Announcement PDF At the forefront of microbiome diagnostics & therapeutics Strategic Investment & Equity Raise Presentation ASX: MAP 23 JUNE 2025 Not for release to US wire services or distribution in the United States Authorised for release by the Board of Directors Disclaimer 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 this Presentation, being 23 June 2025. Microba may in its absolute discretion, but without being under any obligation to do so, update or supplement this presentation. 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You are cautioned not to place undue reliance on any Forward Looking Statements. Forward Looking Statements in this Presentation are based on assumptions and contingencies which are subject to change without notice. Refer to slide 49 - 55 for details of the assumptions and risks underpinning the Forward Looking Statements that consists of the forward financial information contained in this Presentation. Actual results, performance or achievements may vary materially from any Forward Looking Statements and the assumptions on which statements are based. The Forward Looking Statements in this Presentation are based on information available to Microba as at the date of this Presentation and nothing in this Presentation should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. Except as required by law or regulation, Microba undertakes no obligation to provide any additional or updated information whether as a result of new information, future events or results or otherwise. Financial data – All dollar values in Australian dollars (A$ or $) unless otherwise stated. Recipients should note that this Presentation contains historical, pro-forma and forward financial information. The historical financial information for the 12 months ended 30 June 2024 has been prepared based on audited financial information financial information. The historical financial information for the 6 months ended 31 December 2024 has been prepared based on reviewed financial information. The historical financial information provided in this Presentation is for illustrative purposes only and is not represented as being indicative of Microba’s views on its future financial condition and/or performance. Also included is forward financial information for the 12 months ended 30 June 2025 (FY25), 30 June 2026 (FY26) and a forward strategic objective for the next approximately 3 financial years (Forward Strategic Objective) (together the "Forward Financial Information"). The FY25 financial information is based on revenue guidance released to the ASX on 30 April 2025 and has not been independently reviewed. The FY26 financial information and Forward Strategic Objective is solely based on core test volumes. Refer to slide 55 for details of the assumptions underpinning the FY26 financial information and Forward Strategic Objective. The Forward Financial Information is provided on the basis of the general 'forward performance' disclaimer on Forward Looking Statements, as detailed above. The pro-forma financial information, setting out the impact of the Equity Raise' on the 31 March 2025 cash balance is based on unreviewed financial information contained in the quarterly report for the financial quarter ended 31 March 2025 (released to the ASX on 30 April 2025) has not been reviewed. Trademarks – This Presentation may contain trademarks, trade names and copyrights of other companies, which are the property of their respective owners. Solely for convenience, some of the trademarks, trade names and copyrights referred to in this Presentation may be listed without the © or ® symbols, but Microba asserts, to the fullest extent under applicable law, the rights of the applicable owners, if any, to these trademarks, trade names and copyright. Disclaimer - Except for any statutory liability which cannot be excluded, Microba, its related bodies corporate and their respective officers, employees and advisers expressly disclaim all liability (including negligence) for any direct or indirect loss or damage which may be suffered by any person in relation to, and take no responsibility for, any information in this Presentation or any error or omission therefrom, and make no representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of this Presentation. 