MICROBA LIFE SCIENCES LIMITED — Investor Presentation 2026

Jan 28, 2026

ASX Announcement 29 January 2026

==> picture [171 x 53] intentionally omitted <==

Q2 FY26 Quarterly Investor Presentation & Webinar

Microba Life Sciences Limited (ASX: MAP) (“Microba” or the “Company”) is pleased to provide below its Q2 FY26 Investor Presentation and Investor Webinar with CEO, Dr Luke Reid presenting.

Quarterly Investor Webinar

Presented by: CEO, Dr Luke Reid

Date & Time: 11:00am AEST (Brisbane) / 12:00pm (midday) AEDT (Sydney/Melbourne) on Thursday, 29 January 2026

Webinar Registration : Registration is required to attend the Quarterly Investor Webinar. Please register for the - - - Webinar via Microba’s Investor Hub at the following link: https://ir.microba.com/webinars/LPZmNr q2 fy26 quarterly-investor-webinar

Webinar Recording: A recording will be made available at the same link following the conclusion of the live webinar.

Submit Your Questions

We invite investors and interested parties to submit questions ahead of the Quarterly Investor Webinar through the ‘Ask a question’ section of Microba’s interactive investor platform by following this link: https://ir.microba.com/webinars/LPZmNr-q2-fy26-quarterly-investor-webinar

Stay Informed

To receive notifications when Microba releases its Quarterly Reports & Appendix 4C, Investor Presentations, and other key announcements, sign up to the Microba Investor Hub:

1. Visit https://ir.microba.com/welcome

2. Follow the prompts to sign up for an account.

3. Complete your account profile.

This announcement has been authorised for release by the Board of Directors

For further information, please contact: Dr Luke Reid Chief Executive Officer luke.reid@microba.com https://ir.microba.com/welcome

About Microba Life Sciences Limited

Microba Life Sciences is a precision microbiome company driven to improve human health. With world-leading technology for measuring the human gut microbiome, Microba is driving the discovery and development of novel therapeutics for major chronic diseases and delivering gut microbiome testing services globally to researchers, clinicians, and consumers. Through partnerships with leading organisations, Microba is powering the discovery of new relationships between the microbiome, health and disease for the development of new health solutions. For more information visit www.microba.com

==> picture [61 x 61] intentionally omitted <==

JOIN MICROBA’S INTERACTIVE INVESTOR HUB

For more Company information and to engage with management by asking questions about Microba’s latest announcements and updates, visit ir.microba.com/welcome

Microba Life Sciences Ltd | ABN 82 617 096 652 | L10, 324 Queen Street, Brisbane QLD 4000 Australia | 1300 974 621

==> picture [228 x 71] intentionally omitted <==

Q2 FY26 Results

Building the platform for personalised, microbiome-based healthcare

==> picture [467 x 356] intentionally omitted <==

ASX: MAP 29 JANUARY 2026

Authorised for release by the Board of Directors

1

Disclaimer

==> picture [167 x 52] intentionally omitted <==

This presentation ( Presentation ) has been prepared by Microba Life Sciences Limited ( Microba ).

Summary information - This Presentation contains summary information about Microba and its activities which is current only as at the date of release of this Presentation. Microba may in its absolute discretion, but without being under any obligation to do so, update or supplement this Presentation. The information in this Presentation is of a general nature and does not purport to be complete nor does it contain all the information which a prospective investor may require in evaluating a possible investment in Microba or that would be required in a prospectus or other disclosure document prepared in accordance with the requirements of the Corporations Act 2001 (Cth) ( Corporations Act ).

Industry and market data – In this Presentation, Microba refers to certain market, industry, and statistical data used in connection with this Presentation may have been obtained from research, surveys or studies conducted by third parties, including industry or general publications. Neither Microba nor its representatives have independently verified any such data and no representation or warranty, express or implied, is made as to its fairness, accuracy, correctness, completeness or adequacy. Some data is also based on the good faith estimates of Microba, which are derived its reviews of internal sources as well as the independent sources described above.

Not an offer - This Presentation is not a prospectus or other disclosure document under the Corporations Act and will not be lodged with the Australian Securities and Investments Commission. This Presentation is for information purposes only and is not an invitation or offer of securities for subscription, purchase or sale in any jurisdiction. The distribution of this Presentation (including electronically) outside Australia may be restricted by law. If you come into possession of this Presentation, you should observe such restrictions and should seek your own advice. Any non-compliance with these restrictions may contravene applicable securities laws.

Not investment or medical advice - The information contained in this Presentation is not investment, financial product advice, medical advice or any medical recommendation or recommendation to acquire Shares. This Presentation has been prepared without taking into account your investment objectives, financial situation, medical or any other particular needs This Presentation does not and will not form any part of any contract for the acquisition of shares. Each recipient of this Presentation should make its own enquiries and investigations regarding all information in this Presentation. Before making an investment decision, you should consider whether it is a suitable investment for you in light of your own investment objectives, financial situation and particular needs and having regard to the merits or risks involved. Independent financial advice is recommended.

Future performance - This Presentation contains forward looking statements. Forward-looking statements generally relate to current expectations, hopes, beliefs, intentions, strategies or productions about future events or Microba's future financial or operating performance. For example, statements regarding anticipated growth in the industry in which Microba operates and anticipated growth in demand for Microba's products and services, projections of Microba's future financial results and other metrics are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "pro forma", "may", "should", "could", "might", "plan", "possible", "project", "strive", "budget", "forecast", "expect", "intend", "will", "estimate", "anticipate", "believe", "predict", "potential" or "continue", or the negatives of these terms or variations of them or similar terminology, but the absence of these words does not mean that a statement is not forward-looking. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward looking statements are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance and may involve known and unknown risks, uncertainties and other factors, many of which are outside the control of Microba. You are cautioned not to place undue reliance on any forward looking statement. Forward looking statements in this Presentation are based on assumptions and contingencies which are subject to change without notice. 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 and pro-forma financial information. Any 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.

