Slide 1: FY 2025 Results Presentation
CATEGORY CREATING MEDTECH FOCUSED ON DELIVERING SUSTAINED WOUND HEALING & VALUE-BASED CARE FY 2025 Results Presentation March 2026
Slide 2: Disclaimer
Disclaimer For the purposes of this disclaimer, "presentation" means this document, any oral presentation, any question and answer session and any written or oral material discussed or distributed during the presentation. This presentation includes statements that are, or may be deemed to be, “forwa
Slide 3: Presenting team
Presenting team Dr. Mike Griffiths Jayesh Pankhania Chief Executive Officer Chief Financial Officer 3
Slide 4: Fundamentals strong – positioned for long-term sustainable growth
Fundamentals strong – positioned for long-term sustainable growth AOTI's TWO2® topical oxygen therapy: Differentiated, clinically proven and cost-effective Good FY25 revenue growth: Despite headwinds and substantially more than AWC devices market1 Business model: Drives long-term strategy – AOTI inc
Slide 5: Meaningful operational progress
Meaningful operational progress – Organisational and operational changes implemented – greater focus on patient outcomes, sales rep productivity already showing positive signs – Market access progressing – Medicaid Provider ID now obtained in 19 states (FY 2024: nine) further underpinning mid- and l
Slide 6: Financial highlights
Financial highlights Jayesh Pankhania
Slide 7: Good revenue growth despite US healthcare market disruption
Good revenue growth despite US healthcare market disruption • Mainly driven by Medicaid, primarily New York state Revenue growth 14% to $66.5m (FY 2024: $58.4m) • Group revenue growth ex-Arizona 15% (FY 2024 c.19%) • Driven by investments in market access to support future growth and non-cash CECL*
Slide 8: 14% YOY revenue growth
14% YOY revenue growth Group GROWTH % 37.6% 3.0% -38.1% 14.0% 1,034 8,093 66,537 -950 58,359 Driven by NY VA growth impacted Decline due to impacted by OBBA by DOGE efficiency stocking order in measures FY24 FY24 Medicaid VA Other FY25 8
Slide 9: Revenue currently driven primarily by VA and NY Medicaid growth
Revenue currently driven primarily by VA and NY Medicaid growth TOTAL REVENUES $m • Long term consistent historic growth FY22 53.1% FY23 31.5% FY24 8.7% FY25 3.0% • Weaker mid-year due to continued Veterans 24.6% 17.4% 21.4% 0.6% 6.4% 3.6% -1.2% disruption from US efficiency 4.9% Administration init
Slide 10: Longer term operational leverage should be achieved
Longer term operational leverage should be achieved ADJUSTED EBITDA Walk – FY 2024 to FY 2025, $’000 7,050 (1,835) (2,434) 8,057 7,542 (3,296) Revenue growth of Increase in line with Driven by hiring ahead Investments in 13.8% 14.0% offset with revenue of revenue growth activities to support LT 11.3
Slide 11: Managing working capital
Managing working capital NET (DEBT) / NET CASH MOVEMENT, $’000 858 (4,795) Financing costs & Exit fee Employee (1,809) Trust (586) (204) (6,536) Net Cash FY 24 Operating cash flow PPE Financing fees Purchase of shares by EBT Net Debt FY25 Eyes on the Increased SWK EBT funding Wound receivables re-fi
Slide 12: Financial outlook 2026
Financial outlook 2026 • 2026 a transitional year – ongoing challenges – embed revitalised sales structure to drive stronger productivity and market leverage – Revenue growth for FY 2026 expected to be in the low single digits – expected mid-teens growth ex Arizona (underlying core business) – Adjus
Slide 13: Business overview
Business overview Dr. Mike Griffiths
Slide 14: TWO2 – large market opportunity SAM $26B
TWO2® – large market opportunity Serviceable Obtainable Market 1 • Representing 28k annual patients 3 • Near to medium term • Current market access SOM SAM $400M $26B Serviceable Addressable Market 2 • Representing 1.8m annual patients 3 1SOM = Opportunity today where payer coverage has already been
Slide 15: Executing on our unique phased market access strategy
Executing on our unique phased market access strategy Commercial strategy approach before the usual CMS coverage CURRENT PHASE PHASE 1 PHASE 2 PHASE 3 2022: <10% Expanding coverage – ongoing – market National Coverage National Coverage access in 19 Medicaid states Existing Expanding Wider State Medi
Slide 16: Approach to growing VA & Medicaid NY
Approach to growing VA & Medicaid NY UNDERPINS CURRENT PERFORMANCE MEDICAID Veterans Administration (VA) Medicaid NY FY25 disruption from the impact of VA head count reduction and US New York only state with mandated coverage policy. efficiency initiatives, now abated and Q4 growth – improved trend
Slide 17: Medicaid (ex NY) progress in new states to drive medium-term growth
Medicaid (ex NY) progress in new states to drive medium-term growth • In non-mandated states, approach to obtaining Medicaid reimbursement is different • Reimbursement is achieved based on medical necessity (determined by a doctor) and demonstrating value (clinical and cost savings) to the managed c
Slide 18: Arizona State Medicaid
Arizona State Medicaid Arizona • Arizona has been impacted by a combination of: o Change Healthcare cyber security breach o Continued state Managed Medicaid insurer turbulence o Epicenter of CTP fraud and abuse issue o Multiple Medicaid director changes • As mentioned in Feb’26 Trading update, in
Slide 19: Broad market access strategy for VA and Medicaid provides future Medicare readiness
