Strong revenue and underlying earnings growth

Results announcement



Results for announcement to the market
Name of issuer BLIS Technologies Limited
Reporting Period 6 months to 30 September 2025
Previous Reporting Period 6 months to 30 September 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$7,669 28%
Total Revenue $7,669 28%
Net profit/(loss) from
continuing operations
$419 83%
Total net profit/(loss) $419 83%
Interim/Final Dividend
Amount per Quoted Equity
Security
It is not proposed to pay a dividend for the 6 months to 30
September 2025.
Imputed amount per Quoted
Equity Security
Not Applicable
Record Date Not Applicable
Dividend Payment Date Not Applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.0085 $0.0079
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please see attached result announcement for commentary on
the result.
Authority for this announcement
Name of person

authorised
to make this announcement
Richard Wingham
Contact person for this
announcement
Richard Wingham
Contact phone number +64 21 284 0446
Contact email address richard.wingham@blis.co.nz
Date of release through MAP

27/11/2025

Unaudited financial statements accompany this announcement.

---

BLIS Technologies Limited
399 Moray Place, Dunedin, New Zealand, 9016
blis.co.nz
info@blis.co.nz

27 November 2025

Strong revenue and underlying earnings growth
Overview
BLIS Technologies Limited (BLIS) delivered strong first half year performance for the six month
period to 30 September 2025 (1HY26), achieving revenue of $7.7m, a 28% increase on the same
period last year (1HY25).
1HY26 earnings have been impacted by a one-off supply chain cost increase of $0.8m. It is estimated
that there remains $0.1m of further costs to be released. EBITDA is $0.5m, up $0.2m on 1HY25 and
$1.3m on an underlying basis excluding one-off costs. This reflects strong ingredient orders, growth
in private label revenues and tighter execution across key markets.
1HY26 performance was delivered across the business, with both the B2B and B2C sales channels
recording double-digit growth over 1HY25.
1HY26 also marked tangible progress in B2B commercial focus, converting pipeline opportunities in
key regions and strengthening strategic partnerships.
B2B Revenue
B2B remains the core revenue driver at 68% of total revenue, with revenue of $5.3m for 1HY26, up
39% on 1HY25.
Ingredient revenue led overall company growth, with EMEA revenue of $3.1m, up 83% on 1HY25,
due to carry over of orders into 1Q26 and a shorter reorder time for a major customer during the
period. Europe revenues are also bolstered by new customer launches and growing adoption of BLIS
K12® and BLIS M18® in both oral health and broader immunity applications.
North America contributed ingredient revenue of $0.4m, down 50% on 1HY25, due to the ongoing
transfer of customers to Probi manufactured ingredient, thereby increasing royalty revenue. BLIS
and Probi continue to align volume planning and marketing activity to underpin a stronger second-
half run rate.
Asia-Pacific (excluding NZ) delivered ingredient revenue of $0.3m, down 35% on 1HY25. A slowing of
product penetration in China has temporarily slowed momentum, although underlying consumer sell
through remains encouraging.
New Zealand ingredient revenue was modest as domestic manufacturing partners continue to
consolidate their ranges.

BLIS Technologies Limited
399 Moray Place, Dunedin, New Zealand, 9016
blis.co.nz
info@blis.co.nz
Private-label revenue was $0.8m, up 204% on 1HY25, as BLIS’ Chinese customer continues to grow
their presence in the offline market. Their investment in training and education underpins the
success of their roll out to date.
Royalty revenue was $0.5m, up 25% on 1HY25, reflecting the transition of legacy BLIS customers to
Probi manufactured ingredient and the ongoing commercialisation of these licensed BLIS strains
through third party brands.
B2C Revenue
B2C revenue for 1HY26 was $2.4m, up 10% on 1HY25. Growth was driven by additional ranging in
domestic pharmacy and improved promotional activity, along with continued strength on Amazon.
New Zealand wholesale revenue was $0.9m, up 19% on 1HY25, as channel partners optimised their
promotional activity. Focus is now on dental SKUs, which continue to demonstrate a high consumer
repeat purchase.
Cross-border e-commerce (CBEC) revenue was $0.2m, up 17% on 1HY25. Focus remains on
supporting the reset of the pricing to align with new China partners and the exit of smaller daigou
resellers. Sell through at consumer level remains positive, and the activation of BLIS trademarks in
China is expected to strengthen brand protection and mitigate grey market disruption.
Amazon revenue was $1m for 1HY26, up 3% on 1HY25. Although category growth across nutritional
supplements has softened in the USA, BLIS products continue to perform well on conversion and
review metrics. Advertising efficiency improved through refined targeting and lower spend.
The BLIS webstore revenue was $0.34m, up 3% on 1HY25. The increasing consumer shift toward
direct-to-consumer sales channels allows BLIS to better understand the buyer behaviour and
strengthen loyalty initiatives.
B2C activity is increasingly focused on brand storytelling, education and digital performance
marketing rather than discounting, supporting sustainable long-term engagement and category
leadership in oral probiotics.
Operational Progress, Regulatory and R&D
Operationally, 1HY26 was marked by continued improvements in supply chain reliability and
manufacturing capability. The Operations team have successfully increased the efficiency and
capacity of existing plant to meet the additional demand for BLIS manufactured finished products
across 1HY26. An increase of certified operators by 1.5FTE has significantly increased the capacity
within the team to maintain machine uptime.
R&D expenditure of $0.5m for 1HY26 remains below budget due to the timing of two key clinical
trials which were scheduled to begin in the first half of the year, but are now expected to commence
in 2HY26. These two trials are key to our future growth plans and represent a material investment.

