Fine Foods & Pharmaceuticals N.t.m. Spa MIL:FF

Fine Foods & Pharmaceuticals N T M S p A : Full Year 2025 Results Presentation

Published

Source: MarketScreener





FY 2025 RESULTS PRESENTATION

12/03/2026





FINEFOODS

HEALTH & BEAUTY CSDMO

FINE FOODS

FY 2025

RESULTS PRESENTATION

INDEX

2

Index

WE CREATE

VALUE

FINANCIALS

SHAREHOLDING STRUCTURE & CORPORATE GOVERNANCE

INVESTOR INFORMATION & CONTACTS

BACK UP ESG DETAILS



‌FINE FOODS

FY 2025

RESULTS PRESENTATION 3

WE CREATE VALUE



FINE FOODS

FY 2025

RESULTS PRESENTATION

WE CREATE VALUE

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 lasting customer relations

with multinational and leading clients.



FINE FOODS

FY 2025

RESULTS PRESENTATION

WE CREATE VALUE

5

Fine Foods at a

glance



Italian independent CSDMO active in the nutraceutical, pharmaceutical and cosmetic industries through 3 Business Units

~ 9% CAGR over the last 10 years

FY 2025 Revenue at €M 252.1

>70,000 sqm of covered area on a total area of more than 200,000 sqm



3 specialized plants all located in Lombardia - Northern Italy

Strong partnership with ~ 130 clients in all our reference markets

Cosmetics BU 12.2%

Pharma BU 33.8%

Nutra BU 54.0%

A diversified resilient model performance

~ 840 employees of which



~19% dedicated to R&D and Quality





Rating



15.1% ADJ EBITDA Margin in FY 2025





Listed on Borsa Italiana's

Euronext STAR Milan (Ticker: FF)

Stable presence of Eigenfin

S.r.l. and Marco Eigenmann in the shareholding structure



‌FINE FOODS

FY 2025

RESULTS PRESENTATION

WE CREATE VALUE

6

European reference

markets*



€BN

381.3

295.2

463.5

369.1

644.0

539.1

867.1

729.9

1,018.2

849.6

5.7%

9.9%

7.9%

3.9%

6.8%

2.0%

2.0%

7.0%

5.3%

4.0%

4.7%

6.6%

6.5%

5.4%

5.8%

Pharma

81.4

88.1

115.7

142.1 Cosmetics

*Sources: Euromonitor International, Industrial, Pharmaceuticals, 2025 Edition Production MSP, EUR Fixed Ex Rates, Current Prices. Consumer Health, 2026 Edition, Retail Value RSP, EUR Fixed Ex Rates, Current Prices. Cosmetics as per aggregation of Euromonitor's Bath and Shower, Deodorants, Fragrances, Hair Care, Oral Care, Skin Care and Sun Care.

0 10.8

75.3

2013

12.9

2017

16.7

2021

21.5

2025

26.5

2029E

Nutra

CAGR 13-17

CAGR 17-21

CAGR 21-25

CAGR 25-29

CAGR 13-29



FINE FOODS

FY 2025

RESULTS PRESENTATION

WE CREATE VALUE

7

European Vitamins & Dietary supplements

European Pharmaceuticals European Cosmetics

Fine Foods

Fine Foods Revenue

252.1 €M

Fine Foods Revenue

102.5 €M





Consistently outperforming reference markets*

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

*Sources: Euromonitor International, Industrial, Pharmaceuticals, 2025 Edition Production MSP, EUR Fixed Ex Rates, Current Prices. Consumer Health, 2026 Edition, Retail Value RSP, EUR Fixed Ex Rates, Current Prices.

Cosmetics as per aggregation of

Euromonitor's Bath and Shower, Deodorants, Fragrances, Hair Care, Oral Care, Skin Care and Sun Care.

Company Analysis: the three variables' time series are divided by their respective 2015 value (the basis) and multiplied by a factor of 100; the considered variables are Fine Foods revenue, European Nutraceuticals -Vitamins & Dietary Supplements segment size, European Pharmaceuticals production size and European Cosmetics size.

