Rua Bioscience ASM Presentation and Commentary

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

FOR PUBLIC RELEASE

NZX Limited
Wellington

28 October 2025


Presentation Slides and Commentary Available for Rua Bioscience Ltd’s Annual
Shareholder Meeting

The attached Presentation Slides and Chair’s and Chief Executive’s Commentary will be
presented at the Rua Bioscience Annual Shareholders’ Meeting.

The meeting will be a virtual meeting held at 3:00pm (NZT) on 28 October 2025 via
Computershare’s meeting platform https://meetnow.global/nz.

ENDS  
 
The person who authorised this announcement:

Paul Naske
Chief Executive Officer
paul.naske@ruabio.com
+64 21 445154











ASM Materials

---

Hui a Tau
Annual Shareholders Meeting
28 October 2025

Rua Bioscience Limited (Rua) is a New Zealand pharmaceutical company aiming to be a leading distributor of
cannabinoid derived medicines. This presentation and the information contained in or accompanying this presentation
are not, and are under no circumstances to be construed as, an invitation to subscribe for, or an offer of, shares,
securities or financial products to any person, in any country or the basis for a contract, financial advice, other advice or
recommendation to conclude any transaction for the purchase or sale of any security, loan or other instrument. This
presentation has not been independently verified.Neither Rua nor any of its directors, officers, shareholders, advisors,
agents or employees make any representation or warranty as to the accuracy or completeness of the information
contained in this presentation and those parties shall have no liability for any statement, opinion, information or
matters arising out of, contained in, or for any omissions from, or failure to correct or update any information in, this
presentation or any other communications transmitted to you in relation to this presentation.

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Board of Directors
TePoariRingatohu
Anna StovePanapaEhauTeresa CiprianTony BarclayKale Panoho
Chair
A 25+ years track record leading
transformational change within
the pharmaceutical sector,
having held senior executive
roles in NZ, Asia Pacific and
Europe.
Executive Director,
Co-Founder
Co-founder of a number ofsocial
enterprises. Holds governance
roles across numerous for-profit
and charitable organisations.
Non-Executive Director
Over 30 years’ experience in
business, with 22 years of
healthcare expertise. Holds
Directorships in private MedTech
companies.
Board Observer
An entrepreneur at heart having
started multiple successful
technology businesses out of the
US and NZ.
Non-Executive Director
Global expertise in innovation,
commercialisation, marketing and
business development in the
primary sector.

Agenda
Rarangitake
1. Company overview and Chair’s address
2. Chief Executive Officer’s presentation
3. Annual results presentation
4. Shareholder questions
5. Ordinary resolutions
1. Auditor’s remuneration
2. Re-election of Teresa Ciprian as Director
3. Ratification of issued shares
4. Issue of new Ordinary Shares
6. General business

Company overview
and Chair’s address
Tetirohangawhanuio te
kamupeneme tekorero a
teHeamana

Strategy to Execution
E kokiri ana ki te kaupapa
Partner with best in
class for low cost,
scalable delivery.
Germany | Australia | UK
Aotearoa New Zealand
Czechia
Revenue from customers
$1.5m

Commercial
Momentum
Revenue
$1.9m
Cost
Control
Opex
$3.4m
Shareholder
Support
Equity and debt
$1.9m

Achievements at a glance
Mawhitimaiki ngawhakatutukitanga
Launched a new product
in Australia leveraging
New Zealand legacy
genetics
Expanded the German
product portfolio at a
pivotal point in the
market.
Delivered strong revenue
growth across three key
markets
Secured alignment with
leading clinic chains in
Australia to drive
revenue.
Broadened the approved
product range in
Aotearoa, New Zealand.
Established a new UK
sales pipeline in
partnership with Target
Healthcare.
Subsequent
activity
Entry into the Czech market in
early FY26 with the launch of
Rua’s first product.

Rua requires additional capital to fund growth
opportunities
11
Rua is seeking to raise ~$2m of new equity
–
Working capital funding for growth
–
The cash raised, both from the facility sale and capital raise, is intended
(if fully subscribed) to fund the business to a self-sustaining position.