BLIS Technologies Limited
399 Moray Place, Dunedin, New Zealand, 9016
blis.co.nz
info@blis.co.nz
The company continues to invest in patent protection, brand trademarks and new product
development pipelines. It was particularly pleasing to have two new patents granted in 1HY26 which
further strengthened BLIS’ leadership in oral probiotics and supports its growth strategy in global
health markets. They also cement BLIS’ position as a global leader in oral probiotics.
The BLIS Team
Geoff Plunket stood down from the role of Chair at the October 2025 Board meeting after just over
four years in the role. Geoff’s leadership of BLIS has been exemplary with significant progress made
across multiple strategic initiatives which has positioned BLIS for long term success in the global
probiotics market. On behalf of all stakeholders, we would like to thank Geoff for his significant
contribution as Chair. Dame Alison Stewart has now assumed the role of Chair, bringing significant
scientific experience and seven years of BLIS board tenure.
August 2025 marked the 25th anniversary of BLIS, which was celebrated with a cocktail event at the
Dunedin Museum attended by past and present BLIS employees, and key stakeholders who have
supported BLIS in its journey over the last quarter of a century. A highlight of the evening was the
opportunity to hear from the original Founder Professor John Tagg on some of the key milestones
and lighter moments in the BLIS journey.
Outlook
BLIS enters 2HY26 with a solid foundation.

It is anticipated that full year FY26 revenue growth will be between 10%–15% on FY25.

In 2HY26 we will continue to develop joint business plans with Probi to accelerate Probi’s oral
probiotics launch programs across EMEA and North America. This now includes the pet nutrition
adjacency as well as the human nutrition oral probiotic category.

We will support China regulatory and clinical milestones, advance new product development and IP
filings to extend BLIS’ leadership in oral probiotics; and continue to strengthen consumer awareness
and brand protection across digital channels.

BLIS remains well positioned for steady, profitable growth in FY26 and beyond, leveraging its science
leadership, trusted brand, and expanding international partnerships.

As always, we appreciate your support.

Ends

For further information, please contact:

Scott Johnson
Chief Executive Officer
+64 21 488 831

BLIS Technologies Limited
399 Moray Place, Dunedin, New Zealand, 9016
blis.co.nz
info@blis.co.nz

About BLIS Technologies Ltd

Delivering proven health benefits through evidence-based, advanced probiotics
BLIS Technologies is an NZX-listed manufacturer of advanced probiotic strains that go beyond the gut.
Combining innovation with evidence-based research and the highest quality production controls enables
the delivery of probiotic solutions for specific health targets including throat health, halitosis (bad breath),
immune support, teeth and gum health and skin health. BLIS
®
products are sold throughout New Zealand
and in Asia, Europe and the USA. More information about BLIS Technologies Ltd can be found at
www.blis.co.nz.

Website: www.blis.co.nz
Instagram: @blisprobiotics #blisk12 #blism18 #blisq24
Facebook: @BLISProbiotics

---

HALF
YEAR
REPORT
FOR THE SIX MONTHS
TO 30 SEPTEMBER 2025

CONTENTS
HY26 SUMMARY 1
CHAIR AND CEO REPORT 4
FINANCIAL STATEMENTS 6
C
OMPANY DIRECTORY 18

1
BLIS TECHNOLOGIES LIMITED
HY26
SUMMARY
REGULATORY AND
R&D PROGRESS
• Patent issue settled and new 5 year
agreement with BSP
• Two new patents granted by
Australian Patent Office:
• Anti-viral applications
(also granted in NZ)
• Probiotic enhancers
• 11 new publications including 10 on
Streptococcus salivarius K12 and M18
and one on Micrococcus luteus Q24
• Progression of China regulatory
project to examination stage
7.7M
REVENUE
28% on prior year
HALF YEAR REPORT
5.3M
B2B REVENUE
39% on prior year
2.4M
B2C REVENUE
10% on prior year
0.5M
EBITDA
$0.2M on prior year
1.3M
UNDERLYING EBITDA*
$1.0M on prior year
* 1HY26 EBITDA adjusted for $0.8m of one-
off supply chain cost increase during 1HY26.

