Slide 1: HY 2026 Results Presentation
POISED FOR TRANSFORMATIONAL GROWTH HY 2026 Results Presentation September 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: AOTI: A company poised for transformational growth
AOTI: A company poised for transformational growth TWO2® the market-leading topical oxygen therapy: Differentiated, clinically proven and cost-saving Already generating significant early revenues and strong profitable growth Impending CMS Medicare coverage: Transformational for the Company Existing
Slide 5: H1 26: Robust revenue growth and significant operational progress
H1 26: Robust revenue growth and significant operational progress – Robust underlying H1 26 profitable revenue growth of 18.8%, $31.9m (H1 25: 17.0%, $26.9m). – Continue to optimise our sales structure and execution to deliver the full potential of the commercial opportunity. – Significant progress
Slide 6: Business overview
Business overview Dr. Mike Griffiths
Slide 7: 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 8: Continuing to build a new outcomes-based at home category
Continuing to build a new outcomes-based at home category UNIQUE OUTCOMES-BASED PLATFORM WITH SIGNIFICANT BARRIERS TO ENTRY Differentiated Therapy Direct Patient Access Patient Data Analytics TWO2® Therapy Accredited Eyes on the Wound System (Multi-modality) Homecare Provider Engaged Outcomes Tools
Slide 9: TWO2 – huge market opportunity
TWO2® – huge market opportunity Serviceable Obtainable Market 1 • Representing 28k annual patients 3 • Near to medium term • Current market access SOM SAM $400m $26bn Serviceable Addressable Market 2 • Representing 1.8m annual patients 3 1 SOM = Opportunity today where payer coverage has already bee
Slide 10: Executing on our phased market access strategy
Executing on our phased market access strategy CURRENT PHASE PHASE 1 PHASE 2 PHASE 3 2022: <10% Expanding coverage – ongoing – market National coverage national coverage access in 27 Medicaid states Existing Expanding Wider State Medicaid Medicare + Accelerated Coverage Payer Coverage Access to Medi
Slide 11: CMS/Medicare billable process well underway – Final LCD by July 2027
CMS/Medicare billable process well underway – Final LCD by July 2027 CURRENT STAGE IN CODE EFFECTIVE PROGRESS & BILLABLE Public Proposed LCD Comment Final LCD Mandatory issued Period issued Notice Period Day 0 - Open meeting & comments - 23 July 2026 45 days Up to 365 days 45+ days from issue of End
Slide 12: Commercial execution – near-mid term growth VA, Medicaid NY
Commercial execution – near-mid term growth VA, Medicaid NY UNDERPINS CURRENT PERFORMANCE MEDICAID COMMERCIAL STRATEGY TO DRIVE NEAR-MID TERM GROWTH LEVERAGE STRONG FOUNDATIONS OF OUTCOMES BASED CARE COO / VP Sales – Commercial DEEPER PENETRATION PREDICATE FOR ALL Restructuring STATES Increase rep E
Slide 13: Poised to penetrate huge market over time
Poised to penetrate huge market over time Timing and total covered lives by payer segment TOTAL PAYER SEGMENT COVERED 2026 2027 2028 2029 2030 onwards LIVES VA 9.1m NY Medicaid 6.4m Medicaid 66.4m states Medicare FFS 34.4m Medicare 36.1m Advantage Commercial 188m Latest enrollment: VA 2026; NY Medic
Slide 14: 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 27 states, access to the vast majority of the US population Operational leverage to meaningfully increase sales rep productivity Greater focus on patient outcomes- based sale
Slide 15: TWO2 has parallels to the growth of negative pressure (NPWT) KCI
TWO2® has parallels to the growth of negative pressure (NPWT) KCI 15
Slide 16: Financial highlights
Financial highlights Jayesh Pankhania
Slide 17: Robust underlying revenue growth and positive operating cash flow
Robust underlying revenue growth and positive operating cash flow Robust underlying revenue growth • Driven by strong growth in VA and Medicaid (ex.AZ) 18.8% to $31.9m • Reported revenue growth 10.8% (H1 25: 20.9%, $31.8m) (H1 25: 17.0%, $26.9m) • Driven by robust revenue growth, sales rep productiv
Slide 18: Robust underlying revenue growth
Robust underlying revenue growth Group GROWTH % 16.0% 21.5% 62.0% 18.8% REVENUE, $’000 1,948 337 31,913 2,770 26,857 Growth supported Primarily NY and NJ Growth primarily by commercial Sustained OBBBA / from US Commercial restructure and US healthcare DOGE abating headwinds H1 25 VA Medicaid Other H
Slide 19: Improving profitability whilst investing for operational leverage
