Announcement PDF Emyria Limited 2026 Annual Report | Page 1 ASX: EMD ABN 96 625 085 734 ANNUAL REPORT 2026 Emyria Limited 2026 Annual Report | Page 2 We are at the forefront of a global psychedelic renaissance - turning scientific promise into carefully governed treatments that can reach patients who need them most. Greg Hutchinson Executive Chairman Emyria Limited 2026 Annual Report | Page 3 From the Chairman .......................................................................................................................................................... 4 Company Snapshot ......................................................................................................................................................... 6 Our Focus Areas ................................................................................................................................................................. 7 FY26 Key Milestones ....................................................................................................................................................... 8 Sector Landscape ............................................................................................................................................................ 10 The Empax Playbook .................................................................................................................................................... 12 Where We’ve Been This Year ................................................................................................................................ 16 Clinical Data Overview ............................................................................................................................................... 17 Living life again after loss ....................................................................................................................................... 20 Meet our Medical Director - Dr Jon Laugharne ................................................................................... 24 Emyria Limited 2026 Annual Report .............................................................................................................. 27 Corporate Directory ..................................................................................................................................................... 28 Directors’ report .............................................................................................................................................................. 29 Auditor’s independence declaration ............................................................................................................. 47 Consolidated statement of profit or loss and other comprehensive income .............. 48 Consolidated statement of financial position ....................................................................................... 49 Consolidated statement of changes in equity .................................................................................... 50 Consolidated statement of cash flows ......................................................................................................... 51 Notes to the consolidated financial statements ............................................................................... 52 Consolidated entity disclosure statement ............................................................................................... 85 Directors’ declaration ................................................................................................................................................. 86 Independent auditor’s report to the members of Emyria Limited ..................................... 87 ASX Additional Information .................................................................................................................................. 92 Contents Emyria Limited 2026 Annual Report | Page 4 As the 2026 Financial Year closes, I would like to thank Emyria Limited shareholders and supporters for your continued trust, support and enthusiasm. Over the past year, Emyria has moved decisively from establishing the foundations of medication-assisted care to executing a national growth strategy. We are no longer demonstrating what might be possible. We are delivering treatment, expanding clinical capacity, generating real-world evidence and building the systems required to make these therapies accessible to more patients while continuing to improve them. We are living through what could reasonably be described as a psychedelic renaissance. These treatments are being researched through modern clinical science and rigorous governance while attracting growing institutional interest. Around the world, research programs, regulatory developments and investment by major pharmaceutical companies are exploring how psychedelic medicines may become an enduring part of the mental health treatment landscape. Emyria