2025 ASM Release, Chairs address & presentation

AFT Pharmaceuticals Limited, Level 1, 129 Hurstmere Road, Takapuna, Auckland 0622, New Zealand
Incorporated in New Zealand ARBN:
ARBN 609 017 969 investor.relations@aftpharm.com





1 August 2025
AFT R&D portfolio targets global markets worth over US$8 billion
At its Annual Shareholders’ Meeting in Auckland today AFT Pharmaceuticals (NZX:AFT,
ASX: AFP) sets out how the company’s research and development (R&D) pipeline
targets new addressable markets worth in excess of US$8 billion.
The diversified pharmaceuticals company also confirms its guidance for FY 26
operating profit at $20.0 to $24.0 million and that it continues to make good progress
towards its goal for revenue of $300 million in FY 27.
AFT’s R&D pipeline offers a diverse range of products that are progressing well towards
market readiness. The pipeline includes eight patented products in active research
and development, and it is progressing 24 off-patent injectables and an improved
migraine treatment formulation in several markets including through its affiliates.
The company also has five advanced R&D programmes now entering
commercialisation across multiple international markets including: multiple dose forms
of Maxigesic
®
; its anti-bacterial cream Crystaderm
®
; Micolette
®
, its micro-enema for
bowel obstruction; Kiwisoothe
®
tablets and sachets; and capsaicin cream for
treatment of osteoarthritis pain and neuropathic pain.
AFT Pharmaceuticals Chair David Flacks said: “As we look ahead, we remain
optimistic despite the complexities of the global trading environment. Our geographic
diversification, robust product pipeline, and solid market positioning provide us with a
strong foundation to continue our growth trajectory.
“Our target revenue goal of $300 million for FY27 is ambitious but we believe it is
achievable, supported by ongoing significant investments into market expansion.”
AFT Pharmaceuticals Managing Director Hartley Atkinson said: “We have established
a decades-long record of driving growth founded on our ability to identify and meet
unmet clinical needs and through in -licensing products to meet that need and by
developing innovative new medicines.
“Our R&D pipeline will play an essential role in extending this record. It opens the door
to new markets, new applications, and improved outcomes for patients. We are
confident that this pipeline, together with our established commercial platforms,
positions us for sustained performance and long-term creation of shareholder value.”
A video of Dr Atkinson discussing the R&D portfolio is available here:
https://youtu.be/DBkVfgQWOMA

The presentation given at today’s meeting and Chair David Flacks’ speech to
shareholders are attached.
For and on behalf of AFT Pharmaceuticals Limited by Malcolm Tubby, Chief Financial
Officer.
For more information:
Investors Media
Dr Hartley Atkinson Richard Inder
Managing Director The Project
AFT Pharmaceuticals Tel: +64 21 645 643
Tel: +64 9488 0232

About AFT Pharmaceuticals
AFT is a growing New Zealand based multinational pharmaceutical company that
develops, markets, and distributes a broad portfolio of pharmaceutical products
across a wide range of therapeutic categories which are distributed across all major
pharmaceutical distribution channels: over the counter (OTC), prescription and
hospital. Our product portfolio comprises both proprietary and in-licensed products,
and includes patented, branded, and generic drugs
1
. Our business model is to
develop and in-license products for in our markets of Australia, New Zealand,
Singapore, Malaysia, Hong Kong, USA, Canada, EU ex Ireland and UK, and to out-
license our products to local licensees and distributors to over 125 countries around
the world. For more information about the company, visit our website
www.aftpharm.com.

---

AFT Pharmaceuticals Annual Meeting 2025 – Chairman’s Address
Milford Cruising Club
Friday, 1 August 2025, 10.30am (NZT).

