Announcement PDF ASX : EMD Responding To Australia’s Mental Health Crisis Advanced therapies. Compassionate care. February 2026 Advanced therapies. Compassionate care. 2 Disclaimer This presentation has been prepared by Emyria Limited ACN 625 085 734 (Company or Emyria). This presentation is not a financial product or investment advice or recommendation, offer or invitation by any person or to any person to sell or purchase securities in Emyria in any jurisdiction. This presentation contains general information only and does not consider the investment objectives, financial situation and needs of individual investors. Investors should make their own independent assessment of the information in this presentation and obtain their own independent advice from a qualified financial adviser having regard to their personal objectives, financial situation and needs before taking any action. 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This release may contain certain forward-looking statements with respect to matters including but not limited to the financial condition, results of operations and business of Emyria and certain of the plans and objectives of Emyria with respect to these items. These forward-looking statements are not historical facts but rather are based on Emyria's current expectations, estimates and projections about the industry in which Emyria operates, and its beliefs and assumptions. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates", "guidance" and similar expressions are intended to identify forward looking statements and should be considered an at-risk statement. Such statements are subject to certain risks and uncertainties, particularly those risks or uncertainties inherent in the process of developing technology and in the endeavour of building a business around such products and services. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors, some of which are beyond the control of Emyria, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward looking statements. Emyria cautions shareholders and prospective shareholders not to place undue reliance on these forward-looking statements, which reflect the view of Emyria only as of the date of this release. The forward-looking statements made in this announcement relate only to events as of the date on which the statements are made. Emyria will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority. All medicines carry risks and specialist prescribers, such as registered psychiatrists, are best placed to assess the suitability of a new medication against a patient’s individual circumstances and medical history before proceeding. Adverse effects of MDMA include high blood pressure, increased pulse rate, faintness, and panic attacks, and in some rare cases it can cause loss of consciousness or trigger seizures. Other side effects include involuntary jaw clenching, decreased appetite, restless legs, nausea, headache, sweating and muscle/joint stiffness. Adverse effects of psilocybin can include temporary increase in blood pressure and a raised heart rate. There may be some risk of psychosis in predisposed individuals. The effects of MDMA and psilocybin are unlikely at low doses in the treatment regimens used in psychedelic-assisted psychotherapy while appropriately managed in a controlled environment with direct medical supervision. The risk profile of the MDMA inspired compounds is currently unknown. The availability of these products is subject to the safety and efficacy of the products being tested through clinical trials. Emyria makes no representations or warranties as to the safety or efficacy of the products or the products’ ability (or the ability of its key compounds) to be used in the treatment of indications such as PTSD. There are currently no approved products containing MDMA, psilocybin or MDMA inspired compounds that the TGA has evaluated for quality, safety and efficacy. Advanced therapies. Compassionate care. 3 Corporate Overview ASX: EMD Trading Information Last Traded Share Price A$0.059 12-Month low / high A$0.021 / 0.078 Shares Outstanding 806,483,233 Unlisted Options (including loyalty options) 310,147,902 Market Capitalisation 1 ~A$47m Last Cash Position 2 ~A$10.5m NOTES: 1. As of market close 3 February 2026 