2023 Annual Meeting of Shareholders

17 AUGUST 2023
ANNUAL
SHAREHOLDER
MEETING
2023

1
Voting and asking questions
Question boxVoting Card
ATTENDEES QUESTION AND VOTING PROCESS

ACTING CHAIRPERSON’S ADDRESS
• Amelia (Aimee) McCammon
CHIEF EXECUTIVE OFFICER’S ADDRESS
• Brian Watson
ORDINARY RESOLUTIONS
• That Dr Jörn Andreas be elected as a director
• Directors authorised to fix the auditors remuneration
OTHER BUSINESS
MEETING AGENDA
BUSINESS OF THE MEETING

BOARD OF DIRECTORS
ANTONY (TONY)
BALFOUR
Deputy Chair, Independent
non-executive director
Member of People and
Performance Committee
GEOFFREY (GEOFF)
PLUNKET
Chair, Independent
non-executive director
Member of Audit and Risk
Committee and People and
Performance Committee
DR BARRY
RICHARDSON
Independent non-executive
director
Chair of Audit and Risk
Committee
DR JÖRN
ANDREAS
Non-executive director
DR ALISON
STEWART
Independent non-executive
director
Chair of People and
Performance Committee
AMELIA (AIMEE)
MCCAMMON
Acting Chair, Independent
non-executive director
Member of Audit and Risk
Committee

INFORMATION
The information in this presentation is an overview and
does not contain all information necessary to make an
investment decision. It is intended to constitute a summary
of certain information relating to the performance of
Blis Technologies Limited (“Company” or “Blis”). The
information in this presentation is of a general nature and
does not purport to be complete. This presentation should
be read in conjunction with the Company’s other periodic
and continuous disclosure announcements, which are
available at nzx.com.
NOT FINANCIAL PRODUCT ADVICE
This presentation is for information purposes only and is
not financial or investment advice or a recommendation
to acquire Blis securities, and has been prepared without
taking into account the objectives, financial situation
or needs of individuals. The Company, its directors and
employees do not give or make any recommendation or
opinion in relation to acquiring or disposing of shares.
In making an investment decision, investors must rely on
their own examination of the Company, including the
merits and risks involved. Investors should consult with
their own legal, tax, business and/or financial advisors in
connection with any acquisition of securities.
FUTURE PERFORMANCE
This presentation may contain certain ‘forward-looking
statements’, for example statements concerning the
development and commercialisation of new products,
regulatory approvals, customer adoption and results of
future clinical studies. Forward-looking statements can
generally be identified by the use of forward-looking
words such as, ‘expect’, ‘anticipate’, ‘likely’, ‘intend’,
‘could’, ‘may’, ‘predict’, ‘plan’, ‘propose’, ‘will’, ‘believe’,
‘forecast’, ‘estimate’, ‘target’, ‘outlook’, ‘guidance’ and
other similar expressions. The forward-looking statements
contained in this presentation are not guarantees or
predictions of future performance and involve known and
unknown risks and uncertainties and other factors, many
of which are beyond the control of the Company and
may involve significant elements of subjective judgement
and assumptions as to future events which may or may
not be correct. There can be no assurance that actual
outcomes will not materially differ from these forward-
looking statements. A number of important factors could
cause actual results or performance to differ materially
from the forward-looking statements. The forward-
looking statements are based on information available
to the Company as at the date of this presentation.
Except as required by law or regulation (including the
NZX Main Board Listing Rules), the Company undertakes
no obligation to provide any additional or updated
information whether as a result of new information,
future events or results or otherwise.
NO REPRESENTATION
This presentation may contain information from
third-parties believed to be reliable, however, no
representations or warranties are made as to the accuracy
or completeness of such information.
DISCLAIMER

SUMMARY FY23
TRADING
REVENUE
+14%
on prior year
NET DEFICIT
$
10.2m
$
1.4m
EBITDA LOSS
2HY23
positive EBITDA
$
0.6m
B2B
REVENUE
+
11
%
B2C
REVENUE
+
21
%

