Interim management report as at march 31 2026

1. Main Consolidated Income statement and Balance Sheet data 5

2. The Pharmanutra Group 5

3. CONSOLIDATED SITUATION AS AT MARCH 31ST , 2026 7

4. The Business Lines of the Pharmanutra Group 11

5. Reference markets in which the Group operates 15

6. Significant events after the end of the period 20

7. Expected business developments 20

1. ‌Main Consolidated Income statement and Balance Sheet data

   ECONOMIC DATA (€ million)	2025	%	2024	%	Change
   REVENUES	33,4	100,0%	26,8	100,0%	24,5%
   SALES REVENUES	32,7	97,9%	26,4	98,4%	24,0%
   EBITDA	6,2	18,6%	4,9	18,4%	25,8%
   NET RESULT	3,5	10,4%	2,4	9,1%	41,9%
   Earning per Share(Euro)	0,36		0,25		42,2%

   BALANCE SHEET & EQUITY (€ million)	2025	2024	Change
   NET INVESTED CAPITAL	62,6	59,8	2,8
   NET FINANCIAL POSITION	11,9	11,4	0,5
   EQUITY	(74,5)	(71,2)	3,2

2. ‌The Pharmanutra Group

   Pharmanutra S.p.A. (hereinafter also "Pharmanutra" or the "Parent Company") is a company with registered office in Italy, at Via Campodavela 1, Pisa, that holds controlling interests, in all the companies (the "Group" or also the "Pharmanutra Group") listed in the following table:

   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 march 31st , 2026

   Revenues from the recurring business increased compared to the same period of the previous year, both on the Italian market (+14% approximately), due to the effects of the implementation of the new commercial structure, and on foreign markets (+32%). The increase in revenues from foreign markets was positively influenced by the timing of the acquisition of orders from foreign distributors.

   As a result of higher revenue volumes, the operating margin of the recurring business increased by approximately 30% compared to 31.3.2025 to 26% of net revenues.

   Revenues from the new business units increased significantly compared to 31 March 2025 (+approximately 108%), in particular for PHN USA (€ 832 thousand compared to € 92 thousand). The margins of the new business units, although still negative due to the investments made to support their development, mainly represented by marketing expenses, improved compared to the same period of the previous year.

   During the quarter, the following projects were finalized that will help support the growth expected in the coming years:

   • obtaining ISO13485 certification, an international standard that defines the specific requirements for a Quality Management System (QMS) in the regulated medical device sector;

   • obtaining the qualification of Authorized Export Operator Full (AEOF) by the Italian Customs and Monopolies Agency. For operators with AEOF qualification, mutual recognition agreements are in place with the United States, China, Switzerland, England, Norway, Japan and other countries;

   • obtaining the new registration with the U.S. Food and Drug Administration (FDA). This registration officially identifies the Parent Company's plant as suitable for the production of food substances, aimed at the production of food supplements, intended for the US market. This is a key step for future developments as this accreditation allows the production of patented mixtures destined for the United States to be managed internally and to ensure compliance with the Federal Food Drug and Cosmetic Act, as amended by the Bioterrorism Act.

   Finally, at the beginning of March 2026, the contract for the distribution of Sideral®Forte and Sideral®Oro in France and Switzerland was formalized with the French-based international company PiLeJe. Product distribution will begin in September 2026, allowing the Group to strengthen its position in Europe and establish a strong presence in a strategic market for future development.

