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FY26 Results Presentation BUBS AUSTRALIA LIMITED 27 August 2026
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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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Acknowledgement of Country Bubs acknowledges the Traditional Custodians of the Lands on which we operate. We pay our respects to Elders past, present and emerging. 3
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FY26 Results Summary Financial Overview Regional Performance Strategy Outlook Q&A 01 02 03 04 Agenda 05 Joe Coote, CEO Chris Rowe, CFO 06 4
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Our Purpose To provide clean nutrition products that offer peace of mind for parents and lifelong wellbeing for their bubs 5
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Revenue momentum sustained through macro headwinds, with inventory built to support future growth $111.9M REVENUE GUIDANCE $105M - $115M 39.8% GROSS PROFIT MARGIN GUIDANCE >40% $5.3M UNDERLYING EBITDA GUIDANCE $4M - $8M -$1.8M EBITDA GUIDANCE ($2M) - $2M 66 Grew revenue – Group +9%; USA +24% Navigated disruption – Managed USA tariffs (total H1 $0.3m vs H2 $2.3m) and regulatory reset (H1 nil vs H2 $3.9m) while rationing supply Built for growth – Increased inventory ($36.3m vs $20.1m), executed air freight (H1 $1.9m vs H2 $1.1m), and increased capability (+$1m YoY) and marketing (+21% YoY) Converted strategy into results – Strategic priorities delivering measurable benefits Progressed FDA approval – Final review stage
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Financial Overview
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Group revenue growth driven by USA, with earnings impacted by H2 cost Income Statement $AUDm FY26 Revenue 111.9 44.5 FY25 102.5 49.1 39.8% 47.8% 0.9 2.0 EBIT (3.4) 4.5 (1.8) 5.2 Gross profit Gross profit (%) Operating expenses Other income / (expense) Reported EBITDA Underlying EBITDA 5.3 1.2 48.8 46.5 5.3 3.9 1.0 (0.8) 0.2 FY26 EBITDA USA Air freight Regulatory Reset USA Non- AU Tariff Alice & Willis settlement Restructure costs FY26 Underlying EBITDA (1.8) 3.0 Underlying gross profit 52.3 49.7 Underlying gross profit % 46.8% 48.5% Revenue • Up 9.2% to $111.9m, driven by 24% increase in USA revenue on FY25, offset by weaker performance in Australia and ROW Gross Profit • Down 9.4% to $44.5m, impacted by increased airfreight ($3.0m), regulatory ($3.9m) and total tariff-related costs ($2.6m) Operating Expenses • Up 5.0% to $48.8m reflecting increased marketing spend to activate the brand • Opex/revenue ratio improved to 44% (FY25: 45%) Underlying EBITDA • $5.3m up 338% (FY25: $1.2m), demonstrating strong underlying earnings improvement and operating leverage, despite temporary airfreight, tariff and regulatory-related challenges during the year 8 FY26 Reported EBITDA to Underlying EBITDA Bridge Net profit / (loss) after tax (4.6) 5.5
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Invested in restocking inventory to normalise levels Inventory • Increased to $36.3m (+$16.2m), driven by a targeted inventory restocking program to ensure continuity of supply and support growth Borrowings • $10.0m drawn under bank facilities to fund inventory restocking and working capital requirements associated with strengthening supply Operating Cash • Operating cash outflow of $15.1m reflects planned working capital investment, including a $16.2m inventory restock • Closing cash balance at $9.4m Cashflow $AUDm Jun-26 Operating cash flow (15.1) (1.2) Jun-25 6.1 (0.1) 8.3 (6.0) Closing cash & cash equivalents 9.4 17.4 Investing cash flow Financing cash flow Net change in cash & cash equivalents (8.0) (0.0) Balance Sheet $AUDm Jun-26 Current assets excl. inventories 24.2 11.8 Jun-25 30.8 6.3 72.2 57.2 Total liabilities 33.2 14.7 Non-current assets Total assets Current liabilities excl. borrowings Non-current liabilities 17.7 13.9 5.5 0.8 Net assets 39.0 42.5 Current inventories Current borrowings 36.3 20.1 10.0 0.0 Figures in above table may differ to financial statements due to rounding 9
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Net working capital reflects normalised inventory levels for a global IMF supply chain • Net working capital increased by $12.3m to $35.5m, reflecting investment in inventory to ensure supply continuity and growth • Inventory restock is now complete Net Working Capital Bridge Net Working Capital / Sales Figures in above table may differ to financial statements due to rounding 10 23.2 35.5 2.0 16.2 (0.6) (5.2) Jun-25 Net Working Capital Trade & Other Receivables Inventory Investment Other Assets Trade & Other Payables Jun-26 Net Working Capital 24.3 23.2 35.5 0 5 10 15 20 25 30 35 0 5 10 15 20 25 30 35 40 45 50 55 60 30.5% Jun-24 22.6% Jun-25 31.7% Jun-26 NWC/Sales % Net Working Capital $M
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Regional Performance
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Market conditions • Premiumisation and differentiated formulations continue to drive consumer demand1 • Held total IMF market share at 1%, premium natural at 8%, and goat infant share at 20%2 • Supply reliability and product safety remain critical factors. Recent recalls impacting category dynamics Build winning portfolio Expanded distribution • Expanded distribution from 4,000 to 10,000+ stores across all 50 States and targeted retail formats, including national availability through Amazon, Target and Walmart2 Marketing Activations • Shifted spend to brand awareness tactics on Amazon, Reddit & TikTok • Digital targeting drove incremental sales, providing the blueprint to scaling nationally to support increased distribution (+20% YoY click rate on Amazon) 2 • In-store marketing activations increased across key accounts Retail Execution • Launch of club format at Sam’s Club, targeting bulk purchasing consumer • Optimised retailer and format mix creating sustainable revenue growth USA – sales growth driven by expanding national accessibility of Bubs products to meet growing demand for premium IMF Kroger Target HEB Sam’s Club Giant Eagle Sprouts Walmart Meijer Sales revenue $65.8m up 24% vs pcp 12
