Vulcan Two Group Plc · LSE:VUL
Vulcan Two — H1 2026 Earnings Presentation
35 slides from Vulcan Two's earnings presentation, September 2026
Slide 1: Building a scalable integrated UK ePharmacy platform
Vulcan Two Group plc AIM: VUL Interim results · six months ended 30 June 2026 Building a scalable One unified brand integrated UK ePharmacy platform Clinic – B2C Pharmacy – B2B and B2C NEW Veterinary – B2C and B2B COMING SOON September 2026
Slide 2: Disclaimer
Disclaimer THIS PRESENTATION AND ANY WRITTEN OR ORAL MATERIAL RELATED TO, DISCUSSED OR Nothing herein constitutes investment advice. No reliance may be placed for any purpose whatsoever on DISTRIBUTED DURING THE PRESENTATION MEETING (TOGETHER, THE "PRESENTATION") IS the information or opinions conta
Slide 3: Presentation team
Presentation team An experienced team with deep healthcare eCommerce and buy-and-build track record Michael Kraftman Brendan O'Brien Keith Butcher Chief Executive Officer Chief Operating Officer Chief Financial Officer • Created Vision Direct through the initial acquisition • Founded GetLenses in 20
Slide 4: Strategy and New Identity
01 STRATEGY AND NEW IDENTITY Building the UK's leading regulated ePharmacy Molecule: one Group, one brand Brand research Molecule launch and Company name change
Slide 5: Building the UK's leading regulated ePharmacy
Building the UK's leading regulated ePharmacy A clear buy-and-build strategy in the fast-growing private prescription market UK-focused, regulated ePharmacy platform with a clear buy-and-build strategy in the fast- growing private prescription market. £12m raised at AIM admission Foundational acquis
Slide 6: Molecule: one Group, one brand
Molecule: one Group, one brand A disciplined, research-led brand 500 41 Tested with UK consumers Tested with prescribing • Our ambition was to create a single identity across consumer, physicians clinical and veterinary healthcare to reflect the Group's evolution into an integrated ePharmacy platfor
Slide 7: Molecule matches category leader Boots
LEXICON Molecule matches category leader Boots “Based on the name alone, which of the following online pharmacies (ePharmacies) are you most interested in learning more about?” Select all that apply based on the name alone, not whether you have heard of the brand before. Shown alongside 15 real UK p
Slide 8: Logo leads all online players in brand recognition
Logo leads all online players in brand recognition “Which of these logos do you think is the logo for [brand name]?” — percentage of respondents selecting the correct logo for each brand named. Boots 100% Superdrug 91% Molecule 64% Chemist4U 58% MedExpress 25% Well 25% SimplyMeds 17% Simple Online P
Slide 9: Molecule launch and Company name change
Molecule® launch and Company name change Creating a single identity across consumer, professional and veterinary healthcare One brand, one platform Transformation into an operating ePharmacy Group, bringing three founder- led businesses together onto one single brand and platform. Company name Molec
Slide 10: Financial Review
02 FINANCIAL REVIEW Revenues and gross margin Costs and profitability Financial position and cash flow
Slide 11: Financials
Financials Revenues and gross margin (reported and pro forma) Reported Revenue by product Pro forma Revenue by product £10.0m 22% 29% £19.9m 23% 33% Revenue Revenue Revenue for the 3 month 13 day period Revenue for the six months from 1 from the acquisitions on 19 March 2026 January 2026, as if the
Slide 12: Costs and profitability
Costs and profitability Adjusted EBITDA and loss before tax (reported and pro forma), operating expenses and exceptional costs Reported Pro forma (£0.6m) (£4.1m) £0.5m (£1.9m) Adjusted EBITDA Loss before tax Adjusted EBITDA Loss before tax • Adjusted EBITDA loss reflects six months of central costs
Slide 13: Financial position and cash flow
Financial position and cash flow Key balance sheet items and cash movements to 30 June 2026 £44.2m £5.7m Cash at 30 June 2026 A strong balance sheet at period end Intangible assets Major cash movements in the period £27.2m Goodwill +£40.0m Fundraise, March 2026 £12.9m Customer relationships –£36.4m
Slide 14: Market and Platform
03 MARKET AND PLATFORM ePharmacy market dynamics UK ePharmacy market A diversified platform built for growth Revenue opportunities
Slide 15: ePharmacy market dynamics
ePharmacy market dynamics A high-growth market, diversified across a growing range of treatments Expanding portfolio of treatments, UK ePharmacy market size1 and user penetration2 including: 7.0 70% 60.4% Population using online pharmacies 6.0 53.5% 60% Weight loss 5.0 45.3% 50% Market size ($bn) 38
Slide 16: UK ePharmacy market
UK ePharmacy market The UK market is fragmented with significant consolidation potential Private prescriptions There are over 400(a) ePharmacies in the UK, with the majority offering private prescriptions D2C for specialist 250+ small subscale medications. private ePharmacies Physical Digital 400+ t
Slide 17: A diversified platform built for growth
A diversified platform built for growth Built from three founder-led businesses to create one Molecule brand B2B B2C Molecule CloudRx Molecule Clinic Molecule Pharmacy Molecule Veterinary Formerly CloudRx Formerly Webmed NEW Formerly Hyperdrug • Regulated digital end-to-end • Regulated B2C online cl
