TruScreen Half Year Results

Template
Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at 17 October 2019


Results for announcement to the market
Name of issuer Truscreen Group Limited
Reporting Period 6 months to 30 September 2025
Previous Reporting Period 6 months to 30 September 2024
Currency NZ$
Amount (000s) Percentage change
Revenue from continuing
operations
861 (17%)
Total Revenue 994 (20%)
Net profit/(loss) from
continuing operations
(1,358) (20%)
Total net profit/(loss) (1,358) (20%)
Interim/Final Dividend
Amount per Quoted Equity
Security
The Company does not propose to pay a dividend
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
0.0045 $0.0037
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
For commentary on the results please refer to the commentary
on the related NZX Release.
Authority for this announcement
Name of person

authorised
to make this announcement
Guy Robertson (Chief Financial Officer)
Contact person for this
announcement
Guy Robertson (Chief Financial Officer)
Contact phone number +61 407 983 270
Contact email address guyrobertson@truscreen.com
Date of release through MAP

28 November 2025

Unaudited financial statements accompany this announcement.

---

28 November 2025
NZX/ASX Announcement
TruScreen Unaudited Interim Results for the Half Year Ended 30 September 2025

Highlights for TruScreen in 1H FY2026:
• First half year product sales at NZ$860k, FY2026 revenue guidance is affirmed at NZ$2.8m
• China continued to perform strongly, with public screening programs in Zimbabwe and Vietnam to
commence 2H FY2026. Deferred revenue impact of NZ$200k
• Further progress in Indonesia and Uzbekistan with significant market opportunity
• New distributors appointed in India and South Africa
• Strategic alliance with Hangzhou Dalton Biosciences Ltd (DaltonBio) expanding HPV product range
and market access
• Successful capital raise of NZ$4m, before costs, to see Company through to monthly cash flow
positive
• Ms Christine Pears elected to the Board on retirement of Ms Juliet Hull

Cervical cancer screening technology company, TruScreen Group Limited (NZX/ASX: TRU) (‘TruScreen’ or ‘the
Company), is pleased to provide its unaudited interim financial results for the six months to 30 September 2025
(1H FY2026), together with the following Review of Operations. TruScreen reports according to the New Zealand
financial year, which runs from 1 April to 31 March.
In FY2026 TruScreen made a strategic move into public screening programs which are expected to account for
20% of revenue in this financial year. In July 2025 Vietnam launched a five-year program to screen 260,000 women.
Following receipt of regulatory approval in Uzbekistan a Memorandum of Understanding was signed, and medical
experts were selected to conduct a 500 patient pilot project in Karakalpakstan province. This program is a pre-
requisite to government consideration of the inclusion of TruScreen as a screening option for Uzbekistan’s 11
million women of screening age. Zimbabwe’s screening program, following the completion of the product re-
validation will recommence in 2H FY2026 with 20,000 women expected to be screened in this financial year.
Sales revenue of products decreased by 17% over the prior period year on year to NZ$0.86 million as programs
with revenue of NZ$200k were deferred from 1H to 2H. As a consequence, the Company reported an increased
operating loss of NZ$1.36 million (1H FY2025: NZ$1.13 million), which includes costs associated with the June
2025 capital raise.
China continues to perform strongly and will be enhanced as we develop the relationship with DaltonBio.
Net operating cash outflow increased to NZ$1.7 million (1H FY2025: NZ$0.9 million), with lower receipts from
customers and higher prepayment to our SUS contract manufacturer from higher forward demand production.
There was also a timing delay in the receipt of the Australian research and development tax offset refund of
NZ$460,000 expected in 2H FY2026.
As at 30 September 2025, the Company had cash and cash equivalents of NZ$2.2 million.

Half-Year Commentary
Market Development and Outlook

China
Consumable sales of Single Use Sensor (SUS) to China was 80,000 units in 1H FY2026,11% lower that FY2025
attributable to a production delay of our contract manufacturer in the current period. Full year SUS sales are
expected to be in line with the prior year. This will continue to underpin TruScreen’s revenue, with overall revenue
expected to increase by 13% from additional devices to be installed.
Our distributor in China, Beijing Siweixiangtai Tech Ltd. Co (SWXT) continues to focus its sales activities on the
existing key provinces, including Beijing and four other key expansion markets – Jiangsu, Guangdong, Shanghai
and Zhejiang.
In addition to major public hospitals SWXT has expanded its channels to include Traditional Chinese Medicine
Hospitals, the private Luxury Hospital market and the Health Check Clinic market.
To support the marketing activity the investigators of the Chinese Obstetricians and Gynecologists Association
(COGA) 15,000 patient clinical trial have submitted their clinical trial report for publication in a major international
journal. Adding to the existing COGA blue paper and Chinese Society for Colposcopy and Cervical Pathology
(CSCCP) endorsements, the publication will significantly enhance TruScreen’s clinical efficacy reputation in both
China and internationally.


Vietnam
In April 2025 the Vietnamese government amalgamated and enlarged its provincial administration structure
with the Ho Chi Minh City precinct and the HPHA doubling in size. These administrative changes have
delayed the five year program to screen 260,000 women, however training of community health workers and
a pilot screening program has commenced. The Ho Chi Minh City Centre for Diseases Control (CDC) is to
manage the core program, starting in 2H FY2026.

