Appendix 4E – Preliminary Final Report

29 August 2025

Wellnex Life Limited (ASX/AIM: WNX)

Appendix 4E - Preliminary Final Report FY2025 (unaudited)

Investment Highlights

· Total revenue for the 12 months to 30 June 2025 ("FY25") was $23.6 million, an increase of 40.4% compared to the prior comparative period ("PCP") (12 months to 30 June 2024 ("FY24"): $16.8 million). An order for a further $0.3m revenue was delivered in the period, though received on 1 July 2025, immediately after the period end.

· Gross profit for FY25 was $6.9 million, an increase of 38% compared to PCP (FY24: $5.0 million)

· EBITDA loss for FY25 was up 13.63% to $11.6 million compared to PCP (FY24: $10.6 million loss) impacted by one off non-cash expenses of $8.6 million and one off transaction and corporate fees of $3.1 million.

· Normalised EBITDA loss of $2.2 million for FY25, improving by 57.0% compared to PCP (FY24: $5.2 million loss)

· Net Assets as at 30 June 2025 were $11.3 million, an increase of 85.6% compared to PCP (FY24: $6.1 million)

Wellnex Life Limited (ASX) ("Wellnex Life" or the "Company") is pleased to release its Appendix 4E for Financial Year 2025 (FY25).

In FY25, Wellnex Life achieved continued revenue and margin growth whilst further establishing a platform for future prosperity with the successful dual listing on the AIM market of the London Stock Exchange. This allowed the Company to strengthen its balance sheet with the settlement of the deferred consideration for Pain Away and the convertible note saving the company c.$1.4 million in annual costs.

Total revenue for FY25 was $23.6 million which was an increase of 40.4% from PCP (FY24: $16.8 million), with the increase in revenue primarily achieved from Wellnex Life's brands, including Pain Away.

The Company also saw a rise in gross profit in dollar terms of 38.4% to $6.9 million (FY24: $5.0 million) which was in line with FY24 as a percentage of revenue. This was despite a one-off increase in trade investment in 1HFY25 which resulted in gross margin decreasing to 23% with a more disciplined approach to trade investment in the 2HFY25 increasing gross margin for this period to 37%.

Total loss for FY25 was $15.6 million, which was impacted by non-cash and one-off expenses of $11.7 million, primarily in relation to Pain Away and other corporate activities including the dual listing on the AIM market of the London Stock Exchange. The normalised EBITDA loss for FY25 decreased by 57.0% to $2.2 million compared to PCP (FY24: $5.2 million loss).

The total net assets of the entity at 30 June 2025 were $11.3 million as increase of 85.6% compared to the PCP (at 30 June 2024: $6.1 million.)

In FY26 Wellnex Life has many growth initiatives that will continue to drive revenue growth and build strong margins and will look to continue expanding its licensing opportunities domestically and internationally.

The full Appendix 4E and Preliminary final report are set out further below.

This announcement has been authorised by the Board of Wellnex Life Limited (ASX/AIM:WNX).

For further information, please contact:

Wellnex Life Limited (ASX/AIM:WNX) Reach Markets

Zack Bozinovski T: 1300 805 941

Chief Executive Officer E: [email protected]

P: +61 3 8399 9419

E: [email protected]

UK Investors

Strand Hanson (Financial & Nominated Advisor)

James Harris / Richard Johnson / Robert Collins Tel: +44 (0) 20 7409 3494

Orana Corporate LLP (Joint Broker) [email protected]

Sebastian Wykeham

S.P. Angel Corporate Finance LLP (Joint Broker) Tel: +44 (0)20 3470 0470

David Hignell / Vadim Alexandre

About Wellnex Life

Wellnex Life Limited (ASX/AIM:WNX) is a consumer healthcare business with a track record for developing, licensing, and marketing registered products and brands to customers in the growing healthcare market segment. Since listing on ASX in 2021, Wellnex Life has successfully launched a host of brands and products now ranged in major retailers in the healthcare market space, pharmacies and supermarkets. Its distribution arrangements have seen Wellnex Life secure significant licensing arrangements with major pharmaceutical companies in Australia and globally that have given the Company's registered products a distribution channel with a steadily increasing global geographic footprint.

In December 2023, Wellnex Life acquired leading Australian topical pain relief brand Pain Away. Its addition to Wellnex Life's product offering both compliments and accelerates the potential growth of the company's business operations. This transformational acquisition gives added impetus to Wellnex Life's financial growth and scale and reinforces its place as a major and respected participant in the growing healthcare market, both in Australia and overseas.