is at the forefront of translating this promise into clinical practice. During FY26, we expanded the Empax network beyond its Western Australian foundations, establishing interstate clinical capacity. This national expansion has been supported by a growing network of psychiatrists, authorised prescribers and therapists who share our commitment to delivering treatment safely and effectively. Regulatory changes during the year also reflected increasing confidence in the sector and helped create a more practical pathway for appropriately qualified clinicians to participate. Our supply chain has strengthened significantly, with key medicines now manufactured in Australia rather than sourced exclusively from overseas. Onshore access provides greater certainty and resilience as patient volumes and our clinic network continue to grow. Equally important has been the increasing engagement of healthcare funders. Medibank commenced funding eligible customers through our Post-Traumatic Stress Disorder and Treatment-Resistant Depression (TRD) programs, building on the landmark agreement announced in FY25. We have also continued to advance additional funded pathways for veterans and workers’ compensation patients. These developments represent meaningful validation of our clinical model and an important step towards removing the financial barriers that prevent many people from accessing care. Our results remain highly encouraging. The outcomes achieved through our PTSD and TRD programs reflect the improvements observed in controlled clinical research, but within a real-world environment. Our patients frequently present with complex histories and co-occurring conditions that would often exclude them from conventional trials. To see sustained improvements among these patients reinforces both the potential of the medicines and the importance of Emyria’s carefully governed, psychotherapy-led model. Our treatment programs require skilled clinicians, robust protocols, appropriate environments and carefully coordinated preparation and integration. Without these delivery mechanisms, our care models cannot reach their full clinical or commercial potential. Over more than two years of operating these programs, Emyria has developed an increasingly valuable treatment playbook. This includes practical protocols for delivering care, together with training programs for authorised prescribers and therapists. Our approach is designed to be adaptable across different indications, allowing the infrastructure we are building today to support a much broader range of potential treatments in future through trials and real-world evaluation. From the Chairman Greg Hutchinson Emyria Limited 2026 Annual Report | Page 5 Greg Hutchinson That broader opportunity is particularly exciting. While current authorised treatments focus on PTSD and Treatment-Resistant Depression, global research is examining psychedelic-assisted therapies across addiction and eating disorders, anxiety, mood disorders, neurological conditions and more. Emyria is already contributing to this expansion through its involvement in clinical research for patients experiencing psychological distress following a life-limiting diagnosis. Commercial discipline remains central to our strategy. Experience at our most mature Perth operations has given us a clearer understanding of the utilisation required for an individual clinic to become financially sustainable. As we establish new sites, our focus is not simply on building capacity, but on steadily increasing patient throughput and progressing each clinic towards stand-alone profitability. Growing clinical activity has also supported increasing revenue, an important marker of Emyria’s transition towards a scalable healthcare business. Behind every data point is a person whose illness has affected their work, relationships, family and sense of self. These stories remind us why this work matters. Their experiences bring a human and visceral dimension to our mission that clinical measures alone cannot convey. I would like to thank our clinicians, therapists, employees, research collaborators, funding partners and brave patient advocates for their contribution throughout FY26. I also thank our shareholders, including those who participated in the Company’s loyalty option initiative, for continuing to support our vision. The opportunity before us is substantial. Our responsibility is to meet it with clinical rigour, ethical leadership and disciplined execution. Kind regards, Greg Hutchinson Emyria Limited Executive Chairman Behind every data point is a person whose illness has affected their work, relationships, family and sense of self. These stories remind us why this work matters. Their experiences bring a human and visceral dimension to our mission that clinical measures alone cannot convey. Greg Hutchinson Executive Chairman Emyria Limited 2026 Annual Report | Page 6 Emyria Limited develops and delivers new treatments for mental