Slide 1: Q4 FY25 Quarterly Investor Presentation & Webinar
ASX Announcement 22 July 2025 Q4 FY25 Quarterly Investor Presentation & Webinar Microba Life Sciences Limited (ASX: MAP) (“Microba” or the “Company”) is pleased to provide below its Q4 FY25 Investor Presentation and Investor Webinar with CEO Dr Luke Reid presenting. Quarterly Investor Webinar Presen
Slide 2: At the forefront of microbiome diagnostics & therapeutics
At the forefront of microbiome diagnostics & therapeutics Q4 FY25 Results ASX: MAP 22 JULY 2025 Authorised for release by the Board of Directors
Slide 3: Disclaimer
Disclaimer 2 This presentation (Presentation) has been prepared by Microba Life Sciences Limited (Microba). Summary information - This Presentation contains summary information about Microba and its activities which is current only as at the date of release of this Presentation. Microba may in its a
Slide 4: Key Risks & Forward Financial Information Assumptions
Key Risks & Forward Financial Information Assumptions 3 Forward Financial Information Assumptions above), followed by further scale in existing markets. The achievement of the FY26 forward information & ~3-year strategic objectives detailed in slide 4 is • Assumes that Operating Expenses, Product De
Slide 5: We are building the platform for personalised, microbiome-based healthcare
“We are building the platform 4 for personalised, microbiome- ~3 Year Strategic Objective based healthcare.” Strong penetration of FY26 innovator & early adopter clinicians. Transformative Expand clinical adoption. patient outcomes across FY25 Break-even in Australia & core regions. United Kingdom1.
Slide 6: Q4 FY25 Results: Financial Highlights
5 SECTION 1 Q4 FY25 Results Financial Highlights
Slide 7: Q4 Financial Highlights
Q4 Financial Highlights 6 Continued Growth & Clinical Adoption of Testing Products in Australia and the UK 3,451 AU MetaXplore tests sold (+88% vs PCP) | 429 UK MetaXplore tests sold (+74% QoQ, PCP not applicable) | 266 AU MetaPanel tests sold (+85% vs PCP) Continued Growth in Test Volumes 4,500 +88
Slide 8: Q4 Financial Highlights
Q4 Financial Highlights 7 Strong close to FY25, despite impact from strategic change in revenue mix FY25 revenue of $15.67m, up 30% vs PCP, and in line with previous guidance to the market Annual Revenue Growth Quarterly Revenue • Q4 revenue up 23% QoQ, and $18,000,000 +30% $6,000,000 Strategic prod
Slide 9: Strong clinical adoption & accelerating growth
Strong clinical adoption & accelerating growth 8 Growth $2,000,000 Core tests & clinical software $1,500,000 winning a major new $25B diagnostic category $1,000,000 $500,000 $0 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Base $2,000,000 To continue with opportunity $1,000,000 for future growth. (Suppl
Slide 10: Q4 FY25 Results: Business Highlights
9 SECTION 2 Q4 FY25 Results Business Highlights
Slide 11: Key Highlights
10 SUB-SECTION 2.1 KEY HIGHLIGHTS
Slide 12: Key Results
Key Results 11 DIAGNOSTICS THERAPEUTICS 1) Australia: Continued strong sales momentum for MetaXplore All research and - 3,451 tests sold, up 88% vs PCP, a record quarter development investment - 790 ordering clinicians, up 89% vs PCP stopped. - Landmark GI Study Results from over 4,600 patients with
Slide 13: Major Clinical Study Results
Major Clinical Study Results 12 Released to ASX 30 April 2025 Released to ASX 14 May 2025 Released to ASX 21 May 2025 Inflammatory Bowel Disease (IBD) Chronic GI Symptoms GI Infectious Disease • MetaPanel test identifies gastrointestinal • 71.4% of reports from 4,616 patients identified • Analysis o
Slide 14: New Product Feature Releases: Marker Cards
New Product Feature Releases 13 Marker Cards Released into MetaXplore July 2025 The MetaXplore report has been updated for improved clarity, with a more intuitive visual summary of key results through Marker Cards. Marker data is now shown as Marker Cards, replacing distance from average and relativ
Slide 15: New Product Feature Releases: Report Share Version