2
HALF YEAR REPORT
CONFERENCES BLIS ATTENDED
OR PRESENTED AT:
• Hi-Fi China 2025, Shanghai, China (1)
• Probiota Americas 2025, Vancouver,
Canada (2)
• Vitafoods Europe 2025, Barcelona,
Spain (3)
• Vitafoods Asia 2025, Bangkok,
Thailand (4)
• Growth Summit Asia, Singapore (5)
• Natural Health Products NZ Summit
2025, Christchurch, NZ
• Lab Leadership 2025, Melbourne,
Australia
• NZ Dental Expo 2025, Auckland, NZ
(6)
• NZ Oral Hygienist Association
Conference, Christchurch, NZ
• Chemist Warehouse Oasis Showcase
event, Auckland, NZ (7)
• Bargain Chemist Supplier Tradeshow
• Fermentation for Future Food
Summit, Hastings, NZ
OTHER
• B-Corp certification progress –
Constitution amendments approved
at Annual Shareholder Meeting in
August 2025
• 25-year milestone marked by
successful celebration event in
August 2025
1
2
3
4
5
6
7

3
BLIS TECHNOLOGIES LIMITED

4
HALF YEAR REPORT
CHAIR
AND CEO
REPORT
Asia-Pacific (excluding NZ) delivered ingredient revenue
of $0.3m, down 35% on 1HY25. A slowing of product
penetration in China has temporarily slowed momentum,
although underlying consumer sel
l t hrough remains
encouraging.
New Zealand ingredient revenue was modest as domestic
manufacturing partners continue to consolidate their ranges.
Private-label revenue was $0.8m, up 204% on 1HY25, as
BLIS’ Chinese customer continues to grow their presence in
the offline market. Their investment in training and
education
underpins the success of their roll out to date.
Royalty revenue was $0.5m, up 25% on 1HY25,
reflecting the transition of legacy BLIS customers to Probi
manufactured ingredient and the ongoing commercialisation
of these licensed BLIS strains through third party brands.
B2C
REVENUE
B2C revenue for 1HY26 was $2.4m, up 10% on 1HY25.
Growth was driven by additional ranging in domestic
pharmacy and improved promotional activity, along with
continued strength on
Amazon.
New Zealand wholesale revenue was $0.9m, up 19% on
1HY25, as channel partners optimised their promotional
activity. Focus is now on dental SKUs, which continue to
demonstrate a high consumer repeat purchase.
Cross-border e-commerce (CBEC) revenue was $0.2m, up
17% on 1HY25. Focus remains on supporting the reset of
the pricing to align with new China partners and the exit
of smaller daigou resellers. Sell through at consumer level
remains positive, and the activation of BLIS trademarks
in China is expected to strengthen brand protection and
mitigate grey market disruption.
Amazon revenue was $1m for 1HY26, up 3% on 1HY25.
Although category growth across nutritional supplements
has softened in the USA, BLIS products continue to perform
well
on conversion and review metrics. Advertising efficiency
improved through refined targeting and lower spend.
The BLIS webstore revenue was $0.3m, up 3% on 1HY25.
The increasing consumer shift toward direct-to-consumer
sales channels allows BLIS to better understand the buyer
behaviour and strengthen loyalty initiatives.
BLIS Technologies Limited (BLIS) delivered
strong first half year performance for
the six month period to 30 September
2025 (1HY26), achieving revenue of
$7.7m, a 28% increase on the same
period last year (1HY25).
1HY26 earnings have been impacted by a one-off supply
chain cost increase of $0.8m. It is estimated that there
remains $0.1m of further costs to be released. EBITDA is
$0.5m, up $0.2m on 1HY25 and $1.3m on an underlying
basis excluding one-off costs. This reflects strong ingredient
orders, growth in private label revenues and tighter
execution across key markets.
1HY26 performance was delivered across the business, with
both the B2B and B2C sales channels recording double-digit
growth over 1HY25.
1HY26 also marked tangible progress in B2B commercial
focus, converting pipeline opportunities in key regions and
strengthening strategic partnerships.
B2B REVENUE
B2B remains the core revenue driver at 68% of total revenue,
with revenue of $5.3m for 1HY26, up 39% on 1HY25.
Ingredient revenue led overall company growth, with EMEA
revenue of $3.1m, up 83% on 1HY25, due to carry over
of orders into 1Q26 and a shorter reorder time for a major
customer during the period. Europe revenues are also
bolstered by new customer launches and growing adoption
of BLIS K12
®
and BLIS M18
®
in both oral health and broader
immunity applications.
North America contributed ingredient revenue of $0.4m,
down 50% on 1HY25, due to the ongoing transfer of
customers to Probi manufactured ingredient, thereby
increasing royalty revenue. BLIS and Probi continue to
align
volume planning and marketing activity to underpin
a stronger second-half run rate.

