2025 Annual Meeting of Shareholders

ANNUAL
SHAREHOLDER
MEETING
2025
21 AUGUST 2025

2
ATTENDEES
QUESTION
& VOTING
PROCESS
VOTING CARD
QUESTION BOX

3
MEETING
AGENDA
BUSINESS OF THE MEETING
CHAIR’S ADDRESS
• Geoff Plunket
CHIEF EXECUTIVE OFFICER’S ADDRESS
• Scott Johnson
ORDINARY RESOLUTIONS
• That Amelia (Aimee) McCammon be re-elected as a Director
• That Dame Alison Stewart be re-elected as a Director
• Directors authorised to fix the auditors remuneratio
n
SPECIAL RESOLUTION
• Amendment of the Constitution of the Company
OTHER BUSINESS

4
BOARD OF
DIRECTORS
GEOFFREY (GEOFF)
PLUNKET
Chair, Independent
non-executive Director
—
Member of Audit and Risk
Committee and People and
Performance Committee
AMELIA (AIMEE)
MCCAMMON
Independent
non-executive Director
—
Member of Audit and Risk
Committee and People and
Performance Committee
DAME ALISON
STEWART
Independent
non-executive Director
—
Chair of People and
Performance Committee
DR BARRY
RICHARDSON
Independent
non-executive Director
—
Chair of Audit and Risk
Committee
ANITA
JOHANSEN
Non-executive Director

5
FY25
SUMMARY
12.6M1.0M0.8M
REVENUEEBITDANPAT
NO DIVIDEND
TO BE DECLARED
FOR FY25.
10% on prior year 26% on prior year 30% on prior year

6
CEO
ADDRESS
SCOTT JOHNSON
Chief Executive Officer

LEADERSHIP
TEAM
Left to right:
ASHLEIGH CHILDS
People & Culture
MELISSA DRYSDALE
Head of Quality
RICHARD WINGHAM
Chief Financial Officer (CFO)
SCOTT JOHNSON
Chief Executive Officer (CEO)
JENNIFER WALKER
Chief Revenue Officer (CRO)
DR JOHN HALE
Chief Technology Officer (CTO)
7

8
GLOBAL MARKET
SNAPSHOT
PROBIOTIC DIETARY
SUPPLEMENT MARKET
Market Size in USD Billion
CAGR 11.96%
GLOBAL PROBIOTIC DIETARY SUPPLEMENTS
MARKET SHARE BY REGION (2024)
Source: Modor Intelligence 2025Source: Modor Intelligence 2025
2025
2030
USD 12.51 B
USD 22.01 B
10%
5.4%
22%
37.6%25%
Europe
Asia-Pacific
Middle East & Africa
North America
Rest of World

9
FY25 FINANCIAL
PERFORMANCE
14.0
12.0
10.2
2023
2024
2025
11.5
12.6
10.0
8.0
4.0
2.0
-
6.0
$m
1.2
1.0
0.8
0.4
0.2
(0.2)
(0.4)
(0.6)
(0.8)
-
0.6
(0.6)
0.8
1.0
2023
2024
2025
$m
REVENUE
10%
on prior year
EBITDA
26%
on prior year
1.5
1.0
0.5
(0.5)
(1.0)
(1.5)
(2.0)
-
0.6
0.8
(1.4)
2023
2024
2025
$m
NPAT
30%
on prior year

10
FY25 FINANCIAL
PERFORMANCE
REVENUE BY CHANNEL
36%
64%
B2B
B2C
31%
69%
B2B
B2C
CASH GENERATED
FROM OPERATIONS
70%
on prior year
REVENUE BY REGION
FY25
FY24FY24
FY25
2.0
1.8
1.6
1.4
1.2
1.0
0.8
0.6
0.4
0.2
-
1.8
1.1
0.1
2023
2024
2025
$m
36%
16%
18%
30%
New Zealand
Asia Pacific
(excl. NZ)
North America
EMEA
29%
16%
10%
44%
New Zealand
Asia Pacific
(excl. NZ)
North America
EMEA

