AHE H2 2026 Results Presentation

Page 1

Page 2

Important notice and disclaimer FY26 Results Presentation | © 2026 Adheris Health. All rights reserved.2 The information contained in this presentation does not constitute financial advice and is not intended to be relied upon as advice to investors or potential investors. The information contained in this presentation has been prepared without taking into account any person’s individual investment objectives, financial situation, or particular needs. Information in this presentation remains subject to change without notice. While the information contained herein has been prepared in good faith, neither Adheris Health nor any of its shareholders, directors, officers, agents, employees or advisers give, have given, or have authority to give, any representations or warranties (express or implied) as to, or in relation to, the accuracy, reliability, or completeness of the information in this presentation, or any revision thereof, or of any other written or oral information made or to be made available to any interested party or its advisers (all such information being referred to as “information”) and liability therefore is expressly disclaimed. Accordingly, neither Adheris Health nor any of its shareholders, directors, officers, agents, employees, or advisers take any responsibility for, or will accept any liability whether direct or indirect, express or implied, contractual, tortious, statutory, or otherwise, in respect of the accuracy or completeness of the information or for any of the opinions contained herein or for any errors, omissions, or misstatements, or for any loss, howsoever arising, from the use of this presentation. This presentation may contain forward-looking statements about Adheris Health’s financial results, guidance, and/or business prospects that may involve risks or uncertainties and may involve significant items of subjective judgement and assumptions of future events that may or may not eventuate. Such items include government policy changes, changes in the competitive environment, litigation, loss of contracts, and unexpected changes to business costs or expenses. Given these uncertainties, readers are cautioned not to place undue reliance on such forward- looking statements. No representation or warranty is given as to the accuracy or likelihood of achievement of any forward-looking statement in this presentation, or any events or results express or implied in any forward- looking statement. This presentation should not be considered as the giving of investment advice by Adheris Health or any of its shareholders, directors, officers, agents, employees, or advisers. Each party to whom this presentation is made available must make its own independent assessment of Adheris Health after making such investigations and taking such advice as may be deemed necessary. In particular, any estimates or projections or opinions contained herein necessarily involve significant elements of subjective judgement, analysis, and assumptions and each recipient should satisfy itself in relation to such matters. This presentation has not been filed, lodged, registered, reviewed, or approved by any regulatory authority in any jurisdiction and recipients should keep themselves informed of, and comply with and observe, all applicable legal and regulatory requirements. This presentation does not constitute an offer (or the solicitation thereof) in any jurisdiction in which such an offer (or the solicitation thereof) is not permitted under applicable law. In particular, this presentation does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or to or for the account or benefit of any U.S. person (as defined in Regulation S under the U.S. Securities Act of 1933, as amended (the U.S. Securities Act). Securities may not be offered or sold in the United States or to, or for the account or benefit of, any U.S. person, unless the securities have been registered under the U.S. Securities Act or an exemption from registration is available. Neither the information contained in this presentation, nor any copy hereof may be, directly or indirectly, taken or transmitted into or distributed, in whole or in part, in any other jurisdiction which prohibits the same except in compliance with applicable securities laws. Any failure to comply with this restriction may constitute a violation of the applicable securities laws. The recipient in any jurisdiction where distribution of this presentation is prohibited or restriction must inform itself of, and comply with, any such prohibitions or restrictions. The recipient represents that it is able to receive this presentation without contravention of any unfulfilled registration requirements or other legal restrictions in the jurisdiction in which it resides or conducts its business. By receiving or retaining this presentation, the recipient acknowledges that it will be solely responsible for its own assessment of the market and the market position of Adheris Health and its subsidiaries (“the Group”) and that it will conduct its own analysis and be solely responsible for forming its own view of the potential future performance of the business of the Group. This presentation provides general information about Adheris Health which is current at the date this presentation is made. This presentation is not a prospectus, product disclosure statement, or any other offering document under Australian law (and will not be lodged with the Australian Securities and Investments Commission [ASIC]) or any other law and does not contain all material information which a prospective investor may require in evaluating a possible investment in Adheris Health. This presentation is for information purposes only and is not an invitation to acquire or offer securities for subscription, purchase, or sale in any jurisdiction. This presentation has been authorised for release by the Board of Adheris Health Limited

