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HY 2026 Results Presentation September 2026 POISED FOR TRANSFORMATIONAL GROWTH
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Disclaimer 2 For the purposes of this disclaimer, "presentation" means this document, any oral presentation, any question and answer session and any written or oral material discussed or distributed during the presentation. This presentation includes statements that are, or may be deemed to be, “forward looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes”, “estimates”, “anticipates”, “expects”, “intends”, “plans”, “may”, “will” or “should” or, in each case, their negative or other variations or comparable terminology or by their context. These forward- looking statements include all matters that are not historical facts. They appear in a number of places and include, but are not limited to, statements regarding the intentions, beliefs or current expectations concerning of AOTI, Inc. (the “Company”), amongst other things, results of operations, financial condition, liquidity, prospects, growth and strategies. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance and the actual results of operations, financial condition and liquidity, and the development of the industry in which the Company operates, may differ materially from those made in or suggested by the forward-looking statements set out in this presentation. Past performance of the Company cannot be relied on as a guide to future performance. Forward-looking statements speak only as at the date of this presentation and the Company and any of its respective directors, officers, employees, agents, affiliates or advisers expressly disclaims any obligations or undertaking to release any update of, or revisions to, any forward-looking statements in this presentation. No statement in this presentation is intended to be a profit forecast. As a result, you are cautioned not to place any undue reliance on such forward-looking statements. In addition, even if the results of operations, financial condition and liquidity of the Company, and the development of the industry in which the Company operates, are consistent with the forward-looking statements set out in this presentation, those results or developments may not be indicative of results or developments in subsequent periods. No representation or warranty, express or implied, is made by the presenter or the Company or any director employee agent or adviser as to the adequacy, fairness, accuracy, or completeness of the information or opinions contained in the document or in any statements made orally in connection with this presentation and no liability is accepted by any such persons in relation to any such information or opinion for any loss or damage of whatever description suffered by any persons arising from any reliance on the information or any of the statements, opinions or conclusions set out in this presentation or the comments, written or oral, of any person made in connection with this presentation. This presentation contains certain estimated historical and prospective financial and operating data. The financial information set out in the presentation does not constitute the Company's statutory accounts in accordance with section 423 Companies Act 2006 for the full year period ending 31 December 2025. The information in this presentation does not constitute or form part of, and should not be construed as, any public offer under any applicable legislation or an offer to sell or solicitation of any offer to buy any securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments. The distribution of this presentation in certain jurisdictions may be restricted by law. Recipients are required by the Company to inform themselves about and to observe any such restrictions. No liability to any person is accepted in relation to the distribution or possession of this document in any jurisdiction. The contents of this presentation are confidential and are provided to the recipient solely for its own information and in connection with discussion in relation to the Company. The document may not be (in whole or in part) reproduced, distributed, stored or disclosed in any way to any other person (other than the recipient’s affiliates). By receiving this presentation and/or attending any meeting where this presentation is made, the recipient agrees that the recipient has read, agrees to and will comply with the contents of this disclaimer including, without limitation, the obligation to keep this presentation and its contents confidential and will not have any discussion, correspondence or contact concerning the information in this presentation with any person (other than the recipient’s affiliates) without the Company’s prior written consent. The recipient has further agreed to return all documents and other material held by it relating to the matters referred to in this presentation upon request. TWO2 , Nexa , EcoPouch and SmartFloware trademarks of the Company or its Affiliates (together the ‘Group’) and their licensors, in the US, UK and other countries. All other trademarks are the property of their respective owners. All intellectual property in, related to or disclosed by this presentation is the property of the Company or its licensors; no right in or title to the same is granted to any person by provision of this presentation which is provided ‘AS IS’ for information purposes only.