TruScreen is listed in the Vietnam Ministry of Health National Technical List and agreements were signed with six
major public hospitals to install TruScreen devices in 2H FY2026 for their cervical cancer screening programs.


India
The Company re-entered India with the appointment of Renovate Biologicals Pvt Ltd (RBL) to distribute our AI
enabled TruScreen cervical cancer screening system.
India is the most populous country in the world, with one-sixth of the world's population – a total of 1.4 billion
people – and an estimated screening population of 468 million women*.

*CIA World Factbook women aged 15-64 = 467,593,7814

RBL’s leadership team has combined relevant experience of over 50 years and is supported by a sales team of 22
and 130 sub-distributors and/or partners. First sales were made and RBL is well placed to achieve their target of
gaining a 70-80% share of the cervical cancer screening market within 5 years.
RBL have also commenced registration of the DaltonBio HPV DNA system for which TruScreen has the distribution
rights in India.
TruScreen was also selected for a public screening program in Leh Town, Ladakh, Jammu Kashmir. The program
was organised by a Singapore volunteer gynecological team led by Dr Quek Swee Cheong. Dr Quek is a board
member of the International Federation of Colposcopy and Cervical Pathology, and past President and a current
council member of the Society of Colposcopy and Cervical Pathology of Singapore.

Mexico
Sunbird S.A de C.V, TruScreen’s distributor in Mexico, continues its focus on private and public health sector sales
in Mexico City.
We expect modest growth in 2H FY2026 over FY2025, building on the inclusion of TruScreen in the Mexico
COFEPRIS approval for use in the public health system.
Sunbird continues to engage with government officials to introduce TruScreen to the public health sector and are
in advanced discussions with IMSS (Mexico’s largest public health insurer covering 38% of the population) for
TruScreen’s inclusion in their planned cervical cancer screening program.

Uzbekistan
Since the registration of the TruScreen device with the Ministry of Health and the President’s Office, TruScreen
signed a memorandum of understanding to conduct a 500-patient pilot program in Karakalpakstan province in
August 2025.
The objectives of the program are to assess cervical screening options for the women of Uzbekistan and the
implementation of TruScreen in the most effective way to prevent cervical cancer. The program will compare the
efficacy and operational requirements of TruScreen compared to Pap tests in detecting early cancerous changes
in the cervix; and to develop a framework for a National Cervical Cancer Screening program for Uzbekistan. First
revenues are expected in 2H FY2026.

Indonesia
The completion of product registration saw TruScreen making its first sale to distributor PT Mawar Mitra Medika
for Indonesia in early 2H FY2026.
Indonesia, with a population of 283 million, the world’s most populous Islamic nation, has an addressable
screening market of 95 million women, with only 11% of women having ever been screened for cervical cancer**.
In November 2025 CEO Marty Dillon with Mawar Mitra Medika met with the Director of Non-Communicable
Diseases in the Indonesian Ministry of Health to discuss TruScreen’s value proposition as a screening method of
choice for Indonesia.
** BMC Women’s Health, Feb 2024

With over 17,000 islands in the Indonesian archipelago, TruScreen, being totally portable and not requiring major
health infrastructure, is the ideal technology for screening women who have no access to traditional laboratory-
based methods.

Zimbabwe
Re-validation of TruScreen, as requested by the Ministry of Health, was completed in October. Following the
release of the final validation report, and completion of the tender process, screening will recommence in Harare
and regional Zimbabwe.
Zimbabwe is an important market for TruScreen with a significant contribution to sales with over 20,000 women
to be screened in Zimbabwe in 2H FY2026.

South Africa
Zimbabwe is an important springboard to South Africa where TruScreen has appointed a new distributor trading
as AIR.
Product registration is expected shortly, and first revenue is expected in Q4 FY2026. South Africa has an
addressable market of 19 million women and the 10
th
highest global cervical cancer incidence***.

Thailand, Malaysia and Singapore
TruScreen is working with its distributor INTEGA Pte Ltd to introduce TruScreen into this region.
TruScreen has received Singapore HAS regulatory approval and a key opinion leader, Dr Quek Swee Cheong, a
board member of the International Federation of Colposcopy and Cervical Pathology, and past President and a
current council member of the Society of Colposcopy and Cervical Pathology of Singapore, will be using
TruScreen in his private clinic at Gleneagles hospital in Singapore and for the trial being undertaken in India with
his sponsorship.
The submission of documents for regulatory approvals in Thailand and Malaysia have also commenced.
Regulatory compliance
TruScreen’s annual quality management system audit by TUV Germany will commence in December 2025 in
Sydney.
Corporate
With the support of existing and new shareholders the Company raised NZ$4 million in June/July 2025 with the
issue of 83,681,940 shares under the Share Purchase Plan at NZ$0.02 per share and a Share Placement of a
further 107,034,091 shares to new professional and institutional investors at NZ$0.022 per share.
The Company also issued 190,716,031 share options on the basis of one option for every new share issued, with
an exercise price of NZ$0.022 and an expiry date of 17 July 2026, and a further 14,025,000 options to a broker on
the same terms.

*** ICO/IARC HPV Information Centre (*ICO = Catalan Institute of Oncology, IARC = International Agency for Research on
Cancer)

The Company’s forward projections indicate that these funds should allow the Company to move to a monthly
positive cash flow position by late FY2026.
The Company was pleased to welcome Ms Christine Pears to the Board in September on the retirement of Ms
Juliet Hull. Christine is an experienced non-executive independent director and has held numerous roles as
Chairs of boards, Audit & Risk Committee, Remuneration & Nomination Committee, across a range of New
Zealand public and private companies with a focus on sales by indirect channel distribution.
On behalf of the Board, I take the opportunity to thank Juliet Hull for her contribution to Truscreen as Non-
Executive Director and Interim CEO during the COVID years.

