Fine Foods & Pharmaceuticals N T M S p A : Half-year Financial Report as of 30 June 2026

FINE FOODS & PHARMACEUTICALS N.T.M. S.p.A.

Registered office: VIA BERLINO 39 VERDELLINO (BG) Registered in the BERGAMO Companies Register

Tax code and Company reference number: 09320600969 Registered in the BERGAMO REA no. 454184 Subscribed share capital €22,770,445.02 Fully paid up VAT number: 09320600969

Half-year Financial Report as of 30 June 2026

08 September 2026 Board of Directors

Table of contents

CORPORATE POSITIONS

Board of Directors Chairman and CEO

Marco Francesco Eigenmann

Managing Director Pietro Oriani Directors

Ada Imperadore Adriano Pala Ciurlo Deborah Maria Venturini Elena Sacco

Giovanni Eigenmann Marco Costaguta Paolo Ferrario Susanna Pedretti

Board of Statutory Auditors Chairman

Croci Guido Statutory Auditors Massimo Petrelli Ottavia Alfano

Auditing Company

EY S.p.A.

Manager responsible for preparing the Company's Financial Reports

Pietro Bassani

Appointed by the Board of Directors on 21 April 2021 under Article 27-bis of the Articles of Association.

Committees Control and Risk Committee

Ada Imperadore Elena Sacco Susanna Pedretti

Supervisory Body Cristiana Renna Paolo Villa Susanna Pedretti

Remuneration Committee

Ada Imperadore Susanna Pedretti

Related Party Committee

Ada Imperadore Elena Sacco Susanna Pedretti

Environmental, Social and Governance (ESG) Committee

Ada Imperadore Deborah Maria Venturini Pietro Oriani

Report on Operations

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Report on Operations: Summary

Introduction 7

Informatio on the Group companies 7

Market development 13

Significant events 14

General economic performance 15

Management Performance 16

Business outlook 16

Fine Foods & Pharmaceuticals N.T.M. S.p.A. Share trend S.p.A 17

Balance sheet and financial position 19

Financial situation 21

Income Statement 21

Alternative Performance Measures 23

Main risks and uncertainties for the Group 24

Key non-financial indicators 31

Environmental information 31

Work Risk Assessment 31

Personnel Management Information 32

Research and development 33

Relationships with subsidiary, associated, parent companies and companies controlled by the parent companies 33

Related Party Relationships 33

Treasury shares buyback programme 33

Parent Company shares/quotas 34

Use of financial instruments significant to the assessment of the financial position and net result for the year 34

Events following the end of the financial year 34

Personal data protection - Privacy 34

Directors' Report on Operations

Introduction

The 30 June 2026 condensed consolidated interim Financial Statements have been prepared under the International Accounting Standards - IAS and International Financial Reporting Standards - IFRS issued by the International Accounting Standards Board (IASB) and the interpretations of the IFRS Interpretations Committee (IFRSIC) and the Standing Interpretations Committee (SIC), recognised in the European Union under (EC) Regulation no. 1606/2002 and in force at the end of the period. All of the above standards and interpretations are referred to as "IAS/IFRS".

The 30 June 2026 condensed consolidated interim Financial Statements have been prepared under IAS 34 Interim Financial Reporting. During the first half of 2026, the Group's consolidation scope expanded following the acquisition of 100% of Sofar S.p.A.'s share capital, completed on 12 June 2026. As of 30 June 2026, the consolidation scope comprised Fine Foods & Pharmaceuticals N.T.M.

S.p.A. (hereafter "Fine Foods", "Parent Company", or "Controlling Company") and its wholly owned subsidiaries Fine Cosmetics S.p.A. (formerly Euro Cosmetic S.p.A.) and Sofar S.p.A.

The tables shown in this document have been constructed as follows:

• Income statement and Balance Sheet figures as of 30 June 2026 refer to the consolidation of the Fine Foods Group, which includes the Parent Company Fine Foods, and the subsidiaries Fine Cosmetics S.p.A. and Sofar S.p.A.. The most recent balance sheet available, dated 31 May 2026, was used for the initial consolidation of the newly acquired Sofar S.p.A., while the June 2026 results were used for the income statement.

• The comparative Balance Sheet as of 31 December 2025 relates to the consolidation of the Fine Foods Group, which includes the Parent Company Fine Foods and the subsidiary Fine Cosmetics S.p.A..

• The comparative Income Statement as of 30 June 2025 includes the values of the Parent Company Fine Foods and the subsidiary Fine Cosmetics S.p.A..

Informatio on the Group companies

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Fine Foods & Pharmaceuticals N.T.M. S.p.A. (hereafter referred to as "Fine Foods" and/or the "Parent Company" and/or "Controlling Company"), registered and domiciled in Bergamo, is a joint-stock company, with its registered office in Via Berlino 39, Verdellino -Zingonia (BG). The Company, listed on the Euronext STAR Milan segment of Borsa Italiana, is an Italian independent Contract Solutions Development & Manufacturing Organization (CSDMO), specialising in the contract development and manufacturing of products for the nutraceutical, pharmaceutical, and cosmetics industries, with a customer-centric, service-oriented philosophy.

Founded in 1984, Fine Foods proved to be a reliable and capable strategic partner for customers in the reference sectors. The Company's organisation can provide successful design process and solid, long-term partnerships. The continuous search for excellence is part of the Company's business model and includes research and development, innovation, process reliability, product quality, ESG, and sustainable management of the Group's supply chain.

Fine Foods is a benefit corporation which relies on certifications and ratings under international standards. These guarantee its sustainability commitment across the business.

Fine Foods develops and manufactures drugs, food supplements, other nutraceutical products and medical devices for pharmaceutical and nutraceutical companies. These products are in the form of powder or granule blends, film-coated or uncoated swallowable, orally dissolvable or chewable tablets, effervescent tablets, hard gelatin capsules, and liquid formulations available in various types of packaging, including sachets, sticks, pillboxes, jars, blister packs, and strips. The fact Fine Foods operates in the pharmaceutical and nutraceutical sectors allows it to benefit from commercial synergies, knowledge and technologies developed in both markets.

Pharmaceutical products are manufactured at the Company's Brembate facility, which, after expansions completed in 2020 and 2025, encompasses more than 135,900 square metres, including approximately 25,500 square metres of covered floor space. The Brembate pharmaceutical plant has the authorisation to produce pharmaceuticals and European GMP certification, both issued by the Italian Medicines Agency (AIFA, Agenzia Italiana del Farmaco), and occupational and environmental safety approval.

The image below shows the nearly finished extension of the Brembate plant, built to boost fluid bed granulation and mixing capacity:

The following images show the recently built facility, adjacent to the existing pharmaceutical workshop.

Nutraceutical products are manufactured at the Company's facility in Zingonia - Verdellino, covering a total area of approximately 45,600 square metres. The plant produces under HACCP (Hazard Analysis and Critical Control Points) regulations and GMPs (Good Manufacturing Practices) applicable to food supplements. The Company has obtained authorisation from the Ministry of Health and is constantly monitored by the Local Health Authority (ATS). The Company possesses relevant certifications in environmental, food, and occupational safety, and is authorised to manufacture medical devices. It successfully passed an inspection by the US Food and Drug Administration in 2017. The Zingonia - Verdellino plant has a total covered surface area of approximately 28,800 sqm, including a recent expansion of approximately 12,900 sqm of total production area resulting in an increase of around 80 per cent on the preexisting surface area.

The images below show the Zingonia - Verdellino plant from above.

Fine Foods & Pharmaceuticals N.T.M. S.p.A. holds the following certifications:

• UNI EN ISO 9001: standard defining quality management system requirements. Scope: research, development and production of food supplements, food for special groups, pharmaceuticals for third parties.

• UNI EN ISO 14001: standard defining environmental protection management system requirements. Scope: research, development and production of food supplements, food for special groups, pharmaceuticals for third parties through the following processes: reception and storage of raw materials and packaging materials, grinding, mixing, granulation, screening, compressing, dedusting, film coating, encapsulation; packaging in bags, blisters, bottles, jars and tubes; storage and shipment of finished products.

• ISO 45001: standard defining Occupational Health and Safety Management System requirements. Scope: research, development and production of food supplements, food for special groups, pharmaceuticals for third parties through the following processes: reception and storage of raw materials and packaging materials, grinding, mixing, granulation, screening, compressing, dedusting, film coating, encapsulation; packaging in bags, blisters, bottles, jars and tubes; storage and shipment of finished products.

• Halal certification of the oral solid product lines under the international Islamic standard.

• SMETA (Sedex Member Ethical Trade Audit): an audit and reporting methodology created by Sedex (one of the world's leading business ethics organisations providing an online platform used by over 60,000 members in more than 180 countries to help companies operate responsibly and sustainably, protect their workers and ensure an ethical supply chain) using a best practice model in ethic business audit techniques. The aim is to provide a central and standardised verification protocol for organisations interested in demonstrating a commitment to social issues and ethical and environmental standards in their supply chain. The Company uses a SMETA audit as a tool to enhance the practices adopted in its ethical and responsible business. SMETA bases its assessment criteria on the ETI (Ethical Trade Initiative) code, integrating them with applicable national and local laws and comprises four modules: health and safety, labour standards, environment and business ethics.

  Specifically, the Verdellino - Zingonia plant:

• UNI EN ISO 13485: standard defining the regulatory requirements of a quality management system to produce medical devices. Scope: contract designing and manufacturing of invasive medical devices concerning body orifices for gastrointestinal and oral use.

