Slide 1: 1H FY26 Results Presentation
Mayne Pharma Group Limited 1H FY26 Results Presentation Aaron Gray CEO 23 February 2026
Slide 2: Disclaimer
Disclaimer The information provided is general in nature and is in summary form only. It is not complete and should be read in conjunction with the company’s audited Financial Statements and market disclosures. This material is not intended to be relied upon as advice to investors or potential inves
Slide 3: 1H FY26 Financial Results
1H FY26 Financial Results1 1H FY26 delivered resilient earnings, with margin discipline underpinning performance $212.1m 65.3% $28.6m Revenue Gross margin Underlying EBITDA2 down 0.5% 1H FY25 up from 61.4% 1H FY25 down 8% from 1H FY25 $68.1m $16.9m $67.3m Total direct segment Adjusted operating cash
Slide 4: 1H FY26 Group Financial Performance
1H FY26 Group Financial Performance
Slide 5: Group Continuing Operations Overview
Group Continuing Operations Overview Resilient underlying EBITDA, with disciplined margin management, despite obvious uncertainty from the Cosette transaction process Change vs Change vs A$ million1 1H FY26 1H FY25 1H FY25 ($) 1H FY25 (%) Reported Revenue 212.1 213.1 (1.0) 0% Reported Gross Profit 1
Slide 6: Targeted investments to drive growth and sustainable cost leverage
Targeted investments to drive growth and sustainable cost leverage Segment Performance1 1H FY26 1H FY25 Change (A$ million) 1H FY26 Commentary2 Revenue 212.1 213.1 0% Gross Profit 138.6 130.9 6% • Improvement in gross profit by 6% driven by positive Direct Operating Expenses (70.5) (65.9) 7% mix eff
Slide 7: 1H FY26 EBITDA & Cash Flow Reconciliation (cont.)
1H FY26 EBITDA & Cash Flow Reconciliation (cont.) Scheme Legal Costs (inc. Litigation) had a Significant Impact on EBITDA and Cash Flow EBITDA Change vs Change vs A$ million 1H FY26 1H FY25 1H FY25 1H FY25 • Reported EBITDA driven by: ($) (%) • Scheme related legal costs, inc. litigation Reported EB
Slide 8: Segment Performance
S pharma Segment Performance
Slide 9: Continued Improvement with Growth in Direct Contribution
Continued Improvement with Growth in FY25 Direct Contribution1 $3.1m increase in direct contribution driven by 35% increase in Dermatology 1HFY26 Total Direct Contribution $68.1m 1H FY25 Total Direct Contribution Dermatology $22.1m $2.1m Women’s Health $39.3m $65.0m +$3.1m $36.2m $29.8m Internationa
Slide 10: Women's Health
S pharma © Women’s Health
Slide 11: Women's Health: solid demand growth
Women’s Health: solid demand growth 1H FY26 Operating Highlights 1H FY26 Financial Highlights • Women’s Health delivered a solid first half, with continued momentum • Revenue $96.5 million (+2% versus pcp) across the portfolio translating into sustained demand and share gains o NEXTSTELLIS®: +16% De
Slide 12: 1H FY26 NEXTSTELLIS demand cycles up 16%
1H FY26 NEXTSTELLIS® demand cycles up 16%1 NEXTSTELLIS® Quarterly US Demand Cycles (thousands) NEXTSTELLIS ® Net Sales (US$m) and growth (pcp) 2.9% 8.4% 1.8% 16% 176 100.0% 38% 180.0 2.0% 168 171 25.0 23.4 5.8% 4.1% 22.4 -10% 155 90.0% 146 152 10.4% 160.0 5.9% 20.1 11.3% 138 80.0% 20.0 18% 140.0 125
Slide 13: Driving demand with IMVEXXY and BIJUVA for menopausal patients
Driving demand with IMVEXXY® and BIJUVA® for menopausal patients Licensed Portfolio Demand TRx (thousands)1 IMVEXXY® BIJUVA® ANNOVERA® 200 90 77 14 14 14 14 177 183 80 14 67 12 12 180 169 168 12 70 61 160 60 53 10 137 50 45 140 38 8 40 6 120 30 107 4 20 100 10 2 80 - - 2HFY23 1HFY24 2HFY24 1HFY25 2H
