Annual financial report 31/12/2025

31 December 2025

PharmaNutra S.p.A.

Headquarters

REA (Economic Administrative Index)

PISA Companies Register

Share capital

Tax ID no. | VAT no. | Company Register of Pisa

Via Campodavela, 1 - 56122 PISA, Italy PI-146259

01679440501

Euro 1,123,097.70 f.p.

01679440501

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Andrea Lacorte, President of PharmaNutra S.p.A., comments: 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 President and CEO of the Group, adds: : ""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."

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The PharmaNutra Group specialises in the pharmaceutical, nutraceutical and nutritional sectors. As of today, the Group includes the Italian companies PharmaNutra S.p.A. (Parent Company) and Akern S.r.l., as well as the two foreign subsidiaries PharmaNutra U.S.A. Corp. and PharmaNutra España S.L.U.

The Group's history began in 2000 with the foundation of Alesco S.r.l., a company focused on the development of nutraceutical raw materials, which was followed in 2003 by the establishment of PharmaNutra S.p.A., specialising in the development of nutraceutical products and medical devices. Finally, in 2010, Junia Pharma S.r.l. was established, a company operating in the paediatric sector. In 2022, following the acquisition of 100% of Akern S.r.l., the Group opened up to the nutritional research sector, acquiring unique technical and scientific know-how and generating important synergies.

The Group has been present on foreign markets since 2013 with a flexible and innovative business model, which is based on an established network of premium quality distributors. Currently, the products of PharmaNutra are present in over 80 countries worldwide, including Europe, Asia, Africa and America, through a network of selected business partners.

In 2023, PharmaNutra España and PharmaNutra USA were established with the aim of directly overseeing the distribution of products in the markets of the two countries, while in 2024 the two historical companies, Junia Pharma S.r.l. and Alesco S.r.l., were merged into PharmaNutra.

This defines a new corporate structure, which meets the requirements of the entire production chain, from the development of new technologies and patents, to the marketing of nutraceuticals and medical devices covering health and wellness needs from early childhood to adulthood.

Thanks to the continuous capital expenditures in R&D, which have led to the approval of several patents referred to the Sucrosomial® technology and Cetylated Esters (CFA), the Group has succeeded in a short time in establishing itself as leader in the industry of mineral- and iron-based nutritional supplements, as well as in the field of medical devices dedicated to the restoration of articular function.

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The PharmaNutra Group today employs more than 110 employees with a network of more than 160 single-brand Pharmaceutical Sales Representatives in Italy.

Board of Directors

Andrea Lacorte (Chairman) Roberto Lacorte (Vice Chairman) Carlo Volpi (Director)

Germano Tarantino (Director)

Alessandro Calzolari (Independent Director) Marida Zaffaroni (Independent Director) Giovanna Zanotti (Independent Director) Board of Statutory Auditors

Raffaele Ripa (Chairman of the Board of Statutory Auditors) Debora Mazzacherini (Standing Auditor)

Giuseppe Rotunno (Standing Auditor) Cecilia Andreoli (Alternate Auditor) Alessandro Lini (Alternate Auditor)

Independent auditors

BDO Audit Services S.r.l.

PharmaNutra S.p.A., whose shares are traded on the STAR Segment of the Mercato Telematico Azionario ("MTA"), organised and managed by Borsa Italiana as of 15 December 2020, operates in the nutraceutical and pharmaceutical sector with the aim of improving people's well-being. Based on continuous research and development, it has introduced new nutritional concepts and new active ingredients to the market. It manufactures products using innovative technologies, paying particular attention to the protection of intellectual property.

The administrative body of PharmaNutra S.p.A. resolved to prepare the Consolidated and Parent Company Statutory Financial Statements in accordance with the IAS/IFRS (International Accounting Standards and International Financial Reporting Standards) issued by the International Accounting Standards Board (IASB) and endorsed by the European Union. The amounts in the accounting statements, tables and explanatory notes are expressed in thousands of Euro, unless otherwise stated.

The accompanying consolidated and financial statements of Pharmanutra S.p.A. constitute a non-official version which is not compliant with the provisions of the Commission Delegated Regulation (EU) 2019/815

MANAGEMENT REPORT 1

OPERATING CONDITIONS AND BUSINESS DEVELOPMENT 2

OPERATING RESULTS 2

INFORMATION ON THE RUSSIA - UKRAINE CONFLICT AND THE MIDDLE EAST CONFLICT 5

SIGNIFICANT EVENTS OF 2025 5

OPERATING PERFORMANCE 7

REFERENCE MARKETS IN WHICH THE GROUP OPERATES 20

INVESTMENTS 31

RESEARCH AND DEVELOPMENT ACTIVITIES 32

MARKETING ACTIVITIES 34

CORPORATE GOVERNANCE INFORMATION 36

REMUNERATION REPORT 36

PHARMANUTRA ON THE STOCK EXCHANGE 37

TRANSACTIONS WITH RELATED PARTIES 40

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES 41

INFORMATION PURSUANT TO ARTICLE 2428, PARAGRAPH 2, POINT 6-BIS, OF THE ITALIAN CIVIL CODE 45

OTHER INFORMATION 46

SIGNIFICANT EVENTS OCCURRING AFTER THE END OF THE FINANCIAL YEAR 49

FORESEEABLE BUSINESS OUTLOOK 50

CONSOLIDATED FINANCIAL STATEMENTS AS AT 31 DECEMBER 2025 PHARMANUTRA GROUP 51

FINANCIAL STATEMENTS 52

Balance sheet 52

Consolidated Income Statement 53

Comprehensive Income Statement 53

Consolidated Statement of Changes in Shareholders' Equity 54

Consolidated cash flow statement 55

EXPLANATORY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS OF PHARMANUTRA GROUP 56

