Biome Investor Presentation
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BIOME AUSTRALIA · ASX: BIO 1
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Biome Australia
FY26 RESULTS & COMPANY PRESENTATION
Biome Australia
Australia’s #1 fastest-growing probiotic brand —
clinically-backed, profitable, and scaling.
September 2026
ASX: BIO
The Microbiome Health Company
Biome Australia Group
Our mission
To prevent disease, improve health
outcomes and quality of life, and
make our products accessible to all
BIOME AUSTRALIA · ASX: BIO 3
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Biome Australia
INVESTMENT HIGHLIGHTS
Profitable, clinically-differentiated, and scaling
Biome develops, owns and clinically validates proprietary probiotic strains, sold through pharmacy and practitioner
channels under the Activated Probiotics® and Activated Therapeutics® brands.
Australia’s #1 fastest-growing probiotic brand
Leader by revenue in community pharmacy, with 100% of the range in growth.
A record, profitable year
FY26 delivered record revenue of $23.9m, up 30%, building on FY25’s first full-year net profit.
Clinically differentiated
30+ randomised controlled trials, plus a proprietary strain — BMB18 — now in a 240-participant human trial.
Scaling at home and abroad
~7,500 points of sale and four international markets live, tracking to the Vision 2027 plan.
BIOME AUSTRALIA · ASX: BIO 4
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Biome Australia
OUR JOURNEY
From start-up to Australia’s fastest-growing probiotic brand
Revenue has compounded at ~75% a year from FY20 to FY26, with FY26 a record full year.
FY20
$830k
First full year of sales
→
FY26
$23.9m
Revenue, +30% year on year
Clinically-backed range
Built on 30+ randomised controlled trials.
Scaled distribution
From a standing start to ~7,500 points of sale across pharmacy.
Profitable and compounding
Ten consecutive EBITDA-positive quarters.
International reach
Live in five markets, with international revenue of $1.8m in FY26.
BIOME AUSTRALIA · ASX: BIO 5
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Biome Australia
FY26 FINANCIAL SCORECARD
Record results across every key metric
REVENUE
$23.9m
+30% vs FY25
ADJUSTED EBITDA
$2.0m
+115% vs FY25
NET PROFIT (PRE-TAX)
$1.2m
+453% vs FY25
GROSS MARGIN
62.1%
+1pp vs FY25: 61.1%
OPERATING CASH FLOW
$1.6m
FY25: $2.9m (outflow)
EPS
1.62 cents
FY25: 0.10 cents
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Biome Australia
OPERATING LEVERAGE
Earnings growing far faster than revenue
+30%
Revenue growth (PCP)
+453%
Net profit (pre-tax) growth (PCP)
Profit is compounding more than four times faster than revenue — with gross margin increased to 62.1% and tenth
consecutive EBITDA-positive quarter.
BIOME AUSTRALIA · ASX: BIO 7
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Biome Australia
REVENUE TRAJECTORY
Compounding revenue, now profitable
FY26
$23.9m
Revenue · +30% on FY25
$2.0m
Adj EBITDA (excl SBP)
FY26 — Second full-year net profit.
Ten straight EBITDA-positive
quarters.
FY20 to FY26 actual full-year revenue.
BIOME AUSTRALIA · ASX: BIO 8
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Biome Australia
FY27 PRIORITIES
The path to success for FY27 (execution of Vision 27)
The platform is built and profitable. FY27 is about converting it to scale, focusing on key priorities:
Onshore manufacturing & margin
Onshore production starts this month with Specialty Probiotics Australia (SPA) agreement — underpinning the 65%+ margin outlook.
China launch
Exclusive cross-border e-commerce agreement signed with H&S Global; Activated Probiotics launch planned within FY27.
BMB18 clinical trial
The 240-participant trial with La Trobe University, underway since February 2026, is targeted to read out in FY27.
International conversion
Four markets are built and staffed — FY27 is about conversion and depth, in addition to new entry in China.
