Preliminary Unaudited Annual Results

FOR PUBLIC RELEASE
NZX Limited
Wellington
Monday, 1
st
September 2025
Rua Bioscience releases preliminary annual results - unaudited
Significant increase in revenue in key markets
Summary financials

FY25 $
unaudited
FY24 $
audited
Revenue from customers 1,511,282 85,837
Total revenue and other income 1,899,733 321,678
Loss before impairment (3,419,401) (4,504,779)
Loss before tax (3, 455,661) (13,718,754)
FY25 milestones
• Delivered strong revenue growth across all three key markets.
• Expanded the German product portfolio at a pivotal point in the market.
• Secured alignment with leading clinic chains in Australia to drive revenue.
• Broadened the product range in Aotearoa, New Zealand.
• Established a new UK sales pipeline in partnership with Target Healthcare.
• Launched a new product in Australia leveraging legacy genetics.
• Successfully raised $1.50 mill from shareholders to accelerate growth.

Ka mau te wehi o te autaia! He korero enei e whakaatu atu ana i te maia, i te kaha, me te
werawera kua heke i te tau kua hipa mo ta tatou kamupene. Kua puta te ihu o te waka ki
nga wai marino, kei te pupuhi te hau kia hiki i nga ra o to tatou waka.
The extraordinary is in our grasp - The prow of the waka has entered calm waters and the
wind is blowing filling the sails of our waka.

Māori-founded and Tairāwhiti-based Rua Bioscience Limited (NZX: RUA) today
announced its unaudited financial results for the year ended 30 June 2025. During FY25,
Rua focused on executing its export-led strategy, significantly growing revenue across
three high-potential international markets. With renewed investor support and key
regulatory milestones achieved, sales are anticipated to maintain an upward trajectory
through FY26

As the first New Zealand-based medicinal cannabis company with an explicit focus on
social impact, Rua strengthened its commitment to its home region of Tairāwhiti during
FY25. Through its Compassionate Access Programme, Rua continued to support patients
in need with subsidised access to medicinal cannabis. The company expanded its
undergraduate Scholarship Programme, enabling more local students to access higher
education, and continued its internship and education outreach initiatives, helping build
future capability in the medicinal cannabis industry. These efforts reflect Rua’s deep
investment in the region’s long-term wellbeing.

Delivering on strategy
FY25 results demonstrate the successful execution of Rua’s strategy: to commercialise
unique Tairāwhiti genetics in key international markets via carefully developed
distribution channels. The strategy, shaped and supported by the deep experience of
Rua’s management team and Board, is now delivering tangible results.

Speaking on the company's strategic progress, Board Chair Anna Stove said: "This year’s
performance reflects the strength of Rua’s differentiated strategy. We have established a
strong presence in high-growth international markets and secured the partnerships
essential for delivering sustainable, long-term revenue growth."

She highlighted the critical role of shareholder support in this progress. Over the year,
Rua successfully raised additional debt and equity capital through private placements
and a rights offer completed in November.

"We are deeply appreciative of the ongoing support from our shareholders," Ms Stove
added. "This capital has enabled us to strengthen commercial operations and position
the company for the next phase of growth."

Financial results
Rua’s loss before tax for the year to 30 June 2025 was $3.46m (FY24 $ 13.72m). This loss
is in line with expectations. The marked reduction in loss reflects both significant revenue
growth and effective cost control. Excluding impairments, the loss reduced from $4.50m
to $3.42m.

Revenue was recorded as $1.90m (FY24 $ 0.32m). FY25 revenue was significantly higher
due to expansion in key markets. Revenue from customers was the majority of revenue
at $1.51m (FY24 $ 86k).
Rua has released preliminary unaudited financial statements as the full financial
statements are still being finalised. The delay in the release of audited financial
statements is a result of the Boards recent successful focus on securing further funding
through the announced receipt of equity and debt funding from shareholders. For
further information and context please refer to the Going Concern Note (1) in the
Financial Statements. We will release audited financial statements within the Annual
Report that is expected by the end of September.
Germany
In April 2024, regulatory reforms in Germany reclassified medicinal cannabis, removing
its narcotic status and enabling easier prescribing. Rua was well positioned to capitalise
on this shift, having expanded its product range and extended its distribution agreement
with Nimbus Health for another three years.

