AFT delivers 10th consecutive first half revenue increase

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






20 NOVEMBER 2025
FINANCIAL RESULTS FOR THE SIX MONTHS TO 30 SEPTEMBER 2025
AFT delivers 10th consecutive first half revenue increase
AFT Pharmaceuticals (NZX: AFT, ASX: AFP) today reports a strong first-half
performance for the six months to 30 September 2025, with revenue growing 33%
over 1H 25 to reach a record $114.9 million as its investments for growth deliver.
Growth — the 10th consecutive period of first half-year revenue increasing against
the same period of the prior year since listing on the NZX — was led by Australia
and was supported by the strong performance of Asian and International markets,
which have now fully recovered from the one-off disruptions in 1H 25.
AFT continues to make good progress advancing the development of our
International business hubs in markets that share similar characteristics with its
highly successful Australasian operations. It has also advanced the company’s
research and development (R&D) portfolio, and its active out and in-licensing
programs which continue to position the company for long term growth.
AFT remains focused on delivering against its target of $300 million revenue for the
FY 27 financial year, while balancing disciplined investment to support long-term
value creation.
HIGHLIGHTS
• Half-year operating revenue rises 33% to $114.9 million
1
, reflecting strong
growth in Australia, the benefits of a recovery from the one-off disruptions of
1H 25 and strong growth in Asia and International markets
• EBITDA
2
of $6.6 million and operating profit of $4.7 million up from prior period
losses amid ongoing investment in International business hubs and R&D. Net
profit after tax of $2.7 million

1
All comparisons are to the six months to 30 September 2024 unless otherwise stated.
2
EBITDA is a non-GAAP measure of performance. It is defined and reconciled to GAAP measures on page [XX]
of the investor presentation released to the NZX and ASX today.

2

• Balance sheet remains strong with net debt of $20.9 million
3
within target range
• Licensing: multiple out-licensing agreements executed in the period; pipeline
of further agreements and term sheets progressing, including the licensing of
our novel IV iron formulation in China
• R&D: positive progress across late-stage assets, including the IV iron
programme, antibiotic eyedrop and topical strawberry birthmark candidates
• Outlook: on track to deliver FY 26 operating profit guidance of $20 million to
$24 million and to further advance the multi-year growth strategy
A video of AFT Pharmaceuticals Co-Founder and Managing Director Dr Hartley
Atkinson discussing these results can be found at the following link:
https://youtu.be/1o4LxkcAQ9g
AFT Pharmaceuticals Chair David Flacks said: “This first-half result demonstrates
continued execution against our strategy and the impact of a return to normalised
trading conditions in Asia and in our international business.
“We have continued to invest in the portfolio and in our international platforms to
support a larger, more diversified and resilient AFT. That focus — on disciplined
growth and long-term value creation — remains unchanged as we progress
towards our FY27 revenue target of $300 million.”
Dr Atkinson said: “We have seen solid performance across all regions with results
being particularly pleasing in our largest market, Australia. I am also delighted with
the progress we are making in our International markets and in the development
our own innovative intellectual property.
“We expect our business hubs in the United Kingdom and South Africa to begin to
contribute to earnings in the second half of the year, validating the potential we
see in these markets and our investment in them.
“We meanwhile are seeing continuing strong interest in our development portfolio
with an out-licensing agreement for our novel iron therapy secured in China, the
worlds’ second largest pharma market after the end of the period. We are excited
about the expanding prospects for our company.”
FINANCIAL PERFORMANCE
Revenue grew by 33% to $114.9 million from $86.7 million in 1H 25 . Growth was
driven by the Australian business, up 31% to $66.5 million with solid performances
across key OTC and pharmacy brands and continued uptake in prescription
medicines.

3
This figure excludes related party loans

3

It was also supported by an improving contribution from the International business
(up 133% to $12.9 million) and Asia (up 69% to $7.5 million) as the one-off factors
that affected 1H25 trading — a doctors’ strike in Korea and international customer
de-stocking — were resolved in 2H 25.
Gross margin was 43.2%, reflecting a small increase in margin from product sales
and royalties and $1.8m additional license income on commercial sales.
Operating expenses increased 18% as the company continued to fund growth
initiatives from its own resources, including: (i) start-up and scaling costs for the
business hubs in North America, the UK/Europe and South Africa; (ii) brand and
market entry investments to support recent and upcoming launches; and (iii)
higher R&D expenses to advance late-stage projects.
The resulting operating profit was $4.7 million, up $6 .5 million from a $1.8 million loss
in 1H 25. EBITDA was $6.6 million, up $7.3 million from a $0.7 million loss in 1H 25. Net
profit after tax was $2.7 million from a $2.5 million loss in 1H 25.
Further information on the performance in the regions is provided in the FY 26
Interim Report and Investor Presentation released in conjunction with these results.
RESEARCH AND DEVELOPMENT
R&D expenditure (expensed and capitalised) in the half year was $9.5 million up
from $8.9 million in 1H 25 as we advanced a diversified portfolio of development
projects spanning pain, dermatology and eyecare. We also made notable
progress across several late-stage programmes:
• Intravenous iron: Following the positive Phase III trial, AFT and its development
partners are now preparing to commence a large global Phase III confirmatory
study of ~1,000 patients. Two additional patent applications have been filed
to further protect the asset.
• Antibiotic eyedrop: The pre-IND application
4
has been filed with the US FDA,
with IND submission targeted early next financial year to enable first-in -human
studies. The product seeks to address drug-resistant ocular infections for which
registered therapies are limited. Current treatments are primarily prepared by
compounding pharmacies which is not desirable, especially for eyecare
products where full GMP sterility is a crucial factor.
• Topical strawberry birthmarks: The pre-IND has been prepared and filed; FDA
feedback has been received which guides the IND submission pathway and
Phase I, II and III study designs.
• Maxigesic IV paediatric: We are preparing to commence a Maxigesic IV study
for paediatric populations, following FDA approval of our paediatric study

4
IND: Investigational New Drug application.

4

plan. Our medicine offers a new option for pain care in children, who have
fewer safe and effective options for managing pain compared to adults,
particularly in hospital settings.
We have progressed out-licensing discussions — securing five agreements in the
1H 26 period. A key achievement has been the out-licensing agreement for our
novel IV iron therapy for China
5
which was secured after the 1H 26 period.
The agreement, with Chengdu-based Grand Life Sciences Group, a top five
Chinese pharmaceutical company by sales revenue, features upfront,
development and sales milestone payments as well as recurring royalties. This
revenue will be shared between AFT and its development partners. Grand Life
Sciences will also contribute to funding the global clinical development program.
We also advanced our in -licensing programme to deepen our product portfolio.
A number of products in-licensed are now either in registration or are being
prepared for regulatory filing. In many cases we have secured in -licensing across
multiple territories to include the AFT business hubs, further advancing the leverage
we gain from these activities.
Collectively, the R&D and business development programmes will support multiple
launches over the next several years, broadening our product portfolio and
increasing both the size and the diversity of revenue through direct sales and
through licensing and royalty income.
INTERNATIONAL DEVELOPMENT
AFT continues to direct significant effort towards the development of sales in the
international business hubs, which share the characteristics of our highly successful
Australasian operations.
United Kingdom
We are pleased with the progress we are making in this market and expect
operations to reach breakeven in the second half of this current financial year.
We continue to focus upon growing the Combogesic tablets and IV brands.
A recent success has been the addition of Combogesic IV to the formulary of
London Northwest University Healthcare NHS Trust. This trust covers Ealing Hospital
and the Northwick Park Hospital, which hosts the UK’s largest and busiest Accident
and Emergency Department. A significant number of regulatory filings are
underway for both AFT proprietary products and new products we have in-
licensed to the UK, supporting a strong product launch pipeline.


5
Licensing negotiations enabled by Ms Hong Xie, Pharma China Consulting

5

Canada:
We launched our first product, Combogesic IV in 1H 26 and we are planning
additional launches in 2H 26. Our team, led by experienced Canadian pharma
executive, Sylvain Desjeans, is now fully operational. We continue to work on a
significant number of regulatory filings in the 2H 26 time period in order to further
expand our product portfolio in Canada.
South Africa:
We accelerated our product launch schedule in this market from four to eighteen
products in the latter part of this financial year with this increase related to
acquiring some additional product licenses. This will significantly accelerate sales
growth in the next financial year. The business is expected to start to contribute to
group earnings in 2H 26. Our South African team is in place, led by experienced
South African pharma executive, Deon Hall.
BALANCE SHEET
AFT remains well funded, with net debt of $20.9 million at 30 September 2025 ($18.9
million, 30 September 2024), within our target leverage range and reflecting
continued investment in growth. Discussions on renewal of the banking facility are
well advanced. Inventory was $58 million, managed prudently against normalising
supply chains and the anticipated launches in the second half.
OUTLOOK
Consistent with prior years, AFT expects second half sales and earnings to be
greater than the first half of FY 26 supported by a strong programme of launches
in International markets, continued expansion in the Australasian portfolio, and
increasing contributions from the company’s international business hubs as they
scale.
AFT remains focused on disciplined execution: converting R&D progress into value
through clinical and regulatory milestones; advancing out-licensing to monetise
our IP; and deepening in-licensing to add attractive, strategically aligned
products in priority markets.
Our R&D and international expansion efforts come at the expense of short-term
earnings, but they will support the extension of AFT’s decades-long record of
delivering uninterrupted growth and shareholder value creation. They will also
deliver the product and geographic diversification that underpins the resilience of
the business.
AFT remains on track to deliver a FY 26 operating profit within the previously
outlined range of $20 million to $24 million. The company also reiterates its
confidence in its pathway to $300 million annual revenue in FY 27, supported by

6

the launch schedule, our licensing programme, the scaling of international hubs
and continued geographic expansion.
Released 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 9 488 0232
About AFT Pharmaceuticals
AFT is a growing New Zealand-based multinational pharmaceutical company that
develops, markets and distributes a broad portfolio of medicines across OTC,
prescription and hospital channels. The portfolio comprises proprietary and in-
licensed products across pain management, dermatology, eyecare, allergy,
gastro and other categories. AFT commercialises products directly in Australia,
New Zealand, Singapore, Malaysia, Hong Kong, the US, Canada, the EU (ex
Ireland) and the UK, and out-licenses to partners in more than 125 countries.

For more information, visit www.aftpharm.com.

---

Results for announcement to the market
AFT Pharmaceuticals Limited
Reporting Period 6 months to September 30 2025
Previous Reporting Period 6 months to September 30 2024
Currency NZ$
Amount (000s) Percentage
change
Revenue from continuing operations $114,942 Up 33%
Total Revenue $114,942 Up 33%
Net profit/(loss) from continuing operations $4,737 Up 363%
Total net profit/(loss) $4,737 Up 363%
Interim/Final Dividend
Quoted Equity Securities:
Amount per Quoted Equity Security $0.01800000
Imputed amount per Quoted Equity Security No imputation
Record Date 29/06/2025
Dividend Payment Date 04/07/2025
Current period Prior comparable period
Net tangible assets per Quoted Equity Security $0.36 $0.26
A brief explanation of
any of the figures
above necessary to
enable the figures to be
understood
Accompanying this announcement are the Group’s unaudited
consolidated financial statements for the six months ended 30
September 2025. These financial statements and the half year results
commentary dated 20 November 2025 provide the balance of
information requirements in accordance with NZX Listing Rules and
Appendix 2.
Pursuant to ASX listing rule 1.15.3 AFT Pharmaceuticals Limited
confirms that it continues to comply with the rules of its home
exchange (NZX Main Board).
Authority for this announcement
Name of person

authorised to make this
announcement
Malcolm Tubby
Contact person for this announcement
Malcolm Tubby, Chief Financial Officer,
AFT Pharmaceuticals Ltd
Contact phone number +64 9 488 0232
Contact email address malcolm.tubby@aftpharm.com
Date of release through MAP

20 November 2025

Unaudited financial statements accompany this announcement.


