Otofarma S.p.a. · MIL:OTO
Otofarma — H1 2026 Earnings Presentation
29 slides from Otofarma's earnings presentation, Oct 13, 2026
Slide 1: A Story Worth Hearing
A Story Worth Hearing Investor Presentation October 2026 1
Slide 2: Disclaimer
DISCLAIMER This document has been prepared by Otofarma S.p.A. (hereafter referred to as the “Company” or “Otofarma”) exclusively for informational purposes and for use in discussions with institutional investors and financial analysts during presentations regarding the Company's outcomes and strateg
Slide 3: Index
INDEX 01 Otofarma at a glance 02 Market & business model 03 Growth strategy 04 H1 2026 results & outlook 05 Appendix 3
Slide 4: Investment Highlights
INVESTMENT HIGHLIGHTS Five reasons Otofarma can keep compounding growth in an under-penetrated market 35% hearing-aid adoption 01 Structural growth market Ageing population, low hearing-aid penetration and rising awareness of hearing loss. among people with hearing loss in Italy vs 50% European aver
Slide 5: Otofarma at a Glance
01 OTOFARMA AT A GLANCE 5
Slide 6: Otofarma: An Innovative Player in an Underpenetrated and Fast-Growing Sector
OTOFARMA: AN INNOVATIVE PLAYER IN AN UNDERPENETRATED AND FAST-GROWING SECTOR Otofarma in a snapshot €16.7M 9.0% ~4.7K >6K ~4.5K ~2.9K Sales in FY25 EBITDA margin Pharmacies reached Hearing aids sold Teleaudiology visits Specialist telemedicine FY25 Jun-26 | +5% H1 2026 | +4% H1 2026 | +19% H1 2026 |
Slide 7: Over 30 Years in Hearing Care, Listed on EGM Since 2025
OVER 30 YEARS IN HEARING CARE, LISTED ON EGM SINCE 2025 Founded in 1994 as a family business in hearing care and optical retail, Otofarma is today a listed, integrated hearing-care platform 1994 2016 2018 2022 In 1994, Mr Gennaro After more than 20 years of industry Teleaudiology solutions were Otof
Slide 8: 50 Years of Experience and Leadership Combining Family Continuity with Managerial Expertise
50 YEARS OF EXPERIENCE AND LEADERSHIP COMBINING FAMILY CONTINUITY WITH MANAGERIAL EXPERTISE GIOVANNA INCARNATO BARTOLOMUCCI COO Over 25 years of experience in the hearing care industry. Degrees in Economics and Business Administration and in Hearing Aid Audiology. ANNA INCARNATO BARTOLOMUCCI Investo
Slide 9: Share Information and Shareholding
SHARE INFORMATION AND SHAREHOLDING Listed on Euronext Growth Milan since August 2025 OTO 10.8% €15M Alantra TICKER FLOAT MARKET CAP ANALYST COVERAGE Shareholding structure Board of Directors Name Role Gennaro Bartolomucci Chairman and CEO Bartolomucci Holding 67.3% Giovanna Incarnato Bartolomucci
Slide 10: Market & Business Model
02 MARKET & BUSINESS MODEL 10
Slide 11: Hearing Care in Italy Is Structurally Under-Penetrated
HEARING CARE IN ITALY IS STRUCTURALLY UNDER-PENETRATED Only 35% of Italians with hearing loss uses a hearing aid, well below European average (50%) Hearing-aid market in Italy 7M ▲ The Italian hearing-aid market is one of largest in Europe in terms of both volume and value, with estimated annual rev
Slide 12: An Integrated Five-Phase Patient Journey
AN INTEGRATED FIVE-PHASE PATIENT JOURNEY Otofarma controls every step from screening in the pharmacy to lifetime after-sale care 01 02 03 04 05 PHARMACY TELEMEDICINE IN-HOUSE DELIVERY AFTER-SALE SCREENING PRODUCTION ASSISTANCE On-site screening by Remote diagnosis by Certified, tailor-made Direct de
Slide 13: Structural Barriers to Entry Protect the Model
STRUCTURAL BARRIERS TO ENTRY PROTECT THE MODEL Five reinforcing advantages make Otofarma's pharmacy-based model difficult to replicate at scale 01 02 03 04 05 SCALE PRICE ASSET-LIGHT ACCESS TO PAYOR ARCHITECTURE ECONOMICS CARE EXPOSURE ~15% >16K ~€850 ~4.5K 86% NWC as % of sales Pharmacies Entry pri
Slide 14: Customized Proprietary Devices and Accessories
CUSTOMIZED PROPRIETARY DEVICES AND ACCESSORIES Hearing aids represent the Group’s core business Hearing devices (~ 95% of sales) Accessories (~ 5% of sales) ▲ Completely in the canal (CIC) ▲ Remote controls ▲ TV connectors ▲ Behind the ears ▲ Chargers ▲ Power banks Certified accessories designed to
Slide 15: Growth Strategy
03 GROWTH STRATEGY 15
Slide 16: Four Organic Levers to Grow Within the Current Model
