Slide 1: Q1 FY26 Quarterly Investor Presentation & Webinar
ASX Announcement 28 October 2025 Q1 FY26 Quarterly Investor Presentation & Webinar Microba Life Sciences Limited (ASX: MAP) (“Microba” or the “Company”) is pleased to provide below its Q1 FY26 Investor Presentation and Investor Webinar with CEO, Dr Luke Reid presenting. Quarterly Investor Webinar Pr
Slide 2: At the forefront of microbiome diagnostics & therapeutics
At the forefront of microbiome diagnostics & therapeutics Q1 FY26 Results ASX: MAP 28 OCTOBER 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: Q1 FY26 Results: Financial Highlights
5 SECTION 1 Q1 FY26 Results Financial Highlights
Slide 7: Q1 Financial Highlights
Q1 Financial Highlights 6 Core test volume run-rate reaches 20,000 tests globally, on track for FY26 regional break- even guidance Q1 core tests 4,931, up 145% vs PCP Continued Growth in Test Volumes 5,500 +145% Australia 5,000 • Record Q1 MetaXplore tests sales of 3,884, up 112% vs PCP 4,500 • Q1 M
Slide 8: Q1 Financial Highlights
Q1 Financial Highlights 7 Strong growth of core products, disciplined cost management. Growth product revenue of $1.9m, up 151% vs PCP. • Growth product revenue of $1.9m, up 151% vs PCP • Base product revenue of $1.3m, down 15% vs PCP • Legacy product revenue of $0.4m, down 73% vs PCP • Through disc
Slide 9: Strong clinical adoption & accelerating growth
Strong clinical adoption & accelerating growth 8 Growth $2,500,000 Core tests & clinical software $2,000,000 winning a major new $25B diagnostic category $1,500,000 $1,000,000 $500,000 $0 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 $2,000,000 Base To continue with opportunity $1,000,000 for future growth. (S
Slide 10: Q1 FY26 Results: Business Highlights
9 SECTION 2 Q1 FY26 Results Business Highlights
Slide 11: Key Highlights
10 SUB-SECTION 2.1 KEY HIGHLIGHTS
Slide 12: New Product Feature Releases
New Product Feature Releases 11 Practitioner Pays Released into MetaXplore August 2025 A new payment workflow allowing healthcare practitioners to order and pay for MetaXplore tests directly on behalf of their patients. This feature streamlines the ordering process by enabling the clinician to bundl
Slide 13: New Product Feature Releases
New Product Feature Releases 12 Admin Accounts Released into MetaXplore October 2025 Admin Accounts is a new feature within the Practitioner App designed to ease the administrative workload in busy, multi- practitioner clinics. Admin Accounts allow designated support staff to manage patient records,
Slide 14: Q2 Brand Consolidation & Update
Q2 Brand Consolidation & Update 13 Microba will release a major brand update in November. This will consolidate our global brands, drive further operational efficiencies, and increased marketing effectiveness to increase sales and lower costs.
Slide 15: Growth: Core tests & clinical software
14 SUB-SECTION 2.2 GROWTH Core tests & clinical software winning a major new $25B diagnostic category
Slide 16: Growing MetaXplore sales and clinical adoption in Australia
Growing MetaXplore sales 15 and clinical adoption in Australia MetaXplore Test Sales Volume (AU) MetaXplore Ordering Clinicians (AU) Q1 – Continued strong sales growth 1035 • 3,884 tests sold, up 112% vs PCP 6673 837 • Annualised run-rate of >15,500 tests, up 112% vs PCP 738 4392 3,884 • 837 orderin
Slide 17: Growing MetaXplore sales and clinical adoption in the United Kingdom
Growing MetaXplore sales and clinical 16 adoption in the United Kingdom Q1 – Continued strong sales growth MetaXplore Test Sales Volume (UK) MetaXplore Ordering Clinicians (UK) 1400 350 • 783 tests sold, up 83% QoQ (no PCP 299 comparison) 1200 300 • Annualised run-rate of 3,100 tests sold, (no 1000
Slide 18: Growing MetaPanel sales and clinical adoption in Australia
Growing MetaPanel sales and clinical 17 adoption in Australia MetaPanel Test Sales Volume (AU) MetaPanel Ordering Clinicians (AU) Q1 - Steady sales 465 306 • 264 tests sold, up 44% vs PCP 402 255 • Focus remains on organic development of Gastroenterology specialists which will drive adoption activit