2 Investment Highlights 3 Global diagnostics leader continuing to invest for future Large addressable market with latent demand Accelerating sales and clinical adoption Major shareholder and partner, Sonic Healthcare, investing up to an additional $8m, totaling ~$30.1m1 over 3 years, validating Microba’s leading market position. $25b2 initial TAM addressing an 82 million global patient population with gastrointestinal disease. Clinicians and patients are desperate for an effective solution. $15.4m - $16m in FY25 revenue, and over >145% core product growth YoY. Sales and clinician adoption continuing to increase through a scalable product-accelerated growth model. Major catalysts upcoming. Break-even in AU and UK Scalable growth and expanding operating leverage Clear ~3 year strategic objective Growth strategy set to continue accelerating growth and unlock expanded TAM to achieve regional break-even milestones in Australia & United Kingdom by the end of FY26. Building product accelerated and product-led growth platforms that scale beyond sales force leveraging a combination of SaaS and medical sales best practice. Strong penetration of innovator & early adopter clinicians leveraging 5 key pillars across 4 core regions, to achieve Group EBITDA break-even. 1. Includes $17.8m in November 2022, $4m in October 2023 and up to $8.3 million in this June 2025 Equity Raising 2. Market sizing assumptions and methodology are outlined in detail on Slide 57. 4 SECTION 1 Pathway to scale Strategic Objective – regional & group breakeven “We are building the platform for personalised, microbiomebased healthcare.” 5 ~3 Year Strategic Objective FY26 FY25 Grow early clinical adoption. UK market expansion. >145% Expand clinical adoption. Break-even in Australia & United Kingdom1. Break-even Group EBITDA >100% YoY core test growth YoY core test growth $15.4 - $16m Regional Break-even Forecasted Revenue In Australia & United Kingdom1 12,000 - 13,000 >24,000 Core test volume Strong penetration of innovator & early adopter clinicians. Transformative patient outcomes across core regions. Core test volume Australia Strong YoY growth United Kingdom Strong YoY growth United States Momentum in first state Europe Momentum in first country The information on this slide includes forward financial information (Forward Financial Information). The Forward Financial Information has been prepared by Microba Life Sciences Ltd based on management best estimate assumptions which relate to future event(s) that Microba expects to occur and actions that Microba expects to take and are also subject to uncertainties and contingencies, which are often outside the control of Microba. While all reasonable endeavours have been made to ensure both the robustness of the assumptions on which the Forward Financial Information is based and that such assumptions are true, complete and accurate, such assumptions are generally future-oriented and therefore speculative in nature. 'Refer to slide 49 - 55 ('Key Risks and Forward Financial Information Assumptions') for detail on both the assumptions and risks underpinning the FY26 numbers and ~3 Year Strategic Objective. 5 key pillars and strengths of our ~3-year strategic plan to deliver continued strong growth 1 Large Scale Latent Demand 2 Efficient Growth Engines 3 Essential Clinical Utility 4 SaaS Style Retention 6 5 Powerful Moats Clinicians and patients are desperate for an effective microbiome solution Product-accelerated growth driving sustainable scale Clinically valuable & actionable results without training & human support Comprehensive UX creates deep customer relationships & retention Multiple flywheels & data/tech advantages create strong competitive moats Growth in clinical evidence is driving acceptance of the microbiome as critical to health and disease management. Clinician and patient demand for microbiome testing is growing rapidly. They are ready to adopt clinical-grade solutions they can trust. 1:1 sales alone is slow and costly. Instead, we are executing a productaccelerated growth model to efficiently scale and achieve operational leverage. Instant selfserve signup, always-on growth funnels, automated lifecycle marketing, AI pre and post sales support, built-in collaboration features and more. While demand is strong, most healthcare professionals do not understand the microbiome and metagenomics (it is essentially a whole new organ they did not learn about it in medical school). A technically rich, visually beautiful, self-describing report that provides clear insights and actions is the answer. From first test referral to patient treatment adherence. A comprehensive software-defined user experience using best practice consumer techniques supports clinicians and patients at scale. This allows us to own clinician and patient relationships driving lower CAC and increased LTV. We are organically and actively building moats around the business using proprietary data, bioinformatics technology and flywheels. Our growing proprietary microbiome dataset and productled network effects are expanding durable moats around our business. The market is big, and we only need to capture a small amount to impact at scale Top-down, bottom up, primary, secondary and tertiary research methodologies were used to quantify the market size1 7 Future Addressable Market All flavours of pie. 7 major markets. Top 10 indications. Established in clinical practice guidelines with reimbursement, routine use for GI disorders. Est. 729B tests p.a. / $125B Total Addressable Market TAM $25B 82m tests p.a. 800% 100% The entire pie 7 major markets. 