Vision 27 close-out
The final year of the three-year plan — 8,000 points of sale, $75m cumulative sales (FY25–FY27).
FY27 priorities are management plans, not guidance, and remain subject to execution, scale-up and the risks set out in this presentation.
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Biome Australia
MANUFACTURING & MARGIN
Onshoring manufacturing — margin and working-capital upside
A binding supply & purchase agreement brings key manufacturing onshore — structurally lifting gross margin and releasing
working capital.
Gross-margin uplift
Increasing significantly from the strong
62.1% today commencing from FY27
Working-capital release
A shorter, local supply chain will free up significant
capital tied up in inventory, goods-in-transit and
shortens the cash-conversion cycle.
Supply security & Australian-made
Onshore production reduces lead times and import
dependency — aligned with Biome’s B Corp credentials.
The milestone
Binding agreement was executed on June 2 2026;
first onshore production from September 2026.
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Biome Australia
MARGIN BENCHMARK
Gross margin against the businesses acquirers just bought
Every business below was acquired in the past twelve months, except Life-Space. Margins are as last reported by each.
Biome 65%+ stated outlook 65.0%
Biome Australia FY26 reported 62.1%
Life-Space Group CY17 60.0%
Thorne FY22 50.2%
Jamieson Wellness FY25 41.2%
Biome converts a dollar of revenue into more gross profit than any of them.Jamieson and Thorne both manufacture in-house; Life-Space and
Biome outsource.
Jamieson FY2025, computed from quarterly releases. Thorne FY2022, its last full year listed. Life-Space per By-Health Shenzhen Stock Exchange filings at acquisition. Biome 62.1% as reported for FY26; the 65%+ figure is the
outlook announced 3 June 2026, subject to commercial scale-up, and is not a reported result.
BIOME AUSTRALIA · ASX: BIO 11
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Biome Australia
MARKET OPPORTUNITY
A large market — significant growth headroom
Global probiotics market ~US$75bn+ growing 7–9% p.a.
Australian probiotics market ~A$600m
Biome today ~$24m*
← significant headroom
We hold a low-single-digit share of our home market today —
with 7,500-store distribution and five international markets still to convert.
*Annualised on H1 FY26 revenue. Market sizes are management estimates.
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Biome Australia
MARKET POSITION
Fastest-growing brand in pharmacy’s biggest VMS category (FY26)
#1 Probiotic Products in Pharmacy
Biome Daily #1, Brand the highest growth in the
category, all products in growth
#2 Terry White Chemmart
Second-largest brand by revenue in professional vitamins category and
#1 for growth in largest pharmacy chain in Australia.
#1 Priceline Pharmacy Growth
#1 Sales growth (+36%) and 5th brand for
profit in category.
#1
Wholesale category growth
(Symbion / API)
100% of the range in growth.
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Biome Australia
HOW WE WIN
Practitioner Only - High Value - Solution driven
Practitioner endorsement drives full-margin growth
1
Practitioner
education
→
2
Clinical
recommendation
→
3
Pharmacy purchase
→
4
Scan data validates
→
5
Category leadership
A pull model. Demand is created by clinical recommendation and validated
by scan data — full-margin growth, without promotional discounting.
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Biome Australia
PRODUCT PLATFORM
Two clinically-backed brand families
The clinical moat competitors can’t replicate
Activated Probiotics®
Condition-specific, practitioner-recommended
probiotics across the range.
Activated Therapeutics®
Selective, clinically-validated formulations
for targeted applications.
• Practitioner-Only
• 30+ randomised controlled trials on
Biome’s finished products.
• Peer-reviewed publication, including in
The Lancet.
• Evidence across mood & sleep,
immune & respiratory, skin, bone,
cholesterol and children’s health.
• Hard to replicate — trials take years
and capital and earn the practitioner
trust that drives the pull model.
