Interim management report as at 30/09/2025

1. Main Consolidated Income statement and Balance sheet data 5

2. The Pharmanutra Group 5

3. CONSOLIDATED SITUATION AS AT SEPTEMBER 30, 2025 6

4. The Business Lines of the Pharmanutra Group 11

5. Target markets in which the Group operates 15

6. Significant events after the end of the period 19

7. Business outlook 20

1. ‌Main Consolidated Income statement and Balance sheet data

   ECONOMIC DATA (€ million)	2025	%	2024	%	Change
   REVENUES	95,7	100,0%	84,5	100,0%	13,2%
   SALES REVENUES	94,6	98,9%	83,5	98,8%	13,3%
   EBITDA	24,8	25,9%	24,2	28,6%	2,5%
   NET RESULT	14,0	14,6%	13,2	15,6%	6,4%
   Earning per Share(Euro)	1,46		1,37		6,5%

   BALANCE SHEET & EQUITY (€
   million)	2025	2024	Change
   NET INVESTED CAPITAL	63,7	56,6	7,1
   NET FINANCIAL POSITION	2,3	5,6	(3,2)
   EQUITY	(66,1)	(62,2)	3,9

2. ‌The Pharmanutra Group

   The PharmaNutra Group is a group of companies specialising in the pharmaceutical, nutraceutical and nutritional sectors.

   Pharmanutra S.p.A. (hereinafter also "Pharmanutra" or the "Parent Company") is a company with its registered office in Italy, at Via Campodavela 1, Pisa, which holds controlling interests in the companies (the "Group" or also the "PharmaNutra Group") shown in the following diagram:

   70%

   100%

   100%

   ATHLETICA CETILAR

   S.r.l.

PHARMANUTRA USA

Corp.

PHARMANUTRA ESPANA S.L.U.

AKERN S.r.l

PHARMANUTRA S.p.a.

1. ‌Consolidated Situation as at September 30, 2025

   The closing as at 30 September 2025 confirms the solid trend of sales revenue growth (+13.3% compared to 30 September 2024), to which, as expected, the new business units have started to contribute (Euro 3.8 million).

   Investments supporting the new business units (around Euro 7 million), mainly comprising marketing expenses, personnel costs, and structural and logistical costs, led to a slight reduction in the EBITDA margin as a percentage of revenues (about -5.6%). EBITDA as at 30 September 2025 increased by +2.5% compared to the same period of the previous year, reaching Euro 24.8 million.

   Excluding the effect of costs related to the development of the new business units, the EBITDA margin on total revenues as at 30 September 2025 is approximately 32%, with an increase in absolute value of around 7% compared to the same period of the previous year, confirming the strength and growth potential of the Group's business.

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

   Group's performances

   Consolidated Income statement

   €/1000	2025	%	2024	%	Δ 25/24	Δ %
   TOTAL REVENUES	95.680	100,0%	84.497	100,0%	11.183	13,2%
   Net Revenues	94.604	98,9%	83.470	98,8%	11.134	13,3%
   Other revenues	1.076	1,1%	1.027	1,2%	49	4,8%
   OPERATING EXPENSES	70.871	74,1%	60.295	71,4%	10.576	17,5%
   Purchases of Raw, auxiliary mat. and cons.	5.310	5,6%	4.112	4,9%	1.198	29,1%
   Change in Inventories	(3.205)	-3,4%	360	0,4%	(3.565)	-990,3%
   Services expenses	61.041	63,8%	49.236	58,3%	11.805	24,0%
   Employee expenses	6.511	6,8%	5.784	6,9%	727	12,6%
   Other operating expenses	1.214	1,3%	803	1,0%	411	51,2%
   EBITDA	24.809	25,9%	24.202	28,6%	607	2,5%
   Amortization, Depreciation and Write off	2.705	2,8%	3.059	3,6%	(354)	-11,6%
   EBIT	22.104	23,1%	21.143	25,0%	961	4,6%
   NET FINANCIAL INCOME/(EXPENSES)	(82)	-0,1%	(347)	-0,4%	265	-76,4%
   Financial income	838	0,9%	842	1,0%	(4)	-0,5%
   Financial expenses	(920)	-1,0%	(1.189)	-1,4%	269	-22,6%
   PRE TAX RESULT	22.022	23,0%	20.796	24,6%	1.226	5,9%
   Income Taxes	(8.081)	-8,5%	(7.626)	-9,0%	(455)	6,0%

   Third parties (Profit)/Loss of the period	68	0,1%	0	0,0%	68	0,0%
   Group's Profit/(loss) of the period	14.009	14,6%	13.170	15,6%	839	6,4%

   Consolidated net revenues as at 30 September 2025 amounted to Euro 94.6 million, show an increase of Euro 11.1 million (approximately +13%) compared to the same period of the previous financial year, with a positive contribution from both the Italian and international markets.

