Interim management report 30/06/2025

1. Main economic, balance sheet and financial data 1

2. The Pharmanutra Group 1

3. ECONOMIC AND FINANCIAL PERFORMANCE IN THE FIRST HALF OF 2025 3

4. Significant events in the first half of the year 8

5. The results of the Pharmanutra Group 9

6. Reference markets in which the group operates 13

   Iron Market 17

   Topical Painkillers Market 20

   Tonic Market 22

   Vitamin B Market 22

7. Capital expenditures 23

8. Research and Development activities 24

9. Pharmanutra on the Stock Exchange 24

10. Transactions with related parties 27

11. Treasury shares and shares held by subsidiaries 28

12. Financial Risk Management Objectives and Policies 29

13. Significant events occurring after the end of the period 29

14. Outlook 29

1. ‌Main economic, balance sheet and financial data

   The half-year financial report as at 30 June 2025 has been prepared pursuant to Article 154-ter of Legislative Decree 58/1998 and subsequent amendments ("TUF").

   The main consolidated economic data of the Pharmanutra Group for the six months ended 30 June 2025 and 30 June 2024 and the balance sheet data as at 30 June 2025 and 31 December 2024 are presented below:

   ECONOMIC DATA (€/million)	2025	%	2024	%	Variations
   REVENUES	63,1	100,0%	57,0	100,0%	10,7%
   SALES REVENUE	61,9	98,1%	56,1	98,4%	10,4%
   GROSS OPERATING RESULT	16,5	26,1%	16,2	28,4%	1,6%
   PROFIT FOR THE YEAR	9,2	14,6%	8,9	15,6%	3,2%
   EPS - BASIC EARNINGS PER SHARE (Euro)	0,96		0,93		3,4%
   BALANCE SHEET (€/million)	2025		31/12/2024		Variations
   NET INVESTED CAPITAL	66,3		56,6		9,7
   NET FINANCIAL POSITION	(5,1)		5,6		(10,6)
   EQUITY	(61,3)		(62,2)		(1,0)

2. ‌The Pharmanutra Group

   70%

100%

100%

PHARMANUTRA S.p.a.

AKERN S.r.l

PHARMANUTRA ESPANA S.L.U.

PHARMANUTRA USA

Corp.

ATHLETICA CETILAR

S.r.l.

1. ‌Economic and financial performance in the first half of 2025

   The first half of 2025, which is in line with forecasts, recorded organic growth in net revenues of 10.4%, with a limited increase in EBITDA, (+approximately 2%) compared to the first half of 2024, as a result of the investments made to support development projects being implemented. Excluding the aforementioned costs (approximately

   €4 million), the EBITDA 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.

   In the second quarter, sales revenues and EBITDA increased by approximately 35% and 14% respectively compared to the previous quarter.

   From a financial point of view, there was a temporary absorption of liquidity linked to the distribution of dividends and the payment of the earn-out to the previous shareholders of Akern, provided for in the contract, which led to a temporary reduction in the net financial position.

   Sales revenue

   Consolidated sales revenues in the first half of 2025 increased by 10.4% compared to the same period of the previous year and amounted to €61.9 million (€56.1 million as at 30 June 2024). The contribution to revenues of new initiatives (USA, Spain and Cetilar® Nutrition), increased compared to the previous year, is still marginal.

   Revenues Italy

   Revenues from sales on the Italian market increased by approximately 9% to 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 wholesalers channel.

   Foreign Revenues

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

   Operating Costs

   Operating costs for the first half of 2025 amounted to Euro 46.6 million, an increase of approximately 14% compared to June 30, 2024 (Euro 40.8 million).

   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), or a margin of approximately 26.6% on net revenues, due to the expected limited reduction compared to the corresponding period of the previous year determined by operating costs related to the start-up of new initiatives (approximately Euro 4 million).

   Net profit for the period for the first half of 2025 amounted to Euro 9.2 million (Euro 8.9 million as of June 30, 2024).

   Net Earnings per share for the first half of 2025 amounted to Euro 0.96 compared to Euro 0.93 as of June 30, 2024.

   The Net Financial Position as of June 30, 2025 shows a negative balance of Euro 5.1 million compared to the positive balance of Euro 5.6 million as of December 31, 2024, after paying dividends of Euro 9.6 million, the earn-out contractually provided for the acquisition of Akern (Euro 3 million) and the purchase of treasury shares for Euro

   0.6 million. Investments in the first half amounted to approximately 1.4 million euros.

