ASX Small Cap presentation 250326

ASX SMALL CAP
CONFERENCE
PRESENTATION
Dr Hartley Atkinson
Managing Director

SYDNEY, 26 MARCH 2025

Important Notice
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH2
This presentation has been prepared by AFT Pharmaceuticals Limited (“AFT”), to provide a general overview of the performance of AFT. It is not prepared for any other purpose and
must not be provided to any person other than the intended recipient.
This presentation should be read in conjunction with AFT’s interim financial statements, market releases and other periodic and continuous disclosure announcements, which are
available at www.nzx.com and www.asx.com.au.
All amounts are disclosed in New Zealand dollars (NZ$) unless otherwise indicated.
All references to financial years appearing in this presentation are for the period ending 31 March, unless otherwise indicated. This presentation is not a recommendation, offer or
invitation to acquire AFT’s securities or other form of financial advice or disclosure document.
While reasonable care has been taken in compiling this presentation, none of AFT nor its subsidiaries, directors, employees, agents or advisers (to the maximum extent permitted by
law) gives any warranty or representation (express or implied) of the accuracy, completeness or reliability of the information contained in it nor takes any responsibility for it.
The information in this presentation has not been and will not be independently verified or audited. This presentation may contain certain forward-looking statements and comments
about future events, including with respect to the financial condition, results, operations and business of AFT.
These statements are based on management’s current expectations, which may involve significant elements of subjective judgement and assumptions as to future events which may
or may not be correct, and the actual events or results may differ materially and adversely from these statements. Past performance information given in this presentation is given for
illustrative purposes only and should not be relied upon (and is not) an indication of future performance. We caution that the foregoing list of important factors that may affect future
results is not exhaustive. When reviewing our forward-looking statements, investors and others should carefully consider the foregoing factors and other uncertainties and potential
events. AFT does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by us or on our behalf; such statements speak
only as of the date made. The forward-looking statements included herein are expressly qualified in their entirety by this cautionary language.

AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH33
Agenda
•Business Overview & Highlights
•Outlook & Pipeline
•Questions
•Appendices: Further Information
Dr Hartley Atkinson
Managing Director and Co-Founder

AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH44
AFT Pharmaceuticals (AFP:AX) at a Glance
ESTABLISHED GROWING ANZ
BUSINESS
•FY24 Total Sales $195.4M (5yr CAGR 18%)
•ANZ Sales $156.9m
•Growth focus with FY27 Target $300m
turnover
AFT GLOBAL DISTRIBUTION
PARTNERSHIPS
•Agreements in 100+ countries
•Sales in 70+ countries
R&D COMMERCIALISATION
•5 R&D projects currently being
commercialised in multiple countries
AFT R&D PIPELINE
•Pipeline of 8 R&D projects for patented
products
•Pipeline of 24+ off-patent injectables
•Significant Total Addressable Markets
EXPANDING AFT INTERNATIONAL
FOOTPRINT
•UK & Europe
•Canada & USA OTCs
•South Africa
•Singapore, Malaysia & Hong Kong
An established high-growth Australasian Pharmaceutical Company

Accelerating Revenues and Investment for Future Growth
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH
5
HIGHLIGHTS
•Upcoming product launches and international footprint expansion are anticipated to drive topline momentum. Revenues in the second half
are anticipated to accelerate with the increased commercialization activities and market stabilization in Asian and International markets
•Performance in the first half of the year was adversely impacted by unexpected inventory management in key International Markets and
with the recent doctors’ strikes in a key Asian market (now resolved).
•Balance sheet remains strong and the recent de-levering and improved efficiencies in the supply chain have resulted in a net debt² of
$18.9M, an improvement from $30.6M in FY24H1
5
1
EBITDA is a non-GAAP measure of financial performance and is defined and reconciled to NZ GAAP on page 25 of this presentation.
2
Excluding related party loan
$83.6
$86.7
$49.0
$56.0
$64.0
$69.0
$80.0
$85.0
$106.0
$113.1
$130.3
$156.6
$111.8
$195.4
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
$200
FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY 2023FY 2024FY2025
NZ$M
AFT OPERATING REVENUE
* FY20 normalised to exclude $9.8m gain on de-recognition of equity accounted investment.
** FY25 forecast group operating profit. No forecasts for license income are provided
$6.1
$11.4
$10.7
$20.4
$19.7
$24.2
$15.0 -$20.0**
$-
$5.0
$10.0
$15.0
$20.0
$25.0
FY2019FY2020*FY2021FY2022FY2023FY2024FY2025
AFT GROUP OPERATING PROFIT
Operating profit ex license incomeLicense income