To learn more, please visit: www.Wellnex Lifelife.com.au/

The information contained within this announcement is deemed by the Company to constitute inside information pursuant to article 7 of EU Regulation 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 as amended.

1. Company details

2. Results for announcement to the market (unaudited)

Dividends

There were no dividends paid, recommended or declared during the current financial period.

Comments

The loss for the consolidated entity after providing for income tax amounted to $15.6 million (FY24: $13.7 million loss).

Revenue for the period was $23.6 million an increase of 40.4% on the prior corresponding period (FY24: $16.8 million). The increase in revenue primarily came from Wellnex Life's owned brands and in particular Pain Away which included trading for the first time for a full financial year.

Wellnex Life's gross profit margins were in line with the previous year at 29.1% or $6.9 million (FY24: $5.0 million) but were impacted by a one-off increase in trade investment in 1HFY25 which resulted in gross profit margins for this period being 23% which subsequently increased to 37% in 2HFY25.

 Loss for the full year of $15.6 million was up 13.6% on the prior corresponding period (FY24: $13.8 million), with the loss in FY25 impacted by non-cash adjustments and one off expenses of $10.7 million and finance costs of $2.1 million. The normalised EBITDA loss (excluding one-off expenses associated with the acquisition of Pain Away, the UK IPO and non-cash expenses) for the period was $2.2 million, a decrease of 57.0% on the prior corresponding period (FY24: $5.2 million loss). Wellnex Life expects revenue to increase strongly in FY26 with gross profit expected to increase with a more disciplined trade investment plan, with the growth to come from:

Financial Position

The total net assets of the entity at 30 June 2025 were $11.3 million (at 30 June 2024: $6.1 million), an increase of 85.6%.

 Wellnex Life during the period via its dual listing on the AIM market of the London Stock Exchange, settled both the deferred consideration for Pain Away and the outstanding convertible notes.

 Wellnex Life's next step is to target increasing shareholder value by continuing to grow its brands that will see a continuation of the strengthening of the balance sheet and will allow it to accelerate the company's growth in both revenue, margins and operational profitability. 

FY25 - Transformational Year

Financial Year 2025 has laid the foundations for a pathway of Company growth and maximising operational profitability, with increasing revenue and strengthened balance sheet. The Company continues to see the benefit of Pain Away with increasing revenue and net margins of c.50%.

The successful dual listing of the Company on the AIM market of the London Stock Exchange, and the associated capital raising, resulted in the company settling the deferred consideration of Pain Away and the outstanding convertible notes of c.$13 million, in aggregate.

Revenue for the period increased by 40.4% compared to the previous corresponding period to $23.6 million (FY24: $16.8 million), with gross profit margin for the period at 29.1% or $6.9 million (FY24: $5.0 million). Gross profit margin in the first half of the period was 23% or $2.7 million which increased in the second half to 37% or $4.2 million. Wellnex Life will maintain the disciplined trade investment plan in FY26, that will allow it to maximise margins and operational profitability.Wellnex Life in FY26 has many growth drivers across the business that are expected to continue to increase revenue, maintain a healthy margin and a path to profitability, with its growing brands and expanding licensing opportunities.

3. Net tangible assets

4. Control gained over entities and date control gained

Not applicable.

5. Loss of control over entities

Not applicable.

6. Dividends

Current period

There were no dividends paid, recommended or declared during the current financial period.

Previous period

There were no dividends paid, recommended or declared during the previous financial period.

7. Dividend reinvestment plans

Not applicable.

8. Details of associates and joint venture entities

1LH Pty Ltd incurred a loss of $706,000 of which the Group's share was $353,000. This amount was not recorded in the consolidated statement of profit loss as recording this share of the loss would mean recording a value of the asset below $nil.

9. Foreign entities

Not applicable.

10. Audit qualification or review

Details of audit/review dispute or qualification (if any):

This report, and the accompanying preliminary final report, are based upon accounts which are in the process of being audited. There is likely to be a material uncertainty on going concern disclosure within the audit report.

11. Attachments

Unaudited summary consolidated preliminary final report for Wellnex Life Limited and its controlled entities for the year ended 30 June 2025 are attached.

