Fine Foods confirms growth trajectory: revenue 7%, Adjusted EBITDA was €30.5 million ( 30.2%) and Adjusted EBITDA Margin 16.1%

The Board of Directors of Fine Foods & Pharmaceuticals N.T.M. S.p.A. today reviewed and approved the 30 September 2025 Half-Year Financial Report.

Highlights

• Consolidated Revenue for 9M 2025 was €189.7 million, with a 7% growth compared to €177.2 million in the same period of 2024.

• Adjusted EBITDA1 reached €30.5 million, +30.2% compared to €23.4 million in the same period of 2024. EBITDA2 was €28.1 million, +22% compared to €23.1 million in 9M 2024.
• Adjusted EBITDA Margin in 9M 2025 was 16.1%, up strongly from 13.2% in 9M 2024. EBITDA Margin was 14.8% (13% in 9M 2024).
• Adjusted EBIT was €18.6 million and showed a 58.6% increase compared to €11.7 million in 9M 2024. EBIT was €16.2 million, showing significant growth compared to €11.4 million in the same period of 2024.
• Adjusted Result for the Period in 9M 2025 was €12.7 million, +84,8% if compared to €6.9 million in 9M 2024. Result for the Period was €11 million compared to €6.6 million in the same period of 2024.

• The Group's Net Financial Position as of 30 September 2025 was €50.1 million, compared to €35.3 million as of 31 December 2024.

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Verdellino (Bergamo, Italy), 6 November 2025 - The Board of Directors of Fine Foods & Pharmaceuticals N.T.M.

S.p.A. - an Italian independent Contract Services 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, listed on Euronext STAR Milan (ticker: FF), today approved the Interim Financial Report as of 30 September 2025, prepared under IAS/IFRS Accounting Standards issued by the IASB (International Accounting Standards Board).

The first nine months of 2025 showed Consolidated Revenue of € 189.7 million, with an increase of 7% compared to € 177.2 million in the same period of 2024.

‌1Adjusted EBITDA is calculated net of non-recurring items recorded in the period.

2EBITDA is the operating result (EBIT) before depreciation, amortisation and impairment losses.

Following the same strategic approach that guided investments in the new Brembate facility for the Pharma Business Unit, now operating alongside the existing plant, and in the fully operational Cosmetics Business Unit, currently in its business development phase, we continue to pursue a long-term growth strategy for the Nutra Business Unit. We will continue with our plan to expand production capacity and introduce new pharmaceutical forms, broadening our product range and strengthening our ability to respond quickly to market demands, and continuing our path of growth as a Group."

The Pharma Business Unit, which represents 33% of total revenue, achieved €62.8 million in 9M 2025, with an increase of 13.7% compared with €55.2 million in 9M 2024. The Nutra Business Unit, accounting for 54% of total revenue, grew by 4.9% in Q3 2025 compared to Q3 2024, offsetting the decline recorded in previous months and closing the first nine months at €103.3 million, up 1% on €102.5 million in 9M 2024. The Cosmetics Business Unit, contributing 13% of total revenue, continued to perform strongly, reaching €23.7 million, up 21.4% compared to €19.6 million in 9M 2024.

These results underscore the strategic value of the Group's diversification across three business units, a key feature which provides resilience and contributes to the overall stability of the Fine Foods' top-line performance.

During the period, non-recurring expenses affecting EBITDA totalled €2.4 million, mainly linked to severance payments, start-up costs for the new pharmaceutical plant (€1.5 million), and provisions for salary adjustments (€855,900). In 9M 2024, non-recurring expenses of € 331,000 impacted EBITDA due to the employment termination of certain Parent Company executives.

In 9M 2025, the Group's Adjusted EBITDA was €30.5 million, up 30.2% from €23.4 million in the same period of the previous year. Adjusted EBITDA Margin improved considerably from 13.2% in 9M 2024 to 16.1% in 9M 2025.

Improving operational efficiency across the three Business Units, while implementing extensive improvement programmes, contributed to higher profitability, optimised and strengthened the Group's overall competitiveness.

€9.3 million.

The Group's Net Financial Position as of 30 September 2025 was €50.1 million, compared to €35.3 million as of 31 December 2024. Operations generated a positive cash flow of €23.5 million before capital expenditure. This was offset by net investments (€28.3 million) made in the period, dividend payments (€3.4 million), the purchase of treasury shares (€1.9 million), payment of financial expenses (€2.0 million) and other outlays, including taxes, totalling €2.6 million.

On 24 October 2025, the Italian Medicines Agency (AIFA) renewed the parent company Fine Foods' manufacturing authorisation for medicinal products under Good Manufacturing Practice (GMP), extending its scope to include the new expansion of the Brembate pharmaceutical facility.

On 30 October 2025, the parent company Fine Foods signed a new medium-to-long-term loan agreement with Intesa Sanpaolo S.p.A. for €30 million, with due date in 2029, to support the Group's three-year investment plan.