Chief Executive
Officer’s presentation
Te whakatakotorangao te
KaiwhakahaereMatua

FY25: An overview
Tirohangawhanui
Products
Markets
$1.9m
Total Revenue

We have reduced operational expenditure and increased
sales revenue
Operational expenditure
$6.1 m
$4.0 m
$3.4 m
FY23FY24FY25
Sales revenue
$0.04 m
$0.22 m
$0.47 m
$0.42 m
$0.39 m
$0.56 m
Q4Q1Q2Q3Q4Q1
FY25FY26

Globalprogress
Kokiriki te ao
United Kingdom
Australia
Aotearoa
New Zealand
Germany
Poland
Czechia
Three product approvals to dateAotearoa New Zealand
Growing sales due to strong clinic
relationships
Australia
Established product supply for distributionUnited Kingdom
Increase sales revenue significantly with new
product launches
Germany
Work continues onappropriate product
supply channels.
Poland
Product launched in Q1 FY26Czechia

16
Australia is a significant
opportunity
•
Rua increased revenue to $585k
•
One of the larger medicinal cannabis markets
in the world at approximately $900m.
•
Expanded our reach through new distribution
channels and clinic networks.
•
Expanded the portfolio during the year to
include new product formats and legacy
genetic from Aotearoa.
2.5m
4.6m
3.7m
FY23 FY24 FY25
Units prescribed

Germanyis the largest market
•
Largest and most developed medicinal
cannabis market in Europe, if not the world.
•
Considerable growth in the market, including
imports.
•
Significantly grew revenue to $487k
•
August 25 we successfully launched a new dried
flower product cultivated in New Zealand.
25
37
135
FY23 FY24 FY25
Tonnesimported

18
United Kingdom has
considerable growth potential
•
Early stagemarket with considerable growth
potential.
•
Established a supply pipeline meeting the
necessary regulatory requirements.
•
Introduced three oil products for prescription.
•
New products expected in FY26
181k
416k
800k
FY23FY24FY25
Units prescribed

19
Czechia: We are strategically
one of the early entrants
•
Changes to regulations in April 2025 have
allowed GP’sto prescribe medicinal cannabis.
•
Established supply channel with distribution
partner, Motgaon.
•
First sales of product in September 2025
29k
41k
54k
FY23FY24FY25
Prescriptions

20
Aotearoa, New Zealand is
small but key to our Rua brand
•
Significantly grew revenue to $440k
•
Additional new product approved
•
Two further product applications have
been initiated.
106k
270k
334k
FY23FY24FY25
Units prescribed

We continue to support up to 52
patients per month through our
Compassionate Access Programme

Our Scholarship Programme
is inspiring rangatahi
13
Scholarships
2
Industry trips
1
Internship
3
Kura visits to Mangaoporo
In FY25 we leveraged our network to help and
inspire local rangatahi

Rua’s FY25 GHG report
Te ripoataGHG o Rua moFY25
Scope 1 and 2 emissions reduced by 20%
Scope 3 emissions growing as our revenue grows

Our plans for FY26 are to significantly
grow revenue
Te mahereo Rua FY26
Revenue from customers
$3–5 mill
New products
New products in all markets
New markets
Czechia

FY25 financial
commentary
Ngakoreromongaputea

Revenue from customers
$1.5m
Total revenue and other income
$1.9m
Loss before tax
-$3.5m
Rua establishes in
all markets
Profit & loss
Nga korero mo nga putea
Rua’s annual financial results for the
year ended 30 June 2025.