This combination of regulatory tailwinds and strong distribution has created a
favourable environment for growth.

“We’ve seen a step change in demand,” said CEO Paul Naske, “and with our well-
established partnership with Nimbus, we expect strong revenue growth in Germany to
continue in FY26.”

Australia
Rua significantly strengthened its presence in the Australian market throughout FY25.
Led by a Chief of Sales and Marketing based in-market, the company established
relationships with four national distributors and key clinic chains.

“Australia remains one of the world’s largest medicinal cannabis markets, and Rua is now
well established to scale further,” said Mr Naske.

One major milestone was the launch of Rua’s first product incorporating legacy New
Zealand genetics, which has demonstrated consistent month-on-month sales growth
since launch.

Aotearoa, New Zealand
Aotearoa New Zealand remains Rua Bioscience’s home market and a vital part of the
company’s long-term strategy and identity. As the first Māori-founded medicinal
cannabis company in the country, Rua maintains a deep connection to its rohe. In FY25,
Rua received approval for a new medicinal cannabis product in New Zealand, further

expanding its domestic portfolio and enhancing patient choice. Rua now has three
approved medicinal cannabis products available in New Zealand and this reflects our
growing revenue from this market.
While Rua’s commercial growth is accelerating offshore, its roots in Tairāwhiti continue
to anchor the business. The New Zealand market represents more than just sales
potential; it is where Rua's impact is most tangible. Alongside product development, Rua
continues to invest in local access initiatives, including its Compassionate Access
Programme and community partnerships. These efforts ensure that Rua’s growth is
aligned with its founding values, reinforcing the importance of serving New Zealanders
with accessible, culturally grounded healthcare solutions.
United Kingdom
The UK is an early stage but promising market for Rua. In FY25, Rua successfully
navigated complex UK regulations to launch three oil products, enabling engagement
with key clinics and prescribers. The UK medicinal cannabis sector was valued at
approximately $80 million in 2024 and is expected to grow significantly, driven by
improved access and regulatory reform.

“We’ve laid the foundation for Rua’s entry into the UK,” said Mr Naske. “In FY26, we plan
to work with clinic chains to establish revenue and introduce dried flower products,
creating a pathway for our unique genetics in the UK market.”

Czechia
The market of Czechia is a new and emerging medicinal cannabis market within Europe.
In April 2025, Czechia has allowed medicinal cannabis to be prescribed by General
Practitioners, which is widely expected to expand prescriptions of legal medicinal
cannabis. Our agreement with distribution company, Motagon, has enabled Rua to be
an early entrant into this market, with our first products available for sales in September
2025. Rua’s knowledge of European supply chains have allowed it to move fast and we
expect to see revenue from this market
in FY26.
Social Impact
Rua’s Compassionate Access Programme continues to ensure that eligible patients in Te
Tairāwhiti receive fully subsidised medicinal cannabis. In FY25, the programme
supported up to 52 patients each month, thanks to the generous support of Trust
Tairāwhiti, suppliers, and private donors.

Additionally, Rua awarded 13 undergraduate scholarships through its Scholarship
Programme, aimed at supporting the aspirations of local rangatahi and contributing to
the region’s long-term prosperity.

“At Rua, we are deeply committed to giving back to our community,” said Mr Naske. “Our
social impact initiatives — from education to access — reflect our values and drive to
uplift Tairāwhiti. As Rua grows, so too does our ability to support our people.”

Outlook statement
The focus of the business of FY25 will be on accelerating the revenue streams in the four
key markets we have established in Germany, Australia, United Kingdom and Aotearoa
New Zealand, along with additional revenue streams from new emerging markets such
as Czechia.
Sales are anticipated to maintain an upward trajectory through FY26.

Ka tere te waka o Rua ki nga traumata whakahirahira, he marakerake te kite i nga hua
kei mua i a matou, ko ta matou, kia kapo i aua hua hei painga ma tatou katoa.

