FY25 Results Investor Briefing

• Robust growth in clinical trials customer and vendor partner relationships
• Expansion into new opportunities in brain health and neuroscience
• Operational leverage through digital innovation
• Disciplined cost control

Cogstate Ltd (ASX:CGS) has today released an Investor Briefing that provides a summary of the financial results for the year ended 30 June 2025. The company reported revenue growth of 22% to $53.1 million, with clinical trials revenue up 28% to $50.6 million. Profit before tax increased by 96% to $13.9 million, and net profit after tax was up 86% to $10.1 million. Cogstate's FY25 was characterized by robust growth in clinical trials customer and vendor partner relationships, expansion into new opportunities in brain health and neuroscience, operational leverage through digital innovation, and disciplined cost control. The company declared a maiden fully franked annual dividend of A$0.02 per ordinary share. Cogstate's balance sheet remains strong, with $35.6 million in cash and no debt. The company continues to see strong momentum in its clinical trials business, with $41.3 million in sales contracts, up 53% year-over-year. Cogstate also sees rising demand for brain health insights in the healthcare market, with a license amendment enabling broader use of its technology as a trial pre-screening tool. The company is well-positioned for continued growth, with a diversified book of business, increasing R&D spend in rare diseases, renewed interest in psychiatry, and margin expansion through operational leverage and higher license fee revenue.

Cogstate expects revenue growth to continue in FY26, but has not provided specific guidance at this time, pending execution of additional sales contracts to provide greater certainty in respect of timing of revenue. The company expects direct costs and operating costs to increase in FY26 as it invests for growth, which may result in a small decrease in margins (0-3 percentage points) from FY25 to FY26.

Cogstate sees several key catalysts and growth levers for FY26 and beyond, including the commercial launch of its first AI-powered product, expansion into psychiatric and mood trials, potential data catalyst in Alzheimer's, and continued scaling of its partnership with Medidata. The company is well-placed to capitalize on rising global investment in CNS R&D with its strong balance sheet, proven operating leverage, and expanding partnerships.