Slide 1: FY'26-Q3 Earnings Presentation
TSX-V: COV OTCQX: CVALF investors@covalon.com FY’26-Q3 Earnings Presentation August 27, 2026 Brent Ashton Kim Crooks Katie Martinovich CEO COO CFO 1
Slide 2: Forward-Looking Statements and Non-GAAP Financial Information
Forward-Looking Statements and Non-GAAP Financial Information Certain statements included in this presentation may be considered forward-looking statements. These forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “estimate”, “e
Slide 3: Q3 FY'26 Financial Results
Q3 FY’26 Financial Results FY’25 Q3 FY’26 Q3 Delta Revenue $8.4 $10.0 + 20% Gross Profit $3.9 $6.7 + 73% (Gross Margin) (46.5%) (67.2%) (+2,070 bps) Adjusted Gross Margin 55.6% 66.4% + 1,080 bps Operating Expenses $4.0 $4.0 + 1% Adjusted EBITDA $0.9 $3.0 + 234% Earnings per Share (Diluted) $0.00 $0.
Slide 4: Q3 FY'26 Financial Results
Q3 FY’26 Financial Results FY’25 Q3 FY’26 Q3 Delta Revenue $8.4 $10.0 + 20% Gross Profit $3.9 $6.7 + 73% (Gross Margin) (46.5%) (67.2%) (+2,070 bps) Adjusted Gross Margin 55.6% 66.4% + 1,080 bps Operating Expenses $4.0 $4.0 + 1% Adjusted EBITDA $0.9 $3.0 + 234% Earnings per Share (Diluted) $0.00 $0.
Slide 5: Q3 FY'26 Year to Date Financial Results
Q3 FY’26 Year to Date Financial Results FY’25 Q3 FY’26 Q3 Delta LYTD YTD Revenue $24.1 $25.7 + 6% Gross Profit $13.0 $16.1 + 23% (Gross Margin) (54.0%) (62.8%) (+880 bps) Adjusted Gross Margin 57.2% 63.4% + 620 bps Operating Expenses $11.5 $12.4 + 8% Adjusted EBITDA $3.0 $4.7 + 56% Earnings per Shar
Slide 6: Contamination Protection Solution
Contamination Protection Solution • Bedside care with vascular access is often messy – contamination events can lead to serious complications if critical IV components are not properly protected • Covalon is pioneering the development of the “Contamination Protection” clinical category • Our solutio
Slide 7: Contamination Protection – Strong Q3 Acceleration
Contamination Protection – Strong Q3 Acceleration 68% Revenue growth over FY’25 Q3 34% Revenue growth over FY’26 Q2 7
Slide 8: Momentum Continues to Build For Covalon's Contamination Protection Solution
Momentum Continues to Build For Covalon’s Contamination Protection Solution Notable Adopters Shared after Q1 Additional Notable Adopters From Past Few Months Notable Adopters Shared after Q2 Massive further opportunity with existing account penetration and new account acquisition 8
Slide 9: The Buzz on Contamination Protection
The Buzz on Contamination Protection “VALGuard® and CovaClear® Cover are the first products I've “Things are going well with the CovaClear® dressing. I used that treat contamination prevention as a real clinical know it is a big hit on the units. Lots of utilization on priority rather than something
Slide 10: Contamination Protection – US Hospital Expansion
Contamination Protection – US Hospital Expansion Customer Base (Start of FY’24) Current Customer Base 3X increase in less than three years Existing customer Almost a New customer 10
Slide 11: Robust Underlying Hospital Customer Metrics
Robust Underlying Hospital Customer Metrics US Vascular Access and Surgical Consumables Sales Channel RETAIN GROW EXISTING ADD NEW 100% retention 46% revenue growth Acquired 58 new hospital of our Top 50 FY’25 from our Top 50 FY’25 customer locations in the past 9 hospital system customers hospital
Slide 12: Strong Focus Driving Outstanding Growth at Top Hospitals
Strong Focus Driving Outstanding Growth at Top Hospitals US Vascular Access and Surgical Consumables Sales Channel #3 Largest Customer #1 Largest Customer +12% YTD #5 Largest Customer +54% YTD +53% YTD #4 Largest Customer +83% YTD #2 Largest Customer +67% YTD 12
Slide 13: Driving Towards Significant Value Creation
Driving Towards Significant Value Creation • Delivered on a strong Q3 - solid strategy and execution • Rapid growth acceleration with Contamination Protection solution • Creating strong value where it starts, for patients, nurses and hospitals, and translating that into shareholder value 13
Slide 14: Q&A
Q&A 14
Slide 15: Investor Relations Contact Information
Investor Relations Contact Information Brent Ashton Katie Martinovich Chief Executive Chief Financial Officer Officer investors@covalon.com 15