Latest Results

H1 Financial Highlights:

• Revenue decreased to £2.4m (H1 2026: £3.9m)
• Gross margin decreased to 66.4% (H1 2026: 67.7%), largely due to impact of lower sales on fixed elements in gross margin
• Adjusted EBITDA¹ loss of £(0.5)m (H1 2026: profit of £0.1m)
• Loss before tax £0.8m (H1 2026: £0.4m)
• Cash balance £1.9m (H1 2026: £3.6m)

Operational Highlights:

• CNS Lab productivity remains high with year-on-year volume growth
• India sales continuing to grow almost 20% in local currency and 8.5% in sterling
• Restructuring and cost controls have reduced ongoing administration costs by £0.5m year-on-year
• The IVDR project remains on track for submission in Q3 and CNS Lab will be ready to launch in Q4

Outlook:

• As previously forecast, the Company expects full year sales to be lower than the previous year, this is due to a number of headwinds impacting multiple markets
• Policy changes in China have impacted demand in the market, which is expected to be disruptive for several years
• Inflation and cost of living pressures in markets, particularly in the Middle East and Asia have led to a drop in activity and distributors have not adhered to forecasts. It is hoped that these markets will recover in the near future
• Despite the above challenges, the sales pipeline continues to grow as the new team sources new potential opportunities
• The Company is managing its cash proactively with the IVDR development key to spend, whilst another restructure of resources was undertaken in October to ensure sufficient cash remains to fund the business
• Driving new and existing sales remains the primary objective for H2 and the year thereafter

¹Adjusted for exceptional items, amortisation of intangible assets and share based payment charges.

Commenting on the results, Carolyn Rand, Chair, said:

“The first half of this year has continued to present challenges, with economic pressures impacting market activity across several key regions. While India has achieved good growth, other regions fell short of target, which is disappointing.

In response, the Board has acted decisively, executing a further strategic restructuring in October to reduce our fixed cost base, protect our cash runway, and align our operations with current sales volumes.

We have pushed ahead with the IVDR project and believe that this will help differentiate CNS in the market and assist the sales team in increasing sales to existing customers and converting the pipeline of opportunities. We are confident in the long-term future of CNS as we look forward to launching the next generation of Food Sensitivity testing into the market.”

Investor presentation

James Cooper CEO, Ajay Patel CFO, Erik Melgaard Global Sales Director and David Catchpole Head of Customer Success will provide an investor presentation relating to the Interim Results and future plans today at 14:00 GMT. The presentation will be shared on our website in due course.

The information communicated in this announcement is inside information for the purposes of Article 7 of EU Regulation 596/2014

Carolyn Rand, Chair Statement

Against a challenging trading backdrop, Cambridge Nutritional Sciences achieved solid operational strategic progress with good growth in testing in the UK and India. CNS delivered a year of solid operational and strategic progress, strengthening its team, product offering, cost base and sales pipeline against a difficult and uncertain global trading backdrop. Many of our distributors and customers have had a challenging year, delaying buying decisions and marketing investment, but despite this we have shown good underlying growth in a number of key regions including India and the UK.

Following a bottom-up review of the Sales and Marketing function and activities in CNS, a reorganisation of these teams was completed in October 2025. The new Customer Success team has made good progress with engaging our partners and improving the support they receive, both with the operational aspects of running the test and how it is sold and marketed.

The Sales and Customer acquisition teams have been strengthened through the recent recruitment of new staff.

This process started during the year and has resulted in the appointment of a new Regional Sales Manager in April 2026 and a new Global Sales Director, Erik Melgaard Pedersen, in June 2026. Erik brings a wealth of experience in the diagnostic sector having initially studied as a Molecular Biologist before taking up roles selling cancer diagnostics with Dako, autoimmune diagnostics with Euro Diagnostics (now SVAR) and most recently diagnostics related to kidney diseases with BioPorto. He has a wide range of experience across the regions and verticals that CNS operates in.

We look forward to working with Erik to convert the sales pipeline we have been building over the past year into new long term partnerships and hence increasing sales. The UK has seen double digit growth in testing numbers, demonstrating that even against a challenging economic backdrop, with the right marketing and communications, demand for Food Sensitivity testing is growing.

India has also seen another year of impressive growth both through new partner acquisition and growth of existing customers. The ability to have a sales team with direct access to customers on the ground has been pivotal to our success here and to heightening the levels of customer service that can be delivered. Additional investment in the team to expand into new regions is planned for the year ahead to build upon the success that has been achieved.