   In light of the results obtained, there are no problems relating to going concern, liquidity risk and the recoverability of goodwill and tangible and intangible assets recorded in the financial statements as at 30 June 2025.

   Business results

   Consolidated revenues for the six months ended June 30, 2025 (Euro 61.9 million) increased by 10.4% compared to the six months ended June 30, 2024 (Euro 56.1 million).

   Revenues by area of activity €/1000	2025	2024	Δ	Δ%	Incidence 2025 2024
   Finished Products domestic market	36.849	34.445	2.404	7,0%	59,6%	61,4%
   Finished Products foreign markets	19.878	17.261	2.618	15,2%	32,1%	30,8%
   Total Finished Products	56.727	51.705	5.022	9,7%	91,7%	92,2%
   Raw mat. and semif. Products Italy	882	657	225	34,2%	1,4%	1,2%
   Raw mat. and semif. Products foreign m.	597	940	-342	-36,4%	1,0%	1,7%
   Total Raw Material and Semif. Products	1.480	1.597	-117	-7,3%	2,4%	2,8%
   Medical instruments domestic market	3.239	2.410	829	34,4%	5,2%	4,3%
   Medical instruments foreign market	432	357	74	20,7%	0,7%	0,6%
   Total medical instruments	3.671	2.767	903	32,6%	5,9%	4,9%
   Total revenues	61.878	56.070	5.808	10,4%	100%	100%

   Revenues from the sale of finished products increased by about 10% overall, with an increase of about 7% and 15% respectively on the Italian market and on foreign markets.

   Revenues from the sale of raw materials and semi-finished products show a reduction of approximately 7% compared to 30.6.24.

   Revenues from the Medical Instruments line increased by 32.6% compared to 30 June 2024 as a result of the order acquisition dynamics that characterized the first half of the year.

   The following table shows the revenues relating to new projects whose incidence on total revenues increases from approximately 2% at 30 June 2024 to 4% in the current period.

   Revenues from new projects				Incidence
   €/1000	2025	2024	Δ%	2025	2024
   China	1.472	704	109,1%	60,3%	64,3%
   Nutrition	631	291	116,6%	25,8%	26,6%
   Pharmanutra USA	262	58	355,7%	10,7%	5,3%
   Pharmanutra España	77	42	81,6%	3,2%	3,9%
   Total	2.441	1.095	123,0%	100%	100%

   The development of the period confirms the significant growth opportunities represented by the new initiatives.

   The revenues generated by the subsidiary PHN USA derive from sales made on online platforms (Amazon, Walmart and proprietary site). A further boost to this growth is expected in the second half of the year thanks to the advertising activities currently in place on Google and Meta.

   The revenues of the new Cetilar® Nutrition line are beginning to show the returns on the investments made (including sponsorship of the Giro d'Italia, the Gran Fondo di Lombardia and the Strade Bianche) and the increase in medical partnerships with football, volleyball, basketball and other sports teams.

   Net revenues per Business line

   6%

   Net revenues per Business area

   2%

   6%

   92%

   33%

   61%

   Italy
   Foreign M.
   Akern
   
   
   F.P
   R.M
   Akern
   
   

   The following table shows the trend in revenues on foreign markets as at 30 June 2025 broken down by geographical area.

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

   The changes compared to the previous period are due to the greater number of active contracts and the timing dynamics of order acquisition by distributors.

   Revenues by geographical area				Incidence
   €/1000	2025	2024	Δ%	2025	2024
   Italy	40.970	37.515	9,2%	66,2%	66,9%
   Total Italy	40.970	37.515	9,2%	66,2%	66,9%
   Europe	11.707	10.427	12,3%	18,9%	18,6%
   Middle East	4.832	3.784	27,7%	7,8%	6,8%
   South America	608	1.307	-53,5%	1,0%	2,3%
   Far East	2.084	997	109,1%	3,4%	1,8%
   Other	1.676	2.044	-18,0%	2,7%	3,7%
   Total Foreign Markets	20.907	18.558	12,7%	33,8%	33,1%
   TOTAL	61.877	56.073	10,4%	100%	100%

   The increase in revenues in the Far East was due to sales made on the Chinese market for Euro 1.5 million through the e-commerce platform with a cross-border marketing structure (Euro 704 thousand as of 30.6.24).

   In terms of volumes, sales of finished products as at 30 June 2025 reached 7 million units, an increase of approximately 3% compared to 6.8 million units in the first half of the previous year.

