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DisclaimerThis presentation has been prepared by PolyNovo Limited (ASX: PNV) (“PolyNovo”) for general information purposes only and is current as at the date of this presentation. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information contained in this presentation.This presentation does not constitute investment, legal, accounting or other professional advice and has been prepared without taking into account the investment objectives, financial situation or particular needs of any recipient. Recipients should consider their own circumstances and seek independent professional advice before making any investment decision. This presentation is not an offer, invitation,solicitationor recommendation with respect to the purchase or sale of securities inPolyNovo.To the maximum extent permitted by law, PolyNovo and its directors, officers, employees, advisers and agents disclaim all liability (including liability for negligence or negligent misstatement) for any loss or damage arising from the use of, or reliance on, this presentation or its contents. Nothing in this presentation excludes or limits any liability which cannot be excluded by law. Certain information in this presentation may constitute forward-looking statements, including statements regarding PolyNovo’s expectations, intentions, strategies, plans, objectives, prospects, anticipated events, clinical outcomes, regulatory pathways, financial performance or growth opportunities. Forward-looking statements are based on current expectations, assumptions and estimates and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of PolyNovo, that may cause actual results, performance or achievements to differ materially from those expressed or implied.In particular, statements relating to product and clinicaldevelopment, regulatory processes, manufacturing readiness, commercial uptake and market opportunity are inherently uncertain and subject to risks and contingencies. Recipients are cautioned not to place undue reliance on forward-looking statements. PolyNovo does not undertake any obligation to update or revise any forward-looking statements, except as required by law.This presentation has been authorised for release by the Board of Directors of PolyNovo Limited. 2POLYNOVO FY26 RESULTS
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Leadership in Burns with a Future in Complex Wounds Large TBSA burnsTraumatic woundsComplex wounds Image supplied by Townsville University Hospital. 3POLYNOVO FY26 RESULTS
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Strengthening the Foundation for Future Growth Finalised the Clinical Study Report for PolyNovo’s U.S. pivotal randomised controlled trial funded by BARDA1Regulatory clearance for NovoSorb® BTM in eightnew markets 89.6% commercial sales growth252 new hospital accounts Allison MyersChief Quality and Regulatory Affairs Officer Amy DemediukCompany Secretary and General Counsel Dr Marthe D’OmbrainChief Scientific Officer LEADERSHIP RENEWAL Completed construction of new manufacturing facility 1Biomedical Advanced Research and Development Authority MANUFACTURING MILESTONE COMMERCIAL MOMENTUMGROWING OPPORTUNITY 4POLYNOVO FY26 RESULTS
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NovoSorb® Group Sales +16.7%FY26 Financial Highlights EBITDA1 +8.1%Operating Cash Flow+20.0m NovoSorb® U.S. Sales +15.6%NovoSorb® ROW Sales +20.0%Cash and Cash Equivalent+5.7%FY26FY25AUD$138.4m $118.6m+21.3% in constant currency+21.1% in constant currency+21.9% in constant currency Underlying EBITDA1 +50.4% (p.16) Free Cash Flow1 +$9.4m (p.17) FY26FY25AUD$102.1m $88.4m FY26FY25AUD$35.4m $33.5m FY26FY25AUD$36.3m $30.3m 1 Non-IFRS financial measures have not been audited and should be read in conjunction with the statutory results in the Financial Report FY26FY25AUD$23.1m $3.1mFY26FY25AUD$12.1m $11.2m 5POLYNOVO FY26 RESULTS
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Complex Wounds Are Driving the Next Phase of Growth3-year U.S. Sales CAGR Other indications: Large burns: All indications: 52.8%19.1% 30.9%H1 2023H2 2023H1 2024H2 2024H1 2025H2 2025H1 2026H2 2026 Large burns vs other indications of total U.S. commercial sales revenue (local currency) Large burnsOther indications Growth outside burns demonstrates the expanding clinical utility of the NovoSorb platform 6POLYNOVO FY26 RESULTS