Looking Ahead
TruScreen’s new growing sales channel with three Public Screening Programs have significant growth potential.
Our investment in building the strategic alliance with DaltonBio to extend our HPV product range and market
access, gaining regulatory approval and distribution capability in a further two of the world’s most populous
countries, India and Indonesia, will strengthen TruScreen’s foundations for growth in the years ahead.
Our 1H FY2026 performance is below expectations from timing of sales programs. However, we are confident that
revenue in 2H FY2026 will reflect the progress we have made and reward investors for the commitment they have
made to TruScreen.

This announcement was approved for release by the Board.
-ENDS-

For more information, visit www.truscreen.com or contact:
Marty Dillion
Chief Executive Officer
martindillon@truscreen.com
Guy Robertson
Chief Financial Officer
guyrobertson@truscreen.com

About TruScreen:

TruScreen Group Limited (NZX/ASX: TRU) is a medical device company that has developed and
manufactures an AI-enabled device for detecting abnormalities in the cervical tissue in real-time via
measurements of the low level of optical and electrical stimuli.
TruScreen’s cervical screening technology enables cervical screening, negating sampling and
processing of biological tissues, failed samples, missed follow-up, discomfort, and the need for costly,
specialised personnel and supporting laboratory infrastructure.
The TruScreen device, TruScreen Ultra
®
, is registered as a primary screening device for cervical
cancer screening.
The device is CE Marked/EC certified, ISO 13485 compliant and is registered for clinical use with the
TGA (Australia), MHRA (UK), NMPA (China), SFDA (Saudi Arabia), Roszdravnadzor (Russia), and
COFEPRIS (Mexico). It has Ministry of Health approval for use in Vietnam, Israel, Ukraine, and the
Philippines, among others and has distributors in 23 countries. In 2021, TruScreen established a
manufacturing facility in China for devices marketed and sold in China, with the “Made in China”
registration.
TruScreen technology has been recognised in CSCCP’s (Chinese Society for Colposcopy and Cervical
Pathology) China Cervical Cancer Screening Management Guideline.
TruScreen has been recognised in a China Blue Paper “Cervical Cancer Three Stage Standardized
Prevent and Treatment” published on 28 April 2023, by COGA (Chinese Obstetricians and
Gynaecologists Association).
In financial year 2023 alone, over 140000
1
examinations have been performed with TruScreen device.
To date, over 200 devices have been installed and used in China, Vietnam, Mexico, Zimbabwe, Russia,
and Saudi Arabia. TruScreen’s vision is “A world without the cervical cancer”
©
.
To learn more, please visit: www.truscreen.com/.
1
Based on Single Use Sensor sales.

Glossary:
Pap smear (the Papanicolaou smear) test involves gathering a sample of cells from the cervix, with a special
brush. The sample is placed on a glass slide or in a bottle containing a solution to preserve the cells. Then it is
sent to a laboratory for a pathologist to examine under a microscope. https://www.cancer.net/navigating-
cancer-care/diagnosing-cancer/tests-and-procedures/pap-test
LBC (the liquid-based cytology) test, transfers a thin layer of cells, collected with a brush from the cervix, onto
a slide after removing blood or mucus from the sample. The sample is preserved so other tests can be done at
the same time, such as the human papillomavirus (HPV) test https://www.cancer.net/cancer-types/cervical-
cancer/diagnosis

HPV (human papilloma virus) test is done on a sample of cells removed from the cervix, the same sample
used for the Pap test or LBC. This sample is tested for the strains of HPV most commonly linked to cervical
cancer. HPV testing may be done by itself or combined with a Pap test and/or LBC. This test may also be done
on a sample of cells which a person can collect on their own. https://www.cancer.net/cancer-types/cervical-
cancer/screening-and-prevention

Sensitivity and specificity mathematically describe the accuracy of a test which reports the presence or
absence of a condition. If individuals who have the condition are considered "positive" and those who don't
are considered "negative", then sensitivity is a measure of how well a test can identify true positives and
specificity is a measure of how well a test can identify true negatives:
• Sensitivity (true positive rate) is the probability of a positive test result, conditioned on the
individual truly being positive.
• Specificity (true negative rate) is the probability of a negative test result, conditioned on the
individual truly being negative (Sensitivity and specificity – Wikipedia).
For more information about the cervical cancer and cervical cancer screening in New Zealand and Australia,
please see useful links:
New Zealand: National Cervical Screening Programme | National Screening Unit (nsu.govt.nz)
Australia: Cervical cancer | Causes, Symptoms & Treatments | Cancer Council

---

1

2


CONTENTS

REVIEW OF OPERATIONS __________________________________________________________________ 3
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS _____________________________ 8
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION ________________________ 9
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY _______________________ 10
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS_______________________________ 11
NOTES ___________________________________________________________________________________ 12