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

Key Risks & Forward Financial Information Assumptions

==> picture [167 x 52] intentionally omitted <==

Forward Financial Information Assumptions

The achievement of the FY26 forward information & ~3-year strategic objectives detailed in slide 4 is based on the below key assumptions, and deviation in the Company’s ability to achieve or not achieve these key assumptions, may materially affect the Company’s ability to execute these objectives. Refer to slide 2 for the general disclaimer relating to 'future performance'. The assumptions specific to the FY26 forward information & ~3-year strategic objectives are set out below.

FY26 Outlook Assumptions

• YoY core test volume growth of 100% assumes continued clinician adoption growth in Australia and the UK market.

• Increased clinician adoption, including continued growth of new clinician accounts and maintenance of existing test referral rates in Australia & the United Kingdom

  • New product feature releases.

• Assumes that Operating Expenses, Product Development and Corporate Expenditure grow at a rate below revenue growth, enabling operating leverage.

• Assumes that new geographies or product development programs do not materially increase operating expenditure during the period.

Strong YoY Core Test Growth – Australia & United Kingdom – Assumptions

• Growth targets assumed in the Group EBITDA Break-even plan assumes continued strong clinical adoption by innovator and early adopter clinicians and broader market penetration.

• Assumed strong YoY growth is dependent on the availability of sufficient capital to support planned commercial expansion, product development and operational scaling. In the event that capital is not secured at anticipated levels, these objectives may be delayed or may not be achieved.

Initial Market Penetration – United States & Europe – Assumptions

FY26 break-even milestones - Assumptions

• Based on operating break-even at a regional level (forecasted to be achieved at test volumes of >24,000, split across Australia and the UK)

• Break-even figures are on a regional EBITDA basis only and exclude Corporate, Product Development Expenditure and Share Based Payments expense.

• Australia break-even and UK break-even figures are based on forecast test pricing, targeted gross margins, and assumed operating cost structures for each geography.

• Test pricing and gross margins are assumed to remain stable over FY25–FY26, with no material changes.

• Operational costs assume continued efficiencies from fixed infrastructure and modest scaling of commercial and support functions, including advancement and implementation of productassisted/led growth models.

• Assumed core test pricing aligned with existing competitor predicate tests in market.

• Entry into the US and Europe is expected to be limited to one initial geography in each region.

• Assumes Laboratory Developed Test (LDT) regulatory pathway remains accessible in the US, and CLIA accreditation is achieved for Microba central laboratory in Australia to service the initial development of the US market

• Assumes successful establishment of laboratory service partnership and logistics with The Doctors Laboratory (a subsidiary of Sonic Healthcare) to service volume from the UK and Europe

• Assumes supportive regulatory, geopolitical and tariff environment and no material delays in market access.

• Assumes no requirement for reimbursement, cash pay sales are considered only.

• Modest investment has been included, no material CAPEX expenditure has been incorporated, with existing and partner laboratories utilised to service growth in test volume.

• UK break-even assumptions are modelled using an AUD:GBP exchange rate of 0.48.

• Assumes no material disruption from regulatory changes, macroeconomic & geopolitical shifts, or competitive pricing actions.

• Forecasts are contingent on execution of FY26 revenue plan and sufficient capital allocation to support commercial execution and product development.

Transformative Patient Outcomes – Assumptions

• Qualitative and based on the frequency of patient outcomes shown from existing study data on Microba’s core tests, and the anticipated growth in patient test usage and resulting continued growth in clinician adoption

~3 Year Strategic Objective Assumptions

Group EBITDA Break-even - Assumptions

• Group break-even assumes successful execution of the FY26 regional break-even milestones (see above), followed by further scale in existing markets.

3

“We are building the platform for personalised, microbiome-based healthcare.”

FY26

Expand clinical adoption. Break-even in Australia & . United Kingdom[1] >100% YoY core test growth

FY25

Grow early clinical adoption. UK market expansion. 161% YoY core test growth $15.67m Revenue

Regional Break-even In Australia & United Kingdom[1] >24,000 Core test volume

12,631 Core test volume

~3 Year Strategic Objective

Strong penetration of innovator & early adopter clinicians. Transformative patient outcomes across core regions.

Break-even Group EBITDA

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 2 Financial Information Assumptions') for detail on both the assumptions and risks underpinning the FY26 numbers and ~3 Year Strategic Objective.

4

==> picture [144 x 45] intentionally omitted <==

Section 1

Q2 FY26 Financial Highlights

5

Core Testing Volumes up 90% YoY.

Annualised run rate 21,300+

On track for >24,000 core test and regional break-even guidance Microbiome Explorer now 55% of total revenue

Global Core Test Volume

==> picture [286 x 403] intentionally omitted <==

----- Start of picture text -----

6000
+90%
5000
4000
3000
2000
1000
0
Australia United Kingdom
----- End of picture text -----

6

Growth accelerating, and legacy products fully discontinued

==> picture [850 x 421] intentionally omitted <==

----- Start of picture text -----

Growth $5,000,000 +129%
Core tests & clinical software winning
a major new $25B diagnostic $4,000,000
category
$3,000,000
$2,000,000
$1,000,000
$0
H2 FY24 H1FY25 H2FY25 H1FY26
Base $4,000,000
$3,000,000
To continue with opportunity
for future growth. $2,000,000
(Supplements, Strategic International Partners) $1,000,000
$0
H2 FY24 H1FY25 H2FY25 H1FY26
$4,000,000
Legacy
$3,000,000
Products & services now fully discontinued
(Research services, UK EcologiX test, AU Insight test) $2,000,000
$1,000,000
$0
H2 FY24 H1FY25 H2FY25 H1FY26
----- End of picture text -----

7

Chart X-axis are sales in AUD; revenue recognition timing differs.

==> picture [144 x 45] intentionally omitted <==

Section 2

Q2 FY26 Business Highlights

8

==> picture [140 x 45] intentionally omitted <==

Sub-Section 2.1

Key Highlights

9

Diagnostic testing advancement

Microba is creating a new diagnostic category in clinical microbiome testing, which the Company estimates represents a market opportunity exceeding US$100 billion. Category creation requires disciplined execution aligned to the customer adoption curve, progressing from innovators to early adopters and, over time, to broader mainstream adoption. Microba’s strategy is designed to de-risk this process through a structured, region-by-region market development process.