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NovoSorb® MTX: Accelerating Adoption *(m, $A) Australia • United States• CanadaHong Kong• India• New ZealandUK regulatory pathway underway "What stands out about NovoSorb® MTX is its versatility. The ability to tailor and conform the matrix to the specific defect gives me flexibility across a wide range of reconstructive challenges. We're able to get the entire wound debrided…get them out of shock, and then we can work towards a skin graft"Jonathan Schoen, MD MPH FACS FABAClinical Associate Professor of Surgery, LSUHSC New Orleans School of Medicine Medical Director, UMCNO Verified Burn Center "Since its introduction to our practice, [NovoSorb®] MTX has allowed for the repositioning of our clinical boundaries, gifting greater scope for rescuing severe limb-threatening wounds from progression to major limb amputation, and offering wider options for tissue regeneration in deeper complex wounds."Dr Frank Guerriero PhDVascular Surgery Nurse Practitioner, Flinders Medical Centre “NovoSorb® technology is the second disruptive technology in my 22 years of surgical practice that has profoundly impacted complex lower extremity soft tissue reconstruction in the complicated patient. The ease of use, versatility, bacterial tolerance, predictable outcomes, and lower cost will undoubtedly drive wider adoption.” Paul Kim, DPM, MSProfessor, Department of Plastic Surgery, Department of Orthopedic SurgeryUniversity of Texas Commercial footprint 7POLYNOVO FY26 RESULTS
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Evidence Supporting Broader Adoption 1 9 Pre-FY26FY26 Academic text chapters 402535 Pre-FY26FY26 Articles and abstracts Burn publications include studies are exclusively burn-related indications. Other indications include studies exclusively focused on non-burn applications, including oncology, chronic wounds and reconstruction, and others. Mixed aetiology publications include studies reporting outcomes across both burn and non-burn indications, or across multiple non-burn indication categories. The dataset is current as of February 2026 and excludes preclinical studies and publications relating to applications that have not received regulatory approval in any jurisdiction. Other Indications45%Burn36% Mixed Aetiology19% 8POLYNOVO FY26 RESULTS
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Multiple Growth Levers Across a Global Footprint Americas Submit and capitalise on the PMALaunch NovoSorb® SynPath® and extend outpatient presenceIncrease procedural share within existing accountsDrive NovoSorb® MTX adoption EMEABuild on portfolio versatility across multiple specialties Launch NovoSorb® MTX in the UKAccelerate adoption in new distributor markets Continue to grow evidence and KOL engagement APAC Sustain growth momentum in non-burns applicationsAccelerate NovoSorb® MTX adoption in Australia, Hong Kong and New ZealandDeepen penetration in existing marketsExpand regional footprint, including the addition of dedicated commercial coverage in Malaysia Sales up 20.2% cc, YOY Sales up 17.6% cc, YOY Sales up 37.8% cc, YOY cc: constant currency 9POLYNOVO FY26 RESULTS
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Proven Platform. Scaling for Growth. Scale the CoreLeverage the PlatformBuild a Global Enterprise Advance leadership in burn care in key markets Grow procedural share in complex wounds Expand access with PMA leverageBuild, partner and prioritise for growth Shape the next generation of NovoSorb innovationProgress strategic business development Augment manufacturing footprintDrive accountability through aligned focusScale globally while protecting culture and values Our strategy: translating clinical leadership into long-term value 10POLYNOVO FY26 RESULTS
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FY27: Converting Opportunity into Growth Secure PMA approval and evidence-based expansion Launch NovoSorb® SynPath® for the U.S. outpatient market Accelerate NovoSorb® MTX adoption Increase innovation velocity and build business development capability Deliver greater operating leverage and profitability as the business scales 11POLYNOVO FY26 RESULTS
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Financial Results
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FY26: Strong Commercial Performance Highlights:•Group sales A$138.4m +16.7% on LY / +21.3% CC•U.S. sales A$102.1m +15.6% on LY / +21.1% CC•ROW sales A$36.3m +20.0% on LY / +21.9% CC $112.0m$125.8m $6.7m$12.6m FY25FY26NovoSorb MTX$6.7m$12.6mNovoSorb BTM$112.0m$125.8m Global commercial sales •NovoSorb® BTM sales A$125.8m +12.3% on LY / +16.4% CC•NovoSorb® MTX sales A$12.6m +89.6% on LY / +98.9% CC $118.7m$138.4m 13cc: constant currencyPOLYNOVO FY26 RESULTS
