Announcement PDF Annual Report 2025 Improving patient access to life‑enhancing medications What’s inside 01 What we do 02 FY25 business highlights 04 Letter from the Chair and CEO 08 Directors’ Report 19 Remuneration Report 28 Auditor’s Independence Declaration 29 Corporate Governance Website 30 Consolidated Statement of Profit and Loss and other Comprehensive Income 31 Consolidated Statement of Financial Position 32 Consolidated Statement of Cash Flows 33 Consolidated Statement of Changes in Equity 34 Notes to the Consolidated Financial Statements 71 Consolidated Entity Disclosure Statement 72 Directors’ Declaration 73 Independent Auditor’s Report 78 ASX Additional Information 79 Intellectual Property & Glossary iii Corporate Information At Mayne Pharma we are focused on keeping our promises to patients, for better medicines and a better tomorrow. We believe that everyone deserves medicines that are better, safe and more accessible. That’s why our people are determined to create innovative products and services for our changing world. Learn more at maynepharma.com Mayne Pharma Annual Report 2025 ii What we do Mayne Pharma is an ASX-listed specialty pharmaceutical company focused on commercialising novel pharmaceuticals, offering patients better, safe and more accessible medicines. Mayne Pharma has a 40-year track record of innovation and success in developing new oral drug delivery systems. These technologies have been successfully commercialised in numerous products that continue to be marketed around the world. Mayne Pharma Annual Report 2025 1 FY25 business highlights Mayne Pharma at a glance $408.1m reported revenue, up 5% on FY24 60.6% FY25 gross margin, up from up from 56.3% in FY24 83% of revenue in the US $109.7m in direct contribution from business segments, a $21.2m improvement on FY24 $45.4m in operating cashflow from continuing operations up $37.3m on FY24 ($90.1m) Reported net loss after tax, a $78.5m improvement on FY24 $247.3m gross profit, up 13% on FY24 $47.0m in underlying EBITDA, up $24.1m on FY24 >450 Employees globally >57 products marketed globally For further information visit the Group’s website at maynepharma.com Mayne Pharma Annual Report 2025 2 Our Women’s Health business continued to benefit from our targeted sales, marketing and education initiatives and effective channel management. For Dermatology, we look forward to the impact of the US market launches of our newly acquired products EPSOLAY® and TWYNEO® in FY26. Mayne Pharma Annual Report 2025 3 Letter from the Chair & CEO Dear Fellow Shareholders, The 2025 financial year (FY25) was a pivotal year for Mayne Pharma, marked by significant strategic progress and improved financial performance. Building on the turnaround achieved in FY24, our dedicated team delivered growth across all key segments and took bold steps to position the Company for future success. Notably, we entered into a transformational transaction with Cosette Pharmaceuticals, Inc. (Cosette), reflecting the value created by our focused strategy in Women’s Health and Dermatology. Below we outline the year’s highlights and achievements: • Scheme of Arrangement with Cosette: announced on 21 February 2025, with Cosette agreeing to acquire 100% of Mayne Pharma’s shares for consideration of A$7.40 per share in cash, which values Mayne Pharma’s equity at approximately A$672million and represents a significant premium of ~50% to the 90-day volume-weighted average share price prior to announcement. • Solid financial growth: Reported revenue grew 5% to $408.1million, with gross profit up 13% (gross margin expanded to 60.6% from 56.3% in FY24). Underlying EBITDA more than doubled, rising 105% to $47.0million, underscoring improved operating leverage and cost discipline. • Improved cash flow and balance sheet: We generated positive operating cash flow of $45.4million from continuing operations compared to $8.1million in the prior year. We maintained a strong cash position of approximately $100million at 30 June 2025, supporting a conservative capital structure and providing flexibility for growth initiatives. • Women’s Health momentum: The Women’s Health segment achieved robust growth, with revenue up 25% to $178.4million. Direct contribution increased 76% to $62.0m compared