AFT Pharmaceuticals Limited,
129 Hurstmere Road, Takapuna, Auckland 0622, New Zealand Incorporated in New Zealand ARBN: ARBN 609 017 969

---

2026
INTERIM
REPORT
Results for the half year to
30 September 2025

Contents
Highlights 2
Chairman and Managing Director’s Report 4
Regional Performance 8
EBITDA Reconciliation 12
Independent Auditor’s Report 14
Financial Statements 16
Company Directory 33
This report provides a summary review of AFT’s
operational and financial performance for the
six months to 30 September 2025 and should be
read in conjunction with the company’s financial
statements on pages 16 to 32 of this report.
The information provided in this report has been
compiled in accordance with relevant law, rules
and corporate governance recommendations
for investor reporting. Financial information has
been prepared in accordance with appropriate
accounting standards and has been reviewed
by Deloitte Limited.
Throughout this report we have focused on what
we believe matters most to our stakeholders and
our business. We have endeavoured to ensure all
information is accurate through internal verification
and other approval processes.
David Flacks Dr Hartley Atkinson
Chair Managing Director

AFT Pharmaceuticals has reported
a strong first-half performance for
the six months to 30 September 2025,
demonstrating continued execution
against our strategy and the impact of
a return to normalised trading conditions
in Asia and in our international business.
We have seen solid performance across
all regions. We continue to make good progress
advancing the development of our International
business hubs and we have advanced our research
and development portfolio, and our active out and
in-licensing programs. We continue to position the
company for long term growth and value creation.
AFT PHARMACEUTICALS INTERIM REPORT 2026 | 1

10 years of consecutive first half year
revenue growth since listing
.
$
114.9m
Half-year operating revenue rises 33% led by growth in Australia and a recovery
from the 1H 25 trading disruptions in Asian and International markets.
$
4.7m
Operating profit up from prior period losses and with ongoing investment
in International business hubs and research and development
$
2.7m
Net profit after tax improves from $2.5 million loss in 1H 25
OUR STRATEGIC ACHIEVEMENTS
On track
to deliver
$300
million
group revenue in FY 27
International
business
development
advances
with the UK and South
Africa business hubs
set to contribute to
earnings in 2H 26
Active
licensing
programme
continues
with our novel iron
infusion product now
in development out
licensed to China’s Grand
Life Sciences Group
Research and
development programme
advances with
IND
applications
lodged
for our antibiotic
eyedrop and strawberry
birthmark projects
Preparing a
Maxigesic
IV study
for paediatric
populations
WORKING TO IMPROVE YOUR HEALTH | 2
FINANCIAL AND STRATEGIC HIGHLIGHTS

Consistent revenue growth
AUSTRALIA
Revenue:
$66.5 million
up 31%
from $50.8 million.
Operating profit
$9.6 million
up from $4.0 million.
Key growth drivers:
Broad growth across categories.
NEW ZEALAND
Revenue:
$28.0 million
up 8%
from $26.0 million.
Operating profit
$4.1 million
up from $3.7 million.
Key growth drivers:
Broad growth across categories.
ASIA
Revenue:
$7.5 million
up 69%
from $4.4 million.
Operating profit
$2.1 million
up from $0.5 million.
Key drivers:
A rebound from disruptions in
1H 25 in South Korea and sales
growth in other Asian markets.
INTERNATIONAL
Revenue:
$12.9 million
up 133%
from $5.6 million.
Operating loss
$(4.4) million loss
from $(4.6) million
Key drivers:
A recovery from destocking
in 1H 25 and increased
licensing income.
Increasing the diversity of our revenue
New Zealand 30%
Australia 58%
Asia 5%
International 7%
New Zealand 24%
Australia 58%
Asia 7%
International 11%
1H25 Revenue1H26 Revenue
$250
$200
$180
$160
$140
$120
$100
$80
$60
$40
$20
$-
NZ$ MILLION
AFT Pharmaceuticals Revenue
2016 2017 2018 2019 2020 2021 20222023202420252026
$69
$64
$85
$69
$80
$85
$106
$113
$130
$195
$121
$87$115
$208
$157
FULL FINANCIAL YEARFIRST HALF FINANCIAL YEARSECOND HALF FINANCIAL YEAR
AFT PHARMACEUTICALS INTERIM REPORT 2026 | 3
FINANCIAL AND STRATEGIC HIGHLIGHTS

Delivering against strategy
Revenue by region
$80.0
$70.0
$60.0
$50.0
$40.0
$30.0
$20.0
$10.0
$0.0
NZ$ MILLION
1H 20251H 20261H 20251H 20261H 20251H 20261H 20251H 2026
AUSTRALIANEW ZEALANDASIAINTERNATIONAL
Dear Shareholders,
AFT Pharmaceuticals has reported a strong
first-half performance for the six months to
30 September 2025. It is a result that demonstrates
continued execution against our strategy and the
impact of a return to normalised trading conditions
in Asia and in our international business.
We have seen solid performance across all regions
with results being particularly pleasing in our
largest market, Australia. We continue to make
good progress advancing the development of our
international business hubs in markets that share
similar characteristics with our highly successful
Australasian operations.
We expect our business hubs in the United
Kingdom and South Africa to begin to contribute
to earnings in the second half of the year, validating
the potential we see in these markets and our
investment in them.
We have also advanced the company’s research
and development (R&D) portfolio, and our active
out and in-licensing programs which continue
to position the company for long term growth.
FINANCIAL PERFORMANCE
Revenue grew by 33% to $114.9 million from
$86.7 million in 1H 25 – the 10th consecutive period
of first half-year revenue increasing against the
same period of the prior year since listing on the
NZX. Growth was driven by the Australian business,
up 31% to $66.5 million with solid performances
across key OTC and pharmacy brands and
continued uptake in prescription medicines.
It was also supported by an improving contribution
from the International business (up 133% to
$12.9 million) and Asia (up 69% to $7.5 million)
as the one-off factors that affected 1H25 trading –
a doctors’ strike in Korea and international
customer de-stocking – were resolved in 2H 25.
Gross margin was 43.2%, reflecting a small
increase in margin from product sales and
royalties and $1.8 million additional license income
on commercial sales.
Operating expenses increased 18% as the company
continued to fund growth initiatives from its own
resources, including: (i) start-up and scaling costs
for the business hubs in North America, the UK/
Europe and South Africa; (ii) brand and market
entry investments to support recent and upcoming
launches; and (iii) higher R&D expenses to advance
late-stage projects.
The resulting operating profit was $4.7 million, up
$6.5 million from a $1.8 million loss in 1H 25. EBITDA
was $6.6 million, up $7.3 million from a $0.7 million
loss in 1H 25. Net profit after tax was $2.7 million
from a $2.5 million loss in 1H 25.
$66.5
$28.0
$4.4
7.5
$5.6
$12.9
$50.8
$26.0
WORKING TO IMPROVE YOUR HEALTH | 4
CHAIR AND MANAGING DIRECTOR’S REPORT

AFT remains on track
to deliver a FY26 operating
profit within the previously
outlined range.
AFT PHARMACEUTICALS INTERIM REPORT 2026 | 5
CHAIR AND MANAGING DIRECTOR’S REPORT

RESEARCH AND DEVELOPMENT
R&D expenditure (expensed and capitalised) in
the half year was $9.5 million up from $8.9 million
in 1H 25 as we advanced a diversified portfolio of
development projects spanning pain, dermatology
and eyecare.
We made notable progress across several late-
stage programmes:
• Intravenous iron: Following the positive
Phase III trial, AFT and its development partners
are now preparing to commence a large global
Phase III confirmatory study of ~1,000 patients.
Two additional patent applications have been
filed to further protect the asset.
• Antibiotic eyedrop: The pre-IND application
1

has been filed with the US FDA, with IND
submission targeted early next financial year
to enable first-in-human studies. The product
seeks to address drug-resistant ocular infections
for which registered therapies are limited.
Current treatments are primarily prepared by
compounding pharmacies which is not desirable,
especially for eyecare products where full GMP
sterility is a crucial factor.
• Topical strawberry birthmarks: The pre-IND has
been prepared and filed; FDA feedback has
been received which guides the IND submission
pathway and Phase I, II and III study designs.
• Maxigesic IV paediatric: We are preparing to
commence a Maxigesic IV study for paediatric
populations, following FDA approval of our
paediatric study plan. Our medicine offers a
new option for pain care in children, who have
fewer safe and effective options for managing
pain compared to adults, particularly in hospital
settings.
We have progressed out-licensing discussions —
securing five agreements in the 1H 26 period.
A key achievement has been the out-licensing
agreement for our novel IV iron therapy for China
2

which was secured after the 1H 26 period.
The agreement, with Chengdu-based Grand Life
Sciences Group, a top five Chinese pharmaceutical
company by sales revenue, features upfront,
development and sales milestone payments
as well as recurring royalties. This revenue will be
shared between AFT and its development partners.
Grand Life Sciences will also contribute to funding
the global clinical development program.
We also advanced our in-licensing programme
to deepen our product portfolio. A number of
products in-licensed are now either in registration
or are being prepared for regulatory filing. In many
cases we have secured in-licensing across multiple
territories to include the new AFT business hubs,
further advancing the leverage we gain from
these activities.
Collectively, the R&D and business development
programmes will support multiple launches
over the next several years, broadening our
product portfolio and increasing both the size
and the diversity of revenue through direct sales
and through licensing and royalty income.
INTERNATIONAL DEVELOPMENT
AFT continues to direct significant effort towards
the development of sales in the international
business hubs, which share the characteristics
of our highly successful Australasian operations.
“We are pleased with the progress we are
making in the United Kingdom and expect
operations to reach breakeven in the
second half of this current financial year.”
We continue to focus upon growing the
Combogesic tablets and IV brands. A recent
success has been the addition of Combogesic
to the formulary of London Northwest University
Healthcare NHS Trust. This trust covers Ealing
Hospital and the Northwick Park Hospital, which
hosts the UK’s largest and busiest Accident and
Emergency Department. A significant number
of regulatory filings are underway for both AFT
proprietary products and new products we have
in-licensed to the UK, supporting a strong product
launch pipeline.
1 IND: Investigational New Drug application.
2 Licensing negotiations enabled by Ms Hong Xie, Pharma China Consulting.
WORKING TO IMPROVE YOUR HEALTH | 6
CHAIR AND MANAGING DIRECTOR’S REPORT