1. LAYOUT AND CONTENT OF THE CONSOLIDATED FINANCIAL STATEMENTS 56

2. CONSOLIDATION AREA 56

3. CONSOLIDATION CRITERIA AND TECHNIQUES 57

4. ACCOUNTING STANDARDS AND VALUATION CRITERIA 58

5. IFRS ACCOUNTING STANDARDS, AMENDMENTS AND INTERPRETATIONS ENDORSED OR APPLICABLE/APPLIED FROM

   01/01/2025 73

6. MAIN ESTIMATES ADOPTED BY THE MANAGEMENT 73

7. RISK AND UNCERTAINTY MANAGEMENT 77

8. DISCLOSURE BY OPERATING SEGMENTS 86

9. COMMENTS ON THE MAIN ITEMS 87

10. OTHER INFORMATION 110

1. COMMITMENTS 111

2. CONTINGENT LIABILITIES AND MAIN OUTSTANDING DISPUTES 112

3. TRANSACTIONS WITH RELATED PARTIES 112

CERTIFICATION OF THE CONSOLIDATED FINANCIAL STATEMENTS PURSUANT TO ARTICLE 154-BIS, PARAGRAPH 5, OF ITALIAN LEGISLATIVE DECREE NO. 58 OF 24 FEBRUARY 1998 118

INDEPENDENT AUDITOR'S REPORT 119

FINANCIAL STATEMENTS 121

PharmaNutra S.p.A. Balance Sheet 121

PharmaNutra S.p.A. Income Statement 122

PharmaNutra S.p.A. Comprehensive Income Statement 122

PharmaNutra S.p.A. Statement of changes in shareholders' equity 123

PharmaNutra S.p.A. Statement Of Cash Flows- indirect Method 124

EXPLANATORY NOTES TO THE FINANCIAL STATEMENTS OF PHARMANUTRA S.P.A. 125

1. EXPLANATORY NOTES TO THE ANNUAL FINANCIAL STATEMENTS 125

2. ACCOUNTING STANDARDS AND VALUATION CRITERIA 126

1. MAIN ESTIMATES ADOPTED BY THE MANAGEMENT 140

2. RISK AND UNCERTAINTY MANAGEMENT 144

3. COMMENTS ON THE MAIN ITEMS OF THE FINANCIAL STATEMENTS 153

4. OTHER INFORMATION 175

1. COMMITMENTS 177

2. CONTINGENT LIABILITIES AND MAIN OUTSTANDING DISPUTES 177

3. TRANSACTIONS WITH RELATED PARTIES 178

4. ALLOCATION OF THE RESULT FOR THE YEAR 183

CERTIFICATION OF THE ANNUAL FINANCIAL STATEMENTS PURSUANT TO ARTICLE 154-BIS, PARAGRAPH 5, OF ITALIAN LEGISLATIVE DECREE NO. 58 OF 24 FEBRUARY 1998 184

Dear Shareholders,

the consolidated financial statements of PharmaNutra Group for the year ended 31/12/2025 showed a net result for the financial year of Euro 20.0 million compared to the net result of Euro 16.6 million of the previous year.

Taxes for the year amounted to Euro 10.3 million (Euro 10.6 million in 2024).

Pre-tax result amounted to Euro 30.2 million (Euro 27.2 million in 2024). Pre-tax result, in turn, was determined by allocating approx. Euro 3.9 million (about Euro 3.7 million in 2024) to the provision for amortisation, depreciation and write-downs.

PharmaNutra Group (hereinafter also the "Group") consists of PharmaNutra S.p.A. ("PharmaNutra", the "Company" or the "Parent Company") and its subsidiaries Akern S.r.l. ("Akern"), PharmaNutra Usa Corp. ("PharmaNutra USA" or "PHN USA"), PharmaNutra España S.L. ("PharmaNutra España" or "PHN ESP") and Athletica Cetilar S.r.l. ("Athletica" or "ATHL").

PharmaNutra, a nutraceutical company based in Pisa, Italy, specialised in the development of nutritional supplements and medical devices and in the production and distribution of raw materials and active ingredients for the food, pharmaceutical and dietary supplement industries. In particular, it deals with the research, design, development and marketing of proprietary and innovative products. Among these, the most relevant are the ones based on Sucrosomial Iron®, namely the products of Sideral® line, the products for the restoration of articular function and movement capacity in osteo-articular diseases, consisting of Cetilar® line, and those of the Apportal® line, an energising tonic consisting of 19 nutrients including 5 minerals.

It complies with strict quality standards while focusing on the unique and exclusive raw materials used throughout the country, studies and produces formulations with an important scientific background.

Since 2005, it has been developing and marketing directly and independently a line of products under its own brand, being managed through a structure of Pharmaceutical Sales Representatives who present the products directly to the medical class. PharmaNutra now has the know-how to manage all stages from design, formulation and registration of a new product, to marketing and sales, up to Pharmaceutical Sales Representatives' training.

The business model developed has been pointed out by key health marketing experts as an example of innovation and efficiency in the entire pharmaceutical scenario.

The Company constantly boosts its research and development activities in order to further strengthen its results in its industry.

Akern is an Italian company established in 1980 to research, develop and produce medical instrumentation and software for monitoring body composition using bio-impedance techniques.

PharmaNutra USA was established in December 2022 to distribute PharmaNutra® branded products in the US market through direct distribution on the territory and selected e-commerce channels.