Page 3

Leader in Patient Engagement Solutions Impact • Precisely targeted, data-driven communications based on patient medication history data and real time behaviour, increasing relevance and reducing waste • Delivered through the local pharmacy, driving brand trust • Embedded in the pharmacy workflow, enabling optimal cadence and frequency of messages delivered within the organic patient journey Our Position: 30+ years of connecting pharma and pharmacy to enable a seamless patient medication journey Our Relationships: Decades-long relationships across top pharma clients and pharmacy chains Overview ~170 Million Americans reachable through our network of 25K pharmacies 500+ Million Sponsored messages delivered in past 5 years Proven Results of patients returned to therapy avg SMS click-through rates avg awareness program lift ~65% >24% 11% Our Approach: Delivering the right message to the right patient at the right time through our THRiV platform Executing programs for top global pharma, for an average of 15+ years Business Associates of 9 of 10 leading pharmacy chains, for an average of 20+ years PharmacyPharma Patients FY26 Results Presentation | © 2026 Adheris Health. All rights reserved.3

Page 4

Page 5

Page 6

Summary of Group Financial Results* Reflecting lower customer renewal rates during the prior pharma budgetary period, and lower bookings in 1H FY26 FY26 Results Presentation | © 2026 Adheris Health. All rights reserved.6 $34.0M Revenue down 46% YoY *All financials are in AUD unless stated otherwise. Underlying loss before income tax is non -IFRS financial information and is unaudited. The sale of the ANZ business to Jonas Software completed on 4 July 2025; FY26 significant items include a $15.7 million profit on the sale, offset by $3.7 million costs of early discharge of borrowings. FY25 comparatives present th e ANZ business as discontinued operations. Gross Margin down 9 ppts YoY Gross Profit $14.6M down 56% YoY $16.7M Underlying loss (before income tax) down 1% YoY $4.3M Net Loss (statutory) down 93% YoY $9.5M Cash at Bank down by $0.8m YoY 43%

Page 7

Key Highlights Established foundations to return to growth FY26 Results Presentation | © 2026 Adheris Health. All rights reserved. FY26 Group Financial Performance • Revenue and profitability were impacted by lower customer renewals and lower bookings through the previous pharma budget cycle, our peak selling season. • Achieved cashflow break-even in Q4 FY26, as previously guided. • Ended the year with $9.5 million in cash following the sale of the ANZ business, in line with expectations. No debt. • CY27 pharma planning cycle well underway, with close to 60% of current pipeline opportunity value in higher-margin THRiV and digital engagement programs. • Expect to maintain cashflow break-even across FY27, although cash generation is likely to be uneven quarter to quarter. Focusing on the Future Operational Highlights • Migrated to new technology platform, improving efficiency and supporting scalable growth. • Accelerated material cost out program, reducing operating costs by 37% from FY25 to FY26. • Re-engaged customers whose spend had declined or stopped in prior periods, booking over US$3 million in win-back contracts during the year and adding eight new brands in 2H FY26 (out of typical budget cycle). Board & Management • Board was appropriately resized and enhanced by the addition of a highly experienced Non-Executive Director, John Murray, on 1 July 2026. • A refreshed leadership team bringing deep company and industry knowledge and a proven track record of delivery and execution. 7