   Volumes P.F.				Incidence
   Units/1000	2025	2024	Δ%	2025	2024
   Finished Products Italy	2.528	2.373	6,5%	35,8%	34,7%
   Finished Products Abroad	4.529	4.466	1,4%	64,2%	65,3%
   Total	7.057	6.839	3,2%	100%	100%

   The following table shows the analysis of turnover by finished product line (Trademark).

   Revenues by Product					Incidence
   €/1000	2025	2024	Δ	Δ%	2025	2024
   Sideral	41.567	38.974	2.593	6,7%	67,2%	69,5%
   Apportal	5.933	5.143	790	15,4%	9,6%	9,2%
   Cetilar	5.483	5.483	0	0,0%	8,9%	9,8%
   Ultramag	1.148	671	478	71,2%	1,9%	1,2%
   Sidevit B12	1.078	0	1.078	n.s.	1,7%	0,0%
   Other	1.518	1.434	84	5,8%	2,5%	2,6%
   Medical instruments	3.671	2.767	903	32,6%	5,9%	4,9%
   Raw Materials	1.480	1.597	-117	-7,3%	2,4%	2,8%
   Total	61.878	56.070	5.808	10,4%	100%	100%

   The analysis of revenues by product line as of June 30, 2025 shows further growth of Apportal®, thanks to its characteristics as an energizing tonic, and Ultramag® for sales on foreign markets. The Sideral® line shows an increase of 7%, a significant result in consideration of a rather challenging competitive context.

   It is worth highlighting the excellent results 1 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% in value. In 2024, the Italian vitamin B market generated revenues of approximately 130 million euros.

2. ‌Significant events in the first half of the year

   The most significant events that characterized the first half of 2025 are reported below.

   In January, another important partnership was formalized thanks to which the Cetilar® Nutrition line is the Official Nutrition Partner of the Giro d'Italia 2025 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

   ‌1 Source : Pharma Data Factory - pharmacy channel

   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 were also formalized for the distribution of products from the Sideral line in Morocco, Peru and Bahrain.

   In March, 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 between international experts in multidisciplinary fields dedicated to improving outcomes, safety and quality of care for patients. It represents, therefore, also a useful practical guide to address the global problem of iron deficiency and anemia, 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 recognized.

   At the beginning of June, Apportal® Boost was launched on the Italian market, a food supplement designed and developed to offer a rapid and effective supply when the body needs energy, strength and protection, which will be marketed, as well as through the classic channels of pharmacies and online stores, also through the Amazon store of Pharmanutra.

   During the period, 12,424 treasury shares were repurchased. The program is aimed at allowing the Parent 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 the Company, is not able to adequately express the value of the same, and therefore to provide the Company with a useful strategic investment opportunity for any purpose permitted by current provisions. As of 30 June 2025, Pharmanutra holds 90,115 treasury shares, equal to 0.93% of the share capital.

3. ‌The results of the Pharmanutra Group

   The income statement as at 30 June 2025 and 2024 is shown below:

   €/1000	2025	%	2024	%	Δ 25/24	Δ %
   REVENUES	63.096	100,0%	56.996	100,0%	6.100	10,7%
   Net revenues	61.877	98,1%	56.073	98,4%	5.804	10,4%
   Other income	1.219	1,9%	923	1,6%	296	32,1%
   OPERATING COSTS	46.634	73,9%	40.797	71,6%	5.837	14,3%
   Purchases raw mat, cons. and supplies	3.903	6,2%	2.675	4,7%	1.228	45,9%
   Change in inventories	(2.758)	-4,4%	829	1,5%	(3.587)	-432,7%
   Services expenses	40.079	63,5%	32.745	57,5%	7.334	22,4%
   Personnel costs	4.447	7,1%	3.928	6,9%	519	13,2%
   Other operating costs	963	1,5%	620	1,1%	343	55,3%
   GROSS OPERATING PROFIT (EBITDA)	16.462	26,1%	16.199	28,4%	263	1,6%
   Depreciation, amortization and provisions	2.034	3,2%	1.707	3,0%	327	19,2%
   OPERATING PROFIT (EBIT)	14.428	22,9%	14.492	25,4%	(64)	-0,4%
   NET FINANCIAL INCOME/(EXPENSES)	(7)	0,0%	(244)	-0,4%	237	-97,1%
   Financial income	608	1,0%	566	1,0%	42	7,4%
   Financial charges	(615)	-1,0%	(810)	-1,4%	195	-24,1%
   PROFIT BEFORE TAX	14.421	22,9%	14.248	25,0%	173	1,2%
   Taxes	(5.269)	-8,4%	(5.351)	-9,4%	82	-1,5%

