Ann: Bubs Q4 FY24 Quarterly Activity and Cashflow Statement, page-4

Awesome results.

Group Highlights
• Bubs achieved FY24 group gross revenue1 of $100.2m (net revenue of $81.1m, up35% on FY23: $60.1m)• Q4 group gross revenue of $29.9m, up 50% on prior corresponding period (pcp)(Q4 FY23: $20.0m)1

• Bubs continues to follow the FDA’s guidelines and make meaningful progress on itsUSA clinical trial and USA permanent access, with 351 patients now enrolled in theGrowth Monitoring Study as at 24 July 2024. FDA approval is expected in October2025

• Q4 operating cash outflow decreased to $3.6m due to improvements in workingcapital management

• FY24 cash burn of $27.2m including $12.4m of one-off non-recurring costs.Normalised monthly cash burn was $1.2m

• #1 domestic goat formula brand, holding 52% of domestic retail goat formula marketand Bubs total IMF portfolio is growing 3 times faster than the category on an MATbasis2

• $17.5m in total cash and cash equivalents

Regional Highlights

• USA quarterly gross revenue1 of $12.8m, up 8% on pcp (Q4 FY23: $11.8m) and 63%year-on-year growth (FY23: $29.9m)

• China quarterly gross revenue1 of $8.8m, up from $1.4m in Q4 FY23 and 17% year-on-year growth (FY23: $16.3m)

• Australia quarterly gross revenue1 of $5.4m, up 6% on pcp (Q4 FY23: $5.1m) and 18%year-on-year growth (FY23: $22.2m)

• Rest of world (ROW) quarterly gross revenue1 of $2.0m