Rua’s waka will aim for the greatest heights; it is clear to see the abundance before us
and our job is to grasp it to benefit us all.



ENDS
For more information, please visit www.ruabio.com or contact:
Paul Naske
Chief Executive Officer
+64 (21) 445 154
www.ruabio.com

---

Rua Bioscience Limited

Consolidated Financial Statements
Unaudited

For the year ended
30 June 2025

2

Rua Bioscience Limited
Consolidated Statement of Profit or Loss
and Other Comprehensive Income
For the year ended 30 June 2025
Unaudited





Note
2025
2024
$ $



Revenue from contracts with customers 2 1,511,282 85,837
Other income 388,451 235,841
Total revenue and other income 1,899,733 321,678

Changes in inventories of finished goods (976,501) (204,143)
Research and development costs (944,808) (1,176,153)
Impairment of intangible assets - (8,533,342)
Impairment of property, plant and equipment - (153,623)
Impairment of assets held for sale (36,260) (527,010)
Other expenses (3,239,970) (3,554,710)
Total expenses before operating loss (5,197,539) (14,148,981)

Operating loss before net financing income (3,297,806) (13,827,303)

Interest income 2,247 125,423
Interest expense (145,915) -
Interest expense - leases (14,187) (16,874)
Net finance income (157,855) 108,549

Loss before tax (3,455,661) (13,718,754)

Income tax expense - -

Loss after tax (3,455,661) (13,718,754)

Other comprehensive income:

Items that may be reclassified to profit or loss:
Exchange gains arising on translation of foreign operations 8,929 (6,334)
Other comprehensive income for the year, net of tax 8,929 (6,334)


Total comprehensive loss for the year attributable to
shareholders
(3,446,732) (13,725,088)

Earnings per share attributable to the ordinary equity holders of the Company


Loss from operations

Basic ($)
(0.02) (0.09)
Diluted ($)
(0.02) (0.09)

Rua Bioscience Limited
Consolidated Statement of Changes in Equity
For the year ended 30 June 2025
Unaudited





Note



Share


Foreign
currency
translation

Warrant




Share option



Accumulated




Total
capital reserve Reserve reserve losses equity
$ $ $ $ $ $

Opening balance at 1 July 2023 43,702,717 38 - 212,062 (23,794,552) 20,120,265

Total comprehensive loss for the year
- Loss for the year
-
- - -
(13,718,754) (13,718,754)
- Other comprehensive income - (6,334) - - - (6,334)
Total comprehensive loss for the year - (6,334) - - (13,718,754) (13,725,088)

Transactions with owners
- Issue of share capital - - - - - -
- Employee share options expense - - - 371,481 - 371,481
- Share options vested and exercised 250,219 (250,219) - -
Total transactions with owners 250,219 - - 121,262 - 371,481

Balance at 30 June 2024 43,952,936 (6,296) - 333,324 (37,513,306) 6,766,658

Opening balance at 1 July 2024 43,952,936 (6,296) - 333,324 (37,513,306) 6,766,658

Total comprehensive loss for the year
- Loss for the year - - - - (3,455,661) (3,455,661)
- Other comprehensive income - 8,929 - - - 8,929
Total comprehensive loss for the year - 8,929 - - (3,455,661) (3,446,732)

Transactions with owners
- Issue of share capital 1,648,229 - - - - 1,648,229
- Costs of issuing share capital (147,703) - - - - (147,703)
- Warrants issued - - 28,478 - - 28,478
- Employee share options expense - - - 41,782 - 41,782
- Share options vested and exercised - - - - - -
Total transactions with owners 1,500,526 - 28,478 41,782 - 1,570,786

Balance at 30 June 2025 45,453,462 2,633 28,478 375,106 (40,968,967) 4,890,712

Rua Bioscience Limited
Consolidated Statement of Financial Position
As at 30 June 2025
Unaudited