In Canada we launched our first product,
Combogesic IV in 1H 26 and we are planning
additional launches in 2H 26. Our team, led by
experienced Canadian pharma executive, Sylvain
Desjeans, is now fully operational. We continue to
work on a significant number of regulatory filings
in the 2H 26 time period in order to further expand
our product portfolio in Canada.
We accelerated our product launch schedule in
South Africa from four to eighteen products in this
financial year and we have agreed to acquire some
additional product licenses. This will significantly
accelerate sales growth in the new financial year.
The business is expected to contribute to group
earnings in 2H 26. Our South African team
is in place, led by experienced South African
pharma executive, Deon Hall.
BALANCE SHEET
AFT remains well funded, with net debt of
$20.9 million
3
at 30 September 2025 ($18.9 million,
30 September 2024), within our target leverage
range and reflecting continued investment in
growth. Discussions on renewal of the banking
facility are well advanced. Inventory was
$58 million, managed prudently against
normalising supply chains and the anticipated
launches in the second half.
OUTLOOK
Consistent with prior years, AFT expects second
half sales and earnings to be greater than the first
half of FY26 supported by a strong programme
of launches in International markets, continued
expansion in the Australasian portfolio, and
increasing contributions from the company’s
international business hubs as they scale.
AFT remains focused on disciplined execution:
converting R&D progress into value through clinical
and regulatory milestones; advancing out-licensing
to monetise our IP; and deepening in-licensing
to add attractive, strategically aligned products
in priority markets.
Our R&D and international expansion efforts come
at the expense of short-term earnings, but they
will support the extension of AFT’s decades-long
record of delivering uninterrupted growth and
shareholder value creation. They will also deliver
the product and geographic diversification that
underpins the resilience of the business.
AFT remains on track to deliver a FY26 operating
profit within the previously outlined range of
$20 million to $24 million. The company also
reiterates its confidence in its pathway to
$300 million annual revenue in FY27, supported
by the launch schedule, our licensing programme,
the scaling of international hubs and continued
geographic expansion.
With our warm regards,
David Flacks Dr Hartley Atkinson
Chair Managing Director
AFT PHARMACEUTICALS INTERIM REPORT 2026 | 7
CHAIR AND MANAGING DIRECTOR’S REPORT
3 Exclusive of related party loan

Extending our reach
diversifying our earnings
Revenue in Australia grew 31% to $66.5 million from
$50.8 million in 1H 25. Revenue was lifted by strong
growth in all channels.
Growth was led by eyecare, pain relief, iron
supplements and the company’s broad portfolio
of injectables.
The existing products led this growth and product
launches over the last year and the planned
pipeline of products will contribute as they become
established in the market. Australian operating
profit was $9.6 million up from the $4.0 million
in 1H 26 consistent with the ongoing operating
leverage achieved after the investment in sales
and marketing spend.
Revenue in New Zealand grew 8%, in line with
planned growth, to $28.0 million from $26.0
million in 1H 25. Revenue growth was led by allergy,
dermatology and eyecare.
New Zealand operating profit improved to
$4.1 million from $3.7 million in 1H 25, driven by
the revenue growth. Although growth was less
than other divisions, ongoing growth is targeted
in the New Zealand market.
Revenue:
$66.5m
up 31% from $50.8 million
Operating profit
$9.6m
up from $4.0 million
Revenue:
$28.0m
up 8% from $26.0 million
Operating profit
$4.1m
up from $3.7 million.
AUSTRALIANEW ZEALAND
Launched
Launch Pending
AFT New Zealand
Head office
AFT Australia
AFT Singapore/
Malaysia
AFT South Africa
AFT USA
AFT UK
AFT EuropeAFT Canada
AFT Hong Kong
WORKING TO IMPROVE YOUR HEALTH | 8
REGIONAL PERFORMANCE

Asian revenue was $7.5 million up from
$4.4 million in 1H 25. The strong uplift was driven
by the rebound in sales in South Korea, where a
doctors’ strike suppressed sales in 1H 25
and growing sales in other Asian markets.
We continue to focus upon growing and
diversifying sales within the Asia region, which
offers significant potential upside.
Operating profit was $2.1 million, up from
$0.5 million in 1H 25 reflecting the increase in sales.
Revenue from product sales and royalties in the
international business was $11.0 million up 104%
from $5.4 million in 1H 25. The improvement in
performance was driven by a return to more normal
patterns in trading after customer de-stocking in 1H
25 weighed on that period’s financial performance.
Licensing income of $1.9 million was $1.8 million up
on the $0.2 million of 1H 25.
Including licensing income, we recorded an
operating loss of $4.4 million compared to a loss of
$4.6 million in 1H 25. The result was supported by
an increase in gross profit from sales and royalties
and followed increased investment in research and
development and ongoing investment to establish
our business hubs in North America, the UK,
Europe and South Africa (see next page).
Revenue:
$7.5m
up 69% from $4.4 million
Operating profit
$2.1m
up from $0.5 million.
Revenue:
$12.9m
up 133% from $5.6 million
Operating profit
$(4.4)m
loss, from $(4.6) million
ASIAINTERNATIONAL
Launched
Launch Pending
AFT New Zealand
Head office
AFT Australia
AFT Singapore/
Malaysia
AFT South Africa
AFT USA
AFT UK
AFT EuropeAFT Canada
AFT Hong Kong
AFT PHARMACEUTICALS INTERIM REPORT 2026 | 9
REGIONAL PERFORMANCE

Building revenue momentum
in new markets
AFT has made good progress advancing its
strategy to develop business hubs in markets that
offer similar trading characteristics as its successful
Australasian business, the current engine of the
company’s growth. We are seeing early evidence
of the promise these offer to the company.
Notably our operations in the United Kingdom and
South Africa are expected to make a contribution
to the group result in the second half of the year.
AFT Pharmaceuticals UK
In the UK we have expanded the reach and uptake
of our Maxigesic products, marketed locally as
Combogesic, and the business is on track to
contribute to the group results in the second half
of this financial year.
We have extended our distribution of Combogesic
tablets to 2,500 Boots and SuperDrug stores as
well as online via Amazon and now independent
pharmacies across the country.
The initial rollouts of Combogesic IV in several
London NHS hospitals are now well established,
with the product beginning to gain traction through
new formulary listings. Notably, the medicine
has been included in the formulary of London
Northwest University Healthcare NHS Trust. This
covers both Ealing Hospital and Northwick Park
Hospital, the UK’s largest and busiest Accident and
Emergency Department. AFT sees progress with
the NHS as an important precursor to significantly
expanding distribution and sales across the UK
for Combogesic IV.
We continue to focus on expanding our
product offerings in the UK market with new
regulatory filings.
AFT Pharmaceuticals South Africa
In South Africa we have accelerated our product
launch program, growing the planned number of
launches in 2H 26 from the planned 4 to now 18.
The company now has a robust pipeline planned
for introduction into the private hospital market.
We have appointed Deon Hall, an executive with
deep experience in the hospital sector, as CEO
to help drive the planned expansion.
AFT Pharmaceuticals North America
In Canada we have recently launched Combogesic
IV. Several additional launches are planned over
the next year with the first being the launch of
Combogesic tablets, which we have taken over
from the current Canadian distributor.
We have a strong Canadian pipeline either already
filed with Health Canada for registration or in the
process of dossier preparation for regulatory filing.
This diversified portfolio includes AFT’s own
intellectual property, in-licensed products, and
formulations in collaboration with AFT Pharm
Sinoject. Canada is around eighteen to twenty-
four months behind the UK in terms of business
development, but we believe that it is an attractive
market once we become established.
In the US our focus is on Combogesic IV and
a range of over-the-counter medicines. In
late May we extended our license with Hikma
Pharmaceuticals to cover both the intravenous
and tablet (Combogesic Rapid) forms. The new
agreement is aimed to maximize the commercial
and patient care benefits that come with following
the intravenous form of the pain relief medicine
in postoperative care with the tablets.
Other Markets
We meanwhile continue to work closely with
partners in Europe and our own operations
in Hong Kong and Singapore to advance these
significant potential markets as well as additional
new launches.
WORKING TO IMPROVE YOUR HEALTH | 10
REGIONAL PERFORMANCE

Maximising the value of our IP
and extending our portfolio
Our active licensing programme continues to
deliver value – offering opportunities to generate
revenue from markets where we have no direct
presence and extending the portfolio in regions
where we do.
During 1H 26 we made five out-licensing
agreements. We expect deal momentum
to continue for the remainder of the year
with discussions continuing for a number
of our medicines.
Just after the end of the half year period we out-
licensed our novel IV iron therapy for China
4
with
the Chengdu-based Grand Life Sciences Group.
The agreement features upfront, development
and sales milestone payments as well as recurring
royalties. These will be shared between AFT and
its development partners. Additionally, Grand Life
Sciences will contribute to funding the global
clinical development program.
In addition to discussions covering our Maxigesic
family of medicines for some remaining territories,
we are in multiple discussions to out license other
medicines that have recently emerged from our
development programme including Crystaderm,
Capsaicin pain relieving cream, Kiwisoothe tablets
and sachets, and our Micolette micro enema.
The portfolio of injectables we are developing
in our AFT Sinoject partnership are also
attracting interest.
For our novel injectable iron product, AFT and
Hyloris, continue to receive significant unsolicited
interest but presently our plan is to restrict early
phase licensing to countries where a local partner
is essential for development and to maximise value
by advancing the development program.
We also maintain an active in-licensing programme
to grow our product portfolio largely to satisfy
unmet clinical needs. An example is a ready-to-
use tranexamic acid mouthwash (a medicine to
help reduce or prevent excessive bleeding) which
would enable patients treated with anticoagulants
undergoing oral surgery to avoid the current
necessity to discontinue their anticoagulant
medications before oral surgery. We also continue
to explore the purchase of products in some
markets to further accelerate growth.
4 Licensing negotiations enabled by Ms Hong Xie, Pharma China Consulting
AFT PHARMACEUTICALS INTERIM REPORT 2026 | 11
LICENSING

Reconciliation of EBITDA to GAAP
AFT’s 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.
GAAP to Non-GAAP reconciliation
NZ$’000’s
Six months to the end September 20252024
Net Profit after tax2,724 (2,456)
Less: Finance income(5)(22)
Add back: Interest costs1,230 1,357
Add back: Other finance loss/(gain)(925)(299)
Add back: Depreciation538 490
Add back: Amortisation1,281 653
Add back: Income tax expense/(benefit)1,713 (383)
EBITDA6,556 (660)
WORKING TO IMPROVE YOUR HEALTH | 12

AFT Pharmaceuticals Limited
CONSOLIDATED
FINANCIAL
STATEMENTS
Results for the half year to
30 September 2025
AFT PHARMACEUTICALS INTERIM REPORT 2026 | 13