Slide 18: Revenue opportunities
Revenue opportunities Progress against the opportunities identified at acquisition Scale sales team Cross-sell products Implement analytics Delivered Launching Next phase CloudRx had no business development or Enhanced OTC range to form the basis of the Deep customer analysis to inform strategy on o
Slide 19: Operational Review
04 OPERATIONAL REVIEW H1 operational highlights Leeds distribution centre
Slide 20: H1 operational highlights
H1 operational highlights From acquisition and integration to a platform positioned for growth Delivering on key objectives to build infrastructure to support long-term growth 22,000 sq ft distribution centre in Integration of CloudRx, Webmed and Leeds on track to be fully operational Hyperdrug prog
Slide 21: Leeds distribution centre
Leeds distribution centre Fit-out in progress at our 22,000 sq ft operational and distribution centre Storage racking on the warehouse floor Mezzanine fit-out in progress 22,000 sq ft On track to be fully operational by early December, with ERP integration enabling same or next day delivery. All sta
Slide 22: Outlook
05 OUTLOOK Launching molecule.co.uk Outlook
Slide 23: Launching molecule.co.uk
Launching molecule.co.uk Alongside the brand, the new B2C website brings together: New Molecule clinic Enhanced OTC range Veterinary business Streamlined prescribing flow for Broadening what we can offer each Rebranded from Hyperdrug and re- patients. customer. platformed. Initially launching with w
Slide 24: Outlook
Outlook A clear roadmap of opportunities 2026 remains a year of investment and integration with a clear roadmap of opportunities. High-growth market with strong, sustainable tailwinds. Launching Molecule Group plc and a unified customer proposition – building a One brand One website dominant brand i
Slide 25: Appendices
APPENDICES Shareholder register Tried and tested playbook NHS to private migration UK regulatory environment The Board Interim financial statements
Slide 26: Shareholder register
Shareholder register Holdings of 3% or more as at 16 September 2026 Octopus Investments Limited 16.6% Dowgate Group Limited 16.0% Gresham House Asset Management Ltd 10.9% Canaccord Genuity Asset Management 6.5% Directors 5.5% Schroder Investment Management Ltd 5.4% Ruffer LLP 4.6% Premier Miton Grou
Slide 27: Tried and tested playbook from the contact lens market
Tried and tested playbook from the contact lens market A successful Vision Direct roll-up applied to ePharmacy, a 10x larger market with similar growth and digitalisation paths 2008 Acquisition of Postoptics. 2009 Acquisition of GetLenses and subsequent brand Single product integration. Investment b
Slide 28: NHS to private migration
NHS to private migration Strong and sustainable tailwinds driving sustained migration to private healthcare Increasing NHS pressures and GP waiting times Increasing demand for convenience and discretion NHS budgets are tightening and waiting times for non-urgent treatments are Consumers increasingly
Slide 29: UK regulatory environment
UK regulatory environment Regulators ensure patient safety, medicine quality and legal compliance, increasing patient trust Medicines and Healthcare General Pharmaceutical Council General Medical Council (GMC) products Regulatory Agency Care Quality Commission (CQC) (GPhC) (MHRA) • Regulates and ins
Slide 30: The Board
The Board Michael Kraftman Brendan O'Brien Keith Butcher Chief Executive Officer Chief Operating Officer Chief Financial Officer • Acquired GetLenses and Postoptics in 2008/09. • Early career as an Optometrist with Boots and • CFO of multiple AIM-listed tech companies over 20 • Led the organic and a
Slide 31: Condensed consolidated statement of comprehensive income
Condensed consolidated statement of comprehensive income For the six months ended 30 June 2026 Six months ended 30 June 2026 Six months ended 30 June 2025 Note £ £ Revenue 10,033,336 - Cost of sales (7,874,327) - Gross Profit 2,159,009 - Administrative expenses (3,469,936) (79,892) Exceptional costs
Slide 32: Condensed consolidated statement of financial position
Condensed consolidated statement of financial position As at 30 June 2026 30 June 2026 31 December 2025 30 June 2026 31 December 2025 Note £ £ Note £ £ Assets Liabilities Non-current assets Non-current liabilities Intangible assets 6 44,218,128 - Lease liabilities 12 1,389,735 - Right-of-use assets
Slide 33: Condensed consolidated statement of changes in equity
Condensed consolidated statement of changes in equity For the year ended 31 December 2025 and the six months ended 30 June 2026 Share-based Accumulated Share capital Share premium Capital reserve Merger reserve payment reserve losses Total equity Note £ £ £ £ £ £ £ As at 1 January 2025 - - 9 - - (12
Slide 34: Condensed consolidated statement of changes in cash flows
Condensed consolidated statement of changes in cash flows For the six months ended 30 June 2026 Six months ended Six months ended Six months ended Six months ended 30 June 2026 30 June 2025 30 June 2026 30 June 2025 Note £ £ Note £ £ Cash flows from operating activities Cash flows from investing act
Slide 35: investors.molecule.co.uk
& molecule investors.molecule.co.uk