+ +

FINE FOODS 10-YEAR REVENUE CAGR AT ~9%

OUT-PACED PEERS

EXTERNALIZATION TREND

MARKET GROWTH

Fine Foods reference markets show expected growth rate both at European and global level Fine Foods has substantially outgrown its reference end-markets in the

last decade, with 2025 sales at 2.5X the 2015 level



FINE FOODS

FY 2025

RESULTS PRESENTATION

WE CREATE VALUE 8

Flexible



and integrated business model

Concept Development

Regulatory Compliance

Formulation

Production

Distribution

NUTRACEUTICALS AND COSMETICS

Fine Foods is positioned within the value creation chain of pharmaceuticals, nutraceuticals and cosmetics, focusing on: business development, R&D, scale-up and production

PHARMACEUTICALS

Drug Discovery

Early Stage Development

Dossier Development

Production

Distribution





FINE FOODS

FY 2025

RESULTS PRESENTATION

WE CREATE VALUE 9

R&D for efficient and high-quality product development

Using different approaches, based on customer needs, our R&D department defines, develops and delivers the best bespoke solutions

OPPORTUNITY LAB



Formulae databank



➝ Wide range of ready-to-use product formulations

INNOVATION LAB

Innovative products

➝ A lab to offer out-of-the-box ideas

CUSTOMISATION LAB

Exclusive and customised product

➝ Tailor-made solutions for the most challenging projects

159

Employees dedicated to scientific, technical, quality and control activities representing

~19% of total workforce

NUTRACEUTICALS & COSMETICS

PHARMACEUTICALS

TRANSFER LAB

Efficient Technology Transfer

➝ Fast and reliable Transfer from existing

formulations



FINE FOODS

FY 2025

RESULTS PRESENTATION

WE CREATE VALUE 10

What we do

NUTRA / PHARMA

COSMETICS

Cross-fertilised innovation is implemented by exploiting our expertise in different fields, best practices and technical knowledge to provide customers with new opportunities

PHARMACEUTICAL FORMS

148 production lines across the













Capsules Tablets Powders



Granules



Liquids













Bottles

Roll-on





PACKAGING

Creams & Lotions

Gels Toothpaste Parfum

3 plants already active

Bottles Jars

Sticks

Sachet

Blister

Tubes

Jars



PLANTS

ZINGONIA*

COVERED AREA 28,800 sqm TOTAL AREA 45,600 sqm

BREMBATE COVERED AREA 25,512 sqm TOTAL AREA 135,900 sqm

TRENZANO

COVERED AREA 19,900 sqm TOTAL AREA 25,200 sqm

RESEARCH & INNOVATION HUB TOTAL AREA 300 sqm

*On 2 August 2024, the Parent Company signed a preliminary contract for the purchase of approximately 21,000 sqm located in the municipality of Zingonia-Verdellino (BG), bordering the current Fine Foods nutraceutical plant

Planned expansion of production capacity

New plant expansion completed

Upgrade and expansion of production capacity completed

Inauguration of the Research & Innovation Hub for cosmetic development



‌FINE FOODS

FY 2025

RESULTS PRESENTATION

WE CREATE VALUE

11

Selection of products





FINE FOODS

FY 2025

RESULTS PRESENTATION

WE CREATE VALUE

12

Customers' loyalty

~ 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 cosmetic industry

Note: Alfasigma (formerly served as Sigma-Tau & Alfa Wassermann), Viatris (served as Viatris & Mylan & Rottapharm), PharmaS (served as Fidifarm), Perrigo (formerly served as Omega Pharma), Ceres Pharma (served as Aesculapius Farmaceutici), Nestlè (served as Pronokal & S.D.M.), Stada (served as EG - Stada Group), Equilibra belongs to Unilever Group













2020

2010

2000



SELECTION OF CLIENTS

2025



FINE FOODS

FY 2025

RESULTS PRESENTATION

WE CREATE VALUE

13

Our Commitment to Quality, Safety and Sustainability









RATING

ESG

Membro Sedex dal 2016 (BU Nutra)

Membro UNGC

CERTIFICAZIONI

dal 2021









AUTORIZZAZIONI

PRODOTTI SPECIFICI

HALAL KOSHER



‌FINE FOODS

FY 2025

RESULTS PRESENTATION 14

FINANCIALS



FINE FOODS

FY 2025

RESULTS PRESENTATION

FINANCIALS

15

FY 2025

Executive Summary

ADJ EBITDA

€M 38.1

+14.9% vs FY 2024

ADJ EBITDA MARGIN 15.1% (+150 bps)