to the prior period. NEXTSTELLIS® continued its strong trajectory with US net sales grew 41% year-on-year to US$42.5million – and our portfolio of branded contraceptives (ANNOVERA®, IMVEXXY®, BIJUVA®) also grew their combined sales, which increased by 17% (to US$69.1million). • Dermatology portfolio expansion: We broadened our Dermatology franchise with new products and improved margins. During FY25, Mayne Pharma acquired the U.S. rights to two FDA-approved dermatology products, EPSOLAY® (for rosacea) and TWYNEO® (for acne), for a total consideration of US$16million. We also launched a new branded Retin-A® (tretinoin) product in the first half of the year. Despite a 12% decline in dermatology segment revenue (due to generic competition on key products), we improved segment gross margin to ~54% (up from 48% in FY24) through a better product mix and an optimized specialty pharmacy channel. Direct contribution decreased by 9% to $40.2m compared to the prior period. • Operational excellence and international growth: We completed a major two-year modernisation of our Salisbury manufacturing facility (a cumulative $18million investment), resulting in enhanced efficiency and reliability. Our “on- time, in-full” delivery rate improved to 96.5%, delivering better service for customers. The International segment grew revenue by 7% to $75.6million, driven by new product launches and exports. Direct contribution was $7.4 million for the period. We also expanded our global footprint through partnerships – for example, signing an amended distribution agreement to broaden the reach of KADIAN® in Canada. These operational achievements have strengthened our foundation for sustainable growth. Mayne Pharma Annual Report 2025 4 This strong performance validates our strategic focus on Women’s Health and the value of the portfolio we acquired in prior years. Financial Results FY25 FY25 saw continued improvement in Mayne Pharma’s financial results, reinforcing the positive trajectory established last year. Group revenue was $408.1million, a 5% increase on the prior year, with growth in our core therapeutic segments offsetting some anticipated headwinds in legacy products. Gross profit grew 13% to $247.3million, and gross margin expanded to 60.6%, reflecting a more profitable product mix and the benefits of our streamlined distribution model in Dermatology. We maintained strong cost control – direct operating expenses rose only 6%, keeping operating costs flat as a percentage of sales (~34% of revenue). We delivered a significant uplift in earnings with underlying EBITDA of $47.0million, which was more than double the prior year’s $22.9million. It is pleasing to note that FY25 marked our second consecutive year of positive underlying EBITDA, confirming the sustainability of the turnaround initiated in FY24. Operating cash flow from continuing operations was $45.4million, up from $8.1million in the previous year, highlighting the enhanced quality of our earnings and effective working capital management. We ended FY25 with $100.4million in cash and marketable securities. This healthy liquidity, alongside an ongoing focus on working capital discipline, underpins our conservative capital structure and gives us the capacity to invest in growth opportunities while meeting our obligations. The Board remains committed to prudent balance sheet management. Operational Achievements Women’s Health Our Women’s Health division delivered positive results in FY25. NEXTSTELLIS®, in particular, has gained considerable traction: US prescription demand (cycles) grew 30%, translating to net sales of US$42.5million (up 41% on FY24). We have invested in targeted sales, marketing and educational initiatives to support NEXTSTELLIS®– including expanding our sales force, refining our marketing campaigns, and engaging healthcare providers – and these efforts are bearing fruit. Additionally, our other women’s health brands (ANNOVERA®, IMVEXXY®, BIJUVA®) continued to perform well, collectively contributing over US$69million in FY25 sales as we broaden patient access to novel contraceptive and hormone therapy options. This strong performance validates our strategic focus on Women’s Health and the value of the portfolio we acquired in prior years. We also strengthened