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MEGA Lifesciences Public Company Limited 1H 2026 SET Opportunity Day A Journey Towards Healthier Lives Thinking, Changing, Growing
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for Your Wellness Disclaimer The presentation contains forward - looking statements which are based on MEGAs’ current expectations, estimates and projections about its industry, management’s beliefs and certain assumptions. These forward - looking statements are subject to various risks and uncertainties. No assurance is given that future events will occur or that our assumptions are correct. Actual results may differ materially from those projected. For any further queries please contact : Email : investor@megawecare.com Telephone : +66 27694230 Stay Healthy as long as you live. 2
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for Your Wellness Contents 1. 1H26 Financial Highlight s and Financial Overview 2. Future Outlook Stay Healthy as long as you live. 3 3. Q&A
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for Your Wellness Our Key Business Segments… 1. MEGA WE CARE TM BRANDED PRODUCTS BUSINESS 2. MAXXCARE TM DISTRIBUTION BUSINESS 4 We develop, manufacture, market and sell our own brand of market leading nutraceutical products, prescription pharmaceutical products and OTC products which are mostly sold in developing countries with market leading presence in Southeast Asia and growing reach in Sub - Saharan Africa. Our branded products include products where we own perpetual license to third party trademarks. We market, sell and distribute various branded prescription pharmaceutical products, OTC and consumer products. We operate our Maxxcare TM distribution business in three countries, namely, Myanmar, Vietnam and Cambodia. Our clients for this business segment include leading domestic and international pharmaceutical and consumer goods companies. This segment also includes business arising from markets other than aforementioned countries where MEGA has distribution rights for third party products. Mega Lifesciences PCL Stay Healthy as long as you live. 1H26 FINANCIAL HIGHLIGHTS
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for Your Wellness 1,860 2,070 4,165 4,660 1H25 1H26 Maxxcare Mega We Care 5 Stay Healthy as long as you live. Operating revenues ( THBmn ) Revenue by segments Gr. 11.9 % Gr. 11.3 % 1H26 FINANCIAL HIGHLIGHTS 1 12.5% Overall Gr. 6,173 6,942 • Mega We Care TM business revenue grew by 11 . 9 % year - on - year, underpinned by the continued strength of its product portfolio and sustained demand across markets . • Maxxcare business revenue grew by 11 . 3 % year - on - year, reflecting the continued improvement in operating conditions in Myanmar . Overall operating revenue for 1 H 26 grew by 12 . 5 % year - on - year, driven by strong double - digit growth in both the Mega We Care and Maxxcare businesses . The Mega We Care business continued to grow from the strength of its product portfolio and sustained demand across markets, while the Maxxcare business delivered continued growth, supported by improving operating conditions in Myanmar . 1. With the implementation of amendments to Thai Accounting Standard 21 – The Effects of Changes in Foreign Exchange Rates in 2026 , the Group adopted a market - based exchange rate for the Myanmar Kyat against foreign currencies . Accordingly, the statement of profit and loss for 1 H 25 and FY 19 - 25 , balance sheet as at 31 - Dec - 2025 and other comparative financial information wherever feasible, have been re - stated across relevant line items based on best estimates . This re - statement has no impact on overall profitability and is intended to enable meaningful comparison with 2026 .
