Announcement PDF Cryosite Limited Appendix 4E Preliminary final report 1. Company details Name of entity: ABN: Reporting period: Previous period: Reporting Currency: Cryosite Limited 86 090 919 476 For the year ended 30 June 2025 For the year ended 30 June 2024 Australian Dollars 2. Results for announcement to the market Revenue from ordinary activities Profit before tax for the period from ordinary activities Profit from ordinary activities after tax attributable to members 2025 $'000 2024 $'000 Change $'000 Change % 14,116 2,523 12,612 2,086 1,504 437 12% 21% 1,884 1,840 44 2% Commentary on the results to the market Results for the year ending 30 June 2025 reflect a strengthening of trading conditions in the second half of the financial year. Revenue of $14,116,000, up 12% Gross profit of $8,890,000, up 11%. Earnings before interest, tax, depreciation and amortisation (EBITDA) of $3,367,000 up 19%. Earnings before interest and tax (EBIT) of $2,496,000, up 22%. Net Profit of $1,884,000, up 2%. The Group utilised its carried-forward tax credits in full in the prior period resulting in income tax expense of $639,000 in FY25, an increase of $393,000 (160%) on the prior period 2 cents per share unfranked final dividend paid on 10 October 2024, for the financial year ending 30 June 2024 up 33%. No bank borrowings. Dividends In line with our growth strategy, the Board resolved not to declare a dividend for FY25. The Group is actively progressing plans to secure a second facility to accommodate future growth. Cryosite’s strong balance sheet, pre-approved funding lines, and robust operating cashflows mean that the expansion can be completed without a capital raise. A further explanation of the result of the current period is set out in the Directors' Report contained in the attached Annual Financial report. The Directors consider Earnings Before Interest and Tax ('EBIT') and Earnings Before Interest, Tax, Depreciation and Amortisation ('EBITDA') to reflect the core earnings of the Group. EBIT and EBITDA are financial measures which are not prescribed by Australian Accounting Standards ('AAS') and represent the profit under AAS adjusted for non-cash and significant items. The Group's reconciliation of its statutory net profit after tax ('NPAT') for the current and previous year to EBIT and EBITDA is as follows: Consolidated 2025 2024 $'000 $'000 Profit after tax Add: Income tax expenses Add: Interest Less: Interest revenue calculated using effective interest method EBIT Add: Depreciation and amortisation EBITDA 1,884 639 150 (177) 2,496 1,840 246 163 (195) 2,054 871 787 3,367 2,841 Annual Report - June 2025 1 Cryosite Limited Contents 30 June 2025 Corporate directory Directors' report Auditor's independence declaration Consolidated statement of profit or loss and other comprehensive income Consolidated statement of financial position Consolidated statement of changes in equity Consolidated statement of cash flows Notes to the consolidated financial statements Consolidated entity disclosure statement Directors' declaration Independent auditor's report to the members of Cryosite Limited Shareholder information Back page 2 3 4 21 22 23 24 25 26 53 54 55 59 61 Cryosite Limited Corporate directory 30 June 2025 Directors Mark Kerr (Non-Executive Chairman) Andrew Kerr (Executive Director) Scott Thomas (Non-Executive Director) Company secretary Hamish George Notice of annual general meeting The details of the annual general meeting of Cryosite Limited was announced in ASX on 18 August 2025. Registered office 13a Ferndell Street South Granville NSW 2142 Tel: +61 2 8865 2000 Email: corporate@cryosite.com Principal place of business 13a Ferndell Street South Granville NSW 2142 Share register Automic Group Level 5, 126 Phillip Street Sydney NSW, 2000 Auditor Forvis Mazars Audit & Assurance Pty Limited Level 5, 600 Bourke Street Melbourne Vic 3000 Stock exchange listing Cryosite Limited shares are listed on the Australian Securities Exchange (ASX code: CTE) Website www.cryosite.com www.cryosite.com.au Corporate Governance Statement The Directors and management are committed to conducting the business of Cryosite Limited in an ethical manner and in accordance with the highest standards of corporate governance. Cryosite Limited has adopted and substantially complied with the ASX Corporate Governance Principles and Recommendations (Fourth Edition) (`Recommendations') to the extent appropriate to the size and nature of its operations. The Corporate Governance Statement, which sets out the corporate governance practices that were in operation during the financial year and identifies and explains any Recommendations that have not been followed, was approved by the Board of Directors at the same time as the Annual Report and can be found on the Company's website at: https://www.asx.com.au/markets/company/CTE 3 Cryosite Limited Directors' report 30 June 2025 