PharmaNutra España was established in March 2023 for the distribution of the Cetilar® and Cetilar® Nutrition line products in the Spanish market through selected online sales channels.

Athletica Cetilar S.r.l. was established in March 2024 with the aim of creating a sports medical centre geared towards optimising the performance of professional and amateur athletes and developing the applications of products from the Cetilar® line.

An analysis of the Group's financial position, performance and operating result is provided in the following paragraphs, which specifically deal with the market scenario and the products and services offered, the investments and the main indicators of economic performance and the evolution of the financial position.

The consolidated financial statements of PharmaNutra Group for the financial year closed at 31/12/2025 are as follows:

* It should be noted that for the purposes of a better representation the balances relating to 2024 have been adjusted with the effect of a lower cash and cash equivalents and higher current assets of Euro 120,00, lower goodwill and lower minirity interets of Euro 60.000.

Revenues from sales

In 2025, consolidated revenues from sales amounted to Euro 131.7 million, with an increase of 14.0% compared to the previous year.

In terms of volumes, the sales of finished products as at 31 December 2025 reached 17.0 million units, an increase of approximately 13.8% compared to 14.9 million units in the previous year.

Italy

The revenues deriving from sales on the Italian markets recorded an increase of about 9.2%, reaching Euro 82.5 million, of which Euro 6 million referred to Akern, compared to Euro 75.6 million in the previous year. Cetilar® Nutrition amounted to Euro 1.2 million and contributed approximately 4% to the overall growth in revenues.

The result achieved reflects the strategic choices implemented and the investments made in support of the Group's brands, and is of absolute significance as it was achieved in a highly challenging competitive environment.

Foreign market

Overall, revenues from sales on foreign markets increased by about 23.2%, reaching approx. Euro 49.2 million (Euro 39.9 million in the previous year), and represent approximately 37.3% of total revenues.

Revenues from China and the United States (Euro 4.7 million) contributed approximately 16% to the overall increase, a significant increase compared to the previous year.

Revenues on foreign markets are represented almost exclusively by sales of products from the SiderAL® line.

The foreign market with the highest incidence is Europe, which accounted for about 48% of the total revenues in foreign markets as at 31 December 2025.

The development of new markets continued during 2025 with the definition of new distribution agreements.

PharmaNutra Group's EBITDA was approximately Euro 34.2 million as at 31 December 2025 (Euro 31.0 million 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 result of new business, which is impacted by the costs incurred for their start-up, the EBITDA incidence on revenues as at 31 December 2025 would be about 32%. This confirms the Group's business growth solidity and potential.

The Profit for the year for the period amounted to Euro 20.0 million compared with Euro 16.6 million of the financial year closed at 31 December 2024.

The 2025 Net result per share was Euro 2.09 compared to Euro 1.73 in 2024.

The Net Financial Position in 2025 shows an increase of Euro 6.0 million compared to 31 December 2024, showing a positive balance of Euro 11.4 million compared the positive balance of Euro 5.4 million of the previous year.

The cash flow from operations amounted to Euro 19.6 million (Euro 20.5 million in 2024), thus confirming the Group's great cash generation capacity.

The results obtained come from continuous research and development and clinical activities on the products themselves, which generate a greater awareness of the effectiveness of the products among the medical class and a growing perception of quality on the part of consumers.

In light of the results obtained, there are no issues relating to the going concern, liquidity risk and the recoverability of goodwill as well as tangible and intangible assets recognised in the financial statements as at 31 December 2025. The impairment test was performed on the recoverability of goodwill, which amounted to Euro 17,560 thousand as at 31 December 2025, unchanged from the previous year, of which Euro 14,810 thousand related to the subsidiary Akern and Euro 2,750 thousand deriving from the continuity of goodwill values arising from the merger by incorporation of the subsidiaries Alesco and Junia Pharma. The impairment test performed on Akern's goodwill showed an excess of the recoverable value of 40% of the amount of goodwill related to the subsidiary, while the test on the Parent Company's goodwill showed a recoverable value of 133 times the value recorded in the financial statements. For further details, see the relevant section of the Explanatory Notes to the Consolidated Financial Statements.

The effects of the ongoing conflict between Russia and Ukraine and the Middle East conflict on the Group's financial position, performance and cash flows are very limited.

Starting from the beginning of the conflict, in order to preserve the investments made in the past for the creation of the Russian market and not to deprive people of products that contribute to their well-being, the Group did not stop supplying to the Russian distributor, but allocated part of the margin realised to local humanitarian organisations to support Ukrainian refugee families hosted and to contribute to the provision of health services in Ukraine. During the year, as in previous years, business with the Russian distributor continued as usual.

Regarding Ukraine, a marginal market, there are no open positions as of today.

The sanctioning measures adopted by the international community against Russia, as well as the countermeasures activated by this country, have led to a sharp increase in prices, mainly of raw materials, which have not impacted the Group's profitability thanks to careful and punctual management.

In light of the foregoing, the directors have assessed that the effects of the Russia-Ukraine conflict on the Group's performance are not indicators of possible impairment losses.

The current conflict in the Middle East could result in further increases in commodity prices and energy costs that are not expected to significantly impact profitability.

In January, another important partnership was formalised, with which the Cetilar® Nutrition line became the Official Nutrition Partner of the Giro d'Italia for 2025 and its 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 market presence.

During the period, the Group's international expansion continued with the start of the distribution of products from the Sideral® (Forte and Folic) line in Kuwait, the launch of Ultramag® on the Taiwanese market (which adds 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. Added to this is the expansion of the products marketed in the Austrian market, with the addition of Sideral®Med and Apportal® to the portfolio of

products already in distribution, and the start of the distribution of products from the Sideral® line in the Moldavian market. Agreements were also formalised for the distribution of Sideral® products in Morocco, Peru and Bahrain.

