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© 2026 Cogstate Ltd. All rights reserved. Investor Presentation1H26 Financial Results19 February 2026 Brad O’Connor, CEO | Darren Watson, CFO | Rachel Colite, EVP Clinical Trials For personal use only
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2 2 DisclaimerThis presentation has been prepared by Cogstate Limited (‘Cogstate’). The information in this presentation is of a general nature and does not purport to be complete, nor does it contain all the information which would be required in a prospectus prepared in accordance with the requirements of the Corporations Act. This presentation may contain statements, opinions, projections, forecasts and other material (forward looking statements), based on various assumptions. Those assumptions may or may not prove to be correct. None of Cogstate, its respective officers, employees, agents, advisers or any other person named in this presentation makes any representation as to the accuracy or likelihood of fulfilment of any forward looking statements or any of the assumptions upon which they are based.The information contained in this presentation does not take into account the investment objectives, financial situation or particular needs of any recipient and is not financial product advice. Before making an investment decision, recipients of this presentation should consider their own needs and situation and, if necessary, seek independent, professional advice.To the extent permitted by law, Cogstate and its respective officers, employees, agents and advisers give no warranty, representation or guarantee as to the accuracy, completeness or reliability of the information contained in this presentation. Further, none of Cogstate and its respective officers, employees, agents and advisers accept, to the extent permitted by law, responsibility for any loss, claim, damages, costs or expenses arising out of, or in connection with, the information contained in this presentation. Any recipient of this presentation should independently satisfy themselves as to the accuracy of all information contained herein. For personal use only
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3 1H26 Business Highlights Expansion and diversification of trial portfolio and customer base1 •133 ongoing trials at 31 Dec 2025 - up 34% year-on-year.•42 new trial starts in 1H26.•6× growth in sales to mood, sleep and other neurological disorder programs validating resource investment.•New pharma and large-biotech customers added, each with potential for multi-program pipelines. Channel partnerships gaining momentum2 •Record number of sales opportunities identified in each of the past six quarters.•In the Dec-25 quarter, channel partners drove 70% of opportunities and 62% of executed sales contracts.•No margin impact from co-selling through partners. Technology advancement3 •Ongoing progress and customer uptake in Cogstate’s proprietary AI-powered solutions. For personal use only
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4 1H26 Financial Highlights Growing market share in an expanding market 1 Sales up 105%, driven by record opportunities from an expanded, more diversified customer base across multiple indications.CNS expected to be one of the fastest growing R&D areas. 1H26 revenue $26.9m is up 12% vs pcp License fees 23% of Clinical Trials revenue- up from 19% pcp- down from 31% in 2H25License fee revenue generally recorded when contract executed. 2 Cost of sales has increased, but with some qualification17% increase in Clinical Trials delivery staff to support a larger, more diversified portfolio.Reallocation of costs and one-off items impacted 1H26 results. 3 Temporary margin impact will enable sales growthEBITDA $6.5m at 24.3% marginProfit before tax of $5.3m at 19.8% margin.Profit after tax of $4.5m at 16.7% margin. 4 Forecasting revenue and profit growth in 2H26$21.7m contracted revenue for 2H26 - up 24% vs pcp$27.0m contracted revenue for FY27- Up 13% vs pcpSales pipeline remains at record level. 5 All figures in US$ For personal use only
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5 Financial Summary - Operational Leverage EvidentKey Points: •Revenue up 12% with OpEx down 9%.•Operating costs declining as % of revenue as business scales.•Gross Margin: 52.8% vs 61.4% pcp-Gross margin compression temporary, market share gains enduring.-Strategic reallocation of senior scientists to delivery supports entry into high-value mood disorder markets.-FTE investment (+13.1 delivery staff) underpinning 6x growth in mood/sleep contracts.-Doubtful debt provision: $0.5M (non-recurring)•2H26 margin recovery: 56-59%. Long-term target: 60%+.•Technology Investment-D&A up 16% from AI tools and platform development, with capitalised software spend of $2.8M (vs $0.7M pcp). 1H261H25MovementTotal Revenue$26.9M$23.9MUp 12%Gross Profit$14.2M$14.7MDown 3%Gross Margin52.8%61.4%Down8.6 pointsOperating Costs($7.7M)($8.5M)Down 9%EBITDA$6.5M$6.2MUp 5%EBITDA Margin24.3%26.0%Down1.7 pointsNet Profit (before tax)$5.3M$5.2MUp 2%NPBT Margin19.8%21.8%Down2 pointsNet Profit (after tax)$4.5M$3.9MUp 16%NPAT Margin16.7%16.3%Up 0.4 points For personal use only