health and select neurological conditions through an integrated model of direct clinical services and treatment development. Our current focus is Post-Traumatic Stress Disorder (PTSD) and Treatment-Resistant Depression (TRD). Company Snapshot Emyria Healthcare Leading the development of innovative, evidence-based treatments for PTSD and TRD, while partnering with payers to improve funded access for patients. Emyria Data Robust and ethically sourced real-world data gathered with patients to improve Emyria’s unique therapy treatments and drug development programs. Emyria Pipeline Researching new medication-assisted therapies and drug treatments for mental health and select neurological diseases. Generates Informs supporting healthier minds Emyria Training A structured training program that has already prepared over 120 therapists and a growing network of Authorised Prescribers able to safely and effectively deliver complex mental treatments. Emyria Delivery IP The proprietary clinical protocols, governance systems and operational playbook built through Emyria’s own programs - the “Emyria playbook”. Ready to be replicated across new sites, medicines and partners. Emyria Limited 2026 Annual Report | Page 7 Unmet needs in mental health According to the World Health Organization (WHO) over 1 billion people suffer a mental health disorder globally. These disorders affect over 1 in 5 Australians each year, with conditions like PTSD and TRD causing profound personal and economic impact. Traditional treatment approaches often fall short, leaving millions of patients without effective, long-term care solutions. There is strong demand for safe, regulated and outcome-driven alternatives to conventional treatments, particularly those supported by insurers and backed by real-world data. PTSD affects approximately 1 in 11 Australians, with significantly higher prevalence amongst frontline workers and veterans. TRD affects up to 30% of people with depression, with high relapse rates and few personalised options. The economic burden of mental illness in Australia is estimated at over $70 billion annually, including lost productivity and care costs. Our Focus Areas Post-Traumatic Stress Disorder (PTSD) Emyria delivers one of the world’s first real-world, psychiatrist-led treatment programs for PTSD, operating under the TGA’s Authorised Prescriber framework. The program is fully supervised, ethics-approved and funded by Medibank, Australia’s largest private health insurer. Twelve-month observational follow-up data on our initial cohort shows sustained remission for the majority of patients, extending the durable outcomes first reported at six months and reinforcing the program’s position as a scalable, clinically robust model for complex trauma. Treatment-Resistant Depression (TRD) Emyria’s TRD program is delivered within the same tightly governed clinical setting by specialist teams, operating under the same regulatory pathway as the PTSD program. First patient outcomes, reported in June 2026, showed improvement across all measures tracked in an early cohort. The program now forms an established second pillar of Emyria’s clinical offering, alongside PTSD, as the company scales nationally. Empax Global Partnership Program (EGPP) Formalised in April 2026, the EGPP is a new services platform that gives international drug sponsors access to Emyria’s established clinical delivery infrastructure to conduct clinical trials. Global momentum in psychedelic drug development continues to build, with more than 100 clinical trials currently underway across a range of indications, including mood disorders, addictions and eating disorders. Emyria’s specialised delivery infrastructure and clinical expertise position it well to support these companies as they progress toward registration and commercialisation. Emyria Limited 2026 Annual Report | Page 7 National Clinic Expansion • Expanded the Empax clinic network from Western Australia into Queensland and Victoria, with the Brisbane clinic commencing insurer-funded treatments and the first Victorian clinic activated at Avive Health’s Mornington Peninsula hospital. • Secured an agreement to establish a New South Wales clinic at Matilda Nepean Private Hospital, extending Emyria’s national footprint into a fourth state and lifting total network treatment bed capacity to 18 across four states. • Increased Perth capacity from 4 rooms to 8 rooms, with a second Empax Centre, while growing the Western Australian clinical workforce to support demand. • Emyria secured a Nationwide Negotiation Option with hospital partner Avive Health, granting Emyria exclusive rights to negotiate the establishment of Empax Clinics at all current and future Avive Health hospital sites, subject to satisfactory commercial terms and approvals. Funded Patient Access Expanded • Medibank funding extended to cover both PTSD and Treatment-Resistant Depression (TRD) programs across Empax clinics in Western Australia, Queensland