11
REVENUE & MARKET
PERFORMANCE B2B
• Ingredient down
slightly overall
• North America (+83%)
and APAC (+53%) growth
• Royalty steady at $1.1m
• Private label up to $0.8m
(+$0.5m)
B2B REVENUE
(NZ$M)
FY25 B2B REVENUE
BY SALES CHANNEL
(NZ$M)
8 .1M
B2B
$
9
8
2023
2024
2025
8.0
8.1
7
6
$m
6.8
10%
77%
Ingredients: 6.2
Private label: 0.8
License fee
and royalties: 1.1
14%

12
• 36% of total revenue
(+f r o m 31%)
• Amazon USA: $2m
(+30%)
• BLIS Webstore: $0.6m
(+19%)
• Strong growth from
China CBEC
5
4
2023
2024
2025
3.5
4.5
3
2
1
0
$m
3.5
NZ wholesale: 1.4
CBEC: 0.5
Amazon USA: 2.0
BLIS webstore: 0.6
44%
14%
12%
30%
REVENUE & MARKET
PERFORMANCE B2C
B2C REVENUE
(NZ$M)
FY25 B2C REVENUE
BY SALES CHANNEL
(NZ$M)
4.5M
B2C
$
29%

13
LEGAL AND SUPPLY AND
MARKETING AGREEMENT
• Negotiations concluded on Bluestone Pharma GmbH
(BSP) fermentation patent applications on July 2nd
• Joint ownership agreement reached
• Mutual release of claims by BLIS, BSP & Lactosan
• Renegotiated 5-year supply agreement extension with BSP
• Working together on joint business plan
IP AND
MARKET RISKS
TARIFFS
• US: 15% tariff on finished goods
(April 2025 price rise on Amazon)

14
STRATEGIC FOCUS
& EXECUTION
CONTINUED
FOCUS ON CORE:
K12™ & M18™
PROBI
PARTNERSHIP
IN US REMAINS
CENTRAL
FOCUSED PIPELINE
OF CONSUMER
INSIGHT DRIVEN R&D
AND NPD PROJECTS
CHINA
REGULATORY
PROJECT NEAR
COMPLETION

15
FY26
STRATEGIC PLAN
OUR IMPACT
We are acknowledged globally as the preferred
partner and leader in oral probiotic innovation
OUR VISION
OUR VALUES
HOW WE DELIVER
OUR PURPOSE
Being the best at developing probiotic solutions for the health and wellbeing of global consumers.
PEOPLE
Caring for our team
OUR MANA
Inspires us
PROFIT
Sustainable growth
CUSTOMER FIRST
Orients us
MAKE IT HAPPEN
Drives us
CUSTOMER
Building partnerships
ONE TEAM
Connects us
TECHNOLOGY BUILDING BLOCKS
R&D | NPD | Patents
PEOPLE
L&D | Performance Mgmt
Account Mgmt | Comms
STRATEGIC SUPPLY ALLIANCES
Fermentation | Manufacturing
Quality Testing Process
MARKET ACCESS & SUPPORT
Science Center | Regulatory
QUALITY PROCESSES & SYSTEMS
S&OP | Project Mgmt
Continuous Improvement
COMMERCIAL ACTIVATION
JBPs | Marketing | Go-to-Market
STRATEGIC DEMAND ALLIANCES
Brand Owners | BLIS | Innovation Partners

16
ESG &
CULTURE
B CORP
CERTIFICATION
PREPARATION
• To enhance shareholder value
• Formalises BLIS’ commitment to
responsible, sustainable growth
• Requires minor constitutional
change
‘LEADING AT BLIS’
LEADERSHIP
PROGRAMME
MYGREEN LAB:
GREEN RE-
CERTIFICATION
ZERO LTIs
FOR 6 YEARS
16

17
S U P P LY
CHAIN
RAW INGREDIENT
VOLUME AND
PRICING PRESSURES
One-off impact in Q1
and ongoing pressure
WORKING THROUGH
AGREEMENT WITH
ADDITIONAL
FERMENTATION
PARTNER TO ENSURE
CUSTOMER DEMAND
IS MET
17