Adoption curve segment	Test grade	AU	UK	US	EU	Description	10
Innovator	Non-clinical	Pre April 2023 (Insight)	Pre May 2025 (EcologiX)	Today with US partner (Insight)	Today with EU partner (Insight)	Deliver non-clinical testing to commence market engagement, develop KOL relationships, establish regional healthy reference ranges.
Innovator	Clinical	April 2023 – Sep 2025 (Microbiome Explorer)	May 2025 – today (Microbiome Explorer)	Next Est. to commence in 2027	Next Est. to commence in 2028	Deliver clinical testing to innovator clinicians and their patients
Early Adopter	Clinical	Sep 2025 – today (Microbiome Explorer)	Next	Later	Later	Deliver clinical testing to early adopter clinicians, expanding into medium to large healthcare clinics and their patients
Early Majority	Clinical	Next	Later	Later	Later	Deliver clinical testing to early majority leveraging deep KOL relationships established in the innovator and early adopter phases. Start to bring in partial reimbursement subsidisation to expand access.
Late Majority	Clinical	Later	Later	Later	Later	Deliver clinical testing to late majority leveraging full reimbursement.

UK adoption outperforming AU adoption by 33%

==> picture [882 x 436] intentionally omitted <==

----- Start of picture text -----

Post launch regional
• Post launch test volume, regional comparison –
Leveraging the existing
comparison – first QTRs
acquired customer base 900 3,500 all time
in the UK, we are
+33%
seeing UK adoption 800 3,000
outperform AU adoption
by 33% at the 700
equivalent time post 2,500
launch. 600
2,000
• We expect this to 500
continue to accelerate
across 2026 leveraging 400 1,500
the historical Invivo
customer base, product 300
1,000
advancement and
200
feature releases, and
global marketing 500
100
efficiency.
0 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q5 Q6 Q7 Q8 Q9 Q10 Q11 Q12
Australia United Kingdom

Full market access
Full market access
Christmas holiday period impact
----- End of picture text -----

11

AI-Driven Transformation: Delivering major efficiency gains and customer value

AI implementation across all business functions is delivering measurable efficiencies, improved customer experiences, and operational advancements that position us for long-term success.

Key examples:

AI customer service agent 71.4% 94.7% of enquiries satisfaction resolved score with AI with AI agent agent service

AI code generation AI science research agent 1.5x 3x 30% 50% Efficiency Efficiency Efficiency Efficiency gain today gain targeted gain today gain targeted

12

New Product Feature Releases

Oral Species Biomarker

Released into Microbiome Explorer November 2025

The new Oral Species biomarker enables practitioners to assess how microbes from the mouth can appear in the gut, identifying a hidden contributor of intestinal inflammation, impacts of PPI use and bacterial load.

This biomarker detects the presence and abundance of over 410 oral-origin species powered by the Oral Species Index (OSI), and is now included in all Microbiome Explorer reports.

13

New Product Feature Releases

Pay on Invoice

Released into Microbiome Explorer November 2025

Pay on Invoice supports enterprise sales workflows and adoption from medium and large clinics together with high volume individual clinicians.

High volume practitioners can now sign a service agreement with Microba, and access 30-day payment terms on invoice for all referred and sold tests.

14

New Product Feature Releases

Sunday collection and simplified instructions

Released into Microbiome Explorer December 2025

Patients can now collect and return their samples on a Sunday. This expands the sampling window, removing a key point of friction in the return process, and improving convenience for patients.

Simplified instructions and improvements were rolled out across all sampling kits, reducing sampling complexity, improving patient confidence at collection, and reducing component costs by ~18%.

Early feedback from these improvements has been positive, with public commentary across social platforms from patients and healthcare practitioners

15

New Microba Brand Launch

==> picture [607 x 341] intentionally omitted <==

Global Microba Brand

Released in November 2025

The Microba brand launch consolidated our global brands, driving operational efficiencies, and increased marketing effectiveness to increase sales and lower costs .

An example of this is through streamlined global lifecycle marketing under the new brand. Microba’s marketing team have already shortened time from practitioner signup to making their first referral: Nov - 12.4 days Dec - 6.2 days Jan - 1.7 days

16

New Product Naming

==> picture [595 x 335] intentionally omitted <==

MetaXplore is now Microbiome Explorer

Released in November 2025

As a part of the new Microba brand launch, we refreshed our product names to make them simpler and clearer. MetaXplore is now known as Microbiome Explorer , available in three variants:

• Microba Microbiome Explorer – Comprehensive (Available in UK + Australia)

• Microba Microbiome Explorer – Essentials (Coming to the UK in Q3)

• Microba Microbiome Explorer – Extended (Coming to the UK in Q3)

17

==> picture [140 x 45] intentionally omitted <==

Sub-Section 2.2

Growth Product Results

18

Growing Microbiome Explorer sales and clinical adoption in Australia

==> picture [516 x 343] intentionally omitted <==

----- Start of picture text -----

Microbiome Explorer Microbiome Explorer
Test Sales Volume (AU) Ordering Clinicians (AU)
10,000 1,400
9,000
8,245 1,200 1,146
8,000
1,035
1,000
7,000 6,673
6,000
800
738
5,000
4,392
600
4,000 526
3,000 2,907 400 387
Q1
2,000 1,782
200
1,000
- -
H1FY24 H2FY24 H1FY25 H2FY25 H1FY26 H1FY24 H2FY24 H1FY25 H2FY25 H1FY26
----- End of picture text -----

• Record Q2 Microbiome Explorer AU tests sales of 4,360

• Q2 Microbiome Explorer AU annualised runrate of 17,440 tests sold

• Q2 Microbiome Explorer AU Ordering Clinicians: 878

• Supported by consistent clinician engagement, focused field activity, ongoing product enhancements, and continued growth in ordering clinicians.

19

Strong progress in UK market development for Microbiome Explorer

==> picture [503 x 331] intentionally omitted <==

----- Start of picture text -----

Microbiome Explorer Microbiome Explorer
Test Sales Volume (UK) Ordering Clinicians (UK)
1800 500
1600 450
1,511 419
400
1400
350
1200
300
1000
250
800
675
200
175
600 Q1
150
400
100
200
50
26
22
0 0
H1FY25 H2FY25 H1FY26 H1FY25 H2FY25 H1FY26
----- End of picture text -----

• Q2 Microbiome Explorer UK test sales of 728

• Q2 Microbiome Explorer UK annualised run-rate of 2,912 tests sold

• Q2 Microbiome Explorer UK Ordering Clinicians: 268

• Supported by strategic clinician education, targeted field sales execution, product enhancements and market development through key industry events.