and Victoria. • Department of Veterans’ Affairs funding created a government-supported pathway for eligible veterans to access treatment for PTSD and TRD. • The combination of private health insurance and government funding established dual reimbursement pathways for Emyria’s treatment programs. • Workers’ compensation and other ex-gratia approvals have been approved over the period, with Emyria seeing numerous new insurers approving applications on a case-by-case basis. FY26 Key Milestones Emyria Limited 2026 Annual Report | Page 8 Emyria Limited 2026 Annual Report | Page 9 FY26 Key Milestones Durable Clinical Outcomes • Twelve-month follow-up data showed approximately 67% of PTSD patients remained in clinical remission, with around 76% achieving a clinically significant improvement. • Median time to remission was approximately 28 days from the commencement of treatment, with most patients who reached remission maintaining it at subsequent follow-up. • Positive results from Emyria’s Treatment-Resistant Depression program provided further evidence supporting the Company’s real-world, psychiatrist-led treatment model. • Emyria reported that all 10 workers who were not working at the time of treatment due to work-related PTSD had returned to gainful employment six months after completing treatment.* Workforce and Delivery Platform • Built a national workforce of approximately 130 trained clinicians and doubled the Authorised Prescriber network from 6 to 16, supporting clinic expansion and increased patient throughput. • Regulatory recommendations announced by the TGA provided a more streamlined pathway for recruiting and supervising therapists involved in Emyria’s programs. • Launched the Empax Global Partnership Program, positioning Emyria’s clinical infrastructure, trained workforce and real-world data capabilities as a delivery platform for international drug developers and research sponsors. . Commercial and Financial Progress • Delivered record full year results with revenue of $4.3 million (including R&D tax incentive) up 210% on previous year. • Completed an $8 million institutional placement, strengthening the balance sheet to accelerate the national clinic rollout, expand the clinical workforce and support new funded patient cohorts. • Commenced European investor engagement and secured admission to trade on the Frankfurt Open Market (FSE: Q84), broadening international shareholder access alongside the Company’s ASX listing. * Figures reflect a small, real-world patient cohort; individual outcomes vary and this data has not been peer-reviewed. See Clinical Data Overview, page 18-19, for detail on Emyria’s real-world evidence methodology. Emyria Limited 2026 Annual Report | Page 9 Emyria Limited 2026 Annual Report | Page 10 A global market moving toward mainstream healthcare Emyria’s national expansion is occurring against a backdrop of accelerating regulatory and commercial momentum in psychedelic-assisted therapy worldwide. As governments, regulators and major pharmaceutical companies commit to the category, the environment for delivering these treatments at scale is shifting quickly. US$5B+ committed by major pharmaceutical companies to psychedelic-focused acquisitions since 2025.6, 7, 8 3 psychedelic therapies granted FDA National Priority Vouchers in April 2026, compressing standard review timelines.1 Sector Landscape Regulatory pathways are accelerating In the United States, the FDA issued National Priority Vouchers in April 2026 to three companies developing psychedelic-based therapies - Compass Pathways (psilocybin, treatment-resistant depression), the Usona Institute (psilocybin, major depressive disorder) and Transcend Therapeutics (methylone, an MDMA-like compound, for PTSD).1 The vouchers followed a presidential executive order directing federal agencies to accelerate research, review and access pathways for psychedelic therapies targeting serious mental illness. Compass Pathways has indicated it expects to complete its rolling New Drug Application for COMP360 in the fourth quarter of 2026.2 Regulatory movement isn’t confined to the US. Germany has established a compassionate use access programme enabling adults with treatment-resistant depression to access psilocybin therapy ahead of full approval,3 and the Czech Republic has legislated to permit medical use of psilocybin from January 2026.4 UK regulatory bodies, including the MHRA, are supporting growing clinical trial activity, alongside ongoing Home Office policy debate on rescheduling for research.5 Emyria Limited 2026 Annual Report | Page 11 Major pharmaceutical companies are backing the shift Since 2025, transactions have included Eli Lilly’s acquisition of AtaiBeckley (approximately US$2.8 billion)6, Otsuka Pharmaceutical’s acquisition of Transcend Therapeutics (up to approximately US$1.2 billion)7 and AbbVie’s acquisition of Gilgamesh Pharmaceuticals’ lead psychedelic candidate (approximately US$1.2 billion).8 This scale of commitment