18
25 YEAR
MILESTONE
GLOBAL RECOGNITION
OF DISCOVERY AND
CONTRIBUTION
ONGOING SCIENTIFIC
AND MENTORING ROLE
AT BLIS
FOUNDED IN 2000
ON PROF. JOHN TAGG’S
RESEARCH
18

19
CLOSING
AND OUTLOOK
UNAUDITED RESULTS FOR THE
QUARTER ENDING 30 JUNE 2025 (1Q26)
3.5M
REVENUE
$
( 0.2M)
EBITDA
$
OUTLOOK
• 1HY26 revenue of $7.5m, 25% increase on 1HY25
• 1H26 positive EBITDA (inclusive of one-off costs)
• FY26 full year revenue growth of 10%–15%

QUESTIONS
WAIT FOR THE MICROPHONE
State your name and whether you are a shareholder or proxy holder.

21
ATTENDEES
QUESTION
PROCESS
QUESTION BOX

RESOLUTIONS
WAIT FOR THE MICROPHONE
State your name and whether you are a shareholder or proxy holder.

23
ATTENDEES
VOTING
PROCESS
VOTING CARD

24
RESOLUTION 1
THAT AMELIA (AIMEE)
MCCAMMON BE RE-ELECTED AS
A DIRECTOR OF THE COMPANY.
WAIT FOR THE MICROPHONE
State your name and whether you are a shareholder or proxy holder.

25
RESOLUTION 2
THAT DAME ALISON STEWART
BE RE-ELECTED AS A DIRECTOR
OF THE COMPANY.
WAIT FOR THE MICROPHONE
State your name and whether you are a shareholder or proxy holder.

26
RESOLUTION 3
THAT THE DIRECTORS
BE AUTHORISED TO FIX THE
REMUNERATION OF THE AUDITORS
FOR THE ENSUING YEAR.
WAIT FOR THE MICROPHONE
State your name and whether you are a shareholder or proxy holder.

27
RESOLUTION (SPECIAL) 4
AMENDMENT OF THE
CONSTITUTION OF THE COMPANY.
WAIT FOR THE MICROPHONE
State your name and whether you are a shareholder or proxy holder.

GENERAL BUSINESS

29
DISCLAIMER
INFORMATION
The information in this presentation is an overview and does not contain all information necessary
to make an investment decision. It is intended to constitute a summary of certain information
relating to the performance of BLIS Technologies Limited (“Company” or “BLIS”). The information
in this presentation is of a general nature and does not purport to be complete. This presentation
should be read in conjunction with the Company’s other periodic and continuous disclosure
announcements, which are available at nzx.com.
NOT FINANCIAL PRODUCT ADVICE
This presentation is for information purposes only and is not financial or investment advice
or a recommendation to acquire BLIS securities, and has been prepared without taking into
account the objectives, financial situation or needs of individuals. The Company, its directors
and employees do not give or make any recommendation or opinion in relation to acquiring
or disposing of shares. In making an investment decision, investors must rely on their own
examination of the Company, including the merits and risks involved. Investors should consult
with their own legal, tax, business and/or financial advisors in connection with any acquisition
of securities.
FUTURE PERFORMANCE
This presentation may contain certain ‘forward-looking statements’, for example statements
concerning the development and commercialisation of new products, regulatory approvals,
customer adoption and results of future clinical studies. Forward-looking statements can generally
be identified by the use of forward-looking words such as, ‘expect’, ‘anticipate’, ‘likely’, ‘intend’,
‘could’, ‘may’, ‘predict’, ‘plan’, ‘propose’, ‘will’, ‘believe’, ‘forecast’, ‘estimate’, ‘target’, ‘outlook’,
‘guidance’ and other similar expressions. The forward-looking statements contained in this
presentation are not guarantees or predictions of future performance and involve known and
unknown risks and uncertainties and other factors, many of which are beyond the control of
the Company and may involve significant elements of subjective judgement and assumptions
as to future events which may or may not be correct. There can be no assurance that actual
outcomes will not materially differ from these forwardlooking statements. A number of important
factors could cause actual results or performance to differ materially from the forward-looking
statements. The forwardlooking statements are based on information available to the Company
as at the date of this presentation. Except as required by law or regulation (including the NZX
Main Board Listing Rules), the Company undertakes no obligation to provide any additional or
updated information whether as a result of new information, future events or results or otherwise.
NO REPRESENTATION
This presentation may contain information from third-parties believed to be reliable, however,
no representations or warranties are made