   Net minority interests	33	22,9%	0	0,0%	33	0,0%
   Group net result	9.185	14,6%	8.897	15,6%	288	3,2%

   Against the increase in revenues of approximately 10.7%, there was an increase in operating costs compared to the first half of 2024 of 14.3% driven by by the costs incurred for the start-up of the activities of the subsidiaries, PHN USA and PHN ESPAÑA, and of the Cetilar® Nutrion line, in particular with regard to recruiting costs, administrative and commercial consultancy and marketing investments.

   Excluding costs related to new projects, the EBITDA margin on net revenues at 30.6.25 would be approximately 32%.

   The Pharmanutra Group, in order to allow a better assessment of the performance of operations, uses some alternative performance indicators that are not identified as accounting measures under IFRS. Therefore, the determination criterion applied by the Group may not be homogeneous with that adopted by other groups and the balance obtained may not be comparable with that determined by the latter.

   These alternative performance indicators, determined in accordance with the provisions 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 half-year accounting period covered by this Half-Year Financial Report and the periods under comparison and not to the expected performance of the Group.

   The alternative performance indicators used in this Financial Report are defined below:

   • EBITDA: this is represented by the Gross Operating Result.

   • Adjusted EBITDA: this is represented by the Gross Operating Result net of non-recurring items

   • EBIT: this is represented by the Gross Operating Result net of Depreciation, amortization and write-downs.

   • Net Working Capital: it is calculated as the sum of Inventories and Trade Receivables net of Payables and all other items in the Balance Sheet classified as Other receivables or Other payables.

   • Operating Working Capital: calculated as the sum of Inventories and Trade Receivables net of Trade payables.

   • Net Invested Capital: this is represented by the sum of Net Working Capital, total Fixed Assets net of Provisions and other medium/long-term liabilities, excluding financial items that are included in the balance of the Net Financial Position.

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

   - Total Funds: this is represented by the sum of Shareholders' Equity and NFP.

   The reclassified balance sheet data for the year ended June 30, 2025 and December 31, 2024 are shown below:

   €/1000	30/06/2025	31/12/2024
   TRADE RECEIVABLES	28.377	22.052
   INVENTORIES	9.784	6.942
   TRADE PAYABLES	(19.533)	(15.786)
   OPERATING WORKING CAPITAL	18.628	13.208
   OTHER RECEIVABLES	10.206	6.915
   OTHER PAYABLES	(6.408)	(6.790)
   NET WORKING CAPITAL	22.426	13.333
   INTANGIBLE ASSETS	23.919	23.319
   TANGIBLE FIXED ASSETS	24.826	25.659
   FINANCIAL ASSETS	1.527	2.755
   TOTAL FIXED ASSETS	50.272	51.733
   PROVISIONS AND OTHER LIABILITIES AT M/L	(6.364)	(8.426)
   NET INVESTED CAPITAL	66.334	56.640
   EQUITY	61.245	62.195
   NON-CURRENT FINANCIAL LIABILITIES	17.032	19.507
   CURRENT FINANCIAL LIABILITIES	5.093	4.764
   NON-CURRENT FINANCIAL ASSETS	(1.357)	(729)
   CURRENT FINANCIAL ASSETS	(6.601)	(13.477)
   CASH AND CASH EQUIVALENTS	(9.078)	(15.620)

   NET FINANCIAL POSITION	5.089	(5.555)
   TOTAL FUNDS	66.334	56.640

   The change in operating working capital compared to 31 December 2024 is attributable to the higher volumes of turnover achieved in the period and the increase in inventories as a result of production planning policies. The item Other receivables includes the accounting of deferred income relating to marketing activities, the economic competence of which extends beyond 30 June 2025, and the current portion of tax receivables purchased in the previous year.

   The decrease in Financial assets derives from the reclassification of the current portion of tax receivables purchased as an investment of part of the Group's liquidity.

   The increase in non-current financial assets is due to the subscription of the insurance policy stipulated to cover the TFM provision granted to the Executive Directors.

   Current financial assets refers to the temporary use of part of the Group's liquidity with the subscription of financial instruments as part of the individual management mandate conferred on Azimut Capital Management and of time-restricted deposits. The latter were repaid at the beginning of the year.