New Product Feature Releases 14 Report Share Version 2 Released into MetaXplore June 2025 The new Report Sharing feature gives patients secure control over who can access their MetaXplore reports, while also enabling practitioners to share results directly with peers via the Practitioner Portal. Thi
Slide 16: Growth
15 SUB-SECTION 2.2 GROWTH Core diagnostic tests & clinical software winning a major new $25B diagnostic category
Slide 17: Growing MetaXplore sales and clinical adoption in Australia
Growing MetaXplore sales 16 and clinical adoption in Australia MetaXplore Test Sales Volume (AU) MetaXplore All Time Ordering Clinicians (AU) Record Quarter with Strong Clinician Uptake 1488 6673 • Q4 – 3,451 tests sold, up 88% vs PCP, a new record kit sales quarter 1036 • Q4 – 790 ordering clinicia
Slide 18: Growing MetaXplore sales and clinical adoption in the United Kingdom
Growing MetaXplore sales and clinical 17 adoption in the United Kingdom MetaXplore Test Sales Volume (UK) MetaXplore Ordering Clinicians (UK) Breakout sales following full market access 800 219 • Q4 test sales for 429, up 74% QoQ 700 675 • Full market access was achieved at the 600 end of May 500 •
Slide 19: Growing MetaPanel sales and clinical adoption in Australia
Growing MetaPanel sales and clinical 18 adoption in Australia MetaPanel Test Sales Volume (AU) MetaPanel Ordering Clinicians (AU) Adoption continues to build gradually 467 127 • Q4 sales of 266, up 85% vs PCP 402 112 • Current focus is on development of Gastroenterology specialists which will drive
Slide 20: Base
19 SUB-SECTION 3.2 BASE Products where sales and revenue are expected to remain largely consistent, with opportunity for future growth incl. Supplements and International Partners.
Slide 21: Robust Supplement sales & revenue in United Kingdom
Robust Supplement sales & 20 revenue in United Kingdom Growth focused on Invivo owned products Supplement Unit Sales (UK) Supplement Revenue (UK) 80,000 $3,000,000 • Total supplement sales $1.1m, down 11% vs PCP reflecting transition due to greater focus 70,000 $2,500,000 on Invivo branded and owned
Slide 22: Legacy
21 SUB-SECTION 3.3 LEGACY Discontinued products & services being phased out.
Slide 23: Evolution of UK Test Sales
Evolution of UK Test Sales 22 Strong progress in migration of customers and sales to MetaXplore GI EcologiX Test Sales Units MetaXplore Test Sales 900 500 50% Migration of customers and legacy product discontinuation on track 800 450 45% 700 400 40% • June MetaXplore sales representing 600 350 35% 5
Slide 24: Therapeutics
23 SUB-SECTION 3.1 THERAPEUTICS Attractive upside - leveraging Microba’s leading databank with years of R&D and investment
Slide 25: A pipeline of assets backed by big-data, preclinical and clinical validation, targeting deals
Attractive Upside 24 A pipeline of assets backed by big-data, preclinical and clinical validation, targeting deals • 5+ years of investment to develop a rich Therapeutic Assets pipeline of live biotherapeutic assets and data, leveraging Microba’s world leading databank generated from it’s testing bu
Slide 26: Focus & Catalysts
25 SUB-SECTION 3.3 FOCUS & CATALYSTS
Slide 27: Key areas of focus & catalysts
Key areas of focus & catalysts 26 Diagnostics Financial Snapshot • Australia - continued momentum in core test sales ASX Code MAP growth and clinical adoption Market capitalisation1 $54m • United Kingdom - accelerating momentum in core Shares on issue 515.03m test sales growth and clinical adoption
Slide 28: Microba Overview
27 SECTION 4 Microba Overview Whole Business Recap
Slide 29: The Microbiome Opportunity
28 SUB-SECTION 4.1 The Microbiome Opportunity The next frontier in precision healthcare
Slide 30: Changing the gut microbiome can treat chronic disease
29 Changing the gut microbiome can treat chronic disease. 21,000+ 150+ Research publications Global clinical studies demonstrate a clear link demonstrate that microbiome between chronic diseases and modulation can influence disease the gut microbiome* outcomes and clinical symptoms* Gastrointestinal