• FSSC 22000: is a certification scheme based on the ISO 22000 standard, which defines a food safety management system, integrated with the ISO/TS 22002-1 technical standard and FSSC 22000 additional requirements. Scope: contract manufacturing (dry mixing, fluid-bed granulation, compressing, film coating, encapsulation, mixing of water-based liquids), and packaging. This applies to dry powder products, foods for special diets, and foods intended for infants and children. This excludes cereal-based foods and powders, granules, tablets, capsules, and liquids packaged in plastic and polylaminate.

Please note that Fine Foods & N.T.M. S.p.A. adopts an Organisation, Management and Control System under Legislative Decree 231/2001 "regulating the administrative responsibility of legal persons, companies and associations, including those without legal status", which introduced into the Italian regulatory system the concept of administrative liability for legal persons resulting from the commission of a criminal offence. Supervising the operation and compliance with the rules and principles in this system is entrusted to a Supervisory Body with independent initiative and control powers. In 2021 it became necessary to update the System following the new tax offences referred to in Article 25 quinquiesdecies and smuggling referred to in Article 25 sexiesdecies in Legislative Decree no. 231/2001. This updating included risk control for the offences referred to in the previous articles and a risk assessment review. Under Legislative Decree no. 24/2023, in July 2023, Fine Foods N.T.M. S.p.A. committed to respecting and guaranteeing the anonymity of those who report violations or offences identified within the Company by managing the above reports using an external channel: The Teseo Whistleblowing ERM Platform.

On 14 November 2024, Fine Foods Board of Directors approved the revision of the Organisation, Management and Control (OMC) System to meet the new regulatory additions in the list of predicate offences of Legislative Decree 231/2001, to strengthen the Company's compliance system.

On 29 January 2026, Fine Foods Group Board of Directors approved the revision of the Organisation, Management and Control (OMC) System to meet the new regulatory additions in the list of predicate offences of Legislative Decree 231/2001, to strengthen the Company's compliance system.

The subsidiary Fine Cosmetics S.p.A. (formerly Euro Cosmetic S.p.A.) is a CSDMO specialising in research and development, production and sales of cosmetics. In October 2021, it joined the Fine Foods Group, enhancing its growth and innovation through increased production capacity and strengthened cross-functional expertise. In 2025, the subsidiary rebranded, changing its name from Euro Cosmetic S.p.A. to Fine Cosmetics S.p.A. and updating its logo.

Since its acquisition, the surface area of the cosmetics production plant in Trenzano (Brescia), along with its mixing facilities, packing lines, and laboratories, has expanded to its current state: a modern facility occupying approximately 20,000 square metres. The new 300 square metre Research & Innovation Hub for cosmetics development opened in 2025.

The customer portfolio consists of prestigious cosmetics and pharmaceutical companies, operating in the GD (large-scale retail), GDO (organised large-scale retail) and Discount sectors and specialised channels such as national and international pharmacies and single-and multi-brand perfumeries.

Fine Cosmetics contract develops and manufactures cosmetic products, including:

• ORAL HYGIENE: paste and gel toothpastes, with microencapsulated, mono- and bi-phasic active ingredients, alcoholic and non-alcoholic mouthwashes, and breath-freshening products.

• SKIN CARE: w/o, o/w emulsions, microemulsions, and gels.

• DEODORANTS: solid sticks, roll-ons, sprays, with or without antiperspirant, with or without alcohol, with "on-demand" active ingredients.

• BODY CLEANSING: bath foams, shower gels, intimate cleansers, liquid soaps.

• HAIR CARE: shampoos, conditioners, modelling waxes, gels.

• PERFUMERY: perfumed body waters, eau de parfum, after-shave.

  The Quality Management System within Fine Cosmetics certifies:

  • compliance with GMPc requirements (UNI EN ISO 22716);

  • compliance with UNI EN ISO 9001 requirements;

  • compliance with IFS - HCP requirements;

  • compliance with COSMOS Natural & Organic requirements;

  • compliance with ECO BIO COSMESI requirements;

  • RSPO SCCS (Roundtable on Sustainable Palm Oil - Supply Chain Certification Standard).

  The image below shows the Trenzano plant.

  
  
  

  The subsidiary Sofar S.p.A., acquired by the Fine Foods Group on 12 June 2026, is a company active in the contract development and manufacturing of liquid and semi-solid pharmaceutical forms. The inclusion of Sofar within the Group's scope broadens Fine Foods' industrial and technological expertise, strengthening its product range and competitive positioning. The Group's total area covers 24,900 square metres, including 10,000 square metres of the facility in Trezzano Rosa, broken down as follows: 4,700 square metres for the factory, 500 square metres for laboratories, 3,800 square metres for warehouses and 1,000 square metres for offices.

  The company complies with high quality and regulatory standards, as evidenced by its certifications and authorisations listed below:

• AIFA: authorisation to manufacture medicinal products for human use, under Directive 2001/83/EC, transposed by Legislative Decree No. 219 of 24 April 2006, as amended, No. aM-29/2025 (GMP certificate No: IT/37/H/2025): Scope of application:

  • Manufacturing activities (Part 1): Non-sterile products - Packaging - Quality control testing

  • Importation of medicinal products (Part 2): Batch certification of imported medicinal products, non-sterile products

• AIFA: Registration certificate relating to the manufacture/import of active substances for pharmaceutical plant No. API 59/2021

• UNI EN ISO 9001:2015: Standard defining quality management system requirements. Reg. no. 10783-A and 10783_NA-A. Scope of application: Development and manufacture of medical devices for the gastroenterology and dermatology sectors

• UNI EN ISO 13485:2021: Standard defining quality management system requirements. Reg. no.: 10783-M. Scope of application: Development and manufacture of medical devices for the gastroenterology and dermatology sectors

The image below shows the Trezzano Rosa plant.

The image below shows some of the Group's product portfolio (Nutra, Pharma and Cosmetics Business Units):

Fine Foods Group does not have trademarks or hold any product patent rights. These remain the customer's property. The Group maintains relationships with highly loyal customers, including major Italian and multinational pharmaceutical, nutraceutical and cosmetics companies such as Aboca, Alfasigma, Alkaloid, Angelini, Bolton Manetti & Roberts, Chiesi, ColgateGroup, Davines, DOC, Dompè, Dr Max, Equilibra, Giuliani, Haleon, Herbalife, Ibsa, Italfarmaco, Krka, Menarini, Mirato, Paglieri, PepsiCo, Perrigo, Pharmanutra, Recordati, Sandoz, Sanofi, Teva, Viatris and Zentiva.

Market development

Fine Foods is one of the players in the European nutraceutical market and is focused on contract manufacturing of food supplements. The nutraceutical market is the Group's key reference market, and where 51% revenue from customer contracts was recorded as of 30 June 2026. Within this market, the Group's target segment is the dietary supplements segment in Europe. The segment's expected value is estimated to grow from €21.5 billion in 2025 to €26.5 billion in 2029, with a CAGR '25-'29 of 5.4%. In H1 2026, revenue from customer contracts generated by the Group's Nutraceutical Business Unit was €63,621,372, down from €71,438,779 recorded in H1 2025.

The Pharmaceutical market is the Group's second key reference market, where 37.4% of revenue from customer contracts was recorded as of 30 June 2026. As of 30 June 2026, the Company recorded revenue of €46,628,364 in the Pharma Business Unit, (including the new subsidiary Sofar), an increase compared to €41,618,013 at the end of the previous financial year (+12.0%).

Forecasts for European pharmaceutical production show growth from €729.9 billion in 2025 to €849.6 billion in 2029, with a CAGR '25-'29 of 3.9%. The pharmaceutical market was stable with customers loyal to their suppliers. Expected growth can be seen in the development of CDMOs that produce medicines for pharmaceutical companies (i.e. Fine Foods). The expected demand for pharmaceutical products is steadily growing due to the increase in the average age of the world's population and the rise in health standards adopted, especially in developed countries.

The Group's third key reference market is cosmetics served by its subsidiary Fine Cosmetics. As of 30 June 2026, this market accounted for 11.6% of revenue from customer contracts, amounting to €14,543,078, compared to €15,673,249 in H1 2025. These amounts comprise the following Euromonitor categories: "Bath and Shower", "Deodorants", "Fragrances", "Hair Care", "Oral Care", "Skin Care" and "Sun Care".

The European cosmetics market is expected to accelerate its growth in the coming years, with forecasts showing an increase from

€115.7 billion in 2025 to €142.1 billion in 2029. The CAGR for the period 2025-2029 is 5.3%.

*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

The above analysis showed that Fine Foods is outperforming the market and its competitors. The reference markets showed high and steady growth and resilience during recessions. Despite this, Fine Foods has significantly outperformed its reference end markets over the past decade, with sales in 2025 at 2.5 times the level achieved in 2015.

*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.

Significant events

Acquisition of Sofar S.p.A.

On 17 April 2026, Fine Foods & Pharmaceuticals N.T.M. S.p.A. ("Fine Foods") entered into a binding agreement with Alfasigma S.p.A. ("Alfasigma") for the acquisition of 100% of Sofar S.p.A.'s ("Sofar" or the "Company") share capital. Sofar is a joint-stock company based in Trezzano Rosa (MI), operating in the contract development and manufacturing organization (CDMO) sector and specialising in the development, manufacture, marketing and distribution of non-sterile medicinal products, in solid, semi-solid and liquid forms, and medical devices. Sofar's share capital is €1,300,000.00, comprising 2,500,000 shares with a nominal value of €0.52 each.

The transaction aligns with Fine Foods' industrial strategy to strengthen and expand its production. The acquisition allows Fine Foods to add expertise and technology for developing and producing liquid and semi-solid pharmaceutical forms, expanding its industrial capabilities. By completing this transaction, Fine Foods broadens its service portfolio, reinforces its competitive role as a strategic and integrated partner, and enhances its capability to secure new projects and customers.

