Announcement PDF PART B: Diagnostics Growth & Metrics SECTION 4 Our Diagnostics Growth A rapidly growing business on track for exponential growth 57 Our North Star Metric Global impact through 1 million tests 59 SUB-SECTION 4.1 Sales Growth MetaXplore Traction – Australia 60 Australian MetaXplore sales growth momentum continues to accelerate 3,000 12,000 2,500 10,000 2,000 8,000 1,500 6,000 1,000 4,000 500 2,000 0 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Test Kits Sold Tests Sold Australia Quarterly Annualised Run Rate * Jan + Feb 2 months of Q3 FY25 only JAN FEB JAN+FEB * FY25* 0 Quarterly Annualised Run-Rate Tests Sold MetaXplore Australia – Test sales and annualised run-rate • Sales continuing to accelerate with another record month in February. • Underpinned by growth in both ordering clinicians and orders per clinician MetaXplore Australia Traction – Key Metrics Driving fully converted clinician accounts and patient referrals Unaware Unaware Problem Aware Whole Microbiome Curious Solution Aware MetaXplore Undecided Product Aware MetaXplore Engaged Most Aware MetaXplore Converted 7.3 test referrals per month* Average Monthly Active Converted Clinician Referral Rate *As @ 28 Feb 2025 61 MetaPanel Traction – Australia 62 MetaPanel Test Sales Australia 250 • New field sales reps onboarded in NSW, trained and deployed in market since late November 2024 • NSW sales rep activity already delivering 6-8 clinician meetings per day aligned to rep targets and industry best practice • Consistent positive feedback received from clinicians on unmet need and clinical value of the test 200 150 100 50 0 Q3FY24 Australia Q4FY24 Q1FY25 Q2FY25 *Jan – Feb using 2 months period of Q3 FY25 only JAN + FEB* JAN FEB FY25* MetaPanel Traction – Key Metrics Driving fully activated clinician accounts and patient referrals Unaware Unaware Problem Aware Whole Microbiome Curious Solution Aware MetaPanel Undecided Product Aware MetaPanel Engaged Most Aware MetaPanel Converted 2.5 test referrals per month* Av Monthly Active Converted Clinician Referral Rate *As @ 28 Feb 2025 63 MetaXplore Traction – United Kingdom 64 Strong MetaXplore early access traction moving to full market access by end of FY25 MetaXplore UK Test Sales 100 • Strong MoM sales growth from a limited set of key clinicians participating in the Early Access Program which commenced in October-2024. • Clinician accounts participating in the Early Access Program have delivered test referral rates similar to Australia, demonstrating healthy initial traction and market acceptance. • This has provided validation to expand and include additional clinicians in the Early Access Program, and accelerate to full market access by end of FY25 90 80 70 60 50 40 30 20 10 0 Nov-24 Dec-24 United Kingdom Jan-25 Feb-25 March MTD* March - MTD (16th) *March Month-To-Date as at 19 March 2025 MetaXplore United Kingdom Traction – Key Metrics Driving fully activated clinician accounts and patient referrals Unaware Unaware Problem Aware Whole Microbiome Curious Solution Aware MetaXplore Undecided Product Aware MetaXplore Engaged Most Aware MetaXplore Converted 6.0 test referrals per month* Av Monthly Active Converted Clinician Referral Rate *As @ 28 Feb 2025, removing high ordering outliers 65 66 Doubling down on the $25B opportunity Evolution of product and revenue mix Microba’s testing business evolution into a next-generation medical diagnostics provider 67 IPO Jun 2018 Insight non-diagnostic test launched directly to consumers Jul 2020 Agreement with Europe’s largest medical diagnostics company SYNLAB. [commercialisation delayed by COVID-19] Dec 2021 Laboratory receives NATA ISO15189 accreditation for MetaPanel, and future diagnostics. Apr 2022 Microba lists on ASX Nov 2022 Strategic investment & agreement with global medical diagnostics leader Sonic Healthcare Oct 2024 MetaXplore Early access in United Kingdom to select healthcare professionals Mar 2024 MetaPanel launched March 2024 in Australia through the Sonic Healthcare network Dec 2023 Acquisition of UK microbiome company Invivo Clinical in late 2023 Mar 2023 MetaXplore diagnostic launched in Australia to healthcare professionals Doubling down on the $25B opportunity Focusing the Product Portfolio Product Description MetaXplore The most comprehensive test available to support diagnosis and management of functional gastrointestinal disorders MetaPanel A world-first NATA accredited test for diagnosing gastrointestinal pathogens. Ecologix Basic microbiome tests spanning GI, Vaginal, Oral & Urinary testing and a small assortment of tests from other providers distributed through Invivo. Acquired in UK Invivo acquisition in Dec 2023 with plan to replace with Microba world leading diagnostic tests. Insight Non-diagnostic consumer microbiome test. Enabled Microba to stand up a metagenomic microbiome test and develop it’s world class diagnostic products. Research Services Delivering professional contract research services to corporates and research institutes using Microba’s leading technology and capability Strategy Growth acceleration Launched