5
BLIS TECHNOLOGIES LIMITED
B2C activity is increasingly focused on brand storytelling,
education and digital performance marketing rather than
discounting, supporting sustainable long term engagement
and category leadership in oral probiotics.
OPERATIONAL PROGRESS, REGULATORY
AND R&D
Operationally, 1HY26 was marked by continued
improvements in supply chain reliability and manufacturing
capability. The Operations team
h ave successfully increased
the efficiency and capacity of existing plant to meet the
additional demand for BLIS manufactured finished products
across 1HY26. An increase of certified operators by 1.5FTE
has significantly increased the capacity within the team to
maintain machine uptime.
R&D expenditure of $0.5m for 1HY26 remains below
budget due to
the timing of two key clinical trials which
were scheduled to begin in the first half of the year, but are
now expected to commence in 2HY26. These two trials are
key to our future growth plans and represent a materi
al
investment.
The company continues to invest in patent protection,
brand
trademarks and new product development pipelines. It was
particularly pleasing to have two new patents granted in
1HY26 which further strengthened BLIS’ leadership in oral
probiotics and supports its growth strategy in global health
markets. They also cement BLIS’ position as a global leader
in oral probiotics.
THE BLIS TEAM
Geoff Plunket stood down from the role of Chair at the
October 2025 Board meeting after just over four years in
the role. Geoff’s leadership of BLIS has been exemplary
with significant progress made across multiple strategic
initiatives which has positioned BLIS for long term success in
the global probiotics market. On behalf of all stakeholders,
we would like to thank Geoff for his significant contribution
as Chair. Dame Alison Stewart has now assumed the role
of Chair, bringing significant scientific experience and seven
years of BLIS board tenure.
August 2025 marked the 25th anniversary of BLIS,
which was celebrated with a cocktail event at the Dunedin
Museum attended by past and present BLIS employees, and
key stakeholders who have supported BLIS in its journey
over the last quarter of a century. A highlight of the evening
was the opportunity to hear from the original Founder
Professor John Tagg on some of the key milestones and
lighter moments in the BLIS journey.
OUTLOOK
BLIS enters 2HY26 with a solid foundation.
It is anticipated that full year FY26 revenue growth will be
between 10%–15% on FY25.
In 2HY26 we will continue to develop joint business plans
with Probi to accelerate Probi’s oral probiotics launch
programs across EMEA and North America. This now
includes the pet nutrition adjacency as well as the human
nutrition oral probiotic category.
We will support China regulatory and clinical milestones,
advance new product development and IP filings to
extend BLIS’ leadership in oral probiotics; and continue
to strengthen consumer awareness and brand protection
across digital channels.
BLIS remains well positioned for steady, profitable growth in
FY26 and beyond, leveraging its science leadership, trusted
brand, and expanding international partnerships.
As always, we appreciate your support.
Alison Stewart Scott Johnson
Chair
Ch
ief Executive Officer

6
HALF YEAR REPORT
FINANCIAL
STATEMENTS
FOR THE SIX MONTHS ENDED
30 SEPTEMBER 2025
HALF YEAR REPORT
6

7
BLIS TECHNOLOGIES LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 September 2025
NOTES
SIX MONTHS
30 SEP 2025
(UNAUDITED)
$’000
SIX MONTHS
30 SEP 2024
(UNAUDITED)
$’000
12 MONTHS
31 MAR 2025
(AUDITED)
$’000
REVENUES
Revenue3.17, 6 6 95,98912,6 4 4
Other income3.2142229450
Total revenue and other income7, 8116,21813,094
EXPENSES
Distribution expenses118153294
Marketing expenses8518171,535
Occupancy expenses8673137
Employee benefits2,0782,0864,107
Raw materials and consumables2,3581,1692,556
Operating expenses1,8531,6593,548
Finance expenses231226
Total expenses7, 3 675,96912,203
SURPLUS BEFORE TAX444249891
Income tax expense252053
SURPLUS FOR THE PERIOD419229838
Other comprehensive income---
TOTAL COMPREHENSIVE INCOME 419229838
Earnings per share:
Basic (cents per ordinary share)0.030.020.07
Diluted (cents per ordinary share)0.030.020.07