In March, Sucrosomial® Iron, the innovative formulation designed and patented by Pharmanutra that forms the basis of Sideral® products, was included in the recent World Health Organisation Guidelines entitled "Guidance on implementing patient blood management to improve global blood health status". The document, which focuses on efficiency and improvement in patient management in order to reduce the use of blood transfusions, is the result of extensive collaboration between international experts in multidisciplinary fields dedicated to improving patient outcomes, safety and quality of care. Therefore, it is also a useful practical guide to address the global problem of iron deficiency and anaemia, blood loss and coagulopathies with bleeding. In particular, with reference to iron deficiency in cardiovascular diseases and diabetes, within the WHO Guidelines, Sucrosomial® Iron is the only oral iron mentioned and recognised.

At the beginning of June, Apportal® Boost, a food supplement designed and developed to offer a quick and effective supply when the body needs energy, strength and protection, was launched on the Italian market. It will be marketed not only through the classic channels of pharmacies and online stores, but also through Pharmanutra's Amazon store.

In October, Pharmanutra's Analysis and Quality Control laboratory officially entered the GLP (Good Laboratory Practice) system; the adoption of GLP implies high standards in terms of traceability, documentation, staff training and management of analytical activities, confirming the group's commitment to quality, reliability of analytical data and compliance with international regulations.

In the same month, as part of the 16th edition of Spazio Nutrizione, Sideral® Forte was awarded as the best nutraceutical product of the year.

In November, Pharmanutra was included among 27 Italian companies worldwide in the "World's Best Companies

- Sustainable Growth 2026" ranking of the American magazine Time. The ranking is the result of a survey conducted by the prestigious Time magazine in partnership with Statista, a company specialising in business rankings, which together identified the 500 companies that, at a global level, have demonstrated outstanding performance in sustainable development while maintaining financial stability and revenue growth.

Among the twenty-seven Italian companies in the ranking, Pharmanutra was in the Top 15 (13th position) and, globally, out of 500 companies selected, it was among the top 200 companies worldwide (190th in the ranking), with 83.99 points out of 100.

PharmaNutra Group's Business Lines

PharmaNutra Group's distribution and sales model consists of the following two business Lines:

• Italian Business Line: it is characterised by direct presence in the reference markets in which the Group operates; for finished products, the logic that governs this model is to ensure complete control of the territory through an organisational structure of pharmaceutical sales representatives who, through sales and scientific information activities, ensure full control of all the players in the distribution chain: hospital doctors, outpatient doctors, pharmacies and hospital pharmacies.

  Raw material commercial activity is aimed at companies in the food, pharmaceutical and nutraceutical industries as well as at nutraceutical production plants that produce on behalf of third parties.

• Foreign Business Line: it is characterised by the marketing of finished products and raw materials through local partners which, under long-term exclusive distribution contracts, distribute and sell the products in their own markets.

• Akern Business Line: the business model involves the sale of instrumentation and software for body bioimpedance analysis in Italy and foreign markets through agents, distributors and online sales.

The consolidated revenues as at 31 December 2025, amounting to Euro 131.7 million, increased by 14.0% compared to 31 December 2024 (Euro 115.5 million).

The breakdown of revenues in the Group's business areas shows that the sales of finished products increased by about 8% and 23.8% on the Italian market and on foreign markets, respectively, compared to the previous year.

The performance of the sales area of proprietary and non-proprietary raw materials to companies in the food, pharmaceutical and nutraceutical industry, as well as to nutraceutical production plants producing on behalf of third parties, recorded an increase in both the Italian market and the foreign markets.

The revenues generated by Akern increased by 15.1% compared to 2024, confirming the significant development potential resulting from its integration into the Group.

The year 2025 confirmed the expected growth in revenues from the new business units, particularly in the American market, where sales reached about Euro 1.3 million (Euro 173 thousand in the previous year), and the Chinese market, where the Group is progressively strengthening its position.

The following table shows the breakdown of the turnover into the business lines described above.

Overall, revenues from sales on the Italian market increased by about 8.6%, reaching Euro 76.4 million (Euro 70.4 million in the previous year), and represent about 58% of total revenues.

The Italian context remains challenging due to the commercial dynamics that continue to characterise the wholesale channel. For this reason, at the beginning of 2026, the Group implemented a major change in its commercial structure in Italy, with the aim of achieving an increasingly direct relationship with retail outlets and a greater focus on medical and scientific content - a key strategic asset for the Group.

Revenues on foreign markets increased by 23.2% to Euro 48.5 million (Euro 39.2 million in 2024), and accounted for about 37% of total revenues compared to 33.9% in the previous year.

Akern's revenues refer for Euro 6.1 million to the Italian market and for Euro 0.7 million to foreign markets.

The increase in revenues on foreign markets is generalised in all areas in which the Group operates, testifying to the progressive and constant affirmation of its products.

The foreign market with the highest incidence is Europe, which accounted for 48.1% of the foreign market total as at 31 December 2025. The increase in the Far East is driven by the progressive development of sales in the Chinese market through cross-border internet e-commerce, with significant growth prospects. Revenues from Other Geographical Areas refer to the market in South Africa and Central America.

Revenues on foreign markets are almost exclusively represented by sales of products from Sideral® line.

In terms of volumes, the sales of finished products as at 31 December 2025 reached 17.0 million units, an increase of approximately 13.8% compared to 14.9 million units in the previous year.

The volumes of finished products invoiced on the Italian market increased by about 7.1% compared to the previous year, while the volumes of sales on foreign markets increased by about 17.0%.