REVENUE

€M 252.1

+3.4% vs. FY 2024

ADJ NET INCOME

€M 12.8

+25.2% vs FY 2024



CAPEX

€M 36.4

Extraordinary: €M 23.0

NET DEBT

€M 47.9

1.3x Net Debt

to ADJ EBITDA Ratio

DIVIDENDS PAID IN 2025

€M 3.4

€0.14 per share





FINE FOODS

FY 2025

RESULTS PRESENTATION

FINANCIALS

16

FY 2025 BUs

Revenue Breakdown



Q4 2025 FY 2025 FY 2024

Cosmetics

11.3%

Cosmetics



12.2%

Cosmetics

10.6%

Pharma

36.0%

52.7%

Nutra

Pharma

33.8%

54.0%

Nutra

Pharma

31.1%

58.3%

Nutra

FY 2025 Revenue amounted to €M 252.1, up by +3.4% compared to FY 2024 Pharma BU confirmed its growth trajectory, with revenues up 12.4% vs FY 2024, more than offsetting the Nutra BU decline Nutra BU's revenue decreased by 4.3% vs FY 2024 mainly due to market dynamics: the nutraceutical segment focused on weight-control products is undergoing a transformation, driven by emerging trends in the customisation of food supplements to meet individual needs. This shift is redefining the sector, with its full effects being evaluated Cosmetics BU delivered strong growth, with revenues up 19.4% year on year Q4 2025 Revenue amounted to €M 62.3, decreased by 6.3% vs Q4 2024, which was best quarter ever.

(€M)

FY 2025 FY 2024 Var vs

FY 2024

% vs

FY 2024

Revenue 252.1 243.8 8.3 3.4%

Nutra

136.1

142.2

(6.1)

(4.3%)

Pharma

85.2

75.8

9.4

12.4%

Cosmetics

30.8

25.8

5.0

19.4%



FINE FOODS

FY 2025

RESULTS PRESENTATION

FINANCIALS

17

FY 2025 Main Financials Results Overview

(€M)

FY 2025

FY 2024

Var vs FY 2024

% vs FY 2024

Revenue

252.1

243.8

8.3

3.4%

Industrial Value Added

112.8

102.4

10.4

10.1%

Industrial Value Added %

44.8%

42.0%

2.7%

ADJ EBITDA

38.1

33.2

4.9

14.9%

ADJ EBITDA/Revenues

15.1%

13.6%

1.5%

EBITDA (*)

34.4

30.4

4.0

13.2%

EBIT (*)

16.4

14.6

1.8

12.1%

PBT (*)

13.6

11.8

1.7

14.7%

ADJ Net Income

12.8

10.2

2.6

25.2%

ADJ Net Income %

5.1%

4.2%

0.9%

Net Income (*)

10.1

8.2

1.9

23.8%

(*) Includes non recurring items

(€M) 31.12.2025 31.12.2024 Var vs

31.12.2024

Net Debt

47.9

35.3

12.6

Net Debt/ADJ EBITDA LTM

1.3

1.1

0.2

FY 2025 Consolidated Revenue reached €M 252.1, up

+3.4% compared to FY 2024

FY 2025 ADJ EBITDA rose to €M 38.1, +14.9% vs FY 2024

(€M 33.2). FY 2025 ADJ EBITDA Margin improved significantly to 15.1%, up 150 bps from 13.6% in FY 2024. Profitability growth is supported by continuous improvement initiatives enhancing operational efficiency and strengthening the Group's competitiveness

FY 2025 ADJ Net Income rose to €M 12.8 compared to €M

10.2 in FY 2024. Fine Foods Parent Company's tax rate

(IRES) at 20% in 2025 ("IRES Premiale").

Net Debt as of 31 December 2025 amounted €M 47.9, increasing by €M 12.6 vs 31/12/2024, showing an improvement compared to €M 50.1 as of 30 September 2025 Leverage increased slightly, with Net Debt to ADJ EBITDA LTM at 1.3x compared to 1.1x at year end 2024

FINE FOODS

FY 2025

RESULTS PRESENTATION

FINANCIALS

18

FY 2025 BUs ADJ EBITDA

Group

+14.9%

Nutra

Pharma

Cosmetics

ADJ Ebitda/

Net Sales

(€M)

13.6%

33.2

38.1

-1.5%



17.2%

16.7%

+36.1%

13.4

9.9

13.0%

15.8%



+382.2%

1.3

(0.5)