1 indication – GI disorders. Established in clinical practice guidelines with reimbursement, routine use. Serviceable Addressable Market 22% The slice of the pie we can target in the near term. Top 5 focus markets. 1 indication – GI disorders. Innovators into early majority. SAM 18m tests pa Serviceable Obtainable Market 2% The portion of that slice we expect to eat in the near term Top 5 focus markets. 1 indication – GI disorders. Innovators & early adopters only. Cash pay only. ~3-year Target SOM 2m tests p.a. We are here today 1Market sizing assumptions and methodology are outlined in detail on Slide 57. Scalable product-accelerated growth and strong net revenue retention drive increasing operating leverage Growth & Unit Economics Formula Customer & Market Growth ↑ Increase referring HCPs - Maintain average referrals per HCP ↑ Increase regions Unit Economics & Profitability ↑ Average order value (AOV) ↓ Decrease customer acquisition cost (CAC) ↑ Increase customer lifetime value (LTV) ↑ Platform efficiency / ↓ Cost to serve = ↑ Revenue ↑ Gross margin (GM) ↑ Operating leverage ↑ EBITDA Supported by the product roadmap and scalable productaccelerated growth model. “We are forecasting strong and enduring yearon-year growth, driven by increasing market adoption and the scalable economics of our core product and growth platforms. Our disciplined investment approach supports targeted market expansion while maintaining tight control of operating costs. This positions us to deliver revenue growth ahead of expense growth, resulting in expanding operating leverage over time.” James Heath - CFO 8 Strong clinical adoption & accelerating growth 9 Leveraging 7 years of development at the forefront of microbiome testing Growth Core diagnostic tests & clinical software winning a major new $25B diagnostic category 3x landmark clinical study results $1,800,000 $1,600,000 MetaXplore – UK Early Access $1,400,000 $1,200,000 MetaXplore – Expert Summary Feature $1,000,000 $800,000 $600,000 $400,000 $200,000 $0 Legacy $3,000,000 (e.g. Research services, UK EcologiX test, AU Insight test) $2,000,000 Legacy services being phased out. $2,500,000 $1,500,000 $1,000,000 $500,000 $0 Note: above does not include an enduring Base revenues from nutritional supplements, global partners and other sources MetaPanel launch MetaXplore launch Founded and operated by deep bench of world-class leaders Dr Luke Reid Chief Executive Officer Mr James Heath Chief Financial Officer Scientific Advisors Prof. Gene Tyson Microbial ecologist and bioinformatician Microba Co-Founder, Laureate Professor at QUT Prof. Phil Hugenholtz Microbiologist Microba Co-Founder, Laureate Professor at UQ Mr Eric Davis Chief Growth Officer 10 Mr Alaster Stockwell-Jones UK Commercial Director Medical Advisors Prof. Ian Frazer AC Clinical Immunologist Gardasil Inventor Dr. Stephen Fairy Anatomical Pathologist Sonic Healthcare CMO Prof. Paul Griffin Prof. Nick Talley Infectious Disease Specialist Gastroenterologist Director of ID Mater Hospital Laureate Professor at UNSW A/Prof. Jake Begun Gastroenterologist Director of Gastro at Mater Hospital 11 SECTION 2 Product-accelerated growth Moving from left to right through the adoption curve, one feature at a time, with increasing efficiency Product-Accelerated Growth 12 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 are primarily addressed by building better software that make our testing products easier to understand and use in a clinical setting. Low Scepticism High Scepticism E.g. Innovative IFM clinician E.g. Traditionalist GP Low Interpretability Demands High Interpretability Demands Low Actionability Demands High Actionability Demands Low Business Integration Demands High Business Integration Demands Low Workflow Integration Demands High Workflow Integration Demands Product-Accelerated Growth 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 findings, Suggested Actions E.g. Paid by Clinic, PMS integration E.g. Report Sharing, Refer to Specialist Combine multiple markers into smart, clear, synthesized, clinical findings in the context of the patient. Advanced scientific and medical logic with beautiful design that prioritise treatment actions and enable clinicians to design a personalized care plan. Clinic features that enable more seamless integration with their business models (E.g. including our test in their care packages). Patient treatment requires a multi-disciplinary care team enabled by multiple collaboration features including rapid referrals to trained specialists. 