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China – Healthy customer demand with inventory levels normalised Market conditions • China IMF market remains stable in value, with premiumisation offsetting volume declines3 • Marriages up 11% (CY25) while birth rates down 17% (CY25)4 • Regulatory reset concluding, product flows normalising Build a winning portfolio Infant • O2O3 channel expanded to 1800+ stores (+39%)5 with sell-out increasing 30%5 vs FY25 - Entered KidsWant (end of June), China’s largest Mother & Baby retail chain (O2O) • Total CBEC5 channel delivered strong sell-out up 34% FY255 • Began Douyin (TikTok) activation with strong livestreaming (#5 ranking in baby food livestream)5 Kids • Extended customer lifetime value through new product extension in Growing-up kids Adult • Offline expansion – launched CapriLac Adult into 100 premium retail outlets • CapriLac won Tmall Global award for category-leading performance • Launched China label CapriLac Sales revenue $21.4m flat vs pcp 13
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Australia – consumer spending pressures, temporary supply constraints, with refocused marketing driving renewed momentum Sales revenue $18.3m down 7% vs pcp Market conditions • Modest category value growth (3.5%) driven by premiumisation, while retail sales volumes face structural pressure from shrinking population of children aged 0–36 months6 • The market has become more competitive, with success dependent on availability, brand execution and investment behind differentiation 6 Build a winning portfolio – actions underway to recover market share • Entered FY26 with negative momentum following artwork refresh, supply disruptions and intensified competitive activity 6 • Recalibrated brand creative and increased H2 marketing to 16% of sales (H1 9%) to rebuild market share • Secured incremental goat formula ranging with Woolworths in 120 stores and delivered Amazon Australia sell-through growth of 35.9% vs FY25 7 • Encouraging lead indicators, with brand awareness increasing 10pts to 87%8 and regaining market share 14
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ROW – regulatory changes and inventory availability impacted financial performance Market conditions • Attractive long-term demographics and premium formula opportunities remain • Regulatory reset impacted product availability Build a winning portfolio • Product availability constraints impacted performance in H1 • Prioritised inventory allocation across key markets • Successfully implemented regulatory reset in H2 Japan • Stock rationing due to prioritisation • Marketing underway to recover market share Vietnam • Paused trading due to regulatory reset in H2 • Packaging refresh completed to satisfy labelling requirements • Re-launching H1 FY27 Sales revenue $6.4m down 25% vs pcp 15
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Strategy
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Growth strategy coming to life, translating our purpose and strategic pillars into actions and outcomes Transparency | Courage | Collaboration | Inspiration Activate Brand and Consumer Build a Winning Portfolio Connect Farm to Formula Strategic pillars Enablers Values To provide clean nutrition products that offer peace of mind for parents and life-long wellbeing for their bubs. Our Purpose Business transformation | Innovation | Strategic Partners | Performanceculture 17
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Increasing transformation momentum with disciplined investment and focus Activate Brand & Consumer Build a Winning Portfolio Connect Farm to Formula Enablers Reweighted digital marketing to increase brand awareness and drive sales Global brand refresh to elevate consumer appeal, strengthen competitive differentiation and accelerate sales growth Expanded market presence via new and broader retail partnerships Confirmed innovation pipeline for infant, baby and adult Canada new market entry Streamlined and optimised farm and production network Delivered $1.15m logistics and manufacturing savings Expanded our Australian goat herd by >70% Mapped growth scenarios to supply network options across buy / build / rent Strengthened operating platforms for core execution, planning and compliance Adopted AI via targeted functional use cases Deeper partnerships to support asset light growth Organisational Excellence, Digital and AI technology and High performing culture Delivered In Progress 18
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• Improved momentum expected through H1 as the business adapts to the new regulatory and tariff environment • Positive revenue growth outlook, with regional performance to remain mixed - USA – continued strong growth momentum - China – growth supported by expanded distribution and marketing - Australia – continued marketing investment to accelerate recovery - ROW – remains mixed, product flows improving • Gross margin is expected to improve, with working capital positioned to support the anticipated growth • Confidence in growth outlook underpins continued brand investment • Finalise the FDA approval process H127 Outlook 19
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Group definitions and non-IFRS measures Earnings Before Interest and Tax (EBIT), Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA), Underlying EBITDA and Underlying gross profit are non-IFRS measures, not been subject to audit or review. Underlying EBITDA: excludes one-off items (proceeds from insurance claim, credit recoveries & legal settlements, regulatory reset, restructuring costs, USA airfreight and USA non-AU tariffs). Underlying gross profit: excludes one-off items (regulatory reset, USA airfreight and USA non-AU tariffs). Net working capital: comprises of Trade and other receivables, Inventories, Other current assets & Trade and other payables O2O: “online-to-offline” where customer inspects products or receive advice at a physical Mother & Baby store, place order through anonline platform or in-store terminal and have product delivered from a cross-border warehouse CBEC: Cross-border e-commence where customers purchase products online Footnotes 1. Circana New Product Pacesetters, 2026 2. Circana Total Mulo+ Financial Year Ending 30/06/2026 3. Kantar Worldpanel China IMF Market Tracking 4. China National Bureau of Statistics 5. Mertico.com, Alibaba & JD.com, Goat IMF GMV (CBEC) as at 30/06/2026 6. StrategyHelix Group Australian Baby Formula Market 2026 – 2031 7. Amazon Australia 8. Infant Formula Brand Health Tracker – Kantar, May 2026 Appendix 21