   Details of the consolidated Net Financial Position as at 30/6/2025 and 31/12/2024 are shown below.

   €/1000	30/6/25	31/12/24
   Cash	(39)
   Bank deposits	(9.039)	(15.620)
   Cash and cash equivalents	(9.078)	(15.620)
   Current financial assets	(6.601)	(13.477)
   Current financial liabilities: due to banks	90	408
   Current part of non current liabilities	4.629	4.038
   Current fin. liabilities for rights of use	374	318
   Current financial indebtedness net of fin. assets	(1.508)	(8.713)
   Net Current Financial Indebtedness/(Availability)	(10.586)	(24.333)
   Non current financial assets	(1.064)	(437)
   Deposits paid	(293)	(292)
   Non current bank debts	15.828	18.149
   Non current fin. liabilities for rights of use	1.204	1.358

   Non current financial indebtedness	15.675	18.778
   Net Financial Position	5.089	(5.555)

   The change in current financial liabilities derives from transitory positions on current bank accounts. For changes in non-current financial assets, please refer to the above.

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

4. ‌Reference markets in which the group operates

   The Pharmanutra Group, specialized in the development of nutraceutical products and medical devices, is positioned among the main players in the Italian market with a growing presence also abroad.

   Below is an overview of the general trend of the supplement market and an in-depth analysis of the main reference markets in Italy relating to the most relevant product lines in terms of turnover.

   Supplement market 2

   In the first half of 2025, the supplement market recorded an increase of +3.9% in value and 2.1% in volume.

   The main channel is confirmed as that of pharmacies with a positive contribution in terms of turnover (+3.4%), followed by e-commerce, which consolidates itself as the best-performing channel in terms of value (+8.8%).

   Supplement Market - 5 Channels

   
   
   

   *Contribution of the individual channel to the total market

   Considering the main categories that make up the supplement market, generally positive trends in value are observed in the first half of 2025 compared to the same period of the previous year.

   In particular, the categories that recorded the most significant growth were vitamins (+10.2% in value), followed by products for the well-being of the urinary tract (+10.0%) and those for joint well-being (+8.7%).

   The Food Supplements Market - Top 20 Categories (sellout at MAT and YTD values) 3

   ‌2 Source: New Line data processing - Rolling year ending in June 2025

   ‌3 Values in millions of euros

   
   
   

   Specifically, Sideral® Forte is the best-selling reference on the food supplement market in terms of sell-out in value, followed, in 15th position, by Apportal®, which records significant growth (+12.5% in value).

   The Food Supplements Market - Top 20 Product References (sellout at MAT and YTD values) 4

   
   
   

   ‌4 Values in millions of euros

   Going into detail about the Pharmacy channel, a very important fact concerns the positioning, for the past five and a half years, of Sideral® Forte as the first best-selling food supplement in Italy in terms of value, a position conquered in November 2019, and consolidated year after year. Added to this is the great result obtained by Apportal®, which reaches the 12th position.

   The Food Supplements Market - Top 20 Product References, Pharmacy Channel (sellout at MAT and YTD values)5

   
   
   

   As regards the dynamics of price trends, between January and June 2025, there was an average increase in prices of +2.1% in pharmacies, a figure in line with what was observed in the last 12 months (+2.6%).

   Specifically, the categories that see prices increase significantly in the first half of 2025 are bone and memory and cognitive function products.

   ‌5 Values in millions of Euro

   
   
   

   ‌Iron Market

   The Pharmanutra Group operates in the iron-based supplements market (Food Supplements and Drugs) with the Sideral® product line with a market share6 in value of 52.4% and, in volumes, of 46.7% in the first half of 2025.

   Food Supplements Iron Market & % Sideral® Market Share

   
   
   

   ‌6 Source: IQVIA data updated to last Rework 2025

   The graph below shows the growth, in terms of units, in the second half of 2025 compared to the same period in 2024, of the drug market (DRUG), of the remaining competitors in the supplements market (All Others Food Supplements) and of the Sideral® line.

   
   
   

   The market share of the Sideral® line (expressed in value) in relation to the iron supplements market alone and the overall market is shown below.

   Market Share in Food Supplements Iron Market & in Total Iron Market (Value - Quarter)

   
   
   

   It should be noted that the Sideral® product line also has a significant market share in the entire overall market, whose growth is driven by the supplements segment to the detriment of the pharmaceutical segment. The trend of Sideral® in terms of units on the market for iron-based food supplements and on the overall iron market is shown in the following graph.