STRATEGY RESET
RENEWED FOCUS TO RETURN TO PROFITABILITY
• B2B and global
partnerships
• R&D innovation pipeline
• B2C where we have an
established presence

CEO ADDRESS
BRIAN WATSON
Chief Executive Officer (CEO)

RICHARD WINGHAM
Chief Financial Officer (CFO)
BRIAN WATSON
Chief Executive Officer (CEO)
DR JOHN HALE
Chief Technology Officer (CTO)
JENNIFER WALKER
Chief Revenue Officer (CRO)
THE BLIS LEADERSHIP TEAM

GLOBAL PROBIOTIC
SUPPLEMENTS MARKET 2022*
FORECAST CAGR
(2021 – 2026)
North America-1%
Asia Pacific10%
Europe3%
Total Global Market3.7%
* Euromonitor International report for the International Probiotics Association Dec 2022
PROBIOTIC SUPPLEMENTS
MARKET OVERVIEW
Total value over US$8.2b
Asia Pacific
North America
Europe
ROW
32.0
%
21.7
%
6.7
%
39.5
%

SUMMARY FY23
REVENUE (NZ$M)EBITDA (NZ$M)
FY18FY18
$12 .0
$9.0
$6.0
$3.0
$0.0
$12 .0
$10.0
$8.0
$6.0
$4.0
$2.0
$0.0
-$2.0
FY19FY19FY22FY22FY23FY23FY20FY20FY21FY21
$8.2m
$9.0m
$0.9m
$5.3m
-$0.4m
-$2.1m
$10.6 m
$2.1m
$
10.6m
$
10.2m
$1.0 m
-$0.6m

REVENUE BREAKDOWN (NZ$M)REVENUE BREAKDOWN (NZ$M)
$12 .0
$10.0
$8.0
$6.0
$4.0
$2.0
$0.0
$12 .0
$10.0
$8.0
$6.0
$4.0
$2.0
$0.0
IngredientB2B
By Category (historic)By Category (new structure)
Finished ProductLicencingB2C
SUMMARY FY23
CONTINUED
FY18FY18FY19FY19FY22FY22FY23FY23FY20FY20FY21FY21

SUMMARY FY23
CONTINUED
Asia PacificEuropeNorth America
$6.0
$5.0
$4.0
$3.0
$2.0
$1.0
$0.0
REVENUE BY REGION (NZ$M)
FY22FY22FY22FY23FY23FY23FY21FY21FY21

FY23 SUMMARY
STRATEGY RESET
• Aligned staff to B2B and
B2C structure
• Narrowed B2C markets and
completed transition plans
• 2HY23 positive EBITDA
PROBI PARTNERSHIP
• Probi supply of licensed BLIS
K12
™
and BLIS M18
™

• First royalty payments
• Exclusive partner for North
America distribution
R&D
• Completed 2 R&D collaboration
projects with Probi
• 12 new publications on BLIS
strains
• New patent filings: Probiotic
enhancements for BLIS K12
™

and BLIS M18
™

An expanded
portfolio to sell
to a strong existing
customer base
PRIMARY OPPORTUNITIES
•Substantial revenue growth
and increased market
penetration
•
Capital funds of $9.18m for
investment in gr
owth initiatives
PROBI STRATEGIC PARTNERSHIP
PROGRESS
•Probi supply of licensed BLIS
K12 and BLIS M18
•
First royalty payments and a
pr
omising start to 1Q24
•
2 R&D pr
ojects completed,
positive futur
e opportunity
•
Joint trade show activity and
lead followup

DELIVERED THROUGH
• B2B opportunities and licensing of our
technology
oStrategic partnership with Probi
• B2C in those markets where we have an
established presence
• R&D and our product innovation pipeline
STRATEGY RESET
FOCUS ON WHAT WE DO BEST
Developing breakthrough
probiotic solutions for the
health and wellbeing of
global consumers