Improving profitability whilst investing for operational leverage EBITDA Walk – H1 25 to H1 26, $’000 755 3,408 (2,187) 3,578 3,070 (1,468) Revenue growth of New commission Primarily driven by Investments to 9.6% 10.8% and with plans as we embed increased headcount support LT growth and 10.1% improv
Slide 20: Positive operating cash flow since exiting Arizona
Positive operating cash flow since exiting Arizona NET DEBT MOVEMENT, $’000 921 (583) (93) (6,291) (6,536) Net Debt FY 25 Operating cash flow Capital Purchases Lender Fee Accrual Net Debt H1 26 Eyes on the Wound Strong VA performance, Lender development and improved working capital, fee rental units
Slide 21: Arizona Medicaid – confident in collecting historical debt
Arizona Medicaid – confident in collecting historical debt Arizona • Arizona was impacted by a combination of factors that led to payment issues: o Change Healthcare cyber security breach o Continued state Managed Medicaid insurer turbulence o Epicenter of CTP fraud and abuse issue o Multiple Med
Slide 22: Financial outlook 2026
Financial outlook 2026 • 2026 is a transformative year not only as we move towards the Final CMS LCD and resulting mandated Medicare coverage, but also due to optimising our sales structure and execution to deliver the full potential of our dramatically expanded US addressable market opportunity. •
Slide 23: AOTI: A company poised for transformational growth
AOTI: A company poised for transformational growth TWO2® the market-leading topical oxygen therapy: Differentiated, clinically proven and cost-saving Already generating significant early revenues and strong profitable growth Impending CMS Medicare Coverage: Transformational for the Company Existing
Slide 24: Q&A
Q&A
Slide 25: Appendix
QAOTI Appendix
Slide 26: Income statement
Income statement CONSOLIDATED STATEMENT OF OPERATIONS #039;000 H1 26 H1 25 Change VA revenue growth 16% YoY Medicaid excl. Arizona growth 21.5% YoY Total revenues 35,283 31,843 +10.8% Arizona Medicaid reduction 32% YoY Total cost of revenues (3,962) (3,930) Margin improvement YoY driven by operational
Slide 27: EBITDA margin growing
EBITDA margin growing RECONCILIATION BETWEEN NET PROFIT AND EBITDA #039;000 H1 26 H1 25 Change Net Profit 938 248 +278.2% Provision for income taxes 437 540 Interest expense 1,156 1,117 Depreciation and amortisation 27 1,047 1,165 EBITDA 3,578 3,070 +16.6% Refer to the EBITDA walk above EBITDA Margin 1
Slide 28: Balance sheet
Balance sheet CONSOLIDATED BALANCE SHEET #039;000 Jun 2026 Dec 2025 Reduction in rental fleet capex + 6 months depreciation & amortisation. Total non-current assets 13,280 13,688 Inventory balance reducing as prior year Inventory 4,013 5,082 excess inventory depletes Trade accounts receivable, net 24,3
Slide 29: Cash flow statement
Cash flow statement CONSOLIDATED CASH FLOW STATEMENT #039;000 H1’26 H1’25 Net Profit 938 248 D&A slightly lower due to fully depreciated assets and as rental fleet utilization is optimized. Depreciation and amortisation 1,047 1,165 Share-based compensation & other awards 52 55 Increase in allowance for
Slide 30: 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 and leading the topical wound oxygen marke
Slide 31: A strong investment case – compelling growth proposition
A strong investment case – compelling growth proposition Fundamentals solid 1 2 3 4 5 Targeting hard to Established product Robust underlying Clear business Profitable and cash heal wounds, one of with strong clinical organic growth in the model for future generative core the highest areas of and re
Slide 32: Eyes on the Wound Platform: Enables us to prove outcomes on every patient
Eyes on the Wound Platform: Enables us to prove outcomes on every patient – tech and data-enabled care integration • AI Call Transcription • Allows receiving & sharing data • Quality assurance in therapy • EHR data ingestion through initiation Health Information Exchange • Assessment of home • Wound
Slide 33: Differentiated product: TWO2 therapy 6X more likely to heal DFUs in 12 weeks
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 34: 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 35: 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 36: Manufacturing expansion
Manufacturing expansion • Extensive upside capacity to expand production of TWO2® device in Galway, Ireland manufacturing facility with ability to also assemble in US as demand dictates • Adequate space • Additional headcount and shifts • No supplier concerns • Bringing online additional (3rd) US ba