Balance sheet
Nga korero mo nga putea
Rua’s annual financial results for the
year ended 30 June 2025.
Rua requires further
capital
Cash and investments
$241k
Total assets
$6.78m
Total liabilities
$1.89m
Net assets
$4.89m

Cashflow
Nga korero mo nga putea
Rua’s annual financial results for the
year ended 30 June 2025.
Investing in the future
Net cash outflow from operating activities
$2.79m
Net cash inflow from investing activities
$0.11m
Net cash inflow from financing activities
$2.02m

Operational expenditure is reducing
Nga korero mo nga putea
Rolling 12-month, average monthly expenditure
$608k
$509k
$334k
$284k
Jun 22Jun 23Jun 24Jun 25

Quarterly sales revenue, all markets
Sales Revenue is growing
Nga korero mo nga putea
$0.04 m
$0.22 m
$0.47 m
$0.42 m
$0.39 m
$0.56 m
Q4Q1Q2Q3Q4Q1
FY25FY26

Shareholder questions
Nga pataia ngakaipupurihea

Ordinary resolutions
Whakataunganoa

That the Board be authorised to fix the auditor’s
remuneration.
Resolution One

That Teresa Ciprian be re-elected as a Director
of Rua
Resolution Two

That Anna Stove be re-elected as a Director of Rua.
To ratify the prior issue of Ordinary Shares and
Warrants
•
16,799,999 ordinary shares
•
5,926,673 warrants
Resolution Three

That Anna Stove be re-elected as a Director of Rua.
That the Board are authorisedto issue New Shares if
required
•
Up to 49,993,744 shares
•
At a price of not less than 3c per share
•
At any time during the next 12 months
Resolution Four

General business
Nga take hakirikiri

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Rua Annual Shareholders Meeting  
28 October 2025 
Address by Anna Stove, Chair 
 
Tena koutou Tena koutou, Tena koutou katoa, Ko Anna Stove ahau, Chair of Rua Bioscience.  
Welcome to our Annual Shareholders Meeting.  Thank you for joining us online from across Aotearoa, New 
Zealand.  It’s a pleasure to be
 able to deliver an update on our operations over FY25, in what has been a 
pivotal year for the company. 
Rua’s Board of Directors are deeply invested in the Rua kaupapa. They possess a wealth of domestic and 
international business, pharmaceutical and strategic expertise.  I would like to thank them 
all for their 
steadfast mahi during the year.  I feel very grateful to be part of this incredible group of people who have all 
shown enormous strength.  No matter what has been thrown at them, they have steadfastly focused on the 
best interests of the company. 
Rua’s co‐founder, Panapa Ehau,
 was appointed to the Board in October 2017 and is pivotal to our important 
links with the Tairāwhiti community. 
Teresa Ciprian was appointed as a Director in August 2022 and has a wealth of experience in international 
marketing and business development.  
Tony Barclay was appointed as a Director in 
May 2023.  Tony brings significant financial acumen having been 
the previous CFO for Fisher & Paykel Healthcare and holds a number of Med Tech company Directorships.    
Kale Panoho joined Rua as a Board Observer at the beginning of 2024. This is part of a programme for aspiring 
Māori Directors.  Kale
 is an entrepreneur at heart having started multiple successful technology businesses out 
of the US and NZ.  It’s a win: win.  Kale’s learning all about governance and we are getting amazing input for 
our international marketing strategies. 
We ensure that Directors collectively have the appropriate skills required to oversee the 
company through key 
phases of business growth. The Board also reflects Rua’s principles of diversity and inclusion.  
We follow Maramataka, the Māori lunar calendar or moon phases.  We set our Board meeting dates 
accordingly. The lunar calendar highlights the connection between the phases of the moon and our wellbeing 
and
 gives us the best days to ensure high energy and decision making. 
FY25 marked a pivotal shift for Rua Bioscience.   
With focus, determination and the unwavering support of our people, we moved from setting the right 
strategy to now executing on it ‐ growing revenues, expanding into new markets and staying 
true to our 
unique purpose. 
Our highly scalable operating model, which is anchored in genetics and distribution has translated into 
tangible results.  