Independent Auditor’s Report
To The Shareholders Of AFT Pharmaceuticals Limited
Conclusion
We have reviewed the condensed consolidated interim financial statements
(‘interim financial statements’) of AFT Pharmaceuticals Limited (‘the Company’)
and its subsidiaries (‘the Group’) on pages 16 to 32 which comprise the
consolidated balance sheet as at 30 September 2025, consolidated income
statement and the consolidated statement of comprehensive income,
consolidated statement of changes in equity and consolidated statement of cash
flows for the six months ended on that date, and notes to the interim financial
statements, including material accounting policy information.
Based on our review, nothing has come to our attention that causes us to believe
that the interim financial statements of the Group do not present fairly, in all
material respects, the financial position of the Group as at 30 September 2025
and its financial performance and cash flows for the six months ended on that
date in accordance with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim
Financial Reporting.
Basis for Conclusion
We conducted our review in accordance with NZ SRE 2410 (Revised) Review
of Financial Statements Performed by the Independent Auditor of the Entity
(‘NZ SRE 2410 (Revised)’). Our responsibilities are further described in the
Auditor’s Responsibilities for the Review of the Interim Financial Statements
section of our report.
We are independent of the Group in accordance with the relevant ethical
requirements in New Zealand relating to the audit of the annual financial
statements, and we have fulfilled our other ethical responsibilities in accordance
with these requirements.
Other than in our capacity as auditor, we have no relationship with or interests
in AFT Pharmaceuticals Limited or its subsidiaries.
Directors’ responsibilities for the interim financial statements
The directors are responsible on behalf of the Company for the preparation and
fair presentation of the interim financial statements in accordance with NZ IAS 34
Interim Financial Reporting and IAS 34 Interim Financial Reporting and for such
internal control as the directors determine is necessary to enable the preparation
and fair presentation of the interim financial statements that are free from
material misstatement, whether due to fraud or error.
Auditor’s responsibilities for the review of the interim financial statements
Our responsibility is to express a conclusion on the interim financial statements
based on our review. NZ SRE 2410 (Revised) requires us to conclude whether
anything has come to our attention that causes us to believe that the interim
financial statements, taken as a whole, are not prepared, in all material respects,
in accordance with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim
Financial Reporting.
WORKING TO IMPROVE YOUR HEALTH | 14
INDEPENDENT AUDITOR’S REPORT

A review of the interim financial statements in accordance with NZ SRE 2410
(Revised) is a limited assurance engagement. We perform procedures, primarily
consisting of making enquiries, primarily of persons responsible for financial
and accounting matters, and applying analytical and other review procedures.
The procedures performed in a review are substantially less than those performed
in an audit conducted in accordance with International Standards on Auditing
(New Zealand) and consequently do not enable us to obtain assurance that
we might identify in an audit. Accordingly we do not express an audit opinion
on the interim financial statements.
Restriction on use
This report is made solely to the Company’s shareholders, as a body. Our review
has been undertaken so that we might state to the Company’s shareholders those
matters we are required to state to them in a review report and for no other
purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Company’s shareholders as a body,
for our engagement, for this report, or for the conclusions we have formed.
Bryce Henderson, Partner
for Deloitte Limited
Auckland, New Zealand
20 November 2025
AFT PHARMACEUTICALS INTERIM REPORT 2026 | 15
INDEPENDENT AUDITOR’S REPORT

Consolidated Income Statement
For the Six Months Ended 30 September 2025
Note
Unaudited
6 Months
Ended
30 Sep 2025
$’000
Unaudited
6 Months
Ended
30 Sep 2024
$’000
Revenue 4114,94286,713
Cost of sales(65,252)(50,514)
Gross profit 49,69036,199

Other (expense)/income(636) -
Selling and distribution expenses(30,202)(26,695)
General and administrative expenses(8,001)(6,008)
Research and development expenses(6,114)(5,299)
Operating profit/(loss) 4,737(1,803)

Finance income522
Interest costs(1,230)(1,357)
Other finance gain / (loss)925299
Profit/(loss) before tax 4,437(2,839)

Income tax (expense)/benefit(1,713)383
Profit/(loss) after tax 2,724(2,456)

Profit/(loss) is attributable to:
Equity holder of the parent3,298(2,186)
Non-controlling interests(574)(270)

Earnings per share
Basic and diluted earnings per share ($) $0.03($0.02)
The accompanying Notes form an integral part of the consolidated Financial Statements.
WORKING TO IMPROVE YOUR HEALTH | 16
INTERIM FINANCIAL STATEMENTS 2026

Consolidated Statement Of Comprehensive Income
For the Six Months Ended 30 September 2025
NoteUnaudited
6 Months
Ended
30 Sep 2025
$’000
Unaudited
6 Months
Ended
30 Sep 2024
$’000
Profit/(loss) after tax 2,724(2,456)

Other comprehensive income
Items that may be subsequently reclassified to profit and loss:
Foreign exchange difference on translation of foreign operations64(188)
Other comprehensive income/(loss) for the year, net of tax
Total comprehensive income/(loss) 2,788(2,644)
Total comprehensive income is attributable to:
Equity holder of the parent3,362(2,374)
Non-controlling interests(574)(270)
2,788(2,644)
The accompanying Notes form an integral part of the consolidated Financial Statements.
AFT PHARMACEUTICALS INTERIM REPORT 2026 | 17
INTERIM FINANCIAL STATEMENTS 2026

Consolidated Statement Of Changes In Equity
For the Six Months Ended 30 September 2025
NoteShare capitalShare optionsreserveForeign currency translation reserveRetained earningsTotalNon-controlling

interestsTotal
$’000$’000$’000$’000$’000$’000$’000
Balance 31 March 2024 78,2401391599,2578 7,79 5 -8 7,79 5

Unaudited
Six months to
30 September 2024

Loss after tax - - -(2,186)(2,186)(270)(2,456)
Other comprehensive income - -(188) -(188) -(188)
Total comprehensive income - -(188)(2,186)(2,374)(270)(2,644)
Movement in share options reserve -56 - -56 -56
Dividends paid - - -(1,678)(1,678) -(1,678)
Balance 30 September 2024 78,240195(29)5,39383,799(270)83,529

Audited
Year ended 31 March 2025
Profit after tax - - -11,96211,962(562)11,400
Other comprehensive income - -(342) -(342) -(342)
Total comprehensive income - -(342)11,96211,620(562)11,058
Movement in share options reserve -41 - -41 -41
Transfer to retained earnings -(139) - -(139) -(139)
Dividends paid - - -(1,678)(1,678) -(1,678)
Balance 31 March 2025 78,24041(183)19,54197,639(562)9 7,07 7

Six months to
30 September 2025

Profit after tax - - -3,2983,298(574)2,724
Other comprehensive income - -64 -64 -64
Total comprehensive income - -643,2983,362(574)2,788
Movement in share
options reserve -10 - -10 -10
Dividends paid - - -(1,888)(1,888) -(1,888)
Balance 30 September 2025 78,24051(119)20,95199,123(1,136)97,987
The accompanying Notes form an integral part of the condensed consolidated interim Financial Statements.
WORKING TO IMPROVE YOUR HEALTH | 18
INTERIM FINANCIAL STATEMENTS 2026

Consolidated Balance Sheet
As at 30 September 2025
Note
Unaudited
30 Sep 2025
$’000
Audited
31 Mar 2025
$’000
Unaudited
30 Sep 2024
$’000
ASSETS
Current assets
Inventories57,84248,47647, 8 74
Trade and other receivables36,94848,56428,000
Cash and cash equivalents12,09911,11010,686
Derivative assets1292192216
Total current assets106,981108,34286,776
Non-current assets
Property, plant and equipment425479440
Intangible assets60,37358,22356,500
Right of use assets3,1712,7713,059
Deferred tax 672 -1,118
Total non-current assets64,64161,47361,117
Total assets 171,622169,815147,893
LIABILITIES
Current liabilities
Trade and other payables27,68233,10525,280
Provisions6,0885,6654,192
Lease liabilities7854728752
Current income tax liability1,9952,6751,058
Derivative liabilities12 - -195
Related party loan71,1581,083439
Interest bearing liabilities732,987 - -
Total current liabilities70,76443,25631,916
Non-current liabilities
Lease liabilities72,8712,5862,848
Interest bearing liabilities7 -25,60029,600
Deferred tax -1,296 -
Total non-current liabilities2,87129,48232,448
Total liabilities 73,63572,73864,364
EQUITY
Share capital878,24078,24078,240
Retained earnings/(losses)20,95119,5415,393
Share options reserve5141195
Foreign currency translation reserve(119)(183)(29)
Equity attributable to equity holder of the parent 99,12397,63983,799
Non-Controlling Interests(1,136)(562)(270)
Total equity 97,9879 7,07 783,529
Total liabilities and equity 171,622169,815147,893
The accompanying Notes form an integral part of the condensed consolidated interim Financial Statements.
On behalf of the Board on 20th November 2025
David Flacks Dr Hartley Atkinson
Chair Founder and Chief Executive Officer
AFT PHARMACEUTICALS INTERIM REPORT 2026 | 19
INTERIM FINANCIAL STATEMENTS 2026

Consolidated Statement Of Cash Flows
For the Six Months Ended 30 September 2025
Unaudited
6 Months
Ended
30 Sep 2025
$’000
Unaudited
6 Months
Ended
30 Sep 2024
$’000

CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers125,966103,666
Payments to suppliers and employees(121,129)(98,084)
Tax paid(4,361)(1,229)
Net cash generated from operating activities 4764,353
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, plant and equipment(64)(150)
Purchase of intangible assets(3,431)(3,789)
Net cash used in investing activities (3,495)(3,939)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of share capital - -
Dividends paid(1,887)(1,678)
Payment for lease liabilities per lease schedule(410)(408)
Borrowings drawn6,5001,400
Related party loan75439
Interest received522
Interest paid on lease liabilities(135)(146)
Interest costs paid on borrowings(1,095)(1,211)
Net cash used in financing activities 3,053(1,582)
Net decrease in cash34(1,168)
Impact of foreign exchange on cash and cash equivalents68(186)
Opening cash and cash equivalents11,11012,040
Closing cash and cash equivalents 11,21210,686
Made up of:
Cash and cash equivalents12,09910,686
BNZ overdraft(887) -
11,21210,686
The accompanying Notes form an integral part of the consolidated Financial Statements.
WORKING TO IMPROVE YOUR HEALTH | 20
INTERIM FINANCIAL STATEMENTS 2026

Reconciliation Of Profit After Tax With Net Cash Flow From Operating Activities
30 Sep 2025
$’000
30 Sep 2024
$’000

Profit/(Loss) after tax2,724(2,456)

Non-cash items and items classified as financing activities
Depreciation11773
Depreciation ROU assets421417
Amortisation1,281653
Intangible disposals -96
Share options expense1056
Interest on lease liabilities135146
Interest and finance expense1,0951,211
Unrealised (gain)/loss on foreign currency movements96385
Provision for tax expense(2,648)(1,612)
Interest received(5)(22)

Movement in working capital
Decrease/(increase) in inventories(9,366)1,183
Decrease/(increase) in trade and other receivables11,61616,222
(Decrease)/increase in trade and other payables, provisions(5,000)(11,999)
Net cash generated from operating activities 4764,353
The accompanying Notes form an integral part of the consolidated Financial Statements.
AFT PHARMACEUTICALS INTERIM REPORT 2026 | 21
INTERIM FINANCIAL STATEMENTS 2026