The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'Group') consisting of Cryosite Limited (referred to hereafter as 'Cryosite', the 'Company' or 'parent entity') and the entity it controlled at the end of, or during, the year ended 30 June 2025. Directors The following persons were directors of Cryosite Limited during the whole of the financial year and up to the date of this report, unless otherwise stated: Mark Kerr Andrew Kerr Scott Thomas Non-Executive Chairman Executive Director (Non-Executive Director up to 19 August 2024; appointed as Executive Director on 20 August 2024) Non-Executive Director Dividends Dividends paid during the financial year were as follows: Consolidated 2025 2024 $'000 $'000 Final unfranked dividend for the year ended 30 June 2024 of 2.0 cents (2024: paid 1.5 cents final unfranked dividend for the year ended 30 June 2023) per ordinary share 976 732 Principal activities The Group provides specialised, temperature-controlled logistics and depot services, including secure storage, labelling, secondary packaging, import/export coordination, inventory management, distribution, destruction, and reverse logistics. We support a diverse portfolio of materials, including Good Manufacturing Practice (GMP) clinical trial products, Australian Register of Therapeutic Goods (ARTG) approved medicines, biologics, Advanced Therapy Medicinal Products (ATMPs), Research and Development (R&D) materials, and medical devices. Services are structured around the following temperature-controlled storage and distribution capabilities: (1) Ambient, cold, and frozen: Storage and distribution of small-molecule drugs and related products requiring ambient, refrigerated, or frozen conditions. This includes Good Manufacturing Practice (GMP) clinical trial materials, scheduled medicines, controlled drug storage, clinical ancillary supplies, medical devices, and commercial products with strict temperature requirements. (2) Ultra-frozen and cryogenic: Specialised handling of materials requiring Ultra-Frozen or Cryogenic conditions, including Advanced Therapy Medicinal Products (ATMPs), such as Cell and Gene Therapies (CGT), cell therapies, mRNA-based medicines (inc. vaccines), biological samples, and Research and Development (R&D) materials requiring high-integrity cold storage (e.g. plasma, tissue, reagents). In FY25, the Board commenced standalone reporting for this segment due to its strategic significance and growing contribution to Group revenue. (3) Cord blood: Storage of cord blood cell and tissue samples for personal or directed therapeutic use, maintained under validated chain-of-identity controls. 4 Cryosite Limited Directors' report 30 June 2025 Review of operations FY25 represented a year of continued operational strength, margin expansion and revenue diversification for the Group. Key financial metrics reached record levels, while strategic progress accelerated through the expansion of Ultra-Frozen and Cryogenic infrastructure and client acquisition across all segments. Earnings per share Basic earnings per share Diluted earnings per share Cents 2025 Cents 2024 3.86 3.78 3.77 3.77 Overview The Directors are pleased to report the financial results for the year ended 30 June 2025 have surpassed those of the prior corresponding period ended 30 June 2024 across all key metrics - Revenue, Operating Profit, EBIT and EBITDA, reflecting continued delivery against our long-term strategy and sustained year-on-year momentum at Cryosite. The Directors consider Earnings Before Interest and Tax ('EBIT') and Earnings Before Interest, Tax, Depreciation and Amortisation ('EBITDA') to reflect the core earnings of the Group. EBIT and EBITDA are financial measures which are not prescribed by Australian Accounting Standards ('AAS') and represent the profit under AAS adjusted for non-cash and significant items. The Group's reconciliation of its statutory net profit after tax ('NPAT') for the current and previous year to EBIT and EBITDA is as follows: Reported financials Revenue Cost of providing services Gross profit Net profit after tax Add: Income tax expense Add: Interest expenses Less: Interest revenue calculated using effective interest method EBIT Add: Depreciation and amortisation expense EBITDA 2025 $'000 2024 $'000 Change $'000 Change % 14,116 (5,226) 8,890 1,884 639 150 12,612 (4,618) 7,994 1,840 246 163 1,504 (608) 896 44 393 (13) 12% 13% 11% 2% 160% (8%) (177) 2,496 871 3,367 (195) 2,054 787 2,841 18 442 84 526 (9%) 22% 11% 19% Cryosite’s FY25 performance reflects the continued strength of our operations and the benefits of sustained and considered capital investment over the past several years. Revenue increased by 12% to $14,116,000 (FY24: 12,612,000) EBITDA increased by 19% to $3,367,000 (FY24: 2,841,000) EBIT increased by 22% to $2,496,000 (FY24: 2,054,000) NPAT increased by 2% to $1,884,000, despite a $393,000 (160%) increase in income tax expense following the full utilisation of historical