THANK YOU

---

BLIS Technologies Limited
399 Moray Place, Dunedin, New Zealand, 9016
blis.co.nz
info@blis.co.nz
21 August 2025
BLIS Technologies Limited
Annual Shareholder Meeting 2025

Chair’s Address
Slide 1 - Introduction
Good morning, and welcome everyone to the BLIS Technologies Limited Annual Shareholder
Meeting for 2025. My name is Geoff Plunket, and I am Chair of the Board for BLIS Technologies.
On behalf of my fellow directors, our Chief Executive, Scott Johnson and all the BLIS team it is my
pleasure to welcome you all here today in person and to those of you attending online.
This August marks 25 years since Blis was established to commercialise the pioneering work of
Professor John Tagg. I would like to acknowledge John’s outstanding contribution over the past 25
years.
Slide 2 – Question and Voting Process
Today we are providing both an in person and online attendance option for shareholders. It is
pleasing once again to have so many shareholders join us online today, and to see so many of you in
person.
When it comes to voting: For our shareholders in attendance here you may vote as usual on the
voting card provided to you at the registration desk when you arrived. For shareholders online, you
will be able to cast your vote online by pressing the “Get a voting card” button and validating
yourself using your shareholder or proxy number. Please note that only shareholders, proxy holders
or shareholder company representatives may vote.
Please refer to the virtual meeting online portal guide or contact the team at MUFG Corporate
Markets on 0800 200 220 if you require any assistance.
Shareholders online will also be able to ask questions by clicking the “ask a Question” button. I
encourage shareholders who have questions to send their questions through as soon as possible.
I am pleased to say that the meeting has been properly called and there is a quorum present.
We will be using slides during the meeting. For those of you online you will be able to see these and
follow along. They have also been posted to the NZX and are available on the BLIS website.

BLIS Technologies Limited
399 Moray Place, Dunedin, New Zealand, 9016
blis.co.nz
info@blis.co.nz
A quick Health & Safety note - for those of you here with us, in the unlikely event of an emergency
the building needs to be evacuated, please evacuate via the emergency exit doorways indicated.
Follow the signs to the foyer and the front entrance, the nearest assembly point is on Albany Street
by Skinner Annex.
Slide 3 – Meeting Agenda
The agenda for this morning will include an overview from myself of the company’s performance for
the year to 31 March 2025. Scott Johnson, our CEO, will then provide you with a deeper review of
the results, and on progress against our strategic plan.
There will then be an opportunity for shareholders to ask questions. We will first take questions
from those in attendance here today and then any questions posted online that have not already
been covered by responses to previous answers.
Following this we will then move to the formal business of the meeting. At that point I will outline
the process for the discussion and voting on the three resolutions set out in the agenda.
At the meeting’s conclusion, for those of you here with us we would be delighted if you would join
the directors and the BLIS team for light refreshments and further discussions.
Slide 4 – Board of Directors - Introductions
Before reviewing the company’s performance, I would first like to introduce our Board. Their profiles
are available on the BLIS Technologies website and are also included within the annual report.
Myself, Geoff Plunket – joined the Board in May 2018, held the role of chair since July 2021. CEO of
Port Otago from 2004 to 2017, currently an independent director on Port of Auckland.
Aimee McCammon – was appointed to the Board in October 2021, CEO of Pic’s Peanut Butter based
in Nelson, with a background in advertising, marketing and governance.
Dame Alison Stewart. Alison joined the board in September 2018. Alison brings to the board
substantial experience as a research and innovation leader.
Dr Barry Richardson. Barry joined the board in 2018. Barry has a science background and brings both
BLIS specific and international biotechnology and nutritional dairy industry experience to the board.
Anita Johansen – CEO of Probi AB, joined the Board in January last year. Anita has a background in
pharmaceuticals and has held leadership positions in various global consumer healthcare companies
and is a board member of both the International Association of Probiotics (IPA) and IPA Europe.