12. Signed

Wellnex Life Limited

ABN 77 150 759 363

Preliminary Final Report - 30 June 2025

The above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes

 The above statement of financial position should be read in conjunction with the accompanying notes

The above statement of changes in equity should be read in conjunction with the accompanying notes

The above statement of cash flows should be read in conjunction with the accompanying notes

Note 1. General information

The Annual financial report covers Wellnex Life Limited as a consolidated entity consisting of Wellnex Life Limited and the entities it controlled at the end of, or during, the year. The Annual financial report is presented in Australian dollars, which is Wellnex Life Limited's functional and presentation currency.

Wellnex Life Limited is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is:

Note 2. Material accounting policy information

Going concern

The financial report has been prepared on a going concern basis, which contemplates continuity of normal business activities and realisation of assets and liabilities in the ordinary course of business. The going concern of the consolidated entity is dependent upon it maintaining sufficient funds for its operations and commitments.

The consolidated entity made a loss after tax of $15,604,000 during the year ended 30 June 2025 and the net cash used in operating activities was $666,000. The cash balance as at 30 June 2025 was $497,000. The deficiency of current liabilities over current assets as at 30 June 2025 was $8,373,000.

These factors indicate a material uncertainty which may cast significant doubt as to whether the consolidated entity will continue as a going concern and therefore whether it will realise its assets and extinguish its liabilities in the normal course of business and at the amounts stated in the financial report.

Notwithstanding these results, the accounts have been prepared on the basis that the consolidated entity will continue its business activities (and that, therefore, the consolidated entity is a going concern) for the following reasons:

Note 3. Operating segments

An operating segment is a component of an entity that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same entity), whose operating results are regularly reviewed by the entity's chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance and for which discrete financial information is available. Management will also consider other factors in determining operating segments such as the existence of a line manager and the level of segment information presented to the board of directors.

During the 2024 financial year the consolidated entity acquired the assets of Pain Away. The business operates in the same business and geographical segment as the rest of the Group, being a provider of high quality Australian made health and wellness products throughout Australasia. All revenue and assets generated during the financial year were generated in Australia.All revenues of the consolidated entity are recognised at a point in time for all revenue types.

Note 4. Current assets - inventories

Note 5. Non-current assets - intangibles

(1) As at 30 June 2024, the group completed the acquisition of the Pain Away brand for total consideration of $21.36m.

Intangible assets consist of the Group's brand assets which are amortizing over 20 years. As at 30 June 2025 these brand assets were represented by the Group's acquisition of Pain Away which was acquired during the year for a purchase price of $21.36m. The directors have reviewed this asset for indications of impairment as at 30 June 2025 and have concluded that this asset has no indications of impairment. In concluding this, the directors considered the following factors:

(a) the underlying financial performance of the Pain Away brand cash-generating unit;

(b) external evidence of fair value of the asset in the Australian market; and

(c) the overall market capitalization of the Group relative to its net book values represented in the Statement of Financial Position.

Note 6. Current liabilities - borrowings

* Provision for convertible note is to provide for reconciliation of convertible payment and redemptions.

Related party borrowings

Amounts due and payable to related parties of the Company are $2,595,000. Loans to related parties are unsecured, non-interest bearing and repayable at call and carry no equity conversion features and therefore are at terms that the directors consider are no more favourable to the related parties than at market terms.

Trade and debtor facility

In July 2021, the Company entered into a secured revolving trade and debtor facility with Scottish Pacific, with the key terms of this facility as follows: 

Convertible Notes

During the financial year and as part of the UK initial public offering, the Company redeemed the outstanding convertible notes and issued a total of 4,209,777 fully paid ordinary shares to settle $2.74 million of Notes and interest with $4.59 million paid in cash to settle the outstanding liability.

Note 7. Equity - issued capital

Movements in ordinary share capital

Ordinary shares

Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the Company in proportion to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value and the Company does not have a limited amount of authorised capital.

On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote.

Note 8. Asset acquisition

Acquisition of Pain Away brand asset 

On 18 December 2023 the Company announced the completion of the asset acquisition of Pain Away brand asset. Pain Away is the largest Australian-owned topical pain relief brand and second largest provider of topical pain relief products in Australia in market share terms. The business develops and manufactures topical pain relief products focused on joint and muscle pain using all natural ingredients.

The deferred consideration was payable in two equal tranches of $2.9m and $2.75m in October 2024 and April 2025. The deferred consideration was fully settled during the period.

Details of the acquisition are as follows:

Note 9. Events after the reporting period