The transaction values Sofar at an enterprise value of €27 million. The consideration for the shares' sale, as specified in the notarial deed of transfer, was €23,399,233.04 and was paid in full in cash on the closing date, by bank transfer, funded through a bank loan. This amount was based on the enterprise value, considering the net financial position, the settlement of intra-group transactions and items contractually agreed between the parties. Upon completion of the transaction, the existing cash pooling arrangement with the seller was settled for €3,063,500, bringing the total consideration paid to €26,462,733.04.

On 22 April 2026, Fine Foods filed a notification with the Presidency of the Council of Ministers to obtain clearance under the special powers legislation (Golden Power), under Decree-Law No. 21 of 15 March 2012, as converted with amendments by Law No. 56 of 11 May 2012, as amended. On 28 May 2026, the Presidency of the Council of Ministers announced that the transaction did not fall within the above legislation.

The transaction was completed on 12 June 2026 by way of a notarial deed of transfer, under which Alfasigma transferred the shares representing 100% of Sofar's share capital to Fine Foods.

As part of the transaction, the parties signed a long-term contract manufacturing agreement (r-MSA) between Alfasigma and the Fine Foods Group, which ensures operational and production continuity at the Trezzano Rosa site. At the same time, the parties entered into Transitional Services Agreements (TSAs) to ensure a smooth transition of the corporate functions previously provided by Alfasigma to the Company.

For six months following completion of the transaction, the consideration may be subject to further price adjustments relating to: (i) verification of any leakage occurring between the locked-box date and the closing date; (ii) any deferred consideration, or Deferred Price, relating to the production of Meclon Cream; (iii) any adjustment based on the actual revenue generated under the r-MSA during the first three-year period of its term; and (iv) any adjustment linked to the determination of the Payback Request for Medical Devices related to medical devices subject to certification under Regulation (EU) 2017/745 (MDR).

To provide a more detailed view of the Group's economic performance, the Group's pro forma turnover and EBITDA are presented below for information purposes, based on the assumption that the acquired company had been consolidated since 1 January 2026. These figures were prepared for management and comparative purposes and do not represent the figures reported in the consolidated

financial statements, in which Sofar S.p.A. was included since 1 June 2026.

Intesa and BNL Loans

On 11 June 2026 and 25 June 2026, the Parent Company Fine Foods signed two new medium- to long-term loan agreements to support the investment plan for the next three years: one with BNL for €30 million, with due date in 2031, and one with Intesa San Paolo S.p.A. for €20 million, with due date in 2030.

General economic performance

During H1 2026, the global economy continued to record moderate growth, against a backdrop marked by the gradual consolidation of the disinflationary process, still-cautious financial conditions, and persistently high uncertainty linked to geopolitical developments and the escalation of international trade tensions.

The World Economic Outlook published by the International Monetary Fund in April 2026 forecasts global economic growth of 3.1% for 2026, representing a slight slowdown compared to previous years and a rate below the historical average, reflecting the impact of rising energy commodity prices, ongoing geopolitical tensions and tighter financial conditions. Emerging economies remain the main driver of global growth, while developed economies continue to expand more modestly.

During the half-year, the major central banks have maintained a cautious approach to monetary policy. The European Central Bank observed that the disinflationary process is continuing, despite risks stemming from higher energy prices amid tensions in the Middle East, and confirmed that future policy decisions will continue to depend on incoming macroeconomic and inflation data. According to the Eurosystem's macroeconomic projections, Euro area GDP is expected to grow by 1.1% in 2026, in a context that remains marked by high uncertainty.

Among developed economies, the United States maintained relatively resilient economic growth, supported by domestic demand and investment in high-tech sectors. The Euro area recorded more subdued growth, affected by weakness in the manufacturing sector, a slowdown in international trade and the impact of geopolitical uncertainty on investment. Domestic demand continued to be supported by the gradual recovery in household purchasing power.

The macroeconomic outlook for Italy indicated that growth remained moderate. According to Banca d'Italisa's Economic Bulletin of April 2026, economic activity continues to be supported mainly by services and investment related to the implementation of the National Recovery and Resilience Plan, while manufacturing remains affected by weak external demand and uncertainty in the international environment. Italian GDP growth is forecast to remain at around 0.5% in 2026, in line with the modest pace of expansion expected across Europe.

Among emerging economies, China continues to grow at a moderate pace, supported by economic policy measures and domestic demand, although the property sector remains vulnerable. India remains one of the world's most dynamic economies, underpinned by robust domestic demand, infrastructure investment and growth in the technology sector, and continues to contribute significantly to global economic expansion.

The table above provides a preliminary overview of the Group's financial performance in H1 2026: turnover was €124.8 million as of 30 June 2026, compared to €128.7 million in H1 2025, representing a decrease of 3.1%.

The Group's Adjusted EBITDA fell from €21.6 million to €15.2 million as of 30 June 2026. Adjusted operating result (Adj EBIT) was

€5.1 million as of 30 June 2026, compared to €13.8 million H1 2025. Adjusted profit for the period was €2.1 million (€9.7 million in H1 2025).

Nutra Business Unit Performance

During H1 2026, the Group's Nutra sector turnover decreased from €71.4 million as of 30 June 2025 to €63.6 million as of 30 June 2026 (a decrease of 10.9%). The Nutra Business Unit turnover was 51% (55.5% in 2025) of the Group's total turnover.

Adjusted EBITDA for the Nutra Business Unit was €10.3 million (16.2% EBITDA Margin), compared to €13.9 million in H1 2025 (19.5% EBITDA Margin).

Pharma Business Unit Performance

The Pharma sector, including the subsidiary Sofar, accounted for 37.4% of total turnover (32.3% in 2025), and continued to grow, with turnover increasing by 12% (up on a like-for-like basis: +5.7%), from €41.6 million in H1 2025 to €46.6 million as of 30 June 2026. Production at the expanded Brembate facility is underway, and its output is expected to steadily contribute to revenue growth throughout 2026.

The Pharma Business Unit's Adjusted EBITDA was €5.2 million (11.2% EBITDA Margin), compared to €6.3 million in H1 2025 (15.2% EBITDA Margin).

Cosmetics Business Unit Performance

Revenue generated by the Cosmetics Business Unit was €14.5 million in H1 2026, down compared to €15.8 million as of 30 June 2025. The Company reported a negative Adjusted EBITDA of €337,000 (compared to €1.3 million as of 30 June 2025).

Business outlook

During the first half of 2026, the international macroeconomic environment remained characterised by moderate growth, against a backdrop of ongoing geopolitical and trade tensions and persistently high uncertainty. The disinflationary trend continued, although risks remained in relation to developments in energy markets and international trade.

Major central banks, including the European Central Bank and the Federal Reserve, maintained a cautious monetary policy stance, while continuing the gradual normalisation process initiated in 2025.

According to the International Monetary Fund's World Economic Outlook of April 2026, the global economy is expected to grow by 3.1% in 2026, driven mainly by emerging economies, while developed economies are expected to continue recording more subdued growth.

For the Euro area, the European Central Bank's latest projections indicate moderate growth throughout 2026, supported by the gradual recovery in domestic demand, although still constrained by weakness in the manufacturing sector and uncertainty surrounding international trade. Similarly, the Banca d'Italia expects the Italian economy to continue growing at a moderate pace, supported by services and investment, against a backdrop of weak external demand.

The outlook for the remainder of FY 2026 points to a gradual stabilisation of the macroeconomic environment and a continued consolidation of the disinflationary trend. However, significant risks remain, linked to the evolution of geopolitical tensions, tightening of trade and tariff policies, and volatility in the financial markets - factors that could affect the growth prospects of the global economy.

The Group's reference markets show favourable growth prospects over the medium to long term, in Europe and globally. Meanwhile, the main players in the Health & Beauty sector are increasingly outsourcing, opting for integrated partners to develop and manufacture nutraceutical, pharmaceutical, and cosmetics solutions. This shift supports asset-light business models that emphasise

advanced research and brand management.

Fine Foods & Pharmaceuticals N.T.M. S.p.A. aims to strengthen its competitive position by expanding its market share across its three core business units-Nutra, Pharma, and Cosmetics-enhancing their synergies.

The Group recently announced the completion of the acquisition of all shares in Sofar S.p.A. from Alfasigma S.p.A., and Sofar's results were consolidated effective as of 1 June 2026. The Group is actively exploring further inorganic growth opportunities to enhance the variety of its products, including different pharmaceutical and galenic forms and packaging options.

The Pharma BU, which grew rapidly in H1 2026, will focus on managing higher volumes through multi-year agreements with top international customers. The Group will keep focusing on output optimisation at current sites and integrating Sofar S.p.A.'s Trezzano Rosa site. Production at the expanded Brembate facility is underway, and its output is expected to steadily contribute to revenue growth throughout 2026.

Despite challenges, the Nutra BU is advancing its development, prioritising quality, innovation, and value-added services. Performance for the current financial year is expected to be mixed: the innovative segment is forecast to grow, while weight management product volumes remain weak, affected by lower consumption, partly linked to the growing uptake of GLP-1-based therapies, and supply chain destocking. Quantifying the full scope of these effects presents challenges due to broader macroeconomic conditions. New commercial partnerships are expected to support the Nutra BU. The Group confirms its plan to boost the Nutra BU's production capacity and develop new forms and technologies. This strategy is intended to enhance its competitiveness and support growth over the medium to long term.

The Cosmetics BU has completed a phase of integration, reorganisation and optimisation, supported by targeted investments, a new formulation research laboratory and a strengthened management structure, and is entering a phase of evolution and diversification. However, the financial benefits of this industrial and commercial transformation are expected to take longer to impact the financial results. Fine Cosmetics is focused on innovation and strategic partnerships in the international beauty and personal care market to increase its contribution to the Group's growth.

