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Interim Results AUGUST 2026 2026 2 0 2 6 I N T E R I M R E S U L T S
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22 Disclaimer These materials have been prepared solely for the use at the presentation by Health and Happiness (H&H) International Holdings Limited (“the Company”) and have not been independently verified. No representation or warranty, expressed or implied, is made and no reliance should be placed on the accuracy, fairness, correctness or completeness of the information presented or contained in these materials. The Company or any of its affiliates, advisers or representatives accepts no liability whatsoever for any loss howsoever arising from any information presented or contained in these materials. The information presented or contained in these materials is subject to change without notice and its accuracy is not guaranteed. These materials contain certain forward-looking statements with respect to the Company, including its beliefs and expectations about the future as at the date of this presentation. These forward-looking statements are based on a number of assumptions regarding the Company’s operations and factors beyond the Company’s control, including but not limited to, the political and economic environment in which the Company and its subsidiaries will operate in the future. Our actual results of operations, financial condition or business prospects may differ materially from those expressed or implied in these forward-looking statements for a variety of reasons and as such, no reliance should be placed on these forward-looking statements. The Company and its affiliates, advisers and representatives undertake no obligation to update these forward-looking statements for events or circumstances that occur subsequent to such dates. This presentation does not constitute or form part of any offer for sale or invitation, or solicitation of an offer to subscribe for or purchase any securities in the United States, Hong Kong or anywhere else. No part of this presentation shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. The information of the presentation should not be relied upon as representation of the Company. These materials are highly confidential, are being given solely for your information and for your use and may not be copied, reproduced or redistributed to any other person (whether within or outside your organisation/firm) in any manner. You agree to treat the contents of this presentation and these materials as strictly confidential. 2 0 2 6 I N T E R I M R E S U L T S
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33 Presenters for today Mr. Fei Luo Chairman & Executive Director Mr. Akash Bedi Group CEO CEO for North America, Middle East & India Mr. Jason Wang Group CFO & COO Executive Director 2 0 2 6 I N T E R I M R E S U L T S
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44 Meet our brands 2 0 2 6 I N T E R I M R E S U L T S Pet Nutrition & Care (PNC) Baby Nutrition & Care (BNC) Adult Nutrition & Care (ANC) Vitamins, Supplements & Functional Food Beauty Supplements Children’s Probiotics, Prebiotics, Supplements & Infant Milk Formula Baby Bottles, Diapers, Accessories & Skincare Organic Baby Food Dog & Cat Wellness & Supplements Dog & Cat Nutritional Food & Supplements
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55 2 0 2 6 I N T E R I M R E S U L T S H&H framework for growth + Winning in Core Develop competitive advantages for core brands within primary markets to establish and reinforce market leadership • Swisse, China & ANZ • Biostime, China • Zesty Paws, NA Globalisation & Diversification Growing our core brands internationally and entering related new categories where we hold a competitive edge • Swisse, Asia & Europe • Zesty Paws, Europe, ANZ & Asia • Biostime, ANZ & France Investing for the Future Breakthrough innovation to drive category leadership and expand our addressable market in our key brands through: • Partnership with key partners to drive disruptive innovation • Building our strength in social commerce in new markets to drive penetration Profitable Growth Priority Setting Consumer Centric Sustainability As Success Driver Effective Capital Management To become a global leader in premium nutrition and wellness through superior products and aspirational brands