Slide 31: Clear, global and ambitious vision
Clear, global and ambitious vision 30 Broad-based Regular testing is Usage of approved Millions of patients acceptance commonplace therapeutics is living healthier lives The microbiome is High quality and routine Microbiome diagnostics recognised by clinically useful Microbiome therapeutics and ther
Slide 32: Combating chronic disease through microbiome diagnostics and therapeutics
Combating chronic disease through 31 microbiome diagnostics and therapeutics $1.4 trillion healthcare disruption opportunity Microbiome testing to diagnose and match Microbiome therapy to treat patients with the right treatment chronic diseases $125B Est. TAM $1.3T Est. TAM Management estimate based
Slide 33: Unlocking the $1.4 trillion healthcare disruption opportunity
Unlocking the $1.4 trillion healthcare disruption opportunity Diagnostics Therapeutics Clinical microbiome testing Precision microbiome therapeutics Two tests. 3 programs. • Opening a $100B new • 5 years of R&D established INFLAMMATORY BOWEL DISEASE PROGRAM diagnostic category. GASTROINTESTINAL pipe
Slide 34: Diagnostics
33 SUB-SECTION 4.2 DIAGNOSTICS Products, TAM & Clinical Data
Slide 35: Addressing the GI symptom challenge
Addressing the GI symptom challenge 34 Microba’s comprehensive diagnostic products First line Gastrointestinal pathogen test Launched March 2024 Diagnosing pathogenic causes Stool DNA test. of GI symptoms 175 targets. Expertly curated clinical recommendations for targeted treatment. Second lin
Slide 36: GI disease is a silent epidemic
GI disease is a silent epidemic 35 New answers and resolution for millions of patients suffering 82,690,000 50% >70% >60% patients suffering no resolution with get new results get improved outcomes Presenting annually with lower GI abdominal routine care Demonstrated in studies on over 5k patients I
Slide 37: Supported by multiple clinical studies across >30k patients
Supported by multiple clinical studies across >30k 36 patients Released to ASX 30 April 2025 Released to ASX 14 May 2025 Released to ASX 21 May 2025 Inflammatory Bowel Disease (IBD) Chronic GI Symptoms GI Infectious Disease • MetaPanel test identifies gastrointestinal • 71.4% of reports from 4,616 p
Slide 38: The market is big, and we only need to capture a small amount to impact at scale
The market is big, and we only 37 need to capture a small amount 800% Future Addressable Market to impact at scale All flavours of pie. 7 major markets. Top 10 indications. Established in clinical practice Top-down, bottom up, primary, secondary and tertiary guidelines with reimbursement, routine us
Slide 39: Diagnostics Real Patient Impact
38 SUB-SECTION 4.3 DIAGNOSTICS Real Patient Impact
Slide 40: Patient testimonial: Cecelia, Adelaide
39 “I have struggled with gastrointestinal symptoms for over half my life. I have tried resolving with many specialists, restrictive eating plans and natural therapies. My MetaXplore test this year identified clear problems and a personalised treatment plan. I am grateful that through following the
Slide 41: Patient testimonial: MetaXplore treatment plan
40 “Before completing the MetaXplore test with my practitioner, my health was in constant distress. I looked and felt bloated all the time, to the point of appearing six months pregnant. My severe constipation led to bowel movements only every 5-6 days with trapped gas causing extreme pain. After co
Slide 42: Diagnostics Product-accelerated growth
41 SUB-SECTION 4.4 DIAGNOSTICS Product-accelerated growth
Slide 43: The Microba Market Adoption Curve
Product-Accelerated Growth 42 The Microba Market Adoption Curve Like with all technology adoption, a natural bell-curve forms separating innovators from laggards. In Microba's case, this curve can be traversed by addressing increasing levels of clinician scepticism across 4+ dimensions. These needs
Slide 44: Moving through the adoption curve powered by features