20

Steady MetaPanel sales and clinical adoption in Australia

==> picture [452 x 328] intentionally omitted <==

----- Start of picture text -----

MetaPanel MetaPanel
Test Sales Volume (AU) Ordering Clinicians (AU)
600 350
306
496 300
500
276
465
255
402 250
400
200
300
150
200 104
155 100
100
50
- 0
H2FY24 H1FY25 H2FY25 H1FY26 H2FY24 H1FY25 H2FY25 H1FY26
----- End of picture text -----

• Steady Q2 MetaPanel test sales of 239 tests

• Focus remains on organic development of Gastroenterology specialists which will drive adoption activity in the rest of the clinician market.

• We expect a gradual rate of adoption over the next year, with subsequent years providing the opportunity for larger volume as our consistent Key Opinion Leader (KOL) and evidence development work starts to yield results in routine usage.

21

==> picture [140 x 45] intentionally omitted <==

Sub-Section 2.3

Base Product Results

22

Supplement growth focused on Invivo branded products

==> picture [433 x 326] intentionally omitted <==

----- Start of picture text -----

Supplement Supplement
Unit Sales (UK) Revenue (UK)
70,000 $3,000,000
60,000
$2,500,000
50,000
$2,000,000
40,000
$1,500,000
30,000
$1,000,000
20,000
Q1
$500,000
10,000
0 $0
H1FY25 H2FY25 H1FY26 H1FY25 H2FY25 H1FY26
Invivo DFH Invivo DFH
----- End of picture text -----

• Invivo branded and owned supplements delivered a record quarter of $0.72m.

• Leading PHGG prebiotic supplement volumes up 110% vs PCP

• A subscription offering was launched in October, and it has already grown to over 300 subscribers.

• Moved from 99th to 12th position since September in fibre supplement category on Amazon in the UK

• The supplement business continues to accelerate its transition to high margin own label Invivo products (from distributed products), which delivered a record quarter for Invivo products.

==> picture [92 x 24] intentionally omitted <==

23

==> picture [140 x 45] intentionally omitted <==

Sub-Section 2.4

Legacy Product Results

24

Roll-off of discontinued legacy product revenue complete

==> picture [318 x 336] intentionally omitted <==

----- Start of picture text -----

Legacy Product Revenue
4,000,000
3,500,000
3,000,000
2,500,000
2,000,000
1,500,000
1,000,000
Q1
500,000
0
H2 FY24 H1FY25 H2FY25 H1FY26
----- End of picture text -----

• As previously outlined, the Company has been strategically discontinuing legacy revenue and focusing on our core testing products.

• During the quarter, the Company replaced over $1.6m of discontinued legacy product revenue.

• This will enable a clear revenue growth picture from Q3 FY26 with the last of the Legacy Product Revenue being removed in Q2 FY26.

25

==> picture [140 x 45] intentionally omitted <==

Sub-Section 2.5

Therapeutic Partnering

26

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

• Multiple microbiome therapeutics sector read outs delivered over recent months validating the modality for pharma partners, with more readouts coming in early CY2026

Therapeutic Assets

==> picture [486 x 155] intentionally omitted <==

Upcoming deal catalysts Deal Catalysts

The results from these trials if positive, validate this new live-biotherapeutic modality, and create a deal environment for Microba’s best in class assets.

• The team are active in partnering Microba’s assets

• Recent deal precedents ranging between $1.5 – $11B

==> picture [62 x 16] intentionally omitted <==

==> picture [74 x 38] intentionally omitted <==

==> picture [50 x 33] intentionally omitted <==

==> picture [82 x 13] intentionally omitted <==

==> picture [62 x 30] intentionally omitted <==

Vedanta – Global, randomized, double-blind, placebo-controlled Phase 2 study COLLECTiVE202, for VE202 in patients with mild-to-moderate UC. 13 Aug 2025 - did not meet their end points .

Siolta - Phase 1b/2, randomized, double-blind, multi-center study to evaluate the preliminary clinical efficacy of STMC-103H in neonates and infants at risk for developing allergic disease. 17 Nov 2025 - met their end points.

Maat Pharma - Phase 3 ARES trial, evaluating Xervyteg® (MaaT013) in gastrointestinal acute Graftversus-Host Disease patients. – 8 Dec 2025 – positive final pivotal results. Under regulatory review by the European Medicines Agency for Market Approval – decision expected mid-2026.

Enterobiotix - Phase 2a TrIuMPH trial, for EBX-102-02 in irritable bowel syndrome (IBS) patients. 8 Jan 2026 - met their end points.

Microbiotica - Phase 1b First-in-Human trial, COMPOSER-1, for MB310 in ulcerative colitis (UC) patients. Delayed. Expected to read out in early CY26.

27

LBP = Live Biotherapeutic Product

==> picture [140 x 45] intentionally omitted <==

Sub-Section 2.6

Focus & Catalysts

28

Key areas of focus & catalysts

Diagnostics

• Australia - continued growth in test sales and clinical adoption

• United Kingdom - continued growth in test sales and clinical adoption

• Multiple upcoming feature releases

• Additional Microbiome Explorer SKUs launch in UK

Therapeutics

• Active in partnering off the back of recent positive sector trial readouts

• Additional sector catalysts, expected in early CY2026.

