Neem's Hill - Building the Next Chapter

FROM TECHNOLOGY TO COMMERCIAL GROWTH

Following the transition from Scandinavian ChemoTech to Neem's Hill, the Group is continuing to build its activities around Animal Care and Human Care. At the core is Tumour Specific Electroporation™ (TSE), the Company's proprietary next generation electroporation platform developed for tumor treatment in both animals and humans.

ANIMAL CARE - A GROWING COMMERCIAL BASE

Animal Care has developed from an early-stage technology project into an international commercial operation. The global installed base of vetIQure™ TSE systems has now exceeded 60 systems, while more than 4,500 treatments have been sold within Animal Care. The increasing number of treatments demonstrates that the installed base is being actively used in clinical practice and supports the Group's recurring-revenue model through treatment kits and other consumables.

EXPERIENCED USERS TRANSITIONING TO TSE

Neem's Hill is also increasingly seeing vetIQure™ TSE replace older-generation static electroporation systems in both Europe and North America. These replacements are being made by clients already experienced with electroporation who recognize the value of TSE's dynamic technology and direct treatment feedback.

DYNAMIC ENERGY DELIVERY AND CONTROL

A key differentiating feature of TSE is its dynamic and controlled energy delivery. During treatment, TSE continuously measures the electrical response of the tissue and dynamically adapts energy delivery according to the resistance encountered. This allows the system to remain in control of the energy delivered and is designed to avoid unnecessarily high currents that could cause unwanted cellular and tissue disruption, particularly in the surrounding healthy tissue.

DIRECT, REAL-TIME TREATMENT FEEDBACK

At the same time, TSE provides the veterinarian with direct, real-time treatment feedback, giving the operator visibility into the electrical response during the procedure. This combination of dynamic adaptation, control and feedback is at the core of TSE and provides the veterinarian with important information about how the treatment has been delivered.

INCREASING UTILIZATION AND CLINICAL EVIDENCE

Utilization of the installed base has continued to increase. Sales from sterile single-use disposables rose by 52% during the first half of 2026. Clinical evidence has also continued to develop, including a retrospective equine study from the Norwegian University of Life Sciences involving 26 horses and 66 sarcoid lesions, which reported 97% complete remission at eight-month follow-up.

HUMAN CARE - CONTINUING CLINICAL DEVELOPMENT

Human Care remains an important part of the technology platform. More than 400 human patients suffering from head and neck, breast, skin, pancreatic and bone cancers have been treated with the technology across India, Malaysia, the Philippines, Kenya, Ukraine and Sweden. The objective is to continue building clinical evidence and establish scalable pathways for TSE in selected areas of human oncology.

BUILDING THE NEXT PHASE

Neem's Hill's priorities remain commercial growth, primarily in North America and Europe, with a continued focus on expanding the installed base, increasing utilization across existing systems and growing recurring revenue, supported by strong clinical evidence and international partnerships.

Animal Care has been cash-flow positive for some time. The Group's key near-term financial objective is to achieve positive cash flow at Group level, creating a sustainable foundation from which the continued expansion of both Animal Care and Human Care can increasingly be financed through internally generated cash flow.

Based on the current business, existing funding and continued commercial development, the Group believes it has a solid foundation for progressing toward this objective.

With more than 4,500 Animal Care treatments sold, an installed base exceeding 60 systems and increasing adoption among experienced electroporation users, the Group continues to build the foundation for its next phase of development.