R&D FOCUS
BUILDING ON OUR STRENGTH OF PROBIOTIC INNOVATION
Upper
Respiratory
Health
Dental
Health
Skincare
Early research and
evidence base
New IP / Patents
New Product
Development
Anti-viral
Pre and post biotics
Links with

general health
Pre and post biotics
Cosmetic skincare
Scalp care
Anti-viral
Synbiotic
Oral formulation
Synbiotic
Topical formulation
Anti-viral
Fast melt
Toothpaste
Serum
Scalp care

STRATEGY RESET - ONE YEAR ON
•Business unit structures
based on B2B and B2C
channels
•
New skincare
opportunity announced
August 2023
•
Revenue growth in B2B
and B2C
•
2HY23 EBITDA positive,
1Q24 breakeven in line
with expectations

• We continue to see the refreshed strategy and business model drive
revenue growth and support our journey back to profitability
• We are committed to delivering double digit revenue growth
• A market update will be provided with the interim report
UNAUDITED RESULTS FOR THE QUARTER ENDING 30 JUNE 2023 (Q1 FY24)
TOTAL REVENUE FOR THE QUARTEREBITDA BREAKEVEN
$2.8m$0.0m
Revenue and EBITDA are in-line with our expectations
Q1 UPDATE
OUTLOOK

SUMMARY
Margin from
established
B2C markets
Probi - long
term strategic
partnership for
growth
The business
model - B2B
selling and
partnerships
Our strength
- probiotic
innovation

QUESTIONS
Wait for the microphone
STATE YOUR NAME AND WHETHER YOU ARE
A SHAREHOLDER OR PROXY HOLDER.

1
Voting and asking questions
Question boxVoting Card
ATTENDEES QUESTION PROCESS

RESOLUTIONS
Wait for the microphone
STATE YOUR NAME AND WHETHER YOU ARE
A SHAREHOLDER OR PROXY HOLDER.

1
Voting and asking questions
Question boxVoting Card
ATTENDEES VOTING PROCESS

RESOLUTION 1
THAT DR JÖRN ANDREAS BE ELECTED
AS A DIRECTOR OF THE COMPANY
Wait for the microphone
STATE YOUR NAME AND WHETHER YOU ARE
A SHAREHOLDER OR PROXY HOLDER.

RESOLUTION 2
THAT THE DIRECTORS BE AUTHORISED TO FIX THE
REMUNERATION OF THE AUDITORS FOR THE ENSUING YEAR
Wait for the microphone
STATE YOUR NAME AND WHETHER YOU ARE
A SHAREHOLDER OR PROXY HOLDER.

GENERAL
BUSINESS

---

Blis Technologies Limited: Ground Floor, 442 Moray Place, Dunedin Central 9016, PO Box 2208, Dunedin 9044, New Zealand
T:+64 3 474 0988 E: info@blis.co.nz W: www.blis.co.nz





17 August 2023
Blis Technologies Limited
Annual Shareholder Meeting 2023


Chair’s Address

Slide 1: Welcome
Good morning, and welcome everyone to the Blis Technologies Limited Annual Shareholder Meeting for
2023. My name is Aimee McCammon, and I am Acting Chair of the Board for Blis Technologies, while Geoff
Plunket is away for a few months.

On behalf of my fellow directors, our Chief Executive, Brian Watson and all the Blis team it is my pleasure to
welcome you all here today in person and to those of you attending online.

Slide 2: Voting and asking questions
Today we are providing both an in person and online attendance option for shareholders. It is pleasing once
again to have so many shareholders join us online today, and to see so many of you in person.

When it comes to voting: For our shareholders in attendance here you may vote as usual on the voting card
provided to you at the registration desk when you arrived. For shareholders online, you will be able to cast
your vote online by pressing the “Get a voting card” button and validating yourself using your shareholder or
proxy number. Please note that only shareholders, proxy holders or shareholder company representatives
may vote.