tax credits in FY2024 Operational volumes increased 21% year-on-year Quality performance the Cryosite team achieved record quality metrics The Group ended FY25 with a strong cash balance of $5,060,000, driven by strong operational cashflows offset by a dividend payment of a $976,000, FY24 dividend in October 2024 and income tax payments of $650,000 (up $650,000 on FY24) 5 Cryosite Limited Directors' report 30 June 2025 The graph below demonstrates the expanding revenue and EBITDA growth profile of Cryosite against prior comparable periods: Our Ultra-Frozen and Cryogenic segment revenue grew by 58% to $1.9 million in FY25. This growth was supported by capital investment, systems upgrades, and onboarding of new clients and sponsors. FY25 Ultra-Frozen and Cryogenic highlights: Revenue increased by 58% to $1,857,000 (FY24: $1,175,000) EBITDA increased by 65% to $810,000 (FY24: $492,000) Active client/clinical trial sponsors - up 27% on FY24 17% site footprint increase - through a mezzanine expansion, delivered on time and on budget, fully funded via cashflow 40% capacity uplift in Ultra-Frozen freezers - fully funded via cashflow Launch of large-capacity Cryogenic dry-shipper logistics - to enable relocation of large-volumes of cryopreserved products in a single shipper, fully funded by cashflow Systems - enhanced digitisation for traceability and audit-readiness Cryosite completed a major expansion of its main facility in FY25, increasing its footprint at site 17%. This capital project, funded entirely through cashflow, increased the Group’s capacity for ultra-frozen and cryogenic temperature storage by expanding our freezer farm and increasing capacity for additional liquid nitrogen tanks. The project was delivered on time and on budget and provides strategic capacity for future growth. In January, the Group launched a new interactive Investor Hub to enhance engagement with shareholders, stakeholders, and prospective investors. The platform provides direct access to information about the Group’s operations and facilitates two-way communication with the leadership team. The Directors are also proud to report that Cryosite was awarded a Gold Medal by EcoVadis in March 2025, recognition of our strong and ongoing commitment to environmental, social, and governance (ESG) excellence. Cryosite also achieved Australian Trusted Trader (ATT) status from the Australian Border Force, recognising Cryosite’s secure supply chain practices and commitment to international trade compliance. The Directors are highly encouraged by the strong momentum demonstrated in the financial results for the year ended 30 June 2025, positioning the Group for continued growth into 2026. Dividends In line with our growth strategy, the Board resolved not to declare a dividend for FY25. The Group is actively progressing plans to secure a second facility to accommodate future growth. Cryosite’s strong balance sheet, pre-approved funding lines, and robust operating cashflows mean that the expansion can be completed without a capital raise. Cashflow The Group remains in a strong financial position: 6 Cryosite Limited Directors' report 30 June 2025 Cash on hand at 30 June 2025: $5,060,000 (an increase of $367,00 on FY24: $4,703,000) including a fully franked FY24 dividend of 2 cents ($976,000) paid in October 2025 No debt facilities in place as at balance date Operating cash flows for the year were $2,064,000 (FY24: $2,718,000), reflecting higher income tax payments (FY25: $650,000, an increase of $650,000 on FY24) and timing differences in payables. Capital expenditure totalled $586,000, primarily relating to the Mezzanine expansion 17% expansion of the Group’s main facility, completed in February 2025. Environmental, social and governance (ESG) The Group is committed to sustainable and responsible business practices. In March 2025, Cryosite was awarded a Gold Medal by EcoVadis, recognising strong performance across environmental, labour & human rights, ethics and sustainable procurement. Key ESG initiatives in FY25 included: Environmental: o Expanded facility design to reduce environmental impact o Continued investment in energy-efficient freezers and capital equipment to support greenhouse gas (GHG) reduction o Reported estimated Scope 1 and 2 GHG emissions of 445 tonnes CO2e for the 2024 calendar year and commenced refinement of Scope 3 emission reporting Social: o Continued employee training and strong organisational safety culture o Engaged proactively with staff, customers, and stakeholders through the launch of an Investor Hub in January 2025 o Hosted a student placement program with local universities to support early career starters entering the workforce. Governance: o Reviewed and identified improvement areas for Governance Policies strengthen transparency and ethical standards o Enhanced ESG reporting and risk management frameworks o Participated in external assessments, including the EcoVadis