The analysis of finished products revenues by product line (Trademark) reported in the following table shows a strong growth of the main Group product lines.

0F

The Sideral® line, with an increase in revenues reaching Euro 91.8 million as at 31 December 2025 (+13.2% compared to 2024) and an incidence on the total finished product turnover of about 69.7%, confirms itself as the main line in the Group's product portfolio. The increase was mainly due to higher sales in foreign markets (+25% over the previous year). The performance on the Italian market showed a 4% growth over the previous year, in line with that of the reference market in which it continues to hold the leadership with a market share of 52.5% in value and 46.8% in volume1.

1F

The Cetilar® line showed moderate growth compared to the previous year, which was influenced by the timing dynamics of order issuance by foreign distributors. Revenues on the Italian market, in fact, show a 6.6% growth in the sell-out figure compared to 2024 with an increase in market share from 4.4% to 4.7% (in value) and from 3.1% to 3.4% (in units)2.

2F

Apportal® outperformed the growth rate of the market (+5.5% in value terms and +5.0% in terms of units) 3 and recorded an increase in market share to 6% in value terms, ranking 2nd in the tonics market with 1,039,743 units sold.

‌1 Source: IQVIA - Rework, December 2025

‌2 Source: IQVIA - Rework, December 2025

‌3 Source: New Line Market Research 5 Channels - Update, December 2025 data

3F

The exceptional results of Sidevit® B12 have been confirmed: in just 12 months on the market, the product achieved Euro 2.6 million in revenues, making it the best product launch in the Group's history. Sidevit® B12 maintains a steady progress, ranking 5th (by value) in the vitamin B market with 135,440 units sold and a value market share of approximately 4% 4.

PharmaNutra Group Results

The reclassified income statement and balance sheet figures of the last two financial years are shown below. The income statement is shown below:

In 2025, against a 14.0% increase in net revenues compared to 2024, operating expenses rose by 16.2%. This increase stems not only from a physiological increase in operating costs, as a result of the higher volume of revenue generated (logistics, sales network, samples), but also from marketing costs, which drove significant sales

‌4 Source: Pharma Data Factory Pharmacy Channel - Rework, December 2025 data

development in the United States and China through the e-commerce channel, and supported the development of the Cetilar® Nutrition line.

The costs incurred for the development of the new business resulted in an expected slight reduction in margins due to the costs incurred - not only marketing costs, but also administrative and commercial consulting, personnel and overhead costs.

Personnel costs increased due to the hiring of new staff as part of the ongoing development process. The reduction in other operating costs reflected the recognition, in the prior year, of a charge related to the partial repayment of the R&D Tax Credit and costs associated with the write-off of certain patents deemed to have no future use.

PharmaNutra Group applies some alternative performance indicators that are not identified as accounting measures under IFRS, in order to allow for a better assessment of management performance.

Therefore, the assessment criteria used by the Group may not be consistent with those used by other groups and the balance obtained may not be comparable with that determined by the latter.

Such alternative performance indicators, determined in accordance with the requirements of the Guidelines on Alternative Performance Indicators issued by ESMA/2015/1415 and adopted by CONSOB with communication no. 92543 of 3 December 2015, refer only to the performance of the accounting period covered by this Financial Report and of the periods compared and not to the expected performance of the Group.

Below is a definition of the alternative performance indicators used in this Financial Report:

• EBITDA: it is represented by the Earnings before interest, taxes, depreciation and amortisation.

• Adjusted EBITDA: it is represented by the Earnings before interest, taxes, depreciation and amortisation net of non-recurring items.

• EBIT: it is represented by the Earnings before interest, taxes, depreciation and amortisation net of depreciation, amortisation and write-downs.

• Net Working Capital: it is calculated as the sum of inventories and trade receivables net of trade payables and all other balance sheet items classified as Other receivables or Other payables.

• Operating Working Capital: it is calculated as the sum of inventories and trade receivables, net of trade payables.

• Net Invested Capital: it is the sum of Net Working Capital, Total Fixed Assets net of Provisions and other medium/long-term liabilities, excluding items of a financial nature which are included in the Net Financial Position balance.

• Net Financial Position (NFP): it is calculated as the sum of current and non-current bank loans and borrowings, current and non-current liabilities for rights of use, net of cash and cash equivalents, and current and non-current financial assets.

Total Sources: it is represented by the sum of Shareholders' Equity and NFP.

Operating Working Capital is in line with the previous year, with the increase in receivables and inventories offset by the increase in trade payables due to higher business volumes.

The increase in the item Other receivables is mainly due to the recording of deferrals relating to marketing activities whose reference period extends beyond 31 December 2025.

The increase in the item Intangible fixed assets comes from the capitalised costs relating to research projects, patents and trademarks deriving from research activities, ongoing research projects and costs for the purchase and implementation of software.

The reduction in Financial Fixed Assets resulted from the utilisation of the year's portion of tax credits acquired in 2023.

The change in the item Provisions and other medium/long-term liabilities derives from the balance between allocation of the medium/long term variable remuneration for the Executive Directors and of the portion of Directors' termination indemnity accrued by the same, and the payment of the contractually agreed earn-out for the acquisition of Akern (Euro 3 million).

The item Current financial assets refers to a temporary use of part of the Group's liquid funds with the subscription of financial instruments as part of the individual management mandate granted to Azimut Capital Management, and of time deposits with banks.

Below are the Alternative Performance Indicators (APIs) considered most significant by the Group.