3


REVIEW OF OPERATIONS
Highlights for TruScreen in 1H FY2026:
• First half year product sales at NZ$860k, FY2026 revenue guidance is affirmed at NZ$2.8m
• China continued to perform strongly, with public screening programs in Zimbabwe and Vietnam to
commence 2H FY2026. Deferred revenue impact of NZ$200k
• Further progress in Indonesia and Uzbekistan with significant market opportunity
• New distributors appointed in India and South Africa
• Strategic alliance with Hangzhou Dalton Biosciences Ltd (DaltonBio) expanding HPV product range and
market access
• Successful capital raise of NZ$4m, before costs, to see Company through to monthly cash flow positive
• Ms Christine Pears elected to the Board on retirement of Ms Juliet Hull

Cervical cancer screening technology company, TruScreen Group Limited (NZX/ASX: TRU) (‘TruScreen’ or ‘the
Company), is pleased to provide its unaudited interim financial results for the six months to 30 September 2025 (1H
FY2026), together with the following Review of Operations. TruScreen reports according to the New Zealand financial
year, which runs from 1 April to 31 March.
In FY2026 TruScreen made a strategic move into public screening programs which are expected to account for 20% of
revenue in this financial year. In July 2025 Vietnam launched a five-year program to screen 260,000 women. Following
receipt of regulatory approval in Uzbekistan a Memorandum of Understanding was signed, and medical experts were
selected to conduct a 500 patient pilot project in Karakalpakstan province. This program is a pre-requisite to
government consideration of the inclusion of TruScreen as a screening option for Uzbekistan’s 11 million women of
screening age. Zimbabwe’s screening program, following the completion of the product re-validation will recommence
in 2H FY2026 with 20,000 women expected to be screened in this financial year.
Sales revenue of products decreased by 17% over the prior period year on year to NZ$0.86 million as programs with
revenue of NZ$200k were deferred from 1H to 2H. As a consequence, the Company reported an increased operating
loss of NZ$1.36 million (1H FY2025: NZ$1.13 million), which includes costs associated with the June 2025 capital raise.
China continues to perform strongly and will be enhanced as we develop the relationship with DaltonBio.
Net operating cash outflow increased to NZ$1.7 million (1H FY2025: NZ$0.9 million), with lower receipts from
customers and higher prepayment to our SUS contract manufacturer from higher forward demand production. There
was also a timing delay in the receipt of the Australian research and development tax offset refund of NZ$460,000
expected in 2H FY2026.
As at 30 September 2025, the Company had cash and cash equivalents of NZ$2.2 million.

4


Half-Year Commentary
Market Development and Outlook


China
Consumable sales of Single Use Sensor (SUS) to China was 80,000 units in 1H FY2026,11% lower that FY2025
attributable to a production delay of our contract manufacturer in the current period. Full year SUS sales are expected
to be in line with the prior year. This will continue to underpin TruScreen’s revenue, with overall revenue expected to
increase by 13% from additional devices to be installed.
Our distributor in China, Beijing Siweixiangtai Tech Ltd. Co (SWXT) continues to focus its sales activities on the existing
key provinces, including Beijing and four other key expansion markets – Jiangsu, Guangdong, Shanghai and Zhejiang.
In addition to major public hospitals SWXT has expanded its channels to include Traditional Chinese Medicine
Hospitals, the private Luxury Hospital market and the Health Check Clinic market.
To support the marketing activity the investigators of the Chinese Obstetricians and Gynecologists Association (COGA)
15,000 patient clinical trial have submitted their clinical trial report for publication in a major international journal.
Adding to the existing COGA blue paper and Chinese Society for Colposcopy and Cervical Pathology (CSCCP)
endorsements, the publication will significantly enhance TruScreen’s clinical efficacy reputation in both China and
internationally.


Vietnam
In April 2025 the Vietnamese government amalgamated and enlarged its provincial administration structure with
the Ho Chi Minh City precinct and the HPHA doubling in size. These administrative changes have delayed the five
year program to screen 260,000 women, however training of community health workers and a pilot screening
program has commenced. The Ho Chi Minh City Centre for Diseases Control (CDC) is to manage the core
program, starting in 2H FY2026.
TruScreen is listed in the Vietnam Ministry of Health National Technical List and agreements were signed with six major
public hospitals to install TruScreen devices in 2H FY2026 for their cervical cancer screening programs.


India
The Company re-entered India with the appointment of Renovate Biologicals Pvt Ltd (RBL) to distribute our AI enabled
TruScreen cervical cancer screening system.
India is the most populous country in the world, with one-sixth of the world's population – a total of 1.4 billion people –
and an estimated screening population of 468 million women*.

*CIA World Factbook women aged 15-64 = 467,593,7814

5


RBL’s leadership team has combined relevant experience of over 50 years and is supported by a sales team of 22 and
130 sub-distributors and/or partners. First sales were made and RBL is well placed to achieve their target of gaining a
70-80% share of the cervical cancer screening market within 5 years.
RBL have also commenced registration of the DaltonBio HPV DNA system for which TruScreen has the distribution
rights in India.
TruScreen was also selected for a public screening program in Leh Town, Ladakh, Jammu Kashmir. The program was
organised by a Singapore volunteer gynecological team led by Dr Quek Swee Cheong. Dr Quek is a board member of
the International Federation of Colposcopy and Cervical Pathology, and past President and a current council member
of the Society of Colposcopy and Cervical Pathology of Singapore.


