• Group Revenue of $26.9M, up 12% on previous corresponding period
• Net Profit After Tax of $4.5M, up 16% on previous corresponding period
• Clinical Trials sales contracts executed of $41.7M, up 105% on previous corresponding period

Cogstate Ltd (ASX:CGS), a global leader in clinical trial endpoint data quality and digital cognitive assessments, today releases its Appendix 4D and Half-Year Report for the half-year ended 31 December 2025 ('1H26'). Cogstate has delivered strong revenue growth and demonstrated maturing operational leverage, positioning Cogstate to capture increasing market share in the rapidly expanding CNS (central nervous system) research and development market. Group Revenue increased 12% to $26.9 million, driven by Clinical Trials revenue of $25.7 million, up 13% on the previous corresponding period. Most significantly, Clinical Trials sales contracts executed in the first half totalled $41.7 million, more than double the prior corresponding period and representing Cogstate's second-best sales result ever for a half-year period. The composition of these contracts demonstrates substantial progress in the Company's diversification strategy, with 45% of the value of contracts executed derived from mood, sleep and other neurological conditions, almost a sixfold increase compared to the previous corresponding period. EBITDA increased 5% to $6.5 million with a margin of 24.3%, while net profit before tax was $5.3 million, up 2% on the previous corresponding period. Net profit after tax was $4.5 million, up 16% on the previous corresponding period. Cogstate continues to invest in scientific resources, data engineering, AI tool development, and channel partnerships to support expansion into new therapeutic indications and pursue growth opportunities across the Asia-Pacific region.

In 2H26, Cogstate expects revenue growth from 1H26, based on the record contracted revenue position. With $21.7 million of contracted revenue for 2H26 (up 24% on the previous corresponding period) and continued strong sales pipeline, revenue growth is expected from FY25 to FY26. Gross margins in 2H26 are expected to return to the 56-59% range as revenue scales, and the one-time provision for doubtful debts does not recur. Longer-term targets of 60%+ remain realistic as the business continues to scale.

Cogstate is executing well against its growth strategy, winning market share in an expanding market, diversifying its revenue base across indications and customers, and demonstrating the operational leverage inherent in its business model. With 133 active trials, record contracted revenue for the second half, and a robust sales pipeline, Cogstate has strong visibility into continued growth. The CNS clinical trials market is expanding rapidly, and Cogstate is exceptionally well positioned to capture more than its proportional share of that growth.