Pharmanutra (PHN) Q1 2025 earnings summary

Executive summary

• Organic revenue grew 11.2% year-over-year in Q1 2025, with consolidated net revenues reaching €26.4 million and growth in both Italian and foreign markets.

• EBITDA was €4.9 million, with a margin of 18.4% on revenues, remaining stable year-over-year.

• Net result for Q1 2025 was €2.4 million, down from €2.6 million in Q1 2024, mainly due to increased investments and operating costs.

• Positive net financial position (net cash) of €8.1 million as of March 31, 2025, up from €5.5 million at year-end 2024.

• International expansion continued with new product launches and distribution agreements in multiple countries.

Financial highlights

• Net sales revenues increased by 11.2% year-over-year to €26.4 million, with Italian revenues up 8% to €17.3 million and foreign revenues up 19% to €9.1 million.

• EBITDA margin was 18.4% on net revenues, with EBITDA at €4.9 million (down 0.3% from Q1 2024).

• Net result margin was 9% on net revenues, with EPS at €0.25, compared to €0.27 in Q1 2024.

• Cash and cash equivalents at period end were €23.9 million, up from €15.6 million at year-end 2024.

• Operating expenses rose 15% to €21.9 million, reflecting higher activity and investments in new business lines.

Outlook and guidance

• Organic growth is expected to continue in 2025, consistent with 2024 performance, with recurring business and strong cash generation supporting new projects.

• Margins may slightly decrease due to significant investments in development and international expansion.

• The American market development plan is underway, with first results expected in H2 2025.

• No significant impact anticipated from international tensions or potential U.S. customs duties.