The Net Financial Position as at 31 December 2025 was positive (available cash) in the amount of Euro 11.4 million compared to a positive balance of Euro 5.4 million as at 31 December 2024. The operating cash flow for the period amounted to Euro 19.6 million; capital expenditures for Euro 3.1 million were made, treasury shares were repurchased for Euro 1.3 million and dividends for Euro 9.6 million were distributed.

On 16 April 2025 the Shareholders' Meeting resolved the distribution of Euro 1.00 dividend per share, corresponding to a payout ratio of approximately 58% of 2024 consolidated net profit, given its structural financial capacity and the consolidated corporate practice on dividend distribution.

For more details on changes in the Net Financial Position, please refer to the Cash Flow Statement.

Income Statement and Balance Sheet of the Parent Company

As at 31 December 2025, PharmaNutra results are as follows:

NET RESULT FOR THE PERIOD: €/000 19,598 NET FINANCIAL POSITION: €/000 (11,910)

Below is a summary of the Parent Company's balance sheet and income statement.

The comparison of the 2025 figures with the figures of the previous year confirms once again the strength of the recurring business with an increase in net revenue of 13.3%. Operating costs rose by 17.3%, as a result of the higher volume of revenue generated (logistics, sales network, samples), and of marketing costs, which drove significant sales development in the United States and China through the e-commerce channel, and supported the development of the Cetilar® Nutrition line. Personnel costs increased due to the hiring of new staff as part of the ongoing development process. The reduction in other operating costs reflected the recognition, in the prior year,

of a charge related to the partial repayment of the R&D Tax Credit and costs associated with the write-off of certain patents deemed to have no future use.

Operating Working Capital is in line with the previous year, with the increase in receivables and inventories offset by the increase in trade payables due to higher business volumes.

The increase in the item Other receivables is due to the recording of deferrals relating to marketing activities and other activities whose reference period extends beyond 31 December 2025.

The increase in the item Intangible fixed assets comes from the capitalised costs relating to research projects, patents and trademarks deriving from research activities, ongoing research projects and costs for the purchase and implementation of software.

The reduction in the item Financial Fixed Assets derives from the write-down of the investment in the subsidiary Pharmanutra Espana recognised as a result of the impairment situation that emerged and from the utilisation of the year's portion of tax credits acquired in previous years.

The change in the item Provisions and other medium/long-term liabilities is the balance between allocation of the medium/long term variable remuneration for the Executive Directors and of the portion of Directors' termination indemnity, and the payment of the contractually agreed earn-out for the acquisition of Akern (Euro 3 million).

The item Current financial assets refers to a temporary use of part of the Group's liquid funds with the subscription of financial instruments as part of the individual management mandate granted to Azimut Capital Management, and of time deposits with banks.

The Net Financial Position as at 31 December 2025 was positive (cash assets) in the amount of Euro 11,910 million compared to a positive balance of Euro 5.3 million as at 31 December 2024.

For more details on changes in the Net Financial Position, please refer to the Cash Flow Statement.

The reconciliation between shareholders' equity and the result of the Parent Company and the corresponding consolidated figures is as follows:

The Pharmanutra Group, specialising in the development of nutraceuticals and medical devices, confirms its position as one of the leading players in the Italian market, while strengthening its presence in international markets thanks to steady and significant growth.

Below is an overview of the general performance of the Italian food supplements market and an in-depth analysis of the main reference segments, with special attention to the product lines being more relevant in terms of turnover.

4F

Italian Nutraceutical Market5

The nutraceutical market reaches a value of Euro 5,340 million in 2025, recording a growth in value of 2.9%, and a total of 349 million packs sold in all distribution channels (pharmacy, parapharmacy, e-commerce, supermarket/hypermarket with and without corners), with a slight decrease in volume (-0.5%) compared to last year. Local pharmacies remain the preferred distribution channel with about 75.7% share in value, and growth of 2.5% against a backdrop of virtually stable volumes (-0.2%).

E-commerce consolidated its role as an expanding channel, with an increase in value of 10.5% and volume growth of 6.4%. The remaining channels are decreasing, both in terms of value and units, compared to 2024.

‌5 Source: IQVIA Solutions Italy data processing - rolling year ending December 2025

The role and trend of the channels in terms of value generated and sales volumes

Values, volumes (million) and trend of the total market and channels

5F

6F

Evolution by channels - Sell-Out6 at retail price values in the MAT7

Distribution per channel, MAT Dec 2025

(million Euro)

Evolution % per channel, MAT Dec 2025

04/09/

5,191

5,340

E-commerce

TOTAL CHANNELS

E-commerce

2.9%

12.8%

Supermarket/Hyperma

Supermarket/Hyperma Parapharmacy

Supermarket/Hyperma

-0.2%

Supermarket/Hyperma

-3.4%

Parapharmacy

Pharmacy

3,743

3,944

4,043

-2.2%

MAT MAT

Dec 2023 Dec 2024

MAT

Dec 2025

Pharmacy

2.5%

Evolution per channels - Sell-Out in volume in the MAT

Distribution per channel, MAT Dec 2025

(million of units)

Evolution % per channel, MAT Dec 2025

TOTAL CHANNELS

-0.5%

E-commerce

E-commerce

-6.4%

Supermarket/Hyperma

Supermarket/Hyperma Parapharmacy

Supermarket/Hyperma

Supermarket/Hyperma Parapharmacy

-2.3%

-4.8%

Pharmacy

-4.9%

Pharmacy

MAT

Dec 2023

MAT

Dec 2024

MAT

Dec 2025

-0.2%

Looking at the pharmacy channel in detail, one of the categories with the highest growth compared to the previous year is vitamins and minerals (+4.9% in value).