Building the foundation for the next phase of growth
It is my pleasure to report another strong year for AFT Pharmaceuticals, marked
by continued growth, strengthened financial performance, and significant strategic
advances in key global markets.
Our achievements this year reflect the robust foundations we've established for
our next growth phase and extend our long-standing record for uninterrupted
growth.
Firstly, I am pleased to report that this year our revenue surpassed the significant
milestone of $200 million for the first time, achieving total sales of $208 million.
Our core Australasian business remains robust and continues to be the
cornerstone of our financial strength, with Australia and New Zealand collectively
delivering sales of $181 million. The strength of these markets positions us well
as we advance towards our ambitious goal of reaching $300 million for the 2027
financial year.
Geographically, we have significantly expanded our presence and market
capabilities in strategically important regions including North America, Europe,
Asia, and Africa.
Our operations in the UK, Europe, the US, Canada, and South Africa have moved
from establishment to development. These global hubs position us effectively to
capitalise on substantial commercial opportunities in those markets - while also
mitigating risks associated with reliance on any single market or territory.
We are particularly excited about our potential in North America. In the US — the
world’s largest pharmaceuticals market — we have launched both the intravenous
and tablet form of our pain relief medicine Maxigesic – which is marketed as
Combogesic in North America.
We have also restructured our distribution arrangements in the United States
which we believe will maximise both the commercial and patient care benefits

that come with following the intravenous form of the pain relief medicine in
postoperative care with the Combogesic Rapid tablet form of the medicine. We
have also just in July began sales of Maxigesic IV in Canada.
Together the North American market of the United States and Canada offer a
combined addressable market opportunity in excess of US$8billion
We are making progress globally – both with our operational hubs and through
our distribution arrangements. Progress has been slower than planned, but we
are working hard to increase sales and are confident that we will see significant
revenue growth across both distribution channels over the next 12-18 months.
In line with our geographic expansion, our product development pipeline remains
dynamic and offers diverse products that are progressing well towards market
readiness. We have eight patented products in active research and development,
an improved migraine treatment formulation and we are progressing 24 off -patent
injectables in several markets including through our global hubs.
These products collectively offer significant global market opportunities.
We also have five advanced research and development programmes now entering
commercialisation across multiple international markets.
These include multiple dose forms of Maxigesic, our anti-bacterial cream
Crystaderm, Micolette our micro-enema for bowel obstruction, capsaicin cream for
treatment of osteoarthritis pain and neuropathic pain and
Kiwisoothe
®
tablets and
sachets. Together these projects demonstrate our continued capability to deliver
innovative healthcare solutions that meet real clinical needs globally. We believe
that our investment in research and development will lead to significant
opportunities – and Hartley will discuss these in more detail in his presentation.
Inflection yields a balance of growth and return
Financially, we have balanced these strategic investments with continued
enhancement of our financial position. Despite sustained investment in our future
growth, we have consistently increased shareholder equity while also managing
our net debt.
Specifically, our net debt at year-end reduced to $14.5 million from $16.2 million
in the prior year, well within our targeted range. Reflecting the strength of our
financial position and your Board’s confidence in our future outlook, we have
declared an increased dividend of 1.8 cents per share, up from 1.6 cents per share
the previous year.
I want to comment on our share price performance.
We do not believe the current share price reflects our considerable achievements,
the company’s decades-long record of growth, the depth of the company’s
development portfolio, nor the considerable potential we see as the company
establishes a stronger presence around the world.

We understand some of the reasons for this. We have experienced some
unexpected headwinds, such as the client destocking and a doctors’ strike that
disrupted first-half earnings in the 2025 financial year but importantly this was
followed by strong second-half earnings.
Overall, we have chosen to invest earnings into growth projects rather than focus
purely on short-term profitability. We make no apology for this. AFT has achieved
an enviable record of growth precisely because of our long-term perspective and
our commitment to creating enduring value.
We are always attentive to finding ways to improve the information that we provide
to shareholders so they can better appreciate our future potential and the rationale
for our investments. Today, for instance, as I mentioned earlier, we are releasing
more information to our investors on our development portfolio with a goal to
better illustrate the value we are creating.
We have also this year begun giving quarterly updates to investors to better
illustrate our progress and we have initiated an outreach programme to enhance
investor engagement in Australia.
We believe these efforts are gaining some traction. We will continue to focus on
growth, both with existing products in a broader range of markets, and new
products from our R & D pipeline.
Governance and Sustainability

AFT remains committed to best practice governance standards and operating
sustainably.
We are developing a significant number of innovative products for patients in real
need that larger pharmaceutical companies would likely not undertake. However,
these still also offer an interesting market opportunity. We have aligned our
business and community initiatives with the United Nations Sustainable
Development Goals and have focussed in particular on the six initiatives set out
on this slide. More information on each of these priorities is set out in our Annual
Report.