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

   New Business revenues €/1000	2025	YTD 2024	Δ%	2025	3 Q 2025 2024	Δ%
   Cina	2.025	1.098	84,4%	553	394	40,4%
   Nutrition	971	439	120,9%	340	148	129,2%
   Pharmanutra USA	691	115	503,2%	429	57	652,2%
   Pharmanutra España	108	71	52,6%	31	28	9,3%
   Total	3.794	1.723	120,3%	1.353	628	115,6%

   Revenues generated in the Italian market amounted to Euro 61.3 million (Euro 55.5 million as at 30 September 2024), showing an increase of 10.5%, despite a highly challenging context due to ongoing operational dynamics affecting the wholesalers' channel. The share of total revenues stood at 64.8% compared to 66.5% in the same period of the previous year.

   Thanks to the significant growth of the third quarter Revenues from sales in foreign markets reached Euro 33.3 million, compared to Euro 28.0 million as at 30 September 2024, representing an increase of Euro 5.3 million (approximately +19%). As a result, the proportion of revenues from foreign markets in total turnover rose from 33.5% as at 30 September 2024 to 35.2% as at 30 September 2025.

   Sales volumes of finished products as at 30 September 2025 totalled approximately 11.4 million units, an increase of about 12% compared to 30 September 2024 (around 10.2 million units).

   Operating costs as at 30 September 2025 amounted to Euro 70.9 million (around +17.5% compared to 30 September 2024), rising naturally in line with increased revenues and including investments for the development of new projects totalling approximately Euro7 million, particularly in marketing, commercial expenses, recruitment, personnel costs, and administrative consultancy.

   As a result of the above, the Group Pharmanutra's EBITDA stood at Euro 24.8 million (Euro 24.2 million as at 30 September 2024), corresponding to a margin of approximately 26% of total revenues, with an increase of about 2.5% compared to 30 September 2024.

   Net profit for the period amounted to Euro14.0 million compared to Euro 13.2 million as at 30 September 2024 (+6.4%).

   Net earnings per share is of Euro 1.46 compared to Euro 1.37 as at 30 September 2024 (+6.5%).

   Consolidated Balance Sheet

   €/1000	9/30/2025	12/31/2024
   TRADE RECEIVABLES	26.943	22.052
   INVENTORIES	10.226	6.942
   TRADE PAYABLES	(17.700)	(15.786)
   OPERATING WORKING CAPITAL	19.469	13.208
   OTHER RECEIVABLES	8.951	6.915
   OTHER PAYABLES	(8.405)	(6.790)
   NET WORKING CAPITAL	20.015	13.333
   INTANGIBLE ASSETS	24.376	23.319
   TANGIBLE ASSETS	24.294	25.659
   NON CURRENT ASSETS	1.659	2.755
   TOTAL ASSETS	50.329	51.733
   PROVISIONS AND OTHER L/T LIAB.	(6.616)	(8.426)
   NET INVESTED CAPITAL	63.728	56.640
   NET EQUITY	66.065	62.195
   NON CURRENT FINANCIAL LIAB.	15.997	19.507
   CURRENT FINANCIAL LIAB.	4.987	4.764
   NON CURRENT FINANCIAL ASSETS	(1.356)	(729)
   CURRENT FINANCIAL ASSETS	(7.198)	(13.477)
   CASH AND CASH EQUIVALENTS	(14.767)	(15.620)

   NET FINANCIAL POSITION	(2.337)	(5.555)
   TOTAL FUNDS	63.728	56.640

   The change in working capital compared to 31 December 2024 is attributable to higher turnover volumes achieved during the period and the increase in inventories as a result of production planning policies implemented with the aim of reducing production costs.

   The increase in the "Other Receivables" item is due to the recognition of accrued income relating to marketing activities whose competence extends beyond the period-end date. The change in the "Other Payables" item is due to the recognition of taxes on the period's result.

   The increase in the "Intangible Assets" item is due to capitalised costs related to research projects and the registration of patents and trademarks resulting from research and development activities. The decrease in "Financial Fixed Assets" is due to the reclassification of the current portion of tax credits purchased in previous years as an investment of part of the Group's liquidity.