Mexico
Sunbird S.A de C.V, TruScreen’s distributor in Mexico, continues its focus on private and public health sector sales in
Mexico City.
We expect modest growth in 2H FY2026 over FY2025, building on the inclusion of TruScreen in the Mexico COFEPRIS
approval for use in the public health system.
Sunbird continues to engage with government officials to introduce TruScreen to the public health sector and are in
advanced discussions with IMSS (Mexico’s largest public health insurer covering 38% of the population) for TruScreen’s
inclusion in their planned cervical cancer screening program.


Uzbekistan
Since the registration of the TruScreen device with the Ministry of Health and the President’s Office, TruScreen signed
a memorandum of understanding to conduct a 500-patient pilot program in Karakalpakstan province in August 2025.
The objectives of the program are to assess cervical screening options for the women of Uzbekistan and the
implementation of TruScreen in the most effective way to prevent cervical cancer. The program will compare the
efficacy and operational requirements of TruScreen compared to Pap tests in detecting early cancerous changes in the
cervix; and to develop a framework for a National Cervical Cancer Screening program for Uzbekistan. First revenues
are expected in 2H FY2026.


Indonesia
The completion of product registration saw TruScreen making its first sale to distributor PT Mawar Mitra Medika for
Indonesia in early 2H FY2026.
Indonesia, with a population of 283 million, the world’s most populous Islamic nation, has an addressable screening
market of 95 million women, with only 11% of women having ever been screened for cervical cancer**.
In November 2025 CEO Marty Dillon with Mawar Mitra Medika met with the Director of Non-Communicable Diseases
in the Indonesian Ministry of Health to discuss TruScreen’s value proposition as a screening method of choice for
Indonesia.
** BMC Women’s Health, Feb 2024

6


With over 17,000 islands in the Indonesian archipelago, TruScreen, being totally portable and not requiring major
health infrastructure, is the ideal technology for screening women who have no access to traditional laboratory-based
methods.


Zimbabwe
Re-validation of TruScreen, as requested by the Ministry of Health, was completed in October. Following the release of
the final validation report, and completion of the tender process, screening will recommence in Harare and regional
Zimbabwe.
Zimbabwe is an important market for TruScreen with a significant contribution to sales with over 20,000 women to be
screened in Zimbabwe in 2H FY2026.


South Africa
Zimbabwe is an important springboard to South Africa where TruScreen has appointed a new distributor trading as AIR.
Product registration is expected shortly, and first revenue is expected in Q4 FY2026. South Africa has an addressable
market of 19 million women and the 10
th
highest global cervical cancer incidence***.


Thailand, Malaysia and Singapore
TruScreen is working with its distributor INTEGA Pte Ltd to introduce TruScreen into this region.
TruScreen has received Singapore HAS regulatory approval and a key opinion leader, Dr Quek Swee Cheong, a board
member of the International Federation of Colposcopy and Cervical Pathology, and past President and a current
council member of the Society of Colposcopy and Cervical Pathology of Singapore, will be using TruScreen in his private
clinic at Gleneagles hospital in Singapore and for the trial being undertaken in India with his sponsorship.
The submission of documents for regulatory approvals in Thailand and Malaysia have also commenced.

Regulatory compliance
TruScreen’s annual quality management system audit by TUV Germany will commence in December 2025 in Sydney.

Corporate
With the support of existing and new shareholders the Company raised NZ$4 million in June/July 2025 with the issue of
83,681,940 shares under the Share Purchase Plan at NZ$0.02 per share and a Share Placement of a further 107,034,091
shares to new professional and institutional investors at NZ$0.022 per share.
The Company also issued 190,716,031 share options on the basis of one option for every new share issued, with an
exercise price of NZ$0.022 and an expiry date of 17 July 2026, and a further 14,025,000 options to a broker on the same
terms.

*** ICO/IARC HPV Information Centre (*ICO = Catalan Institute of Oncology, IARC = International Agency for Research on Cancer)

7


The Company’s forward projections indicate that these funds should allow the Company to move to a monthly positive
cash flow position by late FY2026.
The Company was pleased to welcome Ms Christine Pears to the Board in September on the retirement of Ms Juliet
Hull. Christine is an experienced non-executive independent director and has held numerous roles as Chairs of boards,
Audit & Risk Committee, Remuneration & Nomination Committee, across a range of New Zealand public and private
companies with a focus on sales by indirect channel distribution.
On behalf of the Board, I take the opportunity to thank Juliet Hull for her contribution to Truscreen as Non-Executive
Director and Interim CEO during the COVID years.

Looking Ahead
TruScreen’s new growing sales channel with three Public Screening Programs have significant growth potential. Our
investment in building the strategic alliance with DaltonBio to extend our HPV product range and market access,
gaining regulatory approval and distribution capability in a further two of the world’s most populous countries, India
and Indonesia, will strengthen TruScreen’s foundations for growth in the years ahead.
Our 1H FY2026 performance is below expectations from timing of sales programs. However, we are confident that
revenue in 2H FY2026 will reflect the progress we have made and reward investors for the commitment they have made
to TruScreen.

Thank you for your continued support.