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for Your Wellness 3,242 3,415 1H25 1H26 2.4 3.1 30.1 29.8 67.5 67.1 1H25 1H26 OEM Maxxcare Mega We Care A closer look at Mega We Care TM business revenue… 6 • Southeast Asia contributed 73 . 3 % of Mega We Care TM revenue while Indochina contributed 54 . 7 % for 1 H 26 . • Mega We Care TM revenue for 1 H 26 grew by 11 . 9 % year - on - year, underpinned by continued strength in the portfolio and sustained demand across markets . • Mega We Care TM revenue as a proportion to overall operating revenue was 67 . 1 % for 1 H 26 compared to 67 . 5 % for 1 H 25 and Maxxcare TM revenue proportion was 29 . 8 % of operating revenue for 1 H 26 compared to 30 . 1 % for 1 H 25 . Stay Healthy as long as you live. Mega We Care TM revenue by geography ( THBmn ) Mega We Care TM revenue Southeast Asia Africa Others Revenue mix (%) across segments Gr. 5.3% Gr. 29.6% Gr. 40.7% 1H26 FINANCIAL HIGHLIGHTS 1 4,165 4,660 1H25 1H26 433 609 1H25 1H26 1H25 1H26 491 636 Gr. 11.9% 1. With the implementation of amendments to Thai Accounting Standard 21 – The Effects of Changes in Foreign Exchange Rates in 2026 , the Group adopted a market - based exchange rate for the Myanmar Kyat against foreign currencies . Accordingly, the statement of profit and loss for 1 H 25 and FY 19 - 25 , balance sheet as at 31 - Dec - 2025 and other comparative financial information wherever feasible, have been re - stated across relevant line items based on best estimates . This re - statement has no impact on overall profitability and is intended to enable meaningful comparison with 2026 .
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for Your Wellness Overall gross margins improved in 1H26... 7 Stay Healthy as long as you live. Overall gross margin (%) Overall gross margins are influenced by segmental gross margins and revenue mix in the given period • Gross profit for 1 H 26 improved to 52 . 0 % of operating revenue, compared to 50 . 5 % in 1 H 25 , primarily driven by improved segmental margins in both the Mega We Care and Maxxcare businesses . • Gross margin for the Mega We Care business improved to 65 . 3 % of operating revenue in 1 H 26 , compared to 63 . 7 % in 1 H 25 . Gross margins are influenced by revenue growth, product mix, country mix, currency mix and level of output, among others . • Gross margin for the Maxxcare business improved to 23 . 9 % of operating revenue in 1 H 26 , compared to 22 . 4 % in 1 H 25 . Gross margins are influenced by principal mix, among others . 50.5% 52.0% 63.7% 65.3% 22.4% 23.9% 1H25 1H26 Overall Mega We Care Maxxcare 1H26 FINANCIAL HIGHLIGHTS 1 1. With the implementation of amendments to Thai Accounting Standard 21 – The Effects of Changes in Foreign Exchange Rates in 2026 , the Group adopted a market - based exchange rate for the Myanmar Kyat against foreign currencies . Accordingly, the statement of profit and loss for 1 H 25 and FY 19 - 25 , balance sheet as at 31 - Dec - 2025 and other comparative financial information wherever feasible, have been re - stated across relevant line items based on best estimates . This re - statement has no impact on overall profitability and is intended to enable meaningful comparison with 2026 .
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for Your Wellness SG&A expenses 8 Stay Healthy as long as you live. SG&A expenses as a percentage to revenue SG&A expenses increased by 11 . 1 % in 1 H 26 , in line with planned spending and overall business growth . As a percentage of operating revenue, SG&A expenses remained broadly stable at 33 . 0 % in 1 H 26 , compared to 33 . 4 % in 1 H 25 . SG&A expenses are expected to remain at normal levels on a full - year basis 33.4% 33.0% 19.2% 19.7% 14.2% 13.3% 1H25 1H26 Overall SGA expense Selling expense Admin expense 1H26 FINANCIAL HIGHLIGHTS 1 1. With the implementation of amendments to Thai Accounting Standard 21 – The Effects of Changes in Foreign Exchange Rates in 2026 , the Group adopted a market - based exchange rate for the Myanmar Kyat against foreign currencies . Accordingly, the statement of profit and loss for 1 H 25 and FY 19 - 25 , balance sheet as at 31 - Dec - 2025 and other comparative financial information wherever feasible, have been re - stated across relevant line items based on best estimates . This re - statement has no impact on overall profitability and is intended to enable meaningful comparison with 2026 .