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66 2026 interim performance overview Achieved strong double-digit growth, maintained healthy profitability and strong cash flow generation 2 0 2 6 I N T E R I M R E S U L T S LFL revenue growth Adjusted EBITDA margin Adjusted EBITDA RMB 1,891.9m, growth +71.9% Adjusted net profit margin Adjusted net profit RMB 919.2m, growth +153.2% Operating cash flow as % of Adjusted EBITDA HK$0.82 Per share 10.6%21.8%+23.7% 100.0% Revenue RMB 8,695.9m Growth driven by all business segments Thanks to investment phasing and improved spending efficiency Thanks to the reduction of adj. finance cost Strong cash generation business with improved working capital Ongoing dividend payout, 50% of adjusted net profit
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77 The first half of the year marked a return to growth across all of our business segments” “ Key commentary from CEO 2 0 2 6 I N T E R I M R E S U L T S Balance sheet continued to strengthen ✓ Accelerated gross debt reduction by over RMB1 billion. ✓ Improved net leverage ratio from 3.45x as of 31 December 2025 to 2.05x. ✓ Signed a new term loan facilities agreement equivalent to USD320 million4. ANC delivered broad-based growth across core and expansion markets ✓ Total ANC: 13.9% LFL growth. ✓ Swisse: No.1 VHMS brand in Chinese mainland’s online market1 and Australia2. ✓ Expansion markets: revenue +20.5%, contributed 7.8% of ANC sales. ✓ Total BNC: 45.2% LFL growth. ✓ IMF revenue +58.0% in Chinese mainland, with super premium IMF market share reaching a new high of 20.6%3. PNC continued to build scale through high-margin pet supplements ✓ PNC contributed 12.5% of total revenue, with a LFL growth of 4.8%. ✓ Pet supplements delivered 16.5% LFL growth. ✓ Solid Gold returned to positive LFL growth of 6.3% in NA. 1. Based on sales data from Early Data on MAT 30 June 2026. The data covers major platforms including Alibaba, JD, VIP, Suning. 2. According to research statistics by IQVIA, an independent research company, market share data for the past twelve months ende d 30 June 2026. 3. According to research statistics by Nielsen, an independent research company, market share data for the past twelve months en ded 30 June 2026. 4. Term loan facilities amounted to USD eqv. 320 million and Revolving facility amounted to USD eqv. 10 million. BNC growth accelerated on sustained market-share gains and structural growth drivers
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88 Product innovation at the core of H&H Consumer-led innovation fuelling the growth of our brands Adult Nutrition & Care (ANC) Baby Nutrition & Care (BNC) Pet Nutrition & Care (PNC) 2 0 2 6 I N T E R I M R E S U L T S
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August 2024 9 2026 Strategy & Outlook 2 0 2 6 I N T E R I M R E S U L T S
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1010 2026 full year outlook Continued growth, healthy profitability and maintain a healthy capital structure Adult Nutrition & Care (ANC) Baby Nutrition & Care (BNC) Pet Nutrition & Care (PNC) Chinese mainland • Maintain market leadership through sustained investment in leading categories. • Continue to execute our mega-brand strategy to capture evolving consumer needs. • Expand presence in high-growth channels, including Douyin and new retail. ANZ and Expansion Markets • ANZ – strengthen domestic leadership through innovation and channel expansion. • Expansion markets – sustain strong growth in Thailand, Indonesia, Middle East and improve profitability. • Continue to gain share in super-premium IMF segment and overall IMF market. • Drive sustainable growth through product innovation such as our HMO IMFs. • Focus on new mother education and stage 3 IMF conversion. • Expand presence in the broader children’s nutrition category, strategically extending the consumer lifecycle beyond infancy. • Strengthen Zesty Paws’ market position in NA through disruptive category innovation and an omni-channel strategy. • Drive Solid Gold’s growth in high margin categories and further accelerate growth across e-commerce channels in NA. • Continue the localisation of supply and drive growth of new high-margin supplements categories for Solid Gold in Chinese mainland. • Continue to expand Zesty Paws into new markets including Europe, UK, Asia and ANZ. 2 0 2 6 I N T E R I M R E S U L T S
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August 2024 11 2 0 2 6 I N T E R I M R E S U L T S ESG
