10/11/2025 - Board of directors approves the interim manangement report as of september 30, 2025

Pisa, 10 November 2025 - The Board of Directors of PharmaNutra S.p.A. (MTA; Ticker PHN), a company specialising in mineral-based nutritional supplements and medical devices for muscles and joints, today approved the unaudited Interim Management Report as at September 30 2025.

Roberto Lacorte, Vice President of PharmaNutra S.p.A., states:: "We are very pleased to be able to share, with all those involved in Pharmanutra's value creation, the results of a third quarter in which we confirm robust double-digit growth and an increase in profitability, as well as an extremely important contribution to the cash management which brings the company back to a positive financial position. Sharing these significant results, at a time in history when the Group is making investments that will bring great changes, and that have absorbed so much energy, has double value. Because these investments, from now on, will begin to make a fair contribution and, consequently, will have a very important impact on the company's margins and profitability. I believe it is, therefore, the best possible way to approach 2026 that promises to be one of strong growth for Pharmanutra, thanks to the contribution of the Business Units that we have launched and which will not only begin to generate cash, but will also be able to also guarantee complete coverage of costs, making the whole company even more profitable. These results do not surprise us, because they are the result of investments based on our entrepreneurial philosophy, which has characterized us since the foundation of the company, and on which we base the present and the future. That is, identifying spaces and opportunities for growth and investing in them so that value and robust growth are achieved over time".

The closing of September 30, 2025 confirms the solid growth trend in sales revenues (+13.3% compared to September 30, 2024), to which the new business units also began to contribute, as expected, for Euro

3.8 million.

EBITDA as of September 30, 2025 increased by +2.5% compared to the same period of the previous year and amounted to Euro 24.8 million. Investments to support the new business units (approximately Euro 7 million), mainly represented by marketing costs, personnel costs and structural and logistics costs, resulted in only a limited reduction in the EBITDA margin in terms of incidence on revenues (approximately -5.6%).

Excluding the effect of those investments, EBITDA as a percentage of total revenues as at 30 September 2025 is approximately 32%, with an increase in absolute values of approximately +7%, compared to the same period of the previous year, confirming the solidity and growth potential of the Group's business.

From a financial point of view, there was a strong improvement in the Net Financial Position, positive for Euro 2.3 million, compared to the negative balance of Euro 5.1 million as at June 30, 2025.

Consolidated net revenues as of September 30, 2025 (Euro 94.6 million), increased by 13.3% compared to the corresponding period of the previous year (Euro 83.5 million), with a positive contribution from both the Italian and international markets.

The third quarter of 2025 confirmed the expected growth in revenues related to the new business units, in particular with regard to the American market, where sales reached approximately Euro 700 thousand (Euro 115 thousand in the same period of the previous year), with an increase in the third quarter of 2025 of Euro 429 thousand compared to June 30, 2025.

Revenues from the Italian market amounted to Euro 61.3 million (Euro 55.5 million in the previous year), with an increase of approximately 10.5%, despite the very challenging context due to the operating dynamics that continue to characterize the wholesaler channel.

Thanks to the significant growth in the third quarter, revenues from sales in foreign markets amounted to Euro 33.3 million, with an increase of approximately 19% compared to September 30, 2024 (Euro 28.0 million); the foreign incidence on total revenues is approximately 35%.

The analysis of revenues by product line in the following table shows the increase in revenues of Sideral®, Apportal® and Sidevit B12® and the resilience of Cetilar®, in positive contrast to a market with volumes that overall fell by about 2% compared to the same period of the previous year.

The increase in revenues relating to the Sideral® line is mainly due to the increase in sales on foreign markets. The performance on the Italian market is in line with that of the reference market in which it continues to hold the leadership with a market share of 52.6% in value and approximately 47% in volume1.

Apportal®'s growth continues, with an increase in both units and value of approximately 4% compared to the growth of the reference market of 1.3% in value and 0.9% in volumes.

In the third quarter of 2025, the overall vitamin B12 supplement market2 recorded a growth of 15.6% compared to the same period of the previous year. Sidevit® B12 progressively increased its presence, reaching a market share of 4.0% in value and of 3.4% in volumes in the third quarter of 2025. This trend shows a stable and continuous penetration, with regular monthly increases indicating a strong ability to strengthen its competitive position.

‌1 Source: IQVIA Pharmacy and Parapharmacy Channel data.

‌2 Source: Pharma Data Factory - Pharmacy Channel, September 2025 data rework.

The EBITDA of the Pharmanutra Group as at 30 September 2025 amounted to Euro 24.8 million (Euro 24.2 million in the first nine months of 2024), with a margin of approximately 26.0% on revenues; the expected limited reduction compared to the same period of the previous year is determined by the operating costs related to the start-up of the new business units.

The significant liquidity generated by operations in the quarter, amounting to approximately Euro 8 million, allowed the return to a positive balance compared to the negative balance as of June 30, 2025.

During the period, dividends of Euro 9.6 million were distributed, the earn-out contractually provided for the acquisition of Akern (Euro 3 million) was paid, and treasury shares were purchased for Euro 0.6 million. Investments amount to approximately 2.2 million euros.

At the beginning of October, the share buyback program was launched in execution of the resolutions of the Ordinary Shareholders' Meeting of 16 April 2025.

The program is aimed at allowing the Company to seize the opportunity to make an advantageous investment in cases where the trend in the market price of PHN shares, also due to factors external to