Slide 1: FY’26-Q2 Earnings Presentation
TSX-V: COV OTCQX: CVALF investors@covalon.com FY’26-Q2 Earnings Presentation May 21, 2026 Brent Ashton Kim Crooks Katie Martinovich CEO COO CFO 1
Slide 2: Forward-Looking Statements and Non-GAAP Financial Information
Forward-Looking Statements and Non-GAAP Financial Information Certain statements included in this presentation may be considered forward-looking statements. These forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “estimate”, “e
Slide 3: Q2 FY’26 Financial Results
Q2 FY’26 Financial Results FY’25 Q2 FY’26 Q2 Delta Revenue $7.6 $8.7 + 14.9% Gross Profit $4.1 $5.4 + 29.6% (Gross Margin) (54.6%) (61.5%) (+690 bps) Adjusted Gross Profit $4.2 $5.5 + 31.2% (Adj Gross Margin) (55.1%) (62.9%) (+780 bps ) Operating Expenses $3.9 $4.4 + 15.2% Adjusted EBITDA $0.6 $1.3
Slide 4: Q2 FY’26 Year To Date Financial Results
Q2 FY’26 Year To Date Financial Results FY’25 Q2 FY’26 Q2 Delta LYTD YTD Revenue $15.8 $15.6 - 0.9% Gross Profit $9.1 $9.4 + 2.6% (Gross Margin) (58.0%) (60.0%) (+200 bps) Adjusted Gross Profit $9.1 $9.6 + 4.9% (Adj Gross Margin) (58.0%) (61.5%) (+350 bps ) Operating Expenses $7.5 $8.4 + 11.4% Adjus
Slide 5: Preventing Contamination is a Significant Covalon Opportunity
Preventing Contamination is a Significant Covalon Opportunity • Bedside care with vascular access is often messy – contamination events can lead to serious complications if critical IV components are not properly protected • Covalon is pioneering the development of the “Contamination Prevention” cli
Slide 6: Momentum Building For Covalon’s Contamination Prevention Solution
Momentum Building For Covalon’s Contamination Prevention Solution Notable Adopters Shared Last Quarter Additional Notable Adopters From Past Few Months Massive further opportunity with existing account penetration and new account acquisition 6
Slide 7: Clinician Perspective on Contamination Prevention
Clinician Perspective on Contamination Prevention “Any nurse who has spent time at the bedside knows that contamination events don't wait for a convenient moment, and the demands on our time can feel relentless. Diaper blowouts, vomit, soiling, spilled fluids, and secretions are happening all the ti
Slide 8: Contamination Prevention Category Tipping Point
Contamination Prevention Category Tipping Point 8
Slide 9: Vascular Access Category Creation Can Drive Outsized Returns
Vascular Access Category Creation Can Drive Outsized Returns Disinfecting Caps Catheter Stabilization Devices Single Use CHG Skin Prep ($200 million category) ($500 million + category) ($500 million + category) Ivera Medical Venetec Enturia (Curos Caps) (StatLock Stabilization Device) (ChloraPrep Sk
Slide 10: Recent Highlights and Achievements
Recent Highlights and Achievements • Significant new CovaClear® Cover win at one of the largest hospitals in the Northeast – initial order to stock more than 30 different supply locations. • New peer-reviewed clinical study that included VALGuard® published in Advances in Neonatal Care – adds to gro
Slide 11: Recent Highlights and Achievements
Recent Highlights and Achievements • Contamination Prevention selected for the official education programs at the 2026 INS, APIC, and AVA annual meetings — reaching thousands of nurses and infection preventionists • Strong Covalon presence at Infusion Nurses Society and Symposium on Advanced Wound C
Slide 12: Covalon Is Building Momentum Toward Significant Value Creation
Covalon Is Building Momentum Toward Significant Value Creation • Delivered on solid Q2, second half expectations remain strong • Rapid progress on Contamination Prevention category building • Accelerating adoption of VALGuard® and CovaClear® Cover in children’s and acute care hospitals – huge upside
Slide 13: Q&A
Q&A 13
Slide 14: Investor Relations Contact Information
Investor Relations Contact Information Brent Ashton Katie Martinovich Chief Executive Chief Financial Officer Officer investors@covalon.com 14