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1212 Advancing our ESG roadmap Turning our ESG commitments into tangible outcomes, on track against our 2026 ESG targets Advancing good health through innovation Driving progress on our climate goals Empowering our people & communities Strengthening our external recognition 2 0 2 6 I N T E R I M R E S U L T S • Enhancing social contribution by supporting community health and nutrition • Promoting healthy longevity with new launches that support a healthy lifespan • Scope 1 emissions down 56% group-wide in 2025 vs. 2024 • Renewable electricity from on-site solar generation covered 5% of our consumption (vs. 3.4% in 2024) • Started water risk identification and engagement plan with major suppliers • 1,500+ employees engaged during our World Community Day • Achieved China Healthy Workplace Gold Standard Certification • Launched our ESG Learning Series to strengthen employee ESG awareness • Hang Seng (A+) and MSCI (AA) ESG ratings maintained • Featured in the S&P Global Sustainability Yearbook (China Edition) for the second consecutive year
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August 2024 13 2 0 2 6 I N T E R I M R E S U L T S Financial Overview
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1414 2026 interim revenue mix by product category Nutritional supplements1 and IMF as the key revenue and profit2 contributors 9.0% 25.7% 49.0% 51.8% 52.2% 47.8% 47.0% 45.5% 50.7% 60.4% 67.7% 64.7% 60.2% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 H1 2026 Revenue Contribution of Nutritional Supplements 23.7% 13.3% 56.9% -16.8% YoY growth on LFL3 basis 60.2% 35.6% 4.2% 65.6% 28.1% 6.3% 2026 interim revenue mix 2025 interim revenue mix Nutritional supplements Baby and pet food & OthersIMFTotal 2 0 2 6 I N T E R I M R E S U L T S 1. Nutritional supplements refer to Swisse VHMS products, Zesty Paws and Solid Gold pet supplements, Biostime probiotic suppleme nts and Biostime paediatric and kid’s products; Baby and pet food & Others include pet food from Solid Gold, baby food and snacks from Good Goût, baby accessories from Dodie and other skincare products. 2. Adjusted EBITDA generated from nutritional supplements accounted for 59.5% of the Group’s total adjusted EBITDA in H1 2026. 3. LFL basis is used to indicate sales growth for this financial period compared with the same period of the previous year, excl uding the impact from foreign exchange changes.
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1515 2026 interim performance overview – nutritional supplements Strong growth across key VHMS and pet supplement product categories Nutritional supplements revenue mix 75.5% 16.2% 8.3% YoY growth on LFL basis 14.1% 16.5% 1.4% VHMS products Paediatric probiotic and kids nutritional supplementsPet supplements 2 0 2 6 I N T E R I M R E S U L T S
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1616 2026 interim revenue mix and growth by geography Strong growth in Chinese mainland, NA and other territories markets 74.3% 11.0% 8.9% 5.8% 70.3% 12.3% 11.4% 6.0% 30.9% 15.5% -8.6% 16.8% 2026 interim revenue mix 2025 interim revenue mix YoY growth on LFL basis Chinese mainland Other territoriesANZNA 2 0 2 6 I N T E R I M R E S U L T S 1 1. ANZ domestic sales increased by 11.8% on a LFL basis.
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1717 2026 interim revenue mix and growth by business segment All three business segments contributed growth 2026 interim revenue mix 2025 interim revenue mix YoY growth on LFL basis 45.7% 41.8% 12.5% 49.0% 35.6% 15.4% 13.9% 45.2% 4.8% ANC PNCBNC 2 0 2 6 I N T E R I M R E S U L T S
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1818 2026 interim performance overview Differentiated regional focus aligned to market opportunities ANC revenue mix 73.0% 19.2% 7.8% Chinese mainland ANZ Expansion markets PNC revenue mix 86.1% 11.7% 2.2% NA Chinese mainland Other territories BNC revenue mix 94.5% 5.5% Chinese mainland Other territories 2 0 2 6 I N T E R I M R E S U L T S
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1919 Gross margin by product category Overall gross margin expansion driven by operating leverage, portfolio premiumisation and supply chain excellence1 Infant Formulas Probiotic and Kids Nutritional Supplements TotalBaby and Pet Food & Others 67.5% 65.4% 69.5% 55.4% 45.3% 62.5% 70.2% 66.0% 76.7% 60.1% 45.4% 65.4% Pet SupplementsVHMS Products 2 0 2 6 I N T E R I M R E S U L T S H1 2026H1 2025 1. The gross margin of ANC, BNC and PNC are 70.2%, 61.5%, 61.1% respectively for the six months ended 30 June 2026.
