Announcement PDF Mayne Pharma Group Limited 1H FY26 Results Presentation Aaron Gray CEO 23 February 2026 2 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 investors. Non-IFRS information ● Other than as indicated, the financial information contained in this document is directly extracted or calculated from the audited Financial Statements. Throughout this document some non-IFRS financial information is stated, excluding certain specified income and expenses. Results excluding such items are considered by the Directors to provide a meaningful basis for comparison from period to period. ● Earnings before interest, tax, impairment, depreciation and amortisation (EBITDA) – a non-IFRS term – is considered by Directors to be a meaningful measure of the operating earnings and performance of the Group and this information may be useful for investors as it provides additional and relevant information that reflects the underlying performance of the business. ● The non-IFRS financial information has not been audited by the Group’s auditors. Forward looking statements ● This presentation contains forward-looking statements that involve subjective judgement and analysis and are subject to significant uncertainties, risks and contingencies, many of which are outside the control of, and are unknown to the Company. These forward looking statements use words such as ‘potential’, ‘expect’, ‘anticipate’, ‘intend’, ‘plan’ and ‘may’, and other words of similar meaning. No representation, warranty or assurance (express or implied) is given or made in relation to any forward looking statement by any person (including the Company). Actual future events may vary materially from the forward looking statements and the assumptions on which the forward looking statements are based. Given these uncertainties, readers are cautioned not to place undue reliance on such forward looking statements. Subject to the Company’s continuous disclosure obligations at law and under the listing rules of the Australian Securities Exchange, the Company disclaims any obligation to update or revise any forward looking statements. The factors that may affect the Company’s future performance include, among others: changes in economic conditions, changes in the legal and regulatory regimes in which the Company operates, litigation or government investigations, decisions by regulatory authorities, changes in behaviour of major customers, suppliers and competitors, interruptions to manufacturing or distribution, the success of research and development activities and research collaborations and the Company’s ability to protect its intellectual property. Other ● A glossary of industry terminology is contained in the Mayne Pharma Annual Report which can be accessed at maynepharma.com/investor-relations/results-reports and product descriptions are detailed at maynepharma.com/us-products and maynepharma.com/au-products. ● DORYX®, FABIOR®, LEXETTE®, SORILUX®, and RHOFADE® are trademarks of Mayne Pharma. ANNOVERA®, BIJUVA®, EPSOLAY®, IMVEXXY®, KADIAN®, NEXTSTELLIS®, ORACEA®, TWYNEO® and WYNZORA® and are trademarks of third parties. 3 1H FY26 Financial Results1 1. All numbers are expressed in AUD/A$ terms unless otherwise stated. 2. Underlying EBITDA is a non-IFRS measure and excludes earn-out reassessments, restructuring charges, class action settlement costs, derivative fair value adjustments and litigation expense. 3. Total net operating cashflow excluding outflows for discontinued operations and legal expenses (Scheme). Earnout payments recognised as financing cash outflows. 1H FY26 delivered resilient earnings, with margin discipline underpinning performance $212.1m Revenue down 0.5% 1H FY25 65.3% Gross margin up from 61.4% 1H FY25 $28.6m Underlying EBITDA2 down 8% from 1H FY25 $68.1m Total direct segment contribution up 5% from $65.0m 1H FY25 $16.9m Adjusted operating cashflow from continuing operations3 down 38% from $28.8m 1H FY25 $67.3m Cash and marketable securities at 31 Dec 2025 down from $100.4m FY25 1H FY26 Group Financial Performance 5 Group Continuing Operations Overview 1. Attributable to members. EBITDA excludes asset impairments. 