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Presenting team 3 Dr. Mike Griffiths Chief Executive Officer Jayesh Pankhania Chief Financial Officer
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AOTI: A company poised for transformational growth 4 TWO2 ® the market-leading topical oxygen therapy: Differentiated, clinically proven and cost-saving Existing US commercial infrastructure enables operational leverage across different segments, driving market penetration Impending CMS Medicare coverage: Transformational for the Company Building outcomes-based at home category within AWC: AOTI's unique outcomes-based platform creates significant strategic advantage and meaningful barriers to entry Already generating significant early revenues and strong profitable growth
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– Robust underlying H1 26 profitable revenue growth of 18.8%, $31.9m (H1 25: 17.0%, $26.9m). – Continue to optimise our sales structure and execution to deliver the full potential of the commercial opportunity. – Significant progress towards obtaining Medicare coverage o CMS proposed LCD for TOT published. – Market access progressing – Medicaid Provider ID in 27 states (FY 25: 19) - underpinning mid- and longer-term growth. – Evidence base bolstered – large real-world study in 3,126 patients published – supports TWO2 ® therapy outcomes-based value proposition. H1 26: Robust revenue growth and significant operational progress 5
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Business overview Dr. Mike Griffiths
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The evolution and need for outcomes-based care A Structural Shift From Activity to Outcomes • Fee-for-service rewards activity, not health outcomes • Chronic diseases account for 90% of all healthcare spending1 • Costs are rising faster than GDP in most markets • Fragmented care results in duplication, avoidable admissions, poor coordination The Shift: Towards Outcome- Driven Economics where payments are based on delivering outcome $5.3 trillion2 Total US healthcare spend 90% ofthetotal is for chronicdiseases 1 7 The Problem: Activity-Driven Economics 1 Health and Economic Costs of Chronic Conditions. Centers for Disease Control and Prevention. Updated August 8, 2025 Accessed March 29, 2026. https://www.cdc.gov/chronic-disease/data-research/facts- stats/index.html#cdcreference_2 2 National health expenditure data: historical. Center for Medicare & Medicaid Services. Updated December 18, 2024. Accessed March 4, 2025. https://www.cms.gov/data-research/statistics-trends-and-reports/national- health-expenditure-data/historical
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Continuing to build a new outcomes-based at home category Direct Patient Access Patient Data Analytics Differentiated Therapy Proven long-term clinical outcomes = health economic savings Proven home care delivery model to co- morbid chronic care patients Enhanced patient and provider engagement with remote therapy monitoring and AI assisted patient engagement at scale Enhanced engagement: PATIENTS, CAREGIVERS, PRESCRIBERS, CLINICIANS AND PAYERS Accredited Homecare Provider Eyes on the Wound System Engaged Outcomes Tools TWO2 ® Therapy (Multi-modality) UNIQUE OUTCOMES-BASED PLATFORM WITH SIGNIFICANT BARRIERS TO ENTRY 8
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TWO2 ® – huge market opportunity Serviceable Obtainable Market 1 • Representing 28k annual patients 3 • Near to medium term • Current market access SAM $26bn SOM $400m Serviceable Addressable Market 2 • Representing 1.8m annual patients 3 • Long term • Broad market access 1 SOM = Opportunity today where payer coverage has already been attained. 2 SAM = Opportunity post attainment of broader CMS and other payer coverage. 3 Patient populations represent only TWO2 addressable nonhealing wounds calculated from actual 2024 USA complete claims data sets. Average patient therapy 3-4 months. 9
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PHASE 2 PHASE 1 PHASE 3 Executing on our phased market access strategy 10 Expanding coverage – ongoing – market access in 27 Medicaid states National coverage 2022: <10% national coverage Existing Coverage Medicare + Accelerated Access to Medicaid & Commercial Payer Channels Expanding Wider State Medicaid Payer Coverage Targeted states in Phase 2 give access to >80% of US population and payer successes that will help accelerate Phase 3, with CMS approval accelerating this further Expanding coverage in private sectors - Cigna CMS issued positive proposed LCD 23 July 2026 Final LCD will provide Access to Medicare population Veterans Administration and NY Medicaid (state mandated coverage) secured: encompassing est. 16m covered lives CURRENT PHASE