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6 Maturation of Revenue Profile Enabling GrowthHighlights•Increase in Clinical Trials sales contracts.•License fees 23% of Clinical Trials revenue.-Higher mix of full-service endpoint solutions.-Multi-year revenue durability.•Run-off of a strong, diversified contracted revenue backlog (by indication, phase and customer).•Healthcare revenue under the Eisai agreement provides a stable, high-margin recurring base, albeit a modest share of Group revenue. 1H262H251H25Total Revenue$26.9m$29.1m$23.9m- Clinical Trials Revenue$25.7m$27.9m$22.7m- Healthcare Revenue $1.2m$1.3m$1.2m For personal use only
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7 Revenue Performance of Clinical Trials 6 11 16 21 26 31 1H 202H 201H 212H 211H 222H 221H 232H 231H 242H 241H 252H 251H 26 US$ Million 1H26 Clinical Trials Revenue $25.7m•13% growth against pcp; down compared to most recent half-year-Half-to-half variability normal due to milestone-based revenue recognition.•License fee revenue 23% of Clinical Trials revenue-19% in 1H25.-31% in 2H25.•Improved durability of revenue supporting more predictable forecasting.•Contracted revenue of $21.7M for 2H26 (up 24%) demonstrates strong trajectory continuing. For personal use only
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8 Cost of SalesKey Items Impacting 1H26:Planned investment to support growth: •17% increase in direct staff in Clinical Trials (excl. BD) to manage larger, more varied portfolio of work. 89.8 FTE at 31-Dec-25 .Share based payment expense:•Benefit recorded in 1H25 from LTI that did not vest. Note that 2H25 expense was $0.4m.Other costs & reallocations: •$0.8m reallocation of science resources from operating expenses to cost of sales (no bottom-line impact).•$0.2m Increase in business development commissions due to higher sales (will flex with sales achieved each half).•$0.5m Provision for doubtful debt from US based biotech (shown in other direct costs). US$ millions1H261H25ChangeDirect wages and salaries9.47.22.2Less capitalization of software development costs(0.4)(0.2)(0.2)Share based payment expense0.50.10.4Direct contractor1.81.60.2Direct depreciation0.10.10.0Other direct costs1.40.60.8Cost of Sales12.89.43.4 Net result: Excluding “Other costs & reallocations”, pro-forma gross margin was 58.4%, within expected margin range given investment in resources to support growth.For personal use only
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9 Strong Cash Position Supports Growth InvestmentKey Points:•$34.1M cash, no debt, •Operating cashflow: Tax paid: +$2.2M (reflects higher profitability).•Investing cashflow: Technology capex: +$2.2M (AI tools positioning for future).•Financing cashflow: -Options exercised: $0.7M additional cash received in 1H26.-Maiden dividend: $2.2M additional outflow (shareholder return) in 1H26.-Share buyback: $0.8M less spent on share buy-back in 1H26. Net result: Strong balance sheet with cash actively deployed into growth and shareholder returns. US$ millions1H261H25ChangeNet Profit after Tax4.53.90.6Depreciation & Amortization1.61.40.2Non-cash employee benefits0.9(0.1)1.0Grant funding received(0.1)(0.1)0.0Other (0.4)(0.4)0.0Change in working capital(4.1)0.3(4.4)Operating Cash Flow2.45.0(2.6) Cash Flow used in investing activities(2.7)(0.5)(2.2) Cash flow used in Financing activities(1.2)(0.4)(0.8) Total Cash Flow(1.5)4.1(5.6) For personal use only
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10 Contracted Future Revenue Provides Earnings Visibility Actual 1H25 RevenueContracted Future Clinical Trials RevenueContracted Future Healthcare Revenue Key Points:•$104.9m contracted future revenue, up 6% vs PCP-$92.3m Clinical Trials.-$12.5m Healthcare.•$48.6m in contracted FY26 revenue, up 17%-$41.3m PCP.-$21.7m 2H25 (vs $17.5m PCP). 26.9 20.5 24.722.914.79.5 1.1 2.32.3 2.34.5 0 10 20 30 40 50 60 FY26FY27FY28FY29FY30+ US$ Millions Contracted Revenue31-Dec-25US$ 'm31-Dec-24US$ 'mChangeUS$ 'm%Next half21.7 17.54.224%Following FY27.023.83.213%FY+225.218.96.333%FY+316.915.51.49%FY+4 (and later)14.123.5(9.4)(40%)Total104.9 99.2 5.76% For personal use only
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11 Technology Investment and StatusKey Points:•AI-powered Monitoring and Rater Training progressing into development across additional scales and languages.•Platform transformation ~75% complete, delivering standardisation, greater scalability, better integration and stronger security.•Algorithmic Monitoring gives customers deeper insight into data quality for central monitoring.•Data Reporting Enhancements improve visibility of study status and progress, lifting internal efficiency. US$ millions1H26AI-Powered Monitoring0.4AI-Powered Rater Training0.1Platform Transformation (Modernisation)1.0Algorithmic Monitoring0.3Data Reporting Enhancements0.3Other 0.7Total 2.8 For personal use only
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12 Sales Contracts Reflecting Greater Diversification 0 10 20 30 40 50 60 1H222H221H232H231H242H241H252H251H26 US$ Millions 1H26: $41.7m sales contracts executed•38% Alzheimer’s.•45% Mood, Sleep & Other Neurology. •15% Rare Diseases.•2% Cancer, Metabolic and Other Diseases. 2nd best half year ever recorded•2nd only to 1H22 $54.5m.•1H22 highly concentrated – 89% Alzheimer’s. Alzheimer’sMood, Sleep & Other NeurologicalRareCancer Metabolic & Other For personal use only