Note 2025 2024
$ $
Current assets


Cash and cash equivalents
241,421 895,131

Trade and other receivables
356,766 276,608

Prepayments
401,741 487,907

Investments
- -

Inventory
405,106 277,534

Assets in disposal groups held for sale
890,662 879,781

Total current assets
2,295,696 2,816,961




Non-current assets


Property, plant and equipment
2,144,010 2,517,699

Goodwill
2,194,947 2,194,947

Right-of-use lease assets
62,167 135,176

Other receivables
75,000 75,000

Total non-current assets
4,476,124 4,922,822




Total assets
6,771,820 7,739,783




Current liabilities


Trade and other payables
854,657 554,237

Employee benefit liabilities 192,301 195,902
Revenue in advance 68,397 -
Lease liabilities 40,749 48,713
Deferred grant income - 69,218
Borrowings 4 656,910 -
Liabilities in disposal groups held for sale 30,155 5,988
Total current liabilities
1,843,169 874,058


Non-current liabilities
Lease liabilities 37,939 99,067
Total non-current liabilities
37,939 99,067




Total liabilities
1,881,108 973,125


Net assets 4,890,712 6,766,658

Equity


Share capital 4
45,453,462 43,952,936

Accumulated losses
(40,968,967) (37,513,306)

Foreign currency translation reserve
2,633 (6,296)

Warrant reserve
28,478 -

Share option reserve
375,106 333,324

Total equity 4,890,712 6,766,658

Rua Bioscience Limited
Consolidated Statement of Cash Flows
For the year ended 30 June 2025
Unaudited



Note 2025 2024
$ $

Cash flows from operating activities

Receipts from customers 1,520,205 170,015
Grant income received 169,876 755,237
Payments to suppliers and employees (4,409,122) (4,661,731)
Net cash outflows from operating activities 3 (2,719,041) (3,736,479)


Cash flows from Investing activities

Interest income 2,246 157,475
Proceeds from sale of plant and equipment 106,940 51,151
Proceeds from maturing investments - 3,500,000
Investment deposits made - (1,500,000)
Purchase of property, plant and equipment (3,430) (1,208)
Net cash inflows from investing activities 105,756 2,207,418


Cash flows from financing activities

Principal elements of lease payments (78,674) (77,854)
Issue of ordinary shares 1,648,229 -
Warrants issued 28,478 -
Proceeds received from borrowings 524,567 -
Share issue costs paid (147,703) -
Interest paid (27,757) (16,925)
Net cash inflows/(outflows) from financing activities 1,947,140 (94,779)

Net decrease in cash and cash equivalents (666,145) (1,623,840)

Cash and cash equivalents at beginning of year 895,131 2,529,338

Exchange gains/(losses) on cash and cash equivalents 12,435 (10,367)

Cash and cash equivalents at end of year 241,421 895,131

1. Going concern

These preliminary unaudited results for the year ended 30 June 2025 have been prepared on the going
concern basis, which assumes that the Group will continue to be able to meet its liabilities as they
fall due for a period of at least 12 months from the date of issuing these preliminary unaudited results.

Given the Group’s net operating loss of $3,455,661 and net operating cash outflow of $2,719,041 for
the year ended 30 June 2025, and in addition to its reduced liquid net asset position, the Board and
management have prepared operating cash flow forecasts for the next 12 months. These indicated
that the Group will not have sufficient cash to meet its minimum expenditure commitments and
support its current levels of activity without undertaking additional action.

Accordingly, the Directors have developed plans to respond to the cash flow pressures and have
evaluated the following factors in determining that the going concern assumption is appropriate:

(i) Shareholder funds: Management and the Board engaged in dialogue with the Group’s
existing shareholders and secured additional funding to meet operational cashflow
requirements, with:

a. $1,500,526 (after costs of issuing) being received under a combination of a placement
offer, a 3-for-4 Rights Issue and a shortfall offer in relation to the Rights Issue during
the year ended 30 June 2025; and
b. $484,000 being raised after the reporting date under a further placement offer.

The Group remains committed to raising further equity to meet the business requirements
to reach profitability and become self-sustaining.