FY26 Guidance

• Regional Break-even in Australia & United Kingdom

• 24,000 Core test volume (Q2 annualised run rate of ~21,300+)

	Corporate Snapshot
	ASX Code	MAP
	Market capitalisation1	$57.9m
	Shares on issue	608.96m
	52-week low / high1	$0.069 / $0.325
	Cash Balance (31 Dec 2025)	$11.27m

	Major Shareholders
	Shareholder	Ownership %2
	Sonic Healthcare	21.68%
	Perennial	12.02%
	Thorney Investment Group	5.88%
	Mercer Investments (Australia)	6.37%
	SA Microba Holdings	5.50%

1 At 27 January 2026 | 2 As per latest substantial shareholder notice lodged to the ASX

29

==> picture [144 x 45] intentionally omitted <==

SECTION 3

Microba Overview

30

==> picture [140 x 45] intentionally omitted <==

Sub-Section 3.1

The Microbiome Opportunity The next frontier in precision healthcare

31

Changing the gut microbiome can treat chronic disease

==> picture [402 x 222] intentionally omitted <==

----- Start of picture text -----

21,000+
Research publications
demonstrate a clear link
between chronic diseases
and the gut microbiome
----- End of picture text -----*

==> picture [426 x 222] intentionally omitted <==

----- Start of picture text -----

150+
Global clinical studies
demonstrate that
microbiome modulation can
influence disease outcomes
and clinical symptoms
----- End of picture text -----*

Gastrointestinal Mental Cardiovascular

Cancer Autoimmune

Allergy

32

PubMed search terms "gut microbiome" and "modulate" and "clinical study" and manually selecting for clinical trials with positive results indicated in the abstracts.

Clear, global and ambitious vision

==> picture [180 x 126] intentionally omitted <==

Broad-based acceptance

The microbiome is recognised by healthcare professionals and patients as critical to health and disease management.

==> picture [180 x 126] intentionally omitted <==

Regular testing is commonplace

High quality and clinically useful microbiome testing is performed regularly – initiated both by patients and clinicians.

==> picture [180 x 126] intentionally omitted <==

Usage of approved therapeutics is routine

Microbiome therapeutics are approved and in routine use for both maintenance and the treatment of multiple chronic diseases.

==> picture [180 x 126] intentionally omitted <==

Millions of patients living healthier lives

Microbiome diagnostics and therapeutics have materially improved millions of patient lives – driving yet further awareness and adoption.

33

Combating chronic disease through microbiome diagnostics and therapeutics

$1.4 trillion healthcare disruption opportunity

==> picture [386 x 129] intentionally omitted <==

==> picture [386 x 129] intentionally omitted <==

Microbiome testing to diagnose and match patients with the right treatment

Microbiome therapy to treat chronic diseases

Est. TAM $125B

Est. TAM $1.3T

34

Unlocking the $1.4 trillion healthcare disruption opportunity

Diagnostics

Clinical microbiome testing

Therapeutics Precision microbiome therapeutics

• Opening a $100B new Two tests. diagnostic category. GASTROINTESTINAL PATHOGEN TEST

• • Focus today $25B market - patients with unresolved GI disease GASTROINTESTINAL DISORDERS TEST

• Accelerating traction in first two markets – Australia & United Kingdom

==> picture [104 x 38] intentionally omitted <==

• FY25 revenue $15.67m

World leading partners

==> picture [47 x 13] intentionally omitted <==

==> picture [56 x 13] intentionally omitted <==

• Regional break-even milestones targeted in FY26

• 5 years of R&D established pipeline of live biotherapeutic assets

• Deep preclinical and early clinical validation

• Transitioned from R&D to partnering focus

• $1.5b to $11B deal precedents

• Upcoming sector deal catalysts before end of CY2025

3 programs.

INFLAMMATORY BOWEL DISEASE PROGRAM CLINICAL INDICATION Mild-moderate Ulcerative Colitis

IMMUNO-ONCOLOGY PROGRAM CLINICAL INDICATION Multiple cancers to enhance checkpoint inhibitor response

AUTOIMMUNE DISEASE PROGRAM

CLINICAL INDICATION Lupus, psoriatic arthritis & liver disease

2 commercial value streams

PHARMA PROBIOTIC

==> picture [11 x 10] intentionally omitted <==

==> picture [13 x 7] intentionally omitted <==

==> picture [13 x 6] intentionally omitted <==

==> picture [15 x 6] intentionally omitted <==

==> picture [10 x 5] intentionally omitted <==

==> picture [15 x 5] intentionally omitted <==

==> picture [15 x 5] intentionally omitted <==

==> picture [121 x 38] intentionally omitted <==

World leading microbiome analysis technology | Proprietary databank | Advanced AI and biostatistics

35

==> picture [140 x 45] intentionally omitted <==

Sub-Section 3.2

Diagnostics Products, TAM & Clinical Data

36

Our diagnostics focus

Patients suffering from gastrointestinal disease

==> picture [65 x 66] intentionally omitted <==

Gastrointestinal 82,690,000 patients suffering

Mental Cardiovascular

Oncology

Longevity

Fertility

50%

no resolution with routine care

37

Addressing the GI symptom challenge Microba’s comprehensive diagnostic products

Diagnosing pathogenic causes of GI symptoms

==> picture [160 x 129] intentionally omitted <==

Gastrointestinal pathogen test

Launched March 2024

• Stool DNA test.

• 175 targets.

• Expertly curated clinical recommendations for targeted treatment.

Identifying causes and treatment options for functional GI symptoms

==> picture [194 x 135] intentionally omitted <==

Gastrointestinal disorder test

Launched February 2023

• Stool DNA + targeted biomarker test.

• 7 functional GI markers. >28k microbiome markers.

• Expertly curated clinical recommendations for personalised treatment.