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13 Pipeline Expansion Tracking to Sales Conversion 01020304050607080901QFY162QFY163QFY164QFY161QFY172QFY173QFY174QFY171QFY182QFY183QFY184QFY181QFY192QFY193QFY194QFY191QFY202QFY203QFY204QFY201QFY212QFY213QFY214QFY211QFY222QFY223QFY224QFY221QFY232QFY233QFY234QFY231QFY242QFY243QFY244QFY241QFY252QFY253QFY254QFY251QFY262QFY26 Number of New OpportunitiesNumber of New Contracts For personal use only
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14 Expanding Portfolio of Clinical Trial Projects1H26: 42 new trial starts (vs 25 pcp)•10% Alzheimer’s.•52% Mood, Sleep & Other Neurology.•36% Rare Diseases.•2% Cancer, Metabolic and Other Diseases.Most active half year for new trial starts•More than all FY25.133 Total Active Trials Ongoing (vs 99 pcp)•31 Phase 3 trials (vs 21).•59 Phase 2 trials (vs 43).•24 Phase 1 trials (unchanged).•19 other (vs 11). Alzheimer’sMood, Sleep & Other NeurologicalRareCancer Metabolic & Other 051015202530354045 1H222H221H232H231H242H241H252H251H26 Number of Trials Number Of New Trial Starts, per half Team is ready for growth•Expanded to manage a larger, more diversified portfolio.•Expect to see continued trial starts in 2H26. For personal use only
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15 Operational Example: Deep Scientific Collaboration Building a Scalable Partner Franchise A top-5 pharmaceutical sponsor* chose Cogstate for an early-phase program where scientific collaboration was mission-critical. Cogstate embedded its science and technology into the sponsor’s ecosystem, integrating with established and emerging eCOA partners and delivery models. Engagement has expanded to multiple late-stage programs across Alzheimer’s, related dementias, movement disorders and mood disorders with several eCOA partners. New contract awards expected to grow materially over coming years as the relationship scales across indications and geographies. * by 2024 R&D spend For personal use only
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16 Momentum Predicated onMultiple Growth Drivers Growth across multiple indications•Scientific and operational investment driving expansion into mood disorders (progressed) and dermatology, autoimmune, hematology (emerging).•Cogstate endpoints regularly selected as primary/key secondary outcomes in sleep/narcolepsy trials (4 programs and growing).•Rare disease trials growing as successful programs move to late phase.•Strong position in pre-symptomatic Alzheimer’s as R&D shifts toward prevention. Channel partnerships maturing and beginning to impact sales momentum•Channel partnerships with Medidata and other eCOA partners are delivering a growing share of qualified opportunities and contract wins from segments we could not efficiently reach through direct sales alone. Favorable competitive dynamics•Few playersin full-service CNS endpoint management•High barriers to entry requiring specialised regulatory expertise and validated solutions. For personal use only
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17 Capital Allocation•The Board has determined not to declare an interim dividend for the half-year ended 31 December 2025. •The Company maintains its annual dividend policy and will consider a final dividend at year end.•Share buyback is ongoing and will be utilised when valuation is compelling. Capital Management Priorities•Strategic growth initiatives: Targeting opportunities that align with strategy, enhance capabilities, and build long-term value.•Investment in innovation: Funding product and service development to drive growth and competitiveness.•Capital returns: Flexible share buybacks when valuation is compelling.•Sustainable dividends: Targeting annual dividend payout ratio of 20% - 50% of NPAT, while retaining sufficient capital for growth and innovation. 17 For personal use only
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18 Outlook 2H26 & FY26 Outlook•Revenue: Continued growth expected, FY26 to exceed FY25.•Gross margin: Return to 56-59% in 2H26.•Operating leverage: Continue demonstrating cost discipline.•Sales pipeline: At record levels.•Trial portfolio: 133 trials provides multi-year visibility. Strategic Investments•Scientific resources: Psychiatry & mood disorders expansion.•Data engineering: AI-powered analytical tools.•Channel partnerships: Expanding market reach.All delivering measurable commercial results. Market Opportunity•CNS R&D spending: Fastest growing segment.•Cogstate positioned to win >proportional share.•Proven delivery on large Phase 3 trials.•Expanding capabilities across indications.•Partner of choice for breakthrough CNS therapies. For personal use only
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19 Summary Cogstate delivered solid revenue growth, strong sales momentum and increased future revenue visibility, underpinned by disciplined cost control and a solid cash position. Strong H1 performance with operational leverage Record diversified sales contractsMarket share gains from competitors Record contracted revenue at the start of 2H26 133 active trials providing multi-year visibility Well-positioned for continued growth For personal use only
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