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Biome Australia
CLINICAL EVIDENCE
The clinical moat competitors can’t replicate
• 30+ randomised controlled trials on Biome’s finished products.
• Peer-reviewed publication, including in The Lancet.
• Evidence across mood & sleep, immune & respiratory, skin, bone,
cholesterol and children’s health.
• Practitioner-Only
• Hard to replicate — trials take years and capital, and earn the
practitioner trust that drives the pull model.
BIOME AUSTRALIA · ASX: BIO 16
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Biome Australia
LEAD ASSET — BMB18
A proprietary strain in human clinical trial
BMB18 — Probiotic
· 100% Biome-owned · DSM registered
• In-vitro results: immune modulation, oxidative-stress
reduction, gut-barrier integrity.
• 240-participant, double-blind, placebo-controlled
RCT with La Trobe University; commenced February
2026 (ANZCTR registered).
• Sits on an existing base of 30+ RCTs across
Biome’s finished products.
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Biome Australia
DISTRIBUTION
From 100 to a 7,500-store footprint
~7,500
Points of sale by end FY26
~12,000
Addressable AU locations
8,000
FY27 target (Vision 27)
Progress to the Vision 27 distribution target
Started at 100 stores 8,000 by FY27
Distribution has grown from 100 to over 7,000 points of sale, laddering toward
the Vision 27 target of 8,000 by FY27 — with roughly 12,000 addressable.
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Biome Australia
INTERNATIONAL
Four markets past proof point
FY26 international performance. Practitioner-only and clinically backed in every market.
$1.8m
FY26 int'l revenue
+20% on FY25
~68%
Int'l gross margin
6ppabove domestic
~2,000
Distribution points
andgrowing rapidly
12
International FTE
across four markets
≈ B/E
Approaching
breakeven
$1.8m revenue vs$1.82 opex
Where the revenue comes from
Canada
Fullscript and Ecotrend
Largest international
contributor
United Kingdom
Wholesale, marketing and
distribution
Northern Ireland hub serves
the EU
Ireland
Uniphar and Green Cross
1,989 practitioner
touchpoints
New Zealand
ProPharma and Green Cross
NZ$2.3bn addressable,
~1,100 points
First mover in a category where every other brand sells online and through discounters. Four markets are live, staffed and
contributing, with the build phase behind us.
FY26 international figures are unaudited. Breakeven measured as international revenue against international operating expense.
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Biome Australia
PRICING POWER
International earns a premium, and holds it
One global pricing architecture. Biome Daily anchors a premium, non-discounted position in every market.
AUSTRALIA
A$34.95
Home market RRP
CANADA
C$46.99
Fullscript / retail, ex
tax
UNITED KINGDOM
£29.95
Practitioner RRP
IRELAND
€36.95
Uniphar retail
NEW ZEALAND
NZ$39.95
ProPharma RRP
Every offshore market prices above the Australian home RRP in AUD-equivalent terms.
Gross margin, domestic against international
Domestic 62%
International 68%
Channel mix, not pricing
International revenue weights toward practitioner-led,
recommendation-driven sales, where shelf, banner and
promotion overhead are absent.
Growth was volume-led
FY26 group growth came entirely from volume, with
blended average selling price held flat year on year. No
promotional erosion of brand equity.
Biome Daily recommended retail price per market. Prices include local taxes except Canada, shown ex tax. Domestic and international margin split is estimated. Margin achieved in FY26 and not a forward expectation.
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Biome Australia
FY27 OUTLOOK
What scales it from here
The platform, people and channels are in place. FY27 is about conversion and depth, not new market entry.
Canada
Quebec market unlock and continued account growth with
Fullscript and Ecotrend.
United Kingdom
Banner conversion and launch of the B2B2C
practitioner platform in H1 FY27.
Ireland
Pharmacy expansion via Uniphar and their owned banners.
