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FDA Authorisation BUBS AUSTRALIA LIMITED 10 Sep 2026 Joe Coote – CEO Chris Rowe – CFO Jasmin Manner – President - USA
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Disclaimer This presentation is in summary form and is not necessarily complete. It should be read together with the Company’s other announcements lodged with the Australian Securities Exchange. This presentation contains information that is based on projected and/or estimated expectations, assumptions or outcomes. Forward looking statements are subject to a range of risk factors. The Company cautions against reliance on any forward-looking statements, particularly in light of the current economic climate, the need for approvals from relevant regulators, changes in consumer shopping behavior and demand in international markets, as well as the costs and implications of any potential litigation. While the Company has prepared this information based on its current knowledge and understanding and in good faith, there are risks, uncertainties and factors beyond the Company’s control which could cause results to differ from projections. The Company will not be liable for the correctness and/or accuracy of the information, nor any differences between the information provided and actual outcomes and reserves the right to change its projections from time to time. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this presentation, subject to disclosure obligations under applicable law and ASX listing rules. This presentation is for information purposes only and is not a product disclosure statement or prospectus, financial product or investment advice or a recommendation to acquire securities. The Company’s results are reported under International Financial Reporting Standards (IFRS). However, this presentation contains non-IFRS financial measures to provide a more comprehensive understanding of the Company’s performance. Non-IFRS measures are not subject to audit or review. All currency referred to in this document is in Australian dollars, unless otherwise stated.
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FDA permanent authorisation secured - transformation milestone 4 years in the making Our Purpose Permanent FDA authorisation secured for Bubs Goat, Bubs 365 Day Grass Fed and Bubs Essential infant formula products Establishes Bubs among a limited group of non-US manufacturers authorised to supply the US infant formula market Unlocks opportunities to expand product innovation and pursue participation in the US infant nutrition contract manufacture segment 3
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Transparency | Courage | Collaboration | Inspiration Activate Brand and Consumer Build a Winning Portfolio Connect Farm to Formula Strategic pillars Enablers Values Business transformation | Innovation | Strategic Partners | Performance culture Strategy Products Infant milk formula Toddler milk formula Adult CapriLac Markets USA Revenue $66M China Revenue $21M Australia Revenue $18M Rest of World Revenue $6m 59% of revenue 19% of revenue 16% of revenue 6% of revenue Revenue FY26 Portfolio Brands Permanent FDA authorisation secures the USA as a cornerstone of our global portfolio, strengthening conviction to accelerate profitable, sustainable growth 4
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Board and Executive leadership with deep, proven US infant formula experience Board Leadership Paul Jensen Chair Steve Lin Non-executive Director Joe Coote CEO & Managing Director Speaker Lori Tauber Marcus Non-executive Director Pascal De Petrini Non-executive Director Chris Rowe CFO Speaker Annie Chen CMO Jasmin Manner President USA Speaker Kathryn O’Hehir GM – Corporate Services Richard Paine COO 5
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Competing where growth is strongest USA Infant Formula Total Addressable Market (AUD) Total IMF Premium Natural IMF Goat IMF $7.2b Premium Natural 12% of total market1 $842m Goat segment 48% of Premium Natural 1 $400m Bubs 24% market share 1 • Premium Natural and Goat Formula are growing substantially faster than the broader market • FDA authorisation creates additional pathways to expand participation in these high-growth segments 1. Source: Circana, Total Mula+, 2025 2. Source: Circana, Total Mula+, calendar years 2021-2025 All figures are in AUD 4-year CAGR = 53.6%2 4-year CAGR = 189.5%24-year CAGR = 3.9%2 Bubs 11% market share1 6
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Five years into USA growth strategy BUB USA Sales Revenue 8.1 23.9 35.0 53.1 65.8 FY22 FY23 FY24 FY25 FY26 • Built a distribution network of scale and invested in continuity of supply • Built awareness and demand for the Goat category • Confident to invest for long-term growth CAGR 52% 7All figures are in AUD
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Expand within existing accounts Improve in-store productivity Expand distribution door count Geographic white space Scale with strong regional grocery partners Selective channel expansion Specialty, Club, Drug 4,368 5,558 10,000+ Kroger Target HEB Sam’s Club Giant Eagle Sprouts Walmart Meijer Increased facings and incremental displays 1067 2257 48313301 3301 3871 477 2500+ 50 2025 Feb-26 Sep-26 Mass Grocery Natural Drug Club We are scaling distribution while strengthening premium brand positioning 8
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Marketing Mix Modelling (MMM) provides measurement and confidence to invest behind the brand.Our 360° campaign educates on goat milk benefits and Australian provenance. 1 We scale the channels and messages that generate measurable incremental growth. 1 Reach priority parents 2 Build trust & convert demand 3 Measure incremental ROI 4 Reinvest to scale growth Tracked through: MMM (incrementality) Numerator (shopper) Circana (share & velocity) Platform-native analytics Each turn compounds more buyers – more reviews and first-party data – sharper, cheaper reach Permanent FDA authorisation secured – accelerating the USA marketing flywheel 9 9
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RENOVATE THE CORE Build a stronger premium shelf proposition • Refresh to support price and mix • Improve conversion at shelf • Lift distribution quality Illustrative new high-top lid INNOVATE TO BROADEN Broaden the portfolio with the strongest US growth opportunities • Scale the infant formula portfolio • Capture premium-led mix • Extend into adjacent formats FDA authorisation supports a higher-value, scalable USA profit platform 10 10
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We are pursuing contract manufacturing opportunities that leverage available capacity in our world class farm to formula value chain • Assessing contract manufacture segment (total USA TAM $350m+) 1 • Leverage open capacity in our world class farm to formula value chain • FDA variant submission lodged 9 Sep 2026 Bubs Farm to Formula Value Chain 1. Source: Circana, Total Mula+, calendar years 2021-2025 All figures are in AUD 11
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Supply network options will be actioned selectively as they meet clear growth, risk and return hurdles • Mapped options for buy, build and rent options • Trade off assessment: cost, capital efficiency and responsiveness • Dependent on growth, risk and return hurdles Future network scenarios DRYING CANNING DISTRIBUTE CUSTOMERFARM USA AU CHINA ROW 12
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FDA authorisation underpins Bub’s differentiated platform for sustained, profitable growth 47 Proven brand equity in the premium natural market Diversified and large global markets Attractive category with high barriers to entry and strong margins Resilient and responsive supply chain Build financial momentum Highly experienced Board and leadership team 13