FOUR ORGANIC LEVERS TO GROW WITHIN THE CURRENT MODEL Greater penetration and broader offering in pharmacies, increased telemedicine services and new products for the Italian National Health Service (SSN) 01 02 Expansion of the telemedicine offering Expansion of the pharmacy channel and new product d
Slide 17: Three New Projects Add Capacity, Channels and Scale
THREE NEW PROJECTS ADD CAPACITY, CHANNELS AND SCALE A new plant in Lombardy, direct presence in optical centres and selective M&A complement organic growth 01 02 03 New hub in Lombardy Diversification of distribution M&A channels through a direct presence in optical centers ▲ Increase industrial and
Slide 18: H1 2026 Results & Outlook
04 H1 2026 RESULTS & OUTLOOK 18
Slide 19: H1 2026: Strong Progress Across Operating KPIs
H1 2026: STRONG PROGRESS ACROSS OPERATING KPIs 6,172 4,689 311 HEARING AIDS SOLD AFFILIATED PHARMACIES AFFILIATED OPTICAL RETAIL OUTLETS +4.2% vs H1 2025 +5.1% vs December 25 +77.7% vs December 25 4,506 2,903 258 TELEAUDIOLOGY SPECIALIST TELEMEDICINE SALES REPRESENTATIVES CONSULTATIONS CONSULTATIONS
Slide 20: H1 2026: Key Results Remain Solid
H1 2026: KEY RESULTS REMAIN SOLID €8.7M €0.7M €13.8M €5.0M NET SALES ADJUSTED EBITDA SHAREHOLDErS’ FUNDS NET CASH Sales trend reflecting the Slight decrease driven by Broadly in line with FY25 year Solid financial structure increase in overall volumes and increase in personnel and end. confirmed. th
Slide 21: H1 2026: Sales Grew on Volume and Mix, Margin Reflects Network Investment
H1 2026: SALES GREW ON VOLUME AND MIX, MARGIN REFLECTS NETWORK INVESTMENT (€ thousands) NET SALES ADJUSTED EBITDA (calculated on net sales) 8,692 10.3% 7.9% 8,041 826 686 H1 2025 PF H1 2026 H1 2025 PF H1 2026 Adjusted EBITDA Adjusted EBITDA margin Revenue growth driven by higher overall volumes sold
Slide 22: H1 2026: Adjusted EBITDA Bridge
H1 2026: ADJUSTED EBITDA BRIDGE (€ thousands) Value of production grew €1.1M, but service costs (+€0.9M) and personnel costs (+€0.2M) absorbed almost all of it. Lower non-recurring add-backs (-€0.2M) explain the fall in Adjusted EBITDA. 22
Slide 23: H1 2026: Adjusted EBIT Turned Negative and Group Net Result Fell
H1 2026: ADJUSTED EBIT TURNED NEGATIVE AND THE GROUP NET RESULT FELL TO -€0.5M (€ thousands) ADJUSTED EBIT GROUP NET RESULT The decrease in adjusted EBIT is due to lower adjusted EBITDA, together with Group net result negative due to lower operating profit and higher financial higher D&A and writedo
Slide 24: H1 2026: Balance Sheet Structure Remains Solid
H1 2026: BALANCE SHEET STRUCTURE REMAINS SOLID (€ thousands) NET WORKING CAPITAL NET FINANCIAL DEBT/(CASH) Improvement of working capital driven by reduction in trade receivables and Net cash position confirming a solid financial structure capable of supporting growth of trade payables, more than of
Slide 25: H1 2026 Capital Structure: A Snapshot
H1 2026 CAPITAL STRUCTURE: A SNAPSHOT (€ thousands) NET CASH (5,032) RISK PROVISIONS AND EMPLOYEE SEVERANCE INDEMNITY (555) NET WORKING CAPITAL 2,715 CAPITAL EMPLOYED 8,753 EQUITY (13,784) FIXED ASSETS 6,592 USES SOURCES 25
Slide 26: Outlook: H2 2026 Focused on Returns from H1 Investments
OUTLOOK: H2 2026 FOCUSED ON RETURNS FROM H1 INVESTMENTS Major focus on increasing the productivity of the sales network, 01 02 In the second half of 2026, the Group intends to continue building growing the number of active pharmacies, developing on the path initiated during the first months of the y
Slide 27: Appendix
05 APPENDIX 27
Slide 28: Profit & Loss H1 2026
PROFIT & LOSS H1 2026 €'000 H1 2026 % of VoP H1 2025 Pro Forma % of VoP Chg. € Chg. % Sales revenues 8,692 90.6% 8,041 94.3% 650 8.1% Changes in inventories of work in progress, semi-finished and finished goods -17 -0.2% 478 5.6% -496 -103.8% Capitalized internal work 750 7.8% 0.0% 750 100.0% Other
Slide 29: Balance Sheet H1 2026
BALANCE SHEET H1 2026 €'000 H1 2026 FY25 Chg. € Chg. % Intangible assets 2,090 2,249 -159 -7.1% Property, plant and equipment 4,300 2,527 1,773 70.1% Financial assets 202 210 -9 -4.1% Net fixed assets 6,592 4,987 1,605 32.2% Inventories 762 780 -17 -2.2% Trade receivables 2,524 2,716 -192 -7.1% Trad