Slide 1: Financial Results & Operational Update for period ended June 30, 2026
For personal use only Financial Results & Operational Update for period ended June 30, 2026 August 2026 | ASX: MSB; Nasdaq: MESO 1 1
Slide 2: Cautionary Note Regarding Forward Looking Statements
Cautionary Note Regarding Forward Looking Statements For personal use only This presentation includes forward-looking statements and forecasts that relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actu
Slide 3: Mesoblast First-In-Class Leader in Allogeneic Cellular Therapies
Mesoblast First-In-Class Leader in Allogeneic Cellular Therapies For personal use only Ryoncil® Only FDA Approved Phase 3 Pipeline with Multiple MSC, Successful First US Launch Mature Commercial Capability Blockbuster Opportunities Net revenue US$115M in FY2026 – Infrastructure to support product Re
Slide 4: Our 'MOAT' – Our Market Leadership Position
Our ‘MOAT’ – Our Market Leadership Position • Global IP portfolio >1,100 patents and patent applications provide protection through >2044 For personal use only • Dominant IP protects a cell type whose unique properties underpin a scalable commercial business model • First mover advantage – RYONCIL i
Slide 5: Mesoblast Worldwide Leader Allogeneic Mesenchymal Stromal Cell Portfolio
Mesoblast Worldwide Leader Allogeneic Mesenchymal Stromal Cell Portfolio Assets Wholly Owned and Unencumbered in U.S. Markets For personal use only TAM ~US$1B TAM TAM >US$1B >US$1B TAM >US$10B TAM >US$10B This chart is figurative and does not purport to show individual trial progress within a clinic
Slide 6: FY2026: Transition to Commercial Company and Delivery of Major Milestones
FY2026: Transition to Commercial Company and Delivery of Major Milestones Successful first year for U.S. commercial launch of RYONCIL • Q4 net revenue US$36M, FY2026 net revenue US$115M For personal use only • Gross profit on total sales, excluding amortization expense, was US$110M Major milestones
Slide 7: Financial Update
For personal use only Financial Update Year ending June 30, 2026 (FY2026) 7 7
Slide 8: RYONCIL Leads Substantial Growth in Total Revenue to US$120M
RYONCIL Leads Substantial Growth in Total Revenue to US$120M and Gross Profit of US$104M for the Full Year P&L for the year ended June 2026 June 2025 • RYONCIL revenue of US$115M For personal use only US$ 000’ Revenue: • During the period we invested an additional US$39.7M Product sales, net 115,153
Slide 9: Strong Financial Position
Strong Financial Position RYONCIL Franchise Profitability Re-Invested in Phase 3 Pipeline • Net operating cash usage for FY26 was US$43.8M, with For personal use only US$13.4M for the second six months; this compared Cash with US$50.0M in FY25 balance • Working towards profitability through strong c
Slide 10: Steroid-Refractory Acute Graft versus Host Disease
For personal use only Steroid-Refractory Acute Graft versus Host Disease
Slide 11: Key Accomplishments So Far
Key Accomplishments So Far For personal use only Initial real 30+ world formulary Medicaid in Net revenue experience approvals place Expansion exceeded >50 98% US lives into adult US$125M centers 84% survival (13 accounts covered J-Code market (phase since launch onboarded outcomes all using receive
Slide 12: Four Strategic Commercial Priorities for Continued Growth
Four Strategic Commercial Priorities for Continued Growth For personal use only Proactively identify Reinforce superior Enhance access Empower caregivers to and prioritize patient outcomes in and reimbursement demand Ryoncil® for appropriate patients first-line pull-through their children
Slide 13: Adult SR-aGvHD is a Huge Opportunity for RYONCIL Growth
Adult SR-aGvHD is a Huge Opportunity for RYONCIL Growth • >2,000 adults annually in U.S. with SR-aGvHD of which ~50% have Grade III/IV disease For personal use only • Ruxolitinib only drug approved in U.S. as second-line for adults with aGvHD • Only ~42% of Grade III/IV GVHD patients achieve Day 28
Slide 14: Potential Market for RYONCIL Label Extension as Third-line in Adults
Potential Market for RYONCIL Label Extension as Third-line in Adults with aGvHD Who Have Failed Ruxolitinib or Other Second-line Agents Survival is a dismal ~25% at Day 100 for adults with Survival with RYONCIL is 76% at Day 100 when used SR-aGvHD who have failed ruxolitinib and are after ruxolitini
Slide 15: Potential Market for RYONCIL Label Extension as Part of Second-line Regimen
Potential Market for RYONCIL Label Extension as Part of Second-line Regimen Combined with Ruxolitinib in Adults with Grade III/IV aGvHD • >2,000 adults annually in U.S. with SR-aGvHD of which ~50% have Grade III/IV disease For personal use only • Second-line adult aGvHD market Grade III/IV disease ~
