Bubs Australia Ltd. · ASX:BUB
Bubs Australia — Investor Day (March 2026)
50 slides from Bubs Australia's investor day presentation, Mar 26, 2026
Slide 1: Bubs Australia Limited Strategy Update
Bubs Australia Limited Strategy Update Thursday, 26 March 2026
Slide 2: 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 Australian Securities Exchange. This presentation contains information that is based on projected and/or estimated expectations, assumptions or ou
Slide 3: Chair Introduction
Chair Introduction Paul Jensen Chair
Slide 4: Acknowledgement of Country
Acknowledgement of Country Bubs acknowledges the Traditional Custodians of the Lands on which we operate. We pay our respects to Elders past and present. Image: Bunurong Marine National Park of Victoria
Slide 5: What to expect today
What to expect today Demonstrate our unique value proposition and provide a 01 deeper understanding of our business 02 Introduce the experienced Bubs Executive Leadership Team Share how we will create shareholder value by driving 03 profitable growth through leveraging scale and operational efficien
Slide 6: Executive leadership team introduction
Executive leadership team introduction Business Leadership Functional Leadership Joe Coote Jasmin Manner Naomi Verloop Richard Paine Chief Executive Officer President - US Chief Financial Officer Chief Operating Officer Jackie Lin Chris Lotsaris Kathryn O’Hehir Annie Chen GM - China GM - Australia a
Slide 7: Agenda
Agenda 1 2 3 4 Welcome Strategic overview Brand and Consumer USA Page 5 Page 12 Page 16 Page 22 09.30 09.35 09.50 10.05 5 6 7 8 China Australia and ROW Break Supply Chain Transformation Page 27 Page 30 10.55 Page 34 Page 38 10.25 10.40 11.15 11.30 9 10 11 12 Finance Strategy recap Q&A Closing Page 4
Slide 8: A globally trusted, premium infant nutrition business
A globally trusted, premium infant nutrition business with strong growth and healthy margins Infant milk Toddler Adult Portfolio formula milk formula Caprilac USA China Australia Rest of World Markets Revenue $53.1M Revenue $21.1M Revenue $19.8M Revenue $8.5M Revenue FY25 52% of revenue 21% of reven
Slide 9: Our Purpose and Our Mission
Our Purpose Our Mission To provide clean nutrition To make naturally gentle, products that offer peace clean nutrition the first choice of mind for parents and for modern parents – lifelong wellbeing for recognisably Australian, bubs. trusted globally.
Slide 10: We have established a proven platform
We have established a proven platform and are now focused on strategic growth Start up to IPO Volatile expansion Platform reset Strategic Growth Revenue Guidance $18m $47m $47m $104m $60m $80m $103m $120-125m 2006 2013 2017 2018 2019 2021 2022 2023 2024 2025 2026 Founded to Launch of goat Bubs ASX I
Slide 11: Responding to an inflection point
Responding to an inflection point – we have reviewed our options and aligned our strategy to current context and market dynamics Current Context Market Dynamics Macro demographic forces • Distinctive brand equity in the premium segment • Mass market impacted by declining birth rates1 • Growing deman
Slide 12: Our 5-year growth strategy
Our 5-year growth strategy strengthens our core business, then expands into new markets and innovations to drive profitable growth Strategic pillars Activate Brand and Consumer Build a Winning Portfolio Connect Farm to Formula Enablers Performance culture Business Innovation Strategic partners trans
Slide 13: Our strategy aligns with shifting market dynamics
Our strategy aligns with shifting market dynamics, translating into clear, actionable initiatives Activate Brand and Consumer Build a Winning Portfolio Connect Farm to Formula Enablers • Evolve brand to “Naturally gentle -- • Profitable growth across Strategic • Operational excellence based on • Per
Slide 14: Our investment proposition
Our investment proposition is underpinned by a proven, scalable platform delivering strong margins and geographic resilience Attractive category with high barriers to entry Financial momentum • Structural barriers to entry driven by regulatory complexity, quality • 3-year revenue growth CAGR of 26%
Slide 15: We will secure higher market share
We will secure higher market share in existing markets through consumer acquisitions, and lifetime value extensions (AUS, USA, China) $90b+ Infant Infant Toddler Adult Formula Supplements Nutrition Nutrition Snacks TAM1 Core entry Basket expansion Lifecycle extension Adjacent brand 1 Source: Precede