Please refer to our virtual meeting online portal guide or contact the team at Link on 0800 200 220 if you
require any assistance. Shareholders online will also be able to ask questions by clicking the “ask a Question”
button. I encourage shareholders who have questions to send their questions through as soon as possible.

I am pleased to say that the meeting has been properly called and there is a quorum present.
We will be using slides during the meeting. For those of you online you will be able to see these and follow
along. They have also been posted to the NZX and are available on the Blis website.

A quick Health & Safety note - for those of you here with us, in the unlikely event of an emergency the
building needs to be evacuated, please evacuate via the emergency exit doorways indicated. Follow the
signs to the main staircase and out to the front entrance by the nearest assembly point.

Slide 3: Agenda
The agenda for this morning will include an overview from myself of the company’s performance for the
year to 31 March 2023 and on the strategy reset which was implemented last fiscal. Brian Watson, our CEO,
will then provide you with a deeper review of the results, and on progress against our purpose.

There will then be an opportunity for shareholders to ask questions. We will first take questions from those
in attendance here today and then any questions posted online that have not already been covered by
responses to previous answers.

Following this we will then move to the formal business of the meeting. At that point I will outline the
process for the discussion and voting on the two resolutions set out in the agenda.

2


At the meeting’s conclusion, for those of you here with us we would be delighted if you would join the
directors and the Blis team for light refreshments and further discussions.


Slide 4: Board Introductions
Before reviewing the company’s performance, I would first like to introduce your Board. Their profiles are
available on the Blis Technologies website and are also included within the annual report.

Aimee McCammon – as said I am your acting chair. I am currently CEO of Pic’s Peanut Butter based in
Nelson, and my background is in advertising, marketing and governance.

Geoff Plunket. Geoff is currently on a leave of absence, and we are hoping will be back in the seat as Chair in
October. Geoff has served on the board since 2018 and been Chair since 2021.

Tony Balfour. Tony joined the board in April 2020. Tony brings to the board strong governance experience
following a successful executive career as an international marketing and brand management leader. Tony
holds several current directorships.

Dr Barry Richardson. Barry joined the board in 2018. Barry has a science background and brings both Blis
specific and international biotechnology and nutritional dairy industry experience to the board.

Dr Jörn Andreas. Jörn is the Probi representative on the board. He has been a director of Probi since 2019
and is CEO is the Cosmetics Ingredients Division at Symrise. He was previously CFO at Probi. Jorn is up for
election today.

Dr Alison Stewart. Alison joined the board in September 2018. Alison brings to the board substantial
experience as a research and innovation leader. Alison is currently CEO of the Foundation for Arable
Research.

Slide 5: Disclaimer
As we now move to an overview of the results, including some forward-looking comments, it is important to
highlight the disclaimer included in the presentation which is now displayed.

Slide 6: Results Overview
Good progress was made in 2023 on our key objective of returning the company to a profitable trading
position. In July last year we implemented a strategy reset, to focus on our strengths and return to a
sustained profitable trading position.

Revenue was up by 14% to $10.2m, with an EBITDA loss of $600k. This EBITDA was much improved on the
2022 result. The second six months saw a positive EBITDA and net profit.

We have seen a rebound in revenue from Europe, the first revenue from our strategic partnership with Probi
and early signs of an improved performance following the strategy reset. We had improved B2B sales, as
well as improved B2C in our priority markets.

Brian will also cover the 2023 financial results and first quarter FY24 in more detail in his presentation.

Slide 7: Strategy refresh

3

Blis has a proud science heritage and a proven track record in delivering innovative probiotic solutions for
the global market. We are developing world class innovation right here in Dunedin. We now have three
significant scientific innovations in the global market with BLIS K12®, BLIS M18® and BLIS Q24.

The strategy refresh has seen a renewed focus on Business to Business (B2B) opportunities with global
partners. This is a much more tightly focused strategy which will deliver better scale and a return to
profitability.