   The reduction in current financial assets is due to the repayment of time deposits outstanding at 31 December 2024.

   In order to provide a better assessment of management performance, the Pharmanutra Group uses certain alternative performance indicators that are not identified as accounting measures under IFRS.

   Therefore, the criteria applied by the Group may not be consistent with those adopted by other groups and the resulting balance may not be comparable with that determined by others.

   These alternative performance indicators, determined in accordance with the Guidelines on Alternative Performance Measures issued by ESMA/2015/1415 and adopted by CONSOB with communication no. 92543 of 3 December 2015, refer only to the performance of the financial year covered by this Interim Report and the years being compared, and not to the expected performance of the Group.

   Below are the definitions of the alternative performance indicators used in this Interim Report:

   • EBITDA: represented by Gross Operating Result.

   • Adjusted EBITDA: represented by Gross Operating Result net of non-recurring items.

   • EBIT: represented by Gross Operating Result net of depreciation and amortisation.

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

   • Net Working Capital: 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.

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

   • Net Financial Position (NFP): calculated as the sum of bank borrowings, current and non-current, current and non-current lease liabilities, net of cash and cash equivalents and current and non-current financial assets.

   • Total funds: represented by the sum of Equity and NFP.

   The changes relating to financial management are shown in the following table:

   	30/9/25	31/12/24
   Cash	(9)
   Bank deposits	(14.758)	(15.620)
   Cash and cash equivalents	(14.767)	(15.620)
   Current financial assets	(7.198)	(13.477)
   Current financial liabilities: due to banks	77	408
   Current part of non current liabilities	4.537	4.038
   Current fin. liabilities for rights of use	373	318
   Current financial indebtedness net of fin. assets	(2.211)	(8.713)
   Net Current Financial Indebtedness/(Availability)	(16.978)	(24.333)
   Non current financial assets	(1.063)	(437)
   Deposits paid	(293)	(292)
   Non current bank debts	14.885	18.149
   Non current fin. liabilities for rights of use	1.112	1.358

   Non current financial indebtedness	14.641	18.778
   Net Financial Position	(2.337)	(5.555)

   The Net Financial Position as at 30 September 2025 is positive (cash surplus) at Euro 2.3 million, compared to a positive balance of Euro 5.6 million as at 31 December 2024.

   The significant liquidity generated in the quarter from operating activities, amounting to Euro 8 million, enabled a return to a positive balance compared to the negative balance as at 30 June 2025.

   During the period, dividends for an amount of Euro 9.6 million were distributed, the contractually agreed earn-out for the acquisition of Akern (Euro 3 million) was paid, and treasury shares were purchased for Euro 0.6 million.

   Investments amounted to approximately Euro 2.2 million.

   For further details, please refer to the Consolidated Statement of Cash Flows.

2. ‌The Business Lines of the Pharmanutra Group

   The distribution and sales model of the Pharmanutra Group consists of the following business lines:

   Italy Business Line: it is characterised by direct oversight in the Group's target markets. For finished products, the guiding principle of this model is to ensure complete territorial control through an organisational structure of scientific sales representatives, who, by carrying out sales and scientific information activities, guarantee full control of all actors in the distribution chain: hospital doctors, outpatient doctors, pharmacies, and hospital pharmacies.

   The commercial activity relating to raw materials target companies in the food, pharmaceutical, and nutraceutical industries, as well as manufacturers of nutraceutical products working on behalf of third parties.

   Foreign Business Line: it is characterised by the marketing of finished products and raw materials through local partners, who, by virtue of multi-year exclusive distribution agreements, distribute and sell the products in their respective markets. This business model is mainly used in foreign markets.

   Akern Business Line: The business model involves the sale of equipment and software for body bioimpedance measurement in Italy and abroad through agents, distributors, and online sales.

   Consolidated net revenues as at 30 September 2025 (amounting to €94.6 million) increased by 13.3% compared to the same period of the previous year (€83.5 million).