The challenging impact of delayed buying decisions and marketing investment from many of our other partners, themselves operating in difficult market conditions, resulted in a year-on-year reduction in sales and has led to our failure to achieve the anticipated levels of profitably in the year.

Action to mitigate this, and at the same time to sharpen our operational efficiency, was undertaken via a restructure of the UK business in March 2026 which resulted in a reduction in the headcount of the business and associated operating costs. The benefits arising from this should be seen in the current year.

Looking ahead, the global economic environment has continued to impact the business in the current year with few early indications that this will alleviate in the short term. The business continues to focus on growth in all regions, with particular attention on Europe, India, and the USA. Significant new and existing opportunities remain in these territories and much of the sales and marketing efforts will be geared towards converting the pipeline, supporting local partners, and growing the sales in these areas.

Our ongoing IVDR registration project remains on track for completion in 2027. This project, which we are also taking the opportunity to use to transition to a new manufacturing technology, will both secure the future of our product in markets where IVDR is obligatory or beneficial and drive growth and margin via improved production efficiency and product enhancement.

I look forward to leading the business as it enters a new financial year on a stronger operational footing, with improved efficiency, a reduced cost base, and clear opportunities for growth across core markets.

Carolyn Rand | Chair | 7 September 2026

James Cooper, Chief Executive Statement

Overview

Sales in H1 have been very disappointing and have not met our budget expectations. The impacts of global events on disposable income and the willingness of individuals to spend money on a premium test have been significant. This has led to many markets delaying or reducing their orders as they wait and see how the global economic situation evolves and when consumer confidence and spending will recover. The feedback on our tests remains positive, and with the improvements that the IVDR project will bring, it is expected that the FoodPrint product will attract further partners and demand in the market. This is a key part of our strategy and remains on track to be delivered in 2027.

Financial Performance

Revenue was below our expectations and driven by a slowness in orders in many regions. We have seen year on year sales growth of 8.5% in India and almost 20% in local currency, which continues to grow. The biggest falls year on year are in Asia & Far East with the lower orders in Thailand, Korea, Indonesia and China driving this. In the UK volumes continue to show some growth.

Gross profit from operations decreased to £1.6m (H1 2026: £2.6m) with the reduced gross margin percentage of 66.4% (H1 2026: 67.7%). The decrease in margin arises from the fixed cost nature of some parts of the cost of sales. Pressure remains in some regions on price to increase sales volume, we are confident that Food Print® margins can continue at the current levels in FY27 as the Company experiences the benefits from the restructure and other operational efficiencies.

Overheads decreased by 17% to £2.5m (H1 2026: £3.0m). This reduction is a direct result of the March restructure undertaken at the end of the last financial year, with further restructuring now underway from October. These cost reductions are important to ensure the business is operationally efficient and can continue to operate in the current challenging market.

The Group continues to consider EBITDA and adjusted EBITDA (adjusted for exceptional items and share-based payments) as being the appropriate measures of profitability being aligned with the cash-generating activities of the business. The adjusted EBITDA was a loss of £0.5m (H1 2026: profit of £0.1m) mainly affected by lower sales.

The cash balance on 30 September 2026 was £1.9m (H1 2026: £3.6m, 31 March 2026: £2.6m) and fell from the March 2026 year-end position as a result of outflows from adjusted EBITDA (£0.5m), capital expenditure predominantly in new product (£0.25m) and financing activities (£0.05m) offset by a small improvement in working capital (£0.1m). The capital expenditure includes investment in our new IVDR product. Cash flow is being managed actively, cash outflow has been reduced verses prior periods as we demonstrate our focus on managing our cash position.

Operational Update 

Strategic Priorities

Driving more sales from existing and new customers is our number one priority.

In terms of regions of focus, the UK, Europe, Americas and Asia (especially India) remain our key markets. Progress in the Americas remains much slower than we had hoped, but we remain confident this market will deliver good growth in the future. The laboratories we have signed are taking longer than planned to commence our tests, but we have some local support, as part of the customer acquisition team, to help drive more traffic into the laboratories for our tests.

Current trading and Outlook

Sales have seen difficulties in many regions and are expecting a slow recovery in these areas. We expect adjusted EBITDA for the second half year to be near breakeven and gross margins to hold at the current rate, even with the lower sales forecast. Careful management of the team and costs will be employed to achieve this, without taking our focus off the need to deliver more sales and orders.