8
HALF YEAR REPORT
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 September 2025
SHARE
CAPITAL
(UNAUDITED)
$’000
RETAINED
EARNINGS/
(DEFICIT)
(UNAUDITED)
$’000
SHARE BASED
PAYM ENTS
EQUITY
RESERVES
(UNAUDITED)
$’000
TOTAL
ATTRIBUTABLE
TO GROUP
(UNAUDITED)
$’000
Opening equity – 1 April 202546,649(34,403)7612,322
Surplus for the year-419-419
Other comprehensive income----
Total comprehensive income-419-419
CEO share option equity reserve40-(12)28
Employee performance rights plan reserve---
40-(12)28
CLOSING EQUITY – 30 SEPTEMBER 202546,689(33,983)6412,769
Opening equity – 1 April 202446,649(35,241)8011, 4 8 8
Surplus for the year-229-229
Other comprehensive income----
Total comprehensive income-229-229
Employee performance rights plan reserve--(4)(4)
--(4)(4)
CLOSING EQUITY – 30 SEPTEMBER 202446,649(35,012)7611,713

9
BLIS TECHNOLOGIES LIMITED
CONSOLIDATED BALANCE SHEET
As at 30 September 2025
NOTES
SIX MONTHS
30 SEP 2025
(UNAUDITED)
$’000
SIX MONTHS
30 SEP 2024
(UNAUDITED)
$’000
12 MONTHS
31 MAR 2025
(AUDITED)
$’000
ASSETS
CURRENT ASSETS
Cash and cash equivalents3,0003,4684,206
Short term deposits5,7505,4505,450
Trade and other receivables1,3861,0 411,066
Prepayments205287406
Inventory1,917820728
NZX Bond757575
Foreign exchange contracts-16-
Income tax receivable16-78
Total current assets12,34911,15712,009
NON CURRENT ASSETS
Property, plant and equipment531540513
Finite life intangible assets41,4001,2101,263
Right-of-use-assets487454511
Total non current assets2,4182,2042,287
TOTAL ASSETS14,76713,36114,296

Continued overleaf / >>

10
HALF YEAR REPORT
CONSOLIDATED BALANCE SHEET CONTINUED
As at 30 September 2025
NOTES
SIX MONTHS
30 SEP 2025
(UNAUDITED)
$’000
SIX MONTHS
30 SEP 2024
(UNAUDITED)
$’000
12 MONTHS
31 MAR 2025
(AUDITED)
$’000
LIABILITIES
CURRENT LIABILITIES
Trade and other payables1,4311,16 41,378
Lease liabilities178141168
Foreign exchange contracts41-7
Total current liabilities1,6501,3051,553
NON CURRENT LIABILITIES
Lease liabilities348343421
Total non current liabilities348343421
TOTAL LIABILITIES1,9981,6481,974
NET ASSETS12,76911,71312,322
OWNERS EQUITY
Share capital546,68946,64946,649
Retained earnings / (deficits)(33,983)(35,012)(34,403)
Share based payment equity reserves637676
TOTAL EQUITY12,76911,71312,322
These financial statements have been authorised for issue on 26 November 2025.

Alison Stewart Barry Richardson
Chair Director

11
BLIS TECHNOLOGIES LIMITED
CONSOLIDATED STATEMENT OF CASHFLOWS
For the six months ended 30 September 2025
NOTES
SIX MONTHS
30 SEP 2025
(UNAUDITED)
$’000
SIX MONTHS
30 SEP 2024
(UNAUDITED)
$’000
12 MONTHS
31 MAR 2025
(AUDITED)
$’000
CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided from / (applied to):
Receipts from customers7, 4 0 26,33812, 911
Interest received14694334
Payments to suppliers and employees(8,016)(5,676)(11, 425 )
Finance costs(19)(12)(26)
Net cash inflow / (outflow) from operating activities6(487)74 41,794
CASH FLOWS FROM INVESTING ACTIVITIES
Cash was provided from / (applied to):
Purchase of short term deposits(300)(1,200)(1,200)
Purchase of intangible assets(233)(179)(346)
Purchase of property, plant and equipment(83)(101)(137)
Net cash (outflow) from investing activities(616)(1,480)(1,683)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash was provided from / (applied to):
Repayment of lease liabilities(88)(118 )(217)
Receipt of share option27--
Net cash (outflow) from financing activities(61)(118)(217)
Net (decrease) in cash held(1,16 4)(854)(106)
Add cash and cash equivalents at start of period4,2064,2724,272
Foreign exchange differences(42)5040
BALANCE AT END OF PERIOD3,0003,4684,206
COMPRISED OF:
Cash and cash equivalents3,0003,4684,206
3,0003,4684,206