Fine Foods' diversified three-segment model remains a key strength; however, limited visibility in certain reference markets supports a cautious outlook for the second half of the financial year.

Although the Group's business model is naturally subject to quarterly volatility, the order book, signed multi-year agreements and development pipeline provide good visibility on business trends and underpin management's confidence in sustainable medium- to long-term profit growth.

The Fine Foods Group, which obtained its EcoVadis Platinum rating for the fourth consecutive year in 2025, will continue its commitment to sustainability, strengthening its role as a reference partner for its customers, and provide solutions that are increasingly aligned with the growing ESG market expectations.

Fine Foods & Pharmaceuticals N.T.M. S.p.A. Share trend S.p.A.

As of 30 June 2026, the Fine Foods & Pharmaceuticals N.T.M. S.p.A. share was listed at €8.68 per share, with a decrease of 9 percentage points than the listing as of 30 December 2025 (€9.58 per share).

Market capitalisation as of 30 June 2026 was €222 million.

The diagram below shows the Fine Foods share performance compared with the leading stock market indices as of 30 June 2026:

Balance sheet and financial position

The diagram below shows the net financial debt under Consob recommendation of 21 April 2021 and ESMA32-382-1138 guidelines.

For a better understanding of the Company's balance sheet and financial position, a reclassified Balance Sheet is provided below.

Net invested capital as of 30 June 2026 was €214.1 million (€182.1 million as of 31 December 2025) and was covered by:

• Shareholders' equity of €116 million (€134.2 million as of 31 December 2025);

• As of 30 June 2026, the Group's Net Financial Position stood at €98 million, compared to €47.9 million as of 31 December 2025. The increase reflected more than €41 million invested to support growth, comprising €27 million for the acquisition of Sofar, including €0.5 million as the best estimate of deferred price, and €14.6 million in net industrial investment. Additional outflows of €15.7 million comprised dividends of €3.7 million and share buybacks of €12 million. Operations generated a positive cash flow of €11.0 million before capital expenditure, up from €9.5 million in H1 2025. Financial charges resulted in a further cash outflow of €1.5 million, while other cash flows, including taxes, represented €2.3 million.

  Working Capital as of 30 June 2026 was €40.3 million compared to €24.4 million at the end of the previous financial year. Commercial Net Working Capital as of 30 June 2026 was €51.2 million compared to €35.2 million as of 31 December 2025. This increase was mainly attributable to:

• The rise in trade receivables (from €36.6 million as of 31 December 2025 to €41.7 million in H1 2026, with an increase of

  €5.1 million).

• An increase in Net Working Capital arising from the contribution of the new subsidiary Sofar of €10.6 million.

  Tangible fixed assets increased by €15.6 million in H1 2026 as a result of the following:

• Fine Foods' net new investments for the period of €13.0 million, with depreciation and amortisation for the period totalling

  €8.2 million;

• Fine Cosmetics' net new investments for the period of €0.5 million, with depreciation and amortisation for the period totalling

  €1 million;

• Contribution from the new subsidiary Sofar of €11.3 million (against net investments in June of €180,000 and depreciation and amortisation for the same period of €127,000).

  Intangible fixed assets and rights of use increased by €1.2 million in H1 2026 as a result of the following:

• Recognition of goodwill from the consolidation of new subsidiary of €4.7 million;

• Fine Foods' net new investments for the period of €0.7 million, with depreciation and amortisation for the period totalling

  €0.4 million;

• Fine Cosmetics' net new investments for the period of €0.2 million, with depreciation and amortisation for the period totalling

  €0.3 million;

• Sofar contributed €0.3 million, with no increase recorded in June 2026.

• The subsidiary Fine Cosmetics' goodwill Impairment was €4 million.

  During H1 2026, extraordinary investments on the Brembate plant expansion totalled €6.0 million.

  Financial indicators

  Indicator	30 June 2026	31 December 2025	Calculation Method
  Capital structure margin	(61,238,597)	(26,278,970)	Shareholders' equity - Property, plant and machinery -Other intangible assets - Goodwill - Rights of use -
  Asset ratio	0.7	0.8	Shareholders' equity/(Property, plant and machinery - Other intangible assets - Goodwill - Rights of use)
  Liquidity margin	907,447	15,150,686	Total current assets - Inventories - Total current liabilities
  Current ratio	1.0	1.2	(Total current assets - Inventories)/Total current liabilities

  Net Working Capital/Turnover	41.0%	14.0%	(Trade receivables + Inventories - Trade payables) / Turnover
  Cash Conversion Ratio	(23.3%)	6.8%	Operating cash flow / Adjusted EBITDA
  Leverage	2.7	1.3	Net Financial Position / Adjusted EBITDA
  DSO	69	53	(Trade receivables/Sales revenue)*365 (Trade receivables/Sales revenue)*180
  DPO	111	95	(Trade payables/Raw material purchase cost)*365 (Trade payables/Raw material purchase cost)*180
  DIO	120	92	(Inventories/Raw material purchase cost)*365 (Inventories/Raw material purchase cost)*180

  Financial situation

  
  
  
  
  

  To better understand the Company's operating results, a reclassification of the Income Statement is provided below.

  Income Statement

  
  
  

  Item			30 June 2026	%	30 June 2025	%	Absolute change	% Changes
  Revenue from contracts with customers			124,792,814	100.0%	128,730,041	100.0%	(3,937,227)	(3.1%)
  Costs for consumption of raw materials,
  change in inventories of finished goods			(66,262,074)	(53.1%)	(69,490,382)	(54.0%)	3,228,307	(4.6%)
  and work in progress.
  INDUSTRIAL ADDED VALUE			58,530,739	46.9%	59,239,659	46.0%	(708,920)	(1.2%)
  Other revenue and income			594,925	0.5%	628,698	0.5%	(33,773)	(5.4%)
  Costs for services			(14,711,693)	(11.8%)	(12,433,164)	(9.7%)	(2,278,529)	18.3%
  Personnel costs			(28,733,474)	(23.0%)	(26,671,033)	(20.7%)	(2,062,441)	7.7%
  Other operating costs			(1,170,246)	(0.9%)	(465,536)	(0.4%)	(704,710)	151.4%
  EBITDA			14,510,251	11.6%	20,298,624	15.8%	(5,788,373)	(28.5%)
  ADJUSTED EBITDA			15,184,201	12.2%	21,597,692	16.8%	(6,413,491)	(29.7%)
  Amortisation, impairment losses	depreciation,	and	(14,049,030)	(11.3%)	(7,795,164)	(6.1%)	(6,253,866)	80.2%
  EBIT			461,222	0.4%	12,503,460	9.7%	(12,042,239)	(96.3%)
  ADJUSTED EBIT			5,135,171	4.1%	13,802,528	10.7%	(8,667,357)	(62.8%)
  Financial income			22,978	0.0%	155,677	0.1%	(132,699)	(85.2%)
  Financial charges			(1,545,459)	(1.2%)	(1,343,331)	(1.0%)	(202,128)	15.0%
  Changes in fair value of financial assets			-	0.0%	-	0.0%	-	-
  and liabilities
  INCOME BEFORE TAXES			(1,061,259)	(0.9%)	11,315,806	8.8%	(12,377,065)	(109.4%)
  ADJUSTED INCOME BEFORE TAXES			3,612,691	2.9%	12,614,874	9.8%	(9,002,183)	(71.4%)
  Income taxes			1,318,925	1.1%	2,560,614	2.0%	(1,241,689)	(48.5%)
  Profit (loss) for the financial year			(2,380,184)	(1.9%)	8,755,192	6.8%	(11,135,376)	(127.2%)
  ADJUSTED income/(loss)			2,105,734	1.7%	9,693,803	7.5%	(7,588,070)	(78.3%)

  The table below shows the reconciliation of Industrial Added Value, EBITDA, EBIT, Income before taxes, and Profit (Loss) for the period, and the Adjusted related values.

  Industrial Added Value was determined using the following income statement classification:

  30 June 2026 30 June 2025 Revenue from contracts with customers 124,792,814 128,730,041 Costs for consumption of raw materials, change in inventories of finished goods and work in (66,262,074) (69,490,382) progress Industrial Added Value 58,530,739 59,239,659

  The diagram below shows the definition of the subtotals for the other income statement items.

  Profit/(loss) for the financial year (1)

  Income taxes

  Income before taxes (2)

  Changes in fair value of financial assets and liabilities Financial charges

  Financial income

  EBIT (3)

  Amortisation

  EBITDA (4)

  30 June 2026

  (2,380,184)

  (1,318,925)

  (1,061,259)

  -1,545,459

  (22,978)

  461,222

  14,049,030

  14,510,251

  30 June 2025

  8,755,192

  (2,560,614)

  11,315,806

  -1,343,331

  (155,677)

  12,503,460

  7,795,164

  20,298,624

  Extraordinary and non-recurring items impacting EBITDA, that have been adjusted during H1 2026 and H1 2025, are shown in the table below. For further details, please refer to what is reported below.

  Non-recurring income and charges attributable to Fine Foods Non-recurring income and charges attributable to Fine Cosmetics Non-recurring income and charges attributable to Sofar	30 June 2026 627,848 46,102 -	30 June 2025 1,249,214 49,853 -
  Total non-recurring income and charges (5)	673,950	1,299,068

  As a result of these non-recurring costs, Adjusted EBITDA, Adjusted EBIT and Adjusted income before taxes and Adjusted profit (loss) are shown in the table below.