2. Underlying EBITDA excludes ($54.5m) of earn-out reassessments, $21.3m diligence/business development, litigation and restructuring charges $4.2m, and ($6.8m) derivative fair value adjustments and other +$1.4m 3. Excluding class action settlement, Scheme transaction costs (1H FY25) / Scheme transaction costs and litigation costs (1H FY26) A$ million1 1H FY26 1H FY25 Change vs 1H FY25 ($) Change vs 1H FY25 (%) Reported Revenue 212.1 213.1 (1.0) 0% Reported Gross Profit 138.6 130.9 7.7 6% Gross Margin 65.3% 61.4% N/A 390 bps Reported Direct Contribution 68.1 65.0 3.1 5% Reported EBITDA 63.0 26.1 36.9 141% Underlying EBITDA2 28.6 31.0 (2.4) -8% Reported Net Loss After Tax (12.1) (20.0) 7.9 40% Operating Cash Flow Continuing Ops (3.8) (7.4) 3.6 49% Adjusted Operating Cash Flow Continuing Ops3 16.9 28.8 (11.9) -41% Resilient underlying EBITDA, with disciplined margin management, despite obvious uncertainty from the Cosette transaction process 6 Targeted investments to drive growth and sustainable cost leverage 1H FY26 Commentary2 • Improvement in gross profit by 6% driven by positive mix effect in Dermatology • Direct operating expenses increased by 7% reflecting increases in Women’s Health promotional activities and International sales and marketing expense following NEXTSTELLIS® PBS approval • Direct opex as % of revenue 33% in 1HFY26 v 31% in 1H FY25 Segment Performance1 (A$ million) 1H FY26 1H FY25 Change Revenue 212.1 213.1 0% Gross Profit 138.6 130.9 6% Direct Operating Expenses (70.5) (65.9) 7% Direct Contribution 68.1 65.0 5% 1. Refer Note 2 of the financial statements for additional detail on segment performance. 2. Refer P&L statement and Note 3 of the financial statements for additional detail on opex. Continued improvements in cost leverage (A$m) 213.1 212.1 100.0 150.0 200.0 1H FY25 1H FY26 Revenue flat 0% (-$1.0m) 65.9 70.5 0.0 50.0 100.0 150.0 1H FY25 1H FY26 65.0 68.1 -50.0 0.0 50.0 Direct opex up 7% (+$4.6m) Direct Contribution up 5% (+$3.1m) 1H FY25 1H FY26 7 1H FY26 EBITDA & Cash Flow Reconciliation (cont.) 1. Underlying EBITDA is a non-IFRS measure and is unaudited; 2. Certain items that are excluded from underlying EBITDA (ex. restructuring and certain litigation matters) are included in continuing operations as cash outflows in the figures shown above Scheme Legal Costs (inc. Litigation) had a Significant Impact on EBITDA and Cash Flow A$ million 1H FY26 1H FY25 Change vs 1H FY25 ($) Change vs 1H FY25 (%) Reported EBITDA 63.0 26.1 36.9 141% Scheme legal fees (inc. litigation) 21.3 2.5 18.8 752% Earn-out Reassessments (54.5) (1.0) (53.5) -5350% Fair Value Adjustment of Convertible Note Derivative (6.8) (0.2) (6.6) -3300% Other Litigation and Restructuring 4.2 3.6 0.6 17% Other Adjustments 1.4 0.0 1.4 100% Underlying EBITDA1 28.6 31.0 (2.4) -8% 16.9 -20.7 -7.3 -10.3 -5.1 -3.1 -1.7 -1.3 -0.5 100.4 79.0 70.8 67.3 EBITDA Cash Flow 30 Jun 2025 Cash balance 31 Dec 2025 Cash balance • Reported EBITDA driven by: • Scheme related legal costs, inc. litigation • Non-cash earn-out reassessment for Women’s Health portfolio • Underlying EBITDA driven by: • Down 8% versus pcp • Lower contribution from Women’s Health: additional investment into sales activities • Higher Direct Contribution from Dermatology: strong margin growth Investing & Financing (10% net cash used) Continuing operations2 (65% net cash used) Discontinued operations (25% net cash used) • Cash for continuing operations (excl. transaction & litigation costs): +$16.9m • Transaction & litigation costs (Scheme related): -$20.7m • Earn out payments (royalties): -$7.3m • Earn out payments (TWYNEO® & EPSOLAY® intangible acquisition cost): -$10.3m • Earn out payments: -$3.1m • Other cash outflows: -$5.1m • Capital Leases: -$1.7m • Capex (net): -$1.3m • Other: -0.5m Transaction & litigation costs Earn-outs TWYNEO ® & EPSOLAY ® payments Underlying cash flow from continuing operations Discontinued operations Earn out payment (disc.ops.) Capital leases Capex (net) Other Segment Performance 9 Continued Improvement with Growth in FY25 Direct Contribution1 $3.1m increase in direct contribution driven by 35% increase in Dermatology 1. Direct contribution calculated as gross margin less direct opex. $68.1m 1HFY26 Total Direct Contribution $36.2m $29.8m $2.1m • Acquired April 2025 • Re-launched Q1 FY26 1H FY25 Total Direct Contribution $22.1m $39.3m $3.6m $65.0m Dermatology Women’s Health International +$3.1m Women’s Health 11 Women’s Health: solid demand growth 1H FY26 Operating Highlights • Women’s Health delivered a solid first half, with continued momentum across the portfolio translating into sustained demand and share gains • Team has improved the cadence and effectiveness of prescriber engagement, by building awareness and supporting demand generation • Menopause awareness leading to strong growth in menopause market, positive tailwinds for BIJUVA® and IMVEXXY ® • FDA’s planned removal of the ‘Black Box’ warning for certain hormone replacement therapies (HRTs) is a positive macro tailwind • Investing for future growth, driving higher opex and lower contribution versus the pcp • NEXTSTELLIS®, BIJUVA® and IMVEXXY® demand hit record highs in Dec 2025 1H FY26 Financial Highlights • Revenue $96.5 million (+2% versus pcp) o NEXTSTELLIS®: +16% Demand Cycles1, +4% growth in net sales to US$23.4m o ANNOVERA®: +2% TRx2, -9% growth in net sales to US$14.4m o IMVEXXY®: +3% TRx, +2% growth in net sales to US$15.6m o BIJUVA®: +26% TRx, +23% growth in net sales to US$8.2m • Direct Opex3 $40.0 million (+6% versus pcp) • Gross Profit $76.2 million (-1% versus pcp) • Gross Margin %: 79.0% (-3% versus pcp) • Direct Contribution: $36.2 million (-8% pcp) 1. Demand Cycles - calculated as IQVIA reported TRx (converted to units/cycles) plus non-reporting pharmacies (including Mayne Pharma’s own distribution channel). TRx converted to units by taking number of pills in the TRx divided by 28 (number of NEXTSTELLIS® pills included in 1 month of therapy). NEXTSTELLIS® prescriptions can be prescribed in 1-month and 3-month increments. On average 1 TRx equals 2.0 units/cycles. 2. TRx – total prescriptions. The data includes IQVIA data, plus prescription volume through non-reporting pharmacies (including Mayne Pharma’s own distribution channel). 3. Direct opex includes lease depreciation, which is largely related to motor vehicles of salesforce 12 7.1 7.1 13.8 16.3 22.4 20.1 23.4 0.0 5.0 10.0 15.0 20.0 25.0 1H FY23 2H FY23 1H FY24 2H FY24 1H FY25 2H FY25 1H FY26 NEXTSTELLIS® Quarterly US Demand Cycles (thousands) • Demand cycle growth of 16% on the pcp • All-time high demand cycles achieved • New marketing materials, sales force optimisation 1H FY26 NEXTSTELLIS® demand cycles up 16%1 1H FY26 Commentary NEXTSTELLIS ® Net Sales (US$m) and growth (pcp) • 4% net sales growth for NEXTSTELLIS® in US market vs pcp • Net Selling Price (NSP) holding steady with continued volume growth • New coverage decisions 1 January – 25m additional covered lives 1H FY26 Commentary Sequential Q Growth (%) 18% 96% 0% 38% 45 58 71 89 106 118 125 138 146 152 155 168 171 176 28.9% 22.4% 25.4% 19.1% 11.3% 5.9% 10.4% 5.8% 4.1% 2.0% 8.4% 1.8% 2.9% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% 0.0 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 180.0 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Cycles (thousands) -10% 16% 13 1. TRx data includes IQVIA data, plus prescription volume through non-reporting pharmacies (including Mayne Pharma’s own distribution channel) 2. ANNOVERA® net sales in 1HFY26 impacted by US$1.7m of returns due to the lingering effects of legacy inventory returns Licensed Portfolio Demand TRx (thousands)1 ANNOVERA® 107 137 169 177 168 183 80 100 120 140 160 180 200 2HFY23 1HFY24 2HFY24 1HFY25 2HFY25 1HFY26 IMVEXXY® BIJUVA® TRx +3% on pcp Net Sales: US$15.6m Driving demand with