the long-term prospects of this franchise by securing additional U.S. patents during the year. Mayne Pharma Annual Report 2025 5 Dermatology In our Dermatology segment, we took significant steps to enhance our product offering and optimise profitability. While Dermatology segment revenue declined 12% to $154.1million due to intensified generic competition on an established product (authorised generic ORACEA®), we mitigated the impact through proactive portfolio management and channel strategy. We also launched a new branded Retin-A® (tretinoin) cream in the U.S. during the first half of FY25, further bolstering our topical dermatology range. By leveraging our specialty pharmacy network and patient access programs, we improved gross margin in Dermatology to 53.8%, up from 48.0% in the prior year. Our channel optimisation – including increased use of specialty mail-order pharmacy (Adelaide Apothecary) and partnerships with platforms like GoodRx – reduced profit leakage and improved affordability for patients. Encouragingly, key growth brands in our dermatology portfolio demonstrated strong momentum: for example, RHOFADE®. We are confident that our enriched dermatology portfolio and patient-centric commercial approach position this segment for a return to revenue growth in the coming year. International A highlight was the completion of the Salisbury manufacturing facility upgrade. Over the past two years we invested approximately $18million to modernise and expand our Salisbury, South Australia plant. In FY25 this program delivered a new encapsulation suite and other efficiency improvements, which are already yielding benefits. Manufacturing output and quality metrics have improved markedly – for instance, our delivery-in-full-on-time (DIFOT) metric reached 96.5% for the year, a testament to the enhanced reliability of supply to our customers. This operational excellence not only improves customer satisfaction and regulatory compliance but also provides capacity to support new product launches which are leveraging the upgraded facility to grow export revenues. We also saw steady demand for KAPANOL® (modified-release morphine) domestically and internationally. To extend our international reach, we deepened partnerships in key markets – for example, we signed a new distribution agreement for KADIAN® (extended-release morphine) in Canada, which will broaden Canadian patient access to this product. Across our international operations, we remain focused on launching differentiated products and pursuing contract development and manufacturing opportunities to maximise utilisation of our facilities. Letter from the Chair & CEO continued On 29 September 2025, we were pleased to announce the Australian Pharmaceutical Benefits Scheme (PBS) approved the reimbursement of NEXTSTELLIS®. From 1 October 2025, NEXTSTELLIS® will be listed on the PBS General Schedule. The expansion of contraceptive options available on the PBS in Australia aligns with Mayne Pharma’s commitment to provide better, safe and more accessible medicines. Scheme of Arrangement with Cosette A defining strategic development in FY25 was our entry into a Scheme Implementation Deed with Cosette, a US based specialty pharmaceutical company focused on Women’s Health and Dermatology, backed by Avista and Hamilton Lane, with corporate and manufacturing facilities in New Jersey and North Carolina. The Board carefully evaluated Cosette’s offer and unanimously recommended that shareholders vote in favour of the Scheme, in the absence of a superior proposal and subject to the independent expert opining that the Scheme is in shareholders’ best interests. This recommendation reflected the Board’s view that the all-cash offer delivers compelling, immediate value to our shareholders and validates the strategic progress and intrinsic value of the Company. The independent expert concluded in May 2025 the Scheme was fair and reasonable and in the best interests of Mayne Pharma shareholders. Our shareholders showed resounding support for the Cosette transaction. At the Scheme Meeting held in June 2025, an overwhelming 99.06% of votes cast were in favour of the acquisition with 89.64% of shareholders present and voting also supported the Scheme. As at time of writing, Mayne