Notes To The Financial Statements
For the six months ended 30 September 2025
1. Reporting Entity
AFT Pharmaceuticals Ltd (the “Company” or
“Parent”) together with its subsidiaries (the “Group”)
is a pharmaceutical distributor and developer of
pharmaceutical intellectual property. The Company
is incorporated and domiciled in New Zealand; it is
registered under the Companies Act 1993.
The address of the Company’s registered office
is 129 Hurstmere Road, Takapuna, New Zealand.
The Company is an FMC reporting entity under the
Financial Markets Conduct Act 2013 and is listed
on both the NZX and ASX.
These condensed consolidated interim financial
statements were approved by the Directors on
20th November 2025 and are not audited but have
been reviewed by Deloitte Limited in accordance
with NZ SRE 2410 (Revised) Review of Financial
Statements Performed by the Independent Auditor
of the Entity.
2. Basis of Preparation And Principles
Of Consolidation
Statement of compliance
These general-purpose financial statements for
the six months to 30 September 2025 have been
prepared in accordance with New Zealand Generally
Accepted Accounting Practice (NZ GAAP). They
comply with NZ IAS 34 and IAS 34, Interim Financial
Reporting. The Group is a for-profit entity for the
purposes of complying with NZ GAAP.
The condensed consolidated interim financial
statements do not include all the notes normally
included in an annual financial report. Accordingly,
this report should be read in conjunction with the
audited financial statements for the year ended
31 March 2025, which have been prepared in
accordance with the New Zealand equivalents
to IFRS Accounting Standards (‘NZ IFRS’)
and IFRS Accounting Standards (‘IFRS’).
The same accounting policies and methods
of computation are followed in the condensed
consolidated interim financial statements as
compared to the audited financial statements
for the year ended 31 March 2025, as described
in those annual financial statements.
Basis of accounting
These consolidated financial statements have been
prepared under the historical cost convention,
as modified by the revaluation of financial assets
and liabilities (including derivative instruments)
at fair value through profit or loss and/or other
comprehensive income.
Functional and presentation currency
The consolidated financial statements are
presented in New Zealand dollars (NZD), which is
the Company’s functional currency rounded to the
nearest thousand dollars unless otherwise stated.
Items included in the financial statements of each
of the subsidiaries are measured using the currency
of the primary economic environment in which the
entity operates (the functional currency).
Foreign currency transactions and balances
The results and balance sheets of all foreign
operations (none of which has the currency of a
hyperinflationary economy) that have a functional
currency different from New Zealand dollars are
translated into the presentation currency as follows:
• Monetary assets and liabilities for each balance
sheet presented are translated at the closing rate
at the date of that balance sheet.
• Income and expenses for each income statement
and statement of comprehensive income are
translated at average exchange rates, unless
this is not a reasonable approximation of the
cumulative effect of the rates prevailing on the
transaction dates, in which case income and
expenses are translated at the dates of the
transactions.
• Exchange differences arising are recognised in
other comprehensive income and accumulated
in a foreign exchange translation reserve.
• Non-monetary items carried at fair value that are
denominated in foreign currencies are translated
at the rates prevailing at the date when the fair
value was determined. Non-monetary items
that are measured in terms of historical cost
in a foreign currency are not retranslated.
WORKING TO IMPROVE YOUR HEALTH | 22
INTERIM FINANCIAL STATEMENTS 2026

Basis of consolidation
The consolidated financial statements incorporate
the assets and liabilities of all subsidiaries of the
Group as at the balance date and the results of all
subsidiaries for the six-month period then ended.
Intercompany transactions, balances and unrealised
gains on transactions between subsidiary companies
are eliminated. Unrealised losses are also eliminated
unless the transaction provides evidence of the
impairment of the asset transferred.
Critical accounting estimates and judgements
In applying the Group’s accounting policies,
the directors are required to make judgements
(other than those involving estimations) that have
a significant impact on the amounts recognised
and to make estimates and assumptions about the
carrying amounts of assets and liabilities that are
not readily apparent from other sources.
The estimates and associated assumptions are
based on historical experience and other factors
that are considered to be relevant. Actual results
may differ from these estimates.
The estimates and underlying assumptions are
reviewed on an ongoing basis. Revisions to
accounting estimates are recognised in the period
in which the estimate is revised if the revision
affects only that period or in the period of the
revision and future periods if the revision affects
both current and future periods.
Significant estimates are disclosed in each of
the applicable notes to the financial statements
and are designated with an
symbol.
Material accounting policy information
Material accounting policies are disclosed in
each of the applicable notes to the financial
statements and are designated with an
symbol.
All mandatory amendments have been adopted
in the current year. None had a material impact
on these financial statements. The accounting
policies applied by the Group in the preparation
of the condensed consolidated interim financial
statements are the same as those applied by
the Group in the preparation of its consolidated
financial report for the year ended 31 March
2025. The accounting policies have been applied
consistently throughout the Group for the purposes
of this interim report.
Standards and interpretations in issue
not yet effective
At the date of authorisation of these financial
statements, the Group has not applied new and
revised NZ IFRS standards and amendments that
have been issued but are not yet effective. It is not
expected that the adoption of these standards and
amendments will have a material impact on the
financial statements of the Group.
In April 2024, the International Accounting
Standards Board introduced IFRS 18 Presentation
and Disclosure in Financial Statements (effective
for reporting periods beginning on or after
1 January 2027). This standard replaces IAS
1 Presentation of Financial Statements. An
equivalent, NZ IFRS 18 was issued on 23 May
2024. NZ IFRS 18 also applies to reporting periods
(including interim periods) beginning on or
after 1 January 2027 and will replace NZ IAS 1.
Management are still assessing the impact
and note this may change the presentation
of primary statements.
Goods and Services Tax (GST)
The income statement and the statement of
comprehensive income have been prepared so that
all components are stated exclusive of GST. All items
in the balance sheet are stated net of GST, with
the exception of accounts receivable and payable,
which include GST invoiced. All components of the
statement of cash flows are stated exclusive of GST.
3. Significant Transactions And Events
In The Financial Year
There were no significant transactions or events
in the six months to 30th September 2025.
Notes to the Financial Statements (Continued)
For The Six Months Ended 30 September 2025
AFT PHARMACEUTICALS INTERIM REPORT 2026 | 23
INTERIM FINANCIAL STATEMENTS 2026

4. Revenue From Operations
Unaudited
6 Months
Ended
30 Sep 2025
$’000
Unaudited
6 Months
Ended
30 Sep 2024
$’000

Sale of goods111,57785,595
Royalty income1,427950
Licensing Income1,938168
Total revenue from operations114,94286,713
Revenue is measured based on the consideration to which the Group expects to be entitled in a contract
with a customer and excludes amounts collected on behalf of third parties:
• The sale of goods, excluding GST and discounts are recognised when control of the product
is transferred to the customer at a point in time. For discounts not invoiced at reporting date, these
are estimated based on agreements with customer and estimated depletions during the period.
• Licensing income, the Group has entered into a number of out-licencing contracts whereby the
Group’s obligations are the provision of territorial rights to the company’s intellectual property and
the provision and support of the documentation required to enable registration of the product in the
territory. The Group typically receives an upfront fee, milestone payments for specific registration and/or
development-based outcomes, and sales-based milestones or royalties as consideration for the license.
Licenses coupled with other services, must be assessed to determine if the license is distinct (that is, the
customer must be able to benefit from the IP on its own or together with other resources that are readily
available to the customer, and the Group’s promise to transfer the IP must be separately identifiable
from other promises in the contract). If the license is not distinct, then the license is combined with other
goods or services into a single performance obligation. Revenue is then recognised as the Group satisfies
the combined performance obligation.
A license will either provide:
• A right to access the entity’s intellectual property throughout the license period, which results in revenue
that is recognised over time;
or
• A right to use the entity’s intellectual property as it exists at the point in time in which the license is
granted, which results in revenue that is recognised at a point in time. For sales or usage-based royalties
that are attributable to a license of IP, the amount is recognised at the later of:
– when the subsequent sale or usage occurs; and
– the satisfaction or partial satisfaction of the performance obligation to which some or all of the sales
or usage-based royalty has been allocated.
• Royalty revenue is recognised on an actual and accrual basis in accordance with the substance of the
relevant agreement provided that it is probable that economic benefits will flow to the Company
and the amount of revenue can be measured reliably.
E
AP
Notes to the Financial Statements (Continued)
For The Six Months Ended 30 September 2025
WORKING TO IMPROVE YOUR HEALTH | 24
INTERIM FINANCIAL STATEMENTS 2026

5. Joint Operations
Hyloris Pharmaceuticals SA and AFT have been collaborating in the development of the Maxigesic IV
product. AFT has now licensed the product to a number of partners covering multiple countries. Maxigesic
IV is protected by several granted and pending patent applications. Under the terms of the development
collaboration agreement between Hyloris and AFT, Hyloris is eligible to receive a share on any product
related revenues, such as license fees, royalties, milestone payments, received by AFT. The arrangement
constitutes a joint operation whereby the Group recognises, in relation to its interest in the joint operation,
its share of assets and liabilities in the consolidated statement of financial position and share of revenue
earned and expenses incurred in the consolidated income statement. The Group accounts for the assets,
liabilities, revenues and expenses relating to its interest in the joint operation in accordance with the
NZ IFRS standards applicable to the particular assets, liabilities, revenues and expenses.
Interests in joint operations
A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement
have rights to the assets and obligations for the liabilities relating to the arrangement. Joint control is the
contractually agreed sharing of control of an arrangement, which exists only when decisions about the
relevant activities require unanimous consent of the parties sharing control.
6. Segment Reporting
Operating Segments
Australia
$’000
New
Zealand
$’000
Asia
$’000
Rest of
World
$’000
Head
Office
$’000
Total
$’000

Unaudited 6 months to
30 September 2025

Revenue - Sale of goods66,48328,0266,71610,352 -111,577
Revenue - Royalties - -793634 -1,427
Revenue - Licensing - - -1,938 -1,938
Total revenue66,48328,0267,50912,924 -114,942
Other (expense)/ income - - -(636) -(636)
Depreciation - ROU assets25931 - -131421
Depreciation - Other16 - - -101117
Amortisation - - -1,281 -1,281
Operating profit / (loss)9,5684,1132,097(4,374)(6,667)4,737
Finance income - - - -55
Interest expense - Loans - - - -(1,095)(1,095)
Interest expense - Lease
liabilities
(50)(5) - -(80)(135)
Other finance gains/(losses) - - - -925925
Profit / (loss) before tax9,5184,1082,097(4,374)(6,912)4,437
Total assets59,48243,812467,655669171,622
ROU assets1,375111 - -1,6853,171
Property plant and equipment147 - -8270425
Pascomer IP - - -12,500 -12,500
Other intangible assets - - -47, 8 73 -47, 8 73
Total liabilities11,65124,770 -2,95534,25973,635
Capital expenditure5 - -3,440503,495
AP
Notes to the Financial Statements (Continued)
For The Six Months Ended 30 September 2025
AFT PHARMACEUTICALS INTERIM REPORT 2026 | 25
INTERIM FINANCIAL STATEMENTS 2026

Operating Segments
Australia
$’000
New
Zealand
$’000
Asia
$’000
Rest of
World
$’000
Head
Office
$’000
Total
$’000
Unaudited 6 months to
30 September 2024