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CMS/Medicare billable process well underway – Final LCD by July 2027 11 23 July 2026 45 days Ended 5 September 2026 45+ days Proposed LCD issued Day 0 Public Comment Period - Open meeting & comments - Final LCD issued Mandatory Notice Period CURRENT STAGE IN PROGRESS Latest end July 2027 Up to 365 days from issue of Proposed LCD Payment Determination Establishing price Fee Schedule Published Price confirmed HCPCS code Active & Reimbursable CODE EFFECTIVE & BILLABLE
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Commercial execution – near-mid term growth VA, Medicaid NY 12 LEVERAGE STRONG FOUNDATIONS OF OUTCOMES BASED CARE COO / VP Sales – Commercial Restructuring SALES TEAMS COMMISSION STRUCTURE ENHANCEMENTS UNDERPINS CURRENT MEDICAID PERFORMANCE KOL development Enhanced academic utilisation / trust building with states' payers Training programme cross over (podiatry to vascular) Early experience leading into community setting post residency Strong patient engagement Fosters broader prescriber awareness COMMERCIAL STRATEGY TO DRIVE NEAR-MID TERM GROWTH PREDICATE FOR ALL STATES New refocused geographical sales team DEEPER PENETRATION Increase rep productivity New patients Eyes on the Wound platform: → improves prescriber stickiness and new patient referrals in the current business and post CMS coverage
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Poised to penetrate huge market over time PAYER SEGMENT 2026 2027 2028 2029 2030 onwards VA NY Medicaid Medicare FFS Medicare Advantage Medicaid states Latest enrollment: VA 2026; NY Medicaid Jul-26; Medicare & Medicaid May-26; Notes; Medicare values are derived from CMS shares. Sources: https://department.va.gov/vha/about-us/#:~:text=over%209.1%20million%20Veterans | NYSDOH Medicaid | CMS Medicare | Medicaid.gov | Commercial: Policy Reporter TOTAL COVERED LIVES 9.1m 6.4m 34.4m 36.1m 66.4m Timing and total covered lives by payer segment 13 Commercial 188m
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Broad market access strategy for VA and Medicaid provides future Medicare readiness 14 Existing commercial infrastructure across 27 states, access to the vast majority of the US population Operational leverage to meaningfully increase sales rep productivity Greater focus on patient outcomes- based sales approach Sales teams from market segment to geographic model – capture opportunities – VA, Medicaid, > Medicare CCO and VP of Sales driving improved rep performance and embedding outcomes-based at home model where we are today Medicaid Provider ID
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TWO2 ® has parallels to the growth of negative pressure (NPWT) KCI 15
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Financial highlights Jayesh Pankhania
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Robust underlying revenue growth and positive operating cash flow 17 *Current Expected Credit Losses (CECL) methodology as required by the Financial Accounting Standards Board (FASB), Accounting Standards Update No. 2016-13 Financial Instruments - Credit Losses (topic 326) ** Gross cash $13.8 million and gross debt of $20.1 million • Driven by strong growth in VA and Medicaid • Reported revenue growth 10.8% (H1 25: 20.9%, $31.8m) • Driven by robust revenue growth, sales rep productivity, reduced commissions offset by investments to support future growth and non- cash CECL* provision • EBITDA margin 10.1% (H1 25: 9.6%) • Operating cash flow positive $0.9m (H1 25: $4.7m outflow) • Strong VA performance, improved working capital – cessation of new patients in AZ (Apr 26) • Reflects strong VA performance and improving working capital • Cash at 30 June 2026: $13.8m (FY 25: $13.4m) Robust underlying revenue growth (ex.AZ) 18.8% to $31.9m (H1 25: 17.0%, $26.9m) EBITDA grew 16.6% to $3.6m (H1 25 : $3.1m) Receivables: $24.3m (FY 25: $21.8m); Arizona Medicaid $18.7m (FY 25: $15.6m) Net debt $6.3m** (H1 25: $5.4m, FY 25: $6.5m)
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Robust underlying revenue growth 18 16.0% 21.5% 62.0% 18.8%GROWTH % Group 26,857 2,770 1,948 337 31,913 H1 25 VA Medicaid Other H1 26 Growth supported by commercial restructure and DOGE abating Primarily NY and NJ Sustained OBBBA / US healthcare headwinds Growth primarily from US Commercial REVENUE, $’000
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Improving profitability whilst investing for operational leverage 19 EBITDA Walk – H1 25 to H1 26, $’000 3,070 3,408 755 (2,187) (1,468) 3,578 H1 25 Revenue Commissions Salaries & wages Other expenses H1 26 Revenue growth of 10.8% and with improved gross margin of 1.1% New commission plans as we embed our sales model Primarily driven by increased headcount to support future growth Investments to support LT growth and CECL provision 9.6% 10.1%
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Positive operating cash flow since exiting Arizona (6,536) 921 (583) (93) (6,291) Net Debt FY 25 Operating cash flow Capital Purchases Lender Fee Accrual Net Debt H1 26 NET DEBT MOVEMENT, $’000 Strong VA performance, improved working capital, cessation of new AZ patients Eyes on the Wound development and rental units Lender fee 20*