Pharma and Cosette remain in dispute and the matter is before the Supreme Court of New South Wales. The Board continues to unanimously recommend the Scheme, in the absence of a superior proposal and subject to the Independent Expert maintaining its view that the Scheme is in the best interests of shareholders. If completed, this deal will mark the beginning of an exciting new chapter for Mayne Pharma as part of a larger global organisation. We will keep shareholders updated on material developments, and we thank you for your trust as we navigate this transformative process. Mayne Pharma Annual Report 2025 6 The Company plans to drive continued growth across Women’s Health assets in FY26 through continued focus on sales execution and leveraging a new set of marketing materials, which were refreshed for all products in FY25. Future Outlook The Company plans to drive continued growth across Women’s Health assets in FY26 through continued focus on sales execution and leveraging a new set of marketing materials, which were refreshed for all products in FY25. The Company is evaluating additional investments in sales and marketing to maximise long-term value of the assets. For Dermatology, the Company plans to continue to evaluate capital efficient and accretive business arrangements to drive the growth in revenue and margin. The Company plans to emphasise the channel strategy, leveraging access and reduced friction to create a preferred solution for partners, prescribers, and patients. For International, the Company plans to leverage the capital investment made over the past three years to grow export revenue streams and vertically integrate some process steps. On behalf of the Board, we would like to thank our employees for their hard work and dedication. Their focus on delivering better medicines for patients and operational excellence has been the driving force behind this year’s success. We also wish to thank our shareholders for their continued support and trust in Mayne Pharma. FY25 has indeed been a year of significant progress – operationally, financially, and strategically. As we stand at the cusp of a potential transformational change for the Company, we remain confident in the strength of our business and its prospects. We look forward to keeping you informed of our progress and, pending the court outcome, to potentially embarking on a new journey as part of Cosette. Thank you for your continued support. Frank Condella Chair Shawn Patrick O’Brien Managing Director & Chief Executive Officer Mayne Pharma Annual Report 2025 7 Mayne Pharma Annual Report 2025 8 Directors’ Report Mayne Pharma Group Limited Financial Statements for the year ended 30 June 2025 2 DIRECTORS’ REPORT The Directors of Mayne Pharma Group Limited (‘the Company’) present their report together with the financial report of the Company and its controlled entities (collectively the ‘Group’ or ‘Consolidated Entity’ or ‘Mayne Pharma’) for the year ended 30 June 2025 and the Auditor’s Report thereon. The information set out below is to be read in conjunction with the Remuneration Report set out on pages 14 to 25, which forms part of this Directors’ Report. DIRECTORS The Directors of the Company during the financial year and up to the date of this report are set out below. Directors were in office for this entire period unless otherwise noted. Mr Frank Condella, Chair Mr Shawn Patrick O’Brien, Managing Director and CEO Mr Patrick Blake Ms Ann Custin Mrs Anne Lockwood Dr Kathryn MacFarlane Mr David Petrie Prof Bruce Robinson, AC The Directors’ qualifications, other listed company directorships, experience and special responsibilities are detailed on pages 10 and 11 of this report. The qualifications and experience of the Company Secretary are detailed on page 11 of this report. DIRECTORS’ MEETINGS The number of Directors’ meetings (including meetings of committees of Directors) and number of meetings attended by each of the Directors of the Company during the 2025 financial year are: BOARD AUDIT & RISK COMMITTEE NOMINATION COMMITTEE REMUNERATION & PEOPLE COMMITTEE SCIENCE, TECHNOLOGY & MEDICAL COMMITTEE HELD1 ATTENDED2 HELD1 ATTENDED2 HELD1 ATTENDED2 HELD1 ATTENDED2 HELD1 ATTENDED2 Mr F Condella3 33 32 - 4 1 1 10 9 - - Mr S O’Brien3,4 33 33 - 6 - - - 10 - - Mr P Blake 33 33 6 6 - - 10 10 - - Ms A Custin4 33 32 6 6 - - - 1 - - Mrs A Lockwood 33 33 6 6 - - - - - - Dr K MacFarlane 33 31 - - 1 1 - - 2 2 Mr D Petrie 33 33 6 6 - - 10 10 - - Prof B Robinson 33 32 - - 1 1 - - 2 2 1. This column shows the number of meetings held during the period the Director was a member of the Board or Committee. 