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1 © 2026 Cogstate Ltd. All rights reserved. Annual General Meeting 15 October 2026
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-----------------------------------------------------------------------------------------Cogstate Ltd 2026 Annual General Meeting – Chairman’s Address To ShareholdersMr. Martyn Myer A.O.-----------------------------------------------------------------------------------------So to begin, let me introduce our board of directors.As I said, my name is Martyn Myer . I’ll start by firstly introducing Richard Mohs, who joins us online today, from Chicago. Richard is neuropsychologist by background and a former executive of Eli Lilly, who brings a wealth of experience in Alzheimer’s disease specifically, neuroscience generally, the conduct and clinical trials and the general running of a pharmaceutical company to the Cogstate Board.Joining us here in the room, Ingrid Player, who has a background in law and brings to the Board relevant sector experience in corporate governance, risk and sustainability. Ingrid Chairs our Audit, Risk and Compliance Committee.Kim Wenn, who brings more than 30 years of experience in innovation and digital technology. Since 01 January this year, Kim has Chaired both the Nomination Committee as 2 2 Board of DirectorsMartyn MyerNon-Executive ChairmanMember: Nomination Committee Ingrid PlayerNon-Executive DirectorChair: Audit, Risk & Compliance CommitteeMember: Remuneration CommitteeMember: Nomination Committee Richard MohsNon-Executive DirectorMember: Remuneration CommitteeMember: Nomination Committee Brad O’ConnorManaging Director / CEO Kim WennNon-Executive DirectorChair: Remuneration CommitteeChair: Nomination CommitteeMember: Audit, Risk & Compliance Committee Darryl InnsNon-Executive DirectorMember: Audit, Risk & Compliance CommitteeMember: Nomination Committee
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FY26 was a year in which Cogstate strengthened its momentum, broadened its opportunities and reinforced the foundations required for disciplined growth. As I said at the outset, from the Board’s perspective, this is a business that is not simply growing: it is becoming more diversified, more scalable and more strategically embedded in the global neuroscience and clinical-trial ecosystem.FY26 was a landmark year for Cogstate as we delivered on our strategy of diversification and expansion of our offering. This delivered not just record financial results, but also an increase in the scale of the business. All the while, we were investing in technology and planning for the next phase of growth for this business.It is a really exciting time for everyone involved in our business, from management to Board to shareholders, I think we all feel the sense of momentum. 3 3 3 A landmark year achieved through diversification and expansion of offering.Delivered record sales, revenue and profit, while investing with discipline to support the next phase of growth.
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As we reported in August, Cogstate delivered growth in all financial metrics during the FY26 year.The Company signed a record US$89.0 million in new net sales contracts during the year, and entered FY27 with US$118.5 million of contracted future revenue. Of this amount, at 01 July 2026, US$48.3 million of the total contracted revenue was expected to be recognised during FY27, providing a strong platform for the year ahead. Revenue of US$60.9 million, Gross profit of $35.4 million, EBITDA of US$18.3 million, and profit before tax of US$16.1 million. Operating cashflow for FY26 of $8.5 million was not as strong as FY25, due to the fact that we carried a high receivables balance into 30 June 2026, but we expect that to reverse in this current December half year period. I’ll talk more about capital allocation as we go through the presentation. 4 4 Sales Contracts$89.0m up 116%Contracted RevenueTotal: $118.5m FY27: $48.3m, up 54%Trial Starts90 initiated (vs 35) 171 running (vs 110)Growth Cash $34.8MNo debtInvestmentSelf-funded techCapital AllocationBuyback & DividendDiscipline FY26 Scorecard: A Record-Breaking YearAll figures in US$ and comparison is to previous corresponding period Revenue $60.9mUp 15%Gross Profit $35.4m58% GP margin via 2H26 margin of62%ProfitabilityPBT $16.1m Up 16%
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There is no doubt that those FY26 financial results that I just summarised are significant, although the Board’s view is the greatest importance lies in what they reveal about the quality and durability of Cogstate’s growth.During FY26, the Company continued to reduce its historic concentration in Alzheimer’s disease, not due to fewer opportunities but more importantly due to the expansion of our role in other areas of CNS research. Psychiatric and mood disorders, sleep, neurological conditions, rare disease and other indications contributed strongly to new sales, with 77% of FY26 contract value originating outside Alzheimer’s disease. This broadening of the portfolio increases our addressable market, reduces exposure to the development cycle of any one therapeutic area and supports a more resilient long-term growth profile. 5 5 Trial Starts are Increasing, Portfolio is Diversifying FY26: 90 new trial starts (vs 35 FY25)•14% Alzheimer’s.•46% Mood, Sleep & Other Neurology.•33% Rare Diseases.•7% Cancer, Metabolic and Other Diseases. Alzheimer’sMood, Sleep & Other NeurologicalRareCancer Metabolic & Other 0510152025303540455055 1H222H221H232H231H242H241H252H251H262H26 Number of Trials Number of New Trial Starts, per Half Year •Record number of new trial starts.•Project base is broader, deeper and more resilient. •Higher active trial numbers support multi-year revenue opportunity.•Increasingly positioned as the incumbent endpoint provider as programs progress.•Scale provides significant opportunity for automation and further margin growth. 5