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for Your Wellness With gross margin expansion due to strong revenue growth in both the Mega We Care and Maxxcare businesses, Reported net profits increased by 33.1% year - on - year in 1H26 Summarized Income Statement… 9 Stay Healthy as long as you live. EBITDA for 1H26 were THB 1,613 mn compared to THB 1,206 mn in 1H25. With gross margin expansion due to strong revenue growth in both the Mega We Care and Maxxcare businesses, EBITDA increased by 33.8% year - on - year in 1H26 Figures in THBmn 1H25 1H26 YoY Gr. Operating revenue 6,172.8 6,942.3 12.5% Gross profits 3,119.5 3,612.7 15.8% Gross margin (%) 50.5% 52.0% Selling and Admin. exp (SGA) 2,059.4 2,287.7 11.1% SGA (% to operating revenue) 33.4% 33.0% EBITDA 1,206.1 1,613.2 33.8% Reported net profit 840.8 1,119.1 33.1% Net losses from new businesses 20.8 - (100.0%) Net foreign exchange loss/(gain) 58.9 (91.3) (254.9%) Net profit (Adjusted) 2 920.5 1,027.8 11.7% 1H26 FINANCIAL HIGHLIGHTS 1 1. With the implementation of amendments to Thai Accounting Standard 21 – The Effects of Changes in Foreign Exchange Rates in 2026 , the Group adopted a market - based exchange rate for the Myanmar Kyat against foreign currencies . Accordingly, the statement of profit and loss for 1 H 25 and FY 19 - 25 , balance sheet as at 31 - Dec - 2025 and other comparative financial information wherever feasible, have been re - stated across relevant line items based on best estimates . This re - statement has no impact on overall profitability and is intended to enable meaningful comparison with 2026 . 2. Adjusted net profits are net profit adjusted for losses from newly started businesses including startups, net foreign exchange gains or losses and non - recurring material income or expenses or taxes, based on best estimates, to reflect normal business performance .
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for Your Wellness Strong earnings growth and healthy cash flows… Figure in THBmn 2019 2020 2021 2022 2023 2024 2025 CAGR 1H25 1H26 YOY Gr. Operating Revenue 11,130 12,589 14,136 15,349 14,838 14,094 13,167 2.8% 6,173 6,942 12.5% Gross profit 4,578 4,986 5,911 6,899 6,569 6,601 6,639 6.4% 3,120 3,613 15.8% Selling and admin expense (SGA) 3,176 3,299 3,769 4,359 4,046 4,126 4,212 4.8% 2,059 2,288 11.1% EBITDA 1,533 1,997 2,581 2,895 2,579 2,674 2,743 10.2% 1,206 1,613 33.8% Adjusted net profits 2 1,293 1,462 1,882 2,290 2,327 2,236 2,037 7.9% 921 1,028 11.7% Adjusted net profit (% optg.rev.) 2 11.6% 11.6% 13.3% 14 .9 % 15.7% 15.9% 15.5% na 14.9% 14.8% na Adjusted EPS 2 1.48 1.68 2.16 2. 63 2.67 2.57 2.34 7.9% 1.06 1.18 11.7% Employee benefit charge (change in law) (41) - - - - - - na - - na Net foreign exchange gain/(loss) 2 (78) 18 119 2 (325) (188) (98) 3.8% - - na Net losses from new business 2 (36) (91) (60) ( 52 ) (40) (36) (28) (4.2%) (59) 91 (254.9%) Normalizing tax expense 2 - - - - 31 - - na (21) - (100.0%) Reported net profits 1,139 1,388 1,941 2,2 4 0 1,993 2,013 1,912 9.0% 841 1,119 33.1% EPS 1.31 1.59 2.23 2. 57 2.29 2.31 2.19 9.0% 0.96 1.28 33.1% Return on equity 19% 21% 26% 2 7 % 22% 21% 19% na 19% 21% Na Operating cash flows 1,495 1,629 2,727 1 , 997 1,926 2,401 2,770 10.8% 859 848 (1.3%) % operating cash to reported net profits 131% 117% 140% 89 % 97% 119% 145% na 102% 76% Na • Revenue CAGR of 2 . 8 % in 2019 - ’ 25 with Mega We Care TM revenue CAGR of 7 . 9 % ; EBITDA CAGR of 10 . 2 % in 2019 - 25 . • Overall operating revenue for 1 H 26 grew by 12 . 