Piu Medical S.P.A. · MIL:PMED
Piu Medical — H1 2026 Earnings Presentation
16 slides from Piu Medical's earnings presentation, Oct 15, 2026
Slide 1: Più Medical Group Investor Presentation
INVESTOR PRESENTATION Più Medical Group Scaling Our Healthcare Platform, Unlocking Operating Leverage Madrid, 15th October 2026 • Investor Presentation
Slide 2: Più Medical at a glance
Più Medical at a glance A buy-fix-scale platform consolidating Italian retail pharmacies 17 88 €17.5m Nov 2025 pharmacies in the network employees, including 62 H1 2026 pro-forma revenue, listed on Euronext Growth as at 30 September 2026 pharmacists +31% vs H1 2025 Milan OVERVIEW • Holding company o
Slide 3: Investment opportunity
Investment opportunity Building a scalable platform in a fragmented market INVESTMENT THESIS ITALIAN RETAIL PHARMACY MARKET Fragmented market The Italian pharmacy market offers significant consolidation opportunities, with a large number of independently c. 20k c. 70% operated pharmacies. pharmacies
Slide 4: Recap on Our Growth Journey | Key Milestones Since 2025
Recap on Our Growth Journey | Key Milestones Since 2025 2025 – Platform Establishment & IPO 2026 YTD – Acquisitions, Expansion & Integration Network Refurbishment Jun 2025 Oct 2025 Nov 2025 Programme Jul 2026 Aug 2026 Più Medical Spin-off effective; 3 Listing on Euronext Farmacia Saronnese Formaggia
Slide 5: Vision | Connecting Patients, Services and Technology
Vision | Connecting Patients, Services and Technology Evolving from pharmacy retail towards an integrated community healthcare ecosystem DIGITAL PATIENT JOURNEY Digital patient engagement 1. ACCESS 2. ASSESSMENT 3. CARE PLAN 4. FOLLOW-UP 1 2 3 4 and continuity of care Connect & engage › Understand n
Slide 6: Strategy | Three Complementary Growth Engines
Strategy | Three Complementary Growth Engines 1. Organic Growth & Integration 2. Continued M&A & Network 3. Development of Healthcare Improving pharmacy productivity, Expansion Verticals commercial performance and Selective acquisitions adding scale, Developing complementary healthcare profitability
Slide 7: 1H26 Key Takeaways | Scaling Growth and Profitability
1H26 Key Takeaways | Scaling Growth and Profitability H1 2026: first full half-year on the post-IPO perimeter Pro-forma revenue Pharmacy PF adj. EBITDA Group PF adj. EBITDA Net Cash Pos. pre-IFRS 16 €17.5m €2.54m €1.82m €8.8m +31% vs H1 2025 +16% vs H1 2025 −8% vs H1 2025 As of 30 June 2026 margin 1
Slide 8: 1H26 Revenue | Strategic M&A Drives 31% Pro-Forma Growth
1H26 Revenue | Strategic M&A Drives 31% Pro-Forma Growth Pro-forma perimeter: Farmacia Formaggia included from 1 January 2026 (closing 2 July 2026) +31% €17.5m €4.0m Formaggia €13.4m H1 2025 H1 2026 Acquisitions remain a key driver of Più Medical's expansion. Formaggia contributed €4.0m of pro-forma
Slide 9: 1H26 Profitability | Acquisition-Led EBITDA Growth
1H26 Profitability | Acquisition-Led EBITDA Growth, with Margins Reflecting Investment Pharmacy PF adj. EBITDA PF adj. EBITDA margin, % of revenue +16% 16.3% €2.54m €2.18m 14.8% 14.5% Pharmacies 10.4% Group H1 2025 H1 2026 H1 2025 H1 2026 Group adjusted EBITDA: €1.98m → €1.82m (−8%) Formaggia's cont
Slide 10: EBITDA bridge | Acquisition Contribution and Platform Investments
EBITDA bridge | Acquisition Contribution and Platform Investments H1 2025 to H1 2026 Group pro-forma adjusted EBITDA (€k) +708 −522* −232 €1,983k −21 −41 −57 €1,819k H1 2025 Formaggia HQ costs Pharmacy First margin Other services Other operating H1 2026 personnel items Higher HQ costs reflect invest
Slide 11: Cash Position | Impact of Investments and Strategic Acquisitions
Cash Position | Impact of Investments and Strategic Acquisitions Reported Cash Position Main cash uses/generation in H1 2026 Gross cash +€0.4m Net Cash generated by operations €18.7m -€1.1m Refurbishment of Saronnese, F. D’Ambrosio and 31 Dec 2025 Ippodromo -€1.0m Formaggia deposit paid in May 2026
Slide 12: Closing remarks | Scaling Growth and Creating Long-Term Value
Closing remarks | Scaling Growth and Creating Long-Term Value “We are continuing to scale Più Medical through strategic acquisitions, operational integration and the development of complementary healthcare verticals, with the objective of delivering stronger profitability, cash generation and sustai
Slide 13: Appendix
PIÙ MEDICAL | H1 2026 RESULTS Appendix
Slide 14: Shareholding structure and corporate governance
Shareholding structure and corporate governance Post Maroni family holding reorganisation, 1 October 2026 SHAREHOLDING STRUCTURE BOARD OF DIRECTORS Più Medical’s share capital is structured with ~40% held by management, The Company’s Board of Directors comprises 5 members, including 1 ~18% as free f
Slide 15: IFRS and pro-forma adjusted figures, H1 2025–H1 2026
IFRS and pro-forma adjusted figures, H1 2025–H1 2026 €m IFRS reported H1 2026 PF adj. H1 2026 PF adj. H1 2025 Revenue 13.6 17.5 13.4 EBITDA 1.1 1.8 2.0 EBITDA margin 8.2% 10.4% 14.8% of which pharmacies n.a. 2.5 2.2 of which holding n.a. (0.7) (0.2) Net income 0.1 0.6 0.1 • IFRS reported H1 2026 has
Slide 16: Disclaimer
Disclaimer Forward-Looking Statements: this document may include projections and other “forward-looking” statements. In particular, all statements that address expectations or projections about the future, including statements about operating performance, market position, industry trends, general ec