This year, we welcomed Allison Yorston to our Board as an Independent Non-
Executive Director. Allison brings over two decades of experience in blue-chip fast-
moving consumer goods, telecommunications, and retail marketing. Her insights
and market expertise are making a valuable contribution to the company and
Allisons skill set rounds out our board expertise. The board hopes you will support
he r election today.
It is with deep sadness that I also acknowledge the passing of our former
colleague, Dr Doug Wilson, earlier this year. Doug served as an Independent Non-

Executive Director from 2012 until his retirement in 2022, significantly influencing
AFT’s strategic direction and development during a critical period of growth.
Doug was widely recognised for his expertise in pharmaceutical innovation, and
healthcare development. Beyond his contributions to AFT, he was also a celebrated
broadcaster, author, and a respected member of our wider community. His
wisdom, experience, and friendship will be deeply missed by all who had the
pleasure of working alongside him and we sincerely really appreciated his
guidance.
As we look ahead, we remain optimistic despite the complexities of the global
trading environment. Our geographic diversification, robust product pipeline, and
solid market positioning provide us with a strong foundation to continue our
trajectory of sustainable growth.
Our target revenue goal of $300 million for FY27 is ambitious but we believe it is
achievable, supported by ongoing significant investments into market expansion.
In closing, I wish to extend my sincere thanks to my fellow Board members for
their support and guidance.
I would also like to thank our CEO Hartley Atkinson, our Chief of Staff Marree
Atkinson, our executive team, and our hard working, diverse and committed
employees, whose tireless efforts have made these achievements possible.
Lastly, many thanks to you, our shareholders, for your continued confidence,
support, and trust in our vision and strategic direction.
I will now invite Hartley to discuss our performance and prospects in greater detail.
Thank you.

---

2025 ANNUAL
SHAREHOLDERS’
MEETING
1 AUGUST 2025

Important Notice
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH2
This presentation has been prepared by AFT Pharmaceuticals Limited (“AFT”), to provide a general overview of the performance of AFT. It is not prepared for any other purpose and
must not be provided to any person other than the intended recipient.
This presentation should be read in conjunction with AFT’s interim financial statements, market releases and other periodic and continuous disclosure announcements, which are
available at www.nzx.com and www.asx.com.au.
All amounts are disclosed in New Zealand dollars (NZ$) unless otherwise indicated.
All references to financial years appearing in this presentation are for the period ending 31 March, unless otherwise indicated. This presentation is not a recommendation, offer or
invitation to acquire AFT’s securities or other form of financial advice or disclosure document.
While reasonable care has been taken in compiling this presentation, none of AFT nor its subsidiaries, directors, employees, agents or advisers (to the maximum extent permitted by
law) gives any warranty or representation (express or implied) of the accuracy, completeness or reliability of the information contained in it nor takes any responsibility for it.
The information in this presentation has not been and will not be independently verified or audited. This presentation may contain certain forward-looking statements and comments
about future events, including with respect to the financial condition, results, operations and business of AFT.
These statements are based on management’s current expectations, which may involve significant elements of subjective judgement and assumptions as to future events which may
or may not be correct, and the actual events or results may differ materially and adversely from these statements. Past performance information given in this presentation is given for
illustrative purposes only and should not be relied upon (and is not) an indication of future performance.

AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH33
Welcome
David Flacks
Chairman

AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH44
Dr Hartley Atkinson
Managing Director, Chief
Executive Officer
Directors
Andrew Lane
Independent Director
Marree Atkinson
Executive Director, Chief of Staff
Dr Ted Witek
Independent Director
Allison Yorston
Independent Director

Agenda
•Chair address
•Managing Director’s address
•Discussion
•Resolutions
•General business
•Meeting close