Customer revenue rose to $1.5 million (FY24: $86,000) and total revenue and other income reached $1.9 
million (FY24: $322,000).   
For the first time, Rua generated meaningful sales across Germany, Australia and Aotearoa New Zealand, and 
established distribution pipelines in United Kingdom and Czechia.  
At the same time, our financial performance strengthened.
  Loss before tax was reduced significantly to $3.5 
million (FY24: $13.7 million), driven by increasing revenue and disciplined cost management.  These results 
demonstrate the effectiveness of our strategy and a sharp focus on commercial delivery. 
To sustain our growth trajectory, we successfully raised $1.6 million from shareholders and approved a 
debt 
facility, of which $304,000 was drawn at balance date. These capital initiatives were strongly supported by 
both existing and new investors, reinforcing confidence in Rua’s direction and leadership.  
In response to cash challenges, the Board and Management applied disciplined cost control and proactively 
managed capital needs. You may have noticed
 in our Annual Report that due to financial cash challenges the 
Board set up a new ‘cash review meeting’ and met with Management an additional 34 times to ensure that 
every dollar being invested was pulling the correct lever.   
Our capital‐raising approach was deliberate, directing funds to areas with 
the greatest commercial impact.  
With strong oversight and a clear focus on revenue‐generating activity, the funds raised are now accelerating 
sales and supporting sustained momentum in market.   
Achievements over the last year at a glance 
  Launched a new product in Australia leveraging NZ illicit genetics. 
  Expanded our
 German portfolio of products. 
  Improved our alignment with leading clinic chains in Australia. 
  Increased product range in New Zealand. 
  Brought product to market in the UK for distribution with Target Healthcare.  
And subsequent to the year end, we have brought a new Rua product to the
 market in Czech Republic which 
creates our 5
th
 market.  
It’s incredibly encouraging to see we are no longer at proof of concept and just filling the pipeline.  We are 
delivering significant revenue growth.  The first quarter of FY26 is our largest quarter yet.  
Although I have outlined today the great progress we have made in the last 12 
months, you will have seen in 
our 2025 Annual Report that Rua’s net liquidity position and ongoing cash operating losses remain challenging 
if we are to meet the company’s ongoing liabilities and fund anticipated growth opportunities.  
I am announcing today that we will imminently be going out to the market seeking
 to raise $2 million of new 
equity. 
Managing cash flow this year has been an extraordinary journey.  
Rua has taken critical actions to support its immediate cash flow needs. 
 We have been laser focused on conserving cash.  
 We successfully raised $1.6 million from shareholders and approved a debt 
facility, of which $304,000 
was drawn at balance date. 

 Our unconditional offer from Awa Ora Genesis Trust of Te Araroa of $1.3 million for the Gisborne 
manufacturing facility did not go through as we have previously informed the market.  The facility 
remains for sale, and we are negotiating with interested parties on a number of different options.    
Rua intends
 to use the cash raised through the Offer to fund working capital and marketing activities to 
support our growth opportunities. This includes new products in our key international markets of Germany, 
Australia, UK and Czechia. 
The cash raised is intended (if fully subscribed) to fund the business to a self‐
sustaining position.   
There will be a resolution later in the meeting on the issue of new ordinary shares that will allow Director’s 
flexibility should it be needed.  
On behalf of the Board, thank you to our staff, shareholders, and partners for your continued support 
throughout FY25. 
As Chair, I would also
 like to personally acknowledge our shareholders for the incredible support you have 
shown over the past year.  To Paul, our management team and fellow Directors, thank you for your dedication, 
focus, and commitment to delivering on our strategy. 
Together, we look forward to building on this momentum in FY26.

---

Rua Annual Shareholders Meeting  
28 October 2025 
Address by Paul Naske, Chief Executive Officer 
 