Slide 14: Women's Health: solid portfolio growth
Women’s Health: solid portfolio growth *Sample US promotional flyer only Future growth drivers for Women’s Health • Drive Market Penetration – increase low single digit market share (versus competitive set – iQVIA1) + solid market growth ~1% ~3% ~2% ~3% • Strong defence of portfolio economics – long
Slide 15: Dermatology
Dermatology
Slide 16: Dermatology: Improved product mix, solid channel growth from disintermediation strategy
Dermatology: Improved product mix, solid channel growth from disintermediation strategy 1H FY26 Operating Highlights 1H FY26 Financial Highlights • Substantial margin improvement via beneficial mix effects, due to a higher • Revenue $78.6 million (-3% versus pcp) percentage of branded sales, relativ
Slide 17: Dermatology portfolio mix shift drives margins & contribution growth
Dermatology portfolio mix shift drives margins & contribution growth 1H FY25 Revenue by Category – TOTAL $81.4 million 1H FY26 Revenue by Category – TOTAL $78.6 million Total Revenue Growth: -3% $36.9, 45% $44.5, 55% $27.4, 35% $51.2, 65% Gross Margin Growth +1200 bps Gross Profit Growth +29% Contri
Slide 18: Dermatology: future growth drivers
Dermatology: Improved product mix, solid channel growth from disintermediation strategy Future growth drivers for Dermatology • Scale the disintermediation/channel strategy (specialty pharmacy ecosystem) to reduce friction for prescribers/patients and lift direct contribution as mix improves • Expan
Slide 19: International
© International
Slide 20: International: investing to create new opportunities
International: investing to create new opportunities 1H FY26 Operating Highlights 1H FY26 Financial Highlights • Pharmaceutical Benefits Scheme (PBS) approval for NEXTSTELLIS® in • Revenue $36.9 million (-1% versus pcp) Australia: investment into promotion commenced post PBS approval • Direct Opex $
Slide 21: International: future growth drivers
International: investing to create new opportunities Future growth drivers for International • More capacity and reliability from Salisbury (post-upgrade) enabling higher output, better service levels and improved DIFOT1 to support growth in export and partner demand • NEXTSTELLIS® PBS listing tailw
Slide 22: FY26 focus and outlook
FY26 focus and outlook • Women’s Health: continue market share growth with dedicated people who are 100% focused on women’s health, refreshed marketing, product access solutions, strong intellectual property for our best-in-class products. Targeted investments to drive growth and sustainable cost le
Slide 23: Q&A: For further information contact
Q&A For further information contact: Dr Tom Duthy Investor Relations +61 402 493 727 ir@maynepharma.com Sign up for our ASX email alerts at: https://www.maynepharma.com/investor-relations/email-alerts You deserve tomorrow. 23
Slide 24: Appendix
S pharma Appendix
Slide 25: Segment Performance
Segment Performance Investment in Women’s Health Sales & Marketing, Branded Dermatology / Disintermediation, NEXTSTELLIS® in AU Major Focus Areas in 1HFY26 Change vs Change vs Reported results (A$million) 1HFY26 1HFY25 2HFY25 FY25 1HFY25 1HFY26 1HFY25 2HFY25 FY25 1HFY25 1 Revenue Gross profit Women'
Slide 26: Women's Health: portfolio performance (USD and AUD)