2. This column shows the number of meetings attended. 3. Mr O’Brien and Mr Condella are not members of the Audit and Risk Committee however they attend meetings at the Chair’s invitation. 4. Mr O’Brien and Ms Custin are not members of the Remuneration and People Committee however they attend meetings at the Chair’s invitation. SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS Scheme Implementation Deed (SID) Mayne Pharma entered into a scheme implementation deed with Cosette Pharmaceuticals, Inc (Cosette) dated 20 February 2025 under which Cosette proposed to acquire all of the shares in Mayne Pharma (via a subsidiary Cosette Australia BidCo Pty Ltd) by way of scheme of arrangement between Mayne Pharma and its shareholders (Scheme) for consideration of $7.40 per share. On 15 May 2025 the Court approved the distribution of the Scheme booklet to Mayne Pharma shareholders. On 17 May 2025 Mayne Pharma received correspondence from Cosette asserting that a Mayne Material Adverse Change had occurred and that certain obligations under the SID had been triggered, in particular the obligation on the parties to promptly consult with each other in good faith for 10 business days, as a precondition to a party seeking to exercise rights to terminate the SID for a Material Adverse Change. Mayne Pharma rejected Cosette’s contention that there had been any Material Adverse Change. On 4 June 2025 Mayne Pharma received a notice purporting to terminate the SID from Cosette and has since received other notices from Cosette purporting to terminate the SID on different grounds, to the extent its previously asserted grounds of termination are found to be invalid, as announced to the ASX by Mayne Pharma. Mayne Pharma re-affirms its view there is no lawful basis for Cosette to terminate the SID. On 18 June 2025 Mayne Pharma convened the Mayne Pharma shareholder scheme meeting to consider and vote on the scheme. Shareholders voted overwhelmingly in favour of the scheme. As a result of the matters outlined above, the Court postponed the second court hearing (which approves implementation of the scheme) until 18 September 2025 and the scheme has yet to be implemented. As at the date of this report, Mayne Pharma remains an ASX listed company. The matters outlined above will be considered by the Court (unless otherwise resolved) between 22 September and mid-October 2025. It is anticipated that the second Court hearing, necessary for the implementation of the scheme, will be rescheduled to a date in mid-late October, after the dispute between Mayne Pharma and Cosette has been determined by the Court. The FIRB approval necessary for the scheme to proceed remains outstanding as at the date of this report and needs to be obtained prior to the scheme being implemented. Any material changes to the anticipated timetable or material matters related to the scheme will be announced by Mayne Pharma through the ASX announcements platform. 19 to 27, 16 and 17 17 Mayne Pharma Annual Report 2025 9 Mayne Pharma Group Limited Financial Statements for the year ended 30 June 2025 3 Product acquisitions On 22 April 2025 Mayne Pharma announced the acquisition and licence of the US rights to TWYNEO® and EPSOLAY®. TWYNEO® (tretinoin and benzoyl peroxide) Cream, 0.1%/3% is manufactured pursuant to NDA 214902 and is indicated for the topical treatment of acne vulgaris in adults and paediatric patients 9 years of age and older. EPSOLAY® is manufactured pursuant to NDA 214510 and is indicated for the treatment of inflammatory lesions of rosacea in adults 18 years of age and older. PRINCIPAL ACTIVITIES Mayne Pharma is an ASX-listed specialty pharmaceutical company focused on commercialising branded women’s health and dermatology pharmaceuticals. Mayne Pharma has a 40-year track record of innovation and success in developing new oral drug delivery systems and these technologies have been successfully commercialised