We are also very pleased to have recently announced the signing of an agreement with a significant
Australasian skincare company to license our BLIS Q24 technology. The company will be using and
marketing our live probiotic serum containing BLIS Q24®. The agreement allows for exclusivity for their
brand domestically and in several global retail and online sales.

We continue our strong strategic partnership with Probi. This relationship has contributed capital funds and
growth potential for Blis Technologies, and for Probi allowed them to expand their portfolio with our strains.
We remain very pleased with this relationship. We are hitting the milestones we set ourselves, including the
royalty payments coming on stream.

I would like to take this opportunity to acknowledge and thank all the Blis team for their commitment and
contribution over the past year. And in particular for strong implementation of the strategy reset which has
the business back on the track to profitability.

This is also a good time to acknowledge CEO Brian Watson who has given seven years of service to Blis
Technologies. Brian has signaled his intention to step down in January next year. His commitment helped
Blis move to profitability and steered the company through the Covid years. In particular I’d like to mention
his focus and steady hand in bringing the strategic reset to fruition. We’d like to give our sincere and formal
thanks. A search for a new CEO is currently underway.

We feel positive and excited about the future opportunities for the company. And about the ability of the
company to grow in line with its potential. We are committed to delivering double digit revenue growth, and
although this is not without risk, it will support our journey back to profitability.

I will now pass over to Brian for his address, after which there will be an opportunity to ask questions before
we then move to the formal part of the meeting. Brian, over to you.

4

CEO Address
Slide 8:
Thank you Aimee.
On behalf of the management team I would like to welcome the shareholders in the room here in Dunedin
and those online and thank you for your interest and support of the company.

Slide 9: The Blis leadership team
It is my pleasure to introduce the Blis leadership team. Detailed profiles of the team are available on our
company website and have been included within the annual report. The team are present today and if
relevant they will be available to respond to questions later in the meeting.

In July I announced of my resignation from Blis, after 7 ½ years I will be finishing up at the end of the
calandar year supporting the transition to a new CEO. Its been a pleasure to lead a NZ based company that is
recognised as a leader in the Probiotic industry globally. Our science is world leading and our products
represent true innovation. The time feels right for me to step down, having worked on implenting the
strategy reset and setting us on course to return to sustained profitable growth.

Slide 10: Probiotic supplements market
To kick off the presentation today I would like to share an overview of our addressable market and recent
dynamics.
Our core addressable market, the probiotic supplements category remains the largest subcategory of the
dietary supplements market. In 2022 Euromonitor estimated the Global retail revenue to be US$8.2 B.
Forecast growth across the category was for a CAGR of 3.7% between 2021 and 2026.
Of this global market North America represents 32% of global sales but can be considered a mature market
with a forecast small decline in real terms over the 5-year period.
The standout region is Asia Pacific, which is the largest region and is forecast to grow market at 10% CAGR
over the 5 years. In line with the attractive market conditions in Asia Pacific we will be focused on this region
for new growth.
Overall, the Probiotic market remains extremely attractive but with greater competition it is important that
we focus on our strength of probiotic innovation and ensure we have the right business model to remain
competitive in the market.

Slide 11: Financial Results
Overall, the company trading revenue in FY23 was $10.2m, 14% growth on the prior year. The EBITDA loss
was $0.6m, an improvement on the prior year. Importantly we were pleased to report a positive EBITDA of
$0.6m in the second half of the year following the strategy reset and believe these strategy changes will
support a return to profitability.

5


Slide 12: Revenue split
Looking at the split of revenue, ingredient sales have recovered but are not yet at the level seen pre COVID,
whereas sales of our branded finished product were at record levels in FY23.
Revenue from B2B sales grew by 11% on the prior year. This growth was driven by a recovery in our European
business, and the first of the new royalties from the Probi licensing agreement.
B2C sales grew by 21% over the prior year, supported by ongoing growth in the Amazon platform in the US,
Pharmacy retail growth here in NZ and solid Daigou sales targeting consumers in Asia.

