Fine Foods & Pharmaceuticals N T M S p A : Q1 2024 Results Presentation

Q1 2024

RESULTS PRESENTATION

15/05/24

FINE FOODS

Q1 2024

RESULTS PRESENTATION

INDEX

2

Index

WE CREATE	FINANCIALS	SHAREHOLDING
VALUE		STRUCTURE

INVESTOR	BACK UP
INFORMATION	ESG DETAILS
& CONTACTS

FINE FOODS

Q1 2024

3

RESULTS PRESENTATION

WE CREATE

VALUE

FINE FOODS

Q1 2024	WE CREATE VALUE	4
RESULTS PRESENTATION

Fine Foods at a glance

Italian independent CDMO active in the pharmaceutical, nutraceutical and cosmetics industries through three Business Units

Listed on Borsa Italiana's Euronext STAR Milan (Ticker: FF)

65.6 €M Revenue in Q1 2024

13.5% Ebitda Margin in Q1 2024

~753 employees (+46% over the last 5 years) of which ~18% dedicated to R&D and QA

Strong partnership with multinational clients in all our reference markets

Stable presence of Eigenfin S.r.l. and Marco Eigenmann in the shareholding structure

251.8 €M Revenue in 2023 with

~11% CAGR over the last 10 years

112.4 €M increase in revenue over the last 5 years (+81%)

~60,000 sqm of covered area on a total area of more than 200,000 sqm (Lombardia Region

• Northern Italy)

FINE FOODS

Strong corporate culture

Three different integrated and cross-functional business units committed to Fine Foods' key business principles

Q1 2024	WE CREATE VALUE	5
RESULTS PRESENTATION

FINE FOODS

CORPORATE

STRUCTURE

PHARMA

FINE FOODS

Q1 2024

RESULTS PRESENTATION

WE CREATE VALUE

6

European reference markets

CAGR

PHARMA1 (€BN)
		5.2%
	9.2%
		775.1
	632.6
445.3
2019a	2023e	2027e
FOOD - DIETARY SUPPLEMENT3 (€BN)

PHARMA2 - CDMO

	18%	23%		Italy
5%	Market		Germany
		France
6%	value:			United Kingdom
13.5 €BN

Spain

12%		20%		Greece
	16%			Others

COSMETIC4(€BN)

5.1%

1-3-4 Source: Euromonitor International, Industrial, Pharmaceuticals 2022, data in Production MSP; Consumer Health 2024, Health and Wellness 2023, Beauty and Personal Care 2023, data in Retail Value RSP, EUR Fixed Ex Rates, Current Prices; Cosmetics as per aggregation of Euromonitor's Bath and Shower, Deodorants, Hair Care, Skin Care, Fragrances and Sun Care; Biocides as per aggregation of Euromonitor's Oral Care, Dermatologicals, Adult Mouth Care

2 Source: Prometeia - Farmindustria 2023 on 2021 data

5.3%

6.7%

14.1	18.3	22.5
2019a	2023e	2027e

4.7%

	107	130.7
89.2
2019a	2023e	2027e

FINE FOODS

Consistently outperforming reference markets*

• Sources: Euromonitor International, Industrial, Pharmaceuticals, 2022 Edition Production MSP, EUR Fixed Ex Rates, Current Prices. Consumer Health, 2023 Edition, Retail Value RSP, EUR Fixed Ex Rates, Current Prices. Cosmetics as per aggregation of
  Euromonitor's Bath and Shower, Deodorants,
  Hair Care, Skin Care, Fragrances and Sun Care; Biocides as per aggregation of
  Euromonitor's Oral Care, Dermatologicals, Adult Mouth Care, 2023 Edition, Retail Value RSP, EUR Fixed Ex Rates, Current Prices.

Methodology: the three variables' time series are divided by their respective 2013 value (the basis) and multiplied by a factor of 100; the considered variables are Fine Foods revenues, European Nutraceuticals - Vitamins

• Dietary Supplements segment size, European Pharmaceuticals production size and European Cosmetics size

Q1 2024

WE CREATE VALUE

7

RESULTS PRESENTATION

Reference markets show high steady growth	Fine Foods has substantially outgrown its
and resilience during recessions	reference end-markets in the last decade, with
	2023 sales at 2.9X the 2013 level

European Vitamins & Dietary supplements

	European Pharmaceuticals						Fine Foods Revenue
						251.8 €M
	European Cosmetics
	Fine Foods
Fine Foods
Revenue
87.5 €M
2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
	MARKET GROWTH	+	EXTERNALIZATION TREND	+	OUT-PACED PEERS

FINE FOODS 10-YEAR REVENUES CAGR AT ~11%

FINE FOODS

Selection of products

• Nutraceuticals (Nutra BU)
• Pharmaceuticals (Pharma BU)
• Cosmetics (Cosmetic BU)

Q1 2024

RESULTS PRESENTATION

WE CREATE VALUE

8

FINE FOODS

Q1 2024	WE CREATE VALUE	9
RESULTS PRESENTATION

What we do

Cross-fertilised innovation is implemented by exploiting our expertise in different fields, best practices and technical knowledge to provide customers with new opportunities

PHARMACEUTICAL		NUTRA	PHARMA
FORMS
	Capsules	Tablets	Powders	Granules
PACKAGING	Bottles	Jars	Sticks	Sachet	Blister

PLANTS	ZINGONIA
BREMBATE
	COVERED AREA 28,800 sqm	COVERED AREA 14,200 sqm
	TOTAL AREA 45,600 sqm	TOTAL AREA 135,900 sqm

COSMETIC

Liquids	Creams	Gels	Toothpaste	Parfum
	& Lotions

Tubes	Roll-on	Bottles	Jars

TRENZANO

COVERED AREA 19,900 sqm

TOTAL AREA 25,200 sqm

Planned expansion of	First phase of the new	Upgrade and expansion of
production capacity	plant development started	production capacity completed

FINE FOODS

Q1 2024

RESULTS PRESENTATION

WE CREATE VALUE

10

Flexible

and integrated business model

Fine Foods is positioned within the value creation chain of pharmaceuticals, nutraceuticals and cosmetics, focusing on the following main phases: business development, R&D, scale-up and production

NUTRACEUTICALS AND COSMETICS

Concept	Regulatory	Formulation	Production	Distribution
Development	Compliance

PHARMACEUTICALS

Drug	Early Stage	Dossier	Production	Distribution
Discovery	Development	Development