38

GI disease is a silent epidemic New answers and resolution for millions of patients suffering

82,690,000 patients suffering

Presenting annually with lower GI abdominal symptoms across 7 top countries[1]

49.6m Pain, bloating, constipation, other

==> picture [67 x 34] intentionally omitted <==

----- Start of picture text -----

31.7m
Diarrhoea
----- End of picture text -----

1.4m IBD & Other

50%

no resolution with routine care

Patients go through a range of diagnostic and investigative procedures, but half historically got no resolution and remain chronically unwell

==> picture [177 x 178] intentionally omitted <==

----- Start of picture text -----

53% 47%
Resolved Unresolved
% of patients achieving resolution of
gastrointestinal symptoms after 5 years [2]
----- End of picture text -----

==> picture [306 x 328] intentionally omitted <==

----- Start of picture text -----

60%
symptom resolution, or symptom
improvement in patients [[4]]
[[3]]
23%
Significant /
Complete
>70%
Positive 43%
Some
Positive
<30% 33%
Negative None
----- End of picture text -----

>70% get new results

>60% get improved outcomes

Independent studies have shown full symptom resolution, or symptom improvement in patients[[4]]

Demonstrated in studies on over 5k patients across Microbiome Explorer (formerly named MetaXplore) and MetaPanel[[3]]

1 Assessment of Medicare claims analysis. Estimated Private and Medicaid numbers extrapolated from Medicare claims analysis completed with Boston based MedTech specialist consultancy Veranex Inc., 2 Gordon, J., Miller, G., & Valenti, L. (2015). The management of unresolved gastrointestinal symptoms in Australian general practice. Australian Family Physician , 44 (9), 621-623, 3 Aggregate results from released clinical studies of Microbiome Explorer (formerly named MetaXplore) (4,616) and MetaPanel (889) patient results, 4 Aggregate results from patient survey results of Microbiome Explorer (formerly named MetaXplore) (n=84), and clinical study results from MetaPanel (n=6) patient results

39

Supported by multiple clinical studies across >30k patients

Released to ASX 30 April 2025

Inflammatory Bowel Disease (IBD)

• MetaPanel test identifies gastrointestinal pathogens in >35% of IBD patients experiencing flare

• 60% of these pathogens are missed by current routine testing methods

• These findings have the potential to shift treatment protocols and provide a new path to remission for IBD patients, avoiding unnecessary therapy escalation or surgery

==> picture [163 x 92] intentionally omitted <==

----- Start of picture text -----

Flare
Remission
Severe
flare
Study 1
Study 2
----- End of picture text -----

==> picture [38 x 21] intentionally omitted <==

==> picture [41 x 23] intentionally omitted <==

==> picture [75 x 7] intentionally omitted <==

----- Start of picture text -----

Positive MetaPanel
----- End of picture text -----

“These results are compelling, both as a clinical use case for MetaPanel, and for the future of precision medicine in gastroenterology. For clinicians like myself managing complex IBD cases, the ability to detect pathogens missed by routine testing could transform how patients are treated.” Associate Professor Graham Radford-Smith

==> picture [53 x 53] intentionally omitted <==

Released to ASX 14 May 2025

Chronic GI Symptoms

• 71.4% of reports from 4,616 patients identified actionable results

• A separate study of 84 patients by Microba who received Microbiome Explorer (formerly named MetaXplore) guided care found that 65.5% reported health improvements after following their clinician’s recommendations

• These results highlight the clinical value of Microbiome Explorer test results in advancing outcomes for patients with chronic lower gastrointestinal disorders, highlighting the potential to reshape clinical management of these conditions and set a new standard of care

==> picture [194 x 82] intentionally omitted <==

----- Start of picture text -----

41.9%
19.6% Microbiome
Multiple Marker
71.4% Markers
Positive
28.7%
Negative
9.9% Gastrointestinal Marker
----- End of picture text -----

“Microbiome Explorer enables me to objectively identify microbiome dysbiosis, evaluate dietary quality, and direct patients toward evidence-based nutritional strategies. Importantly, it helps differentiate patients with normal GI and microbial profiles who may benefit from psychological support rather than further invasive testing or pharmacological escalation.”

Released to ASX 21 May 2025

GI Infectious Disease

• Analysis of 889 MetaPanel tests shows that:

• 20.0% of patients test positive for a pathogen that can cause gastrointestinal infection

• 78.4% of the pathogens detected by MetaPanel are often missed by routine pathology tests

• Additionally, 58.3% of tests reveal abnormal microbiome results

• 100% of patients treated for a pathogen detected by MetaPanel experienced complete symptom resolution in an independent study.

==> picture [233 x 173] intentionally omitted <==

40

800%

2%

The market is big, and we only need to capture a small amount to impact at scale

Future Addressable Market

All flavours of pie.

Top-down, bottom up, primary, secondary and tertiary research methodologies were used to quantify the market size

7 major markets. Top 10 indications. Established in clinical practice guidelines with reimbursement, routine use for GI disorders. Est. 729B tests p.a. / $125B

100%

Total Addressable Market

The entire pie

7 major markets. 1 indication – GI disorders. Established in clinical practice guidelines with reimbursement, routine use.

22%

Serviceable Addressable Market

The slice of the pie we can target in the near term. Top 5 focus markets. 1 indication – GI disorders. Innovators into early majority.

Serviceable Obtainable Market

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

41

We are here today

==> picture [140 x 45] intentionally omitted <==

Sub-Section 3.3

Diagnostics Real Patient Impact

42

43

44

==> picture [140 x 45] intentionally omitted <==

Sub-Section 3.4

Diagnostics Product-accelerated growth

45

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 addressin g 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.

==> picture [574 x 374] intentionally omitted <==

----- Start of picture text -----

Early Late
Majority Majority
Early
Adopters
Laggards
Innovators
2.5% 13.5% 34% 34% 16%
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
----- End of picture text -----

46

Moving through the adoption curve powered by features that address higher levels of market demands over time

Enhanced Interpretability

E.g. Health Categories, Marker Cards

Enhanced Actionability

E.g. Key findings, Suggested Actions

Enhanced Business Integration

E.g. Paid by Clinic, PMS integration

Enhanced Workflow Integration E.g. Report Sharing, Refer to Specialist

Combine multiple markers into smart, clear, synthesized, clinical findings in the context of the patient.

==> picture [200 x 262] intentionally omitted <==

Advanced scientific and medical logic with beautiful design that prioritise treatment actions and enable clinicians to design a personalized care plan.

==> picture [209 x 268] intentionally omitted <==

Clinic features that enable more seamless integration with their business models (E.g. including our test in their care packages).

Patient treatment requires a multidisciplinary care team enabled by multiple collaboration features including rapid referrals to trained specialists.

==> picture [216 x 216] intentionally omitted <==

47

Driving down CAC with marketing and product efficiency

==> picture [9 x 113] intentionally omitted <==

----- Start of picture text -----

Customer Acquisition Cost
----- End of picture text -----

==> picture [753 x 73] intentionally omitted <==

Time

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 trust-building with sales teams. Success depends on personalised engagement, education, and hand-holding throughout the buyer journey.