Slide 13: Regional split
This next slide summaries our regional performance in FY23.
Sales in the APAC region grew by 14% compared with the prior year. The NZ market grew by 33% driven by
growth in both the Pharmacy retail market and solid Daigou sales.
Japan ingredient sales were flat compared with the prior year where we experienced pressure on customers
to maintain margins given the devaluation of the Japanese Yen to the US dollar. During the year we
proactively provided some price relief to our Japanese distributor which was passed on to their customers.
Europe sales grew by 61%. This market is primarily serviced through our long-standing distribution partner
Bluestone Pharma (BSP). Through FY23 the easing of previous COVID related restrictions allowed BSP and
their customer base to return to normal promotional activity including face to face selling to health
professionals. Toward the end of the year, we finalized a renewed agreement with BSP.
Regional revenue in North America declined by 28%. In the face of challenging market conditions and an
uncertain economic climate, many existing customers reduced stock levels and ordered on a just-in-time
basis which resulted in a decline in our ingredient business.
Following a review of the North American (USA and Canada) probiotic ingredient market, a decision has
been made to consolidate our representation in this important market. With Probi AB acting as our sole
distributor for North America from August 2023.
In contrast to the ingredient revenue decline, we have seen growth in B2C business in the region with
Amazon US sales growing by 50%. Through FY23 we have implemented new service provider relationships to
optimise our Amazon presence and ensure the right mix of promotional activity to drive efficient growth.

Slide 14: FY23 operational achievements
In July 2022 we confirmed a shift in our strategy, aimed at focusing on our strengths and returning to a
sustained profitable trading position. In line with this strategy shift we have realigned staff to B2B and B2C
structures. We have narrowed our B2C markets and transitioned out of deprioritized areas, which has had an
immediate impact on our cost base underpinning a return to profitability in the second half of the financial
year.
We are pleased with the progress of the Probi partnership. During the year Probi started supplying licensed
BLIS K12
®
and BLIS M18®
®
to customers resulting in the first royalty payments in the second half of the year.
We have also shifted to an exclusive relationship for North America distribution.

6

In the R & D space we have completed 2 projects with Probi in line with our intent to collaborate and utilize
each other’s strengths. We continued to strengthen the evidence base for our strains with 12 new publications
driven both internally and externally, which is important validation of experts’ desire to work with our strains
and products. And we have continued to progress our patent portfolio with a new filing for next generation
K12
®
and M18
®
offers, as well as progressing the status of new filings initiated in previous years.

Slide 15: Probi strategic partnership
Back in 2021 we entered the strategic partnership with Probi aimed at generating revenue growth through
their broader market presence and established customer base. Along with this we saw exciting potential for R
& D collaboration and ultimately the opportunity to secure capital to underpin the business.
The Probi partnership has moved to the next phase with the commencement of royalty payments by Probi on
sales of licensed BLIS K12
®
and BLIS M18
®
. These royalties complement our own direct and distributor-based
ingredient sales.
We are pleased with the spirit of collaboration between the companies with customer engagement being
shared effectively to generate new leads and opportunity.
Along with this we have completed 2 new R & D collaborations which represent positive future opportunities.

Sl ide 16: Strategic review
In July 2022 we confirmed a shift in our strategy, aimed at focusing on our strengths and returning to a
sustained profitable trading position.
Our strengths center around scientific discovery and probiotic innovation, and this remains the foundation of
our business.
Under the new strategy sustained profitability will be driven by growth of our Business to Business (B2B)
revenues through partnerships with established market players rather than investment to build new consumer
brands and markets.
Our B2B revenue focus includes growing our existing BLIS probiotic ingredient sales, further developing our
finished product capabilities to support private label opportunities,and generating royalty revenue from
licensing our technology and innovation.
We have rationalised our Business to Consumer (B2C) market priorities. Our B2C market focus is now on
profitable growth of established sales channels rather than heavy investment to open new markets and build
new consumer brands, a key factor supporting a quicker return to profitability.
Underpinning our strengths in scientific discovery and probiotic innovation, we reconfirmed our commitment
to ongoing research and development (R&D) investment. This investment will support a platform of B2B
opportunities into the future.

