Bubs Australia Ltd. · ASX:BUB
Bubs Australia — 1H FY26 Earnings Presentation
24 slides from Bubs Australia's earnings presentation, Feb 27, 2026
Slide 1: Bubs Australia Limited 1H FY26 Results Presentation
rsonal use only Bubs Australia Limited 1H FY26 Results Presentation 27 February 2026
Slide 2: Disclaimer
Disclaimer This presentation is in summary form and is not necessarily complete. It should be read together with the Company’s other announcements lodged with the rsonal use only Australian Securities Exchange. This presentation contains information that is based on projected and/or estimated expect
Slide 3: Acknowledgement of Country
Acknowledgement of Country Bubs acknowledges the Traditional rsonal use only Custodians of the Lands on which we operate. We pay our respects to Elders past and present. Image: Bunurong Marine National Park of Victoria 3
Slide 4: Presenters
Presenters rsonal use only Joe Coote Naomi Verloop Chief Executive Officer Chief Financial Officer
Slide 5: Contents
Contents rsonal use only Result Highlights 6 Update by Market 7 Financial Results 13 Strategy Update 21
Slide 6: On track to exceed FY26 commitments
On track to exceed FY26 commitments Results achieved through strategic clarity, focused growth and disciplined execution rsonal use only 1H Revenue Gross Positive Upgraded FY26 growth profit >than Underlying outlook driven 40% EBITDA1 by performance in strategic $55.5M 48% $4.4M markets • Deployment
Slide 7: Update by Market
rsonal use only Update by Market
Slide 8: We operate in a dynamic global environment
We operate in a dynamic global environment Macro demographic forces • Mass market impacted by declining birth rates1 rsonal use only • Growing demand for premium, natural formula Regulatory and geopolitical landscape • Volatility in currency and interest rates • Shifting tariff policies altering glo
Slide 9: Strong volume and value growth in the US
Strong volume and value growth in the US Strong retail performance, which has been rewarded by significant ranging increases by retailers Strong category growth Retail ranging extensions and launches rsonal use only • Total market growth +3% vs premium natural +44% • Bubs 1% of total market and 8% o
Slide 10: Encouraging China performance
Encouraging China performance Growth increasingly concentrated in lower tier cities, with parents shifting to premium products O2O distribution continues to scale rsonal use only • O2O Mother & Baby store expansion, store count +77% pcp (1783 stores) • Sell-through +50% pcp CBEC volume growth • CBEC
Slide 11: Investing to re-establish growth in Australia
Investing to re-establish growth in Australia Maintained #1 goat infant formula position in Australia1 rsonal use only Actions taken to reinvigorate growth • Increased marketing investment from 8% of net sales in Q1 to 12% • Focused activations aligned with brand DNA of clean label, gentle tummies a
Slide 12: Resilient ROW performance
Resilient ROW performance Strong distributor partnerships across key markets, driving stability and sell-through growth rsonal use only Japan • Optimising route-to-market across all three available sale channels • Introducing first-purchase incentive Vietnam • Signed sole distributor with extensive
Slide 13: Financial Results
rsonal use only Financial Results
Slide 14: Strong momentum driving double-digit revenue growth
Strong momentum driving double-digit revenue growth Uplift in revenue with positive underlying EBITDA Income statement Revenue rsonal use only $'M 1HY26 1HY25 Up 14% overall $55.5 million, driven by a 48% increase in USA revenue versus prior Revenue 55.5 48.5 corresponding period (pcp). Gross Profit
Slide 15: Strong operating result and working capital management foundations
Strong operating result and working capital management foundations Inventory rebuild drove increase in Net Assets to $45.5M Balance Sheet $'M Dec-25 Jun-25 Cash and cash equivalents of $9.9M at Dec-25 reflecting inventory investment in rsonal use only 1H to support sales growth. Cash and cash equiva
Slide 16: Increased payments to suppliers to build inventory position
Increased payments to suppliers to build inventory position Reinvesting operating cash to secure inventory for growth markets Cash Flow rsonal use only $'M Dec-25 Dec-24 Net cash used in operating activities decreased by $5.2M, a reflection of the working Cash flows from operating activities capital
Slide 17: Strategic margin and inventory management
Strategic margin and inventory management High margin growth in core markets rsonal use only Total Group Gross Profit 50% 49% 48% Margin Resilience High-margin US sales as well as a lower level of non-AU milk solids defended Gross Profit % against impacts of tariffs and airfreight $26.6 $24.4 Resour
Slide 18: Disciplined approach to working capital
Disciplined approach to working capital Working capital positioned for inventory expansion for sustainable growth Average Net Working Capital1 rsonal use only 30.7% 25.8% 23.9% 33.4 25.1 • Disciplined approach to working capital to ensure sufficient funds 23.2 available to meet short term business o
Slide 19: FY26 EBITDA guidance
FY26 EBITDA guidance Strong underlying EBITDA result despite supply constraints impacting FY26 performance rsonal use only FY25 Underlying EBITDA to FY26 EBITDA guidance1 ($AUD Millions) 11.0 9.5 -2.1 0.8 4.5 -5.8 0.6 Gross Profit FY26 FY26 Underlying Alice & Willis EBITDA Underlying Settlement FY25
Slide 20: FY26 outlook upgraded
FY26 outlook upgraded 1H FY26 performance Full Year FY26 guidance rsonal use only $120.0M – $125.0M, reflecting 22-27% growth on prior Revenue1 $55.5M year Gross profit % 48% 40 – 45% EBITDA2 $3.0M $4.0M – 6.0M Underlying EBITDA3 $4.4M $9.0M – 11.0M 1 Revenue represents the revenue recognised after
Slide 21: Strategy update
Strategy Strategy update Update rsonal use only
Slide 22: Deploying our 2030 strategy
Deploying our 2030 strategy To craft clean nutrition products that provide peace of mind for parents rsonal use only Purpose and life-long wellbeing for bubs Strategic pillars Brand & Consumer Portfolio Optimisation Supply Chain Performance Digital Innovation Operational Environment Enablers culture
Slide 23: Increasing pace and progress of our strategy deployment
Increasing pace and progress of our strategy deployment rsonal use only Brand & Consumer Portfolio optimisation Supply Chain Enablers Build consumer intimacy and Deep channel partnerships to Strategic supply partnerships, Performance Culture, Safety, connection with our target optimize margin and sc
Slide 24: Questions & Answers
Questions & Answers rsonal use only