• Clinical trials sales contracts up 105% to $41.7 million
• Total revenue up 12% to $26.9 million, above guidance
• Earnings expected to be towards top-end of guidance ranges

Cogstate Ltd (ASX: CGS) today announces unaudited sales and revenue results for the half year ended 31 December 2025 (1H26). The period delivered strong growth in clinical trial sales contracts, driven by a significantly higher contribution from non-Alzheimer's indications and a broader sponsor base, supporting a more diversified, resilient, and repeatable revenue and earnings profile. Clinical Trials sales contracts executed totalled $41.7 million, up 105% compared to the previous corresponding period (PCP) and above guidance of $37 - $40 million. Total revenue was $26.9 million, up 12% compared to PCP and above guidance of $25 - $26 million. Guidance in respect of earnings remains unchanged, however given revenue was higher than expected, earnings are now expected to be towards the top-end of each range provided: gross margin of 50%-52%; EBITDA margin of 20%-23%; and EBIT margin of 14%-17.5%. Total Group contracted future revenue increased to $104.9 million, with $21.7 million expected to be recognised in 2H26 (vs $17.5 PCP) and $27.0 million expected to be recognised in FY27 (vs $23.8m PCP).

Gross margin of 50%-52%; EBITDA margin of 20%-23%; EBIT margin of 14%-17.5%.