CONTINUED STRENGTH IN
ESTABLISHED ANZ BUSINESS
•FY 25 Total Sales $208.0M (5yr CAGR 14%)
•ANZ Sales $180.9m
•Growth focus with FY 27 $300m Turnover Target
AFT GLOBAL DISTRIBUTION
PARTNERSHIPS
•Agreements in 100+ countries
•Sales in nearly 80 countries
PRODUCT LAUNCHES DRIVING
COMMERCIAL TRACTION
•5 R&D programs currently being
commercialised in multiple countries
•Significant number of agreements in
negotiation
DEVELOPING INNOVATIVE
THERAPIES WITH R&D
•Active R&D pipeline of 8 patented products
•Progression of 24+ off-patent injectables
•Significant Global Market Opportunities
EXPANDING GLOBAL FOOTPRINT
•Europe: UK & EU
•North America: USA & Canada
•Asia: China, Singapore, Malaysia &
Hong Kong
•Africa: South Africa
Building the Foundation for the Next Phase of Growth
Fortifying AFT’s Global Network to Address Un-met Need

•AFT continues to invest in its product pipeline and commercialization to fuel future commercial market traction and overall growth
•Despite continued investment, shareholder equity has grown steadily since FY19
•Net debt as a proportion of equity has consistently declined since FY 19; $14.5 million in FY 25 from $16.2 million at the end of FY 24
•FY 25 dividend of 1.8cps, an increase from 1.6cps in FY 24
•The inflection is a reflection of AFT’s strengthening financial position and commitment to optimize growth and shareholder return
Inflection Yields a Balance of Growth and Attractive Shareholder Return
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH77
-10,000
10,000
30,000
50,000
70,000
90,000
110,000
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025
NZ$000
EQUITY AND NET DEBT
EquityDebt
1.0
1.6
1.8
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
1.8
2.0
FY 2023FY 2024FY 2025
CENTS/SHARE
DIVIDEND

AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH88
GOVERNANCE AND SUSTAINABILITY
DR DOUG WILSON 1937 - 2025
Photo: NZME
•Former AFT Independent Non-Executive
Director (2012 - 2022) and instrumental
in the company’s early development
•2021 Senior New Zealander of the Year
•Member of the Order of Merit
•An expert in ageing and an expert in
pharmaceutical development.
•Broadcaster and author
•Allison Yorston joined the Board, bringing than 20 years of blue-chip fast-moving consumer
goods, telecommunications and retail marketing experience
•Delivered on all material environmental, social and governance targets that we set for the year
•Expanded our product reach and innovation, delivered product and regulatory
compliance
•Ethical and sustainable value chains, best-proactive corporate governance
•An engaged and committed work force.

AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH99
Welcome
Dr Hartley Atkinson
Managing Director and
Chief Executive Officer

Strategic Efforts Continue to Drive Underlying Momentum
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH
10
KEY HIGHLIGHTS
•FY26 revenues reach a new record of $208.0 million up 6% over FY 24 following the neutralisation of 1H 25 disruption
•Double digit growth of product sales and royalty income of $207.4; despite lower license income ($0.7 million vs. $8.5 million in FY 24)
•Strong Australian sales growth of 17% offset destocking and Korean doctors’ strike in 1H 25;
•Operating profit of $17.6 million down from $24.2 million with lower license income, 1H 25 disruptions and strategic investments
•Targeting $300 million revenue milestone by the end of FY 27
10
1
EBITDA is a non-GAAP measure of financial performance and is defined and reconciled to NZ GAAP on page 23 of this presentation.
* FY20 Normalised to exclude $9.8m gain on de-recognition of equity accounted investment.
$83.6
$86.7
111.8
121.3
$64.0
$69.0
$80.0
$85.0
$106.0
$113.1
$130.3
$156.6
$195.4
$208.0
$-
$20.0
$40.0
$60.0
$80.0
$100.0
$120.0
$140.0
$160.0
$180.0
$200.0
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY 2023FY 2024FY2025
NZ$M
AFT GROUP REVENUE
-10.8
-16.4
-$10.1
$6.1
$11.4
$10.7
$20.4
$19.7
$24.2
$17.6
-20
-15
-10
-5
0
5
10
15
20
25
FY 2016FY2017FY2018FY2019FY2020*FY 2021FY2022FY2023FY 2024FY 2025
AFT GROUP OPERATING PROFIT*
Operating profit ex license incomeLicense income

AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH1111
Strong Growth in Australasia Offset by Korean Disruptions
$42.7
$50.8
$65.5
$76.3
$68.3
$76.7
$94.1
$108.2
$127.1
$-
$20.0
$40.0
$60.0
$80.0
$100.0
$120.0
FY2021FY2022FY2023 FY 2024 FY2025
NZ$M
$22.7
$26.0
$26.0
$27.8
$30.5
$35.1
$44.2
$48.7
$53.8
$-
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
FY2021 FY 2022 FY2023 FY 2024 FY 2025
NZ$M
$5.4
$4.4
$5.3
$6.7
$4.4
$5.5
$6.8
$10.7
$11.1
$-
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
FY2021 FY 2022 FY2023 FY 2024 FY 2025
NZ$M
ASIA REVENUEAUSTRALIA REVENUE
NEW ZEALAND REVENUE
Growth driven by traction with existing products
Growth led by eyecare pain relief and dermatology
Growth hampered by the Korean doctor’s strike

AFT’s Global
Reach
12AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH
Our medicines are
now available in
nearly 80 countries
around the world

International Expansion – Investing for Long Term Growth in New Markets
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH13
•International revenue from product sales and royalties of $15.4 million declined from
$19.3 million in FY 24, with unplanned customer destocking
•Sales growing now destocking has finished, sales growth and new launches
•Licensing income of $0.7m lower than $8.5 million in the prior year, which included a $6.0
million milestone payment following the launch of Maxigesic IV in the US.
•Licensing income increasing again with R&D projects approaching
commercialization phase
2
3
4
7
9
20
28
43
46
61
73
80
0
10
20
30
40
50
60
70
80
90
FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY 2024FY 2025
COUNTRIES
COUNTRIES WHERE MAXIGESIC IS SOLD AND ORDERED
7.8
6.4
10.8
19.3
15.4
$9.9
$13.1
$11.7
$27.8
$16.0
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
FY2021 FY 2022 FY2023 FY 2024 FY2025
NZ$M
INTERNATIONAL REVENUE
LicensingProduct sales and royalties

Progressing Expansion of AFT’s Global Footprint
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH14
AFT PHARM USA
•Selected OTC launches and coordinate licensees and distributors
•Work more closely with Hikma
•Restructured Combogesic IV agreement to deliver quarterly pay-outs
AFT PHARM UK (70% AFT)
•Launched Combogesic tablets and IV
•Starting to achieve Combogesic IV formulary listings.
•Launching multiple products this financial year
•A significantly expanding pipeline of 30 new products
AFT PHARM EUROPE
•Purchased a number of product licenses from bankrupt German company.
•Licensing above products, AFT R&D products plus AFT Sinoject products
•Launches underway this FY26
AFT PHARM CANADA (70% AFT)
•Launching Combogesic IV alongside selected OTC offerings to be launched
•Hired CEO & small sales force
•A significantly expanding pipeline of 17 new products
New markets for our proprietary IP and in-licensed new products are approaching breakeven

Progressing Expansion of AFT’s Global Footprint
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH15
AFT PHARM SOUTH AFRICA (70% AFT)
•Purchased an existing company with a SAHPRA license (saves 2 years)
•Hired CEO experienced in the hospital market
•Launch in private hospital market starting FY26 for 4 products
•Secured significant existing pipeline and expanding with significant pipeline of 30 new
products
AFT PHARM HONG KONG
•Launching further selected AFT products
•A significantly expanding pipeline of 40 new products
AFT PHARM SINGAPORE
•Extending into Private Hospital market
•Launching further selected AFT products
•A significantly expanding pipeline of 40 new products
New markets for our proprietary IP and in-licensed new products are approaching breakeven