New Zealand
ProPharma, Pacific Health and Nutriscript
Two structural changes behind them
Onshore manufacturing
Australian production commences September 2026 under
the Specialty Probiotics Australia agreement. Small batch
agility, faster and more efficient supply, premium finish
and lower COGS for international scale.
Northern Ireland as an EU gateway
The Northern Ireland hub sits inside the UK and reaches
mainland Europe directly, serving the UK alongside it.
FY27 priorities are management plans and are not guidance. Onshore manufacturing commencement is subject to commercial scale-up.
BIOME AUSTRALIA · ASX: BIO 21
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Biome Australia
CHINA
The world’s second largest nutraceutical market
US$17bn
China's online nutraceutical market in
2025, growing 14% a year
~US$105bn
of goods imported into China through
cross border e-commerce in 2025
~40%
of China's supplement market is held by
imported brands
Probiotics sit in the top four supplement categories in China
Behind fish oil, calcium and multivitamins
Cross border sales of probiotics alone were around
US$566m in 2025, growing 20% a year.
No Blue Hat registration
Products on the cross border positive list, legally
marketed at home, sell direct to Chinese consumers
with no reformulation.
No capital expenditure
The partner funds in-market operations and
platform activity. Biome supplies finished goods.
The buyer has changed. Chinese platforms are moving from celebrity and influencer endorsement toward healthcare professional
engagement (KOL), and consumers are now asking about strain specificity and benefits beyond gut health. That is the problem Activated
Probiotics was built to solve.
Online nutraceutical market value, probiotics category ranking and probiotics cross border e-commerce value presented at Probiota Americas, June 2026. Cross border e-commerce import value derived from General Administration
of Customs data for 2025, total cross border trade of RMB 2.75 trillion with exports above RMB 2 trillion. Imported share ofthe supplement market is a third party estimate. Regulatory position as at the date of this presentation.
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Biome Australia
CHINA
Exclusive distribution partnership with H&S Global
Heads of agreement signed for exclusive sales, marketing and distribution of the Activated Probiotics range in China throughcross border e-
commerce.
KEY TERMS
Channel Cross border e-commerce
Exclusivity 1-3 years from launch (subject to agreedvolumes)
Products Activated Probiotics range, unchanged
Launch Planned within FY27
Marketing Biome maintains control
Brand and IP Retained in full by Biome
Why now
Australian manufacture
Provenance is what this channel rewards most. The Specialty Probiotics Australia
agreement brings production onshore from September 2026.
A market that now asks for evidence
Around 90% of gut health probiotics on Tmall compete on dose above 10 billion
CFU,and 72% on nine or more strains. We compete on whether the strain and dose
on the pack were the ones trialled.
The right operator
H&S Global was selected after a structured assessment of cross border operators.
No China specific range. Chinese consumers get the same Australian made products Australians already buy, including the number one
probiotic product in Australian pharmacy.
Heads of agreement only. Completion is subject to execution of a definitive distribution agreement, agreement of volumes, minimum performance conditions and the launch date, and cross border e-commerce product
compliance. No revenue target, volume commitment or earnings contribution is provided. Refer to the ASX announcement of [ ]2026.
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Biome Australia
CHINA
What goes into the market
The proposition is access to the products Australians are already buying, with the clinical work behind them.
#1 Flagship daily probiotic
Biome Daily
The number one probiotic product in Australian pharmacy
#1 Children's immune health
Biome Daily Kids
The number one immune health probiotic in Australian
pharmacy
Source: IQVIA pharmacy scan sales, July 2026.
The credentials that travel
Trialled at the strain and dose on pack
Randomised, double blind, placebo controlled research on
the finished product, not on the ingredient in general.
Guaranteed to end of shelf life
Strain level labelling with a CFU count guaranteed to expiry
rather than at time of manufacture.
A proprietary strain
BMB18, registered with DSMZ in Germany, patent filed,
human trial underway at La Trobe and Harokopio.
Price integrity
Not sold through grocery or discount pharmacy. The
premium position holds in market.