IMVEXXY® and BIJUVA® for menopausal patients TRx +2% on pcp Net Sales: US$14.4m2 38 45 53 61 67 77 - 10 20 30 40 50 60 70 80 90 2HFY23 1HFY24 2HFY24 1HFY25 2HFY25 1HFY26 12 12 14 14 14 14 - 2 4 6 8 10 12 14 2HFY23 1HFY24 2HFY24 1HFY25 2HFY25 1HFY26 TRx +26% on pcp Net Sales: US$8.2m 14 Women’s Health: solid portfolio growth Future growth drivers for Women’s Health • Drive Market Penetration – increase low single digit market share (versus competitive set – iQVIA1) + solid market growth • Strong defence of portfolio economics – long dated patent life to protect value, support pricing power, and sustain investment through remaining patent life • Commercial execution – upgraded/refreshed marketing, optimised field-force effectiveness, and tighter targeting of high-value prescribers/segments • Improving Access and Coverage – through payer contracting and patient access programs that reduce friction at the pharmacy counter and drive higher fill rates ~2% ~1% ~3% ~3% 1. As of Dec 2025; Market share is based on current NRx (new prescription) volume from IQVIA measured against our defined set of competitors per brand. *Sample US promotional flyer only Dermatology 16 Dermatology: Improved product mix, solid channel growth from disintermediation strategy 1H FY26 Financial Highlights • Substantial margin improvement via beneficial mix effects, due to a higher percentage of branded sales, relative to pcp • Channel/disintermediation execution continued to scale, with >70% of Mayne Pharma Rx outside the traditional channel and ongoing mix/price management supporting portfolio margin • Direct-to-patient momentum: Adelaide Apothecary direct-to-patient revenues grew 63% pcp • Portfolio expansion and launch execution: TWYNEO® and EPSOLAY® acquired from Sol-Gel Technologies and launched in Q1 FY26. • Set up the next leg of disintermediation with a new disintermediation strategy and launch planned for Q3 FY26 1. As per IQVIA NSP MAT Dec 2024 1H FY26 Operating Highlights • Revenue $78.6 million (-3% versus pcp) • Direct Opex $21.3 million (+0% versus pcp) • Gross Profit $51.1 million (+18% versus pcp) • Gross Margin 65.0% (+12% versus pcp) • Direct Contribution: $29.8 million (+35% pcp) 17 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% $51.2, 65% $27.4, 35% Branded All Other $44.5, 55% $36.9, 45% Branded All Other 43.4 39.5 51.1 53.0% 54.0% 65.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 25 30 35 40 45 50 55 1HFY25 2HFY25 1HFY26 Gross Profit (A$m) Margin (%) Gross Margin Growth +1200 bps Gross Profit Growth +29% Contribution Growth +35% 18 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 • Expand and refresh the dermatology portfolio via capital-efficient, accretive business arrangements and targeted BD (new FDA-approved brands/products) to broaden addressable segments • Drive prescriptions (Rx) through stronger commercial execution—sales force capability upgrades plus refreshed marketing materials to rebuild/accelerate demand and support launches. • Improve gross margin through product mix and channel shift (higher-value brands and more favourable channel economics) even when top-line is pressured by generics International 20 1H FY26 Operating Highlights International: investing to create new opportunities • Pharmaceutical Benefits Scheme (PBS) approval for NEXTSTELLIS® in Australia: investment into promotion commenced post PBS approval • Inauguration of completed Salisbury facility ($18m investment including $4.8m from the Modern Manufacturing Initiative (MMI) government grant) • External recognition for export performance: finalist in the 2025 Australian Export Awards and multiple SA Premier’s Business & Export Awards (incl. SA Business of the Year). 