platform and Australian Border Force’s Trust Trader program, to benchmark and improve practices Stability in the state of affairs Our stability in a changing industry landscape reflects effective strategic planning and execution. It highlights our ability to maintain a steady course while adapting to the evolving needs of our clients and the market. Governance and Management The Board upholds the highest standards of corporate governance and ethical behaviour. Enhancements in FY25 included: Integrating ESG metrics into risk management and decision-making Strengthening supplier due diligence and sustainability reporting standards Continuous review of internal controls to ensure compliance with regulatory obligations and best-practice corporate governance Material business risks The Board actively monitors risks that could impact operations and financial performance. The Group’s risk management framework includes robust internal controls, ongoing investment in operational resilience, and regular reviews of emerging threats. Macroeconomic Although the Group holds a strong market position, it is not immune to inflationary pressures, supply chain disruptions, and new market entrants. 7 Cryosite Limited Directors' report 30 June 2025 The Group monitors economic indicators closely and maintains a diversified customer base, including growth in biological storage and cell & gene therapies storage leveraging over 24 years of cryogenic cord blood expertise. Regulatory compliance The Group’s modern, purpose-built facility is licensed by the Therapeutic Goods Administration (TGA) and certified to Good Manufacturing Practice (GMP) standards. Regular audits ensure compliance with regulatory and customer standards Comprehensive accreditations and management systems underpin quality assurance Internal controls ensure adherence to Australian laws and regulations Privacy and cybersecurity Protecting sensitive data remains a top priority. The Group has invested in IT infrastructure and staff training Cybersecurity systems are being aligned with the Australian Signals Directorate (ASD) Essential Eight Maturity Model Work, health and safety (‘WHS’) The Group has a zero-tolerance approach to serious incidents and promotes a strong safety culture through: Continuous improvement of WHS practices Ongoing employee training and engagement in safety programs Operating risks Supply Chain disruption -- As part of a global clinical trials supply chain, disruptions (such as those experienced during COVID-19) can present challenges and opportunities. Agile operating procedures are in place to respond effectively. Commercial Partner Concentration -- The Clinical Trials division relies on global pharmaceutical and biotech companies. The Group mitigates concentration risk through client diversification and maintaining high service standards. Competition -- The entry of new competitors or changes in clinical trial delivery models could impact operations. This is mitigated by maintaining licenses and certifications, investing in facilities and services, and strengthening customer relationships and brand reputation both domestically and internationally. Employees and diversity As at 30 June 2025, the Group employed 25 full-time equivalent employees (2024: 25 employees), over 60% of whom are Culturally and Linguistically Diverse. We are proud that our staff have a rich mix of backgrounds, experiences and perspectives, giving the Group a unique culture and a competitive advantage. The Group strives to create an inclusive environment that empowers everyone to contribute and make a real difference. This enables our teams to support the success of our clients, and helps our people reach their full potential. The Group recognises the value of diversity in the workplace. With over ten different ethnic backgrounds, our staff create a culturally and linguistically diverse workplace. There are numerous religions and cultures. Where possible the Group endeavours to offer flexible work practices. Work life balance is seen as a key retention tool. The Group is committed to providing equal opportunity for all its staff demonstrated by our overall staff mix of 56% females and 44% males. This is also reflected in the direct reports to the Executive Director with 66% being female. Cryosite is committed to providing a workplace free from any form of harassment, bullying and discrimination. 