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2020 Selling & distribution expenses ratio of sales Periodically lower S&D expenses ratio1 driven by spending phasing and BNC’s scale benefit Advertising and marketing expense Other selling and distribution expenses 24.1% 34.6% 14.2% 13.2% 22.9% 34.3% 11.0% 21.3% 17.0% 7.3% 23.9% 32.2% 15.2% 7.0% 21.0% 25.7% 41.1% 41.9% 38.1% 45.4% 38.1% 41.3% 32.0% 47.0% H1 2026 ANCGroup BNC PNC H1 2025 ANCGroup2 BNC PNC 2 0 2 6 I N T E R I M R E S U L T S 1. The depreciation of property, plant and equipment and right of use assets, and amortisation of intangible assets were exclude d from selling and distribution expenses.
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2121 20.9% 12.4% 6.7% 15.7% 24.0% 23.8% 6.6% 21.8% 2026 interim adjusted EBITDA mix and EBITDA margin Higher EBITDA margin thanks to operating leverage, portfolio premiumisation and investment phasing Adjusted EBITDA1 mix 50.4%45.8% 3.8% ANC BNC PNC Adjusted EBITDA margin BNCANC PNC Group H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 2 0 2 6 I N T E R I M R E S U L T S 1. Corporate overheads were included.
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2222 6.7% 13.8% -19.4% 6.6% 13.0% -32.9% H1 2025 H1 2026 PNC NA2 Others1 ANC Adjusted EBITDA margin by market PNC Adjusted EBITDA margin by market 20.9% 31.1% 19.0% 7.0% 24.0% 28.8% 25.2% 0.7% H1 2025 H1 2026 ANC ANZ Chinese mainland Expansion markets Extending our proven track record of making strategic investments to win in the future 2 0 2 6 I N T E R I M R E S U L T S 1. Others in PNC include expansion markets for investing in the future . 2. EBITDA margin of Zesty Paws in NA was 19.9% and 18.4% in H1 2025 and H1 2026 respectively, before allocation of corporate ove rheads.
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2323 Six months ended 30 June 2026 (RMB million) 2025 (RMB million) EBITDA 1,583.3 1,033.1 Reconciled by: Non-cash items: (1) Net fair value losses on derivative financial instruments 154.9 74.0 (2) Net foreign exchange losses/(gains) mainly attributable to the revaluation of intragroup loans 82.4 (24.4) (3) Net fair value losses/(gains) on other non-current financial assets 37.9 (5.5) (4) Share of losses of associates 33.4 13.5 Non-recurring items: (5) One-time consulting fee for group entity structure optimisation — 10.0 Adjusted EBITDA 1,891.9 1,100.7 Net profit 610.6 71.0 Reconciled by: EBITDA adjusted items as listed above 308.6 67.6 Non-cash items: One-time premium paid for the tender offer and early redemption of the senior notes due in 2026, and the related non-cash write-off of unamortised transaction costs — 224.4 Adjusted net profit 919.2 363.0 Consistent adjustment principle Applied to adjust non-cash and non-recurring items only 2 0 2 6 I N T E R I M R E S U L T S
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2424 Liquidity status Healthy cash position with additional liquidity buffer Sources of liquidity undrawn as of 25 Aug 2026 Aggregate Amount RMB credit lines RMB1,260 million USD Revolving Credit Facility USD20 million 2 0 2 6 I N T E R I M R E S U L T S 1. Cash balance as of 30 June 2026 and 31 Dec 2025 includes cash and short-term time deposits of RMB120 million and RMB40 million, respectively (with original maturity within six months) and there was no outstanding letter of credit financing as of 30 June 2026. 2. Onshore cash refers to liquidity in Chinese mainland that can be accessed by the headquarter via cross -border cash pool, dividend payouts and trade payments. 897.7 1,078.8 Cash Balance1 (RMB Million) 30 June 202631 Dec 2025 Offshore cash Onshore cash2 1,976.5 1,709.0