Progressing Research and Development Investments
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH
16
Several programs have exited development and are moving to revenue generation
COMMERCIALISATION EFFORTS
A significant number of licensing agreement discussions underway
Maxigesic Multiple Dose Forms
•Rapid Dissolving Tablet (Patent 2039).
•Maxigesic Day/Night (AU patent 2035)
•Oral Liquid – new formulation (Patent TBC). US file 1Q 27
•Dry Stick (Patent 2030). File 3Q 26
•IV & Pediatric IV (Patent 2031, 2035). Pediatric file 3Q 26
Crystaderm – antibacterial and anti-acne cream, a proprietary formulation
Micolette – micro-enema for bowel obstruction
Kiwisoothe – tablets and sachets for gut discomfort and constipation
Capsaicin – cream in two strengths for Osteoarthritis (low) and
Neuropathic pain (high)
*Expensed and capitalised
$7.0
$8.9
$5.4
$6.1
$9.1
$10.4
$11.9
$12.4
$15.0
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
$16.0
FY 2021FY 2022FY 2023FY 2024FY 2025
NZ$M
RESEARCH AND DEVELOPMENT EXPENSES

A Strong Research and Development Pipeline
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH17
AFT’s positive cashflows have positioned the company well to undertake and secure research and development projects either alone or in partnership with others.
ProjectPatentsPartnersDossier filing
Comment
24 Hospital InjectablesNilSinoject - AFT 70%3Q25 –> 1Q 27AFT affiliate market US$450M. At least 3 dossiers ready in 2025
Migraine ProjectNil
1
Sinoject - AFT 70%1Q 27Market US$180M (US$45M in AFT markets)
Pascomer PWS
2040
2044
AFT 100%2-3Q27No approved treatment
Iron IV (NCE
3
)
2032
2035
AFT - 45%2-3Q27Market US$7.4Bill by 2033. Positive initial Phase III Study
Antibiotic eye drop
2037
2044
AFT 100% IP in-licensed
4
1-2 Q28
No approved treatment and compounded.
Analyst estimate >US$1Bill
Strawberry BMs Topical
2041
2044
AFT 100% IP in-licensed
4
3-4Q28Market for orals US$650M by 2029
Keloid Scars Topical2041AFT 100% IP in-licensed
4
2-3Q 29
No approved treatment. Unapproved topicals market US$1.5Bill
growing to $2Bill (2035)
Burning MouthTBC
2
AFT - 50%1Q 30
No approved treatment. Testing market for BMS is US$464M
(2023) and growing to US$805M (2033)
Vulvar Lichen SclerosisTBC
2
AFT - 50%1Q 30
No approved treatment. Market estimated to be >US$1Bill by
2037
NasoSURF2036AFT - 90%
Address dosing
consistency
Footnotes
1
. improved delivery platform.
2
. Patents under development and to be filed
3
New Chemical Entity
4
Royalties and payments due for licensed IP

AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH
Outlook: Positioned to Drive Future Growth in Both Revenue and Earnings
•AFT is expecting to extend its growth record in FY 26 and is well positioned to achieve its
revenue target of $300 million by the end of FY 27.
•Operations scaled and benefitted from the expanding geographical reach and increasing
product diversification.
•We have a strong program of new products in our core Australasian markets and see
continued opportunities for growth across the existing portfolio.
•Growth will also be supported by product launches especially in international markets
further building momentum in our new business hubs and improved profitability with the
commercialisation of products now in development.
•FY 26 operating profits are anticipated to range from $20 million to $24 million.
18

QUESTIONS

RESOLUTIONS

That the directors are authorised to fix the fees and expenses of Deloitte as auditor for the 2026
financial year.
RESOLUTION 1: AUDITORS REMUNERATION
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH21

That Hartley Atkinson be re-elected as a director of AFT Pharmaceuticals Limited.
RESOLUTION 2: RE-ELECTION OF HARTLEY ATKINSON
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH22

That Allison Yorston be elected as a director of AFT Pharmaceuticals Limited.
RESOLUTION 3: ELECTION OF ALLISON YORSTON
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH23