Tēnā koutou katoa 
Ko Paul Naske toku ingoa.  
FY25 was about continuing with our focused strategy and setting up sales channels in key markets that we can 
fill with our unique genetics from 
Te Tairawhiti, New Zealand.  
During the year, we grew our revenue in the key markets of Australia, Germany, and our home market of New 
Zealand, and we also established new sales channels in the United Kingdom.  
We continued this mahi with a new sales channel established in the Czech Republic in
 the first quarter of FY26. 
We now have 17 products across five markets generating revenue, and we continue to grow.   This creates 
resilience as we have various independent revenue streams from this geographic spread. 
Over the past two years, we have successfully reduced our operational overheads from over $6m per 
year in 
FY23 down to $3.4m in FY25.   This significant reduction shows our focus on our capital light strategy.  By 
minimising unnecessary expenditures, we have been able to streamline our processes and reduce costs 
substantially.  This strategic approach not only enhances our financial stability but also positions us for 
sustainable growth
 in the future. 
At the same time, we have grown our sales revenue through our focus on establishing sales distribution 
channels in our key markets.   Also, we are pleased to report that our sales in Q1 of FY26 are our largest to 
date which is clear evidence our sales and 
marketing strategies are working well. 
All the medicinal cannabis markets that we currently operate in are experiencing significant growth.   Around 
the world medicinal cannabis is growing in acceptance amongst regulators, prescribers and patients as the 
medicine moves from “unknown and new” to more mainstream.   
The regulations in each country are unique
 and Rua has methodically been selecting key markets to operate in 
from the earliest days of the company.   We have realised the importance of larger international markets to 
achieve scale, and FY25 has seen this come to fruition with significant revenue starting to occur in three key 
markets.   This has 
been very important to spread our risk going forward.  
I will take you through each of these key markets in detail. 
Australia 
During FY25 we consolidated and improved our position in the Australian market and significantly grew our 
sales revenue from $84k in the previous year to $585k. 

The Australian market is definitely close to one of the largest medicinal cannabis markets in the world, close to 
or alongside Germany.  It is a significant nearby opportunity for Rua with growing acceptance of medicinal 
cannabis amongst prescribers, patients and regulators.  
The data available shows that number of units of medicinal
 cannabis products prescribed by doctors in FY24 
was 4.6 million units and this is close to double the previous 12‐month period.  Data for the full 12‐month 
period for FY25 has not yet been released but it is expected to show considerable growth as the first 6 months 
is 
already well ahead of the previous year.  
Over the year we have expanded our reach into new clinic chains and distributors.   We are building on our 
unique story and brand to regularly communicate with clinics and distributors as we bring quality products to 
the market.  
Germany  
Germany remains the largest and
 most developed medicinal cannabis market in Europe by a significant 
margin. 
FY25 saw the medicinal cannabis market grow incredibly significantly with the establishment of a strong 
telemedicine market to meet patient demand.   This follows on the heels of changes to regulations in April 
2024 that allowed home cultivation and a 
removal of cannabis from the Narcotic Drug Schedule.  Rua was able 
to capitalise on this demand with our new products.  
A key metric that tells the story of market growth is the volume of imported product.  In FY24 the total volume 
of medicinal cannabis product imported to Germany was 37 tonnes.
   However, this has more than tripled to 
135 tonnes in FY25.   Whilst imports are not the true metric for patient demand, this is a significant indicator.   
Rua bought new products to the market in July and December and the products were extremely well received.  
However, our sales were limited by 
the ability to deliver sufficient product to the market to keep up with the 
demand at the time.    This was due to our ability to secure working capital to be able to place purchase orders 
for inventory at the time.   
Subsequent to the year ended June 2025, in August we also
 launched New Zealand cultivated products with 
the partnership of fellow kiwi companies.   These products are especially important as they leverage NZ illicit 
genetics and establish kiwi credentials in Germany.   
United Kingdom  
The UK is a market which holds a lot of promise for medicinal cannabis.   Currently the market prescribes only 
slightly more than the total New Zealand market, but with a population of 69 million we expect further 
substantial growth in this market as awareness amongst doctors and patients alike increases.  
In FY25 Rua introduced into the market three new oil products to be distributed through our distribution 
partner, Target Healthcare.
   Whilst sales of this product have been slower than expected, being active in the 
market has allowed us to review the product portfolio and clinic distribution networks.   Plans are well 
progressed for new supply channels of new products which we are confident will be well received.  
Czechia 
During FY25 we 
worked closely with suppliers and our distributor, Motagon, to establish the necessary 
regulatory information to be able to supply Rua products into Czechia. 
The Czech market has approximately twice the population of New Zealand and in April of this year regulations 
changed allowing General Practitioners to be able to prescribe medicinal
 cannabis products.   We expect, 