2. As reported in December 2025 Quarterly Report Substantial Shareholder Shareholder % #1 Holder: Greg Hutchinson, Exec. Chairman 5.29% Shareholding Top 50 Share Price Advanced therapies. Compassionate care. 4 Mental Health Is Australia’s #1, Rising, Chronic Health Problem Depression / Anxiety Cancer Inaki Ereno Bupa’s Global CEO May 17, 2025 - 9.00am Mental health is the new pandemic but the provision of mental health … services is very fragmented, not only in Australia but everywhere. Figure 2 : Types of serious illness by age and sex, 2009 to 2021 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% 2009 2013 2017 2021 Inaki Ereno Bupa CEO Advanced therapies. Compassionate care. 5 Major Funders Are Spending Hundreds of Millions Each Year on Mental Health Private Health Insurers Department of Veterans’ Affairs Other Insurers $2B spent by Medibank on mental health hospitalisations in last 10 years, $219M/yr in 2024 alone. 1 The Government spends on veteran mental health each year. 2 $300M/yr Almost three in four (veterans) are estimated to have met criteria for a mental disorder at some stage in their lifetime. 3 Life insurers … paid out more than for retail mental health claims in 2024 4 $2.2B in 2024 SOURCES: 1. https://www.heraldsun.com.au/health/mental-health/alarming-research-shows-extent-of-mental-health-crisis-in-australia/news-story/66f6937a316f9dd54673c5a6f692b232 2. https://www.dva.gov.au/sites/default/files/twrp_mhpr.pdf 3. https://www.dva.gov.au/news/latest-stories/report-hospitalisations-suicidality-and-self-harm-released#:~:text=The%20Australian%20Government%20is%20committed,%E2%80%93%20Veterans%20&%20Families%20Counselling%20Service. 4. https://www.abc.net.au/news/2025-07-16/spike-in-mental-health-illness-claims-super-funds-delay-payouts/105531022 Only 26% of insured adults Advanced therapies. Compassionate care. 6 Australia is the FIRST jurisdiction in the world to reschedule two promising treatments MDMA-assisted therapy for PTSD Psilocybin-assisted therapy for Depression Australia’s Unique Opportunity An Access Pathway For Psychedelics to Treat our Most Serious and Urgent Mental Health Conditions Advanced therapies. Compassionate care. 7 Who is Emyria Emyria is a healthcare company rolling out a national network of clinics to treat individuals with treatment resistant PTSD and depression, through the Authorised Prescriber Program (2) Perth Clinic 2 Community Clinic Advanced therapies. Compassionate care. 8 SCREENING AND PREPARATION ACTIVE TREATMENT PROTOCOL FOLLOW-UP PERIOD (12 months from last Treatment Cycle) Dosing Day 1 (8 hrs) Follow up Therapy Sessions x 3 Each dosing cycle (medication and therapy) ~$10,000 / patient Emyria’s P-AT Treatment Model Medication, ~90 hours of Supervised Intensive Psychotherapy, Follow-Up Dosing Day 2 (8 hrs) Follow up Therapy Sessions x 3 Dosing Day 3 (8 hrs) PTSD only Follow up Therapy Sessions x 3 DOSING CYCLE 1 DOSING CYCLE 2 DOSING CYCLE 3 Advanced therapies. Compassionate care. 9 PCL-5 SCORE 1 SOURCES: 1. The PCL-5 is a self-administered, 20-item self-report tool used to measure PTSD symptoms according to diagnostic DSM-5 criteria (Diagnostic and Statistical Manual of Mental Disorders, 5th Edition). Date 2018 2019 2020 2021 2022 2023 2024 5 years MDMA-AT commenced 24m 0 10 20 30 40 50 60 70 PCL-5 < 30 Kate’s story: First responder • PTSD due to cumulative workplace traumas • Myriad of therapies: EMDR, in-vivo, ACT, CBT, mindfulness, somatic exercises, TMS, imagery rescripting, nightmare rescripting. Different psychotropic medications • Stuck, terrified and tortured by her unrelenting symptoms and her psychological defenses. • Despite all efforts and commitment, treatment and therapy resistant 6m following MDMA-AT, Kate returned to work after nearly 5 years away. More than 12m after treatment, Kate remains in remission. (i.e. PCL-5 < 32) Emyria’s PTSD Program Is Delivering Results Case Study Kate | From “Permanent Disability” To Back at Work 2025 2026 Remission Line Advanced therapies. Compassionate care. 10 Emyria’s PTSD Program | Return-To-Work Progress To Date, 10 Out of 10 Patients With Work-related PTSD Have Returned To Work 6 M Post-treatment 6-8 weeks 6-months Start of treatment End of treatment 6m post treatment 0% working 25% planning return to work 