BMB18 clinical trial is in progress and results are not yet available. Australian Register of Therapeutic Goods listings apply to products supplied in Australia.
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Biome Australia
VISION 2027
The roadmap to FY27
FY25
DELIVERED
• First net profit ($214,656)
• Revenue $18.4m, +41.6%
• International sales +69%
• ~7,000 points of sale
→
FY26
DELIVERED
• Revenue $23.9m, +30%
• Adj. EBITDA $2.0m; 10th
consecutive EBITDA+ quarter
• Biome Daily #1 probiotic in AU
pharmacy
• ~7,500 points of sale; China HoA
signed
→
FY27
TARGET
• Vision 27: $75m cumulative sales
(FY25–FY27)
• 8,000 points of sale
• International markets scaling
• BMB18 clinical trial readout
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Biome Australia
INVESTMENT CASE
Why Biome
Category leader
#1 fastest-growing probiotic brand in
Australia’s biggest pharmacy category.
Premium-margin model
62.1% gross margin, sustained
without promotional discounting.
Operating leverage proven
Second consecutive net profit; ten
consecutive EBITDA-positive quarters.
Proprietary IP pipeline
BMB18 in human trial;
30+ RCTs across the range.
International optionality
Four international markets live,
revenue up 20%. China signed for FY27
launch.
Fully-funded growth
Cash-generative and largely self-
funding the plan to Vision 27.
BIOME AUSTRALIA · ASX: BIO 26
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Biome Australia
SECTOR CONTEXT
What acquirers are paying for evidence-led brands
Three transactions in the vitamins, minerals and supplements category announced since April 2026, with Life-Space for context.
Target Acquirer Transaction value EV/ revenue Gross margin Growth
Thorne Procter & Gamble US$3.8bn 7.6x 50.2% +30%
Grüns Unilever ~US$1.2bn ~4.0x n/d n/d
Jamieson Wellness Kirin Holdings C$2.5bn 3.0x 41.2% +11%
Life-Space Group By-Health A$670m 6.8x ~60% +54%
Life-Space, the closest structural comparable, was an Australian probiotics brand selling through pharmacy and Chinese cross border e-commerce
at a gross margin of approximately 60%. By-Health paid A$670m.
Sources: Jamieson Wellness / Kirin Holdings announcement 6 August 2026, FY25 revenue C$822.1m. Procter & Gamble / Thorne announcement 4 August 2026, 2025 revenue reported by CNBC as above US$500m. Unilever /
Grüns announced April 2026 and completed 1 June 2026, transaction value not disclosed, press reports approximately US$1.2bn on approximately US$300m of revenue. By-Health / Life-Space Group signed 31 January 2018,
completed September 2018, final consideration approximately A$670m per By-Health Shenzhen Stock Exchange filings. Multiples are on last reported revenue at announcement and are shown for sector context only. This
page is not a valuation of Biome Australia and no inference should be drawn as to the value of Biome shares.
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Biome Australia
CAPITAL STRUCTURE
Snapshot & balance sheet
ASX code BIO
Share price 36.5c
Market capitalisation $83.2m
Shares on issue 228m
Performance rights / options Nil
Cash (FY26 Close) $3.6m
Debt drawn (FY26 Close) $1.9m
Undrawn facility $3.1m
52-week range 20c – 53c
BALANCE SHEET
Net cash position, no dilution overhang
$3.6m cash against $1.9m drawn — with a further $3.1m
undrawn and no options or performance rights on issue.
TOP SHAREHOLDERS
Founder, management & staff 13%
Board 4%
High-net-worth investors 3.5% - 5%
Institutional funds 2.0% - 4.99%
Top 50 holders 57%
Share price andmarket capitalisation as at 11 September 2026; registeras at 1June 2026; cash anddebt as at 30June 2026.
BIOME AUSTRALIA · ASX: BIO 28
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Biome Australia
THANK YOU
Profitable. Clinical.