Anthony Ho, Chairman
28 November 2025

8


CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025


Unaudited for
the six
months ended
30 September
2025
Unaudited for
the six
months
ended 30
September
2024

Audited
for the year
ended 31
March 2025
Note $ $ $
Revenue from the sale of goods 860,795 1,034,128
1,712,052
Other income 4 133,204 211,870
393,203
Product cost of goods sold (639,230) (736,232) (1,196,832)
Employee benefit expenses and directors’ fees (277,730) (314,174)

(856,761)
Other administration costs (316,741) (351,373)
(514,358)
Research and development expenses (352,797) (393,058)
(814,614)
Travel (51,429) (28,032)
(74,402)
Marketing and product approvals (370,511) (398,172)
(627,860)
Insurance (69,539) (69,952)
(140,162)
Shareholder relations & services (216,240) (88,483)
(107,064)
Foreign exchange loss (13,664) -
-
Share based payments (35,702) -
-
Borrowing cost (8,867) - (16,678)
Loss before income tax (1,358,451) (1,133,478) (2,243,476)
Income tax expense - - -
Loss for the period after income tax (1,358,451) (1,133,478) (2,243,476)
Other comprehensive income
Item that may be reclassified subsequently to profit
or loss
Exchange gain/(loss) on translating foreign
subsidiary operations 61,563 (39,924) (46,268)
Total comprehensive loss for the period

(1,296,888) (1,173,402) (2,289,744)
Basic and diluted losses (cents per share) (0.19) (0.21) (0.41)

The accompanying notes form part of these interim financial statements.

9


CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2025



Unaudited
30 September
2025
Unaudited
30 September
2024
Audited
31 March
2025

Note $ $ $
CURRENT ASSETS


Cash and cash equivalents 2,238,785 1,742,167 365,473
Trade receivables 206,906 70,426 411,012
Other receivables 589,043 285,155 22,798
Inventories 625,495 934,983 538,679
Other assets – prepayments 428,383 120,475 203,544
TOTAL CURRENT ASSETS 4,088,612 3,153,206 1,541,406

NON-CURRENT ASSETS
Right-of-use assets 7 247,276 372,057 306,851
TOTAL NON-CURRENT ASSETS 247,276 372,057 306,851

TOTAL ASSETS
4,335,888 3,525,263 1,848,357

CURRENT LIABILITIES
Trade and other payables 557,403 946,567
387,317
Current lease liabilities 7 143,864 115,606
133,211
Employee benefits 107,937 115,487
104,096
TOTAL CURRENT LIABILITIES 809,204 1,177,660
624,624

NON-CURRENT LIABILITIES
Lease liabilities 7 118,001 260,028
184.161
Employee benefits 32,341 29,043
31,190
TOTAL NON-CURRENT LIABILITIES 130,342 289,071
215,351

TOTAL LIABILITIES 959,546 1,466,731
995,975

NET ASSETS 3,376,342 2,058,532
1,008,382
EQUITY
Issued capital 8 42,432,428 38,705,945 38,772,137
Share option reserve 94,200 234,456 89,643
Foreign currency translation reserve (321,833) (377,052) (383,396)
Accumulated losses (38,828,453) (36,504,817) (37,470,002)
Total Equity 3,376,342 2,058,532
1,008,382
The accompanying notes form part of these interim financial statements.

10


CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025

Share Capital
Accumulated
Losses
Foreign
Currency
Translation
Reserve
Option
Reserve Total
$ $
$
$ $
Balance at 31 March 2024
(Audited) 38,705,945 (35,371,339)
(337,128)
234,456 3,231,934
Comprehensive income


Loss for the period ended 30
September 2024
- (1,133,478) - - (1,133,478)
Exchange differences on
translation of foreign
subsidiary operations
- - (39,924) - (39,924)
Total comprehensive loss
for the period (unaudited) - (1,133,478) (39,924) - (1,173,402)
Balance at 30 September
2024 (Unaudited) 38,705,945 (36,504,817) (377,052) 234,456 2,058,532
Share Capital
Accumulated
Losses
Foreign
Currency
Translation
Reserve
Option
Reserve Total
$ $
$
$
$
Balance at 31 March 2025
(Audited) 38,772,137 (37,470,002)
(383,396)
89,643 1,008,382
Comprehensive income


Loss for the period ended 30
September 2025
- (1,358,451) - - (1,358,451)
Exchange differences on
translation of foreign
subsidiary operations
- - 61,563 4,557 66,120
Total comprehensive loss
for the period (unaudited) - (1,358,451) 61,563 4,557 (1,292,331)
Issue of shares 4,048,118 - - - 4,048,118
Share issue costs (387,727) - - - (387,727)
Balance at 30 September
2025(Unaudited) 42,432,428 (38,828,453) (321,833) 94,200 3,376,342
The accompanying notes form part of these interim financial statements.

11


CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025


Unaudited for
the six
months
ended 30
September
2025

Unaudited for
the six
months
ended 30
September
2024


Audited for
the year
ended 31
March 2025
Note $

$ $
CASH FLOW FROM OPERATING ACTIVITIES
Cash receipts from customers
690,970 954,731 1,716,718
Cash paid to suppliers and employees
(2,380,175) (2,282,908) (4,416,220)
Cash received from research and development tax
offset
- 439,080 447,140
Short-term lease payments not included in lease
liability
- (29,428) (38,490)
Finance costs paid
(8,704) (4,758) (3,296)
Interest received
3,861 3,444 4,842
Net cash used in operating activities
9
(1,694,048) (919,839) (2,289,306)
CASH FLOW FROM INVESTING ACTIVITIES
Purchase of plant and equipment - - -
Net cash used in investing activities

-

-

-
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from issue of shares 4,012,316 - -
Share issue costs (379,340) - -
Principal elements of lease payments (58,909) (34,730) (84,398)
Proceeds from borrowings 109,260 - -
Repayment of borrowings (109,260) - -

Net cash provided by financing activities

3,574,067 (34,730) (84,398)
Net (decrease)/increase in cash and cash
equivalents

1,880,019 (954,569) (2,373,704)
Cash and cash equivalents at beginning of period
365,473 2,728,036
2,728,036
Effect of foreign exchange adjustment on cash balances (6,707) (31,300)
11,141
Cash and cash equivalents at end of period 2,238,785 1,742,167 365,473
The accompanying notes form part of these interim financial statements.