100% back to gainful employment Advanced therapies. Compassionate care. 10 Advanced therapies. Compassionate care. 11 Emyria’s PTSD Program Is Delivering Durable Results Durable symptom and quality of life improvement, beyond 12 months SOURCES: 1. The PCL-5 is a self-administered, 20-item self-report tool used to measure PTSD symptoms according to diagnostic DSM-5 criteria (Diagnostic and Statistical Manual of Mental Disorders, 5th Edition). Baseline Cycle 1 Cycle 2 Cycle 3 6 months after end of treatment 12 months after end of treatment Average PCL-5 1 Scores by Visit (up to 12 months follow-up) Typical last treatment Patients continue to improve after active treatment has ended. >66% of patients no longer meet criteria for PTSD diagnosis Emyria Real-World Data as of Dec 31st 2025 ~76% of patients have a clinically significant improvement Advanced therapies. Compassionate care. 12 Third Party Funding Fit-for- Purpose Facilities Proven Clinical Model Authorised Prescribers Skilled Therapists Secure Drug Supply Emyria Has a Significant Operational Moat Advanced therapies. Compassionate care. 12 Advanced therapies. Compassionate care. 13 Private Health Funding I Medibank Emyria is the only provider Medibank has currently partnered with Multi-year agreement1 Fully fund eligible, screened patients1 Uncapped patient numbers1 Commenced treatment under the agreement for PTSD patients in August 2025 (Perth)2 Treatment to take place in hospital setting1 SOURCES: 1. See ASX Release 16 June 2025 2. See ASX Release 26 August 2025 3. See ASX Release 22 September 2025 Agreement expanded to include funding for PTSD and Treatment Resistant Depression programs for WA and QLD3 Advanced therapies. Compassionate care. 14 Government Funding I DVA DVA is now funding eligible members 1.https://www.dva.gov.au/providers/provider-news/dva-can-now-fund-psychedelic-assisted-psychotherapy-for-eligible-dva-clients Advanced therapies. Compassionate care. 15 Emyria’s Funded Care Pathways Pipeline DVA has joined Medibank in funding PTSD and TRD Scoping PTSD Depression Payer 1 Medibank WA & QLD Payer 2 DVA WA & QLD Payer 1 Medibank WA & QLD Payers (SA) Payers (VIC) Payers (NSW) Payers (ACT) Payer 2 DVA WA & QLD Payers (NT) Payers (SA) Payers (VIC) Payers (NSW) Payers (ACT) Payers (NT) New indications Active Payers (TAS) Payers (TAS) Advanced therapies. Compassionate care. 16 Total Addressable Market | PTSD Adults with difficult to treat PTSD in Australia SOURCES: 1. https://www.abs.gov.au/statistics/health/mental-health/national-study-mental-health-and-wellbeing/latest-release#key-statistics 2. https://www1.racgp.org.au/newsgp/clinical/new-treatment-for-resistant-depression-added-to-pb 3. https://www.dva.gov.au/newsroom/vetaffairs/vetaffairs-vol-40-no3-december-2024/lets-talk-about-post-traumatic-stress-disorder 4. https://www.dva.gov.au/sites/default/files/twrp_mhpr.pdf 5 https://www.safeworkaustralia.gov.au/system/files/documents/1702/work-related-mental-disorders-profile.pdf 6. Average full treatment cost assuming 3 treatment cycles completed Australian Adults With PTSD ~1,500,0001 ~7% of all adults Serviceable Addressable Market (SAM) ~585,000 eligible for MDMA-AT ~50% with treatment resistance ~78% of these, medically suitable Early Target Markets ~29,000 current patients With Hospital Cover (~5% Adults 2) ~34,000 current patients Veterans (~17% of Veterans w PTSD 34) ~2,000 new cases / yr Workers Compensation (~12% of mental health WC claims 5) ~$33,000 / Treatment6 Advanced therapies. Compassionate care. 17 Total Addressable Market | Treatment Resistant Depression Adults with difficult to treat depression in Australia SOURCES: 1. https://www.abs.gov.au/statistics/health/mental-health/national-study-mental-health-and-wellbeing/latest-release#key-statistics 2. https://www1.racgp.org.au/newsgp/clinical/new-treatment-for-resistant-depression-added-to-pb 3. https://www.dva.gov.au/sites/default/files/twrp_mhpr.pdf 4 https://www.safeworkaustralia.gov.au/system/files/documents/1702/work-related-mental-disorders-profile.pdf 5. Average full treatment cost assuming 2 treatment cycles completed Australian Adults With Major Depression ~1,100,0001 ~4% of adults have Major Depressive Disorder Serviceable Addressable Market (SAM) ~411,000 eligible for Psilocybin-AT ~33% treatment resistant depression (TRD) Early Target Markets ~20,000 current patients with Hospital Cover (~5% Adults 2) ~18,300 current patients Veterans (~11.1% of Veterans w TRD 3) ~1,000 new cases / yr Workers Compensation (~7% of mental health WC claims 4) ~$22,000 / Treatment 5 Advanced therapies. Compassionate care. 18 1 Time (months) 2 3 4 5 6 7 8 9 10 11 12 Sources: 1. Costs are estimated based on estimates of direct clinician time required to delivery program 2. Standard of care costs based on conversations with clinical specialists. WA East Metropolitan Health Service reported Specialised Mental Health Care Days average cost of $2,156 per day in FY 2022 / 2023 (https://annualreport.emhs.health.wa.gov.au/key-performance-indicators/browse-kpis/average-cost-per-bed-day-in-specialised-mental-health-inpatient-services/) 3. Marseille E, et al. The cost-effectiveness of MDMA-assisted psychotherapy for the treatment of chronic, treatment-resistant PTSD. PLoS One. 2020 Oct 14;15(10):e0239997. doi: 10.1371/journal.pone.0239997. PMID: 33052965; PMCID: PMC7556534. MDMA-AT COSTS 1 vs STANDARD OF CARE 2, 3 Cumulative costs ($1,000s of AUD) 10 20 30 40 50 60 2-week hospital admission 2 (~$24,500) Neurostimulation (~$3,000) Ongoing care Screening Emyria’s program Emyria’s intensive, 6-12 week program 1 Typical standard of care interventions 2 Multidisciplinary follow-up for 12m ~ $33,000 / yr 1 ~ $60,000 / yr 2 Studies show durability of MDMA-AT benefit holds out to at least 12m 3 4-week group therapy program (~$3,000) Regular specialist appointments (~$500 / each) 2-week hospital admission 2 (~$24,500) Advanced therapies. Compassionate care. 19 SOURCES: 1. See ASX release 14 April 2025 2. See ASX release 29 July 2025 3. See ASX release 10 November 2025 4. See ASX release 16 December 2025 Current Sites (1) Community Clinic 1 (2) Perth Clinic 2 (3) Avive Clinic (QLD) 3 1 2 3 Near term potential sites To Meet Rising Patient Demand, Emyria Is Accelerating a National Roll-out 4 (4) Avive Clinic (VIC) 4 Advanced therapies. Compassionate care. 20 Emyria’s Growth Journey | Screenings Completed and Booked Rising to meet demand Advanced therapies. Compassionate care. 21 Emyria’s Growth Strategy Secure Site Partners > Grow Capacity > Optimise Utilisation Q3CY25 Q4CY25 End Q4CY25 4 Total Funded Dosing Days Available / week WA Expansion within WA Avive site (Qld) activated Additional East Coast sites under consideration Currently active or in preparation Future target 35 50 Perth Clinic 2B x 2D PW Perth Clinic 3B x 5D PW Emyria Community Centre 4B x 5D PW Perth Clinic 3B x 5D PW Emyria Community Centre 4Bx 5D PW Avive (Brisbane) clinic 3B x 5D PW B = Beds D = Days PW = Per week End Q2CY26 Perth Clinic 4B x 5D PW Emyria Community Centre 4Bx 5D PW Avive (Brisbane) clinic 3B x 5D PW Avive (Mornington, VIC) 3B x 5D PW Avive site (Vic) activated 70 Advanced therapies. Compassionate care. 22 Advanced therapies. Compassionate care. 20 Emyria (ASX:EMD) | Milestones Target activities Expand funders for our programs Grow capacity nationally via new site partners Optimise utilisation to grow revenues Expanded funded programs to include Depression Treatment Advanced therapies. Compassionate care. 23 Emyria Board Significant Clinical Services & Global Innovation Expertise Greg Hutchinson Executive Chairman Health Service Leadership: 5D Clinics Former CEO Sonic HealthPlus leading 40+ clinics Dr Michael Winlo Executive Director Research & Data Expertise: Ex-Palantir healthcare lead, Medical Doctor and Stanford MBA Dr Karen Smith Non-Executive Director Biopharma Executive: 100+ clinical trials and 20+ regulatory approvals; Former Chief Medical Officer and Global Head of R&D at Jazz Pharma Dr Mohit Kaushal Non-Executive Director Health IT Strategist: Key role in Oak Street Health's $10.6B acquisition by CVS Health; Served in Obama’s Health IT task force; Adjunct Professor at Stanford Prof Sir John Tooke Non-Executive Director Clinical Service & Health Payer Expertise: Former President of the Academy of Medical Sciences, influential roles at BUPA and past advisor to Google DeepMind Contact Information Greg Hutchinson ghutchinson@emyria.com Mary-Ann Rennie mrennie@emyria.com Investor / Media Inquiries investors@emyria.com Visit Our Investor Hub