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Arizona Medicaid – confident in collecting historical debt 21 Arizona • Arizona was impacted by a combination of factors that led to payment issues: o Change Healthcare cyber security breach o Continued state Managed Medicaid insurer turbulence o Epicenter of CTP fraud and abuse issue o Multiple Medicaid director changes • 1 April 2026, ceased treatment of new Medicaid patients • Actions to obtain formal Medicaid coverage policy for our therapy and recover historical claims remain ongoing • September 2026 revised revenue and EBITDA covenants in its loan
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Financial outlook 2026 22 • 2026 is a transformative year not only as we move towards the Final CMS LCD and resulting mandated Medicare coverage, but also due to optimising our sales structure and execution to deliver the full potential of our dramatically expanded US addressable market opportunity. • Expect full year 2026 EBITDA to be in line with current consensus1 and confident with net debt position and cash flow outlook for the remainder of the year. • Continue to expect full year top-line growth to be in line with our guidance provided at time of FY 25 results – Underlying mid-teens revenue growth i.e. ex- Arizona Medicaid (low-single digit reported growth) 1 Current consensus EBITDA is $6.8m as of 29 September 2026
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AOTI: A company poised for transformational growth 23 TWO2 ® the market-leading topical oxygen therapy: Differentiated, clinically proven and cost-saving Existing US commercial infrastructure enables operational leverage across different segments, driving market penetration Impending CMS Medicare Coverage: Transformational for the Company Building outcomes-based at home category within AWC: AOTI's unique outcomes-based platform creates significant strategic advantage and meaningful barriers to entry Already generating significant early revenues and strong profitable growth
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Q&A
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Appendix
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Income statement 26 CONSOLIDATED STATEMENT OF OPERATIONS VA revenue growth 16% YoY Medicaid excl. Arizona growth 21.5% YoY Arizona Medicaid reduction 32% YoY Margin improvement YoY driven by operational efficiencies in inventory management. Increase in operating expenses driven by increase in staff bonus accrued for expected target achievement, $0.8m, other S&W and related travel, $0.9m including severance costs $0.3m, increase in bad debt, $0.5m, and increase in professional fees, $0.5m including costs to establish AOTI Employee Share Plan $'000 H1 26 H1 25 Change Total revenues 35,283 31,843 +10.8% Total cost of revenues (3,962) (3,930) Gross profit 31,321 27,913 +12.2% Gross profit margin (%) 88.8% 87.7% Total operating expenses (28,777) (25,942) Profit from operations 2,544 1,971 +29.1% Realized gain (losses) on foreign currency transactions (13) (66) Interest expense (1,156) (1,117) Profit before income taxes 1,375 788 74.5% Provision for income taxes (437) (540) Net Profit 938 248 278.2% Small increased interest charge YoY due to draw down of additional $11m SWK loan in May 25 offset by lower interest rate. Interim periods are based on forecasted ETR across our jurisdictions & locations of profits
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EBITDA margin growing RECONCILIATION BETWEEN NET PROFIT ANDEBITDA Refer to the EBITDA walk above $'000 H1 26 H1 25 Change Net Profit 938 248 +278.2% Provision for income taxes 437 540 Interest expense 1,156 1,117 Depreciation and amortisation 1,047 1,165 EBITDA 3,578 3,070 +16.6% EBITDA Margin 10.1% 9.6% 2727 27
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Balance sheet 28 CONSOLIDATED BALANCE SHEET Reduction in rental fleet capex + 6 months depreciation & amortisation. Increase in Arizona Medicaid receivables of $3.2m offset by collections in NJ & NY, and increased VA business which is largely on prepaid basis.. Cash position improvement due to increase NJ/NY customer cash collections Reduction is due to Loan Principal reclass of $1.3m to ‘Current’, payable in May 2027. Increase due to Loan principal noted above & increased accruals primarily relating to FSS ($0.3m) and bonus accruals. $'000 Total non-current assets Jun 2026 Dec 2025 13,280 13,688 Inventory 4,013 5,082 Trade accounts receivable, net 24,324 21,755 Other receivables and prepayments 1,669 1,659 Cash and cash equivalents 13,774 13,436 Total current assets 43,780 41,932 Total non-current liabilities 20,749 22,212 Total current liabilities 15,385 13,472 Total equity and liabilities 57,060 55,620 Inventory balance reducing as prior year excess inventory depletes