Sl ide 17: R&D focus
A cornerstone of our strategy is continued investment i n building a strong innovation pipeline building on
our strengths.
Our first priority is to strengthen our core business and support BLIS K12
®
and BLIS M18
®
ongoing growth
potential. This includes strengthening our evidence base to allow market expansion to new health targets.

7

The new evidence on the anti-viral benefits of BLIS K12
®
are an example of this, and we are already using this
data in market but will continue to build on this over time.
Along with this we will continue our focus on formulation innovation to meet consumer preferences,
examples of this are the new product initiatives focused on topical skincare, a fast melt delivery format in
collaboration with Probi and probiotic toothpaste innovation.
The new market potential of probiotic skincare has also been proioritised, and we were pleased to announce
our first B2B licensing agreement for our live probiotic serum formulation just yesterday.
Early research initiatives include exciting developments looking at combinations of pre biotics with our
existing probiotic strains, enhancing their activity and delivering on the concept of Synbiotics.
We are also collaborating on Post Biotics, again leveraging our existing strains as sources for these Post
Biotics concepts.
Sl ide 18: Strategy refresh – One year on
Having rolled out this revised strategy just over a year ago we are pleased with our progress and remain
confident it will support our return to profitability.
A key element of the shift was a realignment into B2B and B2C units allowing for clear focus and
performance tracking.
Revenue for both of these units are growing and we were pleased to have delivered break-even EBITDA in
the first quarter of this year, following up to a positive EBITDA in the second half of last financial year.
We are also very pleased to have announced the agreement with a significant Australasian cosmetic skincare
company to license our live probiotic serum containing BLIS Q24
®
. The agreement allows for exclusive
marketing of the Blis developed serum formulation under the partner’s brand domestically and in export
markets where the partner has a significant presence in both retail and online sales.
Our strategy has been to secure partnerships with established regional brands who have the capability to
launch this breakthrough product in selected markets. This relationship further validates the value of our
innovation and the exciting future for our B2B skincare focus.
The relationship will provide new ingredient revenue and technology licensing royalties expected to have a
small positive impact on earnings in FY24 and solid growth in the following years.
We have agreed with this new customer to keep details confidential until their planned launch, given the
highly competitive nature of the cosmetic industry and the markets they operate in.


Sl ide 19: Q1 Performance and Outlook
In July we released the unaudited first Quarter results, which saw revenue growth of 18% and a break-even
EBITDA result.

Revenue for the three months to 30 June 2023 was $2.8m, an increase of $0.4m compared with the same
period last year. EBITDA was breakeven compared with a loss of $0.3m in the same period last year.

Following a profitable second half of FY23, we are pleased to start the year with a break-even quarter in line
with our expectations.

8

The first quarter revenue growth is driven by our B2B business, with an increase in Probi royalties and a lift
in US ingredient sales for the quarter. Our B2C revenue for the quarter was similar to the same period last
year.

We continue to see the refreshed strategy and business model drive revenue growth and support our
journey back to profitability.

We feel positive and excited about the future opportunities for the company and about the ability of the
company to grow in line with its potential. We are committed to delivering double digit revenue growth, and
although this is not without risk, it will support our journey back to profitability.

A market update on our progress will be provided with the half-year interim report.

Slide 20: In summary:
As a business we are focusing on our core strength, delivering probiotic innovation.
We are committed to a return to profitability and delivery of double-digit revenue growth and remain
confident that we have the strategy to deliver this.
The strategy focuses on commercializing this innovation through business to business selling and partnerships.
The Probi partnership represents a good example of this model, and it remains an important part of our future
growth plans.
We will continue to support a narrow mix of business to consumer opportunities where we are well
established, but our focus will be on delivering profitable growth rather than opening new market
opportunities ourselves.
With that I will hand over to Aimee who will facilitate the questions section of the meeting.
Thank you.