  Adjusted EBITDA (4) + (5)

  Fine Cosmetics' goodwill impairment (6)

  Adjusted EBIT (3) + (5) + (6) Income before taxes

  Non-recurring income and charges (5) Fine Cosmetics' goodwill impairment (6) Adjusted Income before taxes Income taxes

  tax effect on non-recurring income and charges (5)

  Adjusted income/(loss)

  30 June 2026

  15,184,201

  4,000,000

  5,135,171

  (1,061,259)

  673,950

  4,000,000

  3,612,691

  (1,318,925)

  (188,032)

  2,105,734

  30 June 2025

  21,597,692

  -13,802,528

  11,315,806

  1,299,068

  -

  12,614,874

  (2,560,614)

  (360,457)

  9,693,803

  Revenue from sales and services went from €128.7 million in H1 2025 to €124.8 million as of 30 June 2026, with a decrease of 3.1%. Raw material costs accounted for approximately 53.1% of sales revenue, an improvement compared to 54.0% in H1 2025.

  Cost of Services increased by €2.3 million, from €12.4 million to €14.7 million as of 30 June 2026. The increase was mainly driven by higher consultancy costs, including recurring and acquisition-related expenses (+€0.7 million), maintenance costs (+€0.6 million), and external and environmental analysis costs (+€0.3 million).

  Personnel costs were €28.7 million, up €2.1 million compared to the same period of the previous financial year. This increase was due to higher workforce costs at the new pharmaceutical plant.

  The Group's Adjusted EBITDA in H1 2026 was €15.2 million (12.2% Adjusted EBITDA Margin), compared to €21.6 million (16.8% Adjusted EBITDA Margin) as of 30 June 2025.

  Non-recurring expenses were incurred in H1 2026, impacting EBITDA and mainly relating to the Parent Company, Fine Foods. Particularly:

  • Provision for risks relating to salary adjustments of €176,000;

  • Consultancy costs relating to strategic development projects of €359,000;

  • Other non-recurring costs were €138,600

    The following non-recurring expenses were incurred in H1 2025, impacting EBITDA:

  • Severance and redundancy incentives were €50,800;

  • Operating expenses of approximately €888,700, including personnel costs for employees and temporary staff, were incurred to support the start-up of the new pharmaceutical facility;

  • An additional €359,500 was allocated to the risk provision for salary adjustments as of 31 December 2024.

  Adjusted EBIT was €5.1 million in H1 2026, compared to €13.8 million in H1 2025. The goodwill impairment has been included in non-recurring expenses, affecting EBIT by €4 million.

  Adjusted Income Before Taxes as of 30 June 2026 was €3.6 million compared to €12.6 million in the previous year. The Group closed H1 2026 with an Adjusted profit of €2.1 million, compared to €9.7 million as of 30 June 2025.

  Alternative Performance Measures

  
  
  

  To facilitate an understanding of Fine Foods' financial and economic performance, the directors have identified in the previous paragraphs several Alternative Performance Measures ("APMs"). These measures are the tools that assist the directors in identifying operating trends and making investments, resource allocations and other operating decisions.

  For a correct interpretation of these APMs, the following should be noted:

• these measures are constructed exclusively from historical data and are not indicative of the Company's future performance;

• APMs are not required by the International Financial Reporting Standards (IFRS) and, although derived from the Company's Financial Statements, are not subject to audit;

• the APMs must not be considered as a replacement for the indicators provided for by the International Financial Reporting Standards (IFRS);

• these APMs should be read alongside the financial information derived from the Company's Financial Statements;

• the definitions of the measures used, since they do not derive from the reference accounting standards, may not be consistent with those adopted by other groups/companies or comparable to them;

• the APMs used have been developed with continuity and uniformity of definition and representation for periods when financial information is included in these consolidated interim Financial Statements.

  The APMs below were selected and presented in the Report on Operations because the Group believes that:

• the Net financial debt allows a better assessment of the overall debt level, the equity strength and the debt repayment capacity;

• Fixed assets - thus, Net investments in tangible and intangible fixed assets, calculated as the sum of increases (net of decreases) in tangible fixed assets (including the right to use leased assets) and intangible fixed assets - Net working capital and Net invested capital allow a better assessment of the ability to meet short-term commercial commitments through current commercial assets and the consistency between the investments and financing sources structure over time;

• EBITDA is the operating result before depreciation, amortisation and provisions. The defined EBITDA is a measure used by management to monitor and evaluate the Company's operating performance. EBITDA is not an IFRS accounting measure and is an alternative measure for evaluating the Company's operating performance. Since the reference accounting

  principles do not regulate the EBITDA composition, the criteria for its definition applied by the Company may not be consistent with those adopted by other companies or comparable to them.

• The ADJUSTED EBITDA is the operating result before Amortisation, depreciation and provisions minus operating revenue and costs that, although inherent to the business, are non-recurring and significantly impacted results. The defined ADJUSTED EBITDA is a measure used by Company management to monitor and evaluate the Company's operating performance. ADJUSTED EBITDA is not an IFRS accounting measure and is an alternative measure for evaluating the Company's operating performance. Since the reference accounting principles do not regulate the ADJUSTED EBITDA composition, the criteria for its definition applied by the Company may not be consistent with those adopted by other companies or comparable to them.

• The ADJUSTED EBIT is the Company operating result minus operating revenue and costs that, although inherent to the business, are non-recurring and significantly impacted results. The Company's calculation criteria may not be consistent with those adopted by other groups. Therefore, the balance obtained by the Company may not be comparable.

• The ADJUSTED INCOME BEFORE TAXES is the Company income before taxes minus operating revenue and costs that, although inherent to the business, are non-recurring and significantly impacted results and the fair value change of warrants. The Company's calculation criteria may not be consistent with those adopted by other groups. Therefore, the balance obtained by the Company may not be comparable.

• The ADJUSTED NET INCOME is the Company net result minus operating revenue and costs that, although inherent to the business, are non-recurring and significantly impacted results and the fair value change of warrants, after deduction of the relevant tax. The Company's calculation criteria may not be consistent with those adopted by other groups. Therefore, the balance obtained by the Company may not be comparable.

These indicators are commonly used by analysts and investors in the sector to which the Company belongs to evaluate the Company's performance.

Main risks and uncertainties for the Group

The following paragraph illustrates the main risks to which the Group is exposed and the director's mitigating actions.

Liquidity risk

The Group monitors the liquidity shortage risk using a liquidity planning tool. The Group's objective is to maintain a balance between continuity in the availability of funds and flexibility of use with tools such as credit lines and bank loans, mortgages and bonds. The Group's policy is to keep loan numbers due in the next 12 months around 60%. As of 30 June 2026, 23.4% of the Group's financial debt was due in less than one year (2025: 15.1%), calculated based on the book value of debts in the Consolidated Financial Statements.

The table below summarises the Group's due date profile of financial liabilities based on undiscounted contractually agreed payments.

Interest rate risk

Interest rate risk is a function of interest rate trends and the Company's related positions, identifiable in bond investments and debt transactions. The risk is the increase in borrowing costs associated with rising interest rates.

This risk may be indicated differently depending on the valuation parameter.

• Cash Flow Risk: this is related to the possibility of realising connected losses or to a reduction in expected receipts or an increase in expected costs. It is linked to items with payment profiles indexed to market rates. As these rates change, the Company's position will change (variable rate financing)

• Fair Value Risk: this is linked to the possibility of losses related to an unexpected change in the value of an asset or liability following a sudden change in rates.

Credit risk

This is the risk that a customer or a financial instrument counterparty causes a financial loss by failing to fulfil an obligation; for the Group, the risk is mainly related to the failure to collect trade receivables. Fine Foods' main counterparties are major companies active in the nutraceutical and pharmaceutical sectors. The Group carefully evaluates its customers' credit standing, considering that, due to its business's nature, the relationships with its customers are long-term.

Price risk

The price risk is mitigated using a solid cost accounting procedure that can identify the production cost. In this way, remunerative and competitive prices are established and adopted with the customer.

Risk of changes in cash flows

The risk of changes in cash flows is not considered significant in view of the Group's balance sheet. It is considered that the risks to which the business activity is exposed are not higher than those physiologically connected to the overall business risk.

Tax risks

The Group companies are subject to the taxation system under applicable Italian tax laws. Unfavourable changes to this legislation, and any Italian tax authorities or Law orientation related to the application, interpretation of tax regulations to determine the tax burden (Corporate Income Tax "IRES", Regional Tax on Production Activities "IRAP") and the Value Added Tax "VAT", may have significant negative effects on the companies economic and financial situation.

The Group is exposed to the risk that the financial administration or law may adopt different interpretations or positions concerning tax and fiscal legislation from those adopted by Fine Foods Group in carrying out its business. Tax and fiscal legislation, and its interpretation, are complex elements due to the continuous legislation evolution and interpretation from administrative and jurisdictional bodies.

The Group will periodically undergo inspections to verify such regulations' correct application and the correct payment of taxes. Disputes with Italian or foreign tax authorities could involve the companies in lengthy proceedings, resulting in the payment of penalties or sanctions, with possible significant adverse effects on its business, economic and financial situation.

Due to the complexity and continuous changes in tax and fiscal regulations and their interpretation, it is impossible to exclude that the financial administration or law may make interpretations, or take positions, that contrast with those adopted by the Group. This might result in negative consequences on its economic and financial situation.

Risks related to the information system's reliability

The Group is exposed to the risk of accidental events or malicious actions to IT systems (hardware, software, databases, etc.) that impact their reliability, with potential negative effects on the Group's economic, capital and financial situation.

The Group implements security procedures and policies to ensure proper IT systems management. It has perimeter and internal security equipment. Infrastructures are equipped with high reliability techniques for critical systems and are checked annually. The IT department periodically conducts simulated external attacks to assess the robustness of the security system. The Group has a disaster recovery plan to ensure the reliability of its IT systems. The Group's IT systems comply with the General Data Protection Regulation.

