Otofarma S.p.a. · MIL:OTO
Otofarma — H1 2025 Earnings Presentation
28 slides from Otofarma's earnings presentation, Nov 7, 2025
Slide 1: A Story Worth Hearing - H1 2025 Road Show
STRICTLY PRIVATE AND CONFIDENTIAL A STORY WORTH HEARING H1 2025 Road Show November 7th 2025 1
Slide 2: Key Managers
CONFIDENTIAL KEY MANAGERS People Speaking Today Background 25+ years of experience in the GIOVANNA INCARNATO hearing care industry BARTOLOMUCCI Degree in Economics and expert CEO in Audiology 2ND generation of founding family Background GENNARO ANNA INCARNATO 10+ years of experience in the B
Slide 3: Otofarma: A Successful Story of an Innovative Approach within a Consolidated Healthcare Sector
CONFIDENTIAL OTOFARMA: A SUCCESFULL STORY OF AN INNOVATIVE APPROACH WITHIN A CONSOLIDATE HEALTHCARE SECTOR The founder, Rino Bartolomucci, Net Revenues (Eu mn) brings deep industry experience, having worked at a large industry player before launching his own hearing aids manufacturing business 15.1
Slide 4: A 360° Highly Professionalized Approach to Hearing Disease Treatment
CONFIDENTIAL A 360° HIGHLY PROFESSIONALIZED APPROACH TO HEARING DISEASE TREATMENT I) Specialized sales consultant, (ii) an expert clinical team (doctor, nurse & audiometrist / hearing aid specialist), and (III) a skilled hearing-aids specialist/technician, allow patients to experience a seamless, en
Slide 5: A Story Worth Hearing: Bringing Hearing Aids into Pharmacies
CONFIDENTIAL A STORY WORTH HEARING: BRINGING HEARING AIDS INTO PHARMACIES, WITH AN HIGHLY PROFESSIONALIZED APPROACH, FROM PRODUCTION TO AFTER-SALES SUPPORT #1 Producer of Hearing Aids Distributed to Pharmacies In-house production Innovative Customer care of Hearing Aids Commercial Model and after-sa
Slide 6: In-House Production: Key Company Asset
IN-HOUSE PRODUCTION: KEY COMPANY ASSET TO DELIVER QUALITY AND EXTREME CONFIDENTIAL PERSONALIZATION 30Y of experience in the hearing care sector lets Otofarma being one of the few Italian producers of hearing aids, able to deliver highly personalized solutions, increase customer satisfaction and keep
Slide 7: Product Offering at a Glance
CONFIDENTIAL PRODUCT OFFERING AT A GLANCE Otofarma’s product offering spans from in-ear devices to the flagship retro micro behind-the-ear hearing aid, with gain/output performance varying based on the features of each device, and a battery life of up to 10 days PRODUCT OVERVIEW TECHNICAL FEATURES
Slide 8: Backshop of Pharmacies: A Unique Revenue Model Empowering Pharmacists
CONFIDENTIAL BACKSHOP OF PHARMACIES: A UNIQUE REVENUE MODEL EMPOWERING PHARMACISTS Otofarma has developed a unique business model in hearing disease treatment by leveraging both on pharmacies market – today key channel of the Group – and via Direct sales through a developing network of PoS. 2023 202
Slide 9: Highly Diversified Business with No Dependency on Single Pharmacies
CONFIDENTIAL HIGHLY DIVERSIFIED BUSINESS WITH NO DEPENDENCY ON SINGLE PHARMACIES… Veneto 114 Puglia, Calabria No pharmacy has a significant weight on total revenues Lazio & Others 776 130 eighter any region; the group holds a significant presence in Northern Italy Campania c.2k active 137 pharmacies
Slide 10: No Dependency on Individual Specialized Sales Consultants
CONFIDENTIAL …AND NO DEPENDENCY ON INDIVIDUAL SPECIALIZED SALES CONSULTANTS Revenues are well distributed across the commercial network, with no significant concentration on individual specialized sales consultant 75.9% PF24 REVENUES BY SALES CONSULTANT (%) (1) 2.14% 1.90% 2.17% 2.24% 2.27% 2.47% 2.