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Cash flow statement 29 CONSOLIDATED CASH FLOW STATEMENT D&A slightly lower due to fully depreciated assets and as rental fleet utilization is optimized. Increase in allowance for credit losses driven by increased in Arizona open debtor balance v 2025 Reduced increase in Accounts receivable YoY ($3.8m v $6.7m) driven by strong collections in NY, NJ and VA. Inventory has reduced by $1m as inventory build of 2025 depletes. Capital spend Eyes on Wound project, $481k v $592k in prior year. Other capex reduction YoY related to rental fleet, as utilisation of assets on field is optimised. SWK debt facility upsized by $10.9m net of financing fees in May 2025. $'000 H1’26 H1’25 Net Profit 938 248 Depreciation and amortisation 1,047 1,165 Share-based compensation & other awards 52 55 Movement in allowance for credit losses 1,274 776 Other 20 12 Working Capital (2,410) (6,949) Cash flows from operating activities 921 (4,693) Cash flows from investing activities (583) (1,185) Net Proceeds from loans net of fees - 10,908 Cash flows from financing activities - 10,908 Increase in cash and cash equivalents 338 5,030 Cash at beginning of year 13,436 9,336 Cash at end of year 13,774 14,366
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30 Who we are OUR MISSION Helping people with chronic conditions get back to living their lives OUR VISION Saving limbs and saving lives by healing wounds durably OUR VALUES Think BIG. Make a difference. Working together. Do the right thing OUR MARKET Defining and leading the topical wound oxygen market within >$5bn “hard-to-heal” segment 30
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Targeting hard to heal wounds, one of the highest areas of healthcare spend and significant market size Clear business model for future growth Established product with strong clinical and real-world evidence demonstrating better healing, lower recurrence and cost savings for payers Profitable and cash generative core business Robust underlying organic growth in the US (FY 25 $66.5m revenue) A strong investment case – compelling growth proposition Fundamentals solid 31 1 2 3 4 5
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32 Therapy Support Team Data Repository AIDA Chatbot Remote Therapy Monitoring • Allows receiving & sharing data • EHR data ingestion through Health Information Exchange • Wound progression imaging • Advanced wound analytics & insights • AI Call Transcription • Quality assurance in therapy initiation • Assessment of home environment and barriers to healing • RingCentral • TRUE See • In-app alerts to Therapy Support Team • Capturing therapy adherence • Building trust with stakeholders • Option for manual tracking if RTM connection unavailable • Reviews calls + data → outlines next call • Enables contextually accurate and personalized conversations with each patient • Facilitates efficient communication with many patients Eyes on the Wound Platform: Enables us to prove outcomes on every patient – tech and data-enabled care integration
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Differentiated product: TWO2 ® therapy 33 * Diabetes Care, Advanced in Wound Care. 71% reduction in amputations at 12 months Oxygen Compression Humidification Evidence* 6X more likely to heal DFUs in 12 weeks 6X lower recurrence rate at 12 months 88% reduction in hospitalisations at 12 months Multi-modality therapy Evidence* Cost savings* Controller Extremity chamber Multi-patch system TWO₂ ® therapy is cyclical, pressurised topical oxygen to promote wound healing that can be administered in the patient's home offering an alternative adjunctive advanced therapy to reduce costs while achieving complete closure
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Focussed on highest growth market segments in wound healing 34 Up to 33% of diabetics develop a DFU in their lifetime 60% of VLUs result in a chronic wound 50% get infected 17-22% result in amputation Only 44% heal by 12 weeks Once healed, 57% recur within 12 monthsBreast Cancer All Cancer Minor Amputation CLTI Major Amputation Lung Cancer Charcot DFU Annual cost of diabetes in the US is >$237 billion Annual US diabetic foot care cost is approximately $79 billion (comparable to $80bn all cancer treatment) Annual UK cost is ~1% of the entire NHS budget of £192 billion Venous leg ulcers (VLUs) are one of the most prevalent and persistent leg ulcers Diabetic foot ulcers (DFUs) are the #1 reason for infection and leg amputation
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36 • Extensive upside capacity to expand production of TWO2 ® device in Galway, Ireland manufacturing facility with ability to also assemble in US as demand dictates • Adequate space • Additional headcount and shifts • No supplier concerns • Bringing online additional (3rd) US based consumable contract manufacturer in 2026 that combined will meet foreseeable capacity requirements • Exemplary regulatory audit and compliance record throughout the organisation across all locations globally Manufacturing expansion