Product-Accelerated Growth 43 Moving through the adoption curve powered by features that address higher levels of market demands over time Enhanced Interpretability Enhanced Actionability Enhanced Business Integration Enhanced Workflow Integration E.g. Health Categories, Marker Cards E.g. Key findin
Slide 45: Driving down CAC with marketing and product efficiency
Product-Accelerated Growth 44 Driving down CAC with marketing and product efficiency Sales-Influenced Growth Product-Assisted Growth Product-Led Growth Sales Calls, Clinic visits, Lunch & learns, Live Self-serve education, always-on marketing Self-serve onboarding, self-serve support, Mentoring, Liv
Slide 46: Scalable product-accelerated growth and strong net revenue retention
Scalable product-accelerated growth and strong net 45 revenue retention drive increasing operating leverage Growth & Unit Economics Formula Customer & Market Growth “We are forecasting strong and enduring year- ↑ Increase referring HCPs - Maintain average referrals per HCP on-year growth, driven by
Slide 47: Channel activation, CAPEX & OPEX efficiency through strategic partners
Partner-Accelerated Growth 46 Channel activation, CAPEX & OPEX efficiency through leveraging top tier strategic partners “Microba is to gut health what Cochlear is to hearing and Pro Medicus is to imaging—category-defining, Partnering models clinically trusted, and digitally dominant. It is building
Slide 48: Therapeutics
47 SUB-SECTION 4.5 THERAPEUTICS Attractive upside - leveraging Microba’s leading databank with years of R&D and investment
Slide 49: Attractive Upside
Attractive Upside 48 Low cost, high return opportunity leveraging years of R&D and investment Historical & Forecast Therapeutic Asset Investment • Over 5 years of strategic investment has built a rich pipeline of live biotherapeutic assets, leveraging Microba’s world leading databank generated from
Slide 50: Advanced AI Development of Next Generation Precision Live Biotherapeutics
Attractive Upside 49 Advanced AI Development of Next Generation Precision Live Biotherapeutics Target Prediction Disease Relevant Activity Disease Donor Prevalence Isolation Human Data Driven Precision AI & Machine Microbiome Health Data Learning Therapeutics Biome Data In Silico Analysis Species Su
Slide 51: A pipeline of assets backed by big-data, deep preclinical and early clinical validation
Attractive Upside 50 A pipeline of assets backed by big-data, deep preclinical and early clinical validation Therapeutic Assets Core Program Discovery R&D Preclinical Phase 1 Phase 2 Development Partners MAP 315 Phase 2 IND submission currently (LBP) being compiled IBD (Ulcerative colitis) Undisclos
Slide 52: Therapeutics Path to major deals for these assets
51 SUB-SECTION 4.6 THERAPEUTICS Path to major deals for these assets
Slide 53: Two major commercial pathways to value return
Attractive Upside 52 Two major commercial pathways to value return Assets Commercial strategy Opportunity Live Biotherapeutic Out license $1.5 - $11B deal precedents MAP-315 Pharmaceutical drug (FDA – BLA) • Upfront • Strategic partnerships • Milestone payments IBD • Royalties • Non-dilutive equity
Slide 54: Recent Comps & Activity
Attractive Upside 53 Recent Comps & Activity Pharma Deal Comps Next Gen Probiotic Activity Licensee Licens Total Next generation Date Deal Type / or / Stage Upfront Deal Date Company Headline probiotic species Acquiror Target Value Danone acquires The Akkermanisa Company for an June 2025 Akkermansia
Slide 55: Upcoming deal catalysts
Attractive Upside 54 Upcoming deal catalysts 2x peer companies are expected to read out on key clinical trials by the end of 2025. The results from these trials if positive would validate this new live-biotherapeutic modality, and deal precedents indicate that competitive deal activity for these ass
Slide 56: Contacts
MICROBA ss SUB-SECTION 4.7 CONTACTS
Slide 57: Contact
Dr Luke Reid CONTACT Chief Executive Officer luke.reid@microba.com Head Office Level 10, 324 Queen Street Brisbane QLD Australia Pasquale Rombola Laboratory Chairman Princess Alexandra Hospital pasquale.rombola@microba.com Woolloongabba QLD Australia