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At the same time, Cogstate is expanding the depth of its contribution within each study. The Company is evolving from a provider of digital cognitive assessments to a broader CNS endpoint partner, combining validated technology with endpoint quality management, data review, specialist scientific expertise and also central rating. The expansion of service areas strengthens Cogstate’s relevance to sponsors, expands the potential value of individual trial engagements and creates a stronger basis for repeat and follow-on work.Today we wanted to highlight the growing importance of one such area of expansion, central rating, and explain the growing importance of this offering for our business.As clinical trial study design and conduct has evolved, we have evolved to meet the market. Central Rating is an excellent example of this evolution. Historically, assessments have been administered by clinicians working at clinical trial sites, such as research hospitals and specialty clinics. In that setting, Cogstate's role has been to support those site-based raters through training, certification, and ongoing quality oversight. We ensure assessments are conducted according to protocol and monitor performance to maintain consistency throughout the trial.Over time, sponsors have increasingly recognized that many assessments can be delivered more consistently by a dedicated team of highly specialized clinicians operating within a centralized quality framework. Cogstate has developed a global network of consulting clinicians with expertise across psychiatry, neurology, psychology, neuropsychology, and 6 6 Central Rating is Growing Rapidly Representing One-Third of Contracted Revenue •Central Rating represents:-32% of total $118.5m contracted future revenue.-33% of contracted $48.3m FY27 revenue.•New Central Rating study starts increased from 3 (FY24) to 5 (FY25) to 12 (FY26).•28 of 171 active trials currently utilise Central Rating.•Margins consistent with (or better than) other service offerings, while the clinician network modelallows costs to scale with revenue.
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Our channel partner strategy is also gaining material traction. Partner-related contracts accounted for approximately 40% of new sales in FY26. The Medidata relationship, alongside collaboration with a growing group of clinical-trial technology partners, is extending Cogstate’s commercial reach and embedding our capabilities more deeply into sponsor workflows. These relationships are increasingly becoming a structural feature of the Company’s go-to-market model, supporting more scalable opportunity flow while preserving the quality and economics of our offering. 7 7 Partnerships Support Repeatable Growth •Strategic partnerships are embedding Cogstate solutions within leading clinical trial platforms.•These relationships broaden access to programs and support a more repeatable pipeline of opportunities.•Partnerships and integrations are an increasing contributor to growth. Partner related contracts (including eCOA and CRO) accounting for approx. 40% of value of new sales contracts in FY26.
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As the Company grows, the Board is focused on ensuring it has the operating model, systems and governance needed to scale responsibly.This is why the continued evolution of Cogstate’s technology platform is so important. The Company has introduced AI-supported capabilities in central monitoring and rater training, while retaining human oversight and scientific accountability. While we will continue to seek to use AI to develop new products for customers, like all services businesses, we must also think about how AI can transform our operating model and drive efficiencies. I am very pleased to say that, during FY27, investment will extend further into workflow orchestration, automation and greater operational transparency across teams, systems, sponsors, sites and partners. This will be a two-year project that we expect will deliver small efficiency gains in FY28 and more substantial gains in FY29 and beyond. The purpose of these initiatives is practical and disciplined: to protect and enhance quality as the business expands, improve the customer experience, and enable Cogstate’s specialists to direct their expertise to where it has the greatest impact. The Board regards AI as an enabler of better science, stronger quality control and more efficient delivery. Applied with appropriate governance, it can support a more resilient and scalable operating model. 8 8 Building an AI-enabled operating platform for modern CNS trialsAI product enhancement, platform evolution •AI-enabled Rater Training and AI-enabled Central Monitoring are the first initiatives of a broader AI-enabled platform for regulated CNS trial workflows.•The next phase extends AI and automation across workflow orchestration and system integration in trial operations to reduce manual processes and improve delivery efficiency.•This strengthens Cogstate’s differentiation as a trusted technology partner with greater scalability, stronger margins over time and deeper pharmaceutical customer engagement.•Two-year build-out over FY27 & FY28, predominantly CapEx. 8