   Performance in the first quarter of 2026 Consolidated Income Statement

   €/1000	2026	%	2025	%	Δ 26/25	Δ %
   TOTAL REVENUES	33.396	100,0%	26.822	100,0%	6.574	24,5%
   Net Revenues	32.707	97,9%	26.383	98,4%	6.324	24,0%
   Other revenues	689	2,1%	439	1,6%	250	57,0%
   OPERATING EXPENSES	27.187	81,4%	21.885	81,6%	5.302	24,2%
   Purchases of Raw, auxiliary mat. and cons.	1.500	4,5%	1.659	6,2%	(159)	-9,6%
   Change in Inventories	754	2,3%	(1.469)	-5,5%	2.223	-151,3%
   Services expenses	22.014	65,9%	19.227	71,7%	2.787	14,5%
   Employee expenses	2.524	7,6%	2.121	7,9%	403	19,0%
   Other operating expenses	395	1,2%	347	1,3%	48	13,8%
   EBITDA	6.209	18,6%	4.937	18,4%	1.272	25,8%
   Amortization, Depreciation and Write off	947	2,8%	856	3,2%	91	10,6%
   EBIT	5.262	15,8%	4.081	15,2%	1.181	28,9%
   NET FINANCIAL INCOME/(EXPENSES)	0	0,0%	(28)	-0,1%	28	-100,0%
   Financial income	252	0,8%	134	0,5%	118	88,1%
   Financial expenses	(252)	-0,8%	(162)	-0,6%	(90)	55,6%
   PRE TAX RESULT	5.262	15,8%	4.053	15,1%	1.209	29,8%
   Income Taxes	(1.817)	-5,4%	(1.635)	-6,1%	(182)	11,1%
   Third parties (Profit)/Loss of the period	11	0,0%	18	0,1%	(7)	0,0%
   Group's Profit/(loss) of the period	3.456	10,4%	2.436	9,1%	1.020	41,9%

   Consolidated net revenues as of March 31, 2026 amounted to euro 32.7 million compared to euro 26.4 million as of March 31, 2025 with an increase of 24%.

   Revenues recorded on the Italian market, amounting to Euro 19.8 million (Euro 17.3 million as of March 31, 2025), increased by approximately 14.8%, with an incidence on total net revenues of 60.7% compared to 65.5% in the same period of the previous year.

   Revenues from sales on foreign markets amounted to Euro 12.9 million compared to Euro 9.1 million as of March 31, 2025, with an increase of approximately 41.5%. As a result of the above, the incidence of revenues on foreign markets on total turnover went from approximately 34.5% at 31 March 2025 to 39.3% at 31 March 2026.

   Units of finished products sold as at 31 March 2026, amounting to approximately 3.7 million, increased by approximately 22% compared to 31 March 2025 (3 million units).

   Operating costs for the first quarter of 2026 amounted to Euro 27.2 million (+24.2% approximately compared to March 31, 2025). The increase is attributable both physiologically to the overall expansion of business activity during the period and to the marketing costs incurred to support the development projects underway in the new business lines.

   As a result of the above, the Gross Operating Result (EBITDA) of the Pharmanutra Group amounted to approximately 6.2 million Euros (+ 1.3 million Euros compared to 31.3.2025), equal to a margin on revenues of 18.6% (18.4% in the same period of the previous year).

   Net profit for the period amounted to Euro 3.3 million compared to Euro 2.4 million as of March 31, 2025.

   Net Earnings per share as of March 31, 2026 amounted to Euro 0.36 compared to Euro 0.25 in the corresponding period of the previous year.

   Balance sheet

   €/1000	3/31/2026	12/31/2025
   TRADE RECEIVABLES	28.260	24.762
   INVENTORIES	8.483	8.852
   TRADE PAYABLES	(17.506)	(19.883)
   OPERATING WORKING CAPITAL	19.237	13.731
   OTHER RECEIVABLES	8.923	8.673
   OTHER PAYABLES	(9.230)	(6.086)
   NET WORKING CAPITAL	18.930	16.318
   INTANGIBLE ASSETS	24.655	24.475
   TANGIBLE ASSETS	24.074	24.132
   NON CURRENT ASSETS	2.709	2.381
   TOTAL ASSETS	51.438	50.988
   PROVISIONS AND OTHER L/T LIAB.	(7.817)	(7.509)
   NET INVESTED CAPITAL	62.551	59.797
   NET EQUITY	74.474	71.241
   NON CURRENT FINANCIAL LIAB.	14.439	15.450
   CURRENT FINANCIAL LIAB.	4.659	5.064
   NON CURRENT FINANCIAL ASSETS	(2.017)	(1.344)
   CURRENT FINANCIAL ASSETS	(7.843)	(12.039)
   CASH AND CASH EQUIVALENTS	(21.161)	(18.575)
   NET FINANCIAL POSITION	(11.923)	(11.444)
   TOTAL FUNDS	62.551	59.797