in numerous products that continue to be marketed around the world. Mayne Pharma has a product development and manufacturing facility based in Salisbury, Australia with expertise in the formulation of complex oral and topical dose forms including modified-release products and poorly soluble compounds. REVIEW OF OPERATIONS AND LIKELY DEVELOPMENTS Summary of financial performance Set out below is a summary of the financial performance attributable to Mayne Pharma shareholders for the 2025 financial year (FY25) compared to the prior corresponding period (pcp). This summary includes non-IFRS Accounting financial information that is stated excluding certain non-operating income and expense items. The results are set out this way as the Directors consider them to be a meaningful comparison from period to period that are useful for the users of this financial report as they provide additional and relevant information that reflect the underlying performance of the business. Key measures of earnings considered by management in operating the business and assessing performance are earnings before interest, tax, depreciation, amortisation and impairment (‘EBITDA’) and Adjusted EBITDA. SALES AND PROFIT 2025 $M 2024 $M CHANGE ON PCP $M Reported Revenue continuing operations 408.1 388.4 19.7 Reported Gross profit continuing operations 247.3 218.8 28.5 Reported Gross profit % 60.6% 56.3% Adjusted EBITDA 47.0 22.9 24.1 Adjustments1 (28.6) (115.4) 86.8 Reported EBITDA continuing operations 18.4 (92.5) 110.9 Depreciation / Amortisation (69.3) (68.5) (0.8) Reported Profit / (Loss) Before Interest and Tax from continuing operations (50.9) (161.0) 110.1 Net interest (expense) / income (0.1) 2.4 (2.5) Foreign exchanges gains/(losses) financing activities 2.5 (1.1) 3.6 Earn-out & deferred consideration liabilities discount unwind (34.8) (30.3) (4.5) Reported Profit / (Loss) Before Tax continuing operations (83.3) (190.1) 106.8 Income tax credit / (expense) (6.8) 21.5 (28.3) Reported Net Profit / (Loss) After Tax attributable to Mayne Pharma shareholders continuing operations (90.1) (168.6) 78.5 1. Current year adjustments are included in the table below. The reconciliation of reported results (from continuing operations) and adjusted results for the current year is as follows: SALES AND PROFIT REPORTED ATTRIBUTABLE TO MEMBERS JUNE 2025 $M EARN-OUT REASSESSMENTS1 $M RESTRUCTURING2 $M DILIGENCE & TRANSACTION EXPENSES $M DERIVATIVE FAIR VALUE ADJUSTMENT4 $M LITIGATION5 $M ADJUSTED JUNE 2025 $M Revenue 408.1 408.1 Gross profit 247.3 247.3 Gross profit % 60.6% 60.6 EBITDA 18.4 16.6 1.6 8.5 (1.7) 3.5 47.0 Depreciation / Amortisation (69.3) (69.3) Asset impairments PBIT (50.9) 16.6 1.6 8.5 (1.7) 3.5 (22.3) Net finance costs (32.4) (32.4) PBT (83.3) 16.6 1.6 8.5 (1.7) 3.5 (54.7) 1. Non-cash debit arising from the net increase in earn-out and deferred consideration liabilities with the majority relating to ANNOVERA®. 2. Restructuring costs related to organisational transformation to simplify the operating model. 3. Diligence and transaction costs including litigation costs related to the SID entered with Cosette. 4. Fair value adjustment relating to the convertible notes derivative. 5. Drug pricing and health care investigations, US Department of Justice and related litigation costs. Mayne Pharma Annual Report 2025 10 Directors’ Report continued Mayne Pharma Group Limited Financial Statements for the year ended 30 June 2025 4 Review of operations The Group recorded revenue for continuing operations of $408.1m, up 5.1% on the pcp and gross profit for continuing operations was $247.3m, up 13.0% on pcp. Gross profit margin for continuing operations as a percentage of revenue was 60.6% (2024: 56.3%) which reflects the growth of the Women’s Health business (higher relative profitability business). The reported loss before tax from continuing operations was $83.3m and the net loss after tax was $90.1m. The impact of exchange rate movements on the Company’s balance sheet is recognised in the Foreign Currency Translation Reserve (FCTR) which increased by $5.8m during the year. Expenses Research, development medical and regulatory affairs expense (total costs less amounts qualifying for capitalisation) were $17.9m, a decrease in the expense of $2.3m (11%) on the pcp. JUNE 2025 $M JUNE 2024 $M Total R&D, medical and regulatory affairs costs incurred 18.1 20.2 Development costs capitalised (0.2) - R&D, medical and regulatory affairs expensed 17.9 20.2 Marketing and distribution expenses increased by $6.3m (5%) to $136.8m. The majority of marketing and distribution costs relate to the US businesses and hence are subject to currency rate translation – the currency translation impact was to increase the FY25 expense by $1.6m (compared to FY24 translation rate). In USD terms marketing and distribution costs increased by US$2.4m due to increased activity for Adelaide Apothecary and continued development of Women’s Health assets with costs such as speaker programs and samples. Finance costs of $37.3m (2024: $36.1m) include the unwinding of discounts associated with earn-out liabilities and deferred liabilities which increased to $34.8m from $30.3m in the pcp. The earnouts discount unwind includes NEXTSTELLIS® $11.8m (2024: $12.1m) and TXMD $22.0m (2024: $16.3m). Included in finance costs are foreign exchange losses relating to financing activities of $2.5m gain (2024: $1.1m loss) There were no impairments in the current period (2024: $nil). Administration and other expenses decreased by $19.3m to $128.6m. This category includes non-cash and other non-operating items such as: • Amortisation of intangible assets which was $61.0m (2024: $59.7m); • Class Action Settlement (net of insurance recovery) nil (2024: $33.3m); • Share based payments expense of $4.0m (2024: $4.1m); • Drug pricing investigations and related litigation costs of $3.5m (2024: $1.3m); • Diligence and transactions costs including litigation costs related to the SID entered with Cosette of $8.5m (2024: nil); • A specific doubtful debt nil (2024: $7.8m); • Foreign exchange losses of $0.3m (2024: nil); • Fair value movement on a derivative of $1.7m gain (2024: $2.8m gain); and • Restructuring expenses of $1.7m (2024: $0.9m). Excluding these items, administration and other expenses were $51.3m compared to $51.4m in 2024. Tax Tax expense of $6.8m for continuing operations and tax benefit of $1.1m for discontinued operations comprised: • Current period income tax expense for the year to 30 June 2025 of $0.5m; • A decrease in current year tax benefit in respect of prior years of $0.5m; and • Deferred income tax expense of $4.7m. Mayne Pharma Annual Report 2025 11 Mayne Pharma Group Limited Financial Statements for the year ended 30 June 2025 5 Financial position Set out below is a summary of the financial position as at 30 June 2025 compared to the position as at 30 June 2024. BALANCE SHEET EXTRACT 2025 $M 2024 $M CHANGE ON PCP $M CHANGE ON PCP % Cash 59.8 110.1 (50.3) (46) Marketable securities 40.6 39.2 1.4 4 Receivables 180.6 193.2 (12.6) (7) Inventory 50.6 74.6 (24.0) (32) Income tax receivable 1.3 14.5 (13.2) (91) PP&E 53.1 46.7 6.4 14 Intangible assets 545.8 568.6 (22.8) (4) Other assets 82.8 96.3 (13.5) (14) Total assets 1,014.6 1,143.2 (128.6) (11) Interest-bearing debt (including lease liabilities) 41.3 38.8 2.5 6 Trade and other payables 174.3 244.5 (70.2) (29) Other financial liabilities 409.1 381.8 27.3 7 Other liabilities 19.6 23.9 (4.3) (18) Total liabilities 644.3 689.0 (44.7) (6) Equity 370.3 454.2 (83.9) (18) The material changes to the operating assets and liabilities of the business were as follows: Cash Cash decreased by $50.3m to $59.8m compared to 30 June 2024. In addition to cash, the Company also holds marketable securities of $40.6m which increased compared to 30 June 2024 by $1.4m. Inventory, receivables and trade payables Receivables reduced during FY25 providing a cash release of $12.6m (excludes the insurance receivable included in FY24 balance of $4.7m). Inventory also decreased significantly providing a cash release of $25.8m as a result of general inventory efficiency improvements. These decreases occurred while revenue increased. Trade and other payables reduced as a result of lower inventory levels and in FY24 there was a delay in invoicing by certain vendors which are now current. Intangible assets Intangible assets decreased by $22.8m compared to the balance at 30 June 2024. The movement comprised of: • An increase of $26.0m for the TWYNEO® and EPSOLAY® acquisition;