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2525 Leverage status Gross debt and leverage ratio significantly reduced; finance cost reduced thanks to an optimised capital structure New term loan facilities agreement signed, further lowering finance costs Type Maturity CNH bond Mar 2027 RMB term loan July 2027 USD term loan Nov 2027 RMB bilateral loans Varied, up to June 2028 2025 senior notes July 2028 3.87 3.58 3.42 3.99 3.45 2.05 LTM Jun 2022 2022 2023 2024 2025 LTM Jun 2026 Leverage Ratio4 Outstanding Principal of Debt Instruments1 (RMB Million) 3,335 2,117 2,151 2,151 1,035 981 411 411 1,858 2,130 31 Dec 2025 30 June 2026 7,790 8,790 293.3 236.4 H1 2025 H1 2026 Finance Cost (RMB Million) Normalised interest expense after hedge benefits3 311.9 579.5 Annualised interest expense margin2 after hedging benefits: 5.65% 2025 senior notes RMB bilateral loans 2023 senior notes USD term loan CNH bond RMB term loan 2 0 2 6 I N T E R I M R E S U L T S 1. Currency and interest rate exposure of senior notes and USD term loan were predominantly hedged via certain cross-currency swap transactions. USD senior notes and and USD term loan are converted FX at drawdown dates. 2. Annualised interest expense margin is calculated as interest expense for the last twelve months divided by the average gross interest-bearing debt over the same period. 3. Normalised interest expense is calculated based on the hedged rate. Net hedge gain or loss is recognised in the account of Finance costs, Other income and gains, Other expenses or Other reserve. 4. The net leverage ratio is calculated by dividing the sum of the net debts (being converted to RMB with a constant FX rate as at the debt drawdown date) by adjusted EBITDA for the twelve months ended 31 December or 30 June (as applicable), and the leverage ratio for LTM June 2022 has consolidated the 12-month EBITDA of Zesty Paws following the acquisition. RMB and RMB- hedged debt: 97.8% of total borrowings
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August 2024 26 2 0 2 6 I N T E R I M R E S U L T S Appendix
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August 2024 27 Performance by geography 2 0 2 6 I N T E R I M R E S U L T S
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2828 Chinese mainland – ANC Achieved strong growth with market leadership in key categories and channels in beauty, women’s health, men’s health, detox, heart health, NAD/NMN, anti-ageing across the VHMS market on CBEC platforms1 No.1 in online1 VHMS market No.1 2 0 2 6 I N T E R I M R E S U L T S 1. According to research statistics by Early Data, market share data for the past twelve months ended 30 June 2026 . The data covers major platforms including Alibaba, JD, VIP, Suning. 2. According to research statistics by Feigua, market share data for the past twelve months ended 30 June 2026. • ANC Chinese mainland revenue +20.5%. • Swisse ranked No.1 in the online VHMS market1. • Revenue from CBEC channel +20.9%, contributed 81.7% of total ANC sales in Chinese mainland, with our share gains accelerating amid ongoing industry consolidation and competitive intensity. • Revenue from normal trade channel +18.9%. • Douyin channel revenue +57.5%, ranked No.3 in the VHMS category on Douyin channel2. • New retail channel revenue +34.2%, contributed 10.0% of total ANC sales in Chinese mainland. • Little Swisse revenue +60.2%, Swisse Plus revenue +18.6%, continuing their strong growth.