Women’s Health: portfolio performance (USD and AUD) Women's Health in US#039;000 1HFY26 1HFY25 2HFY25 FY25 Total Revenue 63,246 62,342 53,169 115,510 Total Gross Profit 49,946 50,824 41,720 92,545 Total Gross Profit % of Revenue 79% 82% 78% 80% Direct OPEX (26,198) (24,864) (27,525) (52,389) Direct Con
Slide 27: Dermatology: Improvements in product mix delivers strong contribution
Dermatology: Improvements in product mix delivers strong contribution (USD & AUD) Dermatology in US#039;000 1HFY26 1HFY25 2HFY25 FY25 Total Revenue 51,510 53,813 45,973 99,786 Total Gross Profit 33,468 28,699 24,946 53,645 Total Gross Profit % of Revenue 65% 53% 54% 54% Direct OPEX (13,956) (14,119) (1
Slide 28: International: strategic and operational levers building momentum
International: strategic and operational levers building momentum (AUD) International in A#039;000 1HFY26 1HFY25 2HFY25 FY25 Reported Revenue 36,923 37,382 38,261 75,643 Reported Gross Profit 11,268 10,587 10,946 21,533 Total Gross Profit % of Revenue 31% 28% 29% 28% Direct OPEX (9,211) (6,945) (7,147)
Slide 29: Reported EBITDA to Underlying Bridge
Reported EBITDA to Underlying Bridge A$million 1HFY26 1HFY25 2HFY25 FY25 Reported Revenue 212.1 213.1 195.0 408.1 Reported Gross Profit 138.6 130.9 116.4 247.3 Total Gross Profit % of Revenue 65% 61% 60% 61% Direct OPEX (70.5) (66.0) (71.6) (137.6) Direct Contribution* 68.1 65.0 44.8 109.7 Indirect
Slide 30: Consolidated Balance Sheet
Consolidated Balance Sheet 31-Dec-25 30-Jun-25 Change Balance Sheet Extract A$m A$m A$m Cash 67.3 59.8 7.5 Marketable securities 0.1 42.9 (42.8) Receivables 191.4 180.6 10.8 Inventory 47.5 50.6 (3.1) Income tax receivable 1.1 1.3 (0.2) PP&E 52.1 53.1 (1.0) Intangible assets including goodwill 503.1
Slide 31: Women's Health: revenue, margin and contribution summary
Women’s Health: revenue, margin and contribution summary 1HFY25 Total Revenue US$62.3m 2HFY25 Total Revenue US$53.2m 1HFY26 Total Revenue US$63.2m +34.3% v 2HFY24 +14.7% v pcp, -14.6% seq. +1.4% v pcp, +18.8% seq. $2.2, 3% $1.6, 3% $1.6, 2% $6.6, 11% $5.9, 11% $8.2, 13% $22.4, 36% $20.1, 38% $23.4,
Slide 32: Women's Health: favourable macro trends positions Mayne Pharma well
Women’s Health – favourable macro trends positions Mayne Pharma well Key macro trends in Women’s Health Mayne Pharma • Global menopause market hit US$15.4bn in 2021 and is • BIJUVA® – only available, FDA approved bioidentical projected to reach US$24.4bn by 20301 combination treatment for vasomotor
Slide 33: Dermatology: Mayne Pharma can fill 1 in 3 retail prescriptions
Dermatology: Mayne Pharma can fill 1 in 3 retail prescriptions for medical dermatology1 Key Macro trends in Dermatology Mayne Pharma • Rising incidence of skin diseases, and a growing awareness • Increasing number of patients are treatable via Mayne Pharma’s and increased spend on personal care (e.g
Slide 34: Earn-Out and Deferred Consideration Liabilities - Update
Earn-Out and Deferred Consideration Liabilities - Update Royalties Milestones TXMD: US$100m in net revenue (US$5m milestone payment) 8% Net Sales on all TXMD Licensed Products TXMD: US$200m in net revenue (US$10m milestone payment) (ANNOVERA®, IMVEXXY®, BIJUVA®) TXMD: US$300m in net revenue (US$15m
Slide 35: Orange Book Listed Patents – Major Branded
Orange Book Listed Patents – Major Branded Last Patent Expiry Women’s Health Last Patent Expiry Dermatology 2030 2032 2034 2034* 2035** 2039 2039 2041 2043 2041 Source: Orange Book: Approved Drug Products with Therapeutic Equivalence Evaluations. * Paragraph IV challenges for IMVEXXY® brought by Sun