BLIS Technologies Limited
399 Moray Place, Dunedin, New Zealand, 9016
blis.co.nz
info@blis.co.nz
Slide 5 – FY25 Summary - Results
It is pleasing to report that BLIS had revenue and earnings growth for the year ended 31 March 2025.
Revenue for the year was $12.6m, a 10% increase on the prior year. EBITDA was $1.0m, up 26% and
Net Profit of $0.8m, up 30%.
The financial year was marked by disciplined execution of our strategic plan, operational
improvement, and addressing unexpected intellectual property issues.
We are delivering on our key performance commitments of strengthened our commercial
foundations and improving financial returns.
Revenue growth was underpinned by solid growth across our finished product sales and modest
growth in our Business to Business revenue. Higher royalty revenue was partially offset by some
softness in ingredient revenue from European customers. Growth was achieved in other ingredient
markets.
While this year’s financial results were positive, considerable time was spent during the year dealing
with unexpected patent issues. It was pleasing to have this matter settled In July and a new 5 year
agreement entered into with BSP.
BLIS continues to be in a strong financial position with cash balances and short term deposits of
$9.7m.
Strategy
We remain focused on delivering revenue growth and improved profitability by working with
partners in key B2B markets, for example in the US with Probi. Opportunities within the existing B2C
markets will also be leveraged.
Distribution to shareholders
BLIS continues to enjoy financial stability making modest profits and holding cash balances of $9.7m
as at 31 March 2025.
In respect of the current year, Directors have agreed not to propose a distribution.
As trading profits continue to improve and greater visibility of the capital requirements of the
business is achieved, the board will continue to review the Company’s capital structure and if
appropriate will consider a distribution to shareholders.

BLIS Technologies Limited
399 Moray Place, Dunedin, New Zealand, 9016
blis.co.nz
info@blis.co.nz
CEO Address
Slide 6 – CEO Address (Handover to Scott)
Thank you, Geoff,
On behalf of the Leadership Team, I’d like to welcome all shareholders joining us today in person
and online. Your continued support is greatly appreciated and essential to our journey as a company.
Slide 7 - BLIS Leadership Team
Let me introduce the BLIS Leadership Team, who are here today representing all areas of the
business. They’ll be available to respond to any relevant questions later in the meeting.
Team, please raise your hand when I call your name:
- Ash Childs – People and Culture Manager
- Melissa Drysdale – Head of Quality
- Jen Walker – Chief Revenue Officer
- Richard Wingham – Chief Financial Officer
- Dr John Hale – Chief Technology Officer
Slide 8 – Global market snapshot
To kick off the presentation I would like to give you a global market snapshot of the probiotic dietary
supplement market.
The global market is projected to nearly double over the next 5 years with a healthy CAGR of 12%.
With established business partners in Europe, North America and APAC, BLIS is playing in the right
markets to capitalize on that growth.
Slide 9 – FY25 Financial performance – Revenue, EBITDA
We are pleased to report revenue of $12.6 million for the year ended 31 March 2025 – a 10%
increase on the prior year. This growth was driven by solid finished product sales and modest royalty
growth, partially offset by softness in our European ingredient revenue.