As a result of the above, the cash position is expected to reduce in line with the budgeted IVDR project and new production capital investment as we invest in the long-term potential of the business. However, we believe we have more than sufficient working capital to execute our strategy and return the Company to growth.

Ajay Patel, CFO Statement

The Group has encountered many unforeseen economic and global events which have created many challenges in the year, with the business adapting and placing itself in a good position for the year ahead.

Total income excluding exceptionals decreased from £8.6 million to £7.1 million, and total revenue fall in the year by 16.3% from £8.3 million to £7.0 million. The underlying market has seen growth and that is encouraging for future revenue growth.

The key reasons for the year-on-year reduction are the loss of clients by a distributor in Americas and Europe, the loss of key revenue from Asia and the Far East, as well as the impact on a number of regions from the global economic crisis as well as the outbreak of conflicts.

Gross margin improved from 65.3% to 67.8%, resulting from notable efforts by the teams to continue to reduce costs. This focus included significant effort to lower scrap costs by 9% as well as optimise labour hours in the manufacturing and laboratory areas.

The management of overheads in the year is also another key highlight, with operating costs before exceptional items falling slightly, even after the full year effect of the investment in marketing and sales teams.

With challenging market conditions, the business took the decision to implement a restructure which was completed in March 2026 and resulted in a further 16% reduction in UK staff. As part of this exercise the Board also volunteered to take a 10% reduction in salary as a commitment to supporting the Group.

The business has also included a £0.3m bad debt provision in the current year. This is for distributor product shipped to the Americas which is taking longer to sell, affected by changing policy and tariffs. Management will continue to pursue recovery of this outstanding debt.

As a result of the above, adjusted EBITDA moved into a loss of £0.4 million (2025: profit of £0.4 million). As many of the events creating the loss are not expected to repeat, the business is looking to achieve profitability in the forthcoming years. The business has carried out a fair evaluation of historic goodwill and has taken an impairment of £3 million (see note 8) and has released a deferred tax asset of £1.4 million (see note 10). This does not impact the ability of the business to offset future profits with historical losses. These two accounting adjustments have resulted in a loss after taxation for the Group of £5.8 million (2025: profit £1.6 million), which has resulted in the total equity on the balance

sheet to fall to £5.7 million from £11.4 million.

Within this the total cash position (including short term deposits) has fallen from £4.9 million to £2.6 million.

Investment in fixed assets for future growth, adverse working capital and trading and exceptional costs were the main reason for this fall. Cash balances remain sufficient for the investment in the next few years.

The company is in a good place with sufficient resources to drive future growth.

Ajay Patel | Chief Financial Officer | 7 September 2026

Financial review

Financial results summary

For the year ended 31 March 2026, the Group reported revenue of £7.0 million (2025: £8.3 million), an EBITDA loss of £3.8 million (2025: EBITDA profit of £2.1 million), an adjusted EBITDA loss of £0.4 million (2025: £0.4 million profit), and a statutory loss before tax of £4.4 million (2025: £1.6 million profit).

Revenue of £7.0 million (2025: £8.3 million) was 16.3% below prior year, with reductions in international FoodPrint and FoodDetective revenue arising from the loss of clients by distributors as well as the global economic crisis. CNSLab continued to show good year on year growth in testing.

From a geographic point of view, we saw growth in a number of key regions including the UK where our

direct laboratory operation grew by 1%, largely fuelled by our direct-to-consumer channels. India showed 23% growth, whilst the other international issues highlighted led to the fall in sales in the Americas (33%), Africa and Middle East (24%) and Asia and Far East (24%).

A summary of Health and Nutrition revenue is in the table below:

The gross profit margin percentage has increased to 67.8% (2025: 65.3%), driven by investment and improved yields in the manufacturing processes with further impact coming from the sales mix of high margin FoodPrint products.

Excluding net exceptional costs, administrative overheads fell to £4.1 million (2025: £4.7million). In addition, there was a bad debt provision of £0.3 million (2025: £nil). Sales and marketing costs increased slightly to £1.7 million (2025: £1.4 million).

During the year, the Group incurred exceptional costs of £3.3 million (2025: £1.8 million income). Costs of £0.24 million were incurred in relation to compensation for loss of office for an employee who resigned, as well as the costs of restructure undertaken in March 2026 and also the share related accruals for some share options granted in the previous year. A goodwill impairment charge was calculated at £3m and is based on the future projected cashflows as per note 8 of the accounts. Late legal costs for disputes that were settled in the prior year accounted for the remaining item.