   Revenues by area of activity
   €/1000	2025	2024	Δ%	2025	2024
   Finished products- Italy	55.547	51.086	8,7%	58,7%	61,2%
   Finished products- ROW	31.927	26.719	19,5%	33,8%	32,0%
   Total finished products	87.473	77.805	12,4%	92,5%	93,2%
   Raw mat. and s.f. prod. -Italy	1.310	856	53,0%	1,4%	1,0%
   Raw mat. and s.f. Prod. -ROW	852	740	15,1%	0,9%	0,9%
   Total Raw Mat. and semifin. Prod.	2.162	1.596	35,4%	2,3%	1,9%
   Medical instruments - Italy	4.469	3.546	26,0%	4,7%	4,3%
   Medical instruments - ROW	501	522	-4,1%	0,5%	0,6%
   Total medical instruments	4.969	4.068	22,2%	5,3%	4,9%
   Total	94.604	83.470	13,3%	100%	100%

   Revenues from sales of finished products increased by approximately 8.7% in the Italian market and by around 19.5% in foreign markets compared to 30 September of the previous year.

   Revenues related to the sale of proprietary and non-proprietary raw materials show a net increase of approximately Euro 560 thousand.

   Revenues for the Akern business line amounted to Euro 5 million, representing an increase of about 22% compared to 30.9.24.

   The following table shows the breakdown of revenues by the business lines described above.

   Revenues by business line				Incidence
   €/1000	2025	2024	Δ%	2025	2024
   Italy	56.856	51.942	9,5%	60,1%	62,2%
   Rest of World	32.779	27.459	19,4%	34,7%	32,9%
   Medical instruments	4.969	4.068	22,2%	5,3%	4,9%
   Totale	94.604	83.470	13,3%	100%	100%

   Overall, revenues from the Italy line increased by approximately 10% and amount to Euro 56.9 million (Euro 51.9 million in the previous year), representing about 60% of total revenues.

   As a result of the increase in revenues from the foreign line, which as at 30/09/25 amount to approximately Euro

   32.8 million compared to around Euro 27.5 million as at 30 September 2024, the share of revenues from the foreign line on total revenues as at 30 September 2025 rises from 32.9% to 34.7%.

   Revenues from the medical instruments line recorded an increase of 22% compared to the same period of the previous year.

   The following table shows the breakdown of revenues as at 30/09/25 by geographic area:

   Revenues by geographic area				Incidence
   €/1000	2025	2024	Δ%	2025	2024
   Italy	61.325	55.488	10,5%	64,8%	66,5%
   Total Italy	61.325	55.488	10,5%	64,8%	66,5%
   Europe	16.959	15.284	11,0%	17,9%	18,3%
   Middle east	8.506	6.197	37,3%	9,0%	7,4%
   South America	1.575	1.653	-4,7%	1,7%	2,0%
   Far east	2.897	1.546	87,4%	3,1%	1,9%
   Other	3.342	3.301	1,3%	3,5%	4,0%
   Total Rest of World	33.279	27.981	18,9%	35,2%	33,5%
   Grand Total	94.604	83.470	13,3%	100%	100%

   Sales revenues in foreign markets are represented almost exclusively by the Sideral® line.

   Europe remains the market with the highest share of foreign revenues. The increase in the Far East is the result of the ongoing development of sales in the Chinese market through cross-border internet marketing. As at 30/09/25, revenue generated in the Chinese market amounts to approximately €2 million, with significant growth prospects. Revenues from other geographical areas refer to the North and Central American markets and South Africa. Variations compared to previous year are attributable to the timing dynamics of purchase order formalisation by distributors.

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

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

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

   In the third quarter of 2025, the total market for vitamin B supplements1 amounted to Euro 24,990,928 and recorded a growth of 15.6% compared to the same period of the previous year. Sidevit® B12 has progressively increased its presence, reaching a market share of 4.01% in values and 3.37% per unit in the third quarter of 2025.

   This trend shows a stable and continuous penetration, with regular monthly increases indicating a strong ability to strengthen its competitive position.

   Revenues by Product Line				Incidence
   €/1000	2025	2024	Δ%	2025	2024
   Sideral	64.825	58.267	11,3%	68,5%	69,8%
   Apportal	9.056	8.280	9,4%	9,6%	9,9%
   Cetilar	8.081	8.111	-0,4%	8,5%	9,7%
   Sidevit	1.820	0	n.s.	1,9%	0,0%
   Ultramag	1.464	1.194	22,7%	1,6%	1,4%
   Other	2.227	1.954	14,0%	2,4%	2,3%
   Medical instruments	4.969	4.068	22,2%	5,3%	4,9%
   Raw Materials	2.162	1.596	35,4%	2,3%	1,9%
   Total	94.604	83.470	13,3%	100%	100%

   In terms of volumes, sales of finished products as at 30 September 2025 amounted to 11.4 million units, representing an increase of approximately 12% compared to the 10.2 million units recorded in the corresponding period of the previous year.

