Bubs Australia (BUB) investor relations material

Introduction and purpose

• Achieved permanent FDA authorization for three SKUs, including goat, grass-fed, and essential infant formula products, after over four years of effort.

• Authorization positions the company among a select group of non-U.S. manufacturers authorized to supply the highly regulated U.S. infant formula market.

• U.S. now serves as the cornerstone of the global portfolio, with a focus on premium natural infant formula.

Details of approval or decision

• Permanent FDA authorization covers Bubs Goat, Bubs 365 Day Grass Fed, and Bubs Essential, confirming compliance with U.S. safety, nutritional adequacy, and quality standards.

• FDA variant application was submitted to pursue contract manufacturing opportunities, with submission lodged on 9 Sep 2026.

• Authorization unlocks opportunities for business acceleration, innovation, and entry into adjacent and private label segments.

Impact on industry and stakeholders

• Enables expansion in the U.S. premium natural infant formula segment, which has grown 53.6% over four years.

• Company now holds a 24% market share in the U.S. goat infant formula category.

• USA now represents 59% of projected FY26 revenue, with $66M expected.

• Strengthens competitive position as the only Australian infant formula brand with permanent U.S. market access.

• Regulatory certainty allows for long-term investment, portfolio expansion, and supply chain efficiencies.