Slide 16: Brand and Consumer
Brand and Consumer Annie Chen Chief Marketing Officer
Slide 17: We have established a global brand presence
We have established a global brand presence in the premium natural segment, which continues to drive high margin growth THE TAILWIND THE UNMET NEED OUR ANSWER THE PROOF Fewer births, Trust, transparency, Intentionally built Validation across higher stakes per child and digestive comfort against ever
Slide 18: Our sales momentum will accelerate
Our sales momentum will accelerate as our marketing flywheel progressively compounds – each turn lowers acquisition cost and raises brand awareness 4 1 Optimize & scale Target & reach Dynamic budget Reach and engage Zillennial parents through 1P data, lookalike modeling 3 2 Measure & learn Engage &
Slide 19: A better start from day one
Brand trust is a key growth driver Real parent experiences are fueling loyalty, advocacy, and repeat purchase globally Ajay M. Fun Little Game Recommended for sensitive tummy’s Bub loves it I’ve had such a wonderful experience with Bubs Baby Infant Love this formula. My Bub has had no problems and I
Slide 20: Parents choose differently by market
Parents choose differently by market, we’re building our brand to meet them where they are USA Australia China Role of Bubs Trusted partner for the full feeding journey, from infancy and beyond. Brand Positioning The premium formula for parents who put gentle digestion first. Primary Entry Point Com
Slide 21: Update by market
Update by market
Slide 22: USA
USA Jasmin Manner President
Slide 23: The premium segment is highly attractive
The premium segment is highly attractive, with strong growth, margins and economic resilience USA IMF Market Market opportunity AUD $7.3b1 Growth 3.0%1 1.3%1 Consumer demand Premiumisation is fueled by digestibility benefits, demand for clean-label ingredients, and strong pediatrician advocacy USA I
Slide 24: We are scaling distribution
We are scaling distribution while strengthening premium brand positioning Opportunity: expand distribution across Improve in-store Opportunity: drive further upside Expand within existing broader portfolio through increased facings and accounts productivity incremental displays 8,891 50 5,558 3,632
Slide 25: We use data and modelling to focus marketing investment
We use data and modelling to focus marketing investment and optimise ROI Digital and Social Platforms Meta Meta MMM ENGINE Google TikTok Marketing mix model Retail Media Amazon DS True channel ROI and contribution Walmart Connect Optimal budget allocation Target Roundel Market Intelligence Increment
Slide 26: Our strategic priorities centre around accelerating
Our strategic priorities centre around accelerating our position within the premium natural segment Ambition Top-3 premium natural IMF and top-2 goat IMF in the USA Expand accessibility Accelerate brand Drive Innovation and Broaden omnichannel and shelf presence awareness and sell- enter adjacencies
Slide 27: China
China Jackie Lin General Manager Presented by Annie Chen
Slide 28: China remains the world’s largest market
China remains the world’s largest market, with growth concentrated in the premium segment China IMF Market Market opportunity Despite declining birth rates, China remains the world’s AUD $5.4b1 CAGR 13.5% YoY1 Large market largest infant formula market with strong English label market size - English
Slide 29: We are executing a growth playbook
We are executing a growth playbook – expanding distribution, extending our product portfolio and increasing investment in lower tier cities 1 2 3 Expanding into general trade Extending beyond infant formula into Targeted social media and offline (including China label SAMR) with a adjacent categorie
Slide 30: Australia and Rest of World
Australia and Rest of World Chris Lotsaris General Manager
Slide 31: Growth in the Australian infant formula market
Growth in the Australian infant formula market is driven by the premium segments of goat, organic and specialty Australian IMF Market1 Market opportunity Category value growth in Australia is driven by premium AUD $417m CAGR 3.3% 5.1% #1 goat Consumers seeking value segments, despite declining birth
Slide 32: We are building market share
We are building market share through premium positioning, recruitment and execution excellence 1 2 3 Drive trial and early adoption to Increase premium mix through Improve in-store and e-commerce increase household penetration in positioning, product, and execution to drive velocity, high-growth seg
