Pharmanutra (PHN) Q3 2026 earnings summary

Executive summary

• 9M 2026 net revenues rose 17.3% to €110.934M; total revenues increased 17.9% to €112.834M, EBITDA rose 17.3% to €29.099M and net result reached €16.980M.

• AS IS revenue grew 14.2%, while New Business Units contributed €7.203M, up 90.4% YoY.

• International revenue rose 33.5% to €44.4M, or 40.0% of total; finished-product volumes increased 22.2% to 13.7M units.

Financial highlights

• Net revenues were €110.934M versus €94.604M; other revenues were €1.900M, bringing total revenues to €112.834M versus €95.680M.

• EBITDA increased to €29.099M from €24.809M; EBIT was €25.458M versus €22.104M, and pre-tax result was €25.4M versus €22.0M.

• Group net profit rose 21.2% to €16.980M from €14.009M; EPS increased to €1.78 from €1.46.

• Operating expenses grew 18.2% to €83.735M, including ~€10M of New Business Unit marketing, logistics and commercial investment.

Outlook and guidance

• 2026 outlook anticipates growth in AS IS revenues in Italy and foreign markets, plus significant New Business Unit growth, driven by the US and China.

• EBITDA margin is expected to improve, with operating investments supporting New Business Units; strong cash generation is expected.

• October US net revenues exceeded $500K; innovative product launches are scheduled for 2027.

• Ongoing geopolitical conflicts are not expected to have a significant impact on performance.