDMO partner for the • Solid track record with a 10-year • Long term developmente view Health & Beauty sectors revenue CAGR >9% • Experienced management • A col
Slide 30: Contacts
FINE FOODS H1 2026 INVESTOR INFORMATION & CONTACTS RESULTS PRESENTATION 30 Contacts Fine Foods & Pharmaceuticals N.T.M. S.p.A. Tel. +39 035 4821382 CEO, IR: Pietro Oriani Investor Relations & Communication Advisor: Michaela M. Carboni Investor Relations: ir@finefoods.it Media Relations: media.relati
Slide 31: Disclaimer
FINE FOODS H1 2026 INVESTOR INFORMATION & CONTACTS RESULTS PRESENTATION 31 Disclaimer This document has been prepared by Fine Foods & Pharmaceuticals The information contained in this document, unless otherwise specified N.T.M. S.p.A. for the sole purpose described herein. The information is only cu
Slide 32: Back Up ESG Details
FINE FOODS H1 2026 RESULTS PRESENTATION 32 BACK UP ESG DETAILS
Slide 33: Fine Foods' Group sustainability pillars and Benefit Objectives
FINE FOODS H1 2026 BACK UP – ESG DETAILS RESULTS PRESENTATION 33 Fine Foods’ Group sustainability pillars and Benefit Objectives People Environment Ethics & Governance Supply Sustainable Chain Products Land Development
Slide 34: ESG main initiatives and results
FINE FOODS H1 2026 BACK UP – ESG DETAILS RESULTS PRESENTATION 34 ESG main initiatives Environment Social Governance and CIRCULAR ECONOMY WE ATTRACT BOARD OF DIRECTORS results* • Increase of waste volumes sent to recovery, thus reducing environmental impact ~ 11,200 applications/year • 4 Women out of
Slide 35: Ratings, ESG Commitment and Certifications
FINE FOODS H1 2026 BACK UP – ESG DETAILS RESULTS PRESENTATION 35 Ratings, ESG Commitment and Certifications RATINGS Sedex Member SMETA Audit 4 Pillar ESG COMMITMENT 231 Organizational, managerial and control Part of an Italian network of models to prevent companies focused on UNGC Member crimes Dive
Slide 36: Sustainable products
FINE FOODS H1 2026 BACK UP – ESG DETAILS RESULTS PRESENTATION 36 Sustainable products OUR SERVICES Support and service to Environmental Product carbon Product develop products that provide labelling footprint calculation eco-design environmental, social and consultation support support economic bene
Slide 37: Suppliers' ESG management
FINE FOODS H1 2026 BACK UP – ESG DETAILS RESULTS PRESENTATION 37 Suppliers’ ESG management ENVIRONMENTAL AND SOCIAL ASSESSMENT OF OUR SUPPLIERS 95% Value of purchases of raw materials and packaging from suppliers assessed by EcoVadis on ESG criteria 98% Value of purchases of raw materials and packag
Slide 38: Appendix
FINE FOODS H1 2026 RESULTS PRESENTATION 38 APPENDIX
Slide 39: H1 2026 Interim consolidated income statement
FINE FOODS H1 2026 FINANCIALS RESULTS PRESENTATION 39 H1 2026 Interim consolidated income statement
Slide 40: H1 2026 Interim consolidated statement of financial position
FINE FOODS H1 2026 FINANCIALS RESULTS PRESENTATION 40 H1 2026 Interim consolidated statement of financial position
Slide 41: H1 2026 Interim consolidated cash flow statement
FINE FOODS H1 2026 FINANCIALS RESULTS PRESENTATION 41 H1 2026 Interim consolidated cash flow statement
Fine Foods & Pharmaceuticals N.t.m. — H1 2026 Earnings Presentation on 6ix