• 1HY26 underlying EBITDA of $4.4m, up from $0.5m in 1HY25
• 1HY26 group revenue of $55.5m, up from $48.5m in 1HY25
• Gross margin remains steady at 48%, down from 49% in 1HY25

Bubs Australia Limited (ASX: BUB) has reported its financial results for the six months ended 31 December 2025. The company achieved 1HY26 underlying EBITDA of $4.4 million, up from $0.5 million in the prior corresponding period (pcp). Group revenue for the half was $55.5 million, up 14% on 1HY25 ($48.5 million), driven by strong demand in the US market where revenue increased 48% to $34.2 million. Total infant milk formula (IMF) sales grew 16% to $48.6 million compared to 1HY25. Underlying EBITDA increased due to higher-margin US revenue and a favourable channel mix. Operating expenses improved 3%, primarily due to the completion of the FDA growth study and ongoing cost management initiatives. The group closed the half with $9.9 million in cash and $20.0 million in undrawn debt facilities. Bubs has upgraded its outlook guidance to group revenue of $120-$125 million and EBITDA of $4.0 million to $6.0 million for the full year.

Bubs has upgraded its outlook guidance to group revenue of $120-$125 million and EBITDA of $4.0 million to $6.0 million for the full year (FY26).

Bubs continues to see strong underlying demand for its premium, natural formula products, particularly in the US and China markets. The company is focused on expanding its market reach, strengthening its leadership capability, and rationalizing its product portfolio to drive further growth.