30 June 2025 Male Female Total All employees Management 11 14 25 4 5 9 Team lead Age range 2 1 3 8 31-70 24-63 Board of Directors 2 2 Cryosite Limited Directors' report 30 June 2025 30 June 2024 Male Female Total All employees % Management % Team lead % 13 12 25 3 3 6 2 2 4 Average age Board of Directors % 31-69 34-63 3 3 Significant changes in the state of affairs There were no significant changes in the state of affairs of the Group during the financial year. Matters subsequent to the end of the financial year No matter or circumstance has arisen since 30 June 2025 that has significantly affected, or may significantly affect the Group's operations, the results of those operations, or the Group's state of affairs in future financial years. Likely developments and expected results of operations Information on likely developments in the operations of the Group and the expected results of operations have not been included in this report because the directors believe it would be likely to result in unreasonable prejudice to the Group. Environmental regulation The Group provides a range of services that require compliance with legislation and regulations administered by government authorities and statutory bodies, including the Therapeutic Goods Administration (TGA), the Office of Drug Control, the Australian Government Department of Agriculture Fisheries and Forestry and the New South Wales Department of Health. The Group holds and maintains a Good Manufacturing Practice (GMP) Certification. Additionally, the Group must comply with environmental guidance within the quality system requirements of many of its customers. Cryosite has a Group-wide quality management system to ensure that it meets or exceeds the requirements of all these interests. There have been no significant known breaches of Cryosite's license conditions or any regulations to which it is subject. The Group, to the best of its knowledge, is not subject to any specific environmental regulations. Information on directors Name: Title: Qualifications: Experience and expertise: Other current directorships: Former directorships (last 3 years): Special responsibilities: Interests in shares: Interests in options: Mark Kerr (appointed on 8 December 2023) Non-Executive Chairman LLB (The University of Melbourne) Mark Kerr has a long and successful career with public companies. He is the founding Chairman of Nido Education Ltd, an ASX listed company (ASX: NDO). Mark was also the founding Chairman of Think Childcare Group which was sold to Busy Bees in 2021. Chairman – Nido Education Ltd N/A None 9,231,453 ordinary shares None 9 Cryosite Limited Directors' report 30 June 2025 Name: Title: Qualifications: Experience and expertise: Other current directorships: Former directorships (last 3 years): Special responsibilities: Interests in shares: Interests in options: Name: Title: Qualifications: Experience and expertise: Other current directorships: Former directorships (last 3 years): Special responsibilities: Interests in shares: Interests in options: Andrew Kerr (appointed on 22 February 2024) Executive Director (Non-Executive Director up to 19 August 2024; appointed as Executive Director on 20 August 2024) CPA, GAICD, BCom (The University of Melbourne) Andrew is an experienced financial services professional in both the Australian and international markets. Andrew has previously worked at Macquarie Bank (Green Investment Group & Commodities and Global Markets divisions), Bank of America Merrill Lynch, and Meridian Energy Australia (Powershop Australia). None None Chair of Audit and Risk Committee; Member of the Remuneration and Nominations Committee None None Scott Thomas (appointed on 9 May 2024) Non-Executive Director Diploma of Financial Strategy (Oxford University), Master of Applied Finance (Macquarie University), Bachelor of Commerce (The University of Melbourne) Scott has strong experience in the financial services profession both in Australia and the United Kingdom having held senior roles at ANZ and Vanguard Investments. None None Chair of the Remuneration and Nominations Committee; Member of Audit and Risk Committee None None 'Other current directorships' quoted above are current directorships for listed entities only and excludes directorships of all other types of entities, unless otherwise stated. 'Former directorships (last 3 years)' quoted above are directorships held in the last 3 years for listed entities only and excludes directorships of all other types of entities, unless otherwise stated. 10 Cryosite Limited Directors' report 30 June 2025 Company secretary Hamish George (appointed as Joint Company Secretary as on 20 September 2024) Mr Hamish George is the member of Bio101 Financial Advisory Pty Ltd remains as Company Secretary. Michael Austin (appointed as Joint Secretary as on 20 September 2024 and resigned as on 22 November 2024) Dray Andrea (resigned on 20 September 2024) Meetings of directors The number of meetings of the Company's Board of Directors ('the Board') held during the year ended 30 June 2025, and the number of meetings attended by each director were: Mark Kerr Andrew Kerr Scott Thomas Attended Full Board Held 6 6 6 6 6 6 Remuneration and Nomination Committee Attended Held 1 1 1 1 1 Audit and Risk Committee Attended Held 1 1 1 1 1 Held: represents the number of meetings held during the time the director held office. Remuneration report (audited) The remuneration report details the key management personnel