5 % year - on - year, driven by strong double - digit growth in both the Mega We Care and Maxxcare businesses . The Mega We Care business continued to grow from the strength of its product portfolio and sustained demand across markets, while the Maxxcare business delivered continued growth, supported by improving operating conditions in Myanmar • With gross margin expansion due to strong revenue growth in both the Mega We Care and Maxxcare businesses, EBITDA increased by 33 . 8 % year - on - year in 1 H 26 . • With gross margin expansion due to strong revenue growth in both the Mega We Care and Maxxcare businesses, Reported net profits increased by 33 . 1 % year - on - year in 1 H 26 • Operating cash flow for 1 H 26 represented 76 % of reported net profit, with lower cash conversion primarily due to a planned increase in inventory to support anticipated demand FINANCIAL OVERVIEW 1 10 Stay Healthy as long as you live. 1. With the implementation of amendments to Thai Accounting Standard 21 – The Effects of Changes in Foreign Exchange Rates in 2026 , the Group adopted a market - based exchange rate for the Myanmar Kyat against foreign currencies . Accordingly, the statement of profit and loss for 1 H 25 and FY 19 - 25 , balance sheet as at 31 - Dec - 2025 and other comparative financial information wherever feasible, have been re - stated across relevant line items based on best estimates . This re - statement has no impact on overall profitability and is intended to enable meaningful comparison with 2026 . 2. Adjusted net profits are net profit adjusted for losses from newly started businesses including startups, net foreign exchange gains or losses and non - recurring material income or expenses or taxes, based on best estimates, to reflect normal business performance .
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for Your Wellness 5,414 6,502 6,906 6,982 6,595 5,519 4,204 1,860 2,070 5,476 5,848 6,909 8,053 7,963 8,268 8,650 6,173 6,942 2019 2020 2021 2022 2023 2024 2025 1H25 1H26 Maxxcare Mega We Care 13,167 4,660 2.2 1.9 2.3 2.0 1.9 2.2 2.4 2.4 3.1 48.6 51.6 48.9 45.5 44.5 39.2 31.9 30.1 29.8 49.2 46.4 48.9 52.5 53.7 58.7 65.7 67.5 67.1 2019 2020 2021 2022 2023 2024 2025 1H25 1H26 OEM Maxxcare Mega We Care Steady Growth in Revenue… Operating revenues ( THBmn ) Revenue mix (%) across segments Investor Presentation 1H26 Significant future opportunities… Southeast Asia, the largest region… 2. Thailand, Myanmar, Vietnam, Cambodia, Malaysia, Philippines, Indonesia and Singapore. 3. Thailand, Myanmar, Vietnam and Cambodia. 11,130 12,589 14,136 15,349 14,094 • Overall operating revenue CAGR of 2 . 8 % in 2019 - ’ 25 , driven by Mega We Care TM (+ 7 . 9 % ) • Proportion of Mega We Care TM business revenue to total operating revenue is stable at 67 . 1 % for 1 H 26 compared to 67 . 5 % for 1 H 25 of total operating revenue . Mega We Care TM revenue contribution to overall revenue significantly improved over the years . • Maxxcare TM business revenue to total operating revenue was 29 . 8 % for 1 H 26 compared to 30 . 1 % for 1 H 25 of total operating revenue . • SEA 2 and Indochina 3 contributed 79 . 0 % and 66 . 4 % of overall operating revenues in 1 H 26 . CAGR (4.1) % CAGR 7.9 % 4,165 Growth 11.9 % Growth 11.3% 14,838 FINANCIAL OVERVIEW 1 1. With the implementation of amendments to Thai Accounting Standard 21 – The Effects of Changes in Foreign Exchange Rates in 2026 , the Group adopted a market - based exchange rate for the Myanmar Kyat against foreign currencies . Accordingly, the statement of profit and loss for 1 H 25 and FY 19 - 25 , balance sheet as at 31 - Dec - 2025 and other comparative financial information wherever feasible, have been re - stated across relevant line items based on best estimates . This re - statement has no impact on overall profitability and is intended to enable meaningful comparison with 2026 .