from established pharmaceutical companies reflects growing institutional confidence that psychedelic medicines can become an enduring, scalable part of mental health treatment — not a passing trend. What this means for Emyria These developments are occurring in overseas jurisdictions, under separate regulatory frameworks, and do not indicate or guarantee any particular regulatory or commercial outcome for Emyria in Australia or elsewhere. They are included here as context for the environment Emyria operates in. As global pathways mature and investment in the category grows, Emyria’s established Australian clinical infrastructure, trained workforce and real-world data capabilities position the Company to evaluate future indications and international partnerships as the sector develops. Sector Landscape 1 (2026, April 24) FDA Accelerates Action on Treatments for Serious Mental Illness Following Executive Order. https://www.fda.gov/news-events/press-announcements/fda-accelerates-action-treatments-serious-mental-illness-following-executive-order (2026, April 24) Compass Pathways Announces FDA Granted NDA Rolling Review Request and Awarded Commissioner’s National Priority Voucher. https://ir.compasspathways.com/News--Events-/news/news-details/2026/Compass-Pathways-Announces-FDA-Granted-NDA-Rolling-Review- Request-and-Awarded-Commissioners-National-Priority-Voucher/default.aspx (2026, April 27) Transcend Therapeutics Receives FDA National Priority Voucher for TSND-201 in PTSD https://transcendtherapeutics.com/transcend-therapeutics-receives-fda-national-priority-voucher-for-tsnd-201-in-ptsd/ Maddox, W. (2026, April 24) Compass, Usona and Transcend score FDA national priority vouchers amid Trump administration’s psychedelic push. https://www.fiercebiotech.com/biotech/compass-usona-score-fda-national-priority-vouchers-amid-trump-administrations-psychedelic 2 (2026, May 13) Compass Pathways Announces First Quarter 2026 Financial Results and Business Highlights. https://ir.compasspathways.com/News-- Events-/news/news-details/2026/Compass-Pathways-Announces-First-Quarter-2026-Financial-Results-and-Business-Highlights/default.aspx 3 Chu, J and Bunn, J (2025, August 5) Germany Pioneers Compassionate Psilocybin Access for Treatment-Resistant Depression in EU First. https://www.drugscience.org.uk/germany-compassionate-psilocybin 4 (2026, June 21) Czech Republic Psilocybin Law: First in the EU (2026). https://mindmedicinelaw.com/law/czech-republic-psilocybin-law 5 Chu, J, Bunn, J and Neill, J (2025, July 30) UK Government supports ACMD plan to enable research with schedule 1 medicines such as psilocybin and MDMA. https://www.drugscience.org.uk/uk-government-supports-acmd-plan 6 (2026, July 16) Lilly to acquire AtaiBeckley to advance therapies for treatment-resistant depression and other mental health conditions. https://investor.lilly.com/news-releases/news-release-details/lilly-acquire-ataibeckley-advance-therapies-treatment-resistant 7 (2026, March 27) Otsuka Pharmaceutical to Acquire Transcend Therapeutics - Expands Otsuka portfolio in psychiatric and neurological fields and aims to accelerate development of Transcend’s portfolio, including the TSND-201 program for post-traumatic stress disorder (PTSD). https://www.otsuka-us.com/news/otsuka-pharmaceutical-acquire-transcend-therapeutics-expands-otsuka-portfolio-psychiatric-and 8 (2025, August 25) AbbVie to Acquire Gilgamesh Pharmaceuticals’ Bretisilocin, a Novel, Investigational Therapy for Major Depressive Disorder, Expanding Psychiatry Pipeline. https://news.abbvie.com/2025-08-25-AbbVie-to-Acquire-Gilgamesh-Pharmaceuticals-Bretisilocin,-a-Novel,- Investigational-Therapy-for-Major-Depressive-Disorder,-Expanding-Psychiatry-Pipeline Emyria Limited 2026 Annual Report | Page 12 Emyria’s expanding clinical network is establishing a repeatable model for delivering advanced mental health treatments across Australia, while creating capabilities with potential relevance to global drug developers and healthcare partners. During FY26, Emyria advanced the national expansion of its Empax clinical model, extending the infrastructure, workforce and funded pathways required to deliver medication-assisted therapy beyond its established Western Australian operations. Emyria is applying the clinical protocols, governance systems and practical delivery experience established through its Perth sites to build a broader network of hospital-integrated treatment centres across the country. Effective delivery of our care programs depend on specialist clinicians, carefully structured preparation and integration, appropriate treatment environments, reliable medicine supply and rigorous clinical governance. Emyria’s experience bringing these elements together in Western Australia, then applying them through FY26 across Queensland, Victoria and now New South Wales, has produced a repeatable operating framework for establishing and supporting new clinics. Together, these developments are establishing