Revenue Growth Across All Markets
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH
6
$22.7
$26.0
$30.1
$30.5
$35.1
$44.2
$26.0
$48.7
$-
$10.0
$20.0
$30.0
$40.0
$50.0
FY2020 FY2021 FY 2022 FY2023 FY 2024 1H 25
$NZM
NEW ZEALAND REVENUE
$5.4
$4.4
$4.9
$4.4
$5.5
$6.8
$5.3
$10.7
$-
$2.0
$4.0
$6.0
$8.0
$10.0
FY2020 FY2021 FY 2022 FY2023 FY 2024 1H 25
NZ$M
ASIAN REVENUE
$12.8
$5.6
$9.1
$9.9
$13.1
$11.7
$15.0
$27.8
$-
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
FY2020 FY2021 FY 2022 FY2023 FY 2024 1H 25
NZ$M
INTERNATIONAL REVENUE*
* Includes license income
$42.7
$50.8
$61.4
$68.3
$76.7
$94.1
$65.5
$108.2
$-
$20.0
$40.0
$60.0
$80.0
$100.0
FY2020FY2021FY2022FY2023 FY 2024 FY2025
NZ$M
AUSTRALIAN REVENUE

•AFT has continued to balance long term income growth to steadily growing shareholder equity since FY19 while continually making
investments to expand the portfolio throughR&D and international footprint expansion
•Continue to de-lever balance sheet with net debt consistently declining as a proportion of equity, since 2021
•Increasing dividend allocation with FY24 Dividend declared of 1.6 cents per share, up from 1.1 cents in FY23
Financial strength and momentum following IPO
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH77
-$5.0
$5.0
$15.0
$25.0
$35.0
$45.0
$55.0
$65.0
$75.0
$85.0
$95.0
FY 2016 FY 2017 FY2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024
NZ$M
NET DEBT AND EQUITY
EquityNet Debt
1.0
1.6
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
1.8
FY 2023FY 2024
CENTS/SHARE
DIVIDEND

AFT’s Global Reach
Our medicines are now available in nearly 80 countries around the world
8AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH

Expanding AFT’s Global Footprint
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH9
AFT PHARM USA
•Selected OTC launches and coordinate licensees and distributors
AFT PHARM UK (70% AFT)
•Launched Combogesic tablets and IV. Launching multiple products
•A significantly expanding pipeline of new products
AFT PHARM EUROPE
•Purchased a number of product licenses from bankrupt German company.
•Launches underway
•A significantly expanding pipeline of new products
AFT PHARM CANADA (70% AFT)
•To launch Combogesic IV alongside selected OTC offerings
•A significantly expanding pipeline of new products
AFT PHARM SOUTH AFRICA (70% AFT)
•Purchased company with existing SAHPRA license (saves 2 years)
•Launching in private hospital market starting FY26
•Secured significant pipeline
AFT PHARM SINGAPORE/AFT PHARM HONG KONG
•Launching further selected AFT products
•A significantly expanding pipeline of new products
Opening new markets for our proprietary IP and in-licensed new products

Research and Development Investments Moving to Commercialisation
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH10
Several R&D projects have been completed and are moving to revenue generation
COMMERCIALISATION PROGRESSING
20 agreements under discussion following completion of 4 drug China deal
Maxigesic – nine dose forms and protected by patents.
•Tablets, Oral Liquid, Hot drink & Dry Stick
•Rapid Dissolving Tablet (Patent 2039).
•Intravenous (Patent 2031, 2035)
Crystaderm – antibacterial and anti-acne cream, a unique and proprietary
formulation
Micolette – micro-enema for bowel obstruction
Kiwisoothe – tablets and sachets for gut discomfort and constipation
Capsaicin – cream in two strengths for Osteoarthritis (low) and Neuropathic
pain (high)
*Expensed and capitalised
$7.0
$8.9
$5.0
$9.1
$10.4
$11.9
$12.0
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
FY 2021FY 2022FY 2023FY 2024FY 2025
NZ$M
RESEARCH AND DEVELOPMENT EXPENSES*

A Strong Research and Development Pipeline
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH11
AFT’s positive cashflows have positioned the company well to undertake and secure research and development
projects either alone or in partnership with others
. In order of estimated timeline
PROJECT PATENTPARTNERSHIP / APPLICATION
DERMATOLOGY/EYECARE/PAIN/HOSPITAL INJECTABLES
Hospital injectables
(Targeted range of 24 injectables)
N/AEdge Pharmaceuticals. Injectables offer strong opportunities.
(AFT affiliates alone - AU, NZ, SG, MY, HK, ZA, CA, UK-
offer a target market of US$450M)
Antibiotic Eye Drop2037 & 2044
1
For drug resistant infections:
- Conjunctivitis, Keratitis, Post Kpro prophylaxis
Novel new medicine (confidential)2032 & TBCLate-stage development (Confidential Partner)
Pascomer
Strawberry Birth Marks
2040 & 2044
1
2041 & 2044
1
Port Wine Stain (AFT) & Facial Angiofibroma (partner)
Gillies McIndoe & Massey Ventures
Burning Mouth Syndrome
Vulvar Lichen Sclerosis
Keloid Scars Topical Scars
NasoSURF for conscious sedation
TBC
TBC