Turnover of the NECs at first pharmacy level - Moving Annual Total (MAT)

‌6 Sell-Out: sales to the public expressed in units (sell-out in volume) or valued at the retail price (sell-out in value).

‌7 MAT: Moving Annual Total.

Distribution by turnover

(million

Evolution % compared to previous MAT

digestion & gut

digestion & gut

3.2%

vit/miner/food suppl.

vit/miner/food suppl. 4.9%

12 urology and

reproductive syst.

tonics+other stim.

12 urology and

reproductive syst.

tonics+other stim.

cough, cold,

cough, cold,

resp.system

circulatory system

-2.2%

circulatory system

-1.0%

Painkillers

Painkillers

4.4%

painkillers+sleeping

painkillers+sleeping 3.7%

Eye care prod.

Eye care prod.

2.2%

hair care prod.

hair care prod. 0.6%

-1.7%

5.2%

Analysing the leading companies in the nutraceutical market, Pharmanutra ranks fifth in terms of sell-out in value, recording the highest growth (+9.1%) among the top ten positions.

Turnover of the top 10 pharmacy Companies in the MAT

Distribution by turnover

(million

Evolution % compared to previous MAT

Looking at the individual products, Sideral® Forte once again ranks first in the Nutraceuticals Market in terms of sell-out in value (+6.1%), recording, in particular, the highest growth (+6.0%) in terms of packages sold.

Top 10 pharmacy products - Sell-Out at retail price values in the MAT

Distribution by turnover

(million Euro)

Evolution % compared to previous MAT

Finally, the analysis of the dynamics between mature products and new launches confirms the significant contribution of innovation (+3.1%) as the main development lever.

7F

Impact of innovation: importance of launches 8 on the pharmacy market in the MAT

Million Euro

MAT

Dec 2024

MAT

Dec 2025

‌8 "New products" are considered to be those launched in the last 12 months (Source: IQVIA data)

Italian Iron Market

The Pharmanutra Group operates in the iron market with its Sideral® product line, consisting of both supplements (Food Supplements) and drugs (Drugs).

In 2025, the total iron market reached a value of Euro 155.6 million, with an increase of 4.1%, mainly achieved by the supplement segment (+5.1% in value compared to the previous year), compared to pharmaceuticals (+0.3%).

8F

The Sideral® line also confirms its leading position in 2025 with a value market share of almost 53% in the Food Supplements segment and 41% in the overall market 9, with a total of approximately 2.5 million packs sold and a

total value of Euro 64.2 million.

Sideral® achieved a growth of 3.8% over the previous year, with an increase in absolute terms of about Euro 2.4 million, making a significant contribution to the development of its market.

Food Supplements Iron Market and % Sideral® Market Share

The quarterly market share analysis shows a performance of the Sideral® line characterised by stability and competitive continuity, both in the supplement segment (with a market share consistently above 52%) and in the total iron market.

‌9 Source: IQVIA - Rework, December 2025

% Sideral® Market Share in Food Supplements and in Total Iron Market (Val)

The contribution of the Sideral® line, both in the supplement market and the overall iron market, is also confirmed in terms of units sold, rising from 591,158 in Q4 2024 to 614,512 in Q4 2025.

% Sideral® Market Share in Food Supplements and in Total Iron Market (Un)

630,445

635,805

The Sideral® line closes 2025 with 3.4% growth in units and 3.8% growth in value compared to the previous year.

Sideral® (Un & Val)

In the iron-based supplements segment, the direct competitors of Sideral® have much smaller market shares (the second competitor has a market share almost 10 times lower than Sideral®) and, on average, lower market prices.

This shows how the Sideral® product line is able to gain significant recognition in the market in terms of premium retail price, achieved thanks to significant and constant investments in research and development and marketing.

% Sideral® Market Share and Competitors in Food Supplements Market (Val)

Italian Market for topical painkillers

The Cetilar® line operates in the market for topical painkillers, which will reach Euro 344.7 million in 2025, a growth of 2.8% compared to 2024.

Within this scenario, the Cetilar® line stands out for its stable and above-market growth (+6.6% compared to 2024), recording a value figure of Euro 16.2 million and increasing its market share from 4.4% to 4.7% (in value) and from 3.1% to 3.4% (in units).

Total Market and % Cetilar® Market Share

The quarterly market trend, in terms of units, also shows stable growth for the line, from 186,793 units sold in Q4 2024 to 199,043 in Q4 2025.

% Cetilar® Market Share in Total Market (Un)

Analysing the main competitors in the market, the Cetilar® product line ranked 6th (in value) and 4th in terms of growth compared to the same period last year (excluding new products to be launched in 2025).

% Cetilar® Market Share and Competitors in Total Market (Val)

% Cetilar® Growth and Competitors in Total Market (Val)

Italian Tonic products market

In the three-year period 2023-2025, the tonics market records moderate but steady growth, both in value and volume.

9F

In particular, in 2025 the growth in value is 2.5% and in units 2.3%, compared to the same period of the previous year10.

Against this backdrop, Apportal® outperformed the growth rate of the market (+5.5% in value terms and +5.0% in terms of units) and recorded an increase in market share to 6% in value terms, ranking 2nd in the tonics market with 1,039,743 units sold across the 5 reference channels.

This trend shows a progressive and growing ability of the product to consolidate its competitive position within the reference market.

‌10 Source: New Line Market Research 5 Channels - Update, December 2025 data

Total Market and % Apportal® Market Share

10F

Analysing the pharmacy channel alone 11, Apportal records a market share in 2025 of 8.08% in value and 6.05% in

units, respectively.