Slide 11: Telemedicine: Remote Diagnosis, Scalable Innovation
CONFIDENTIAL TELEMEDICINE: REMOTE DIAGNOSIS, SCALABLE INNOVATION Otofarma has developed a distinctive and innovative approach to the hearing disease treatment: speedy, hight quality , comfortable, customized TELEAUDIOLOGY #1hearing aids producer using telemedicine in pharmacies The specialized sal
Slide 12: Delivery and After-Sales Assistance: Earning Patient Trust Over Time
CONFIDENTIAL DELIVERY AND AFTER-SALES ASSISTANCE: EARNING PATIENT TRUST OVER TIME End-to-end service model ensuring delivery, education and continuous support DELIVERY The hearing aid can be shipped either LIFESPAN OF THE HEARING AID to the pharmacy or directly to the patient's home 3-5yrs Hearing
Slide 13: Patient Journey: Fully Integrated Hearing Care Model
PATIENT JOURNEY: A UNIQUE, FULLY INTEGRATED AND PROFESSIONALIZED HEARING CONFIDENTIAL CARE MODEL DEIVERED THROUGH PHARMACIES Otofarma has developed a unique business model combining proprietary R&D, vertical integration to ensure certified tailor-made production, and a fully integrated telemedicine
Slide 14: A Client Centric Approach with a Highly Appealing Proposition to Commercial Partners
CONFIDENTIAL A CLIENT CENTRIC APPROACH WITH A HIGHLY APEALING PROPOSITION TO COMMERCIAL PARTNERS Otofarma business model allows to gain top-notch profit margins from medical devices production and distribution while (i) offering patients a highly appealing value-for-money solution and (ii) allowing
Slide 15: Growth Strategy: New Projects and Organic Growth
CONFIDENTIAL GROWTH STRATEGY: A COMBINATION OF NEW PROJECTS AND ORGANIC GROWTH To foster growth plans with through: (i) new production plant in Lombardy to expand and strengthen industrial capacity; (ii) accelerate entrance into Optical channel with Odiens brand and (iii) pursue a careful and strate
Slide 16: Key 1H 2025 Results
Key 1H 2025 Results GIOVANNA INCARNATO BARTOLOMUCCI CEO 3
Slide 17: 1H 2025 Snapshot
1H 2025 Snapshot Net revenues by channels 1H25 (Eu mn) Pharmacy(1) ~91% 1H25 Eu 8.5mn 9.7% Revenues Value of production %EBITDA Margin 4.2k+ Eu 8.0mn 4 in 1H25 (+20% YoY) Adj In 1H25 Affiliated Point of Pharmacies Direct(2) Sales ~9% Net revenues by geography 1H25 (Eu mn) 2023 2024 Jun-25 Affiliated
Slide 18: Hiring Process and Personnel Evolution
Specialist in Hearing Care: approx. 5 months process to be profitable Personnel evolution DETAILSOF NEW HIRES 191 19 245 67 new hires Specialized Sales Hearing Aids ~245 Consultants (1) Specialist(2) 178 60 Specialized Sales Professionals Consultants Specialists in Hearing Care Ecosystem Among healt
Slide 19: Odiens Project
Odiens Project Odiens is redefining the hearing care market through tailor-made hearing aids delivered via teleaudiology, combining remote diagnostics and digital fitting with an innovative distribution model that leverages third party optical stores and a growing network of owned physical optical s
Slide 20: Organic Expansion: New Production Facility in Milan
Organical expansion: new production facility in Milan to strengthen manufacturing capacity Through its expansion in Milan and the acquisition of a new production site, Otofarma strengthens its national presence with a strategic investment aimed at doubling production capacity, reinforcing its indust
Slide 21: Exploiting the Commercial Structure: the Convergenza Project
Exploiting of the commercial structure: the Convergenza Project Field 20 affiliated Manager pharmacies Area Manager Field 20 affiliated 11 enlisted since Sept. ‘25 Manager pharmacies (75 enlisted by 2027) 120/100 pharnacies Field 20 affiliated Manager pharmacies v Field 20 affiliated Manager pharmac
Slide 22: 1H 2025 Financial Results
1H 2025 Financial Results GIULIA SIMONE CFO 8
Slide 23: Income Statement – Focus on Costs Base
Income Statement – focus on costs base 1 Raw Materials Raw materials, together with the change in inventories, iaccounted for 12.0% of VoP in 1H25 (vs 1H25 Pro Forma FY24 Pro Forma 14.5% in 2024), showing an improvement in gross margin mainly driven by (i) improving purchase €'000 %(i) %(i) conditio
Slide 24: Balance Sheet
Balance sheet €'000 HF25 Pro Forma Consolidated FY24 Pro Forma Consolidated 1 Net Working Capital Net fixed assets 3,646 3,191 Inventories 236 157 Net working capital at 30 June 2025 €3.3 mn, from €2.7 mn at 31 December 2024, main changes relate to: Trade receivables 2,572 3,536 Trade payables (797)
Slide 25: Key H1 25 Highlights
Key H1 25 highlights 1 Steady growth of the Group, confirming the commercial appeal of its business model and the positive momentum on the market Strong commercial network growth, with the expansion of the professional network through 2 the addition of 67 new specialists, including specialized sales
Slide 26: Key FY2025 Take Aways
Key FY2025 take aways FY2025 Figures in line with our track record history: 1 topline growth and EBITDA margin in line with «growth seeding years» rates (2022/2023) H1 25 Costs trend mirroring topline growth and supporting future g r o w t h p l a n , n o r m a l i z i ng i n H 2 2 5 : 2 higher than
Slide 27: Q&A Session
Q&A Session 12
Slide 28: Disclaimer
CONFIDENTIAL DISCLAIMER This document has been prepared by and is the sole responsibility of Otofarma SpA (“Otofarma” or the “Company”) for the sole purpose described herein. The information contained herein does not contain or constitute an offer of securities for sale, or solicitation of an offer