Revenue - Sale of goods50,76225,9654,0404,828 -85,595
Revenue - Royalties - -395555 -950
Revenue - Licensing - - -168 -168
Total revenue50,76225,9654,4355,551 -86,713
Other (expense)/income - - - - - -
Depreciation - ROU assets26026 - -131417
Depreciation - Other7 - - -6673
Amortisation - - -653 -653
Operating profit/(loss)3,9783,710496(4,637)(5,350)(1,803)
Finance income - - - -2222
Interest expense - Loans - - - -(1,211)(1,211)
Interest expense - Lease
liabilities
(54)(3) - -(89)(146)
Other finance gains/(losses) - - - -299299
Profit / (loss) before tax3,9243,707496(4,637)(6,329)(2,839)
Total assets51,35436,571458,8461,118147,893
ROU assets1,05162 - -1,9463,059
Property plant and equipment84 - -2354440
Pascomer IP - - -12,500 -12,500
Other intangible assets - - -44,000 -44,000
Total liabilities11,21020,384(1)70032,07164,364
Capital expenditure 67 - -3,862844,013
Operating segments are reported in a manner consistent with the internal reporting provided to the chief
operating decision maker (CODM). For the purposes of NZ IFRS 8, the CODM is a group comprising the
Board of Directors, together with the Chief Executive Officer, the Chief of Staff, the Chief Financial Officer
and the Director of International Business Development. Management report on operating segments net
of intersegment revenue so that the revenue amount reflects the end customer’s reportable geography.
Intersegment transactions are eliminated for Management reporting. This has been determined on the basis that
it is this group that determines the allocation of the resources to segments and assesses their performance.
The Group has four operating segments based on geographical locations reportable under NZ IFRS 8,
as described below, which are the Group’s strategic groupings of business units. The following summary
describes the operations in each of the Group’s reporting segments:
• Australia – Includes the sales and distribution activity relating to the Australia market.
• New Zealand – Includes the sales and distribution activity relating to the New Zealand market.
• Asia – Includes the sales and distribution activity relating to the Asian market.
• Rest of World – Includes the sales and distribution activity relating to other markets in which the group
has a direct presence, the out-licensing of IP developments to markets in which the Group does not have
a presence, and the export of products to export markets. The costs of research and development and
new market development activity not specific to the other segments are expensed to this segment.
Head Office – Head Office functions include maintaining all supplier relationships, procurement of inventory,
regulatory activity, governance, marketing activity and finance activity.
Major Customers – Revenues from one customer of the Australian segment (being a licensed wholesaler)
represents approximately NZ$21.6.m (6 months to 30 September 2024 NZ$ 15.3m) and from one customer
of the New Zealand segment (also being a licensed wholesaler) represents approximately NZ$ 13.9m
(6 months to September 2024: NZ$12.7m) of the Group’s revenues.
Notes to the Financial Statements (Continued)
For The Six Months Ended 30 September 2025
WORKING TO IMPROVE YOUR HEALTH | 26
INTERIM FINANCIAL STATEMENTS 2026

7. Interest Bearing Liabilities
Unaudited
as at
30 Sep 2025
$’000
Audited
as at
31 Mar 2025
$’000
Unaudited
as at
30 Sep 2024
$’000
Current lease liabilities854728752
Non-current lease liabilities2,8712,5862,848
Related party loan1,1581,083439
BNZ overdraft887 - -
BNZ Term loans current portion32,100 - -
BNZ Term loans non-current portion -25,60029,600
Total37,87029,99733,639
Opening balance of BNZ loan25,60028,20028,200
BNZ loans drawn down6,500 -1,400
Repayment of principal -(2,600) -
Closing balance32,10025,60029,600
The BNZ loans have a general security over the assets of the Group together with a Group guarantee.
On 30 September 2022 the BNZ facility was renewed for a further three-year term through to April 2026.
The facility retains a) the $18.2 million term loan, b) the $10.0 million working capital facility, c) the $3.0
million overdraft and d) the $5.0 million Business Finance Scheme Loan (BFS). The maturity date for the
BFS is May 2026.
Interest on the term loan and working capital facility is the BNZ CCAF or CARL plus a margin of 1.45%.
Interest on the overdraft is the BNZ market connect base rate plus a margin of 1.00%. Interest on the BFS
is fixed at 2.30%. The non fixed interest rates are reset on a quarterly basis. The Group is well advanced in
its discussions with local commercial banks to renew the long-term facility and has received indicative term
sheets. The Group expects to have a new facility in place within this calendar year.
As at 30 September 2025 the Group overdraft facility was drawn down by $887k (September 2024 was nil).
All covenants relating to the BNZ facility have been complied with for the six months ending
30 September 2025.
The related party loan from Edge Group is an open term interest only loan providing working capital in the
United Kingdom. Shareholder loans bear interest at AFT ‘s borrowing rate plus a margin of 1.45%. AFT’s
reciprocal financing contributions, as the majority shareholder of AFT Pharma UK Limited, are eliminated
upon consolidation.
Notes to the Financial Statements (Continued)
For The Six Months Ended 30 September 2025
Cash and cash equivalents include cash on hand, deposits held at call with financial institutions and other
short-term investments with original maturities of three months or less that are readily convertible to known
amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts.
Bank overdrafts are shown within borrowings in current liabilities on the balance sheet.
AP
AFT PHARMACEUTICALS INTERIM REPORT 2026 | 27
INTERIM FINANCIAL STATEMENTS 2026

Notes to the Financial Statements (Continued)
For The Six Months Ended 30 September 2025
8. Share Capital
Ordinary shares are classified as equity.
Unaudited
as at
30 Sep 2025
Shares
Audited
as at
31 Mar 2025
Shares
Unaudited
as at
30 Sep 2025
$’000
Audited
as at
31 Mar 2025
$’000
Ordinary share capital104,866,260104,866,26078,24078,240
Total104,866,260104,866,26078,24078,240
Unaudited
6 months
ended
30 Sep 2025
Shares
Audited
12 months
ended
31 Mar 2025
Shares
Unaudited
6 months
ended
30 Sep 2024
$’000
Audited
12 months
ended
31 Mar 2025
$’000
Share capital at beginning of the year104,866,260104,866,26078,24078,240
Issue of ordinary shares for exercised
share options
- - - -
Total104,866,260104,866,260104,866,26078,240
Ordinary shares
No shares were issued during the period (In the six-month period to September 2024: no shares
were issued as a result of staff share options being exercised as detailed below).
Staff share options
No staff share options were exercised in the six-month period to 30 September 2025, and no new options
were granted.
9. Dividends per Share
On 4 July 2025 payment of a dividend of 1.8 cents per share or approximately $1.9 million was paid.
This was not imputed. In July 2024 a dividend of 1.6 cents per share, or approximately 1.7million, was paid
to the ordinary shareholders.
10. Contingent Assets and Liabilities
The Group has provided a guarantee to Investec Limited for the lease premises AFT Pharmaceuticals (AU)
Pty Limited occupies in Sydney, Australia. A deposit of AUD$84,000 is held with NAB bank as security
for this lease.
The Group has provided a guarantee to Robt Jones Investment Holdings Ltd of $100,000 as security over
the leased office premises at 129 Hurstmere Road, Takapuna. Auckland.
The Group placed NZD$75,000 on term deposit with BNZ bank as security for a guarantee issued by BNZ
in favour of the NZX.
The High Court of Auckland made judgement in late August 2023 in a case brought against the Company
by a former contractor to the Company, PBL Solutions Limited (PBL), in Southeast Asia. In essence the
case involved PBL’s opportunity to participate in Pascomer drug development opportunities. As part of the
judgement the Court ruled AFT is not required to account to PBL for any profit which AFT may earn from the
application of Pascomer for treatment of nonorphan conditions such as Port Wine Stain (PWS). PBL appealed
this aspect of the judgement and a hearing took place in February 2025. A judgment has yet to be received
from that hearing. The group included the appeal as one of its factors in assessing the carrying value of the
Pascomer IP, and the valuation indicates sufficient headroom such that a reasonably possible change to the
key assumptions is unlikely to result in an impairment of the Pascomer assets. The key assumptions have
remained materially the same as those reported in the March 2025 annual report. These include successful
clinic trials and registration in the US, Europe, and Australasia; cashflows out to 2043 at a discount rate of
12.5% and for PWS, consistent addressable markets in the US, Europe, and Australasia. The Group continue
to assume no growth in the patient base, peak penetration of 2.5% and a success probability of 30%
WORKING TO IMPROVE YOUR HEALTH | 28
INTERIM FINANCIAL STATEMENTS 2026

Notes to the Financial Statements (Continued)
For The Six Months Ended 30 September 2025
11. Capital Commitments
The Group has no capital commitments at 30 September 2025 (31 March 2025: nil, 30 September 2024: nil).
12. Financial Risk Management
Managing financial risk
The Group’s activities expose it to various financial risks as detailed below.
• Market risk
Management is of the opinion that the Group’s exposure to market risk at balance date is defined as:
Risk factor descriptionDescriptionSensitivity
Currency riskExposure to changes in foreign exchange rates on assets,
liabilities, revenue and expenses
As below
Interest rate riskExposure to changes in interest rates on borrowingsAs below
Other price riskNo commodity securities are bought, sold or tradedNil
• Foreign exchange risk
The Group benefits from the use of derivative financial instruments to manage foreign currency exposures.
The fair value of forward exchange contracts is calculated by reference to current forward exchange rates
at year end and the contract exchange rates, considered level 2 of the fair value hierarchy.
The Group sells and purchases goods and services to and from overseas customers and suppliers in several
currencies, primarily AUD, USD, EUR and GBP which exposes the Group to foreign currency risk. The Group
manages foreign currency risk through use of derivative arrangements, in particular forward exchange
contracts. The exposure is monitored on a regular basis based on Group foreign exchange policies, which
allow for up to 50% forward cover out for twelve months. Future revenues from markets outside Australasia
will be denominated primarily in USD and EUR which will provide an increasing natural hedge against costs.
In the current period for the six months to 30 September net foreign exchange gains totalled $ 829k (2024:
gains $299k). The balance of gains/losses are derived from the restatement of monetary balances at the spot
rate on the period-end balance date of 30 September 2025 and settlement of transactions during the period.
In total, the Group had financial assets and liabilities denominated in the following currencies:
Currency
Unaudited
30 Sep 2025
Audited
31 Mar 2025
Unaudited
30 Sep 2024
Assets
NZD$’000
Liabilities
NZD$’000
Assets
NZD$’000
Liabilities
NZD$’000
Assets
NZD$’000
Liabilities
NZD$’000
AUD41,3593,37541,3534,85930,1665,934
USD6,3381,6925,4124,8673,0403,227
MYR839347016313
GBP472248504421,184383
EUR7, 2747,1 6 95,3187, 6 375,1425,688
SGD1,435551,0333044510
CNY140 -124179 -
BND - - - - - -
HKD7 -3263
YEN -2 -9 -2
CHF - - - - - -
CAD - - 1 -
AFT PHARMACEUTICALS INTERIM REPORT 2026 | 29
INTERIM FINANCIAL STATEMENTS 2026

