March 17th, 2026
FY 2025 HIGHLIGHTS
4 HIGHLIGHTS
Solid organic growth in revenues and EBITDA, with increases of 14% and 10.2%, respectively, compared to the previous year.
Increased contribution of revenues from new business units, representing about 20% of total revenue growth.
Excluding investments related to the development of new business units, the EBITDA margin on net revenues would have been stable compared to 2024.
Operating activities during the period generated around € 19.5 million in cash.
The Net Financial Position as of December 31, 2025, is positive (net cash) at €
11.4 million, compared to €5.4 million as of December 31, 2024.
5 HIGHLIGHTS
The internationalization process continues successfully:
Revenues from the Chinese market reached €3.2 million (€2 million in 2024);
Revenues from the US market reached €1.3 million (€0.2 million in 2024);
Revenues from other foreign markets reached €44.5 million (+17.7%).
Sidevit B12®: best product launch ever in Pharmanutra's history.
Sucrosomial Iron® mentioned in the guidelines of the "World Health Organisation".
Achievement of the Good Laboratory Practices (GLP) system for our R&D center.
FINANCIAL RESULTS
Net Sales Revenues: organic increase of 14%
FY 2025 HIGHLIGHTS 7NET REVENUES € 131.7 M
compared to FY 2024.
26% EBITDA margin on net revenues. EBITDA margin on net revenues excluding new business units is 31.5% (31.4% in FY 2024).
Net Result € 20 M (€ 16.6 M in FY 2024).
EPS of € 2.09 (€ 1.73 in FY 2024)
Positive Net Financial Position (Net cash) of 11.4 million Euro (5.4M of net cash at 31/12/24)
Proposed Dividend of € 1.20 per share (1.00 in 2024)
+ 14%
+10%
+20%
+19.5 M
(€ 115.4 M IN FY 2024)
EBITDA € 34.2 M (€ 31 M IN FY 2024)
€ 20M NET RESULT (15.1% ON NET REVENUES)
CASH GENERATED BY OPERATING ACTIVITIES
8
NET REVENUES
Net revenues at 31.12.2025 accounted for € 131.7 million, recording a
14% increase compared to the previous year.
Revenues from foreign markets recorded a 23.6% growth while revenues from domestic market increased by 8.6% despite a challenging environment.
Akern's net revenues accounted for € 6.8 million (+15.1%), representing about 5.2% of the total net revenues of the Group.
9
NET REVENUES BY TRADEMARK AND AREA OF BUSINESSRevenues breakdown by Trademark and Area of Business Incidence % | |||||
€/000 | 2025 | 2024 | Δ% | 2025 | 2024 |
Sideral | 91.788 | 81.069 | 13,2% | 69,7% | 70,2% |
Cetilar | 11.544 | 11.429 | 1,0% | 8,8% | 9,9% |
Apportal | 11.307 | 10.454 | 8,2% | 8,6% | 9,1% |
Sidevit B12 | 2.612 | 194 | 1249,5% | 2,0% | 0,2% |
Ultramag | 1.734 | 1.452 | 19,5% | 1,3% | 1,3% |
Other | 3.086 | 2.907 | 6,2% | 2,3% | 2,5% |
Medical Instruments | 6.816 | 5.922 | 15,1% | 5,2% | 5,1% |
Raw Materials and Semif. P. | 2.799 | 2.071 | 35,1% | 2,1% | 1,8% |
Total | 131.686 | 115.498 | 14,0% | 100% | 100% |
Foreign Markets F. P.:
Sideral® branded products account for about 94% of sales on foreign markets (93% in 2025). Cetilar® branded products account for about 3% of sales on foreign markets (€ 1.4 million). Apportal® branded products account for about 1.2% of sales on foreign markets.
