Latest Results

Financial highlights

• Revenues of £7.0m (2025| £8.3m) – decline due to challenging market conditions which necessitated some internal restructuring
• Gross margin rose by 3.8% to 67.8% (2025 | 65.3%)
• Adjusted EBITDA* fell to a loss of £0.4m (2025 | profit of £0.4m)
• Profit before taxation fell to a loss of £4.4m after £3m goodwill impairment (2025: profit of £1.6m (Stated after net exceptional income of £1.8m)
• Cash and deposits of £2.6m (2025: £4.9m)

Operational highlights

• CNSLab productivity CNSLab have successfully implemented a new Laboratory Information Management System, further driving up productivity and consistently beating turnaround times
• Product yields Production yields have further improved from 52% to 65%, increasing capacity and reducing costs
• Funding Remains sufficiently funded for IVDR project and future growth
• New sales structure New Global Sales Director appointed and a new Customer Success Team implemented to drive partner growth

*Adjusted for exceptional items and share based payment charges.

Carolyn Rand, Chair of CNSL, comments "While the global market threw its fair share of challenges our way this year, it also revealed the true resilience of our business. By streamlining our operations, strengthening our leadership, and deepening our support for global partners, we haven’t just navigated a difficult backdrop - we’ve built a leaner, sharper, and more competitive CNS. We are entering the new year on a much stronger footing, ready to turn immense potential into tangible growth."

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

In this past year we have continued to strengthen CNS through ongoing improvement to both our product offering and the wider business.

Highlights

Key milestones included the successful implementation of a new Laboratory Information Management System (LIMS); the launch of a new range of Gut Biomarkers in the CNSLab; improved yields driven by greater operational efficiency; and the introduction of a new Sample Collection Pack, designed to enhance the patient experience.

In the latter part of the year, the business also underwent a restructure of the UK operations to increase productivity and reduce the cost base for the forthcoming financial year.

This is important to move the business back into profitability in the coming years. Combined, these improvements provide the business with a strong foundation for the year ahead and I look forward to continuing to deliver positive outcomes for our patients, shareholders, and employees.

Core Business Review

Our core FoodPrint products remain a popular choice with practitioners, patients and partners. The demand for testing in the CNSLab which serves the UK market increased by 11% over the last year. This demonstrates that as awareness of food sensitivity testing grows, the sales will follow.

India was another market that saw significant growth, with local revenues increasing by 35% in rupee and 23% in Sterling, driven by the hard work of our Omega DX (Asia) team.

We are proud of the global presence that CNS has, however this also means we are not immune to wider

macro-economic disruption in the Middle East and beyond, supply chain interruption, cost of living pressures, and inflation.

Whilst some regions have not performed as strongly as in previous years, the underlying market trend remains one of growth. As these extraordinary conditions stabilise, we are well positioned to expand our presence further.

Throughout the year we have continued to focus on opportunities to improve profitability of our business, and I am pleased to report that the operations team have found further improvements that have increased the yields from 52.3% to 64.7%. Other areas have maintained strong controlled cost disciplines resulting in the business finishing the year within budget. In March, the business undertook a broader restructuring programme to reduce costs and sharpen operations, as a result the business is now at 58 FTE (full time equivalent) in the UK compared to 76 FTE at the start of the financial year. This has reduced both the cost of goods and overheads, ensuring the business remains stable even in periods of reduced demand.

Market and Strategy

In October CNS completed a restructure of the Sales and Marketing teams and introduced a new Customer Success team with responsibilities for delivering both the technical support from point of installation right through to marketing and nutritional support. This not only delivers an increased level of personalised support to our partners but also takes some of the burden off of the sales team to allow them to focus all their efforts on growing and converting the pipeline.

CNS operates in over 60 countries worldwide, supporting partners expanding the adoption of food sensitivity testing. The key areas of focus for expansion are Europe, India and the Americas.