The IT systems department is subject to internal audits by Quality Assurance, and external audits by certification bodies and customers.

Risks related to ongoing geopolitical conflicts

The Group faces the risk of cancelling or suspending orders for products exported to countries at war (e.g.: Russia, Ukraine and neighbouring areas), affecting the Nutra BU.

The Group is monitoring risks from ongoing and potential conflicts, including the events which took place in 2026, by maintaining regular contact with customers exporting to affected areas, and addressing issues promptly.

Risks related to the concentration of Group revenue on major customers

The Group has historically had a significant concentration of revenue among its main customers. The loss of one or more of these relationships would have a significant impact on Group revenue. Contracts with the Group's main customers do not always have minimum guaranteed quantities. If these relationships continue, there is no certainty that the amount of revenue generated by the Group in subsequent years will be similar to or greater than those recorded in previous years. The possible occurrence of such circumstances could have significant adverse effects on the Group's business and economic, capital and financial situation.

The Group mitigates this risk by building stable and long-lasting relationships with its customers and customer loyalty, through commercial activities for acquiring new customers and M&A for identifying and acquiring target companies. As Nutra and Pharma customer bases expand, coupled with the acquisition of the Cosmetics Business Unit, revenue concentration, while still evident, has become more dispersed and is gradually declining.

Manufacturer's liability risks

The Group faces risks related to products manufactured with a quality that does not comply with the customer's specifications and risks related to future due diligence obligations along the supply chain. This could expose the Group to possible liability action or claims for compensation, with potentially adverse effects on the Group's economic, capital and financial position.

Suppliers of raw materials and packaging undergo a qualification process and monitoring of ESG requirements. This procedure will cover service providers in 2026. The Company has an international food alert and fraud monitoring system.

The Group stipulated a policy with a leading insurance company with a limit of €20 million per event, per year. A further risk mitigating action is included in the Business Continuity Plan and concerns continuous training of the personnel involved in product procurement, verification and manufacturing processes.

Risks related to production authorisations

The Group faces the risk of non-approval, by governmental or health authorities and institutions, of the individual production stages that characterise its activities, if it is found not to comply with the regulatory requirements applicable to plants and the production of pharmaceuticals and nutraceutical products, with potentially adverse effects on its economic and financial position.

During the many audits conducted by customers and authorities, the Group has never received any reports of critical non-compliance. GMP compliance is ensured by applying strict quality procedures and periodic internal audits.

In addition, the Group has a procedure for promptly handling any observations or deviations identified by the authorities.

Risks relating to environmental, occupational health and safety regulations

The Group is exposed to the risk of accidental contamination of the environment in which its employees work, and possible injuries in the workplace. Any violations of environmental regulations, and the adoption of prevention and protection systems in the field of safety that are not appropriate to the Group's needs, could lead to the application of administrative sanctions, including significant monetary sanctions or an injunction, including suspensions or interruptions of production, with potentially adverse effects on the Group's economic, capital and financial position.

To address these risks, the Group has a robust system for managing worker health and safety standards and environmental protection of the areas where the Group operates. The Group has ISO45001:2018 (OH&S) and ISO14001:2015 (environment) certifications attesting to the proper system structuring and application and is subject to annual certified bodies' and internal audits.

Risks related to climate change: physical risks

Climate change can produce systemic effects that negatively affect financial activities.

Physical risks of climate change can be classified as "acute" if caused by extreme events such as droughts, floods, and storms, or "chronic" if caused by progressive changes like rising temperatures, sea-level rise, water stress, and resource depletion.

The Group faces potential operational disruptions due to extreme weather events that could damage critical infrastructure, plants, machinery, and facilities. These events may lead to increased repair and maintenance costs, and production delays or shutdowns, impacting business continuity, reputation, and profitability.

Extreme weather conditions, such as heavy rainfall and floods, could compromise the quality of water used in production processes, which will raise purification costs.

The Group is aware of potential climate change effects on infrastructure from extreme events and the possible rise in energy usage due to increasing temperatures and is assessing how to address these challenges through transition plans or business resilience analyses. The Group has insurance coverage for "catastrophic risks." The Group is continually updating its expertise and capabilities in handling "transition risks" also through its association with Farmindustria, to align its energy efficiency with the best international standards.

The Group implemented a dedicated team coordinated by an energy manager which implements measures to increase all Group sites' energy efficiency.

To address the effects of climate change on water resources, ongoing efforts aim to reduce water consumption. An internal task force regularly monitors progress and evaluates the effectiveness of the measures implemented.

Climate change risks: transition risks

These risks refer to the financial loss associated with moving to a more sustainable and less carbon-dependent economic model. This situation is driven by the implementation of climate protection Directives and Regulations, advancements in technology, and shifts in market confidence and consumer preferences.

The absence of investments to reduce climate impact by lowering energy consumption may have a negative effect on the Group's Income Statement due to increases in operating costs and exposure to energy price fluctuations and possible regulatory measures

e.g. introducing carbon taxes.

Water scarcity for industrial purposes, particularly following extended periods of drought, can negatively affect production efficiency. Similarly, extreme weather events can disrupt the material procurement, causing partial or complete interruptions in the supply chain. The Group is aware of potential climate change effects on infrastructure from extreme events and the possible rise in energy usage

due to increasing temperatures and is updating its risk assessment. The Group has insurance coverage for "catastrophic risks." The

Group is continually updating its expertise and capabilities in handling "transition risks" also through its association with Farmindustria, to align its energy efficiency with the best international standards.

The Group implemented a dedicated team coordinated by an energy manager which implements measures to increase all Group sites' energy efficiency.

To address the effects of climate change on water resources, ongoing efforts aim to reduce water consumption. An internal task force regularly monitors progress and evaluates the effectiveness of the measures implemented.

Energy cost risk

Energy costs remained high compared to historical cost, with high price volatility. The supply of energy available for the European market and domestic energy stocks are the reasons why the estimated negative impacts on the Group's economic, financial and capital position, and the likelihood of their occurrence, may be gradually reduced. As of this document's date, the business impact of recent events in the Middle East in 2026 could not be determined.

The Group assembled a team coordinated by an energy manager to monitor the energy market trend to minimise the impact of energy costs and implement appropriate measures to increase production sites' energy efficiency. Fine Foods installed two co-generators for self-generation of electricity from gas combustion, which eliminated its exposure to the risk of electricity component fluctuations and optimised the efficient use of the heat developed through co-generation. Additionally, three facilities are equipped with photovoltaic systems that together provide 850 kW of power. These systems cover part of the Group's energy need through energy from renewable resources, meeting about 11.8% of the Group's energy consumption in 2025. The Group reduces short-term risk by using fixed-price contracts to hedge against changes in the natural gas market's variable costs.

Legal and reputational risks related to the mismanagement of Substances of Concern

Exceeding pollution limits or mishandling hazardous chemicals that have long-term effects on human health or the environment (as listed in the REACH list and Annex VI of the CLP Regulation) can result in fines and operational restrictions and severely damage Fine

Foods' reputation. The use of substances that hinder the recycling of safe, high-quality secondary materials or most harmful substances (as listed by ECHA) can expose the Company to additional legal and reputational risks. This risk may arise from either direct impacts of business activities or regulatory requirements.

The Group has a robust system for managing worker health and safety standards and environmental protection of the areas where the Group operates. The Group has ISO45001:2018 (OH&S) and ISO14001:2015 (environment) certifications attesting to the proper system structuring and application and is subject to annual certified bodies' and internal audits. The Group aims to ensure that all its plants receive the ISO certifications above. Currently, the Trenzano site is uncertified, even though it uses environmental and health and safety management systems that follow ISO standards.

Operational risk from a shortage of virgin raw materials

The Company faces operational risks related to the shortage of virgin raw materials, such as palm oil, coffee, and various natural extracts. These shortages can increase operational costs for Fine Foods due to competition for supply. As these commodities are subject to stricter regulations, their limited availability and rising costs may negatively impact the continuity of production and profitability.

Fine Foods can adjust its selling prices if there are raw material cost increases. The purchasing department informs the sales department of raw material price increases, the sales department assesses its impact on the pricing of products that include this raw material and shares it with the customer.

The Group maintains a stock-pile of continuously used raw materials which is sufficient to cover a sudden lack on the market. To address potential medium- to long-term sustainability risks, the Group will review analysis applications in 2026 to identify at-risk raw materials and consider additional mitigation measures if needed.

Economic and reputational risks due to accidents and injuries

Incidents involving employees could lead to operational disruptions and reputational damage, potentially slowing down Company operations. If such incidents affect employee health and safety, the Company could face legal claims, compensation costs, and sanctions for non-compliance with regulations and organisation systems (231 OMC System). An unsafe working environment could reduce the Company's appeal to potential investors and diminish employee motivation, leading to higher turnover rates.

To address these risks, the Group has a robust system for managing worker health and safety standards and environmental protection of the areas where the Group operates. The Group has ISO45001:2018 (OH&S) and ISO14001:2015 (environment) certifications attesting to the proper system structuring and application and is subject to annual certified bodies' and internal audits. The Group aims to ensure that all its plants receive the ISO certifications above. Currently, the Trenzano site is uncertified, even though it uses environmental and health and safety management systems that follow ISO standards.

Risks related to human capital management

The growing demand in the labour market for certain technical and specialised profiles makes them highly attractive, which exposes the Company to the risk of losing highly qualified personnel, who are in short supply. Failure to implement the necessary policies to successfully manage human capital can have a negative impact on the Company's economic, capital and financial position.