10 NET REVENUES FROM NEW PROJECTS
Revenues Breakdown by Business Units Inc. % | |||||||
€/1000 | 2025 | 2024 | Δ | Δ% | 2025 | 2024 | |
Recurring Business Revenues | 125.771 | 112.773 | 12.998 | 11,5% | 95,5% | 97,6% | |
New Business Revenues | 5.916 | 2.725 | 3.190 | 117,1% | 4,5% | 2,4% | |
Consolidated Revenues | 131.686 | 115.498 | 16.188 | 14,0% | 100% | 100% | |
Inc.% | |||||||
€/1000 | 2025 | 2024 | Δ | Δ% | 2025 | 2024 | |
Italy | 81.299 | 75.001 | 6.297 | 8,4% | 61,7% | 64,9% | |
Rest of world | 44.472 | 37.771 | 6.701 | 17,7% | 33,8% | 32,7% | |
Total Revenues "Recurring" | 125.771 | 112.773 | 12.998 | 11,5% | 95,5% | 97,6% | |
Italy | 1.213 | 591 | 622 | 105,1% | 0,9% | 0,5% | |
Rest of world | 4.703 | 2.134 | 2.569 | 120,4% | 3,6% | 1,8% | |
Total New Businesses | 5.916 | 2.725 | 3.190 | 117,1% | 4,5% | 2,4% | |
Total | 131.686 | 115.498 | 16.188 | 14,0% | 100% | 100% | |
PHN GROUP PROFIT AND LOSS (€/000) | 31/12/2025 | 31/12/2024 |
A) REVENUES | 133.968 | 116.911 |
Net Revenues | 131.687 | 115.498 |
Other revenues | 2.281 | 1.413 |
B) OPERATING EXPENSES | 99.756 | 85.870 |
Cost of goods sold and logistics | 26.044 | 22.857 |
SG&A expenses | 62.762 | 52.689 |
Personnel expenses | 9.268 | 8.036 |
Other operating expenses | 1.682 | 2.288 |
(A-B) EBITDA | 34.212 | 31.041 |
EBITDA Margin on Revenues | 25,5% | 26,6% |
C) Amort., depr. and write offs | 3.900 | 3.668 |
(A-B-C) EBIT | 30.312 | 27.373 |
D) NET FINANCIAL INCOME/(EXPENSES) | (123) | (212) |
Financial income | 965 | 1.410 |
Financial expenses | (1.088) | (1.622) |
(A-B-C+D) EBT | 30.189 | 27.161 |
Current taxes | (10.272) | (10.610) |
NET RESULT | 19.917 | 16.551 |
Net Result attr. to non-controlling interests | (85) | (57) |
NET RESULT ATTR. TO THE GROUP | 20.002 | 16.608 |
REVENUES
Revenues from new BU amounts approximately to €6M (+3.2M€ compared to the previous year), representing 4.5% of the total revenues.
OPERATING EXPENSES
The increase in operating expenses compared to 2024 is physiologically driven by the higher amounts of revenues.
Ebitda margin is affected by the investments related to the new businesses (around €10 million)
with the previous year.
Excluding these expenses the Ebitda margin on net revenue would be about 31.5% in line
Amounts in €/000 | 31/12/2025 | 31/12/2024 | ∆ 2025 vs 2024 |
Trade receivables | 24.762 | 22.052 | 2.710 |
Inventories | 8.852 | 6.942 | 1.910 |
Trade Payables | (19.883) | (15.786) | (4.097) |
Operating Working Capital | 13.731 | 13.208 | 523 |
Other receivables | 8.673 | 7.041 | 1.632 |
Other Payables | (6.086) | (6.790) | 704 |
Net Working Capital | 16.318 | 13.459 | 2.859 |
Intangible assets | 24.475 | 23.259 | 1.216 |
Tangible assets | 24.132 | 25.659 | (1.527) |
Financial assets | 2.381 | 2.755 | (374) |
Total Fixed Assets | 50.988 | 51.673 | (685) |
Provisions and other L/T liabilities | (7.509) | (8.426) | 917 |
NET INVESTED CAPITAL | 59.797 | 56.706 | 3.091 |
Net Equity | 71.241 | 62.135 | 9.106 |
Non current financial liabilities | 15.450 | 19.507 | (4.057) |
Current financial liabilities | 5.064 | 4.764 | 300 |
Non current financial assets | (1.344) | (729) | (615) |
Current financial assets | (12.039) | (13.477) | 1.438 |
Cash and cash equivalents | (18.575) | (15.494) | (3.081) |
Net Financial Position | (11.444) | (5.429) | (6.015) |
TOTAL SOURCES | 59.797 | 56.706 | 3.091 |
12 RECLASSIFIED CONSOLIDATED BALANCE SHEET
OPERATING WORKING CAPITAL
Operating working capital is in line with December 31, 2024; the increasing in trade receivables and inventories is balanced by the increase in trade payables.
OTHER RECEIVABLES AND PAYABLES
Other receivables includes the recognition of prepaid expenses related to marketing activities, whose economic competence extends beyond December 31, 2025, as well as the current portion of tax credits purchased in the previous fiscal year.
NET FINANCIAL POSITION
Net financial position increases by 6M € thanks to the strong cash generated by operating activities during the period.
