PHARMANUTRA S.P.A.: THE BOARD OF DIRECTORS APPROVED THE DRAFT FINANCIAL STATEMENTS AND THE CONSOLIDATED FINANCIAL STATEMENTS AS AT DECEMBER 31st 2025
ONCE AGAIN THE GROUP CONFIRMS ITS GROWTH TRAJECTORY WITH AN EXCELLENT PERFORMANCE: DOUBLE DIGIT GROWTH OF ALL INDICATORS AND GROWING CONTRIBUTION
FROM NEW BUSINESS UNITS
REVENUES FOR THE YEAR AT € 134.0 MILLION, INCREASED BY +14.6% VERSUS 2024
GROSS OPERATING PROFIT AT € 34.2 (+10.2% VERSUS 2024)
NET RESULT FOR THE YEAR AT € 20.0 MILLION, INCREASED BY 20.4% VERSUS 2024
CASH FLOW FROM OPERATIONS AT € 19.6 MILLION
PROPOSED ORDINARY DIIVIDEND: € 1.20 PER SHARE (+20% VERSUS 2024)
MAIN RESULTS OF 2025:
Consolidated Net Sales Revenues € 131.7 M (+14.0% versus 2024)
Net Financial Position € 11.4 M (+ 6.0 M versus 31.12.2024)
EPS € 2.09 (+20.6% versus 31.12.2024)
Pisa, March 17th 2026 - The Board of Directors of Pharmanutra S.p.A. (MTA; Ticker PHN), a company specialising in the field of iron and mineral nutritional supplements and medical devices for muscles and joints, today approved the Draft Financial Statements and the Consolidated Financial Statements as at 31 December 2025.
Andrea Lacorte, Chairman of Pharmanutra S.p.A., commented: "The great satisfaction with the results we are presenting today stems from the fact that in 2025 the Company succeeded in combining an intense investment activity with strong financial results, fully in line with its long-standing tradition of growth and solidity. This demonstrates Pharmanutra's strong ability to generate cash and to allocate resources to research and key development projects without compromising its profitability. Considering the significant investments made - particularly in the United States - those dedicated to the sports division, and the substantial strengthening of the Italian commercial structure - we can only be very pleased to have closed the year with results of this caliber.
What initially appeared to be a challenging year turned out to be extremely positive. A result that makes us satisfied and even more confident about the future, in which the investments made will further contribute to the Company's growth both in terms of revenue and profitability."
Roberto Lacorte, Vice Chairman and CEO of Pharmanutra S.p.A., commented: "Once again, we are pleased to share with our shareholders and all our stakeholders the financial results of a year that has been both highly distinctive and extremely positive for Pharmanutra. In fact, 2025 stands out as the year of greatest intensity in terms of corporate investments, supporting the numerous growth drivers identified by the Company. Despite these significant commitments-mainly reflected in OpEx-the Company closed the year with results that exceeded even its historical double-digit growth trajectory. This outcome clearly highlights one of Pharmanutra's key strengths: the ability to invest decisively in growth drivers that are poised to become future game changers in terms of revenues and profitability, while at the same time maintaining solid and sustained short-term growth."
ANALYSIS OF 2025 ANNUAL RESULTS | |||||
ECONOMIC DATA (€ million) | 2025 | % | 2024 | % | Change |
REVENUES | 134.0 | 100.0% | 116.9 | 100.0% | 14.6% |
SALES REVENUES | 131.7 | 98.3% | 115.5 | 98.8% | 14.0% |
EBITDA | 34.2 | 25.5% | 31.0 | 26.6% | 10.2% |
NET RESULT | 20.0 | 14.9% | 16.6 | 14.2% | 20.4% |
Earning per Share(Euro) | 2.09 | 1.73 | 20.6% | ||
BALANCE SHEET & EQUITY (€ million) | 2025 | 2024 | Change | ||
NET INVESTED CAPITAL* | 59.8 | 56.7 | 3.1 | ||
NET FINANCIAL POSITION* | 11.4 | 5.4 | 6.0 | ||
EQUITY* | (71.2) | (62.1) | 9.1 | ||
*It should be noted that, for a better presentation, the balances as of the end of 2024 have been adjusted, resulting in a decrease in cash and cash equivalents and an increase in current assets of €120,000, as well as a decrease in goodwill and third parties equity of €60,000.
SALES REVENUES
Consolidated sales revenues in 2025 amount to 131.7 million euro, increased by 14.0% versus the previous year. In terms of volumes, sales of finished products as at December 31st 2025 amount to 17.0 million units, with a 13.8% increase compared to 14.9 million units in the previous year.
Italy
Revenues from the Italian market recorded a 9.2% increase, reaching 82.5 million euro, versus 75.6 million euro in the previous year. 6 million euro are attributable to Akern, while revenues from the Cetilar® Nutrition line amount to 1.2 million euro and contribute for about 4% to total revenue growth.
The result achieved derives from the strategic choices implemented and from the investments made to support the Group brands, and is of the utmost importance since it was achieved in a highly challenging contest.