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for Your Wellness Strong performance indicators... 12 FINANCIAL OVERVIEW 1 2019 2020 20 21 202 2 202 3 2024 2025 1H26 Strategic and balance sheet: Net cash/(debt) ( THBmn ) 565 718 2,363 2,560 2,636 3,525 3,595 3487 Operating cash flow ( THBmn ) 1, 495 1,629 2,727 1,997 1,926 2,401 2,770 847 Operating cash to net profits (%) 1 31 . 3 117.4 140.5 89.1 96.7 119.3 144.9 75.8 Return on equity (%) 19 .1 21.1 25.9 26.7 22.0 21.0 19.0 21.5 Interest bearing debt to equity (times) 0.14 0.07 0.02 0.03 0.01 0.03 0.05 0.05 Dividend per share (THB) 0.72 0,90 1.38 1. 60 1.60 1.60 1.60 0.85 Dividend payout (% to net profits) 5 5 . 1 56.5 62.0 62. 3 70.0 69.3 73.0 66.2 Cash cycle (days) 12 9 126 124 119 132 140 151 156 Efficiency: Net forex (gain)/loss to revenue 0. 7 % (0.1%) ( 0. 8 % ) 0.0% 2.2% 1.3% 0.7% (1.3%) Bad debts to revenue 0.0% 0.0% 0.0% 0.0% 0.1% 0.0% 0.1% 0.1% Provisions for inventory to revenue 0. 3 % 0.0% 0. 3 % 0. 2 % 0.4% 0.3% 0.4% 0.3% Corporate tax rates to PBT 1 2 . 3 % 14.4% 14. 8 % 1 3.7 % 11.9% 14.4% 20.5% 22.5% EBIDTA 1,533 1,997 2,581 2,895 2,579 2,674 2,743 1,613 Earning per share (THB) 1.31 1.59 2.23 2.57 2.29 2.31 2.19 1.28 Indicators of strong performance: ✓ Consistent Net cash ✓ Healthy operating cash flows averaging over 118 % of net profits over 2019 to 2025 ✓ Stable return on equity ✓ Increased dividend payouts ✓ Steady cash cycle ✓ Well managed forex exposure ✓ Insignificant inventory and bad debts write - off ✓ Very low interest - bearing debt to equity ✓ EPS CAGR of 9 . 0 % and EBITDA CAGR of 10 . 2 % over 2019 to 2025 ✓ Dividend payouts averaging over 64 % of net profits over 2019 to 2025 Stay Healthy as long as you live. 1. With the implementation of amendments to Thai Accounting Standard 21 – The Effects of Changes in Foreign Exchange Rates in 2026 , the Group adopted a market - based exchange rate for the Myanmar Kyat against foreign currencies . Accordingly, the statement of profit and loss for 1 H 25 and FY 19 - 25 , balance sheet as at 31 - Dec - 2025 and other comparative financial information wherever feasible, have been re - stated across relevant line items based on best estimates . This re - statement has no impact on overall profitability and is intended to enable meaningful comparison with 2026 .
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for Your Wellness Strong balance sheet and cash flows 13 Stay Healthy as long as you live. Cash cycle (days) Summary of Cash flows • Operating cash inflow of THB 848mn for 1H26. Cash generated from operations was at 76% of net profits. • Investment in 1 H 26 of THB 244 mn, arising from investments in tangible assets 5 of THB 254 mn mainly driven by spending towards manufacturing plants in Indonesia, Vietnam, Thailand and Australia . . • Net cash outflow from financing activities in 1H26 was THB 728mn, mainly arising from dividend payout of THB 697mn and inflow from increase in bank borrowings of THB 29mn. Cash cycle days increased in June 2026 to 156 days from 151 days in Dec 2025 mainly due to increase in inventory levels to support anticipated demand in the upcoming quarters. 151 156 Dec'25 Jun'26 Interest bearing debt to equity stood at 0 . 05 times similar to Dec 25 Net - debt to equity at ( 0 . 34 ) times as at Jun 26 stable similar to ( 0 . 37 ) in Dec 25 Leverage ratios Dec’25 Jun’26 IBD to equity (times) 0.05 0.0 5 Net - debt to equity (times) (0. 37 ) (0. 34 ) 1H26 FINANCIAL HIGHLIGHTS 5. Capital advances are considered as cash outflow towards acquisition of tangible assets in this report.