1H FY26 Financial Highlights • Revenue $36.9 million (-1% versus pcp) • Direct Opex $9.2 million (+32% versus pcp) • Gross Profit $11.3 million (+7% versus pcp) • Gross Margin %: 30.5% (+3% versus pcp) • Direct Contribution: $2.1 million (-42% pcp) 21 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 tailwind driving Australian Rx growth as affordability/ access improves promotion accelerates: 118% growth in 3 pack volumes in Dec 2025 (post PBS) v Jul 2025 (pre PBS) • Unlock value from significant infrastructure investment, drive operating leverage and improved utilisation at the facility • International supply agreements / expanded partnerships to grow exports and increase third-party volume through the network. 1. DIFOT – Delivered In full on Time 22 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 leverage. • Dermatology: take the next step in our disintermediation strategy – fully leverage the ecosystem we have built to improve access and patient outcomes for dermatology, pursue expansion into other therapeutic areas. • International: focused activities to unlock the value created by the investments that have been made in the international business (NEXTSELLIS® PBS listing, capex infusion, international supply agreements). • Legal: enforce agreements and reserve all of Mayne Pharma’s rights, balancing costs with shareholder value in mind. • Capital: acquire synergistic, capital efficient assets to improve scale and capital allocation strategies generally, which may include a share buy-back. 23 You deserve tomorrow. 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 Appendix 25 Segment Performance 1. Gross Profit includes depreciation, which is included in COGS (refer to “cost of sales” depreciation amount in Note 3 of the financial statements). 2. Direct opex includes lease depreciation, which is largely related to motor vehicles of salesforce (refer to “marketing and distribution expenses” depreciation amount in Note 3 of the financial statements). Reported results (A$million) 1HFY26 1HFY25 2HFY25 FY25 Change vs 1HFY25 1HFY26 1HFY25 2HFY25 FY25 Change vs 1HFY25 Revenue Gross profit1 Women's Health 96.5 94.3 84.1 178.4 2% Women's Health 76.2 76.9 66.0 142.9 -1% Dermatology 78.6 81.4 72.7 154.1 -3% Dermatology 51.1 43.4 39.5 82.8 18% International 36.9 37.4 38.3 75.6 -1% International 11.3 10.6 10.9 21.5 7% Total 212.1 213.1 195.0 408.1 0% Total 138.6 130.9 116.5 247.3 6% Operating expenses 2 Direct Contribution Women's Health 40.0 37.6 43.3 80.9 6% Women's Health 36.2 39.3 22.7 62.0 -8% Dermatology 21.3 21.4 21.2 42.6 0% Dermatology 29.8 22.1 18.2 40.2 35% International 9.2 6.9 7.1 14.1 32% International 2.1 3.6 3.8 7.4 -42% Total 70.5 65.9 71.7 137.6 7% Total 68.1 65.0 44.8 109.7 5% Investment in Women’s Health Sales & Marketing, Branded Dermatology / Disintermediation, NEXTSTELLIS® in AU Major Focus Areas in 1HFY26 26 Women’s Health: portfolio performance (USD and AUD) * Direct contribution calculated as gross profit less direct opex – includes depreciation of motor vehicle leases in direct opex ** Cash contribution calculated as direct contribution plus add-back for depreciation and less proportional earn-out liability : portion of earnout liability related to revenues for the period independent of timing / capitalised amount Women's Health in US$'000 1HFY26 1HFY25 2HFY25 FY25 Total Revenue 63,246 62,342 53,169 115,510 Total Gross Profit 49,946 50,824 41,720 92,545 Total Gross Profit % of Revenue 79% 82% 78% 80% Direct OPEX (26,198) (24,864) (27,525) (52,389) Direct Contribution* 23,748 25,960 14,195 40,155 Depreciation Add-Back 519 583 535 1,118 Earn-out liability (4,342) (4,466) (3,731) (8,197) "Cash" Contribution** 19,926 22,077 10,999 33,076 Women's Health in A$'000 1HFY26 1HFY25 2HFY25 FY25 Reported Revenue 96,529 94,286 84,081 178,367 Reported Gross Profit 76,230 76,867 66,037 142,904 Total Gross Profit % of Revenue 79% 82% 79% 80% Direct OPEX (39,984) (37,605) (43,293) (80,898) Direct Contribution* 36,246 39,262 22,744 62,006 Depreciation Add-Back 792 882 844 1,726 Earn-out liability (6,626) (6,754) (5,903) (12,657) "Cash" Contribution** 30,411 33,389 17,686 51,075 27 Dermatology: Improvements in product mix delivers strong contribution (USD & AUD) * Direct contribution calculated as gross margin less