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2929 2 0 2 6 I N T E R I M R E S U L T S 1. According to research statistics by Nielsen, an independent research company, market share data for the past twelve months en ded 30 June 2026. 2. According to research statistics by Nielsen, an independent research company, market share data for the past six months ended 30 June 2026. Chinese mainland – BNC Demonstrated our renewed competitive strength and sustained share gains • IMF revenue +58.0%, significantly outperforming the overall IMF market, where retail scan sales declined by 3.5%1. • Continued to gain market share in super premium IMF segment, rising from 14.8% to 20.6%1. • Retail scan sales growth for Stage 1 and Stage 2 IMFs of 68.8% and 41.8%, significantly outpacing overall market growth2, thanks to effective new mother education. • Successful rollout of the first-ever imported HMO IMF to support further growth.
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3030 Chinese mainland – PNC Focusing on high-margin pet nutritional food and supplements 2 0 2 6 I N T E R I M R E S U L T S 1. MOA refers to Ministry of Agriculture. • PNC Chinese mainland revenue -37.7%. The revenue decline was mainly due to our proactive shift to supply localisation. • High-margin pet food and supplement products contributed 46.5% of our total PNC revenue in Chinese mainland. • 66 MOA1 product licences as of June 2026 (2025: 64).
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3131 North America Zesty Paws accelerated growth driven by innovation and increased distribution 85.8% 14.2% Zesty Paws Solid Gold PNC revenue mix by brand in NA 2 0 2 6 I N T E R I M R E S U L T S • Revenue +15.5% on a LFL basis (+10.9% on a reported basis). • Zesty Paws +16.7% YoY on a LFL basis, driven by continued success across the Amazon and Chewy e-commerce channels, alongside major retailers. • Solid Gold +6.3% YoY on a LFL basis, as the brand advanced its product portfolio premiumisation strategy and growth in the e-commerce channel. • Zesty Paws and Solid Gold are now present in more than 23,000 and 4,000 stores respectively across the US.
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3232 Australia and New Zealand Double-digit growth in the domestic market driven by increased market share Overall Australian market share by value1 12.1% 12.6% 1H 25 1H 26 • Revenue -8.6% on a LFL basis (-3.6% on a reported basis), reflecting our strategic choice to deprioritise the corporate daigou business, while domestic sales +11.8% on a LFL basis. • Swisse remains the No.1 VMS brand on both volume and value basis across the total market in Australia1. • Momentum was driven by high-impact innovations such as Swisse Magnesium Glycinate and the further expansion of in-demand formats, particularly gummies, and innovative marketing campaigns. in multivitamins, detox, muscle support & recovery, sleep and hair skin & nail in overall market1 No.1 VMS brand across the overall and domestic market in Australia1 No.1 83.7% 16.3% Domestic Export Revenue mix 2 0 2 6 I N T E R I M R E S U L T S 1. According to research statistics by IQVIA, an independent research company, market share data for the past twelve months e nded 30 June 2026.
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3333 Other territories – Asia & Europe Consistently strong growth in Asia expansion markets driven by nutritional supplements business Europe • Revenue +31.7% in Asia expansion markets on a LFL basis (+38.6% on a reported basis). • Swisse sustained No.1 position in liver health and men’s health in Singapore1. Asia 2 0 2 6 I N T E R I M R E S U L T S 1. Nielsen, MAT 30 June 2026. 2. IQVIA, MAT 30 June 2026. 3. GERS, MAT 30 June 2026. • Revenue +7.8% in European expansion markets on a LFL basis (+9.1% on a reported basis). • Swisse ranked No.1 in the Hair, Skin and Nail category and No.2 in the beauty VHMS market in Italy2. • Biostime retained its No.1 position in the organic IMF and the goat milk categories in French pharmacy channels, with market shares of 41.8% and 57.9%, respectively3.