Page 8

Page 9

• Operating costs down 37% from FY25 to FY26 ($49.8 million to $31.3 million) • Staff costs, including contractors and consultants, expected to stabilise at ~$18.2 million in FY27, versus FY25 actuals of $34.0 million • Hold the cost base roughly flat through FY27 so that revenue growth falls through to the bottom line • Increase output per FTE by embedding AI- powered productivity tools across the company • Non-vaccine revenue was 83% of total in FY26 (54% in FY25), with increases in gen meds, specialty meds, and GLP- 1 programs • 11 new brands onboarded in FY26 Five Priorities: FY26 Progress • Close to 60% of CY27 pipeline opportunity value sits in THRiV and digital engagement programs, versus 32% of FY26 revenue • Reduce dependence on vaccine revenue • Focus on high-growth categories like obesity (including GLP-1 medications), diabetes, immunology, respiratory, and other complex specialty conditions • Large chain enabled our programs on new digital platform, generating additional revenue opportunities • Digital reach expanded by more than 36 million patients in FY26 Diversify Revenue • Refocus our business development efforts toward higher-margin solutions like THRiV and digital messaging, expected to improve revenue mix • SMS click-through rates average over 24% • 2,100 stores live on our digital regulatory subscription product, with over 9,000 more stores in active pipeline Sell Higher-margin Solutions • Increase the breadth and scale of our pharmacy network by onboarding new partners and expanding channels across our existing footprint Expand Pharmacy Network • Level up our digital engagement suite, incorporating richer content, AI agents, and deeper pharmacy integration to maximise behavioural impact Enhance Digital Engagement FY26 Results Presentation | © 2026 Adheris Health. All rights reserved.9 Build Scalable Operation

Page 10

Cost-out Program Delivered • Operating expenses down 37%, from $49.8 million in FY25 to $31.3 million in FY26 • Staff costs, including contractors and consultants, expected to stabilise at ~$18.2 million in FY27, versus FY25 actuals of $34.0 million Leadership Incentive Alignment • Performance-based executive compensation philosophy • Emphasis on equity upside vs. high fixed salaries and cash bonuses • Alignment between leadership outcomes and shareholder value Productivity Gains: Internal AI Enablement • Internal pilot/launch of AI-powered productivity tools • Focus: faster execution, reduced manual effort, higher output per FTE Building a More Scalable Operation Substantial cost-out program and adoption of new technology for faster execution FY26 Results Presentation | © 2026 Adheris Health. All rights reserved.10 $49.8 $31.3 $- $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 FY 2025 FY 2026 Operating Expenses: FY25 vs. FY26 ($M) - 37%

Page 11

FY26 Results Presentation | © 2026 Adheris Health. All rights reserved.11 Sharpened commercial focus on growth and margin Non-Vaccine Revenue: A Decisive Mix Shift • Continued shift from vaccine to non-vaccine revenue, helping to balance and strengthen revenue mix • Non-vaccine revenue up as a percentage of overall (83% FY26 vs. 54% in FY25) Pipeline Diversification: Toward High-Growth Categories and Higher- Margin Solutions • Sustained focus on Immunology, Respiratory, Diabetes & specialty conditions • Digital programs grew from 6% of revenue in January 2026 to 15% by June • Expected to improve revenue mix GLP-1/Obesity: A Core Growth Engine • GLP-1 revenue up 34.9% YoY, reaching 8% of revenue (FY25: 4%) • ~25 million Americans expected to be on GLP-1 treatment by 2030 (vs. 10 million in 2025)* Reactivating Pharma Engagement: Expanding Across Growth Categories • Over US$3 million in win-back contracts signed in FY26 • 11 new brands onboarded during the year, eight in the second half alone Diversifying Revenue and Improving Mix * https://www.jpmorgan.com/insights/global- research/current-events/obesity-drugs † CY27 pipeline: share of CY2027 opportunity value as at 21 Aug 2026; unaudited, unweighted, may not convert to revenue.

Page 12

Sell Higher Margin Solutions Next-level engagement – the right patient + moment + message + channel for optimised outcomes • Advanced predictive modelling identifies patients at risk for non-adherence and those most likely to adopt new therapies • Precision segmentation and channel optimisation ensure the right message reaches the right patient at the optimal moment • Personalised patient experiences that improve outcomes while maximising program efficiency • Shifting to a per patient revenue model allows us to scale efficiently with program size, improving unit economics as campaigns grow • Integrated multichannel delivery across pharmacy touchpoints reinforces every message for stronger patient engagement and program performance Overview CHANNELS PATIENTS Direct Mail Pharmacy Print SMS MMS AI Patient Concierge Pharmacy Digital Banner Ads Coming Soon! FY26 Results Presentation | © 2026 Adheris Health. All rights reserved.12

