Quarterly Activities/Appendix 4C Cash Flow Report

• Record $26.7 million Q1 revenue, up 123% YoY
• Positive operating cash flow of $2.0 million
• FY27 revenue guidance reaffirmed at $105M to $115M
• Expansion in Australian and international operations
• New partnerships with Cayman Chemical and Trexapharm

BLS Pharmaceuticals Ltd (ASX: BLS) reported a strong start to FY27 with record quarterly revenue of $26.7 million, an annualised increase of 123% from the previous year. The company achieved positive operating cash flow of $2.0 million and a cash balance of $12.7 million at the end of September 2026. BLS reconfirmed its FY27 guidance, expecting revenue between $105 million and $115 million with an adjusted EBITDA margin of 23% to 26%. The company's growth was driven by increased manufacturing volumes in Australia, ongoing supply to Germany, and the development of its Scotland GMP manufacturing facility. BLS also expanded its commercial opportunities through new partnerships with Cayman Chemical and Trexapharm.

FY27 revenue guidance: $105 million to $115 million, adjusted EBITDA margin: 23% to 26%

BLS plans to increase Australian manufacturing capacity, grow volumes with existing customers, execute international supply agreements, onboard new customers, progress the Scotland facility, and expand its international platform.