based on our experience in other countries, that this will significantly increase the number of prescriptions in 
the coming years.  
We are one of the earlier entrants to this market with product and we believe we are well positioned to 
capitalise on this growth.   
We launched our first product in this
 market last month and early indications are positive.   
Aotearoa, New Zealand  
During FY25 we worked closely with suppliers and our distributor, Motagon, to establish the necessary 
regulatory information to be able to supply Rua products into Czechia. 
The Czech market has approximately twice the population of New Zealand and in 
April of this year, regulations 
changed allowing General Practitioners to be able to prescribe medicinal cannabis products.   We expect, 
based on our experience in other countries, that this will significantly increase the number of prescriptions in 
the coming years.  
We are one of the earlier entrants to this market with product
 and we believe we are well positioned to 
capitalise on this growth.   
We launched our first product in this market last month and early indications are positive.   
Impact Programme  
Our Impact Programme are some of the things we are very proud of as a company.   
Medicinal cannabis in Aotearoa is 
a private payer medicine meaning it is out of reach for many and not an 
option.  Many patients with a genuine clinical need can simply not afford it.   Our Compassionate Access 
Programme shares the benefits of medicinal cannabis with those in Te Tairawhiti who are most in need.   This 
is a
 programme that is fully managed by Rua and funded by ourselves and others.  This year, through the 
support of suppliers and partners in our international network, we have been able to help up to 52 patients 
every month in the region.  Special thanks to Schroll Medical of Denmark, Alphafarma of 
Malta, and Trust 
Tairawhiti in our region, for their support and funding to allow us to make this happen.    
Another key element of our Impact Programme is the Scholarships.   Rua’s student scholarships are designed 
to celebrate the aspirations of local rangatahi and help them to drive meaningful, sustainable social and 
economic
 impact in the communities of Te Tairawhiti.  
In the last year we awarded 13 scholarships to local students.  Since the inception of the programme, we have 
supported 53 students from the region with the support of Trust Tairawhiti.  
We continue to arrange industry exposure trips to Auckland and Wellington as 
well as our own facility.    The 
purpose of these trips is to provide thought‐provoking and challenging experiences to showcase potential 
career pathways for rangatahi from our region.   
With the support of Trust Tairawhiti, we plan to continue working and supporting our rangatahi.  
GHG Emissions Report 
Measurement of our greenhouse gas
 emissions is part of our Sustainability Framework, and it is being used to 
drive decision making.  

In FY25, external auditor MyImprint completed a full greenhouse gas emissions report, and this is now the 
fourth year that Rua has been measuring greenhouse gas emissions.  We are building our knowledge and 
systems around our greenhouse gas emissions, and we continue to make improvements.    
In FY25, our Scope 1 and
 2 emissions – our more direct emissions from our company ‐ have reduced slightly by 
2.4% year on year.   
However, the significant contributor to our emissions is our Scope 3 emissions ‐ which are emissions that we 
indirectly contribute to – primarily through the purchasing of goods and services.   
This is now 
the second year that we have measured these Scope 3 emissions and it is clear these emissions will 
remain a challenge for Rua.  We will no doubt see increases to these emissions as our sales increase.  
As always, we continue to make improvements to our reporting and measuring systems. 
Our Plans
 for FY26 
As we look forward to the remainder of FY26 we have solid plans in place, and we are confident of revenue 
growth and expect to be upwards of $3mill in customer revenue.  
As mentioned, we have already in FY26 established a sales channel into the Czech market, bringing 
the 
number of markets we are in to five countries.   
Our major focus in FY26 is to grow the sales revenue in each of these markets through market share growth.  
We are working on pipelines into the markets of Poland and Switzerland, although at this stage we are not 
expecting revenue
 from these markets this year.  
These pipelines allow the platform to market Rua’s unique brand proposition consistently into these markets 
and spreading risk for the investor.