12
HALF YEAR REPORT
NOTES TO AND FORMING
PART OF THE CONSOLIDATED
FINANCIAL
STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
1. BASIS OF REPORTING
Reporting entity
The unaudited consolidated condensed interim financial
statements presented are those of BLIS Technologies
Limited (the “Company”) and its subsidiary BLIS Functional
Foods Limited (the “Group”).
The Group’s principal activity is developing healthcare
products and technologies based on proprietary strains of
probiotic bacteria for sale and licensing in New Zealand
and overseas.
Statutory base
The Company is a profit-oriented entity, domiciled in New
Zealand, registered under the Companies Act 1993 and
listed on the New Zealand Stock Exchange. The Company
is an FMC reporting entity under the Financial Markets
Conduct Act 2013. The financial statements have been
prepared in line with the requirements of these Acts and
the Financial Reporting Act 2013.
Basis of Preparation
The unaudited consolidated condensed interim financial
statements have been prepared in accordance with New
Zealand Generally Accepted Accounting Practice (“NZ
GAAP”) and comply with the New Zealand Equivalents
to IFRS Accounting Standards (“NZ IFRS”), as appropriate
for interim financial statements (NZ IAS 34). The interim
financial statements should be read in conjunction with the
Group Annual Report for the year ended 31 March 2025.
The unaudited consolidated condensed interim financial
statements were authorised for issue by the Board of
Directors on 26 November 2025.
Basis of Measurement
The unaudited consolidated condensed interim financial
statements have been prepared on the historical cost
basis, except for the derivative financial instruments that
are measured at fair value at the end of each reporting
period. Historical cost is based on the fair values of the
consideration given in exchange for assets.
Accounting policies are selected and applied in a manner
which ensures that the resulting financial information
satisfies the concepts of relevance and reliability, thereby
ensuring that the substance of the underlying transactions
or other events is reported.
The same accounting policies and critical judgements,
estimates and assumptions are applied in these unaudited
consolidated condensed interim financial statements as
were applied in the preparation of the Group’s consolidated
financial statements for the year ended 31 March 2025.
The unaudited consolidated condensed interim financial
statements are presented in thousands of New Zealand
dollars. The New Zealand dollar is the Group’s functional
currency.
The unaudited consolidated condensed interim financial
statements do not include all the information required for
full financial statements.
Critical Judgements, Estimates and Assumptions
In the application of NZ IFRS, the Directors are required
to make judgements, estimates and assumptions about
carrying values of asset and liabilities that are not readily
apparent from other sources. The judgements, estimates
and assumptions used in the preparation of these unaudited
consolidated condensed interim financial statements are
consistent with those used in the Group’s consolidated
financial statements for the year ended 31 March 2025.
Significant Accounting Policies
The accounting policies in the unaudited consolidated
condensed interim financial statements are the same
as those applied in the Group’s consolidated financial
statements for the year ended 31 March 2025.
The Group has adopted all mandatory new and revised
standards and interpretations. None had a material impact
on these financial statements.
Certain new standards and interpretations to existing
standards have been published but are not yet effective.