Cash Flow (€/000) | 31/12/2025 | 31/12/2024 |
Group Net Result NON MONETARY EXPENSES | 20.002 | 16.608 |
Amortization, depreciation and w.o. | 3.900 | 3.928 |
Accrual for employees benefits | 1.114 | 972 |
Net result attributable to non-controlling interests | (85) | (57) |
CHANGES IN OPERATING ASSETS AND LIABILITIES | ||
Changes in operating working capital | (674) | (321) |
Changes in other assets/liabilities | (4.695) | (707) |
CASH FROM OPERATING ACTIVITIES | 19.562 | 20.423 |
Capex | (3.111) | (3.596) |
Net Financial Investments | 0 | 0 |
Changes in other non current assets | (252) | 1.382 |
CASH FROM INVESTING ACTIVITIES | (3.363) | (2.214) |
Dividend paid | (9.591) | (8.172) |
Treasury shares purchases | (1.333) | (551) |
Changes in financial liabilities | (3.755) | (5.490) |
Changes in financial assets | 1.448 | (7.285) |
Other changes | 113 | (97) |
CASH FROM FINANCING ACTIVITIES | (13.118) | (21.595) |
CHANGES IN LIQUIDITY | 3.081 | (3.386) |
Cash and cash equivalents at the beginning of the period | 15.494 | 18.880 |
Cash and cash equivalents at the end of the period | 18.575 | 15.494 |
13 CONSOLIDATED CASH FLOW
CASH FROM OPERATING ACTIVITIES
Changes in other assets/liabilities are mainly due to the contractual payment of Akern's earn-out (3 million Euros) and the recognition of deferred costs related to marketing activities whose economic competence extends beyond December, 31st.
CASH FROM INVESTING ACTIVITIES
Capex are referred to R&D projects in progress, software implementations and other operating Capex.
CASH FROM FINANCING ACTIVITIES
Cash flow from financing activities is impacted by the distribution of dividends (-9.6 million), the repayment of financial liabilities (-3.3 million), the purchase of treasury shares and the maturity of short-term time deposits.
14 NET FINANCIAL POSITION
NFP
The Net Financial Position improved by €6 million despite the distribution of €9.6 million in dividends during the year and the €3.1 million in capital expenditures.
This result was achieved thanks to the strong cash generated from operating activities, amounting to €19.5 million, which was partially offset by the contractual payment of Akern's earn-out (-€3M).
MARKET
A RELEVANT PLAYER IN THE ITALIAN NUTRACEUTICAL MARKET 16
YTD 2025 (Value) ∆ YTD 2025 vs YTD 2024 (Value) ∆ %
-1,3%
-2,2%
-2,3%
3,0%
8,5%
2,6%
15,3%
6,2%
-1,3%
-8,3%
Source: Sell Out Pharma Data Factory - Food Supplements, Channel Pharmacy - YTD Dec 25
3 PHARMANUTRA PRODUCTS IN THE TOP20 DIETARY SUPPLEMENTS SOLD IN ITALY 17
YTD 2025 (Value) ∆ %
1°12°
23°
Source: Sell Out NewLine- Food Supplements, channel Pharmacy - YTD Dec 25
N°1 dietary supplement in Italy Since November 2019
SELL OUT CONTINUED GROWTH IN 2025 18
+6.8%
4,107
€ Thousands
2024 2025
2024 2025
389
355
341
358
340
358
364
351
341
340
318
312
316
330
321
328
319
327
322
308
309
301
303
303
3,846
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Cetilar® Nutrition line not included
Source Sell Out Units Pharma Data Factory - Pharmacy
IRON SUPPLEMENTS: SIDERAL® MARKET SHARE IN ITALY 19
Food Supplements Iron Market and % Sideral® Market Share
The Sideral® line's evolution is aligned with the performance of the supplement market and maintains a significant market share in the overall iron market.
% Sideral® Market Share in Food Supplements and in Total Iron Market (Value)
Excluding products that contain only lactoferrin
Source IQVIA, channels pharmacies and parapharmacies
ANTI-INFLAMMATORY TOPICAL CREAMS: CETILAR® MARKET SHARE IN ITALY 20
Total Market and % Cetilar® Market Share
In 2025 Cetilar® has outperformed the market, by growing 6.5% in value (vs. a 2% market growth) and 6.3% in units, compared to a flat market. Market share continues to grow.
In a market context characterized, during the period January-December 2025, by a contraction in volume (-2.1%) and a slight growth in value (+0.8%) compared to the same period of the previous year, the Cetilar® product line confirms a positive development trend: +6.3% in
units and +6.6% in value. Drugs and no-prescription drugs are not included
Source IQVIA, channels pharmacies and parapharmacies
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