The product supports the sales process by creating Growth is driven by the product experience itself— early value and engagement, helping to qualify users find value independently, adopt organically, leads before human interaction. Sales teams and growth through word-of-mouth. Sales intervene selectively to accelerate or close involvement is minimal and typically triggered only opportunities. by high-value accounts or usage signals.

Leading motion Sales & Support Sales Cycle Time to value Sales-led High-touch Months 2-3 months	Marketing-led	Marketing & Product-led, Sales Assisted
	Medium-touch	Low-touch
	Weeks	Days
	4-6 weeks	1-7 days

48

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

“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

Supported by the product roadmap and scalable productaccelerated growth model.

49

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.

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

In our Go-to-market execution and operational model this provides multiple points of efficiency and leverage.

==> picture [115 x 26] intentionally omitted <==

==> picture [104 x 24] intentionally omitted <==

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

50

==> picture [140 x 45] intentionally omitted <==

Sub-Section 3.5

Therapeutics Leveraging Microba’s leading databank with years of R&D and investment

51

Attractive Upside

Low cost, high return opportunity leveraging years of R&D and investment

Historical & Forecast Therapeutic Asset Investment

• Over 5 years of strategic investment has built a rich pipeline of live biotherapeutic assets, leveraging Microba’s world leading databank generated from its testing business

• Established sector leadership in data-driven therapeutic discovery, powered by proprietary clinical and metagenomic datasets.

• Transitioned to partnering , driving to returns for shareholders.

• Near-term sector catalysts , with partnering and M&A activity expected to ignite aligned to sector trials results before the end of CY2025.

• Recent deal precedents ranging between $1.5 – $11B

==> picture [396 x 263] intentionally omitted <==

----- Start of picture text -----

Phase 1 Trial
14 Complete
12
AI Discovery Program
Complete
10
8
AI Asset targeted pre-
clinical studies
6
IBD Discovery
4
Program Complete
2
0
FY21 FY22 FY23 FY24 FY25 FY26 (F)
Annual R&D Expenditure ($m)
----- End of picture text -----

52

Advanced AI Development of Next Generation Precision Live Biotherapeutics

==> picture [870 x 354] intentionally omitted <==

----- Start of picture text -----

Target Prediction Disease Relevant Activity
Disease Donor
Prevalence Isolation
Human Data
AI & Precision
Driven
Machine Microbiome
Health Data
Learning Therapeutics
Biome Data
In Silico Analysis
Species
Supportive
Identification
Bioactivity
>60,000 metagenomes >100TB of DNA data >9,000 isolated strains
>1,000 health metadata/participant 8,000B alignments >500 species isolated in total
>1M Genomes 200M CPU hours processing time >200 previously uncultured species isolated
>100M Genes 20K vCPUs, 50TB RAM 1 Phase II ready asset
>100K species Multiple pre-clinical leads
----- End of picture text -----*

Derived from both internal and external data *Major subset of database from Insight product

53

A pipeline of assets backed by big-data, deep preclinical and early clinical validation

Therapeutic Assets

Core Program	Discovery R&D	Preclinical	Phase 1	Phase 2	Development Partners
Undisclosed (LBP) IBD (Ulcerative colitis) MAP 315 (LBP)				Phase 2 IND submission currently being compiled
Undisclosed (LBP) Immuno-oncology		Pre-cli suppor candid	nical biology ting lead ate selection
Autoimmune Undisclosed (LBP)		Laboratory & anim experiments confi activity	al model rming

LBP = Live Biotherapeutic Product

54

Two major commercial pathways to value return

==> picture [67 x 16] intentionally omitted <==

----- Start of picture text -----

Assets
----- End of picture text -----

Commercial strategy

Opportunity

==> picture [253 x 353] intentionally omitted <==

----- Start of picture text -----

MAP-315
IBD
MAP-XXX
Immune-
MAP-XXX
oncology
Auto- MAP-
immune XXX
----- End of picture text -----

==> picture [209 x 29] intentionally omitted <==

----- Start of picture text -----

Live Biotherapeutic Out license
Pharmaceutical drug (FDA – BLA)
----- End of picture text -----

• Strategic partnerships

• Non-dilutive equity investment

• Non-dilutive grant-based funding

Next-Gen Probiotic Out license Medical Food (FDA) or Dietary Supp (FTC&FDA - GRAS)

• Structured pay to play product development and commercialisation programs

• Non-dilutive federal and state grantbased funding

$1.5 - $11B deal precedents

• Upfront

• Milestone payments

• Royalties

==> picture [116 x 10] intentionally omitted <==

----- Start of picture text -----

Potential partner examples
----- End of picture text -----

==> picture [34 x 19] intentionally omitted <==

==> picture [55 x 17] intentionally omitted <==

==> picture [58 x 18] intentionally omitted <==

==> picture [53 x 11] intentionally omitted <==

$50 - $100M deal precedents

• Milestone payments

• • Royalties

Existing partner opportunity

==> picture [25 x 25] intentionally omitted <==

• NYSE: IFF, $19.55B market cap

• Largest probiotic company in the world

• Just completed 1 year allergy discovery program

==> picture [162 x 36] intentionally omitted <==

----- Start of picture text -----

Other potential partner examples
----- End of picture text -----

55

Recent Comps & Activity

Pharma Deal Comps	Pharma Deal Comps	Pharma Deal Comps	Pharma Deal Comps	Pharma Deal Comps	Pharma Deal Comps	Pharma Deal Comps
Date	Deal Type	Licensee / Acquiror	Licenso r / Target	Stage	Upfront	Total Deal Value
July 2024	Acquisition			Phase 2 active	-	US$3.2B
June 2024	License			Preclinic al	$150m	US$1.7B
October 2023	Acquisition			Phase 2 complete	-	US$7.2B
October 2023	License			Phase 2b active	$500m	US$1.5B
Apr 2023	Acquisition			Phase 2A complete	-	US$10.8B