Italian Vitamin B market

As of November 2024, Sidevit® B12, a new product with a high concentration of sucrosomial vitamin B12 and folic acid (from Quatrefolic®) was introduced to the vitamin B market.

11F

In the fourth quarter, the market 12 further accelerated compared to the same period last year, reaching 1.4 million units sold and an increase of 16.3% in units and 18.7% in values compared to 2024. In this favourable context, Sidevit® B12 continued to grow and achieved the highest share of the year: 3.97% in value and 3.26% in units.

Overall, 2025 ends with a dynamic and expanding market, characterised by an average annual growth of 13.4% in units and 15.3% in values. Within this scenario, Sidevit® B12 maintains steady progress, ranking 5th (by value) in

‌11 Source: Pharma Data Factory - Pharmacy Channel 2025

‌12 Source: Pharma Data Factory Pharmacy Channel - Rework, December 2025 data

the vitamin B market with 135,440 units sold and a total value of Euro 3.3 million, consolidating its competitive presence quarter after quarter.

Below, on the left is the quarterly trend of the reference market with the relative shares of Sidevit® B12 (value and units), while on the right is the trend of units sold since the launch date.

% Market Share Sidevit B12® in Food Supplements (Quarter_Val) & Sidevit B12® Trend (Un)

During 2025, the Group made investments in intangible fixed assets totalling Euro 2,051 thousand, broken down as follows:

Euro 102 thousand for the research costs;

Euro 463 thousand for the registration of patents, software implementation; Euro 75 thousand for the registration of trademarks;

Euro 1.411 thousand relating to software currently being implemented and research projects in progress not yet completed and other fixed assets.

The investments in tangible fixed assets amount to Euro 1,082 thousand, broken down as follows:

Euro 299 thousand relating to plants, machinery and equipment;

Euro 195 thousand for the purchase of vehicles used by the management and the sales force;

Euro 184 thousand for the purchase of electronic devices;

Euro 404 thousand for rights of use and investments in progress.

The PharmaNutra Group has always based its technical and scientific activities and business strategy on Research and Development (R&D) as a fundamental pillar for growth.

The year 2025 was characterised by intense and increasingly structured R&D activity in the proprietary laboratories. This was made possible, among other things, thanks to the increase of the staff employed, which to date consists of 3 researchers, 1 formulation scientist and 3 laboratory technicians, in addition to supervision and coordination by the Head of Research, who also plays an active role in certain sensitive and crucial experimental activities. During the year, several PhD candidates and students working on their theses contributed to the company's R&D activities through ongoing collaborations with a number of Italian universities.

The R&D work inevitably starts from a continuous study and a detailed knowledge of the aspects related to biology, nutrition, chemistry and pharmaceutical technology, as well as those related to human physiology, medicine, and pharmacology. It is fully driven by the objective to meet the needs of the Italian and foreign markets as well as the ones of consumers and key players in the health sector, in order to be able to provide them with new products with which to address unresolved issues.

The Group's R&D objectives are to find new formulations, implement or discover new applications for existing products, generate new scientific evidence, so as to constantly guarantee the effectiveness and innovation of its products. To this end, it is of particular importance to set up a research group in the course of 2025 with the aim of discovering and studying possible new technologies and formulations to complement the current proprietary technologies, in particular the sucrosomial technology, with the longer-term perspective of securing intellectual property.

In particular, the basic research activity carried out at Pharmanutra's R&D laboratories consists of in-vitro and ex-vivo experiments, and saw a substantial boost during the year thanks to the acquisition of new experimental models, including in the cardiology field, which will give rise to potential new discoveries and/or targeted formulations in the coming months, possibly enabling the development and market release of new products. The

part of experimental research in the field of cell biology represents a fundamental step in the activity of screening and studying the effectiveness of all the formulation prototypes developed and to be tested before moving on to the next stages of clinical research and then to industrialisation. New research models have been developed and new machines installed, such as the 3D printer, which, when fully operational (preliminary set-up and first experimental tests have been carried out in 2025), will allow very ambitious research projects to be carried out in various fields (e.g., osteoarticular).

Also significant was the activity concerning the quality control laboratory, which also constantly supports R&D activities. In fact, Pharmanutra researchers and technicians dedicated to this activity have developed the analytical methods required for objective measurement of experimental results. Pharmanutra's Quality Control Laboratory officially entered the GLP (Good Laboratory Practice) system, thanks to an upgrade of the laboratories themselves and the drafting of specific procedures to ensure a controlled and documented workflow, thus confirming Pharmanutra's commitment to quality, reliable analytical data and compliance with international regulations. Indeed, the adoption of GLP implies high standards in terms of traceability, documentation and management of analytical activities.

The activity of PharmaNutra Group's Research and Development department also includes the execution of clinical studies on its products, both in the development and post-marketing phases. The practical implementation of these studies is carried out through agreements with Contract Research Organisations (CRO) and collaborations with hospitals, Italian and foreign Universities and research centres, depending on the skills and know-how required.

Research is mainly carried out on the group's flagship products, Sideral®, Cetilar®, Apportal®, but also on new proprietary raw materials (sucrosomial vitamins) or new formulations not yet marketed, precisely to ascertain their efficacy before they are placed on the market or may allow entry into new markets.

In 2025, 10 studies on the company's products have been published in international trade journals.

Among these, of particular note is the publication of a study on sucrosomial iron in comparison with other oral iron preparations, which was carried out in Argentina and is of international impact, as well as three published clinical studies on proprietary CFAs, in both oral (Cetilar ORO) and topical (Cetilar Patch) formulations, in which the usefulness and efficacy in very common arthritic conditions was further confirmed, leading to an improved quality of life.