VOTING AND
GENERAL
BUSINESS

MEETING CLOSE

AFT was founded over 25 years ago by Dr Hartley and Marree Atkinson. Since then, AFT has remained an Atkinson-family
controlled business and has grown organically into Australia and internationally
The 2015 IPO raised funds to pursue a more aggressive (and loss-making) R&D-led growth strategy. AFT has now returned to
long term profitability as intended, as the company was prior to IPO and its growth and global reach is now accelerating
Appendix 1: History of AFT Pharmaceuticals
19972004200520092013201420152020
AFT founded by
Dr Hartley and
Marree Atkinson
Development of
Maxigesic
commences
First sales into
Australia
Maxigesic registered
in New Zealand and
sales commence
Maxigesic
registered in
Australia
AFT launches the sale
of products into the
SE Asian market
$33m IPO to fund new
R&D development
programmes for
Maxigesic and other
proprietary products
2019
AFT returns to profitability
following a significant
investment period funded
by the 2015 IPO
In FY20 AFT delivers
over $100m of revenue
and operating profit
growth of 87%
Maxigesic sales
commence in
Australia
27
2024
Revenue reaches ~$200m,
AFT products are sold in
reaches 77 countries and it
sets a target for $300m

Appendix 2: Australasian Product Portfolio
AFT has the #1 selling product (Maxigesic) in the Australian para-ibu
1
combo pain relief. AFT’s portfolio includes a
combination of over 150 proprietary, branded and generic products which address the following therapeutic areas:
PainMaxigesic, ParaOsteo, ZoRub OA/HP, Fenpaed,
Combolieve Day/Night
EyecareHylo, Novatears, CromoFresh,
Opti-soothe Wipes/Mask, VitAPOS
VitaminsFerro-liquid, FerroTab, Ferro-F, Ferro-sachets,
Lipo VitC, Lipo VitD, CalciTab
AllergyLoraclear, Histaclear, Fexaclear, Levoclear,
Allersoothe, Lorapaed, Becloclear, Steroclear
GastrointestinalGastrosoothe/Forte, LaxTab, Micolette,
Nausicalm, DiaRelieve
DermatologyCrystaderm, Crystasoothe, Topiderm range, Decazol,
MycoNail
HospitalMaxigesic IV, Injectables
1
Paracetamol and Ibuprofen
28

Appendix 3: AFT Global Product Portfolio
AFT is building the global presence of its proprietary and patented products through its network of licensees and distributors.
It continues the development of its portfolio of repurposed medicines: Maxigesic
1
, Pascomer, NasoSURF, and Crystaderm
PainMaxigesic oral dose forms
-Tablets
-Solution
-Hot drink sachet
-Rapid tablets
-Cold and Flu
-Day& Night
ZoRub Osteo and HP
HospitalMaxigesic IV (intravenous)
NasoSurf – nasal nebuliser drug delivery
DermatologyCrystaderm – selected territories
Gastroenterology
Kiwisoothe
Micolette
1
Paracetamol and Ibuprofen
29

Appendix 4: Reconciliation of EBITDA to GAAP
AFTs standard profit measure prepared under New Zealand GAAP is net profit after tax. AFT has used the non-GAAP profit measure of EBITDA when discussing
financial performance in this document. AFT directors and management believe that this measure provides useful information as it is used internally to evaluate
performance of business units, to establish operational goals and to allocate resources.
Non-GAAP profit measures are not prepared in accordance with NZ IFRS (New Zealand International Financial Reporting Standards) and are not uniformly
defined, therefore the non-GAAP profit measures reported in this document may not be comparable with those that other companies report and should not be
viewed in isolation or considered as a substitute for measures reported by AFT in accordance with NZ IFRS.
30
Year to 31 March
2025
$000
2024
$000
Net profit after tax attributable to the owners of the parent
11,962
15,609
Less: Finance income
(25)
(66)
Add back: Interest costs
2,821
3,686
Add back other finance loss/(gain)
(1,182)
(1,404)
Add back: Depreciation
994
(1,003)
Add back: Amortisation
1,675
(1,010)
Add back: Income tax expense/(benefit)
4,634
6,410
EBITDA
20,879
26,248

FOR MORE INFORMATION
Dr Hartley Atkinson
Managing Director
Email: h
artley.atkinson@aftpharm.com
Malcolm Tubby
Chief Financial Officer
Email: m
alcolm.tubby@aftpharm.com
AFT Pharmaceuticals Limited
Level 1, 129 Hurstmere Road
Takapuna, Auckland 0622
New Zealand
www.aftpharm.com