12


NOTES
1. REPORTING ENTITY
These unaudited condensed consolidated interim financial statements presented for the six months ended 30
September 2025 are those of TruScreen Group Limited and its subsidiaries (the “Group”). References to “TruScreen”
are used to refer both to the Group and TruScreen Group Limited (the “Company”).
The parent company, TruScreen Group Limited, is the ultimate legal parent company of the Group and is a limited
liability company incorporated and domiciled in New Zealand. It is registered under the Companies Act 1993.
TruScreen is listed on the NZX and on the ASX as an ASX Foreign Exempt Listing. TruScreen is a FMC reporting entity
under Part 7 of the Financial Markets Conduct Act 2013.
The Group’s principal activity relates to the research & development and manufacture of cancer detection devices and
systems.
These unaudited condensed consolidated interim financial statements were authorised for issue by the Board of
Directors on 28 November 2025.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation
These interim financial statements are unaudited and have been prepared in accordance with New Zealand Generally
Accepted Accounting Practice (“NZ GAAP”) and part 7 of the Financial Markets Conduct Act 2013. The interim financial
statements comply with NZ IAS 34: Interim Financial Reporting and International Accounting Standards IAS 34: Interim
Financial Reporting.
The consolidated unaudited interim financial statements have been prepared in New Zealand dollars, which is the
presentation currency, with the New Zealand dollar and the Australian dollar being the functional currency of the New
Zealand parent company and the Australian subsidiary respectively. These interim financial statements do not include
all the information required for full financial statements and consequently should be read in conjunction with the
Group’s financial statements for the year ended 31 March 2025.
The same accounting policies have been followed in these interim financial statements as were applied in the
preparation of the Group’s audited financial statements for the year ended 31 March 2025.
The Company entered into a premises lease during the previous financial year and the accounting policy for the
treatment of leases is outlined below:
Leases
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the
net present value of the fixed payments less lease incentives receivable.
There is no option to release.
Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the
lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each
period.

13
Right-of-use assets are measured at cost comprising the following:
•The amount of the initial measurement of lease liability;
•Any lease payments made at or before the commencement date less any lease incentives received;
•Any initial direct costs; and
•Restoration costs.
The consolidated unaudited interim financial statements are prepared on the basis of historical cost, except where
otherwise identified.
Going Concern
The Group interim financial statements have been prepared on a going concern basis, which contemplates the
continuity of normal business activity and the realisation of assets and the settlement of liabilities in the normal course
of business.
As disclosed in the interim financial statements, the Group reported;
•a loss of $1,358,451 (H1 FY2025: $1,133,478).
•net cash outflows from operating and investing activities of $1,694,048 (H1 FY2025: $919,839)
•cash as at half year end of $2,238,785 (H1 FY2025: $1,742,167)
The Directors have undertaken a review of the detailed cash flow forecast for the twelve months following the date of
approval of report.
The Directors have determined that the Company will have sufficient capital based on the cash flow forecast for the
following twelve months to execute its current business plan.
The Board considers managing cash flow and working capital as critical in executing the strategies of the Group. The
Company has also demonstrated an ability to raise capital in the past.
If the Group is unable to meet forecasts due to market uncertainties and is also unable to raise additional capital when
required, it can cast doubt on the entities ability to continue as a going concern, and trade in the normal course of
business.
3.CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
When preparing the interim financial statements, management is required to make judgements, estimates and
assumptions about carrying values of assets and liabilities that are not readily apparent from other sources. The
estimates and associated assumptions are based on experience and other factors that are believed to be reasonable
under the circumstances. Actual results may differ from the estimates, judgements and assumptions made by
management. Estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised and in any future periods affected. Information
about significant areas of estimation uncertainty and critical judgements in applying accounting policies that have the
most significant effect on the amounts recognised in the interim financial statements can be found in the previous
annual report.

14



Impairment of non-current assets
The Directors undertook a comprehensive Impairment Review (“Review”) of the intangible assets of the Company as
at the 31 March 2022 year end. This Review was undertaken in compliance with NZ IAS 36 Impairment (‘IAS 36’) and its
detailed specifications with the assistance of an independent consultant.
In particular, the Directors assessed the risk of not meeting the projected device and SUS sales and rollout in China
and other countries as a result of the Russia/Ukraine conflict and the COVID-19 pandemic. As a consequence, the
directors resolved as at 31 March 2022 to create a provision for the carrying cost of the remaining non-current assets
in the amount of $4.6 million.
Global uncertainties from ongoing geopolitical tensions continue to impact the markets that the Group are in. As at 30
September 2025, the Directors have determined that there are no indicators which would warrant reversal of the
Provision for impairment made as at 31 March 2022.
The Directors will continue to review available indicators as at each future reporting balance date.

