Ann: Bubs Q1 FY24 Quarterly Activity and Cashflow Statement, page-2

Key Highlights

• Q1 group gross revenue of $24.3m, up 21.7% on Q4 FY23 and up 3.4% on prior corresponding period (pcp) (Q1 FY23: $23.6m)

• USA gross revenue of $11.6m, up 24.1% on pcp. USA now represents 48% of group gross revenue

• Bubs Infant Formula Q1 gross revenue of $17.5m, up 41% on pcp (Q1 FY23: $12.4m) (excluding Supreme sales)

• Adult goat formula Q1 gross revenue of $3.4m, up 863% on pcp (Q1 FY23: $0.35m)

• No.1 Goat Formula brand in Australia2 and USA3 based on market share

• Bubs Amazon sales continue to grow strongly with a 3%4 compounding weekly growth rate in

  Q1

• US FDA permanent access process remains on track with the clinical trial underway

• USA market expansion remains the long-term strategic priority

• Deloraine factory utilisation now at 33%, up from 31% at 30 June 2023

• Q1 operating cash outflow reduced to $4.4m as working capital and cost discipline initiatives

  were implemented

• $21.6 million in total cash and cash equivalents plus $8.0m in undrawn debt facilities available

  as at 30 September 2023

• New management team embedded and implementing key initiatives and executing the strategy

Steady improvement across all areas, some stronger areas that point to the new management capacity to turn this company around. All IMO DYOR