As noted in the 2025 Half-Year Financial Report, the market segments in which the Group operates are expected to grow in the coming years, in Europe and globally. The nutraceutical segment focused on weight-control products is undergoing a transformation, driven by emerging trends in the customisation of food supplements to meet individual needs. This shift is redefining the sector, with its full effects being evaluated. The strong trend among leading players in the Health & Beauty sector to outsource the development and production of nutraceutical, pharmaceutical and cosmetic solutions to contract manufacturers continues. 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's approach will be increasingly customer-oriented, with an evolved and integrated service model that provides long-term strategic support, formulation innovation and distinctive expertise along the value chain in the Health & Beauty sectors. The Group keeps monitoring opportunities for external growth to enhance diversification in pharmaceutical forms and packing solutions.

The Nutra BU will keep focusing on quality, innovation and development of high value-added services to support customers. Following excellent results achieved in Q4 2024, a moderation in growth is expected between the end of 2025 and early 2026, consistent with the market dynamics described above. The expansion plan remains on track. It will increase production capacity and develop new forms and technologies to enhance the product range and sustain future growth.

The fast-growing Pharma Business Unit will remain focused throughout 2025 on managing the significant increase in volumes, supported by multi-year agreements with major international customers. The Brembate production site expansion has been completed and successfully passed the AIFA inspection, which renewed Fine Foods' authorisation to manufacture medicines under Good Manufacturing Practice (GMP), extending it to the new facility. Production start-up is confirmed, with revenue expected in 2026.

Following a phase of integration, reorganisation, and optimisation, supported by targeted investments and the strengthening of management with sector experience, the Cosmetics BU continues to deliver positive results. Renaming Euro Cosmetic to Fine Cosmetics accelerated the Cosmetics BU's evolution, supporting innovation and fostering strategic partnerships in the international Beauty and Personal Care industry. For 2025, revenue and margins are expected to continue improving.

While, due to the nature of the business, the Group's revenue growth may not follow a strictly linear pattern

from quarter to quarter, or appear uniform in year-on-year quarterly comparisons, the order backlog, existing

multi-year agreements and development pipeline support the expectation of sustained profit growth, backed by an increasingly strong and reliable organisational structure.

The Group, which obtained its EcoVadis Platinum rating for the third consecutive year in 2024, 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.

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Under Art. 154-bis, paragraph 2 of the Consolidated Law on Financial Intermediation (TUF - Testo Unico della Finanza), the Manager responsible for preparing the corporate financial reports, Pietro Bassani, declared that the accounting information contained in this press release corresponds to the document results, accounting books and records. This press release is available on the website https://www.finefoods.it, in the Investor Relations/Press Releases section. The presentation of the 30 September 2025 results, approved today by the Board of Directors, is available today at https://www.finefoods.it (Investor relations/Presentations section). The Interim Financial Report as of 30 September 2025 is available today on the 1Info authorised storage system (https://www.1Info.it) managed by Computershare S.p.A., on the website https://www.finefoods.it (Investor relations/Financial Reports section) and at the Company's registered office.

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Attachments:

1. 9M 2025 consolidated income statement

2. 9M 2025 consolidated comprehensive income statement

3. 9M 2025 consolidated financial position statement

4. 9M 2025 consolidated cash flow statement

5. 9M 2025 consolidated Shareholders' equity changes statement

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Fine Foods & Pharmaceuticals N.T.M. S.p.A., listed on Borsa Italiana's Euronext STAR Milan (Ticker: FF) is an Italian independent Contract Services 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 organization 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 is a growing and future-oriented company.

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For further information:

Fine Foods & Pharmaceuticals N.T.M. S.p.A. Tel +39 035 4821382

Investor Relations: [email protected]

Media Relations: [email protected]

1. 9M consolidated income statement

   (amounts in € units)	9 months 30 September 2025	9 months 30 September 2024
   Revenue and income
   Revenue from contracts with customers	189,745,825	177,226,696
   Other revenue and income	897,713	738,233
   Total revenue	190,643,538	177,964,929
   Operating costs
   Costs for consumption of raw materials, change in inventories of finished goods and work in progress.	103,696,815	102,245,328
   Personnel costs	39,138,634	34,178,296
   Costs for services	18,792,681	16,945,074
   Other operating costs	881,925	1,503,550
   Amortisation, depreciation, and impairment losses	11,944,178	11,720,657
   Total operating costs	174,454,232	166,592,904
   Operating result	16,189,306	11,372,025
   Changes in fair value of financial assets and liabilities	-	(12,881)
   Financial income	196,361	664,945
   Financial charges	(2,221,056)	(2,738,515)
   Income before taxes	14,164,611	9,285,574
   Income taxes	3,188,367	2,671,897
   Profit/(loss) for the financial year	10,976,244	6,613,677

2. 9M consolidated comprehensive income statement