Scaling.
Blair Vega Norfolk · Founder & Managing Director
Lauren Dwyer · Chief Financial Officer
corporate@biomeaustralia.com
biomeaustralia.com · activatedprobiotics.com.au
ASX: BIO
Certified B Corporation.
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Biome Australia
DISCLAIMER
This presentation and the information contained within it (the “information”) has
been prepared solely for the use and benefit of the person to whom it is provided
(the “recipient”).
It has been provided to the recipient on a strictly confidential basis solely for the
purpose of assisting the recipient to determine whether it may be interested in
participating in the investment opportunity described in this presentation
(“Opportunity”) and if so, to participate in that process, and may only be used for
that purpose.
This presentation contains selected information only and does not purport to
contain all of the information that may be relevant to the Opportunity.
The information is not a prospectus, disclosure document, product disclosure
statement or other offering document under Australian law or under any other law.
This presentation has not been filed, registered or approved in any jurisdiction.
The information is provided for general information purposes only, without taking
into account any person’s objectives, financial situation or needs.
It should not be relied on by the recipient in considering the merits of any particular
transaction, including the Opportunity. The recipient should consider its own
financial situation, objectives and needs and conduct its own independent
investigation and assessment of the contents of the Information.
Past performance information included in this presentation is provided for
illustrative purposes only, should not be relied upon and is not an indication of
future performance.
Biome Australia Limited (“Company”) and its related bodies corporate, directors,
officers, partners, employees, advisers, consultants and agents make no
representation nor give any warranty, express or implied, as to the accuracy,
completeness, reliability, timeliness or suitability of the information or that the
information may be used in any given way or to achieve any given result.
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words such as ‘may’, ‘could’, ‘believes’, ‘estimates’, ‘expects’ or ‘intends’ and other
similar words that connote risks and uncertainties. Certain statements, beliefs, and
opinions contained in this presentation, in particular those regarding the possible
or assumed future financial or other performance, industry growth or other trend
projections are predictions only, and not guarantees, and subject to inherent risks
and uncertainties.
Except to the extent required by law, none of the Company, its Related Persons or
any other person gives any assurance that the results, performance or
achievements expressed or implied by the forward-looking statements contained in
this presentation will actually occur and investors are cautioned not to place undue
reliance on such forward-looking statements.
A summary of the key risks associated with the Company, its business and an
investment in its shares is set out at the end of this presentation. All forward-
looking statements are subject to risk factors, many of which are beyond the
control of the Company and its Related Persons and, if they were to occur, could
cause the Company’s actual financial results to differ materially from the results
expressed or anticipated in the forward-looking statements. The information
should be read in conjunction with the risk factors set out at the end of this
presentation.
The information is based on an assessment of the economic and operating
conditions as at the date of this presentation, and on a number of assumptions
regarding future events and actions that, as at the date of this presentation, are
expected to take place. Except to the extent required by law, the Company and its
Related Parties will not be updating or revising the information.
The recipient must, and agrees with the Company that it will, make its own
independent assessment of the accuracy, completeness, reliability, timeliness and
suitability of the information and its own determination of whether the information
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To the maximum extent permitted by law, the Company and its Related Persons
exclude and disclaim all liability for any loss, damage, cost or expense suffered by
the recipient or any other person arising from or in connection with use or reliance
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Opportunity, whether the loss, damage, cost or expense arise because of
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foreseeable. To the maximum extent permitted by law, the recipient (on its own
behalf and on behalf of each of its representatives) unconditionally and irrevocably
releases the Company and its Related Persons from all claims and liability. The
Company holds this release for itself and on trust for its Related Persons.
The information contained in this presentation represents the Company’s
strategy as determined by the board of directors as at the date of this
presentation (14 September 2026), and the board reserves its right to change
this strategy and conduct the business of the Company as appropriate having
regard to changes in market or operating conditions.
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