The following forward foreign exchange contracts were held at 30 September 2025:
Forward Foreign Exchange Contracts
Buy currency
Buy currency
amount $‘000
Sell amount
NZD$’000
Buy amount
NZD$’000
Fair value
NZD$’000
EUR - - - -
USD - - - -
Sell currency
Sell currency
amount $’000
Buy amount
NZD$’000
Sell amount
NZD$’000
Fair value
NZD$’000
AUD2,6002,8632,77192
Total Asset As at 30 Sep 202592
Total Liability As at 30 Sep 2025 -
The following forward foreign exchange contracts were held at 31 March 2025:
Forward Foreign Exchange Contracts
Buy currency
Buy currency
amount $‘000
Sell amount
NZD$’000
Buy amount
NZD$’000
Fair value
NZD$’000
EUR6001,0661,14074
USD50081687458
Sell currency
Sell currency
amount $’000
Buy amount
NZD$’000
Sell amount
NZD$’000
Fair value
NZD$’000
AUD11,40012,58012,52060
Total asset as at 31 March 2025192
Total liability as at 31 March 2025 -
The following forward foreign exchange contracts were held at 30 September 2024:
Forward Foreign Exchange Contracts
Buy currency
Buy currency
amount $‘000
Sell amount
NZD$’000
Buy amount
NZD$’000
Fair value
NZD$’000
EUR2,9505,2425,192(50)
USD2,3303,8053,660(145)
GBP
Sell currency
Sell currency
amount $’000
Buy amount
NZD$’000
Sell amount
NZD$’000
Fair value
NZD$’000
AUD17,90019,70119,484216
Total asset as at 30 September 2024216
Total liability as at 30 September 2024 (195)
• Interest rate risk
Borrowings are at a mixture of floating base rates plus a margin determined by the Group’s performance
against covenant adherence levels, which exposes the Group to cash flow interest rate risk. There are no
specific derivative arrangements to manage this risk.
• Credit risk
Financial instruments, which potentially subject the Group to credit risk, principally consist of accounts
receivable and cash and cash equivalents. Regular monitoring is undertaken to ensure that the credit
exposure remains within the Group’s normal terms of trade.
The Group has one significant concentration of credit risk at 30 September 2025, with the largest
debtor being AU$ 10.3m (30 September 2024: AU$ 6.1m). The value is stated net of expected rebates.
There has been no past experience of default and no indications of default in relation to this debtor.
The Group’s cash and short-term deposits are placed with high credit quality financial institutions.
Notes to the Financial Statements (Continued)
For The Six Months Ended 30 September 2025
WORKING TO IMPROVE YOUR HEALTH | 30
INTERIM FINANCIAL STATEMENTS 2026

Notes to the Financial Statements (Continued)
For The Six Months Ended 30 September 2025
Accordingly, the Group has no significant concentration of credit risk other than bank deposit. At balance
date, bank deposits at each financial institution as a percentage of total assets were nil at Bank of New
Zealand being in an overdraft position at 30 September 2025 (2024 0.4%), and 4.7% at NAB Bank (2024:
5.5%). The carrying value of financial assets represents the maximum exposure to credit risk.
• Liquidity risk
Liquidity risk is the risk that the Group may encounter difficulty in raising funds at short notice to meet
its commitments and arises from the need to borrow funds for working capital. The directors monitor the
risk on a regular basis and actively manage the cash available to ensure the net exposure to liquidity risk is
minimised.
The liquidity/maturity profile of the liabilities (inclusive of derivative assets and liabilities) is as follows:
30 September 2025 (unaudited)
< 1 year
$’000
1-2 years
$’000
2-5 years
$’000
> 5 years
$’000
TOTAL
$’000
Trade and other payables(27,682) - - -(27,682)
Borrowings(34,478) - - -(34,478)
Lease liabilities(1,078)(911)(1,689)(677)(4,355)
Derivative instruments (outbound)(2,771) - - -(2,771)
Derivative instruments (inbound)2,863 - - -2,863
Total(63,146)(911)(1,689)(677)(66,423)

31 March 2025 (audited)$’000$’000$’000$’000$’000
Trade and other payables(33,105) - - -(33,105)
Borrowings(2,248)(27,015) - -(29,263)
Lease liabilities(1,073)(948)(1,772)(1,271)(5,064)
Derivative instruments (outbound)(14,402) - - -(14,402)
Derivative instruments (inbound)14,594 - - -14,594
Total(36,234)(27,963)(1,772)(1,271)(67,240)
Fair Values
The carrying values of trade receivables, trade payables and borrowings approximate their fair values
because of their short terms to maturity or interest reset dates. Trade receivables are valued net
of provision and trade payables are valued at their original amounts by contract.
13. Management of Capital
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going
concern so that it can continue to provide returns to its shareholders and to maintain a strong capital base
to support the development of its business. The Group meets these objectives through a mix of equity
capital and borrowings. The level and mix of capital are determined by the Group’s internal Corporate
Governance policies.
Under the BNZ facility, there is a covenant requirement that the facility, comprising an overdraft and letter
of credit facility, must not exceed the total of 70% of acceptable debtors plus 50% of acceptable stock.
Additional covenants include a requirement for a minimum principal and interest cover ratio, a minimum
net leverage ratio and a maximum capital expenditure (capex) and research and development (R&D) ratio.
Covenant reporting is required on a quarterly basis. The Group was compliant with all BNZ covenants
during the period.
14. Significant Events After Balance Sheet Date
There were no other significant events after balance sheet date.
AFT PHARMACEUTICALS INTERIM REPORT 2026 | 31
INTERIM FINANCIAL STATEMENTS 2026

Notes to the Financial Statements (Continued)
For The Six Months Ended 30 September 2025
15. Related Parties
The Group had related party relationships with the following entities:
Related partyNature of relationship
Atkinson Family TrustAFT Chief Executive Officer, Hartley Atkinson, is a Trustee / Discretionary
Beneficiary of Atkinson Family Trust.
AFT Chief of Staff, Marree Atkinson, is a Discretionary Beneficiary
of Atkinson Family Trust
Edge GroupMinority shareholder of AFT Pharma UK Limited. Related party loan.

Key management compensation
Unaudited
6 months
ended
30 Sep 2025
$’000
Audited
12 months
ended
31 Mar 2025
$’000
Unaudited
6 months
ended
30 Sep 2024
$’000
Director fees 271503243
Executive salaries9041,756878
Short term benefits233480240
Options expense - - -
Key management compensation1,4082,7391,362

Related party loan1,4681,083439
Key management includes external directors, the Chief Executive Officer, the Chief of Staff, the Chief
Financial Officer and the Director of International Business Development. These positions are mainly
responsible for planning, controlling and directing the activities of the business.
Total remuneration of $150K was paid by the Group to close family members of the key management
personnel for individuals that were employed by the Group for the six months to 30 September 2025
(31 March 2025: $264K, 30 September 2024: $67k).
WORKING TO IMPROVE YOUR HEALTH | 32
INTERIM FINANCIAL STATEMENTS 2026

Directory
AFT is a company incorporated with limited liability under the New Zealand Companies Act 1993
(Companies Office registration number 873005).
Registered Offices Level 1, 129 Hurstmere Road, Takapuna,
Auckland 0622, New Zealand.
+64 9 488 0232
www.aftpharm.com
113 Wicks Road, North Ryde NSW 2113, Australia.
+61 2 9420 0420
Principal Administration Offices New Zealand:
Level 1, 129 Hurstmere Road, Takapuna,
Auckland 0622, New Zealand.
+64 9 488 0232
Australia:
113 Wicks Road, North Ryde NSW 2113, Australia.
+61 2 9420 0420
United Kingdom:
133 Whitechapel High Street, London, UK
Directors
– at the date of this Annual Report
Dr Hartley Atkinson
Marree Atkinson
David Flacks
Andrew Lane
Dr Ted Witek
Allison Yorston
Share Registrar:Computershare Investor Services Limited
Level 2, 159 Hurstmere Road, Takapuna,
Auckland 0622, New Zealand.
+64 9 488 8777
enquiry@computershare.co.nz
Computershare Investor Services Pty Limited, Yarra Falls,
452 Johnston Street, Abbotsford VIC 3067, Australia.
+61 3 9415 4083
enquiry@computershare.co.nz
Financial Auditor Deloitte Limited
Deloitte Centre, 1 Queen Street,
Auckland 1140, New Zealand.
+64 9 303 0700
Greenhouse Gas AuditorToitū Envirocare
The Former, 87 Albert Street, Auckland Central,
Auckland 1010, New Zealand.
0800 366 275
Legal Counsel Harmos Horton Lusk
Level 33, Vero Centre,
48 Shortland Street, Auckland 1140, New Zealand.
+64 9 921 4300
Financial Calendar
Financial year end 31 March 2026
Full year results announcementMay 2026
Annual Meeting August 2026
Half-year end 30 September 2026
AFT PHARMACEUTICALS INTERIM REPORT 2026 | 33

Level 1, 129 Hurstmere Road
Takapuna
Auckland 0622
New Zealand
+64 9 488 0232
www.aftpharm.com

---

INVESTOR
PRESENTATION
1H 2026 | 20 NOVEMBER 2025
Dr Hartley Atkinson
Managing Director
Malcolm Tubby
Chief Financial Officer

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.

CONTINUED STRENGTH IN
ESTABLISHED ANZ BUSINESS
•1H 26 Total Sales $114.9M
•ANZ Sales $94.5m, up 23% on 1H 25
•Growth focus with FY 27 $300m Turnover Target
AFT GLOBAL DISTRIBUTION
PARTNERSHIPS
•Agreements in 100+ countries
•Sales in 85 countries
PRODUCT LAUNCHES DRIVING
COMMERCIAL TRACTION
•5 R&D programs currently being
commercialized in multiple countries
•5 agreements closed in 1H 26 and
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
•IP project
•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

Growth Continues -10th Consecutive First Half Revenue Increase
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH
4
KEY HIGHLIGHTS
•1H 26 revenue increased, with growth led by Australia and supported by of Asian and International markets, which have now fully recovered from the one-off
disruptions in 1H 25
•We have advanced the development of our International business hubs in markets that share similar characteristics with its highly successful Australasian
operations; South Africa and the UK expected to contribute to earnings in 2H 26
•EBITDA up $6.6m from loss of $0.7m; Operating Profit of $4.7m from a loss of $1.8m in 1H 25 amid ongoing investment in business development and R&D
•Advancing our research and development programmes and focused on delivering our revenue target of $300m for FY 27
4
1
EBITDA is a non-GAAP measure of financial performance and is defined and reconciled to NZ GAAP on page 22 of this presentation.
* FY20 Normalised to exclude $9.8m gain on de-recognition of equity accounted investment.
$86.7
$114.9
$121.3
$64.0
$69.0
$80.0
$85.0
$106.0
$113.1
$130.3
$156.6
$195.4
$208.0
$-
$50.0
$100.0
$150.0
$200.0
$250.0
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY 2023FY 2024FY2025FY 2026
NZ$000
AFT GROUP REVENUE

Australia: Ongoing Market Growth from Product and Sales Investments
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH
•Revenues in Australia grew 31% to $66.5m from $50.8m in FY 24, lifted by strong growth across all channels
•Growth was led by eyecare, pain relief, and iron supplements and the company’s broad portfolio of injectables
•Australian operating profit increased to $9.6m up from $4.0m in 1H 25, with consistent investments in sales and marketing spend
5
$4.0
$9.6
$21.5
$19.3
$15.5
$25.5
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
FY 2023 FY 2024 FY 2025 FY 2026
NZ$M
AU OPERATING PROFIT
$50.8
$66.5
$76.3
$68.3
$76.7
$94.1
$108.2
$127.1
$-
$20.0
$40.0
$60.0
$80.0
$100.0
$120.0
$140.0
FY2021FY2022FY2023 FY 2024 FY2025 FY 2026
NZ$M
AUSTRALIA REVENUE