13 Product-Accelerated Growth Driving down CAC with marketing and product efficiency Sales-Influenced Growth Product-Assisted Growth Product-Led Growth Sales Calls, Clinic visits, Lunch & learns, Live Mentoring, Live Education Events, Live support Self-serve education, always-on marketing campaigns, product qualified sales Self-serve onboarding, self-serve support, referral loops Growth is driven primarily by direct relationships and trustbuilding with sales teams. Success depends on personalised engagement, education, and hand-holding throughout the buyer journey. The product supports the sales process by creating early value and engagement, helping to qualify leads before human interaction. Sales teams intervene selectively to accelerate or close opportunities. Growth is driven by the product experience itself—users find value independently, adopt organically, and growth through word-of-mouth. Sales involvement is minimal and typically triggered only by high-value accounts or usage signals. Leading motion Sales-led Marketing-led Marketing & Product-led, Sales Assisted Sales & Support High-touch Medium-touch Low-touch Sales Cycle Months Weeks Days Time to value 2-3 months 4-6 weeks 1-7 days 14 Partner-Accelerated Growth 15 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, clinically trusted, and digitally dominant. It is building the platform for personalised, microbiome-based healthcare.” Luke Reid - CEO Because of this we have attracted some of the largest medical diagnostic companies in the world as partners. In our Go-to-market execution and operational model this provides multiple points of efficiency and leverage. Partnering models Laboratory partner CAPEX efficiency. Scale as software company, not a laboratory services company. Exclusive contracts with trusted, world-leading laboratory partners to outsource wet-lab sample processing to produce the raw data for our testing. We embed our workflows into their laboratory with QC governance and strict SLAs to meet our strict quality requirements. Partners capture a cost-plus service fee. Just signed with Sonic (The Doctors Laboratory) in UK Referral Partner CAC efficiency. Win-win servicing of shared customers. Enabling partners to refer and triage customers to Microba to be fully serviced with the worlds leading clinical microbiome testing. Partners capture a customer referral fee. Active with Sonic in Australia 16 SECTION 3 Therapeutics Attractive upside - leveraging Microba’s leading databank with years of R&D and investment Attractive Upside 17 A pipeline of assets backed by big-data, preclinical and clinical validation, targeting deals • 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 business • Now moved to partnering to provide a return on investment for shareholders • Microbiome therapeutics sector will see upcoming sector deal catalysts, first before end of CY2025 • No further R&D expenditure from FY26 • Recent deal precedents ranging between $1.5 – $11B Therapeutic Assets Upcoming deal Dealcatalysts Catalysts Upcoming 2x 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 these assets would follow. Microba’s leading data-driven platform and live-biotherapeutic assets, are best in class and ready for this deal activity. Microbiotica - Phase 1b First-in-Human trial, COMPOSER-1, for MB310 in ulcerative colitis (UC) patients. Expected to read out before the end of CY25 Vedanta – Global, randomized, double-blind, placebo-controlled Phase 2 study COLLECTiVE202, for VE202 in patients with mild-to-moderate UC. Study scheduled to complete late CY25 LBP = Live Biotherapeutic Product 18 SECTION 4 Strategic Investment & Equity Raise Offer details Up to $8.3m of new strategic investment from major strategic partner, medical diagnostics leader Sonic Healthcare “Our partnership with Microba exemplifies our commitment to invest in cutting edge developments in laboratory medicine. We see microbiome testing becoming a key part of pathology over coming years and are excited about the potential of this partnership and the opportunities that Microba's technology will provide for Sonic’s global operations, our referring clinicians and our patients.” Dr Colin Goldschmidt, CEO of Sonic Healthcare Up to $30.1m investment, with $25.9m committed to date • Nov 2022 – Invest $17.8m to become Microba’s largest shareholder and strategic partner. • Oct 2023 – Invest $4.0m to support Microba to make UK Invivo acquisition. • Mar 2024 – Referral partnership in Australia to support launch Microba’s world first MetaPanel pathogen test. • June 2025 – Invest up to $8.3m, with $4.1m immediately committed. To support Microba’s UK growth acceleration. • June 2025 – Laboratory partnership with Sonic subsidiary in the United Kingdom 19 Equity Raise 20 Placement A Two Tranche Institutional Placement (Placement) to raise A$12.5 million, comprising: • Tranche One of the Placement to raise approximately A$6.046 million using the Company’s Listing Rule 7.1 placement capacity through the issue of 