Next Gen Probiotic Activity	Next Gen Probiotic Activity	Next Gen Probiotic Activity	Next Gen Probiotic Activity
Date	Company	Next generation probiotic species	Headline
June 2025		Akkermansia muciniphila	Danone acquires The Akkermanisa Company for an undisclosed sum
July 2024		Veillonella atypica	Gut health pill aims to reduce fatigue and improve endurance
June 2024		Akkermansia muciniphila	The Akkermansia Company launches dietary supplement brand in the U.S.
Mar 2024		Akkermansia muciniphila Clostridium butyricum Bifidobacterium infantis	Pendulum Therapeutics launches next generation probiotic that enhances GLP-1 production
Feb 2024		TBD	Verb Biotics partners with Evogene to accelerate next-gen precision probiotics
Dec 2023		TBD	Microba signs research agreement with IFF as part of an ongoing multistage research program between the parties to develop novel microbiome- based treatments for multiple forms of allergy
Jun 2023		Akkermansia muciniphila	Pendulum Therapeutics announces strategic partnership and $10M investment from global nutrition science leader, Fonterra
May 2023		Anaerobutyricum soehngenii	FDA fully endorses the GRAS dossier submitted by Caelus on_Anaerobutyricum soehngenii_ (Eubacterium hallii) as the first next-generation probiotic

https://www.reuters.com/markets/deals/eli-lilly-acquire-morphic-holding-32-billion-2024-07-08/ , https://www.reuters.com/business/healthcare-pharmaceuticals/abbvie-inks-immune-disorder-drug-licensing-deal-with-chinas-futuregen-2024-06-13/ , https://investor.roivant.com/news-releases/news-releasedetails/roche-enters-definitive-agreement-acquire-telavant-including , https://www.sanofi.com/en/media-room/press-releases/2023/2023-10-04-05-00-00-2754288 , https://www.merck.com/news/merck-completes-acquisition-of-prometheus-biosciences-inc/, https://evogene.com/press_release/evogene-andverb-biotics-enter-collaboration-agreement-to-advance-probiotic-innovation/ . https://www.nutraingredients-usa.com/Article/2024/07/26/New-FitBiomics-probiotic-tackles-fatigue-endurance/ , https://www.globenewswire.com/news-release/2024/06/27/2905382/0/en/Original-Founders-of-AkkermansiaMuciniphila-Bring-First-Gut-Health-Product-to-U-S-Consumer-Market.html , https://www.prnewswire.com/news-releases/pendulum-therapeutics-introduces-glp-1-probiotic-302087492.html , https://ir.microba.com/announcements/5454106 , https://www.businesswire.com/news/home/20230627719761/en/Pendulum-Therapeutics-Announces-Strategic-Partnership-and-%2410M-Investment-From-Global-Nutrition-Science-Leader-Fonterra , https://caelushealth.com/wp-content/uploads/2023/04/AUMC_Caelus_PressRelease_FDAGRAS_20230414.pdf, https://www.danone.com/newsroom/press-releases/acquisition-of-the-akkermansia-company.html

56

Sector readouts supporting partnering

The microbiome therapeutic, and more specifically live biotherapeutic modality has been maturing in its development. Many prospective partners are awaiting definitive Phase 1b/2a efficacy data that will validate the live biotherapeutic modality in a major chronic disease setting to then in-license or acquire assets. Aligned to this we have been guiding on clinical trial readouts that will provide that modality validating data for partners and stimulate sector deal activity for these assets. Microba’s leading data-driven platform and live-biotherapeutic assets, are best in class and ready for this deal activity.

Phase 2 IBD asset read out – 13 Aug 2025 - did not meet their end points.

==> picture [98 x 25] intentionally omitted <==

• Global, randomized, double-blind, placebo-controlled Phase 2 study ongoing, COLLECTiVE202, for VE202 in patients with mild-to-moderate UC.

• Discussions with their CEO guided that they do not view the result to have any reflection on the potential of MAP315 due to very different formulation and targeted mechanism of action.

==> picture [95 x 48] intentionally omitted <==

Phase 1b/2 Allergic Disease asset read out – 17 Nov 2025 - met their end points.

• Phase 1b/2, randomized, double-blind, multi-center study to evaluate the safety, tolerability, and preliminary clinical efficacy of STMC-103H in neonates and infants at risk for developing allergic disease

• The primary efficacy endpoint is incidence of physician-diagnosed atopic dermatitis at day 336.

==> picture [61 x 41] intentionally omitted <==

Phase 3 Graft-versus-Host Disease asset read out – 8 Dec 2025 – positive final pivotal results. Under regulatory review by the European Medicines Agency for Market Approval – decision expected mid-2026.

• Phase 3 ARES trial, evaluating Xervyteg® (MaaT013) in gastrointestinal acute Graft-versus-Host Disease (aGvHD) patients

• Key efficacy endpoints are Overall Response Rate of gastro intestinal-aGvHD

Phase 2a Irritable Bowel Syndrome asset read out – 8 Jan 2026 - met their end points.

==> picture [103 x 17] intentionally omitted <==

• Phase 2a clinical trial evaluating EBX-102-02, a next-generation oral full-spectrum microbiome therapeutic, in patients with irritable bowel syndrome with constipation (IBS-C) or diarrhoea (IBS-D)

• Key efficacy endpoints are assessment of abdominal pain, bowel habit parameters, and IBS-specific quality of life.

==> picture [91 x 44] intentionally omitted <==

Phase 1 IBD asset read out – Delayed. Expected to read out in early CY26.

• Phase 1b First-in-Human trial, COMPOSER-1, for MB310 in ulcerative colitis (UC) patients.

• Patients with active, mild-to-moderate UC will take two capsules of the study medication (active or placebo) daily for 12 weeks, alongside their standard medication, followed by a 12-week follow-up period.

57

==> picture [140 x 45] intentionally omitted <==

SUB-SECTION 3.1

Contacts

58

==> picture [282 x 104] intentionally omitted <==

==> picture [114 x 114] intentionally omitted <==

Dr Luke Reid Chief Executive Officer luke.reid@microba.com

Contact

Head Office

==> picture [114 x 113] intentionally omitted <==

Pasquale Rombola Chair pasquale.rombola@microba.com

Level 10, 324 Queen Street Brisbane QLD Australia

Laboratory Princess Alexandra Hospital Woolloongabba QLD Australia

59