Slide 19: Base: Supplements and International Partners
18 SUB-SECTION 2.3 BASE Supplements and International Partners.
Slide 20: Supplement sales & revenue in United Kingdom
Supplement sales & revenue in 19 United Kingdom Growth focused on Invivo owned products Supplement Unit Sales (UK) Supplement Revenue (UK) 80,000 $3,000,000 • Invivo branded and owned supplements sales 70,000 $2,500,000 $0.66m, up 7% vs PCP 60,000 $2,000,000 • Leading PHGG prebiotic supplement up 84
Slide 21: Therapeutics
20 SUB-SECTION 2.4 THERAPEUTICS Attractive upside - leveraging Microba’s leading databank with years of R&D and investment
Slide 22: A pipeline of assets backed by big-data, preclinical and clinical validation
Attractive Upside 21 A pipeline of assets backed by big-data, preclinical and clinical validation, targeting deals Therapeutic Assets • 5+ years of investment to develop a rich pipeline of live biotherapeutic assets and data, leveraging Microba’s world leading databank generated from it’s testing bu
Slide 23: Focus & Catalysts
22 SUB-SECTION 2.5 FOCUS & CATALYSTS
Slide 24: Key areas of focus & catalysts
Key areas of focus & catalysts 23 Diagnostics Financial Snapshot • Australia - continued growth in test sales and clinical ASX Code MAP adoption Market capitalisation1 $51m • United Kingdom - continued growth in test sales and clinical adoption Shares on issue 608.96m • Multiple upcoming MetaXplore
Slide 25: Microba Overview
24 SECTION 3 Microba Overview Whole Business Recap
Slide 26: The Microbiome Opportunity
25 SUB-SECTION 3.1 The Microbiome Opportunity The next frontier in precision healthcare
Slide 27: Changing the gut microbiome can treat chronic disease
26 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 28: Clear, global and ambitious vision
Clear, global and ambitious vision 27 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 29: Combating chronic disease through microbiome diagnostics and therapeutics
Combating chronic disease through 28 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 30: 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 31: Diagnostics: Products, TAM & Clinical Data
30 SUB-SECTION 3.2 DIAGNOSTICS Products, TAM & Clinical Data
Slide 32: Addressing the GI symptom challenge
Addressing the GI symptom challenge 31 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 33: GI disease is a silent epidemic
GI disease is a silent epidemic 32 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 34: Supported by multiple clinical studies across >30k patients
33 Supported by multiple clinical studies across >30k 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 35: The market is big, and we only need to capture a small amount
The market is big, and we only 34 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 36: Diagnostics: Real Patient Impact
35 SUB-SECTION 3.3 DIAGNOSTICS Real Patient Impact
Slide 37: I have struggled with gastrointestinal symptoms for over half my life
36 “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 38: Before completing the MetaXplore test with my practitioner
“Before completing the MetaXplore37 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 com
Slide 39: Diagnostics: Product-accelerated growth
38 SUB-SECTION 3.4 DIAGNOSTICS Product-accelerated growth
Slide 40: The Microba Market Adoption Curve
Product-Accelerated Growth 39 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 41: Moving through the adoption curve powered by features
Product-Accelerated Growth 40 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 42: Driving down CAC with marketing and product efficiency
Product-Accelerated Growth 41 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 43: Scalable product-accelerated growth and strong net revenue retention
Scalable product-accelerated growth and strong net 42 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 44: Channel activation, CAPEX & OPEX efficiency through strategic partners
Partner-Accelerated Growth 43 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 45: Therapeutics: Attractive upside
44 SUB-SECTION 3.5 THERAPEUTICS Attractive upside - leveraging Microba’s leading databank with years of R&D and investment
Slide 46: Low cost, high return opportunity leveraging years of R&D and investment
Attractive Upside 45 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 47: Advanced AI Development of Next Generation Precision Live Biotherapeutics
Attractive Upside 46 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 48: A pipeline of assets backed by big-data, deep preclinical and early clinical validation
Attractive Upside 47 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 49: Therapeutics: Path to major deals for these assets
48 SUB-SECTION 3.6 THERAPEUTICS Path to major deals for these assets
Slide 50: Two major commercial pathways to value return
Attractive Upside 49 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 51: Recent Comps & Activity
Attractive Upside 50 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 52: Upcoming deal catalysts
Attractive Upside 51 Upcoming deal catalysts Two more 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 the
Slide 53: Contacts
MICROBA_ = SUB-SECTION 3.7 CONTACTS
Slide 54: 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