   Change in Operating Working Capital is a consequence of the higher revenues in the period, the timing dynamics of collections and payments, and production planning policies.

   Change in Other payables is due to the recognition of taxes on the result for the period.

   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 accounting year covered by this Interim Report and the years compared and not to the expected performance of the Group.

   The alternative performance indicators used in this Interim Report are as follows:

   • 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 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: 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 Sources: this is represented by the sum of Shareholders' Equity and NFP. The changes in financial management are shown in the following table:

   	31/3/26	31/12/25
   Cash	(8)	(29)
   Bank deposits	(21.153)	(18.546)
   Cash and cash equivalents	(21.161)	(18.575)
   Current financial assets	(7.843)	(12.039)
   Current financial liabilities: due to banks	130	595
   Current part of non current liabilities	4.086	4.064
   Current fin. liabilities for rights of use	442	405
   Current financial indebtedness net of fin. assets	(3.184)	(6.975)
   Net Current Financial Indebtedness/(Availability)	(24.345)	(25.550)
   Non current financial assets	(1.737)	(1.064)
   Deposits paid	(280)	(280)
   Non current bank debts	13.320	14.350
   Non current fin. liabilities for rights of use	1.119	1.100
   Non current financial indebtedness	12.422	14.106
   Net Financial Position	(11.923)	(11.444)

   The Net Financial Position as of March 31, 2026 was positive for Euro 11.9 million compared to Euro 11.4 million as of December 31, 2025. Cash generated form operating activities amounted to of approximately Euro 1.9 million, in line with March 31, 2025. For more details, please refer to the Cash Flow Statement.

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: is characterised by its direct presence in the Italian market in which the Group operates; for finished products, the logic that governs this model is to ensure complete coverage of the territory through an organisational structure of commercial scientific representatives, who, by carrying out sales and scientific information activities, ensure full control of all the players in the distribution chain: hospital doctors, outpatient doctors, pharmacies and hospital pharmacies. In addition to the direct channel, there are sales made through ecommerce.

     The commercial activity relating to raw materials is aimed at companies in the food, pharmaceutical and nutraceutical industries as well as nutraceutical production plant that work on behalf of third parties.

   • Foreign Business Line: it is characterized by the marketing of finished products and raw materials through local partners, who, by virtue of multi-year exclusive distribution contracts, distribute and sell the products in their respective markets. In some specific countries (USA and China) sales are made almost exclusively through ecommerce platforms.

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

   A breakdown of revenues by business lines described is shown below.

   Revenues by business line				Incidence
   €/1000	2026	2025	Δ%	2026	2025
   Italy	17.756	15.430	15,1%	54,3%	58,5%
   Rest of World	12.645	8.876	42,5%	38,7%	33,6%
   Medical instruments	2.306	2.077	11,0%	7,1%	7,9%
   Total	32.707	26.384	24,0%	100%	100%

   The breakdown of revenues by the Group's business areas shows that as of March 31, 2026, revenues from sales of finished products increased by approximately 16% on the Italian market and by approximately 43% on foreign markets compared to the previous year. The trend in revenues on the Italian market, in line with expectations, benefited from the reorganization of the commercial network implemented starting from January 2026.

   The trend in revenues on foreign markets, although influenced by the timing dynamics of purchases by distributors which led to a relative concentration of orders in the quarter, confirms the positive outlook for growth expected for 2026.