March 2023 in Australia. Early access commenced in UK in Oct 2024. Key revenue growth driver in Australia and the United Kingdom, and in further key international markets in the future. Growth acceleration Launched March 2024 in Australia in partnership with Sonic Healthcare. Key revenue growth driver in Australia, and in key international markets in the future. Migration to MetaXplore across CY2025 Ecologix revenue in the UK expected to end by Dec 2025, and be replaced by MetaXplore. Migration to MetaXplore in Australia Insight revenues in Australia ended Dec 2024, and being migrated to MetaXplore. International partner Insight revenues to continue. Divested Divested in October 2024 to allow Microba to allocate 00% of its testing operations and business development resources to the growth of its core diagnostic microbiome testing business 68 Evolution of Testing Product Revenue Mix 69 Sharp focus on key diagnostic testing products Research - Divested Transferred to CMC in October 2024. Approx. $1m in revenue has been recognised from October 2024 to Feb 2025. No further material revenue is forecast from March 2025 onwards. 100% Testing Product Revenue as % of Total 90% Insight – Migration to MetaXplore in Australia 80% 70% Insight revenues in Australia ended Dec 2024, and migrated to MetaXplore. International partner Insight revenues to continue. 60% EcologiX~ – Migration to MetaXplore across 2025 Acquired in UK Invivo acquisition in Dec 2023. Ecologix revenue in the UK expected to end by Dec 2025 and be replaced by MetaXplore. 50% 40% MetaPanel – Growth acceleration 20% Launched March 2024 in Australia in partnership with Sonic Healthcare. Key revenue growth driver in Australia, and in key international markets in the future. 10% MetaXplore – Growth acceleration 30% 0% FY22 FY23 MetaXplore FY24 ^ MetaPanel 1H H1FY25 * EcologiX Insight JAN + FEB Jan-Feb FY25 ** Launched March 2023 in Australia. Early access commenced in UK in Oct 2024. Key revenue growth driver in Australia and the United Kingdom, and in further key international markets in the future. Research ^ Invivo settlement took effect on 5 December 2023, * H1 FY25, ** Jan + Feb 2025 (2 months of Q3FY25 only), ~ Ecologix includes whole Ecologic range + other distributed tests in the UK. Evolution of Total Revenue Mix 70 Revenue transition aligned to sharp focus on key diagnostic testing products $16,000,000 • In CY2025 we will complete the transition of our testing business to 100% focus on our diagnostic tests MetaXplore and MetaPanel, and the $25B market opportunity they represent $8,000,000 • H1 revenue saw strong growth $6,000,000 • H2 is expected to experience strong growth of core diagnostic product lines in conjunction with the migration from legacy product lines $14,000,000 Total Revenue $12,000,000 $10,000,000 $4,000,000 $2,000,000 $- MetaXplore FY22 MetaPanel FY24 ^ FY23 Supplements EcologiX* Insight Research 1H H1FY25 * * EcologiX includes whole EcologiX range + other distributed tests in the UK. ^ FY24 reflects Invivo revenue contribution from point of acquisition which settled on 5 December 2023 Evolution of UK Test Sales across CY2025 71 Migration of customers and sales to MetaXplore MetaXplore UK adoption vs EcologiX GI 100 90% 90 80% 80 70% 70 60% 50% 40% 20 10% 10 FY24^ EcologiX GI Other JAN JAN ++ FEB FEB JAN-FEB FY25 ** * MetaXplore 15% 40 20% H1 FY25 H1FY25 * 20% 50 30 0 • Legacy testing products are being sold in the UK as a part of the Invivo acquisition • The migration of customers over to MetaXplore is underway and is expected to complete by end of CY2025 • The MetaXplore early access program growth and referral from only a limited set of clinicians supports this transition • Aligned to this, the team are accelerating to full market access for MetaXplore by end of FY25 25% 60 30% 0% 30% 10% 5% Nov-24 Dec-24 Jan-25 Feb-25 MetaXplore MAR March MTD JAN MTD + FEB MetaXplore Tests Sold as % of Total GI Tests Sold 100% MetaXplore Tests Sold UK Testing Product Revenue as % of Total UK Test Sales Mix 0% **** % Total GI Tests ^ FY24 proforma for full ownership of Invivo (settlement took effect in December), * H1 FY25, ** Jan + Feb 2025 (2 months of Q3FY25 only), *** Mar 1 to 19 2025 72 Summary Key Take Home Messages 73 • The market for this new diagnostic category of microbiome testing is potentially worth more than $100B • Our focus today is patients with unresolved GI disease, a $25B market opportunity • 2 world leading products addressing these patients – MetaPanel & MetaXplore • A world class product engine – continuously improving products and shipping value one facet at a time • Scalable growth engine with multiple channels and tactics, and a staged approach to customers & regions • Partnerships with two of the world’s largest medical diagnostic co’s - Sonic Healthcare & SYNLAB • All driving to a north star metric of 1 million tests • Accelerating traction in our first two markets – Australia & United Kingdom, USA to follow • Doubling down by focusing on the products designed for scale – replacing old product lines 74 Q&A 75 Thank-you