Slide 33: We are targeting expansion across core and new markets
We are targeting expansion across core and new market opportunities Category value Growth Characteristic Vietnam AUD$1.6b1 CAGR 7.3%2 High category Market size participation Canada AUD$700m3 CAGR 14%3 High import dependency Market size Mexico AUD$1.1b4 Premium segment High category Market size CAGR
Slide 34: Break for 20 minutes
Break for 20 minutes for happy families today and tomorrow
Slide 35: Supply Chain
Supply Chain Richard Paine Chief Operating Officer
Slide 36: The infant nutrition category demands the highest standards
The infant nutrition category demands the highest standards of quality, availability and resilience Supply chain Distribution Ingredient sourcing Core areas of focus: Milk Collection Spray Blending Canning Distribution Consumers Safety and Quality Drying High quality, sustainably farmed Service Resp
Slide 37: We are building a scalable, resilient supply chain
We are building a scalable, resilient supply chain to support our expansion Operational Excellence Capacity Expansion Partnerships Technology Sustainability • Global safety-first standards • Market-proximate • Multi-partner model • End-to-end digital • Embed environmental and ensure consistent quali
Slide 38: We are evolving from a single-source supply chain
We are evolving from a single-source supply chain, to a global supply network Efficient opex and working capital: Reduced cost to serve and working Service responsiveness: Improved service levels through regional proximity to capital through regional sourcing, shorter lead times and optimised invent
Slide 39: Business Transformation
Business Transformation Kathryn O’Hehir General Manager – Corporate Services
Slide 40: We operate as one globally interconnected business
We operate as one globally interconnected business with a single cadence, that enables disciplined investment of our human and financial capital Single Operating Cadence Value Discipline One planning and review rhythm across the company Stage-gated capital allocation Unified priorities, milestones a
Slide 41: Our business transformation horizon
Our business transformation horizon FY27 FY28 FY29 FY30 FY31 PMO Establishment PMO Continuous Improvement Integrated Business Planning Optimisation and Improvement Brand Refresh Product Innovation Product Innovation Customer and Consumer Engagement Digital and AI Transformation Supply Chain
Slide 42: Financial Performance
Financial Performance Naomi Verloop Chief Financial Officer
Slide 43: FY26 upgraded outlook
FY26 upgraded outlook 1H FY26 performance Full Year FY26 guidance $120.0M – $125.0M, reflecting 22-27% growth on Revenue1 $55.5M prior 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 trading terms, t
Slide 44: We are targeting double digit revenue growth
We are targeting double digit revenue growth and operational leverage to drive organisational value CAGR: 26% Accelerating growth through expanded market penetration, regional expansion and targeted innovation 120-125 Market Penetration Customer Acquisition 103 80 Regional Expansion Core and Adjacen
Slide 45: Our disciplined, capital light approach
Our disciplined, capital light approach manages risk and generates a strong return Maximising value creation Maintain capital light balance sheet through the cycle Targeting strong alignment between strategic objectives and capital investment to fund growth Strategic capital expenditure to build org
Slide 46: Strategy Recap
Strategy Recap
Slide 47: Our 5-year growth strategy
Our 5-year growth strategy strengthens our core business, then expands into new markets and innovations to drive profitable growth Strategic pillars Our Purpose To provide clean nutrition products that offer peace of mind for parents and life-long wellbeing for bubs Activate Brand and Consumer Build
Slide 48: Our differentiated strengths underpin scalable growth
Our differentiated strengths underpin scalable growth which will deliver shareholder value Attractive category with high Financial momentum; low debt, barriers to entry and strong Diversified global markets strong cash flow generation margins Proven brand equity in the premium Highly experienced lea
Slide 49: Thank You and Questions
Thank You and Questions
Slide 50: for happy families today and tomorrow
for happy families today and tomorrow