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The Board’s confidence in Cogstate’s outlook is reflected in the long-term incentive arrangements that shareholders are asked to consider today, which are anchored on strong CAGR growth.These arrangements are designed to align executive reward with the sustained creation of shareholder value. They do not reward activity alone or place undue emphasis on a single, short-term outcome. Instead, they are linked to the growth and performance measures that the Board believes best reflect successful execution of Cogstate’s strategy over time. 9 9 Long Term Incentive Targets 2025 Grant2026 GrantTranche 1 (50%) Revenue CAGRLess than 5% CAGR = NilAt 14% CAGR = MaximumLess than 15% CAGR = NilAt 25% CAGR = MaximumStraight-line vesting occurs for performance between threshold and maximum Tranche 2 (50%) EPS CAGR Less than 10% CAGR = NilAt 25% CAGR = MaximumLess than 15% CAGR = NilAt 30% CAGR = MaximumStraight-line vesting occurs for performance between threshold and maximum EPS: Earnings Per ShareCAGR: Compound Annual Growth Rate
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The Board has also been encouraged by the step-up in investor engagement over the past 12 months. We have seen increased interest in Cogstate from the investment community in both Australia and the United States, alongside an expanded list of institutions joining the Company’s register. This interest reflects a growing appreciation of Cogstate’s differentiated position at the intersection of neuroscience, clinical research and technology, and an external validation of the strength of our growth pathway.Our Investor Insights Series and inaugural Shareholder Day, held in November 2025, were important initiatives in strengthening that engagement. The Board remains committed to clear, accessible and meaningful engagement with shareholders as Cogstate continues to evolve.The Board is equally focused on the measured and considered allocation of shareholders’ capital. Our responsibility is to balance three priorities: preserving the financial strength required to pursue growth opportunities; delivering appropriate and sustainable returns to shareholders; and investing in the capabilities that will underpin Cogstate’s long-term competitive advantage.To this end, the Board is committed to disciplined investment in technology evolution. Investment in workflow orchestration, automation and AI-enabled delivery is intended to support higher-quality outcomes, greater efficiency and a more scalable operating platform. These are deliberate investments in the Company’s ability to grow without compromising the scientific credibility and service quality on which its reputation depends. 10 10 Capital Management Plans Capital ExpenditureThere is presently a generational opportunity to utilise technology to lift future gross margins. Therefore, capital expenditure will increase over FY27 and FY28 as we build out an AI powered operating platform that will enable Cogstate, over the medium term, to improve efficiency and enable expansion of gross margins.FY26 Annual DividendIncreased to A$0.04 per share, fully franked, reflecting business confidence and growth prospects.The payout ratio of approx. 40% of after-tax profits sits comfortably within our stated target of 20% - 50%.Share BuybackWe have maintained an on-market, share buy-back program. This provides the Company with the flexibility to reduce shares on issue where the Board considers that to be in shareholders’ best interests.
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Cogstate’s enduring advantage remains the combination of scientific rigour, validated digital assessments, specialist CNS expertise and a genuine commitment to improving the quality of clinical evidence. As the business expands, these strengths must remain non-negotiable.On behalf of the Board, I thank Brad O’Connor, the leadership team and all Cogstate employees across the world for their expertise, commitment and focus during the last year . I also thank my fellow directors for their stewardship and contribution.Finally, thank you to our shareholders for your continued support and confidence. Cogstate enters FY27 with a stronger contracted revenue base, greater therapeutic diversification, an expanding partner ecosystem and a clear pathway to technology-enabled scale.The Board is confident that Cogstate is well positioned to build on this momentum and to create enduring value for shareholders, customers and, ultimately, the patients whose lives may be improved through better brain-health research.Thank you. 11 11 Thank YouAs we grow, we remain committed to scientific rigour and operational excellence that have brought us this far.