13
BLIS TECHNOLOGIES LIMITED
The Group expects to adopt these when they become mandatory. Of these, the following standard has been assessed as
relevant to the Group:
• NZ IFRS 18 (Presentation and Disclosure in Financial Statements) – introduces new requirements including a change in
the structure of the profit and loss, management defined performance measures being included in a note to the financial
statements, and enhanced aggregation/disaggregation clarification. The new standard amends the classification in the
statement of cash flows.
The Group has not assessed the impact of this standard but it is expected that it will impact the presentation of the
financial statements.
2. SIGNIFICANT TRANSACTIONS AND EVENTS FOR THE CURRENT PERIOD
There were no significant transactions and events that affected the financial performance and financial position of the Group
for the six-month period ended 30 September 2025.
3. REVENUE AND OTHER INCOME
3.1 Revenue
SIX MONTHS
30 SEP 2025
(UNAUDITED)
$’000
SIX MONTHS
30 SEP 2024
(UNAUDITED)
$’000
12 MONTHS
31 MAR 2025
(AUDITED)
$’000
Revenue consists of the following items:
Point in time recognition:
Sale of goods – domestic sales
Finished goods1,2241,0622,172
Ingredients-2673
License fee and royalties7917
Sale of goods – export sales
Finished goods2,0371,4213,18 4
Ingredients3,9033,0776,132
License fee and royalties4983941,066
7,6695,98912,644
The above revenue for the 12 months ended 31 March 2025 has been corrected to align with current period reporting
classifications. The Sale of goods – domestic sales finished goods revenue is $2,172k (previously $1,942k) and Sale of goods
– export sales finished goods revenue is $3,184k (previously $3,414k), reflecting a reclassification of $230k.
3.2 Other Income
30 SEP 2025
(UNAUDITED)
$’000
30 SEP 2024
(UNAUDITED)
$’000
31 MAR 2025
(AUDITED)
$’000
Grant income7-22
Interest income135229428
142229450

14
HALF YEAR REPORT
4. FINITE LIFE INTANGIBLE ASSETS
TRADEMARKS
$’000
PATENTS
$’000
CAPITALISED
DEVELOPMENT
$’000
IT, WEBSITE
DEVELOPMENT
AND SOFTWARE
$’000
TOTAL
$’000
30 SEPTEMBER 2025 (UNAUDITED)
Gross Carrying Amount
Balance at 1 April 20255591,6274,1034006,689
Additions77156--233
Disposals-----
Balance at 30 September 20256361,7834 ,1034006,922
Accumulated amortisation and impairment
Balance at 1 April 20251681,0933,7713995,426
Amortisation expense282345197
Balance at 30 September 20251911,1163,8164005,523
Net book value at 30 September 2025445667287-1,399
30 SEPTEMBER 2024 (UNAUDITED)
Gross Carrying Amount
Balance at 1 April 20244271,4254,1214006,373
Additions74105--179
Disposals-----
Balance at 30 September 20245011,5304 ,1214006,552
Accumulated amortisation and impairment
Balance at 1 April 2024 1231,0553,6763975, 251
Amortisation expense 211948391
Balance at 30 September 2024 1441,0743,7244005,342
Net book value at 30 September 2024 357456397-1,210
31 MARCH 2025 (AUDITED)
Gross Carrying Amount
Balance at 1 April 20244271,4254,1214006,373
Additions14 4202--346
Disposals(12)-(18)-(30)
Balance at 31 March 20255591,6274 ,1034006,689
Accumulated amortisation and impairment
Balance at 1 April 2024 1231,0553,6763975, 251
Amortisation expense 4638952181
Disposals(6)---(6)
Balance at 31 March 2025 1631,0933,7713995,426
Net book value at 31 March 202539653433211,263

15
BLIS TECHNOLOGIES LIMITED
5. SHARE CAPITAL
30 SEP 2025 (UNAUDITED)30 SEP 2024 (UNAUDITED)31 MAR 2025 (AUDITED)
NO. OF SHARES$’000NO. OF SHARES$’000NO. OF SHARES$’000
Balance at the beginning
of the period (fully paid)1,279,301,59946,6491,279,301,59946,4691,279,301,59946,469
Shares pursuant to CEO
share plan------
Balance at the end
of the period1,279,301,59946,6491,279,301,59946,6491,279,301,59946,649
6. RECONCILIATION OF NET SURPLUS WITH CASHFLOWS FROM OPERATING ACTIVITIES
SIX MONTHS
30 SEP 2025
(UNAUDITED)
$’000
SIX MONTHS
30 SEP 2024
(UNAUDITED)
$’000
12 MONTHS
31 MAR 2025
(AUDITED)
$’000
NET SURPLUS FOR THE PERIOD419229838
Adjustments for non-cash items:
Amortisation9691181
Depreciation property, plant and equipment6561125
Depreciation right of use assets45118263
Foreign exchange loss / (gain)42(50)(40)
PSR expense-(4)(4)
Loss / (gain) on fair value of foreign exchange contracts34(51)(22)
Loss on disposal of intangible assets--26
7053941,367
Movement in working capital
Trade and other receivables(321)256231
Prepayments20250(68)
Inventories(1,18 9)(100)(9)
Income tax receivable62-(78)
Trade and other payables5414 4351
(1,192)350427
NET CASH INFLOW FROM OPERATING ACTIVITIES(487)7441,794