   Revenues relating to the sales area of proprietary and non-proprietary raw materials show substantial stability overall compared to 31 March 2025, with a slowdown in sales on the Italian market and an increase in those on foreign markets.

   The growth trend in revenues relating to the medical instruments business line continues, with an increase of 11% almost entirely referred to the Italian market.

   Revenues by area of activity				Incidence
   €/1000	2026	2025	Δ%	2026	2025
   Finished products- Italy	17.409	14.976	16,3%	53,2%	56,8%
   Finished products- ROW	12.294	8.619	42,6%	37,6%	32,7%
   Total finished products	29.703	23.595	25,9%	90,8%	89,4%
   Raw mat. and s/f Prod. -Italy	348	454	-23,5%	1,1%	1,7%
   Raw mat. and s/f Prod. -ROW	350	257	36,3%	1,1%	1,0%
   Total Raw Mat. and semifin. Prod.	698	711	-1,9%	2,1%	2,7%
   Medical instruments - Italy	2.085	1.860	12,1%	6,4%	7,1%
   Medical instruments - ROW	222	217	2,0%	0,7%	0,8%
   Total medical instruments	2.306	2.077	11,0%	7,1%	7,9%
   Total	32.707	26.384	24,0%	100%	100%

   The analysis of revenues divided between recurring activities (AS IS) and new Business Units (China, USA, Nutrition and Spain) shown in the following table confirms the growth trend of the AS IS business and the growing contribution of the new Business Units.

   New BU contribution					Incidence
   €/1000	2026	2025	Δ	Δ%	2026	2025
   AS IS Italy Revenues	19.456	16.972	2.484	14,6%	59,5%	64,3%
   Nutrition Revenues	385	318	67	21,1%	1,2%	1,2%
   Domestic Market revenues	19.841	17.290	2.548	14,7%	60,7%	65,5%
   ROW AS IS Revenues	10.958	8.307	2.651	31,9%	33,5%	31,5%
   New BU ROW revenues	1.908	786	1.122	142,7%	5,8%	3,0%
   Foreign markets revenues	12.866	9.094	3.773	41,5%	39,3%	34,5%
   Total AS IS revenues	30.414	25.279	5.135	20,3%	93,0%	95,8%
   Total New BU revenues	2.293	1.104	1.189	107,7%	7,0%	4,2%
   Total Revenues	32.707	26.384	6.324	24,0%	100%	100%

   The analysis of revenues by geographical area confirms Europe as the market with the highest impact on foreign revenues and the growing incidence of the Far East and North America as a result of the increase in sales volumes in China and United States.

   Revenues by geographic area				Incidence
   €/1000	2026	2025	Δ%	2026	2025
   Italy	19.841	17.290	14,8%	60,7%	65,5%
   Total Italy	19.841	17.290	14,8%	60,7%	65,5%
   Europe	5.698	4.985	14,3%	17,4%	18,9%
   Middle east	2.571	1.990	29,2%	7,9%	7,5%
   Far east	1.450	831	74,6%	4,4%	3,2%
   North America	1.205	285	323,5%	3,7%	1,1%
   South America	335	172	94,5%	1,0%	0,7%
   Other	1.607	831	93,4%	4,9%	3,2%
   Total Rest of World	12.866	9.094	41,5%	39,3%	34,5%
   Total	32.707	26.384	24,0%	100%	100%

   The changes in the other areas are attributable to the timing of the formalization of purchase orders by distributors.

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

   The analysis of revenues from finished products by product line, as presented in the table below, highlights growth across all main product lines.

   The Sideral® line confirmed its position as the Italian market leader with a share of 50.9% in terms of value and 45.7% in terms of volumes1.