Slide 16: Rexlemestrocel-L for Chronic Lower Back Pain
For personal use only Rexlemestrocel-L for Chronic Lower Back Pain 16
Slide 17: Rexlemestrocel-L for CLBP: Commercial Blockbuster Opportunity
Rexlemestrocel-L for CLBP: Commercial Blockbuster Opportunity Substantial Unmet Need Major Milestones to Commercial Launch For personal use only ~35M patients in US suffer from CLBP of which P3 trial results to confirm 12 month pain ~60% is due to degenerative disc disease (DDD) reduction ~7M US pat
Slide 18: Inflammation is at the Core of Pain in Degenerative Disc Disease
Inflammation is at the Core of Pain in Degenerative Disc Disease For personal use only McCann MR and Seguin CA. Notochord Cells in Intervertebral Disc Development and Degeneration. J. Dev. Biol. 2016, 4(1), 3 18
Slide 19: The Patient Treatment Journey
The Patient Treatment Journey Rexlemestrocel-L has Potential to be First-Line Choice for Treatment of CLBP with DDD Refractory to Conservative Treatment For personal use only Rexlemestrocel-L targeting moderate-to-severe CLBP Conservative Opioid Interventional Treatments Surgery Analgesics Therapies
Slide 20: Rexlemestrocel-L+HA Demonstrated Significant Pain Reduction Through 36 Months
Phase 3 Trial Key Outcome Pain Reduction Rexlemestrocel-L+HA Demonstrated Significant Pain Reduction Through 36 Months LS Mean VAS Change From Baseline, CLBP < 68 Months (n=202) For personal use only Duration < Median Rexlemestrocel-L +HA Demonstrated significant reductions in pain over 36-months 20
Slide 21: Pain Specialists are the Dominant Caregivers Seen by Patients with CLBP
Pain Specialists are the Dominant Caregivers Seen by Patients with CLBP Stakeholder Diagnostic Modalities For personal use only Patient • Physical exam Primary Care Physician Presents • Pain scales (50%) With Symptoms • Imaging (MRIs, X- rays) Pain Specialist or Anesthesiologist • Imaging (40%) • Fa
Slide 22: 85% of Pain Specialists More Likely to Recommend Rexlemestrocel-L for CLBP
85% of Pain Specialists are More Likely to Recommend Rexlemestrocel-L for CLBP Based on Observed Clinical Outcomes Likelihood of Recommendation Irrespective of Price: Pain and Function Data at 12 Months For personal use only 8% 8% 15% 18% 8% 9% 31% 23% 15% 69% 31% 55% 31% 31% 8% 8% 18% 8% 8% Anesthe
Slide 23: REVASCOR (rexlemestrocel-L) for Chronic Heart Failure/LVAD
For personal use only REVASCOR (rexlemestrocel-L) for Chronic Heart Failure/LVAD 23 23
Slide 24: End-stage Chronic HFrEF with LVAD
End-stage Chronic HFrEF with LVAD • Despite an LVAD in the left ventricle, progressive right heart failure For personal use only (RHF) continues due to ongoing inflammation of the right ventricle • Progressive RHF occurs in 15-30% of patients and is the primary cause of multi-organ failure and death
Slide 25: 12-Month 28% Mortality in Patients with Moderate Right Heart Failure
12-Month 28% Mortality in Patients with Moderate Right Heart Failure (National INTERMACS LVAD Registry Data) For personal use only Rame JE, et al. J Am Coll Cardiol 2021;78:2294-2308 25 25
Slide 26: LVAD Study: Rexlemestrocel-L in End-Stage HFrEF Patients with LVAD
LVAD Study: Rexlemestrocel-L in End-Stage HFrEF Patients with LVAD • Improved right ventricular function • Reduced right heart failure hospitalizations and mortality For personal use only • Reduced circulating inflammatory cytokines • Reduced major GI bleeding events caused by hepatic venous congest
Slide 27: REVASCOR Reduces RHF Hospitalizations and Mortality in Ischemic LVAD Patients
REVASCOR Reduces RHF Hospitalizations and Mortality in Ischemic LVAD Patients • LVAD II: Ischemic controls have higher hospitalization rates from For personal use only RHF than non-ischemic controls over 12 months • REVASCOR (MPC) reduces these rates to levels in non-ischemics • Ischemic controls ha
Slide 28: End-stage CHF Strategy
End-stage CHF Strategy • File with FDA for full approval for REVASCOR in patients with LVADs For personal use only • Filing is based on reduction in GI Bleeding in two randomized controlled trials • REVASCOR reduced bleeding-related mortality • Major GI Bleeding is an FDA-acknowledged indication wit
Slide 29: In Summary
For personal use only 29 In Summary 29
Slide 30: Summary of Major Milestones
Summary of Major Milestones RYONCIL (remestemcel-L-rknd) Commercial & label extension • Strongly grow revenue base For personal use only • Increase penetration of pediatric SR-aGvHD market, maximize early use • Position as both third-line treatment in adults with SR-aGvHD who have failed ruxolitinib
Slide 31: Thank You
For personal use only Thank You 31