(1.8%)

4.2%



23.8 23.4

15.1%

FY 2024 FY 2025

FY 2024 FY 2025

FY 2024 FY 2025

FY 2024 FY 2025

In FY 2025, the Group delivered a strong operational performance, with ADJ EBITDA reaching €M 38.1 (+14.9% vs FY 2024). This increase reflects both

improved sales profitability and enhanced operational efficiency, as demonstrated by the EBITDA margin expansion from 13.6% to 15.1%

The Nutra BU delivered a resilient performance; although ADJ EBITDA slightly decreased in absolute terms to €M 23.4 (vs €M 23.8 in FY 2024), the business achieved a positive margin expansion from 16.7% to 17.2%

The Pharma BU showed a strong growth, with ADJ EBITDA up 36.1% (vs FY 2024) to €M 13.4

The Cosmetics BU also showed excellent progress, posting a positive ADJ EBITDA of €M 1.3 compared to a loss in FY 2024



FINE FOODS

FY 2025

RESULTS PRESENTATION

FINANCIALS

19

FY 2025

Cash flow & Net Debt

(3.4)

(3.7)

(3.5)

3.2

(2.3)

(35.3)

38.1

(36.4)

(€M)

(4.6)

2.8

(2.8)

Var. vs

Cash Flow Statement (€M) FY 2025 FY 2024 FY 2024

ADJ EBITDA

38.1

33.2

4.9

Change in TWC

(2.3)

15.3

(17.6)

Other Change in NWC

3.2

2.3

0.9

Capex

(36.4)

(34.7)

(1.7)

Operating Cash Flow

2.6

16.1

(13.5)

Non recurring items

(3.7)

(2.8)

(0.9)

Taxes

(3.5)

(3.7)

0.2

Financial items

(2.8)

(2.8)

(0.0)

Change in Long Term items

2.8

4.4

(1.6)

Change in Equity

(4.6)

(0.1)

(4.5)

Cash Flow before Div. Dist.

(9.2)

11.2

(20.3)

Dividends

(3.4)

(2.9)

(0.5)

Cash Flow post Div. Dist.

(12.6)

8.2

(20.8)

(€M) 31.12.25 31.12.24 Var. vs

31.12. 24

Net Debt

47.9

35.3

12.6

Net Debt/ADJ EBITDA LTM

1.3

1.1

0.2

NFP FY 2024

ADJ EBITDA

TWC

Other Change in NWC

Capex

Non Recurring Items

Taxes

Financial Items

Long Terms Items

Dividends

(47.9)

Buy back NFP FY 2025

Net Debt as of 31.12.2025 increased to €M 47.9, up €M 12.6 compared to FY 2024 FY 2025 operating cash flow at €M 2.6, starting from a positive ADJ EBITDA of €M 38.1 mainly absorbed by Capex of €M 36.4 of which €M 23.0 related to extraordinary projects FY 2025 operating cash flow was furtherly absorbed by dividends paid (€M 3.4), share buy back (€M 4.6), financial charges (€M 2.8), as well as other outflows, including taxes, for a total of €M 4.3

Leverage slightly increased at 31.12.2025 vs 31.12.2024 position (Net Debt to ADJ EBITDA 1.3x vs 1.1x)



FINE FOODS

FY 2025

RESULTS PRESENTATION

FINANCIALS

20

TWC & CAPEX

TRADE WORKING CAPITAL

(€M)

CAPEX

(€M)

13.5%

37.5

31.9

36.6

35.0

Trade Receivables

Inventories

Trade Payables

34.7

25.8

(36.6)

(36.4)

7.8

31.12.2024

31.12.2025

1.0

32.9

14.0% % on Net Sales

35.2

14.2%

3.6%

14.4%

5.3%

36.4

% Total on Net Sales

% Ordinary on Net Sales

23.0

11.6

1.8

Extraordinary capex tangibles Ordinary capex tangibles

Ordinary capex intangibles

TWC increased (€M 35.2 vs €M 32.9):

31.12.2024

31.12.2025

  • Decrease in trade receivables: €M 0.9
  • Decrease in trade payables: €M 0.2
  • Increase in inventories: €M 3.0

Extraordinary CAPEX (€M 23.0 in FY 2025 and €M 25.8 in FY 2024), are mainly related to Pharma plant expansion