Page 13

Expanding Our Pharmacy Network with a Focus on Digital Connectivity FY26 Results Presentation | © 2026 Adheris Health. All rights reserved.13 Rebuilding momentum with pharma and chain pharmacy partners DIGITAL REGULATORY PRODUCT GROWTH • Expanding presence in retail network with digital regulatory product • ~2,100 stores are currently live • ~1,800 stores are in active contracting as at August 2026 • ~8,000 stores are in pipeline as at August 2026 DIGITAL NETWORK GROWTH • Digital network footprint expanded in FY26 by over 36m patients • One regional chain successfully launched SMS in 2H FY26, another expected to onboard in 1H FY27 • Large national chain enabled our programs on new digital platform AI-DRIVEN PATIENT ENGAGEMENT EXPANSION • Agreement signed to pilot next-generation AI concierge capabilities with a retail pharmacy partner • Expands engagement beyond traditional messaging • May open new pharmacy-funded revenue opportunities over time

Page 14

Enhanced Digital Experience Powering the next generation of patient engagement through a customised experience Our engagement platform is able to customise the SMS based on segment and lead the patient through a dynamic AI-powered experience to drive new starts and refills. Express Markets, #12- 3456, (555) 555-1212: Jenn, we’re here to support your healthcare journey with Diabetrix. Remember to take this medication as directed. Following your doctor’s treatment plan will keep you on track. To learn more about this medication click here: shorturl. Reply STOP to opt out. 14 FY26 Results Presentation | © 2026 Adheris Health. All rights reserved. Screens are illustrative and use fictional brand and pharmacy names.

Page 15

Page 16

Observations & Outlook: From Reset to Growth Rebuilding the revenue base through the calendar 2027 planning cycle FY26 Results Presentation | © 2026 Adheris Health. All rights reserved.16 CY27 Pipeline (as at 21 August 2026) • More than 90 opportunities across nearly 40 customers and appr oximately 80 brands; no single opportunity or brand exceeds 10% of pipeline value • Close to 60% of opportunity value in higher-margin THRiV and di gital programs, versus 32% of FY26 revenue • Opportunities materially larger on average than FY26 bookings; roughly half of value in seven-figure programs • Targeting substantial revenue growth in FY27 with a largely unchanged cost base, supporting the path back to profitability • Expect to remain cashflow break-even across CY27, alt hough c ashflow generation is likely to be uneven quarter to quarter; pharma buys primarily in the US fall, with revenue and cash build s kewed to 2H FY27 FY27 Shape Milestones & Reporting • Decisions on the majority of t he pipeline expected by the end of December 2026 • We will report progress every quarter against four measures: 1) bookings growth through the CY27 cycle; 2) digital and THRiV share of revenue; 3) margins, and 4) cash discipline • First readout: pipeline conversion update at the Annual General Meeting in November 2026 Other Matters • Jonas earnout: finalisation of the first- year earnout expected in Q1 F Y27, with payment in Q2 FY27 • Mindsprint proceedings: claims disputed in their entirety and will be v igorously defended; early stage, potential financial impact cannot be reliably quantified; not expected to impact operations

Page 17

Investment Case FY26 Results Presentation | © 2026 Adheris Health. All rights reserved.17 Uniquely positioned for return to profitable growth in a large market • Adheris has an established & trusted 30+ year history with US pharma an d the largest pharmacy network in the US • Re-established experienced leadership team and talent with a d emonstrated history of delivering results • Incentives aligned to shareholder value creation and long-term performance • Diversifying revenue streams to support sustainable growth • Prioritising higher-margin solutions to improve profitability • Driving network expansion across pharma and pharmacy • Advancing next-gen digital engagement to strengthen customer connection Trusted Brand & Proven Leadership Strategy Aligned to Clear Path Back to Growth • Foundations in place for CY27: a d iversified pipeline of more than 90 opportunities, weighted to higher- margin THRiV and digital programs, w ith opportunities materially larger on average than FY26 bookings • Disciplined cost management and capital allocation maintained • Targeting cashflow break-even in FY27 Discipline and Focus on Path to Profits • Pharma spends ~US$8B per year on patient-directed engagement, s upport, and point of care marketing i n the US, ~US$2B of which is addressable through pharmacy channels • Unique solutions offering targeted and measurable engagement Unique Solution for Large, High-Value Market

Page 18

Thank you.

Slides