Adjusted EBITDA

Alongside the key performance indicators of revenue and gross margin percentage, the Group continues to consider EBITDA and adjusted EBITDA as being more appropriate performance measures which are better aligned with the cash-generating activities of the business. The Group made an EBITDA loss of £3.8 million (2025: EBITDA profit of £2.1 million). The adjusted EBITDA (before net exceptional costs and share-based payment charges) is a loss of £0.4 million (2025: profit of £0.4 million).

The Group has recorded a loss after tax of £5.8 million (2025: profit of £1.6 million).

Taxation

The current year tax charge is £1,406,000 (2025: nil) and arises from the movement in the deferred tax asset which has been fully written down. The value of deferred tax asset not recognised is disclosed on page 71 in note 10 to the financial statements.

Profit per share

The loss per share was 2.4 pence (2025: profit per share of 0.7 pence) based on a statutory loss after tax of £5.8 million (2025: profit of £1.6 million). The adjusted loss per share was 0.4 pence (2025:£0.0 pence). The adjusted loss after tax was £0.882million (2025: £0.04 million) and the loss per share is calculated on the diluted weighted average of 237.9 million shares (2025: 238.3 million shares) in issue.

Research and development

During the year, the Group invested a total of £0.5 million in IVDR development activities, (2025: £0.4 million), representing 7.2% (2025: 5.2%) of revenue. Of this total expenditure, £0.4 million (2025: £nil) has been capitalised in accordance with IAS 38 – Intangible assets, whilst earlier stage expenditure and expenditure not qualifying in accordance with IAS 38 criteria of £0.1 million (2025: £0.3 million) has been expensed through the income statement.

Total capitalised into development activities (note 8) of £0.6 million includes costs for the website and LIMS of £0.2 million.

Property, plant and equipment

Total expenditure on property, plant and equipment in the year was £0.3 million (2025: £0.2 million).As at 31 March 2026, the outstanding liabilities in connection with leases recognised under IFRS 16 include current liabilities of £0.1 million (2025: £0.1 million) and non-current liabilities of £0.0 million (2025: £0.1 million).

Financing and going concern

The Group’s business activities, together with the factors likely to affect its future development, performance and position, are set out in the Strategic Report. The financial position of the Group, its cash flows, liquidity position and borrowing facilities are described in the Financial Review.

In determining the appropriate basis of preparation of the financial statements, the Directors are required to consider whether the Company and Group can continue in operational existence through a period of at least twelve months from the date of approving the financial statements (the going concern period). The Directors have determined that the going concern period for the purposes of these financial statements is the period through to 31 March 2028. The Group realised a loss of £5.8 million for the year ended 31 March 2026 (2025: profit of £1.6 million) which includes exceptional costs of £3.3 million (2025: income of £1.8 million). As at 31 March 2026, the Group had net current assets of £4 million, including cash and deposits of £2.6 million.

The Directors have prepared trading and cash flow base case forecasts to 31 March 2028 and have applied reverse stress tests to the base case forecasts. The stress tests have been applied to take account of the impact of potential uncertain outcomes that are, to an extent, outside of management’s control, as well as reduced trading forecasts, taking into account current macro-economic conditions.

After taking into account the above sensitivities and mitigating actions, the reverse stress test indicates revenue could fall by a further 15% and gross margin could deteriorate by an additional 15% before forecast cash resources are exhausted.

The Board has a reasonable expectation that the Company and Group have adequate resources to continue in operational existence for the period to 31 March 2028. On this basis, the Directors continue to adopt the going concern basis of preparation. Accordingly, these financial statements do not include the adjustments that would be required if the Company and Group was unable to continue as a going concern.

Consolidated Statement of Comprehensive Income
for the six months ended 30 September 2026

Consolidated Balance Sheet
As at 30 September 2026

Consolidated Statement of Changes in Equity
for the six months ended 30 September 2026

Consolidated Cash Flow Statement
for the six months ended 30 September 2026

Company balance sheet
As at 31 March 2026

As permitted by section 408 of the Companies Act 2006, no separate statement of comprehensive income is presented for the Company.

The Company loss in the year was £11,238,000 (2025: profit of £220,000).

James Cooper | Chief Executive Officer | 7 September 2026
Ajay Patel | Chief Financial Officer | 7 September 2026

Cambridge Nutritional Sciences plc | Registered number: 5017761

Company statement of changes in equity
for the year ended 31 March 2026

Company cash flow statement
for the year ended 31 March 2026