(ii) Debt facility: Management and the Board also engaged in dialogue with the Group’s
existing shareholders and secured additional funding (debt) to meet operational cashflow
requirements. As at 30 June 2025, $304,000 had been provided to the group under this
debt facility. A further $726,000 had been received or committed after the report date,
giving a total of $1,030,000 at the date of these preliminary unaudited results.

(iii) Facility sale: The Group remains committed to finding a buyer for its Gisborne facility
which includes the leasehold buildings held as available for sale in addition to
manufacturing and extraction equipment. The Group continues to expect the sale and
settlement of these assets and is actively engaged with a number of interested parties.
Upon settlement, the consideration will firstly be applied to the Group’s loan against the
building, inclusive of accrued contractual interest and additional $100,000 bullet payment,
with the net proceeds amount then being available to the Group.

(iv) Sales and operational improvements: The Group’s operational forecasts include
assumptions regarding a number of opportunities in key markets. As at the date of issuing
these preliminary unaudited results, the Group has achieved the following:

- Further expanded the product portfolio into Germany, with the launch of New Zealand
cultivated products in August 2025 reinforcing the Group’s position in Europe’s largest
medicinal cannabis market;
- Introduced New Zealand grown genetics into key clinic chains and distributors in
Australia;
- Recently released an additional dried flower product into the New Zealand market
expanding the portfolio to three products;
- Successfully launched oil products into the UK in December 2024 via the Group’s
distribution partner, Target Health.

1. Going concern (continued)

The Group has also seen a significant increase in operating revenue in the year ended 30 June 2025
giving further confidence in the Group’s operating model. The Group also forecasts a number of
significant operating milestones over the coming 12 months including:

- Further product sales into the UK market under existing distribution agreements;
- Continued expansion of product offerings in Australia, Germany, Czechia and New Zealand;
and
- Establishment of Rua genetics in several countries including:
o In Canada under license with Apollo Green; and
o Trial crops in New Zealand and Portugal.

These will further the Group’s plans to achieve a sustainable operating model in line with its
projections.

The Directors believe that the Group will be sufficiently successful in achieving the above, and on
this basis, are of the view that it is appropriate to continue to adopt the going concern assumption in
the preparation of these preliminary unaudited results.

In the immediate term, the Group is dependent on further shareholder support, positive outcomes
from engagement with other potential funders and cash proceeds from the sale of its facility. Should
this additional funding be less than expected, the Group may be unable to manage its minimum cash
expenditure commitments and enact on its forecasted revenue targets as outlined above.

Furthermore, should the Group be unsuccessful in achieving its revenue forecasts, or if actual revenue
growth is lower than projected, the proceeds from the sale of the facility or the planned capital
contributions alone may be insufficient to accommodate the Group’s operational demands.

These events and conditions identified indicate that material uncertainties exist that may cast
significant doubt on the Group’s ability to continue as a going concern and, therefore, that it may be
unable to realise its assets and discharge its liabilities in the normal course of business.

These preliminary unaudited results do not include any adjustments relating to the classification and
recoverability of recorded asset amounts or to the amounts and classification of liabilities that may
be necessary should the Group be unable to continue as a going concern.

2. Revenue from contracts with customers

The Group recognises revenue from the sale of pharmaceutical goods at a point-in-time when
control of the goods has transferred to the customer. This is typically upon physical delivery of
the goods to the customer’s premise. The transaction price is set by the Group and is as per
the agreed contracts in place with customers.

Where goods are sold through distributors, judgement is required to assess which party the
Group passes control of the goods such that they are considered the Group’s “customer” for
accounting purposes (i.e., the distributer, or, the end-purchaser).

Consideration is given to which party has the substantive: (i) responsibility to fulfil the promise
to provide goods (including obligations with respect to any returns); (ii) inventory risk over the
goods; and, (iii) Rights to set pricing.

Typically, distributors in Australia and Germany are considered to be the Group’s agents.
Distributors in New Zealand are considered to be the Group’s customers.

Some distributors, who are agents of the Group, will make up-front payments for goods prior
to delivery to end customers. Revenue received in advance in the consolidated statement of
financial position represents contract liabilities arising from deposits received for goods not yet
sold.