Broad market access strategy for VA and Medicaid provides future Medicare readiness Existing commercial infrastructure across 26 states, gives us significant coverage and access c.86% of the US population Operational leverage - increased sales rep productivity Implemented greater focus on patient ou
Slide 20: The evolution and need for outcomes-based care
The evolution and need for outcomes-based care A Structural Shift From Activity to Outcomes The Problem: Activity-Driven Economics The Shift: Towards Outcome- Driven Economics where payments • Fee-for-service rewards activity, not US healthcare sp are based on delivering outcome health outcomes tal
Slide 21: Continuing to build a new outcomes-based at home category
Continuing to build a new outcomes-based at home category AOTI is the established leader of the Topical Oxygen Therapy segment of the Advanced Wound Care (AWC) market UNIQUE OUTCOME-BASED PLATFORM Differentiated Therapy Direct Patient Access Patient Data Analytics TWO2® therapy Accredited Eyes-On-Th
Slide 22: Eyes on the Wound: Enables us to prove outcomes on every patient
Eyes on the Wound : Enables us to prove outcomes on every patient Remote Utilisation In-Home Patient Monitoring - Real Time Engagement Coordination of Care Patient App & Wound Selfies Care Integration Patient Experience Identification of barriers RCT Proven to healing in the home Multi-Modality envi
Slide 23: CMS coverage will be transformational over time
CMS coverage will be transformational over time • Draft CMS LCD expected in the near term • Unlocks revenues from all Medicare-eligible, and accelerates access to Medicaid-eligible recipients • Leverages existing commercial infrastructure will support future Medicare coverage - no significant additi
Slide 24: Fundamentals strong – positioned for long-term sustainable growth
Fundamentals strong – positioned for long-term sustainable growth AOTI's TWO2® topical oxygen therapy: Differentiated, clinically proven and cost-effective Good FY25 revenue growth: Despite headwinds and substantially more than AWC devices market1 Business model: Drives long-term strategy – AOTI inc
Slide 25: Q&A
Q&A
Slide 26: Appendix
QAOTI Appendix
Slide 27: Who we are
Who we are OUR VISION Saving limbs and saving lives by healing wounds durably OUR MISSION Helping people with chronic conditions get back to living their lives OUR VALUES Think BIG. Make a difference. Working together. Do the right thing. OUR MARKET Defining & leading the topical wound oxygen market
Slide 28: A strong investment case – a compelling growth proposition
A strong investment case – a compelling growth proposition Fundamentals solid 1 2 3 4 5 Targeting hard to Established product Good organic growth Clear business Profitable and cash heal wounds, one of with strong clinical in the US (FY25 model for future generative core the highest areas of and real
Slide 29: Differentiated Product: TWO2 Therapy
Differentiated Product: TWO2® Therapy Multi-modality Evidence* Cost savings* therapy Controller Evidence* Oxygen 6X more likely to heal 71% reduction in DFUs in 12 weeks amputations at 12 months Extremity chamber Compression 6X lower recurrence 88% reduction in hospitalisations at Humidification rat
Slide 30: Focussed on highest growth market segments in wound healing
Focussed on highest growth market segments in wound healing Annual cost of diabetes in the US is >$237 Billion Venous leg ulcers Diabetic foot ulcers (VLUs) are one of the (DFUs) are the #1 reason Annual US diabetic foot care cost is approximately most prevalent and for infection and leg amputation
Slide 31: Therapeutic Synergy
% | Therapeutic Synergy: I MODA maw |and lopical Oxygen a Multi-Modality TWO2 combines cyclical compression a and topical oxygen therapy in one device, magnifying : the therapeutic benefits of each modality and stimulating wound healing through multiple synergistic pathways Topical Oxygen Therapy Cy
Slide 32: Income statement
Income statement CONSOLIDATED STATEMENT OF OPERATIONS #039;000 FY 2025 FY 2024 Change Total revenues 66,537 58,359 14.0% Increase mainly driven by Medicaid states (+37.6%) and VA (+3.0%) Total cost of revenues (8,322) (7,004) Gross profit 58,215 51,355 13.4% Growth driven by improved Gross profit margi
Slide 33: Adjusted EBITDA margin growing
Adjusted EBITDA margin growing RECONCILIATION BETWEEN NET LOSS AND ADJUSTED EBITDA #039;000 FY 2025 FY 2024 Change Net Profit / (Loss) 2,666 (1,756) n.m. Provision for income taxes 382 811 Interest expense 2,334 1,853 Depreciation and amortisation 2,160 1,970 EBITDA 7,542 2,878 Share based compensation
Slide 34: Balance sheet
Balance sheet CONSOLIDATED BALANCE SHEET #039;000 Dec-2025 Dec-2024 Total non-current assets 13,688 12,856 Increased inventory balance due to committed purchase order with boots / Inventory 5,082 2,514 patches supplier in anticipation of 2025 growth Trade accounts receivable, net 21,755 13,433 Increase
Slide 35: Cash flow statement
Cash flow statement CONSOLIDATED CASH FLOW STATEMENT #039;000 FY 2025 FY 2024 Net Profit / (loss) 2,666 (1,756) FY 2024 includes one time SBP Depreciation and amortization 2,160 1,730 related to IPO Share-based compensation & other awards 33 5,177 Increase in allowance for credit Movement in allowance
Slide 36: Making progress in obtaining CMS coverage for topical oxygen therapy
Making progress in obtaining CMS coverage for topical oxygen therapy Medicare coverage is limited to items and services that are deemed reasonable and necessary for the diagnosis or treatment of an illness or injury CMS conducts an evidence-based review to make this determination, which is administe