   Iron Market Trend (Units - Quarter)

   
   
   

   In the second half of 2025, the trend of Sideral® products increased compared to the same period of the previous year with the total market share rising from 22.0% to 22.7% per unit.

   Sideral®' s direct competitors operating in the iron supplement segment have much smaller market shares (the second Competitor has a market share in value more than 9 times lower than Sideral®) and, on average, lower market prices.

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

   Competitors in Food Supplements Iron Market (Value)

   
   
   

   ‌Topical Painkillers Market

   As of June 30, 2025, the market for topical painkillers shows a slight decrease in value compared to June 30, 2024 (-0.6%); the Cetilar® line increased its stake both in terms of values (+4.3%) and units (+3.8%)7.

   Total Market & % Cetilar® Market Share

   
   
   

   The following graph shows the details of the quarterly trend of the overall market and the Cetilar® line starting from the second quarter of 2024.

   In particular, in the second quarter of 2025, the Cetilar® line held a market share, in terms of value, of 4.9% and, in terms of units, of 3.6%.

   Total Market Trend (Units - Quarter)

   ‌7 Source: IQVIA data updated to last Rework 2025

   
   
   

   Below are the market shares in value referred to the second quarter of 2025 of the main competitors in the market.

   Competitors in Total Market (Value)

   
   
   

   ‌Tonic Market

   The following graph shows the trend of Apportal®'s market share (expressed in value and units) in relation to the reference market8 on the total of the 5 channels (pharmacy, parapharmacy, online, super+hyper without corner and super+hyper with corner).

   Total Market & % Apportal® Market Share

   
   
   

   In the first half of 2025 (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, Apportal® recorded an increase in value of 12.5% and 17.1% in terms of units.

   Going into detail of the pharmacy channel alone, Apportal®'s market share, in the period January-June 2025 compared to the previous year, went from 6.2% to 6.6% (in value) and from 4.6% to 4.9% (per unit).

   ‌Vitamin B Market

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

   ‌8Source: New Line Market Research

   In the first half of 2025, the total market for vitamin B supplements9 amounted to 2,823,246 units, a growth of 9.4% compared to the same period of the previous year.

   Sidevit® B12, eight months after its launch date, has achieved a market share of 2.86%, in terms of units, and 3.40%, in value.

   Below is the monthly trend of the reference market and the related market shares, in terms of value and units, of Sidevit® B12 starting from the launch date.

   Food Supplements Market & % Sidevit B12® Market Share (Month)

   
   
   

5. ‌Capital expenditures

   In the first half of 2025, the Group made capital expenditures for a total of Euro 1.4 million, of which approximately Euro 1 million in intangible assets related to research projects (Euro 558 thousand), trademark and patent registration (Euro 191 thousand), and management software implementations (Euro 90 thousand).

   Capital expendtures in tangible assets amounted to approximately Euro 0.5 million and refer to recurring investments in plant, IT tools and cars.

   ‌9 Source: Pharma Data Factory - Pharmacy Channel

6. ‌Research and Development activities

   Research costs incurred during the period amounted to approximately Euro 1 million, of which Euro 446 thousand were charged to the income statement and Euro 558 thousand were capitalized, to which must be added personnel costs for research and development activities.

   During the first half of the year, 2 applications for registration of new trademarks were filed.

   In the period under review, the Research and Development activity focused on the implementation of the activities of the internal laboratories, involved in supporting basic research with the development of new experimental models (e.g. cardiomycyte and synoviocyte cultures) for the study of sucrosomial iron and cetylated fatty acids. A 3D printer has been purchased that will allow both new research projects and new tools for the pharmaceutical techniques laboratory to start. In addition, in order to adapt the quality control laboratory to increasingly higher quality standards, the regulatory process that will lead to GMP certification has been started.

   New formulations and prototypes are under development, such as gel products for the Cetilar Nutrition line, in particular the Pre-Workout, and products in liquid form based on sucrosomial vitamin B12 for a pediatric destination.

   The development of a new finished product, Apportal Boost, has been completed, and marketing began in June.

   The clinical research activity has focused on the study of the Myosave formulation in different areas (voluntary weight loss, sarcopenia) and two studies on Cetilar ORO and Cetilar Cream have been completed.

   To date, the research group that carries out activities in the laboratory consists of six people. In recent months, two PhD students and two university students in master's thesis have also carried out research activities alongside the researchers, confirming the fruitful collaboration with various universities.

7. ‌Pharmanutra on the Stock Exchange