• Revenue down 18.07% to $24.8 million
• Loss after tax of $641,298, up 120.15% from prior period
• Underlying EBITDA of $2.0 million, demonstrating business resilience

EZZ Life Science Holdings Limited reported a loss after providing for income tax of $641,298 for the half-year ended 31 December 2025, compared to a profit of $3,197,837 in the prior corresponding period. Revenue declined 18.07% to $24.8 million, reflecting softer consumer demand in China and heightened price competition across major e-commerce platforms. Gross margin remained robust at 73.4%, though moderated from 76.9% in the prior period primarily due to changes in channel mix and increased wholesale distribution in Australia and New Zealand. The company incurred approximately $0.56 million in due diligence and transaction related costs associated with a potential merger and acquisition opportunity, which the Board ultimately decided not to proceed with. EZZ also recognized $1.3 million in non-cash share-based payment expenses relating to Employee Share Schemes granted in the prior year. Despite the statutory earnings impact, the Group delivered underlying EBITDA of $2.0 million, demonstrating the resilience of the underlying business model. The company's cash balance at 31 December 2025 was $13.5 million, with the Group remaining debt-free (excluding lease liabilities). During the half-year, EZZ continued to strengthen its product portfolio with the launch of three new health supplement products and expanded its domestic distribution footprint through additional independent pharmacy listings across Australia.

EZZ's current revenue profile remains predominantly product-driven, supported by e-commerce and wholesale distribution channels. Management continues to evaluate opportunities to enhance direct consumer engagement, data capabilities and long-term value creation, including the potential integration of artificial intelligence technologies. The company also remains focused on executing a measured US market entry strategy while preserving capital discipline, and continues to assess acquisition opportunities aligned with its long-term strategic goals.