16
HALF YEAR REPORT
7. CAPITAL COMMITMENTS, CONTINGENT ASSETS AND CONTINGENT LIABILITIES
There are no capital commitments as at 30 September 2025 (30 September 2024: $4k). There are no material contingent
assets or contingent liabilities as at 30 September 2025 (30 September 2024: $Nil).
8. INVESTMENT IN SUBSIDIARY
PERCENTAGE HELD
SUBSIDIARY30 SEP 202530 SEP 202431 MAR 2025BALANCE DATEPRINCIPAL ACTIVITY
BLIS Functional Foods Limited100%100%100%31 MarchNon-trading
9. SEGMENTAL REPORTING
9.1 Operating Segments
The Group is internally reported as a single operating segment to the chief operating decision-maker.
9.2 Revenue from major products and services
SIX MONTH
30 SEP 2025
(UNAUDITED)
$’000
SIX MONTHS
30 SEP 2024
(UNAUDITED)
$’000
12 MONTHS
31 MAR 2025
(AUDITED)
$’000
The Group’s revenues from its major products and services
were as follows:
BLIS products7, 6 6 95,98912,6 4 4
Non-core business142229450
Total revenue and other income7,8116,21813,094
Non-core revenues include interest received and grant revenue.
9.3 Information about geographical areas
REVENUE FROM EXTERNAL CUSTOMERSNON CURRENT ASSETS
SIX MONTHS
30 SEP 25
(UNAUDITED)
$’000
SIX MONTHS
30 SEP 24
(UNAUDITED)
$’000
12 MONTHS
31 MAR 25
(AUDITED)
$’000
SIX MONTHS
30 SEP 25
(UNAUDITED)
$’000
SIX MONTHS
30 SEP 24
(UNAUDITED)
$’000
12 MONTHS
31 MAR 25
(AUDITED)
$’000
New Zealand1,2311,0972,2622,4182,2041,982
Asia Pacific (excl. NZ)1,3028862,053---
EMEA3,1711,7383,737---
North America1,9652,2684,592---
Total revenue7,6695,98912,6442,4182,2041,982
Grant revenue7-22---
Interest revenue135229428---
Total revenue
and other income7,8116,21813,0942,4182,2041,982

17
BLIS TECHNOLOGIES LIMITED
Revenues for the six months to 30 September 2025 include $3,146k, $943k, and $786k, which arose from sales, license fees
and royalties to the Group’s three largest customers.
Revenues for the six months to 30 September 2024 include $1,669k, $1,277k, and $401k, which arose from sales, license
fees and royalties to the Group’s three largest customers.
Revenues for the year ended 31 March 2025 include $3,588k, $2,531k and $722k which arose from sales, license fees and
royalties to the Group’s three largest customers.
Web sales are allocated to the region where the end consumer is based.
The geographical split for revenue from external customers for the 12 months ended 31 March 2025 has been corrected to
align with current period reporting classifications. The New Zealand revenue is $2,262k (previously $2,032k) and Asia Pacific
(excl NZ) revenue is $2,053 (previously $2,283), reflecting a reclassification of $230k.
10. SUBSEQUENT EVENTS
There were no subsequent events post 30 September 2025 (2024: Nil).

18
HALF YEAR REPORT
COMPANY
DIRECTORY
COMPANY NUMBER
1042367
ISSUED CAPITAL
1,279,301,599 Ordinary Shares
REGISTERED OFFICE
BLIS Technologies Limited
399 Moray Place,
Dunedin Central, Dunedin 9016
SHAREHOLDERS
Listed on the NZX main board
SHARE REGISTRAR
MUFG Corporate Markets
Level 30, PwC Tower
15 Customs Street West
Auckland 1010
DIRECTORS
Dr A Stewart
G Plunket
A Johansen
A McCammon
Dr B Richardson
CHIEF EXECUTIVE
S Johnson
AUDITORS
Deloitte Limited
BANKERS
Bank of New Zealand
SOLICITORS
Anderson Lloyd
A J Park
WEBSITE
www.blis.co.nz
www.blisprobiotics.co.nz
FACEBOOK
www.facebook.com/BLISProbioticsNZ
INSTAGRAM
www.instagram.com/blisprobiotics
LINKEDIN
www.linkedin.com/company/blis-
technologies-limited

19
BLIS TECHNOLOGIES LIMITED

BLIS Technologies Limited
Physical address: 399 Moray Place, Dunedin 9016
Postal address: PO Box 2208, Dunedin 9044, New Zealand
info@blis.co.nz | +64 3 474 0988 | www.blis.co.nz