To address these risks, it is necessary to adopt new, more inclusive business models and policies to enhance and promote talent. The Company implemented human capital management policies and procedures designed to support employees throughout their lifecycle within the Company. This includes recruitment, onboarding, continuous training programmes, internal career development paths, work-life balance initiatives, workplace health promotion (WHP) measures, and the activation of various internal communication channels.

To comply with the EU pay transparency directive which will be implemented in Italy in June 2026, the Company has started internal changes and is pursuing gender equality certification (UNI PdR 125).

Risks related to salary adjustments claims

Fine Foods contract develops and manufactures products including food supplements, nutraceuticals, and pharmaceuticals, employing more than 700 staff under the National Collective Labour Agreement for the Food Industry. Workers in the production departments are required to clock in at external turnstiles before proceeding to the changing rooms, where they change into company-issued attire such as trousers, tunics, caps, shoes, and, if necessary, beard covers. Once dressed, workers clock in again at the start of their shift and proceed to their workstations, with the same process being followed at the end of their work shift. Since late 2024, the Company has received several reimbursement requests mainly from former employees for wage differences related to time spent changing clothes and travelling between external turnstiles and changing rooms. The Company has resolved previously initiated disputes and is

considering negotiations with trade unions to establish mutually agreed regulations regarding employee clothing. This process aims to facilitate the resolution of any future claims related to past matters.

Risks related to supplier relationships: shortages of raw and packaging materials.

Considering the complex geopolitical situation and climatic risks that may jeopardise some harvests, the Group risks increased costs in 2026 for the purchase of raw and packaging materials necessary to carry out its business, and delays in production due to the more difficult availability of raw and packaging materials, with potential adverse effects on the Group's business, economic, capital and financial position. The Group's business is characterised, in certain cases, by a limited substitutability of suppliers, particularly in the pharmaceutical sector.

Fine Foods can adjust its selling prices if there are raw material cost increases. The purchasing department informs the sales department of raw material price increases, the sales department assesses its impact on the pricing of products that include this raw material and shares it with the customer.

The Group maintains a stock-pile of continuously used raw materials which is sufficient to cover a sudden lack on the market. Additionally, mitigating actions are included in the Business Continuity Plan.

To address potential medium- to long-term sustainability risks, the Group will review analysis applications in 2026 to identify at-risk raw and packaging materials. The goal is to identify vulnerable suppliers, and consider additional mitigation measures if needed.

Reputational risk due to suppliers' non-compliance with equal opportunity and diversity laws

If suppliers fail to comply with principles of diversity and equal opportunity-particularly in relation to wages, career advancement, and other employment practices-the Company could suffer a potential loss of consumer confidence and a decrease in sales.

The Company implemented procedures for supplier selection and assessment based on Environmental, Social, and Governance criteria (ESG), assessing their environmental, ethical and social performance, and compliance with health, safety, and human rights regulations. Suppliers are evaluated through audits, document analysis, and questionnaires based on their risk level and adopted procedure.

The Group adopted a Supplier Code of Conduct, which must be signed when entering into commercial contracts, and a monitoring system to ensure compliance with requirements. This system consists of four phases:

1. Annual risk assessment, by establishing three different risk matrices (chemical, packaging and service suppliers) to assign a criticality index to each supplier;

2. Planning and implementing monitoring audits, where necessary;

3. Sending questionnaire to update requirements and data, monitoring of ESG requirements (based on the supplier's inherent ESG risk)

4. performance assessment

Due to recent regulatory changes and the Group's medium-term sustainability strategy, ESG requirements will be updated in 2026 to ensure ongoing oversight and due diligence under applicable standards and value chain best practices.

Reputational and legal risk for violating workers' human rights along the value chain

The Group faces reputational risk from potential human rights violations by suppliers within its value chains. If suppliers fail to protect the health and safety of their workers and fundamental human and labour rights, they could face increased legal claims and sanctions for regulatory non-compliance. Such incidents may disrupt supplier and Fine Foods operations, potentially forcing the Group to terminate relationships with non-compliant suppliers, with consequent operations slowdowns.

The Company implemented procedures for supplier selection and assessment based on Environmental, Social, and Governance criteria (ESG), assessing their environmental, ethical and social performance, and compliance with health, safety, and human rights regulations. Suppliers are evaluated through audits, document analysis, and questionnaires based on their risk level and adopted procedure.

The Group adopted a Supplier Code of Conduct, which must be signed when entering into commercial contracts, and a monitoring system to ensure compliance with requirements. This system consists of four phases:

1. Annual risk assessment, by establishing three different risk matrices (chemical, packaging and service suppliers) to assign a criticality index to each supplier;

2. Planning and implementing monitoring audits, where necessary;

3. Sending questionnaire to update requirements and data, monitoring of ESG requirements (based on the supplier's inherent ESG risk)

4. performance assessment

Due to recent regulatory changes and the Group's medium-term sustainability strategy, ESG requirements will be updated in 2026 to ensure ongoing oversight and due diligence under applicable standards and value chain best practices.

Financial and reputational risk for violating employee safety conditions along the value chain

Violating safety conditions for workers along the value chain is a significant risk for the Group. If suppliers or subcontractors fail to implement appropriate safety measures, it can result in work accidents, operational disruptions, and legal sanctions for these entities. These events can lead to delays in delivery and increased procurement and project management costs for the Group. They may harm the Company's reputation and reduce stakeholder confidence, ultimately causing financial losses.

The Company implemented procedures for supplier selection and assessment based on Environmental, Social, and Governance criteria (ESG), assessing their environmental, ethical and social performance, and compliance with health, safety, and human rights regulations. Suppliers are evaluated through audits, document analysis, and questionnaires based on their risk level and adopted procedure.

The Group adopted a Supplier Code of Conduct, which must be signed when entering into commercial contracts, and a monitoring system to ensure compliance with requirements. This system consists of four phases:

1. Annual risk assessment, by establishing three different risk matrices (chemical, packaging and service suppliers) to assign a criticality index to each supplier;

2. Planning and implementing monitoring audits, where necessary;

3. Sending questionnaire to update requirements and data, monitoring of ESG requirements (based on the supplier's inherent ESG risk)

4. performance assessment

Due to recent regulatory changes and the Group's medium-term sustainability strategy, ESG requirements will be updated in 2026 to ensure ongoing oversight and due diligence under applicable standards and value chain best practices.

Legal and reputational risks related to damage to user health and safety due to unsafe products

The Group faces significant risks related to user health and safety due to unsafe products. Distributing products that fail to meet safety standards could cause physical harm or damage to user health, exposing the Group to potential lawsuits, product recalls, and regulatory penalties. Such incidents can lead to substantial costs for compensation and legal fees, and operational disruptions. Negative public and stakeholder perceptions may severely harm the Company's reputation, diminishing customer and investor confidence, and negatively impacting the Group's revenues and market position.

The Group has a reliable quality system and several certifications which guarantee compliance with good manufacturing practices. All finished products and raw materials undergo thorough analysis to ensure they meet release specifications.

Risk that staff may misuse company data, either improperly, without authorisation, or due to lack of competence, when working with generative Artificial Intelligence (AI) tools.

Unmonitored increasing use of generative AI tools may risk confidential data loss and cause financial or reputational damage to the Group. These circumstances occur because of a lack of oversight and/or clear internal policies regarding AI, and insufficient employee awareness of the limitations of these systems, which may lead to improper use.

Regulation (EU) 2024/1689, known as the AI Act, sets out new rules from the European Commission for generative AI platforms to address key issues. This avoids:

• adding data without authorisation, processing information incorrectly or ineffectively, and disclosing sensitive or private data;

• fraudulent use of company resources, manipulation of databases, copyright infringement, creation of new harmful businesses.

  This legislation forms a key element of Europe's wider plan, highlighting how crucial this matter is and underlining the necessity of supervision to safeguard citizens' privacy and the expertise of European businesses.

  To comply with the EU AI Regulation 2024/1689 and reduce risks from generative AI, the Company is exploring risk mitigation measures, including:

• implementing technological Proofs-of-Concept (POCs), starting with enterprise solutions for corporate accounts;

• implementing an internal AI policy detailing procedures for consultation, authorisation, and restrictions regarding the potential use of AI applications;

• regular and targeted training for authorised staff to highlight AI misuse risks.

Key non-financial indicators

The following Company business non-financial indicators are provided for a better understanding of the Company situation, operating trend and result:

• The Group maintains consolidated and continuous relationships with more than 130 customers;

• The Group can count on 162 production lines located in the various plants;

• The Group produces 1,640 Stock-Keeping Units (SKUs);

• The Group's workforce comprises 1,123 employees and contractors.

  Environmental information

  
  
  

  The environmental objectives and policies, including the measures adopted and the improvements made to the business activity that had the greatest impact on the environment, can be summarised as follows:

  In May 2026, the Parent Company underwent a surveillance audit under the UNI EN ISO 14001:2015 standard, which certifies the presence of a management system to prevent waste management, air and water environmental issues.

  The next maintenance visit is planned for the second or third quarter of 2027.

  A management system illustrates how to intervene if harmful events occur.

  During the financial year, there were no events that caused damage to the environment for which the Group companies were found guilty, nor were sanctions or penalties imposed for environmental crimes or damages.

  The Trenzano site did not experience any environmental damage.

  On 12 June 2026, Sofar S.p.A. became part of the Fine Foods Group. The Sofar S.p.A. site did not experience any environmental damage.

  To protect the environment, Group companies give all the types of waste that are generated by the Zingonia - Verdellino, Brembate and Trenzano sites to authorised third parties, which follow the provisions of current legislation.

