December Quarter FY 2026 Investor Update

15 January 2026 December Quarter FY 2026 Investor Update AFT reports international development and R&D progress HIGHLIGHTS - AFT South Africa acquires Cape Town-based Pharma Dynamics’ hospital division - Partnership with Stablepharma UK to develop room-temperature storage versions of several fridge-stored injectables — opening a potential global market worth in excess of US$6 billion - Maxigesic tablets (marketed as Combogesic ) to be sold directly by AFT in Canada by 1Q 27, adding to a growing approved OTC portfolio - New banking facility agreed with BNZ bank in December 2025 to support AFT’s expansion plans AFT Pharmaceuticals (NZX: AFT; ASX: AFP), the largest New Zealand based pharmaceuticals company , today reports on advances in strategic initiatives to extend its decades-long growth record. In the three months to the end of December 2025 AFT has accelerated the development of its South African business with the acquisition of the hospital operations of Cape Town-based Pharma Dynamics. Medicine licenses acquired through the transaction also allow for sales in some other African territories. AFT has also signed an agreement with the UK’s Stablepharma to commercialise a new technology that will allow the storage of a range of injectables at room temperature rather than refrigerated conditions — a project that has the potential to open a global market to the company worth in excess of US$6 billion. Finally, in its new business hubs in Canada, the UK and South Africa — markets that offer similar trading characteristics as its highly successful Australasian business — AFT is poised for a raft of new product launches in the new financial year (FY 27). AFT Pharmaceuticals Managing Director Dr Hartley Atkinson said: “The last quarter of 2025 has been a period of considerable achievement. We have continued to extend our reach into new markets, further diversified our product portfolio, and significantly advanced the development of our R&D pipeline — all initiatives that will drive growth, resilience, and long-term shareholder value. “I am particularly excited by the agreement with Stablepharma to add the ambient storage technology to our R&D pipeline. The technology’s potential to reduce the considerable wastage and costs associated with pharmaceuticals that require storage in refrigerated conditions represents a significant commercial opportunity for AFT and pharmaceutical buyers worldwide. Dr Atkinson noted the company continues to fund its growth investments with strong cashflows from its existing operations and debt funding under a new facility agreed with BNZ in December 2025. “We are closing in on the last quarter of FY 26 seeing broad-based growth across our operations. We are putting additional projects in place to support our drive towards our FY 27 $300 million revenue target. We also reiterate that we remain on track to deliver FY 26 operating earnings of $20 million to $24 million,” Dr Atkinson said, An interview with Dr Atkinson is available here: https://youtu.be/YrhGT2ONZDY GROWING HOSPITAL BUSINESS IN SOUTH AFRICA AND EUROPE The acquisition of Cape-Town-based Pharma Dynamics’ hospital division from 1 December 2025 includes the product licenses and existing sales contracts for 13 products sold in South Africa. Additionally, there are two licenses for Namibia, one for Zambia and one for Mozambique. Due to a planned delay in transferring stock from Pharma Dynamics to AFT’s 3PL distributor, sales for the first 3 months will be processed by Pharma Dynamics and its gross profit booked to AFT Pharmaceuticals South Africa. From 1 March 2026, the transaction will be fully completed. The acquisition will be funded from current banking facilities. AFT Pharmaceuticals Europe has also made good progress in commercialising the product portfolio purchased in FY 25 from an insolvent German company. The products required updates to the regulatory dossiers and licenses. However, launches in Austria, Germany, Ireland and Italy are now targeted for around the end of FY 26. The project is on track to recoup the investment within the expected timeframe. Additional launches of these products are planned for Portugal and the Nordics in FY 27. INJECTABLE AGREEMENT OFFERS POTENTIAL US$6 BILLION OPPORTUNITY We are pleased to have reached a significant R&D agreement for the development of ambient temperature storage technology for several injectable pharmaceuticals (primarily oncology and anti-infectives) presently stored under refrigerated conditions. AFT will work with our partner, the UK based Stablepharma, to develop its StablevaX , technology for these products. Stablepharma’s proprietary technology platform, StablevaX , is currently being used to reformulate existing and new vaccines and pharmaceuticals into thermostable products that remain stable at temperatures 40 C and above, removing the need for refrigeration or freezing throughout manufacture, distribution, and administration. The global sales of the pharmaceutical products covered by the agreement are in excess of US$6 billion. The first two product developments will start prior to the end of FY 26 and offer the potential for global sales of as much as US$500 million. About 17% of the total US$6+ Billion addressable market is covered directly by AFT’s own business hubs (AU, NZ, SG, HK, SA, CA & UK). Upon successful development of the technology, AFT will look to sell the products itself in its own markets and to out-license the technology into other markets. GROWING OUR PIPELINE IN CANADA AND THE UK Building on the successful launch of Combogesic IV in Canda in 1H 26, our Canadian subsidiary AFT Pharmaceuticals Canada is looking forward to adding Combogesic tablets to our over the counter (OTC) portfolio in 1Q 27. When used in combination with the intravenous form of the medicine, the tablets provide clinicians with a valuable alternative to opioids in both peri-operative settings and in post-discharge care for patients requiring ongoing analgesia. AFT Pharmaceuticals Canada has partnered with a local sales team of 40 sales representatives to cover the retail pharmacy segment in addition to its own hospital sales force and key account management team. The launch in Canada of Combogesic tablets will be accompanied by the expansion of the OTC portfolio with six new products in FY 27. We have a similarly full programme of launches planned for the UK with 8 OTC launches planned for FY 27. For and on behalf of AFT Pharmaceuticals Limited by Malcolm Tubby, Chief Financial Officer. For more information: Investors Media Dr Hartley Atkinson Richard Inder Managing Director The Project AFT Pharmaceuticals Tel: +64 21 645 643 Tel: +64 9488 0232 About AFT Pharmaceuticals AFT is a growing New Zealand based multinational pharmaceutical company that develops, markets, and distributes a broad portfolio of pharmaceutical products across a wide range of therapeutic categories which are distributed across all major pharmaceutical distribution channels: over the counter (OTC), prescription and hospital. Our product portfolio comprises both proprietary and in-licensed products, and includes patented, branded, and generic drugs . Our business model is to develop and in-license products for in our markets of Australia, New Zealand, Singapore, Malaysia, Hong Kong, USA, Canada, EU ex Ireland and UK, and to out-license our products to local licensees and distributors to over 125 countries around the world. For more information about the company, visit our website www.aftpharm.com. About Stablepharma Stablepharma is a UK-based biotech developing thermostable, fridge-free formulations that address the global challenges of distribution, storage, wastage and CO₂ emissions associated with temperature-sensitive medicines. Its proprietary StablevaX technology enables existing, approved vaccines and pharmaceuticals to be reformulated into products that remain stable without refrigeration, without compromising efficacy. Stablepharma is committed to advancing global health equity, reducing waste and supporting more resilient and sustainable healthcare systems.