the foundations of a multi-state clinical platform capable of supporting a growing number of patients, clinicians and funded treatment pathways. A capital-efficient partnership model Emyria’s initial expansion strategy is built around partnerships with established private mental health hospitals and clinical operators, rather than developing a network of capital-intensive standalone facilities. Partner hospitals provide much of the physical infrastructure and clinical governance already in place; Emyria contributes the specialist components, including including additional clinical governance, treatment protocols, trained clinicians, Authorised Prescriber pathways, medicine management, care coordination and outcomes data systems. This approach reduces the capital and time required to establish new locations, while supporting a consistent standard of clinical delivery: each new site draws on the systems and experience developed through Emyria’s earlier operations, adapted to the local hospital, workforce and patient population. The Emyria Playbook - building the blueprint for national scale Western Australia Queensland New South Wales Victoria Emyria Limited 2026 Annual Report | Page 13 The delivery of a medication in combination with therapy is a very nuanced concept. Without having robust delivery mechanisms in place, such treatment models aren’t going to be able to reach their full potential, either from a commercial standpoint or from an efficacy standpoint. Greg Hutchinson Executive Chairman The Emyria playbook The lessons developed through nearly three years of clinical delivery have informed what Executive Chairman Greg Hutchinson describes as “the Emyria playbook”: the clinical and operational requirements involved in establishing and delivering high quality care for serious mental health conditions, from recruitment and training of psychiatrists and therapists, through Authorised Prescriber processes, hospital readiness, patient selection, medicine handling and therapeutic preparation, to dosing-day delivery, integration and outcomes measurement. This knowledge matters because new treatment models are emerging that require close coordination of therapists, psychiatrists, carefully designed protocols and an appropriately governed therapeutic environment. “The delivery of a medication in combination with therapy is a very nuanced concept” Greg said. “Without having robust delivery mechanisms in place, such treatment models aren’t going to be able to reach their full potential, either from a commercial standpoint or from an efficacy standpoint.” Prove the model Establish protocols, governance and real-world evidence Partner with established infrastructure Work within appropriate hospital and clinical environments Build specialist clinical teams Recruit and train psychiatrists, and therapists Secure medicine and governance pathways Establish reliable supply, regulatory processes and clinical oversight Activate funded patient access Engage insurers, government agencies and other payers Deliver care and capture evidence Treat patients while collecting longitudinal outcomes data Refine, replicate and scale Apply operational learning to new clinics, indications and partnerships Emyria Limited 2026 Annual Report | Page 14 The Emyria Playbook - building the blueprint for national scale Scaling access and utilisation Emyria’s expansion strategy extends beyond establishing new clinical capacity. Each location must also develop referral pathways, payer support and sufficient patient throughput to progress towards financial sustainability. The Medibank agreement provided early validation of this model by supporting funded access to treatment for eligible patients; through FY26, Emyria broadened its payer engagement while using real-world outcomes data to support further funding discussions. Experience at the Company’s most mature Western Australian operations has informed the activity levels required to support clinic-level profitability. As new sites are established, Emyria’s focus is to build utilisation progressively and move each clinic towards financial maturity. A platform with global relevance The infrastructure being developed through the Australian clinic network has relevance beyond Emyria’s current programs. In FY26, Emyria launched the Empax Global Partnership Program, giving international drug developers and clinical research organisations a structured pathway to deliver treatment protocols through Emyria’s clinical network. North American sponsor Psyence Biomed has signed on as its first partner, engaging Emyria as a clinical trial site for a Phase IIb trial in adjustment disorder for patients with advanced cancer. Global research is examining medication-assisted treatments across a widening range of indications, including addiction, anxiety, eating disorders, mood disorders and adjustment disorder. “The broadening of indications is a highly exciting next phase of development. As more treatments ad