   ‌1 Source: Pharma Data Factory - Pharmacy channel, data rework September 2025.

   F.P. Volumes				Incidence
   Units/1000	2025	2024	Δ%	2025	2024
   Finished products - Italy	3.801	3.500	8,6%	33,4%	34,5%
   Finished products - Rest of world	7.579	6.659	13,8%	66,6%	65,6%
   Totale	11.380	10.159	12,0%	100%	100%

3. ‌Target 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 analysis of the reference markets in Italy of the most relevant product lines in terms of turnover.

   1. Iron market

      The Pharmanutra Group operates in the iron market, consisting of the Iron Supplements (Food Supplements) and Drugs (Drug) segment with the Sideral® product line.

      Specifically, within the Iron supplements market, overall, the Sideral® line confirms, in the 9 months of 2025 its leadership position recording a market share, in value, of 53% and in volumes of 47%2, as shown in the following table.

      Food Supplements Iron Market and % Sideral®Market Share

      
      
      

      ‌2 Fonte : Dati IQVIA Canale Farmacia e Parafarmacia

      Analyzing the quarterly trend of market share, it can be observed that the Sideral® product line shows an evolution consistent with the trend of the supplement market and maintains a significant position also within the overall market, standing at 41.6% in the third quarter of 2025.

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

      
      
      

      This trend is also confirmed in the following graph, which provides a summary of the quarterly data, expressed in units, relating to both the two specific market segments considered (Food Supplements and Drug) and to Sideral® products.

      Trend Sideral® and Iron Market (Units)

      
      
      

   2. Topical pain relievers market

      The Cetilar® line, which operates in the topical painkillers market, is recording a steady increase in its market share (expressed both in terms of value and in units) as shown in the following graph3.

      Topics market and % Cetilar® Market share

      
      
      

      In a market context characterized, in the period January-September 2025, by a contraction in terms of volumes (-2%) and a slight growth in value (+1%) 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.

      Finally, the following graph shows the quarterly trend of the overall market and that of the Cetilar® line, which shows the growth of the corresponding market share, which goes from 3.11% to 3.45% (in units), from July 2024 to September 2025.

      Trend Cetilar® and Topics Market (Units)

      
      
      

      ‌3 Source: Dati IQVIA Canale Farmacia e Parafarmacia.

   3. Tonics market

      Apportal® in included into the tonics market, one of the major segments within the overall supplement market, in terms of value4.

      The following graph illustrates the trend of Apportal®'s market share (expressed in value and per unit) compared to the reference market.

      Tonics Market and % Apportal®Market Share

      
      
      

      With respect of limited growth in the tonic market (+1.3% in value and +0.9% in unit) in the period January -September 2025 compared to the same period in 2024, Apportal® recorded an increase of 4.4% in value and 3.9% in terms of units sold, highlighting a potential for further development.

      Narrowing the analysis to the pharmacy market in the January-September period, Apportal® recorded a market share of 8.42% in value and 6.41% in volume.

   4. Vitamin B Market

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

      In the third quarter of 2025, the total market for vitamin B supplements5 amounted to Euro 24,990,928 and recorded a growth of 15.6% compared to the same period of the previous year.

      ‌4Fonte: New Line Ricerche di Mercato -5 Canali di riferimento (Farmacia, Parafarmacia, Online e Mass - Super + Iper con e senza Corner)

      ‌5 Source: Pharma Data Factory - Pharmacy Channel, September 2025 data rework.

      Sidevit® B12 has progressively increased its presence, reaching a market share of 4.01% and 3.37% per unit in the third quarter of 2025.

      This trend shows a stable and continuous penetration, with regular monthly increases indicating a strong ability to strengthen its competitive position.

      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 shown the trend of units sold since the launch date.

      Food Supplements Market and % Sidevit B12® Market Share (Quarter) & Sidevit B12® Trend

      
      
      

4. ‌Significant events after the end of the period

   At the beginning of October, the share buyback programme was launched in execution of the resolution adopted by the Ordinary Shareholders' Meeting on 16 April 2025.

   The purpose of the programme is to enable the Company to take advantage of the opportunity to make a profitable investment in cases where the market price trend of PHN shares, even due to factors external to the Company, does not adequately reflect its value, thus providing the Company with a useful strategic investment opportunity for any purpose permitted by current regulations.

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

   During the sixteenth edition of Spazio Nutrizione Sideral® Forte was awarded as the best nutraceutical product of the year.

5. ‌Business outlook