  Work Risk Assessment

  
  
  

  Under Legislative Decree no. 81 of 09/04/2008 and Legislative Decree no. 106/09 and subsequent amendments, which contain reference standards for workplace health and safety, the Parent Company has drawn up the Risk Assessment Document (DVR -Documento di Valutazione dei Rischi) filed at its registered office and revised on 14 April 2025, version no. 21.

  The Risk Assessment Document for the subsidiary Fine Cosmetics (Trenzano site) is filed at the Company's registered office and was revised on 12 December 2025 in its fifth version.

  For the newly acquired subsidiary Sofar S.p.A., the current Risk Assessment Document is Revision 5, dated 17 May 2024.

  In May 2026, the Parent Company underwent the annual audit for the ISO 45001:2023 certification renewal, the international standard for an occupational health and safety management system (as of 21 May 2014, Fine Foods was certified under OHSAS 18001, the reference standard before ISO 45001).

  The next follow-up assessment is scheduled for the first half of 2027.

  During H1 2026, Fine Foods and its subsidiaries, Fine Cosmetics and Sofar S.p.A., reported no accidents that led to absences exceeding 40 days at initial prognosis or involved serious injuries to registered employees, for which company liability was established.

  During H1 2026, a Fine Foods employee submitted an occupational disease claim, which remains unresolved. No reports were received from the two subsidiaries, Fine Cosmetics and Sofar S.p.A..

  During H1 2026, Fine Foods's Supervisory Body did not find any anomalies concerning implementing the current Organisation, Management and Control System under Legislative Decree no. 231/2001. They based their findings on the evidence of the assigned activities performance and deemed the control system correct and generally supplemented by a constant procedure updating process.

  Personnel Management Information

  
  
  

  To better understand the Group situation and management performance, some information relating to personnel management is provided.

  Also this year, attention was paid to personnel's professional growth. In H1 2026, 5,181 training courses and seminars were held, for all levels, making 25,099 hours of training. These aimed at increasing technical skills and maintaining an adequate level of quality, safety, hygiene and environment skills.

  Plant	Number of courses	Total hours delivered
  Nutraceuticals	636	6,831.75
  Pharmaceuticals	4,489	17,094.75
  Fine Cosmetics (Trenzano)	49	824
  Sofar (Trezzano Rosa)	7	348
  TOTAL	5,181	25,099

  During the year there were no serious accidents at work that resulted in serious injuries to personnel enrolled in the employee register for which corporate responsibility was ascertained or charges relating to occupational illnesses on employees or former employees.

  During the year, the Company promptly implemented all the protections legally prescribed. It reserved an unconditional commitment to worker safety issues, whether or not the staff were employed, and the population surrounding its sites. The Company based its strategy on:

  • dissemination of a safety culture within the organisation;

  • specific dedicated operating procedures and adequate management systems;

  • prevention and protection from exposure to contagious and non-contagious risks;

  • the minimisation of risk exposure in each production activity;

  • surveillance and monitoring of prevention and protection activities.

    This process involved the following phases:

  • identifying exposure to possible hazards related to the methods, products, and operations carried out;

  • risk assessment of the event severity and frequency;

  • identifying prevention actions, where possible, and mitigating residual risk;

  • investigation and analysis of incidents to learn lessons and increase prevention capacity;

  • developing risk minimisation plans based on technological investments, implementing safety management systems, and staff training and education.

Essential intangible resources

The Group defines essential intangible resources as non-physical assets that are fundamental to its business model and serve as value creation drivers:

1. Intellectual capital, encompassing implicit knowledge, systems, procedures, and protocols within the organisation, and value generated through innovations and processes;

2. Human capital, relating to employees' skills, capabilities, and experience;

3. Social and relational capital, primarily referring to relationships with customers, suppliers, and stakeholders.

For details on assets recognised in the financial statements, refer to the relevant notes in the Consolidated and Separate Financial Statements.

Research and development

Fine Foods is active in the contract development and contract manufacturing of oral solid forms for the nutraceutical, pharmaceutical and cosmetics industries.

Research and development come from a structured cooperation with customers aimed at providing them with new formulations for their products, ensuring their effectiveness, quality and innovation.

The costs incurred for product research and development are not capitalised but are included in operating costs and charged to the income statement.

Relationships with subsidiary, associated, parent companies and companies controlled by the parent companies

During 2026, the Parent Company distributed a dividend of €0.16 per share to the Holding Company Eigenfin S.r.l. as per the shareholders' resolution approving the 2025 Financial Statements.

During 2023, Fine Foods granted its subsidiary Fine Cosmetics S.p.A. €11 million in intercompany financing, disbursed in three instalments as follows:

• First instalment of €2 million in January 2023;

• Second instalment of €4 million in June 2023;

• Third instalment of €5 million in October 2023.

The applicable interest rate is equal to the six-month EURIBOR, increased by a fixed spread.

In June 2026, Fine Foods granted its subsidiary Sofar S.p.A. €6 million in intercompany financing, The applicable interest rate is equal to the six-month EURIBOR, increased by a fixed spread.

Related Party Relationships

The Procedure for Transactions with Related Parties (last revision March 2022), under art. 2391-bis of the Italian Civil Code and art. 4 of the "Regulations for transactions with related parties" issued by Consob with resolution no. 17221 of 12 March 2010, is available on the Company's website (https://www.finefoods.it/).

Transactions between the Company and related parties identified under the provisions of international accounting standard IAS 24 included the remuneration of Directors, established under applicable regulations, based on assessments of mutual interest and economic benefit.

Treasury shares buyback programme

On 15 April 2026, the Parent Company's Board of Directors resolved to launch the treasury share buyback programme to implement and comply with the authorisation to buyback and dispose of treasury shares approved by the 15 April 2026 Shareholders' Meeting. The Programme will last 18 months after the 15 April 2026 authorising resolution date, unless there is an early interruption which will

be legally reported to the Market. The arrangement in one or more issues of treasury shares is without time limits.

The table below summarises the situation regarding treasury shares as of 30/06/2026:

As of 31 August 2026, Fine Foods & Pharmaceuticals N.T.M. S.p.A. holds 3,058,453 treasury shares equal to 11.9657% of the share capital, at a weighted average price of €10.1234.

Under at. 2357-ter of the Civil Code, the purchase of treasury shares involved booking a "Negative reserve for treasury shares in portfolio" under liabilities in the consolidated interim Financial Statements. The number of treasury shares held by the Company having recourse to the risk capital market does not exceed one-fifth of the share capital, as required by Article 2357 of the Civil Code.

Parent Company shares/quotas

During the year, the Company did not hold Parent Company shares or quotas.

Use of financial instruments significant to the assessment of the financial position and net result for the year

The Group has not undertaken any financial risk management policies, as it is not considered relevant to the Company.

Events following the end of the financial ye

ar

No significant events occurred after the end of the financial year.

Personal data protection - Privacy

Under EU Regulation 2016/679, General Data Protection Regulation ("GDPR"), the Company has implemented a corporate organisation system for the protection of personal data to comply with the EU regulatory framework, which strengthens Privacy and the individuals' data protection rights.

Verdellino, 08 September 2026

for the Board of Directors Chairman

Marco Francesco Eigenmann

Fine Foods & Pharmaceuticals N.T.M. S.p.A.

Registered office: Via Berlino 39 - VERDELLINO (BG), Italy Registered in the Bergamo Companies Register

Tax Code and Registration no. 09320600969 Registered in the Bergamo REA no. 454184 Subscribed share capital € 22,770,445.02 fully paid-up VAT no. 09320600969

30 June 2026 condensed consolidated interim Financial Statements

Unless otherwise specified, amounts shown in the tables and explanatory notes are stated in Euro and rounded to the nearest Euro.

Table of Contents

Consolidated Income Statement 38

Comprehensive Consolidated Income Statement 38

Consolidated Statement of Financial Position 39

Consolidated Cash Flow Statement 40

Consolidated Shareholders' Equity Changes Statement 41

30 JUNE 2026 HALF-YEAR FINANCIAL REPORT 42

1. Corporate information 42

Extraordinary transactions 42

Significant events for the period 43

Form and content of the 30 June 2026 consolidated interim Financial Statements 44

Summary of significant accounting policies 46

Operating sectors: disclosure 48

Capital management 51

INCOME STATEMENT 52

Revenue from contracts with customers 42

Other revenue and income 52

Costs for raw materials, change in inventories of finished goods and work in progress 42

Personnel costs 42

Costs for services 53

Other operating costs 42

Amortisation, depreciation, and impairment losses 42

Financial income 42

Financial charges 42

Income taxes 42

ASSETS 56

Property, plant and machinery 42

Goodwill 56

Other intangible fixed assets 42

Leases 42

Other non-current assets 58

Deferred tax assets 58

Provision for deferred taxes 42

Inventories 42

Trade receivables 42

Tax receivables 42

Other current assets 42

Current financial assets 61

Cash and other liquid assets 42

SHAREHOLDERS' EQUITY 63

Shareholders' equity 63

LIABILITIES 64

Non-current bank borrowings 64

Current bank borrowings 65

Employee benefits 65

Provisions for risks and charges 67

Trade payables 67

Taxes payable 42

Other current financial liabilities 67

Other current liabilities 42

5. Other information 68

Commitments and guarantees 68

Contingent liabilities 69

Grants, contributions and similar 69

Events after the Financial Statements date 69

Business outlook Errore. Il segnalibro non è definito.

Certification of the 30 June 2026 Consolidated Financial Statements under Article 81-ter of Consob Regulation no. 11971 of 14 May 1999 and subsequent amendments and additions 71

Consolidated Income Statement

Notes Half-year as of Half-year as of 30 June 2026 30 June 2025

Consolidated Statement of Financial Position Consolidated Cash Flow Statement