   Revenues by Product Line				Incidence
   €/1000	2026	2025	Δ%	2026	2025
   Sideral	22.064	17.114	28,9%	67,5%	64,9%
   Cetilar	3.003	2.490	20,6%	9,2%	9,4%
   Apportal	2.815	2.352	19,7%	8,6%	8,9%
   Sidevit B12	652	407	n.s.	2,0%	1,5%
   Ultramag	391	519	-24,7%	1,2%	2,0%
   Other	778	713	9,2%	2,4%	2,7%
   Medical Instruments	2.306	2.077	11,0%	7,1%	7,9%
   Raw Materials	698	711	-1,9%	2,1%	2,7%
   Total	32.707	26.384	24,0%	100%	100%

   ‌1 Source: Pharmacy channel sell-out data processed by Pharma Data Factory

   In terms of volumes, sales of finished products as at 31 March 2026 amounted to approximately 3.7 million units, an increase of approximately 22% compared to the corresponding period of the previous year.

   F.P. Volumes				Incidence
   Units/1000	2026	2025	Δ%	2026	2025
   Finished products - Italy	1.238	1.035	19,6%	33,8%	34,6%
   Finished products - Rest of world	2.424	1.957	23,9%	66,2%	65,4%
   Total	3.661	2.992	22,4%	100%	100%

3. ‌Reference markets in which the Group operates

   The Pharmanutra Group, specialized in the research, development and marketing of nutraceutical products and medical devices, is one of the main players in the Italian market, and continues to successfully expand its presence on international markets.

   Below is an analysis of the main reference markets in Italy, with particular attention to the most relevant product lines in terms of turnover.

   The analyses presented are based on sell-out data from the Pharmacy channel processed by Pharma Data Factory. The adoption of a new panel compared to the one previously used has led to changes in the data, with impacts also on the time series.

   1. Iron market

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

      The following graph shows the trend of the market share of the Sideral® Line (expressed in value and units) in relation to the market of iron supplements only.

      Food Supplements Iron Market and % Sideral® Market Share

      
      
      

      In the first quarter of 2026, the Sideral® Line confirms its leadership position, in terms of value, both in the supplements segment, with a market share of 51%, and in the overall market with a market share of 40%.

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

      
      
      

      On the supplement market, the significant contribution of the Sideral® line is also confirmed in terms of units, going from 558,248 units sold in the first quarter of 2025 to 571,471 in the first quarter of 2026 (+2.4%).

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

      
      
      

   2. Topical painkillers market

      The Cetilar® line operates in the topical painkillers market, showing, in the first quarter of 2026, stable growth and an increase in market share.

      The following graph shows the trend of the market share of the Cetilar® line (expressed in value and units) in relation to the reference market.

      Total Market and % Cetilar® Market Share

      
      
      

      In an overall declining competitive scenario (-3% in terms of units sold) in the first quarter of 2026 compared to the first quarter of 2025, the Cetilar® line recorded growth of 2.3%, going from a market share of 4.6% to 4.7% in value and from 3.3% to 3.5% in volume.

      The following graph shows the trend by quarter from January 2025 to March 2026 of the overall market for topicals and the Cetilar® line.

      
      
      

   3. Tonic Market

      The following graph shows the trend of the market share of the Apportal® Line (expressed in value and units) with a distinction between the toners segment and the overall market for tonics, restoratives and multivitamins for adults.

      Tonic Market Tonic, restoratives, and multivitamins market (adult)

      % Apportal® Market Share % Apportal® Market Share

      
      
      

      Against a contraction in the tonic market in value of -5% and in the overall market of -7% in the first quarter of 2026 compared to the first quarter of 2025, the Apportal® Line shows an increase in market share in value and in units.

      The trend observed underlines a good capacity for penetration and loyalty, allowing the Apportal® Line to maintain a positive performance even in a shrinking market context.

   4. 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®).

      Sidevit® B12 has progressively increased its presence, reaching a market share of 3.75% and 3.13% per unit in the first quarter of 2026.

      Below is the monthly trend of the reference market with the relative shares of Sidevit® B12 (value and units).

      Vitamin B Market and % Sidevit B12® Market share

      
      
      

4. ‌Significant events after the end of the period

   No significant events have occurred after the end of the period.

5. ‌Expected business developments