New Zealand: Steady Growth with Ongoing Opportunities
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH
•Revenues in New Zealand grew 8% to $28.0m, up from $26.0m in 1H 25, led by allergy, dermatology, and eyecare
•Growth slower than other markets, but still offers considerable growth opportunities
•Operating profit improved to $4.1m, up from $3 million in 1H 25, driven by the revenue growth.
6
$26.0
$28.0
$27.8
$30.5
$35.1
$44.2
$48.7
$53.8
$-
$10.0
$20.0
$30.0
$40.0
$50.0
FY2021 FY 2022 FY2023 FY 2024 FY 2025 FY 2026
NZ$M
NEW ZEALAND REVENUE
$3.7
$4.1
$5.1
$8.3
$7.3
$8.8
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
$8.0
$9.0
$10.0
FY 2023FY 2024FY 2025FY 2026
NZ$M
NZ OPERATING PROFIT

Asia: Strong Growth and Broadening Asia Coverage
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH
•Revenues in Asia increased to $7.5m, up 69% from $4.4m after recovery in Maxigesic IV following the Korean doctors’ strike; seeing
growing sales in other markets
•Focusing on broadening our reach in Asian markets to build sales across the region
•Operating profit rises strongly on 1H 25 to $2.1m from $0.5 in line with the recovery in sales and business development investment
$3.7
7
* Includes license income
$4.4
$7.5
$6.7
$4.4
$5.5
$6.8
$10.7
$11.1
$-
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
FY2021 FY 2022 FY2023 FY 2024 FY 2025 FY 2026
NZ$ M
ASIA REVENUE
$0.5
$2.1
$1.3
$0.8
$2.5
$1.8
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
FY 2023FY 2024FY 2025FY 2026
NZ$M
ASIA OPERATING PROFIT

AFT’s Global
Reach
8AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH
Our medicines are
now available in 85
countries around the
world

International Expansion – Investing for Long Term Growth in New Markets
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH9
•International revenue from product sales and royalties of $11m up 104% from $5.4m in 1H
25 as customers returned to more normal buying patterns, benefitting from sales growth
and new product launches
•We expanded the territories in which products are sold or ordered to 85 up from 80 in
March 2025 with launches including Egypt and Thailand
•Licensing of $1.9m up on $0.2m in 1H 25.
•Operating losses reduce to $4.4m from $4.6m in 1H 2025 despite continued R&D and
investment in our business hubs in North America, the UK, Europe and South Africa
3
4
7
9
20
28
43
46
61
73
80
85
0
10
20
30
40
50
60
70
80
90
FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY 2024FY 20251H 2026
COUNTRIES
COUNTRIES WHERE MAXIGESIC IS SOLD AND ORDERED
$7.8
$6.4
$10.8
$19.3
$5.4
$11.0
$10.0
$2.1
$6.7
$0.9
$8.5
$0.7
$1.9
$9.9
$13.1
$11.7
$27.8
$16.0
$12.9
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
FY2021 FY 2022 FY2023 FY 2024 FY2025 1H 2026
NZ$M
INTERNATIONAL REVENUE
FY Product Sales & Royalties 1H Product Sales & Royalties 2H Product Sales & Royalties
Licence Income

Progressing Expansion of AFT’s Global Footprint
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH10
AFT PHARM UK
•Combogesic tablets extended to >2500 stores (Boots, SuperDrug and independent
pharmacies)
•Combogesic IV NHS formulary listings build momentum
•Expanding our product range with AFT IP and in-licensed products
•Expected to breakeven in 2H 26
AFT PHARM SOUTH AFRICA
•Hired CEO experienced in the hospital market
•Accelerated our FY 26 launch programme from 4 to 18 products
•Secured significant existing pipeline and expanding with significant pipeline of new
products
•Expected to contribute to earnings in 2H 26
AFT PHARM CANADA
•Launched Combogesic IV; selected OTC offerings underway
•Hired CEO & small sales force
•Additional launches planned in 2H 26; significant launch pipeline
Expanding markets for our proprietary IP and in-licensed new products

Progressing Expansion of AFT’s Global Footprint
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH11
AFT PHARM USA
•Selected OTC launches such as Collagen Liposachets and coordinate licensees and
distributors
•Working closely with Hikma to realise the patient care benefits that come with following
Combogesic IV with Combogesic Rapid
AFT PHARM EUROPE
•Licensing acquired products, AFT R&D products plus AFT Sinoject products
•Launches of acquired products underway this FY26
AFT PHARM HONG KONG
•Launching further selected AFT products
•A significantly expanding pipeline of new products
AFT PHARM SINGAPORE
•Extending into Private Hospital market
•Launching further selected AFT products
•A significantly expanding pipeline of new products
Expanding markets for our proprietary IP and in-licensed new products

Progressing Research and Development Investments
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH
12
Several programs have exited development and are moving to revenue generation; our R&D programme is also attracting interest
COMMERCIALISING AFT’S INTELLECTUAL PROPERTY
A significant number of licensing agreement discussions underway
Intravenous Iron Development Project - licensed to Chengdu-based Grand
Life Sciences Group, includes development and sales milestone payments
•Sharing of development costs with AFT and our development partners
•Reinforces the value of our development portfolio
Maxigesic Multiple Dose Forms
•Rapid Dissolving Tablet (Patent 2039).
•Maxigesic Day/Night (AU patent 2035)
•Oral Liquid – additional formulation (Patent TBC). US file 1Q 27
•Dry Stick (Patent 2030). File 3Q 26
•IV & Pediatric IV (Patent 2031, 2035).
•US FDA has approved our pediatric study plan
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
$8.9
$9.5
$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
$16.0
FY 2021FY 2022FY 2023FY 2024FY 2025FY 2026
NZ$M
RESEARCH AND DEVELOPMENT EXPENSES

A Strong Research and Development Pipeline
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH13
AFT’s positive cashflows have positioned the company well to undertake and secure research and development projects either alone or in partnership with others.
PROJECTPATENTSPARTNERSFILINGPROGRESS/ MARKET /COMMENT
24 Hospital InjectablesNilSinoject - AFT 70%3Q 25 –> 1Q 27AFT affiliate market US$450M. 3 dossiers ready in 2025
Migraine ProjectNil
1
Sinoject - AFT 70%1Q 27Market US$180M (US$45M in AFT markets)
Pascomer PWS2040
2044
AFT 100%3-4Q 27No approved treatment
Iron IV (NCE
3
)2032
2035
AFT - 45%2-3Q 27Market US$7.4Bill by 2033.
Positive initial Phase III Study, Preparing Phase III confirmatory trial of ~1,000 patients
Antibiotic eye drop2037
2044
AFT 100% IP in-licensed
4
1-2Q 28No approved treatment and compounded. Analyst estimate >US$1Bill market
Pre-IND application filed with the US FDA; IND to be submitted 2Q 2026
Strawberry BMs Topical2041
2044
AFT 100% IP in-licensed
4
3-4Q 28Market for orals US$650M by 2029
Pre-IND filed, FDA feedback received to guide IND submission and IND to be submitted 4Q
2026
Keloid Scars Topical2041AFT 100% IP in-licensed
4
2-3Q 29No approved treatment. Unapproved topicals market US$1.5Bill growing to $2Bill (2035)
Formulation finalized and preparing for pre-IND submission
Burning MouthTBC
2
AFT - 50%1Q 30No approved treatment. Testing market for BMS is US$464M (2023) and growing to
US$805M (2033)
Vulvar Lichen SclerosisTBC
2
AFT - 50%1Q 30No approved treatment. Market estimated to be >US$1Bill by 2037
NasoSURF2036AFT - 90%Address dosing
consistency
1
Improved delivery platform
2
Patents under development and to be filed
3
New Chemical Entity
4
Royalties and payments due for licensed IP

Gross Margin gains and investment in development
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH14
•Revenue increased 33% lifted by a recovery
from the disruptions of 1H 25 and continued
strong growth led by the Australian business
•Gross Margin improved to 43.2% lifted by
improvements in margins as well as
increased license income
•Operating expenses increase 18% as we
funded investments for growth
•Start up and scaling costs for the
business hubs
•Brand and market entry investments
•Increased research and development
expenses
•ERP migration to NetSuite
Six months to 30 September
2025Revenue2024
Revenue
%
∆%
$000%$000
Revenue114,942 86,713 33%
Gross profit49,690
43.2%
36,199
41.7%
Operating expenses and other income(44,953)
39.1%
(38,002)
43.8%
18%
Operating profit4,737 (1,803)363%
Finance expenses and other income(300)(1,036)
Ta x(1,713)383
Profit/(loss) after tax2,724 (2,456)211%
Revenue from product sales and royalties
113,004
86,545 30.6%
Gross profit from product sales and royalties
47,752
42.3%
36,031
41.6%
40.7%

AFT is Well Funded – Well Positioned to Fund Growth Investments
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH
•Inventory of $58m managed prudently against
the normalisation in trading conditions and
anticipated launches in 2H 26
•Net debt at the end of September 2025 was
$20.9m up from $18.9m a the end of
September 2024.
•Discussions to renew our banking facility are
well advanced
15
Six months to 30 September
20252024
∆%
FY 25
$000$000$000
Current assets (excluding cash)
94,882
76,090
97,232
Cash
12,099
10,68613%
11,110
Non current assets
64,641
61,117
61,473
Total assets
171,622
147,89316%169,815
Current liabilities (excluding interest-bearing liabilities)
37, 777
31,916
43,256
Current interest-bearing liabilities
32,987 -
Non current liabilities (excluding interest-bearing liabilities)
2,871
2,848
3,882
Non current interest-bearing liabilities
-
29,600
25,600
Total liabilities
73,635
64,36414%72,738
Total equity
97,987
83,529
97,077
Total liabilities and equity
171,622
147,89316%169,815

Growth Investment Underpinned by Ongoing Strong Cashflow
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH16
•Continued investment into research and
development projects to fuel long term
growth
•End period cash holdings of $11.2 million
Six months to 30 September
20252024
$000$000
Net cash from operating activities
476
4,353
Net cash used in investing activities
(3,495)
(3,939)
Net cash (used)/generated from financing activities
3,053
(1,582)
Net increase/(decrease) in cash
34
(1,168)
Impact of foreign exchange on cash and cash equivalents
68
(186)
Opening cash and cash equivalents
11,110
12,040
Closing cash and cash equivalents
11,212
10,686

AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH
Outlook: Positioned to Drive Future Growth in Both Revenue and Earnings
•Consistent with prior years, we expect second half sales and earnings to be greater than the
first half of FY26 supported by a strong programme of launches, continued expansion in the
Australasian portfolio, and increasing contributions from the company’s international
business hubs as they scale
•Our R&D and international expansion efforts come at the expense of short-term earnings,
but they will support the extension of AFT’s decades-long record of delivering uninterrupted
growth and shareholder value creation. They will also deliver the product and geographic
diversification that underpins the resilience of the business
•AFT remains on track to deliver a FY26 operating profit within the previously outlined range
of $20 million to $24 million
•We remain on pathway towards $300 million annual revenue in FY27
17

APPENDIX

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
19
2024
Revenue reaches ~$200m,
AFT products are sold in
reaches 77 countries and it
sets a target for $300m
2025

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
20

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
21

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.
22
Six months to 30 September
2025
$000
2024
$000
Net profit after tax
2,724
2,456
Less: Finance income
(5)
(22)
Add back: Interest costs
1,230
1,357
Add back other finance loss/(gain)
(925)
(299)
Add back: Depreciation
538
490
Add back: Amortisation
1,281
653
Add back: Income tax expense/(benefit)
1,713
(383)
EBITDA
6,556
(660)

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