Foreign markets
Revenues from foreign markets amount to 49.2 million euro (39.9 million euro in the previous year), increasing by 23.2% and representing about 37.3% of total revenues.
Revenues from China and the United States (4.7 million euro) made a 16% contribution to total growth with a significant increase compared to the previous year.
The market with the highest incidence is Europe, which as at December 31st 2025 represents about 48% of foreign market revenues. The internationalisation process has continued throughout 2025 with the definition of distribution agreements in new countries and the expansion of the product range in countries where the Group is already present.
FINANCIAL RESULTS
The Gross Operating Profit of the Pharmanutra Group as at December 31st 2025 amounts to 34.2 million euro (31.0 million euro in 2024), equal to a 25.5% margin (26.6% in 2024) on total revenues, with a 10.2% increase compared to the previous year. Excluding the operating profit of the new Business Units, which is influenced by start up costs, the incidence of Gross Operating Profit over revenues at December 31st 2025 would amount to about 32%, confirming the solidity and growth potential of the Group business.
Net result of the period amounts to 20.0 million euro versus 16.6 million euro in the previous year.
EPS 2025 is equal to 2.09 euro versus 1.73 euro in 2024.
Net Financial Position in 2025 recorded an increase of 6.0 million euro compared to December 31st 2024 with a positive balance of 11.4 million euro compared to the positive balance of 5.4 million euro in the previous year. The liquidity generated by operations amounts to 19.6 million euro (20.5 million euro in 2024) confirming the Group's ability of cash generation.
SIGNIFICANT EVENTS OCCURRED IN THE 2025 FINANCIAL YEAR
In January another important partnership was formalised, based on which the Cetilar® Nutrition line has become the Official Nutrition Partner of Giro d'Italia 2025 and the two subsequent editions. Thanks to the international media coverage of the "Giro" and to the vast number of spectators attending the competition stages, Cetilar® Nutrition will have a chance to strengthen its presence in the market.
During the period, the Group's international expansion has continued through the distribution of the Sideral® line products (Forte and Folic) in Kuwait, the launch of Ultramag® in Taiwan (in addition to the Sideral® and Cetilar® lines already marketed), as well as the launch of UltraCalD3, an exclusive formulation of vitamin D3 with Sucrosomial® technology on the Finnish market. In addition to the above mentioned launches, the products marketed in the Austrian market were expanded, with the addition of Sideral®Med and Apportal® to the portfolio already under distribution, and the Sideral® line products have started to be distributed in Moldova. Agreements have also been formalised for the distribution of the Sideral® line products in Morocco, Peru and Bahrain.
In March the Sucrosomial Iron®, the innovative formulation invented and patented by Pharmanutra behind the Sideral® products, was mentioned in the World Health Organization guidelines entitled "Guidance on implementing patient blood management to improve global blood health status". The document, focused on streamlining and improving patient care to reduce the need for blood transfusions, is the result of extensive collaboration among international experts in multidisciplinary fields dedicated to improving patient outcomes, safety, and the quality of care. Specifically, with regard to iron deficiency in cardiovascular diseases and diabetes, Sucrosomial Iron® is the only oral iron supplement mentioned and recognized in the WHO Guidelines.
In early June, Apportal® Boost was launched on the Italian market. This dietary supplement was designed and developed to provide a quick and effective boost when the body needs energy, strength, and protection.
It is available not only through traditional channels such as pharmacies and online stores but also via Pharmanutra's Amazon store.
In October, Pharmanutra's Analysis and Quality Control Laboratory was officially integrated into the GLP (Good Laboratory Practice) system. The adoption of GLP standards entails rigorous requirements in terms of traceability, documentation, personnel training and the management of analytical activities, further confirming the Group's commitment to quality, the reliability of analytical data, and compliance with international regulations.
In the same month, during the 16th edition of Spazio Nutrizione, SiderAL® Forte was awarded as the best nutraceutical product of the year.
In November, Pharmanutra was included among the 27 Italian companies featured in the global ranking "World's Best Companies - Sustainable Growth 2026" published by the American magazine Time. The ranking is the result of a survey conducted by the prestigious Time in collaboration with Statista, a company specializing in corporate rankings, which identified the 500 global enterprises that have demonstrated outstanding performance in sustainable development while maintaining financial stability and revenue growth.
Among the twenty-seven Italian companies included in the ranking, Pharmanutra ranked within the Top 15 (13th position). Globally, out of the 500 companies selected, it ranked among the world's top 200 (190th position), with a score of 83.99 out of 100.
DIVIDEND
The statutory financial statements of the parent company Pharmanutra closed with a positive net result of
19.6 million euro and liquidity of 16.5 million euro.
The Board of Directors of the company resolved to propose to the forthcoming Shareholders' Meeting the distribution of a dividend of €1.20 for each eligible share entitled (for a maximum total of €11,490,220), with the date of removal of coupon no. 9 on May 4th 2026, the date of entitlement to payment (record date) on May 5th 2026 and the date for the payment of the dividend on May 6th 2026.