A notable success in this year which helps strengthen our position, is a new five-year agreement with our UK white label partner. This increases revenue loyalty and enables our partner to invest for further growth. We have also enhanced our practitioner support through co-branded marketing, expanded education materials, delivered a new website to simplify ordering, and implemented quarterly practitioner events aimed at training and clinical application of CNS products.

In Europe we are supporting partners through automation solutions, multilingual webinars, and with our newly established Customer Success team. These efforts target both established and emerging markets. Whilst Europe is already a major contributor to CNS, we believe that there is a significant amount of untapped potential and are deploying multiple strategies to capture this.

The USA has faced considerable uncertainty due to trade tariffs and current policy decisions. This has led to increased levels of caution amongst decision makers, particularly when adopting new products, extending the deal lead-times. Despite this, the US market remains a key strategic target, with several active opportunities in development. Converting only one or two of these would provide a strong foothold for future growth.

Strategic Progress and Key Initiatives

The Development team is making strong progress on the IVDR project. During the last year we invested in and took delivery of two new contactless printers which will be used in future production. These will deliver increased capacity and higher yield, enabling CNS to produce efficiently and competitively. The project remains on track for completion in 2027, and we look forward to providing further updates.

Several other initiatives that have been successfully invested in and are already contributing positively to the business. A new LIMS system in the CNSLab is now fully implemented, providing a robust, reliable, and modern solution for processing patient data and delivering results.

In March the new CNSLab website was launched delivering a more intuitive, streamlined experience for both practitioners and patients with a modern design, simplified navigation, and faster access to essential resources.

The CNSLab launched GutDetective a panel of four biomarkers comprising of Calprotectin, Pancreatic Elastase,

Alpha-1 Antitrypsin, and Secretory IgA. This was developed based on feedback from leading practitioners in the UK and prioritises clinical utility and patient needs.

A new Sample Collection Pack has been introduced for both blood and stool samples, improving patient experience whilst reducing reliance on single use plastics.

People and Culture

Over the past year, we have continued to cultivate a high-performance culture where our people can excel. We are making strong progress in building a team of motivated, hardworking individuals who are committed to delivering excellence. A key element of this has been a focus on personal development and growth, resulting in a number of internal promotions and reducing the need for external recruitment. Notable promotions into new roles included the Head of Customer Success, Technical Manager, Laboratory Team Leader and Continuous Improvement and Change Specialist. As we continue to professionalise the business, we ensure that our benefits and rewards remain competitive to attract and retain talent. Initiatives launched this year include an employee benefits platform and an electric vehicle scheme. Combined with regular engagement sessions these help us to maintain strong communication across the organisation. To further enhance productivity, we have increased cross training across teams enabling greater flexibility to manage production peaks.

Outlook

With higher productivity and lower cost base CNS’s operational leverage positions us well to translate future sales growth into improved profitability. To ensure we are in the best position to achieve this, in June our new Global Sales Director joined the team. Erik Melgaard Pedersen has significant experience in the diagnostic space and will help drive growth with existing and future customers.

The sales team are targeting expansion into new territories in Europe (assisted by Erik being based in Denmark) and the US, as well as continuing to grow our existing customers in Europe and India. The new Customer Success Team will support our partners around the globe with everything from technical through to marketing support and ensure they have all the tools needed to succeed. In the UK our operations and development teams will aim to complete the development of the IVDR product. We believe that gaining IVDR approval will further cement our position as a world leading provider of Food Sensitivity testing.

We are committed to improving our purpose of empowering people to take charge of their health by unlocking the power of personalised nutrition and continue to look for opportunities, through partnerships, licensing or appropriate acquisition, to improve and enhance our offering in this space.

I want to express my sincere gratitude to everyone who has been a part of the CNS journey so far. The progress in the last year across a wide range of areas has been exceptional and I look forward to continuing to work alongside a dedicated and talented group. We look forward to progress in the year to 31 March 2027.

James Cooper | Chief Executive Officer | 7 September 2026

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 year ended 31 March 2026

Consolidated balance sheet
As at 31 March 2026

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

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

Consolidated cash flow statement
for the year ended 31 March 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