remuneration arrangements for the Group, in accordance with the requirements of the Corporations Act 2001 and its Regulations. Key management personnel (KMP) are those persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including all directors. The remuneration report is set out under the following main headings: Principles used to determine the nature and amount of remuneration Details of remuneration Service agreements Share-based compensation Additional information Additional disclosures relating to key management personnel Principles used to determine the nature and amount of remuneration The Group aims to ensure a competitive level and mix of remuneration to enable the Group attract, motivate and retain high quality personnel, to help the Group achieve its objectives and advance shareholder returns. The Board maintains the authority and responsibility for the oversight of the Group’s remuneration policy and the principles and processes which underpins the policy. On 15 October 2024, the Board considered the restructure of the committee meetings. It was agreed that the Audit and Risk Committee, and Nomination and Remuneration Committee would remain as they are, but the business of these committee meetings would be conducted during the ordinary board meetings. The Board reviews the structure and level of remuneration for the directors and senior executives, and on the design and award of all executive incentive plans. In accordance with best practice corporate governance, the structure of non-executive director and executive remuneration is separate. Non-executive directors' remuneration Fees and payments to non-executive directors reflect the demands and responsibilities of their role and are set to attract a requisite skill set required to govern the Group. The Group has two non-executive directors as at 30 June 2025. Mark Kerr is deemed not to be independent, due to his substantial shareholding of the Group with a relevant interest at the date of this report of 9,231,453 ordinary shares. 11 Cryosite Limited Directors' report 30 June 2025 The remuneration of non-executive directors including the Chairman consists of fixed annual fees which are reviewed annually by the Nomination and Remuneration Committee. The Nomination and Remuneration Committee may, from time to time, receive advice from independent remuneration consultants to ensure nonexecutive directors' fees and payments are appropriate and in line with the market. The chairman's fees are determined independently to the fees of other non-executive directors based on comparative roles in the external market. The chairman is not present at any discussions relating to the determination of his own remuneration. Fixed annual fees for the 2025 year are as follows and are unchanged from 2024: Non-Executive Chairman: $75,000 maximum per annum, plus superannuation. Non-Executive Director: $60,000 maximum per annum, plus superannuation. Executive Director: $190,000 maximum per annum, plus superannuation. Chair of Remuneration and Nomination Committee: $7,500 maximum per annum, plus superannuation. Chair of Audit and Risk Committee: $7,500 maximum per annum, plus superannuation. The current maximum aggregate remuneration, approved by shareholders, for non-executive directors is $350,000. During 2025 total aggregate remuneration paid to non-executive directors was $185,090 (2024: $218,000). Apart from reimbursement of expenses incurred on the Group’s behalf, non-executive directors are not eligible for any additional payments. Performance based compensation is not part of the remuneration structure offered to non-executive directors. Executive remuneration The Group aims to reward executives based on their position, responsibility, experience and qualifications with a competitive level and mix of remuneration which has both fixed and variable components. Executive remuneration and reward can consist of the following components: fixed remuneration; short-term performance incentives, cash-based payments long-term performance incentives, share-based payments Fixed remuneration, consisting of base salary, superannuation and non-monetary benefits, are reviewed annually by the Nomination and Remuneration Committee based on individual and business unit performance, the overall performance of the Group and comparable market remunerations. There is no guaranteed annual increase. Short-term incentives ('STI') are at risk cash payments granted to executives based on the achievement of Group wide budgets as well as specific annual targets and key performance indicators ('KPI's') being achieved by the executive. KPI's include profit contribution, customer satisfaction, leadership contribution and product management. All STI payments are approved by the Board, on the recommendation of the Nominations and Remuneration Committee. Long-term incentives ('LTI') are at risk equity-based payments. They provide the opportunity, on