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$6.7m $12.2m 0.02.04.06.08.010.012.014.0 FY25FY26US NovoSorb MTXsales (m, $A)6.712.2YoY Growth83.7% NovoSorb MTX commercial product sales FY26: United States Highlights POLYNOVO FY26 RESULTS Highlights:Strong sales growth•Total U.S. sales growth 15.6% / 21.1% cc•NovoSorb MTX sales growth: 83.7% / 92.7% cc•Profitable, increasing operating leverage and strong positive cash flowRobust account acquisition•200 new hospital accounts added in FY26•880+ total hospital accountsOptimised local footprint•132 U.S. employees•106 in the sales team:•94 field sales•9 management•3 training/support $68.7m $88.4m$102.1m -1500.0% -1000.0% -500.0% 0.0% 0.0 20.0 40.0 60.0 80.0 100.0 120.0 FY24FY25FY26US Product sales (m,$A)68.788.4102.1YoY Growth28.7%15.6% U.S. commercial product sales+21.1% cc+92.7% cc cc: constant currency, *(m, $A) 14 FY24FY25FY26U.S. Product sales* 68.788.4102.1Change (%)28.7%15.6% FY25FY26U.S. NovoSorb MTX sales*6.712.2Change (%)83.7%
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FY26: ROW Highlights Highlights:•Sales A$36.3m up 20.0% on LY / 21.9% CC•High growth markets (constant currency):•Turkey 79.0% •Hong Kong 49.9% •Ireland 38.3%•India 52.8%•Australia 33.9%•DACH2 region 15.5%•ROW share of global sales at 26.2%FY24FY25FY26ROW Product Sales$23.3m$30.3m$36.3mYoY Growth29.1%20.0% $23.3m $30.3m$36.3m29.1%20.0% -1000.0%-900.0%-800.0%-700.0%-600.0%-500.0%-400.0%-300.0%-200.0%-100.0%0.0%100.0% $0.0m $5.0m $10.0m $15.0m $20.0m $25.0m $30.0m $35.0m $40.0mRest of World commercial sales cc: constant currency, 2 Germany, Austria and Switzerland 15POLYNOVO FY26 RESULTS Change (%)
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FY26: Income Statement SummaryRevenue:•NovoSorb sales up 21.3% in constant currency (16.7% reported)•BARDA revenue declined as expected with the pivotal burns trial concluding•Other income includes a $6.0m insurance claim for the R&D Innovation Centre fire Operating expenses:•COGS (inventories & WIP):•Gross margin 89.0% (H2 FY26 89.2%, H1 FY26 88.7%)•Output up 3.8x in H2 vs H1•Employee expenses: underlying up 4.3% (ex share-based payments)•R&D down as expected on BARDA pivotal trial completion•Corporate, admin & overhead: underlying down 1.1% (ex unrealised forex)•Loss on write-off of assets: $4.7m write-off from the R&D facility fire (fully insured) EBITDA (underlying)**:•$13.4m up 50.4% on prior year $8.9m Income tax:•Expense of $0.5m vs $5.7m benefit in the prior year (recognition of tax losses as an asset) *Includes depreciation allocated to manufacturing costs**Non-IFRS financial measures have not been audited and should be read in conjunction with the statutory results in the Financial Report Income Statement($m) FY26FY25Change %REVENUENovoSorb Product Sales138.4118.616.7%BARDA 5.38.6-38.8%Other Income6.32.0213.9%Total revenue150.0129.216.1%Changes in inventories & WIP(15.2)(5.2)193.1%Employee-related expenses(78.8)(74.5)5.7%R&D Costs(5.3)(8.5)-36.9%Depreciation & amortisation(2.7)(2.7)-0.4%Corp, administrative & overhead(34.5)(29.9)15.2%Write-off of assets(4.7)0.0100.0%Interest expense(0.9)(0.9)4.4%Operating expenses(142.2)(121.7)16.8%Operating profit7.87.53.8%Income tax (expense) / benefit(0.5)5.7-108.4%Net profit after tax7.313.2-44.5%EBITDA**Add back:Interest income(0.1)(0.5)-72.3%Interest expense0.90.94.4%Depreciation & amortisation*3.53.33.8%Income tax expense/(benefit)0.5(5.7)-108.4%EBITDA**12.111.28.1%EBITDA adjusted for significant items($m) FY26FY25Change %Significant items:Write-off of assets4.70.0100.0%Interim insurance claim(6.0)0.0-100.0%Unrealised forex (gain)/loss2.7(2.2)-220.6%EBITDA before significant items**13.48.950.4% 16POLYNOVO FY26 RESULTS
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FY26: Capital Efficient GrowthCash flow breakdownHighlights:•A$35.4m cash on hand and cash equivalents•A$23.1m cash flow from operations•A$9.4m free cash flow1 •A$13.8m capital expenditure comprising:•A$12.4m for completion of new manufacturing facility•A$1.4m progress payments for R&D facility rebuild (covered by insurance)•Construction of the new manufacturing facility is complete. Remaining capex of A$1.5m for machinery remains outstanding and will be paid in 1H27.•Remaining capex payments for R&D facility rebuild is covered by insurance •Strong balance sheet and continued free cash flow1 will support revenue growth and strategic plans. $23.1m ($13.8m)($5.3m)($2.1m) $33.5m $35.4m 1 Jul 25cash balanceOperatingactivitiesCapitalexpenditureRepayment ofborrowingsFX impact &other30 June 26cash balance1 Non-IFRS financial measures have not been audited and should be read in conjunction with the statutory results in the Financial Report 17POLYNOVO FY26 RESULTS
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FY26 Balance Sheet Summary 19 Balance Sheet($m) FY26FY25Change %Cash and cash equivalent35.433.55.7%Trade and other receivables22.224.4-9.0%Inventories 9.814.5-32.4%Other 6.54.738.3%Total current assets73.977.1-4.2% Total assets132.1127.53.6% Total liabilities41.444.1-6.1% Net assets 90.783.48.8% •Other line item includes insurance receivable of $1.6m POLYNOVO FY26 RESULTS