direct opex – includes depreciation and allocation of shared functions & overhead within COGS and depreciation of motor vehicle leases in direct opex ** Cash contribution calculated as direct contribution plus add-back for depreciation and less proportional earn-out liability: portion of earnout liability related to revenues for the period independent of timing / capitalised amount Dermatology in US$'000 1HFY26 1HFY25 2HFY25 FY25 Total Revenue 51,510 53,813 45,973 99,786 Total Gross Profit 33,468 28,699 24,946 53,645 Total Gross Profit % of Revenue 65% 53% 54% 54% Direct OPEX (13,956) (14,119) (13,464) (27,582) Direct Contribution* 19,512 14,581 11,482 26,063 Depreciation Add-Back 469 491 463 954 Earn-out liability (551) (611) (77) (688) "Cash" Contribution** 19,430 14,461 11,867 26,328 Dermatology in A$'000 1HFY26 1HFY25 2HFY25 FY25 Reported Revenue 78,618 81,386 72,699 154,085 Reported Gross Profit 51,081 43,405 39,432 82,837 Total Gross Profit % of Revenue 65% 53% 54% 54% Direct OPEX (21,300) (21,353) (21,238) (42,592) Direct Contribution* 29,781 22,052 18,193 40,245 Depreciation Add-Back 715 742 730 1,473 Earn-out liability (841) (924) (139) (1,063) "Cash" Contribution** 29,655 21,870 18,785 40,655 28 International: strategic and operational levers building momentum (AUD) * Direct contribution calculated as gross margin less direct opex – includes depreciation and allocation of shared functions & overhead. Corresponds to 4D segment note ** Cash contribution calculated as direct contribution plus add-back for depreciation and less proportional earn-out liability: portion of earnout liability related to revenues for the period independent of timing / capitalised amount International in A$'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) (14,092) Direct Contribution* 2,057 3,642 3,799 7,441 Depreciation Add-Back 1,930 1,907 1,916 3,823 Earn-out liability - - - - "Cash" Contribution** 3,988 5,549 5,715 11,264 29 Reported EBITDA to Underlying Bridge ● Underlying EBITDA delivering steady operational improvements resulting from higher revenue and operational execution ● Underlying EBITDA excludes non-cash items, including: • Earn out reassessment +$54.5m • Fair Value Adjustment of Convertible Note Derivative (as a result of share price movement across the year) +$6.8m • Litigation and restructuring expenses, other ($4.2m) • Diligence & Business Development ($21.3m) • Other Adjustment ($1.4m) 1. Statutory accounts include amounts relating to depreciation which are added back to reconcile to EBITDA. 1HFY25 Depreciation: Gross Profit ($2.2m), Direct opex ($1.4m), Indirect opex ($0.6m). FY25 Depreciation: Gross Profit ($4.3m), Direct opex ($2.7m), Indirect opex ($1.2m). 1HFY26 Depreciation: Gross Profit ($2.2m), Direct opex ($1.2m), Indirect opex ($0.6m). A$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 OPEX (63.8) (45.4) (39.4) (84.7) Other Income 0.2 1.3 0.4 1.7 Earn-out Reassessments 54.5 1.0 (17.6) (16.6) Depreciation Add-Back 4.0 4.2 4.1 8.3 Reported EBITDA 63.0 26.1 (7.6) 18.4 Earn-out Reassessments (54.5) (1.0) 17.6 16.6 Fair Value Adjustment of Convertible Note Derivative (6.8) (0.2) (1.5) (1.7) Scheme legal fees (inc. litigation) 21.3 2.5 6.0 8.5 Litigation and Restructuring Expenses 4.2 3.6 1.6 5.2 Other Adjustment 1.4 - - - Underlying EBITDA 28.6 31.0 16.1 47.0 30 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 503.1 545.8 (42.7) Other assets 77.9 80.5 (2.6) Total assets 940.5 1,014.6 (74.1) Interest-bearing debt (including lease liabilities) 39.9 38.8 1.1 Trade and other payables 200.1 244.5 (44.4) Other financial liabilities 416.3 381.8 34.5 Other liabilities 28.2 23.9 4.3 Total liabilities 684.5 689.0 (4.5) Equity 446.2 454.1 (7.9) 31 $23.4, 37% $14.4, 23% $15.6, 25% $8.2, 13% $1.6, 2% Women’s Health: revenue, margin and contribution summary $20.1, 38% $13.6, 26% $12.0, 22% $5.9, 11% $1.6, 3% Gross Margin: 78% Direct opex: US$27.5m Direct Cont.: US$14.2m / A$22.7m $22.4, 36% $15.8, 25% $15.3, 25% $6.6, 11% $2.2, 