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August 2024 34 2 0 2 6 I N T E R I M R E S U L T S Additional financial information
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3535 P&L summary Six months ended 30 June 2026 (RMB million) 2025 (RMB million) Change Revenue 8,695.9 7,019.2 +23.9% EBITDA 1,583.3 1,033.1 +53.3% Adjusted EBITDA 1,891.9 1,100.7 +71.9% Adjusted EBITDA margin 21.8% 15.7% +6.1pts Adjusted net profit 919.2 363.0 +153.2% Adjusted net profit margin 10.6% 5.2% +5.4pts Net profit 610.6 71.0 +760.0% 2 0 2 6 I N T E R I M R E S U L T S
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3636 Administrative expenses Admin expenses ratio declined thanks to improved efficiency 398.5 443.8 5.7% 5.1% Administrative Expenses Ratio of Sales Administrative Expenses (RMB Million) 2 0 2 6 I N T E R I M R E S U L T S H1 2026H1 2025
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3737 Working capital analysis Continued improvement in inventory turnover efficiency 27 20 Trade and Bills Receivables Turnover Days1 131 118 Inventory Turnover Days2 63 62 Trade Payables Turnover Days3 H1 2026H1 2025 2 0 2 6 I N T E R I M R E S U L T S 1. Turnover days of accounts receivable is derived by dividing the arithmetic mean of the opening and closing balances of trade and bills receivables for the relevant period by turnover and multiplying by 180 days. 2. Turnover days of inventory is derived by dividing the arithmetic mean of the opening and closing balances of inventory for th e relevant period by cost of sales and multiplying by 180 days. The turnover days of inventory for ANC, BNC and PNC are 107 days, 113 days and 166 days, respectively. 3. Turnover days of accounts payable is derived by dividing the arithmetic mean of the opening and closing balances of trade pay ables for the relevant period by cost of sales and multiplying by 180 days.
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3838 20.6% 16.8% 10.3% 3.8% 3.5% 3.4% 3.0% 2.7% 1.7% Super premium tier2 of cow milk IMF market in Chinese mainland (H1 2025: 14.8%) 26.6% Chinese mainland – BNC 16.6% 13.2% 11.4% 9.1% 5.8% 5.3% 4.9% 4.6% 3.5% 3.2% Overall IMF market in Chinese mainland1 (H1 2025: 4.4%) IMF Sales by channel3 in Chinese mainland Baby speciality stores Modern trade stores VIP pharmacies E-commerce 61.6 58.2 3.4 6.9 0.1 35.0 34.8H&H Industry Average 1. Nielsen market share data for the past twelve months ended 30 June 2026. 2. According to Nielsen, the super premium tier includes products that are priced between RMB390 -470 per kilogram. The market share of super premium tier only includes data sourced from offline channels. 3. The Group’s BNC presence in Chinese mainland as of 30 June 2026 included 39,028 baby speciality stores, 1,590 modern trade stores, 9,232 pharmacies and 496 regional distributors. 2 0 2 6 I N T E R I M R E S U L T S
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3939 Chinese mainland – BNC IMF sales in baby speciality stores 3.2 3.2 4.4 4.7 5.6 6.2 6.4 7.2 15.7 18.4 (H1 2025: 4.8%) IMF sales via e-commerce 3.2 4.2 4.5 5.6 5.8 8.1 8.5 12.4 13.7 23.1 (H1 2025: 2.9%) IMF sales in supermarkets 1.2 2.0 3.4 5.4 5.5 10.0 11.5 14.9 15.3 26.6 (H1 2025: 7.2%) 2 0 2 6 I N T E R I M R E S U L T S Source: Nielsen market share data for the past twelve months ended 30 June 2026 .
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2 0 2 6 I N T E R I M R E S U L T S Thank You