2025 2024
$ $
Performance obligations satisfied at a point-in-time
Sale of goods – New Zealand 439,720 2,249
Sale of goods – Australia 584,648 83,588
Sale of goods - Germany 486,914 -
Total Revenue from Contracts with Customers 1,511,282 85,837

3. Notes supporting statement of cash flows

Reconciliation of net operating cash flows to profit/loss
2025 2024
$ $

Net loss for the year (3,455,661) (13,718,754)


Adjustments for non-cash and non-operating activity items:


-
Add back: Depreciation – Property, Plant & Equipment

338,845 331,526
- Add back: Depreciation – RoU lease asset 64,110 63,171
- Add back: Amortisation – Intangible asset - 5,106
- Add back: Impairment expense 36,262 9,213,975
- Add back: Inventory written off 58,234 -
- Deduct: Gain on sale of Property, Plant & Equipment (68,665) (771)
- Deduct: Gain on lease modifications (4,493) -
- Add back: Share-based payment expense 41,782 371,481
- Add back: Interest expense 160,100 16,925
- Deduct: Interest income (2,245) (125,420)
623,930 9,875,993

Movements in working capital:
- (Increase)/decrease in other receivables (52,723) 589,469
- (Increase)/decrease in prepayments 85,518 (320,655)
- (Increase)/decrease in inventories (105,501) (260,810)
- Increase/(decrease) in trade and other payables 189,846 26,598
- Increase/(decrease) in contract liabilities 68,397 -
- Increase/(decrease) in employee benefit liabilities (3,629) 15,565
- Increase/(decrease) in deferred grant income (69,218) 56,115
112,690 106,282

Net cash outflows from operating activities (2,719,041) (3,736,479)



4. Events after the reporting date

Subsequent to reporting date, the Group successfully raised an additional $1,210,000 through
a combination of additional share capital ($484,000) and funding from existing lending
instruments ($726,000). Funding was provided by existing shareholders.

There were no other events subsequent to reporting date that would materially affect these
preliminary unaudited results.

5. Net Tangible Assets

Net tangible assets per share is a non-GAAP measure that is required to be disclosed by the
NZX Listing Rules. The calculation of the Group's net tangible assets per share and its
reconciliation to the consolidated balance sheet is presented below:


2025 2024


$ $
Total assets 6,771,820

7,739,783
(less): Intangible assets (2,194,947)

(2,194,947)
(less): total liabilities (1,881,108)

(973,125)
Net tangible assets 2,695,765

4,571,711
Number of shares issued at balance date 223,648,012

159,750,579
Net tangible assets per share

0.01

0.03

---

Results for announcement to the market
Name of issuer Rua Bioscience Limited
Reporting Period 12 months to 30 June 2025
Previous Reporting Period 12 months to 30 June 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$1,900 491%
Total Revenue $1,900 491%
Net profit/(loss) from continuing
operations
($ 3,456) 75%
Total net profit/(loss) ($ 3,456) 75%
Interim/Final Dividend
Amount per Quoted Equity Security No dividend has been declared
Imputed amount per Quoted Equity
Security
N/A
Record Date N/A
Dividend Payment Date N/A
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
$0.01 $0.03
A brief explanation of any of the
figures above necessary to enable
the figures to be understood
Rua’s FY25 performance is set out in the company’s Investor Presentation
attached to this announcement, which provides detail and explanatory
comment on: operating and financial performance of the business and various
other relevant aspects of the financial performance for the year ended 30 June
2025. No dividend has been declared for this period.
Authority for this announcement
Name of person authorised to make
this announcement
Paul Naske, Chief Executive Officer
Contact person for this
announcement
Paul Naske, Chief Executive Officer
Contact phone number +64 21 445 154
Contact email address paul.naske@ruabio.com
Date of release through MAP 01/09/2025

Unaudited financial statements accompany this announcement.

PO Box 1387, Gisborne 4040, Aotearoa New Zealand | 0800 RUABIO | www.ruabio.com



Results Announcement