4. SIGNIFICANT TRANSACTIONS AFFECTING NET LOSS
Significant transactions affecting net loss
The following significant items affecting the unaudited loss for the period are highlighted below because of their size:
Unaudited for
the six months
ended 30
September
2025
Unaudited for
the six months
ended 30
September 2024
Audited for the
year ended 31
March 2025
$ $ $
Other income
Research and development tax refund/offset¹
Current year 129,066 230,758 383,236
Prior year adjustment - (22,332) (20,885)
129,066 208,426 362,351
Foreign exchange gain 26,297
Interest received 4,138 3,444 4,555
Total other income 133,204 211,870 393,203

¹Ongoing Research & development is being conducted in the following areas:
• Software & firmware improvements incorporated from feedback on devices to improve usability;
• Manufacturing processes of the electrical and optical assembly;
• Changes and improvements to the electrical and optical assembly; and
• Work on reducing the cost of production for both the device and SUS.

15


5. ADMINSTRATION AND OTHER OPERATING EXPENSES
Administration and other operating expenses were 4% up on the same period for the prior year, with the key cost
increases in NZX/ASX costs, legal costs and share registry costs which were related to the capital raise.

6. OPERATING SEGMENTS
The Group operates in one operating segment. It owns the intellectual property and rights to the TruScreen Cervical
Cancer Screening System. The system comprises a medical device and process designed to detect the presence in
real time of precancerous and cancerous tissue on the cervix.
The Group earns revenue largely from China, with developing markets in South East Asia, Russia, Mexico, India, Africa
and Eastern Europe. Revenues are from sales to the Company’s distributors (indirect channel of distribution).
One major customer contributed more than 10% of the Group’s revenue in the six months to 30 September 2025 of
$804,314 (93%) (2024: one customer of $887,608 (86%).
No additional disclosure is required in the interim financial statements as the Group has one reportable segment.

7. LEASES
30 September 2025 31 March 2025
$ $
Buildings under lease arrangements
At cost 409,412 409,412
Accumulated depreciation (162,136) (102,561)
Total lease assets 247,276 306,851

Lease liabilities
Current 143,864 133,211
Non-current 118,001 184,161
261,866 317,372

Buildings
$
Buildings
$
30 September 2025 31 March 2025
Opening balance 306,851 -
Additions - 409,412
Depreciation (59,575) (102,561)
Closing balance 247,276 306,851

16


Amounts recognised in the statement of profit or loss:

30 September 2025 30 September 2024

$ $
Interest expense (included in finance cost)
6,922 -
Expenses relating to short-term leases (included in
administrative expenses)

- -

The total cash outflow for leases during the half year ended 30 September 2025 was $58,909 (2024: $Nil).

8. SHARE CAPITAL
No. $
Balance at 30 September 2024 552,591,116 38,705,945
Share issue - advisor 2,316,603 66,192
Balance as at 31 March 2025 554,907,719 38,772,137
Shares issued for services rendered 1,701,576 35,702
Share purchase plan @ NZ$0.02 per share 83,681,940 1,673,639
Share placement @ NZ$0.022 per share 107,034,091 2,354,750
Foreign exchange adjustment on A$ raise - (16,073)
Cost of capital raising - (387,727)
Balance at 30 September 2025 747,325,326 42,432,428

17
9.RECONCILIATION OF CASH FLOW FROM OPERATING ACTIVITIES
Unaudited
for the six
months
ended 30
September
2025
Unaudited
for the six
months
ended 30
September
2024
Audited for the
year ended 31
March 2025
$ $ $
Reconciliation of cash flow from operations with loss after
income tax
Loss for the period (1,358,451) (1,133,478) (2,243,476)
Adjusted for:
Depreciation on right-of-use asset 67,889 33,959 102,561
Provision for inventory obsolescence - - 21,577
Share based payment expense 35,702 - -
Exchange difference arising from translating loss items
at the date of transaction and translating cash balances
at period end rates
48,876 (4,276) (9,394)
Operating cash outflows before working capital changes (1,205,984) (1,103,795) (2,150,309)
(Increase)/decrease in trade receivables (184,108) (22,273) 25,354
Decrease in goods and services taxes recoverable (28,950) (28,506) (2,182)
(Increase)/decrease in prepayments (224,840) 153,129 (85,941)
Increase in inventory (86,815) (443,729) (47,425)
(Increase)/decrease in research and development
refundable tax offset
(149,081) 232,686 80,506
Increase/(decrease) in trade and other payables 180,739 292,835 (99,880)
Increase/(decrease) in employee liabilities 4,991 (186)(9,429)
Net cash outflow from operating activities (1,694,048) (919,839) (2,289,306)

18



10. NET TANGIBLE ASSETS PER SHARE



Unaudited
as at
30 September
2025

Unaudited
as at
30 September
2024

Audited
as at
31 March 2025
Net tangible assets ($) 3,376,342 2,058,532 1,008,382
Shares on issue at the end of period 747,325,326 552,591,116 554,907,719
Net tangible assets per share (cents per share) 0.45 0.37 0.18

11. CONTINGENT LIABILITIES
There are no contingent liabilities in this or the previous reporting period.

12. EVENTS SUBSEQUENT TO END OF THE INTERIM PERIOD
Other than as outlined in the Half-Yearly Review of Operations on matters reported post 30 September 2025, there are
no other events since 30 September 2025 which would have a material effect on the Group’s unaudited interim financial
statements for the six months ended 30 September 2025.