2041
1
2036
Hyloris Pharmaceuticals
Hyloris Pharmaceuticals
Gillies McIndoe & Massey Ventures
Multiple potential uses
Multi Billion
addressable market of AFT’s
research and development
pipeline

AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH
Outlook: Positioned for Near Term Growth
•AFT expects a strong recovery in the second half of the year, in line with prior years, assisted by:
•a strong program of new product launches especially in International markets
•building momentum in the new markets
•the resumption of normal trading following the two significant unexpected events in H1
•Given one-off trading challenges of the last six months, the company has already announced it expects
operating profit for the year to the end March 2025 to range between $15 million to $20 million down from
$22 to $25 million.
•We also expect to declare a dividend for the full year. FY24 dividend was paid out 4 July 2024
•We are well positioned to further extend the company’s long-standing record of growth.
•We have set our sights on a rolling annual revenue target of $300 million which we aim to achieve by the end
of FY 2027
12

QUESTIONS

AFT was founded over 25 years ago by Dr Hartley and Marree Atkinson. Since then, AFT has remained an Atkinson-family
controlled business and has grown organically into Australia and internationally
The 2015 IPO raised funds to pursue a more aggressive (and loss-making) R&D-led growth strategy. AFT has now returned to
long term profitability as intended, as the company was prior to IPO and its growth and global reach is now accelerating
Appendix 1: History of AFT Pharmaceuticals
19972004200520092013201420152020
AFT founded by
Dr Hartley and
Marree Atkinson
Development of
Maxigesic
commences
First sales into
Australia
Maxigesic registered
in New Zealand and
sales commence
Maxigesic
registered in
Australia
AFT launches the sale
of products into the
SE Asian market
$33m IPO to fund new
R&D development
programmes for
Maxigesic and other
proprietary products
2019
AFT returns to profitability
following a significant
investment period funded
by the 2015 IPO
In FY20 AFT delivers
over $100m of revenue
and operating profit
growth of 87%
Maxigesic sales
commence in
Australia
14
2024
Revenue reaches ~$200m,
AFT products are sold in
reaches 77 countries and it
sets a target for $300m

Appendix 2: Australasian Product Portfolio
AFT has the #1 selling product (Maxigesic) in the Australian para-ibu
1
combo pain relief. AFT’s portfolio includes a
combination of over 150 proprietary, branded and generic products which address the following therapeutic areas:
PainMaxigesic, ParaOsteo, ZoRub OA/HP, Fenpaed,
Combolieve Day/Night
EyecareHylo, Novatears, CromoFresh,
Opti-soothe Wipes/Mask, VitAPOS
VitaminsFerro-liquid, FerroTab, Ferro-F, Ferro-sachets,
Lipo VitC, Lipo VitD, CalciTab
AllergyLoraclear, Histaclear, Fexaclear, Levoclear,
Allersoothe, Lorapaed, Becloclear, Steroclear
GastrointestinalGastrosoothe/Forte, LaxTab, Micolette,
Nausicalm, DiaRelieve
DermatologyCrystaderm, Crystasoothe, Topiderm range, Decazol,
MycoNail
HospitalMaxigesic IV, Injectables
1
Paracetamol and Ibuprofen
15

Appendix 3: AFT Global Product Portfolio
AFT is building the global presence of its proprietary and patented products through its network of licensees and distributors.
It continues the development of its portfolio of repurposed medicines: Maxigesic
1
, Pascomer, and Crystaderm
PainMaxigesic oral dose forms
-Tablets
-Solution
-Hot drink sachet
-Rapid tablets
-Cold and Flu
-Day& Night
ZoRub Osteo and HP
Hospital
Maxigesic IV (intravenous)
Off patent injectables
DermatologyCrystaderm – selected territories
Gastroenterology
Kiwisoothe
Micolette
1
Paracetamol and Ibuprofen
16

FOR MORE INFORMATION
Dr Hartley Atkinson
Managing Director
Email: h
artley.atkinson@aftpharm.com
Malcolm Tubby
Chief Financial Officer
Email: m
alcolm.tubby@aftpharm.com
AFT Pharmaceuticals Limited
Level 1, 129 Hurstmere Road
Takapuna, Auckland 0622
New Zealand
www.aftpharm.com