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for Your Wellness Contents 1. 1H26 Financial Highlights and Financial Overview 2. 3. Future Outlook Q&A Stay Healthy as long as you live. 14
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for Your Wellness 15 Stay Healthy as long as you live. The future of our past and present… LONG TERM STRATEGIC PLAN Became the largest OEM supplier of soft gel caps out of Southeast Asia Mega We Care TM Branded Products Business Maxxcare TM Distribution Business OEM Business Achieved leadership position in Indochina Became leading international distribution company in Myanmar, Vietnam and Cambodia Nutraceutical, OTC and prescription products Pharma and consumer products After having doubled 2014 net profit within 2019, Mega achieved its vison of nearly doubling profits in 2025 compared to the 2019 base year marking the second consecutive cycle of delivering on the strategic commitment 1985 1994 2019 2030 2 0 2025 Vision to double Consolidated net profits by 2030 with 2025 base year Mega achieved its vison of nearly doubling Consolidated net profits in 2025 compared to the 2019 base year. Mega achieved its vison of nearly doubling Consolidated net profits in 2025 compared to the 2019 base year. Mega achieved its vison of nearly doubling Consolidated net profits in 2025 compared to the 2019 base year. Vision to double Consolidated net profits by 2030 with 2025 base year Vision to double Consolidated net profits by 2030 with 2025 base year
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for Your Wellness Beyond 2026 16 FUTURE OUTLOOK 2022 2026 2030 Stay Healthy as long as you live. Product Pipeline Healthy pipeline of nearly 100 products for future and over 80 products launched in 2022 - 25, will contribute to the sales momentum. Mega We Care TM existing 40 products contribute to 75% of the turnover. Pipeline Pipeline Pipeline Indonesia Mega acquisition of Indonesian Manufacturing facility gives access to Indonesian market, which is Southeast Asia’s largest Pharmaceutical market with a market size over USD 10 Billion and with a population size of over 275 million people . Mega entry into Indonesian market thru this acquisition can start contributing meaningfully from 2027 onwards . Consumer Demand Covid helped in increasing consumer base that can potentially increase demand for the products in under - penetrated markets of South East Asia and Sub - Saharan Africa . M&A Continued search for acquisition in our core regions
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for Your Wellness Mega We Care TM branded products business 17 Stay Healthy as long as you live. Notwithstanding tremendous future opportunity, due to the nature of the developing and underdeveloped markets we do business in, growth may not be a straight line up but with occasional impacts that may be caused by economic, political and other factors. FUTURE OUTLOOK MEGA expects to grow by expansion of customer base in its existing underpenetrated developing markets, launching new products, strengthening product categories, acquisitions and entering new countries . Create significance in SEA and Sub - Saharan Africa . • Emerging trends in consumer health care, disease prevention than struggling for cure is the way forward … .. a sunrise industry . • Market leading positions in Southeast Asia and growing presence in Sub - Saharan Africa . • Healthy pipeline of drugs catering to niche therapeutic segments . • Products sold in developing countries which are underpenetrated markets with significant growth opportunities . • Manufacturing capacity adequate to meet growth requirements of the future . • A strong balance sheet with net cash position and business generating healthy cash flows . • Fundamental growth drivers in place to help deliver the expected growth THB 2.6 bn MEGA plans to invest over the period 2026 – 2028. These investments are directed towards the new manufacturing facilities in Vietnam, Myanmar, and Indonesia, supporting Mega’s strategic expansion and long - term growth in these key markets.
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for Your Wellness Time for your questions If we aren’t able to answer your question due to limited time at this forum or for some reason you couldn’t ask your question, you are welcome to call us or send E - mail. For any further queries please contact : Email : investor@megawecare.com Telephone : +66 27694230 18 Stay Healthy as long as you live.
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Mega Lifesciences Public Company Limited No. 909 Ample Tower, 9th Floor Debaratna Road, Bangna Nuea , Bangna,Bangkok 10260 Tel : +66 27694230 Email : investor@megawecare.com