3% 1HFY25 Total Revenue US$62.3m +34.3% v 2HFY24 2HFY25 Total Revenue US$53.2m +14.7% v pcp, -14.6% seq. Gross Margin: 82% Direct opex: US$24.9m Direct Cont.: US$26.0m / A$39.3m 1HFY26 Total Revenue US$63.2m +1.4% v pcp, +18.8% seq. Gross Margin: 79% Direct opex: US$26.2m Direct Cont.: US$23.7m / A$36.2m 1. All figures in the charts shown in USD 32 Women’s Health – favourable macro trends positions Mayne Pharma well • Affordable Care Act - In all 50 states, the ACA guarantees coverage of women's preventive services for individuals and covered dependents • 3 executive orders by President Biden on strengthening access to contraception • Biden’s US$2bn investment in Women’s Health research & education • Global menopause market hit US$15.4bn in 2021 and is projected to reach US$24.4bn by 20301 • Increased need for contraception options post Roe v Wade in the US • Greater emphasis on education and training (Obs/Gyn) (historically, lack of clinical education in menopause – only 31% of Obs/Gyn report receiving menopause curriculum during residency)2 • Increased awareness of the impact of menopause (e.g. published articles, celebrities drawing awareness) Key macro trends in Women’s Health Mayne Pharma • Participate in efforts to provide information and feedback to lawmakers on ACA • Working to develop programs that will benefit from the US$2bn Women’s Health program • BIJUVA® – only available, FDA approved bioidentical combination treatment for vasomotor symptoms associated with menopause • NEXTSTELLIS® and ANNOVERA® are unique contraceptive solutions • Investment in Medical Science Liaisons to raise product scientific awareness • Supporting education programs on the use of hormones for contraception and menopause • Sales team of 85 able to reach target customers Growing addressable Women’s Health market Increased awareness and education Government Support / Initiatives 1. https://www.grandviewresearch.com/press-release/global-menopause-market 2. Allen JT et al, 2023, Menopause. 1;30(10):1002-1005. 33 Dermatology: Mayne Pharma can fill 1 in 3 retail prescriptions for medical dermatology1 • Health insurance benefit design has shifted large cost burden to patients in dermatology • Large retailers often carry limited dermatologic agents due to high costs and often call back prescribers to switch patients’ prescriptions to older, cheaper options • Rising incidence of skin diseases, and a growing awareness and increased spend on personal care (e.g. Acne – 50m people in the US)2 • Patient preference for consultation with specialist dermatologists for chronic skin conditions supports continued growth • Few products in development for the treatment of common dermatology conditions, introducing a longer life cycle for currently available dermatology products Key Macro trends in Dermatology Mayne Pharma • Leverage existing 400+ speciality pharmacies, convenient for repeat prescriptions across brands and generics • Uninsured patients receive the prescribed product at a reasonable and predictable cost with limited special assistance from their dermatologist required • Increasing number of patients are treatable via Mayne Pharma’s portfolio • Portfolio of branded (EPSOLAY®, DORYX®, FABIOR®, LEXETTE®, RHOFADE®, SORILUX®, TWYNEO® and WYNZORA®) and generic (n=20) gives focus and presence to dermatology prescribers • Opportunity to expand our portfolio offering in near term via capital light transactions Expanding treatable population Retreat by Big Pharma from medical dermatology Disintermediation 1. IQVIA recent 12-month TRx totals by molecule. 2. American Academy of Dermatology Association. 34 Earn-Out and Deferred Consideration Liabilities - Update Dermatology Women’s Health International 8% Net Sales on all TXMD Licensed Products (ANNOVERA®, IMVEXXY®, BIJUVA®) N/M2 N/M Royalties Milestones 10% Net Sales to Population Council (ANNOVERA®)1 Population Council: US$40.0m (cumulative sales of US$400m: ANNOVERA®) Population Council: US$40.0m (cumulative sales of US$1