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--------------------------------------------------------------------------------------------------Cogstate Ltd 2026 Annual General Meeting - Managing Director Address to Shareholders Mr. Brad O’Connor--------------------------------------------------------------------------------------------------Firstly, I’d like to thank Martyn and the whole Board for their continued support and also, formally, welcome Darryl to the Board.Secondly, I want to acknowledge the ongoing commitment of our broader leadership team – it is, without doubt, the best team that I have ever had the pleasure of being involved with. They are hard working and all truly believe that we are building something special here. It’s a fun place to work; the work we do makes a difference for the lives of sick people, our team is full of smart, energetic people who want to create something of which we can all be proud and we find ourselves at a unique moment in time where technology allows us to completely re-imagine ways of working. Before we get in to the first quarter results, I wanted to spend a couple of minutes focusing on the likely sources of growth over the next few years.There is no doubt that we are seeing an increase in activity, which is supported by the increase in proposals volumes over the last couple of years. This reflects a general increase in R&D spend, and therefore trial starts, in Central Nervous System disease areas. 12 12 Sources of Growth Increased Investment in CNS DiseasesIndication ExpansionMaturation of Current PortfolioService Offering ExpansionGo-To-Market StrategyIncrease in trial starts, generally.Increased discovery cadence through AIPsychiatry and Orexin programs, incl. recent M&A as commercial validation Expansion of Cogstate focus areas increases addressable market•Psychiatry & Mood•Mental Health•Sleep Expansion of Cogstate service offering increases share of R&D spend•Central Rating Continued growth of opportunities via channel partnersOngoing phase 2 trials:•45 at 30-Jun-2025•78 at 30-Jun-2026Progress from phase 2 to phase 3 will lead to increased sales value 1 2 3 4 5
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The September quarter sales results demonstrated Cogstate’s ability to win market share in mood disorders. Throughout the quarter, we executed $25.1 million of net sales contracts. The sales result was highly influenced by competitive win of 4 phase 3 trials, while in respect of a separate, fifth, phase 3 trial we executed the main agreement during the September quarter following a small start up agreement being executed in late June. The start up agreement, for a value of less than $100,000, enabled us to start work earlier to ensure that we could meet study start-up timelines.These 5 x phase 3 trials, across two customers, contributed approximately 80% of the total contract sales value executed during the quarter. In each of these trials, our channel partnership strategy was crucial to winning the competitive bids. As a general statement, it is difficult to win competitive work at phase 3 – the differentiator in this situation was that our channel partnerships allowed our customers to work with their preferred data capture technology provider, while our team at Cogstate was able to successfully demonstrate our expertise and capability in the execution of complex phase 3 trials.The absence of larger Alzheimer’s trial wins during the quarter is noted but not considered a major concern. Our expectation is that Alzheimer’s will be a more prevalent contributor to sales contracts in calendar year 2027 and that the September quarter results 13 13 Net Sales Contracts Executed1Q27: $25.13m, up 17% vs 1Q26•2% Alzheimer’s.•93% Mood, Sleep & Other Neurology.•5% Rare Diseases.•0% Cancer, Metabolic and Other Diseases. •Continued contribution through channel partners•9 new clinical trials•1 x phase 1•4 x phase 2•4 x phase 3•Competitive phase 3 wins in bipolar and depression, demonstrating our ability to take market share 13 0 5 10 15 20 25 30 1Q252Q253Q254Q251Q262Q263Q264Q261Q27 US$ Millions Net Sales Contracts Executed, Per Quarter
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Contracted FY27 revenue increased to $56.8 million at 30 September 2026, from $48.3 million at 30 June 2026. The $25.1 million in new contracts executed during 1Q27 contributed $8.5 million to contracted FY27 revenue, representing an in-year revenue yield of 34%.This yield was lower than typically expected for first-quarter sales, reflecting a lower-than-usual licence fee contribution of 7% (compared to a historical average range of 20%-25%) and the significant proportion of longer-duration Phase 3 trials. The resulting revenue profile strengthened coverage for FY28, with contracted revenue increasing to $39.7 million at 30 September 2026, from $31.4 million at 30 June 2026. 14 14 Clinical TrialsHealthcare 0 10 20 30 40 50 60 FY27FY28FY29FY30FY31 + US$ Million Clinical Trials Backlog Run-Off Comparison30 September 202630 June 2026FY27$54.5mFY27$46.1mFY28$37.5mFY28$29.1mFY29$25.2mFY29$18.4mFY30$8.6mFY30$5.4mFY31+$6.5mFY31+$8.1mTotal$132.3mTotal$107.1m Contracted Revenue$143.7m, of which $56.8m expected to be recognised in FY27 14 •FY27 $56.8m contracted revenue•1H27 $31.7m•2H27 $25.1m•34% in-year revenue yield from 1Q27 sales contracts•FY28 position strengthened with $39.7m under contract
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In summary:Cogstate enters FY27 with strong commercial momentum and a broader base of opportunity. We are winning competitive work across more disease areas, our partnerships are extending our reach, and our growing trial portfolio provides opportunities as programs advance. At the same time, we are investing with discipline in the technology and operating capabilities needed to scale efficiently. Our focus is clear: deliver for customers, maintain scientific rigour and translate this momentum into sustained shareholder valueAgain, I want to thank the management team for their hard work and thank all of our shareholders for their continued support. 15 15 Strong momentum. Broader opportunity. Disciplined execution 1 2 3 4 5 Commercial momentum continues: US$25.1m in 1Q27 net sales contracts, up 17% on the prior corresponding period.Diversification is delivering: Competitive Phase 3 wins in bipolar disorder and depression demonstrate our ability to win beyond Alzheimer’s disease.Partnerships extend our reach: Channel relationships are opening opportunities and helping convert competitive bids into new business.The portfolio supports future growth: US$56.8m contracted for FY27; 79 ongoing Phase 2 trials provide potential follow-on opportunities as programs advance.Investing to scale efficiently: AI and automation investment over FY27–FY28 is designed to improve delivery efficiency and support margin expansion over time.Executing today. Building capacity for tomorrow.
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