08/09/2025 - Board of directors approves the half-year financial report as of 30 june 2025

• Sales Revenues € 61.9 M (+10.4% compared to 30/06/2024)
  • EBITDA € 16.5 M (+1.6% compared to 30/06/2024)

• Net Result for the period € 9.2 M (+3.2% compared to 30/06/2024)
• Net Financial Position € -5.1 M (- 10.6 million Euro compared to 31/12/2024)

Pisa, 8 September 2025 - The Board of Directors of PharmaNutra S.p.A. (MTA; Ticker PHN), a company specializing in mineral-based nutritional supplements and medical devices for muscles and joints, today approved the Half-Year Financial Report as at 30 June 2025 (subject to limited audit).

in which they were achieved. A very important point to highlight is the ever-increasing confidence we are receiving from the main investment lines, which represent important drivers of growth for the company, both in terms of international development and internal strategy. Investments that today require significant economic commitment, but will soon be offset by their returns."

The first half of 2025, which is in line with forecasts, recorded organic growth in net revenues of 10.4%, with an increase of approximately +2% in Ebitda compared to the first half of 2024 as a result of the investments made to support development projects being implemented (United States, Cetilar® Nutrition, China). Excluding the aforementioned investments (approximately 4 million Euros), the gross operating margin on revenues for the period would have been approximately 32%, in line with that of the previous year, further confirming the solidity of the recurring business.

From a financial point of view, there is a temporary absorption of liquidity linked to the distribution of dividends and the payment of the earn-out contractually provided for by the previous shareholders of Akern.

Consolidated sales revenues in the first half of 2025 recorded an increase of 10.4%, compared to the same period of the previous year, and amounted to 61.9 million Euros (56.1 million Euros as at 30 June 2024), with a positive contribution from both the Italian and international markets. The contribution to

revenues of new initiatives (USA, Spain and Cetilar® Nutrition), although growing compared to the previous year, is still marginal.

Revenues from sales on the Italian market increased by approximately 9%, reaching Euro 41 million (Euro 37.5 million as of June 30, 2024), in a very challenging context due to the operating dynamics that continue to characterize the wholesaler channel.

Revenues from sales on foreign markets amounted to Euro 20.9 million, with an increase of approximately 13% compared to the first half of the previous year (Euro 18.6 million); the foreign impact on total revenues remained constant and amounted to approximately 34%. To date, the Group has orders in its backlog for the entire third and fourth quarters.

The analysis of revenues by product line as of June 30, 2025 shows further growth for Apportal® which, compared to the same period of the previous year, against a market growth of 6.5% in value and 4.9% in terms of units sold, recorded an increase in value of 12.5% and 17.1%1 in units sold.

The performance of the Sideral® line was positive, with a 7% increase in revenues, a significant result in view of a rather challenging competitive environment. On the Italian market, compared to the same period of the previous year, there was a growth in volumes of 2%, compared to an increase in the volumes of all other iron-based food supplements of 1.5% and the reduction of the drug market of 2.1%.2

‌1 Source: New Line Market Research

‌2 Source: IQVIA data updated to last Rework 2025

The Cetilar® line maintained the same revenues in a market that showed a slight decline as of June 30, 2025 (-0.6%), increasing the share held both in terms of values (+4.3%) and units (+3.8%)3.

It is worth highlighting the excellent results achieved by Sidevit® B12, the innovative sucrosomial® vitamin launched in November last year, which in just six months generated revenues of Euro 1.1 million, reaching a market share of 2.1%4 in value. In 2024, the Italian vitamin B market generated total revenues of around 130 million euros.

The Pharmanutra Group 's Gross Operating Result for the six months ended June 30, 2025 amounted to Euro 16.5 million (Euro 16.2 million in the first half of 2024), i.e. a margin of approximately 26.6% on net revenues, with the expected limited reduction compared to the corresponding period of the previous year determined by the operating costs related to the start-up of new initiatives.

‌3 Source: IQVIA data updated to last Rework 2025

‌4 Source: elaboration on Pharma Data Factory data - pharmacy channel

The Net Financial Position as of June 30, 2025 shows a negative balance of Euro 5.1 million, compared to a positive balance of Euro 5.6 million as of December 31, 2024, after paying dividends of Euro 9.6 million, recognizing the earn-out contractually provided for the acquisition of Akern (Euro 3 million), and purchasing treasury shares for Euro 0.6 million. Investments in the first half of 2025 amount to approximately 1.4 million euros.

In January, another important partnership was formalized, thanks to which the Cetilar® Nutrition line is the Official Nutrition Partner of the 2025 Giro d'Italia and the two subsequent editions. Thanks to the international media coverage of the Giro and the large audience present along the stages of the competition, Cetilar® Nutrition will have the opportunity to strengthen its presence on the market.

During the period, the Group's international expansion continued with the start of distribution of the products of the Sideral® line (Forte and Folic) in Kuwait, the launch of Ultramag® on the Taiwan market (in addition to the products of the Sideral® and Cetilar® lines already marketed), and the launch of UltraCalD3, an exclusive formulation of vitamin D3 with Sucrosomial® Technology on the Finnish market. In addition to these, the expansion of the products marketed in the Austrian market, with the addition of Sideral®Med and Apportal® to the portfolio of products already distributed, and the start of the distribution of the products of the Sideral® line in the Moldovan market. Agreements have also been formalized for the distribution of products from the Sideral line in Morocco, Peru and Bahrain.

In March 2025, Sucrosomial® Iron, the innovative formulation designed and patented by Pharmanutra at the basis of Sideral® products, was included in the recent Guidelines of the World Health Organization entitled "Guidance on implementing patient blood management to improve global blood health status". The document, focused on the theme of improving the efficiency and improvement of patient management in order to reduce the use of blood transfusions, is the result of an extensive collaboration