BLIS Technologies Limited
399 Moray Place, Dunedin, New Zealand, 9016
blis.co.nz
info@blis.co.nz
EBITDA was $1.0 million, up 26% on FY24, and net profit was $0.8 million. We ended the year with a
strong cash position of $9.7 million, with an operating cash surplus of $1.7 million.
This result reflects disciplined execution, strong cost control, and continued momentum despite
challenges
Slide 10 – FY25 Financial performance – Cash generated and Revenue by region
As a result of improvements in FY25 financial performance BLIS generated cash of $1.8M, up 70% on
the prior year.
Also of note is that Asia Pacific (APAC) is expected to play a bigger role in the future as it increased
from 10% of BLIS’s turnover in 2024 to 18% in 2025. (compare that to total global probiotics at circa
38%. So, the potential is there).
The business continues to have a channel mix of circa 2/3 B2B and 1/3 B2C. BLIS doesn’t see this mix
changing materially in the future.
Slide 11 – Revenue and Market Performance – B2B
B2B revenue was $8.1 million, contributing 64% of total revenue. Ingredient revenue was $6.2
million – down slightly overall, but North America grew 83% and Asia Pacific 53%.
Royalty revenue held steady at $1.1 million. Private label grew significantly to $0.8 million, led by a
key Chinese partner.
Slide 12 – Revenue and Market Performance – B2C
B2C revenue was $4.5 million – up 29% and now 36% of total revenue. Amazon USA grew 30% to $2
million, and our BLIS webstore grew 19% to $0.6 million.
Total wholesale growth, particularly cross-border e-commerce in China, was a highlight.
Slide 13 – IP and Market Risks
Following our October 2024 announcement about a contract breach, BLIS worked closely with
Bluestone Pharma (BSP) and Lactosan to resolve the situation. We are pleased to have reached a
positive agreement on joint ownership of the patent applications, providing clarity and access to
vital technology.
All parties have mutually released claims related to these patent publications, reflecting the
transparent and ethical negotiations. BLIS also secured a five-year extension of our supply
agreement with BSP, ensuring ongoing partnership and supply chain stability."

BLIS Technologies Limited
399 Moray Place, Dunedin, New Zealand, 9016
blis.co.nz
info@blis.co.nz
We are now busy working on the execution of the joint business plan initiatives.
In the US, tariffs now apply to finished products at 15%, leading to modest price increases in 2025.
Ingredients remain exempt.
Slide 14 – Strategic focus and execution
Our focus remains on disciplined growth in key markets and strategic partnerships, particularly with
Probi in the US.
We continue to have a focused pipeline of consumer driven NPD projects.
We made significant progress on China regulatory approvals for BLIS K12™ and BLIS M18™, investing
$0.3 million in FY25. Final regulatory assessments are now pending.
Slide 15 – BLIS Strategic plan
Our strategic plan remains consistent, leading with predominantly a B2B focus. B2C, however, plays
a critical role for us in terms of brand awareness and also its contribution to our bottom line. For
example, it is important to have a winning value proposition in your home market when scaling up
offshore.
Disciplined execution is fundamental to our future success.
Slide 16: ESG and Culture
We have made tangible progress in our ESG commitments. We are working toward B Corp
certification, and a proposed constitutional change will support this.
BLIS is pursuing B Corp certification to demonstrate its commitment to responsible growth, ensuring
that environmental, social, and governance considerations are embedded in its strategy. Far from
being at the expense of profit, this approach strengthens long-term shareholder value by building
trust, resilience, and sustainable competitive advantage through considering all stakeholders.
We also launched our ‘Leading at BLIS’ leadership programme and maintained GREEN status with
our MyGreen Lab re-certification.
We continue to prioritise safety across all sites, with no lost-time injuries again in FY25 – extending
our record to six years.

BLIS Technologies Limited
399 Moray Place, Dunedin, New Zealand, 9016
blis.co.nz
info@blis.co.nz
Slide 17: Supply Chain:
To ensure supply continuity and support growth, we are working with a new fermentation specialist,
with new supply expected in 2026. Short-term margin pressures are expected in the meantime.
Slide 18: 25-year milestone:
This August marks 25 years since BLIS was founded on the pioneering work of Professor John Tagg.
John has made extraordinary contributions over this time and continues to support BLIS today. On
behalf of the Board, the BLIS Team and shareholders – thank you, John.
Slide 19 – Closing and outlook
BLIS Technologies reported 1Q26 revenue of $3.5m, driven by Private Label and strong NZ wholesale
sales. The Company forecasts 1HY26 revenue of ~$7.5m, up 25% on 1HY25, with EBITDA (including
one-offs) slightly below last year. Full-year FY26 revenue is forecast to grow 10–15%.
We thank our team for their commitment, especially through the IP challenge this year. Their
professionalism has been exceptional.
We are cautiously optimistic as we progress through FY26. We see continued strong demand for
science-backed probiotics and will maintain our focus on strategic markets, innovation, and
execution.
FY25 was a step forward – and we look ahead with confidence. Thank you.