PharmaNutra SpA: Strategic Growth and Strong Financials Justify Buy RatingWe leave FY25 revenue unchanged, implying +11% growth in 4Q, while we raise our full-year EBITDA margin estimate from 25.1% to 25.8% (22% margin in 4Q), resulting in a €1mn lift to EBITDA (+3%). However, this improvement is largely offset by higher taxes, leading to a neutral impact on EPS.