67,177,796 new shares in Microba (New Shares) (Tranche 1 Placement); and • Tranche Two of the Placement to raise approximately A$6.454 million through the issue of 71,711,093 New Shares, subject to shareholder approval to be sought at General Meeting expected to be held in August 2025 (Tranche 2 Placement). Offer Pricing The Offer price of $0.09 per share represents a: • 21.7% discount to the last closing share price of $0.115 per share on Wednesday 18 June 2025; • 25.9% discount/premium to the 5-day VWAP of $0.122 per share; and • 30.8% discount/premium to the 15-day VWAP of $0.130 per share. Underwritten Share Purchase Plan • The Company intends to offer eligible shareholders the opportunity to participate in an underwritten Share Purchase Plan (SPP) and apply for up to A$30,000 of New Shares, targeting A$2.0 million. • The SPP will be offered on the same terms as the Placement being A$0.09 per New Share, and receive the 1:2 Attaching Options as referenced below The New Shares and Attaching Options under the SPP and Options under the SPP and placement will be offered under a transaction-specific prospectus pursuant to section 713 of the Corporations Act 2001 (Cth) (Prospectus). Attaching Options • New Shares issued under the Placement and SPP will include one (1) free attaching unlisted option for every two (2) New Shares Issued, exercisable at A$0.14, expiring two (2) years from the date of issue (Attaching Options). • All Attaching Options will be subject to shareholder approval at a General Meeting. • The Attaching Options under the Placement will be also offered under the Prospectus. Use of Proceeds Proceeds from the Placement will be used to rapidly advance Microba’s commercialisation of its core tests MetaXplore and MetaPanel including: • Advancing the product development roadmap to support expanded clinical adoption in Australia and the UK • Advancing scalable sales, marketing and commercial operations in Australia and the UK • Developing targeted clinical evidence to underpin the product roadmap and drive clinical adoption • Strengthening working capital and balance sheet flexibility • Offer Costs Any funds raised via the SPP will be allocated to working capital. Joint Lead Managers and underwriters of the SPP Canaccord Genuity (Australia) Limited and Morgans Corporate Limited Timetable Event Trading Halt Record Date for entitlement to participate in SPP 21 Date Thursday, 19 June 2025 Friday, 20 June 2025 Trading Halt lifted and announcement to ASX of the Placement and SPP Monday, 23 June 2025 Settlement Date of New Shares - Tranche 1 Placement Thursday, 26 June 2025 Issue of New Shares - Tranche 1 Placement Lodgement of the Prospectus - SPP (Shares and Attaching Options) and the Attaching Options for the Placement Offers open under the Prospectus Friday, 27 June 2025 Friday, 27 June 2025 Dispatch Notice of Meeting (NoM) Tuesday, 8 July 2025 Offers close under the Prospectus Wednesday, 6 August 2025 Extraordinary General Meeting (EGM) - to approve New Shares under Tranche 2 Placement, all Placement Attaching Options and the New Shares and Attaching Options under the SPP Settlement Date of New Shares under Tranche 2 of the Placement Issue of New Shares under Tranche 2 of the Placement, New Shares under the SPP Offer and the issue of all Attaching Options under the Placement and SPP Commencement of trading of New Shares issued under the SPP Friday, 8 August 2025 Tuesday, 12 August 2025 Wednesday, 13 August 2025 Thursday, 14 August 2025 Sonic Healthcare investment details • Strategic Investment Overview Terms • Microba’s relationship with key partner and largest shareholder, Sonic Healthcare, further strengthened through a strategic investment to accelerate growth in the UK market with a total investment of up to $8.3m (£4m1), with an initial commitment of ~A$4.167m (to be paid across Tranche 1 and Tranche 2 of the Placement. The UK is a key market for commercialisation of Microba’s diagnostic products representing an estimated > $1B USD market opportunity. Sonic’s participation in the Equity Raising will occur across three tranches: Tranche 1 Investment - $4.167 million (£2m1) - Shares • Approximately $4.167 million (£2m1) will be settled concurrently with other investors under Tranche 1 and Tranche 2 of the Placement. Tranche 2 Investment - $4.16 million1 (£2m) – Option2 • Subject to Shareholder approval, Microba will issue Sonic with 1 Sonic Option exercisable within 17 months following its issue. The Sonic Option entitles Sonic to subscribe for: • fully paid ordinary shares in the capital of Microba (Shares) with such number of Shares calculated by dividing the $A equivalent of £2m (with the GBP/AUD exchange rate detailed in the Notice of Meeting) by the greater of: • 90% of the 30-day VWAP calculated for the 30 days prior to the date on which Microba receives an Exercise Notice fro