Kamada Ltd Small-Cap Virtual Conference

Kamada, and thank you for joining us today. I will give you an overview of Kamada. Our ticker is KMDA, and you are, of course, invited to follow our progress. Kamada is a global biopharmaceutical company. We are focused on a very interesting niche, a very sophisticated interesting niche called specialty plasma therapies or specialty plasma immunoglobulins. We are growing significantly double-digit on an an annual basis. We have six FDA-approved products. We guided the market this year will be selling between $200 million to $205 million, with an EBITDA of between $50 million to $53 million, and we finished the first six months, which were our strongest six months since basically the company was founded, exactly kind of midway to meet our annual guidance. I will show the results in a minute.

We have been growing on average 14% per year over the last few years, and we had $70 million at the end of the quarter. We have paid a dividend recently both on our 2025 results and also on our first six months 2026 results. We have a clear strategy how to continue growing the business, growing profitability, growing top line, through what we call the four growth pillars or growth pillars of growth, through increasing our specialty plasma therapy sales, in-licensing partnership, plasma sales, and new M&A opportunities. I will talk about it through my presentation. As I mentioned, we continue to execute on our plan, and we have been delivering excellent results over the last few years, and we have a projection to continue growing in a similar pace moving forward. This chart shows our progress over the last five years. In 2021, we were selling $100 million.

This year will be more than double, over $200 million. As mentioned, we finished the first six months of the year at $100 million, so exactly the midpoint. On the EBITDA chart, you see that from $6 million EBITDA in 2021, this year we have projected between $50 million to $53 million. We finished the first six months at $26 million, so we are running at 26% of EBITDA from top line. You see, we are not just growing, but we are growing in a highly profitable way. This is a comparison of the first six months of the year to the previous year to 2025. Revenue grew by 13%, adjusted EBITDA 14%, earning per share 21%, and our operating cash flow has grown significantly. We generated close to $18 million from operation in the first six months of the year.

As mentioned, we paid a dividend of $0.25 per share on April 7th, and last week we paid additional $0.17 per share. A total of $0.42 per share were paid this year as dividend to our shareholders. These are our six FDA-approved products, which are, as I mentioned, focused on plasma-derived specialty products, plasma-derived therapeutics. The production process, the supply chain of plasma, specialty plasma product starts with plasma collection. We have our own three plasma collection centers in Texas, and we source plasma from additional suppliers. We are able to collect plasma to quantify the potency of the plasma from specific donors, specific individuals, identify the ones that have high titer, high potency against specific virus. Then it goes into production, where we purify the plasma into the specific antibodies.

We make sure the plasma is safe and clean through multiple viral inactivation steps. The final steps are formulation, fill and finish, and packaging. Then you have a ready-to-use liquid, concentrated antibodies, immunoglobulins for specific viruses, which are used in a variety of acute life-threatening situations. We are active in over 40 countries. We have our own commercial team in the U.S., in the Middle East, in Israel. In the other countries, we work through a network of experienced distributors and partners that are working hard to expand Kamada reach and our products in the various markets. The management team has been working together for quite some time. I have been with the company for over 12 years. We have assembled a team of experts in the field of plasma commercialization, plasma manufacturing. We work a lot around business development, finding new opportunities, and expanding our business.

As mentioned, four pillars of growth, starting with expanding our portfolio to additional territories and deepening our strengths in those markets, deepening our market share. We are also working on in-licensing products from other parties, primarily for Israel and the MENA region, where we act as a distributor for other companies. This is a significantly growing business for us. We are starting to sell plasma through third-party clients. We just secured a $50 million plasma sales agreement with a leading biopharmaceutical company. Those sales are to start before the end of this year, and at a rate of around $17 million a year. As mentioned earlier, we are also highly focused on accelerating the growth beyond our organic growth through additional M&As and acquisitions that we are currently screening. The lead product is anti-rabies immunoglobulin called KedRAB.

The U.S. market for this type of product is around $200 million. There are only two products in the market, us and a competitor. We finished 2025 with $54 million sales. We sell it to our partner, Kedrion, and they sell it in the U.S. market. The market is around 50/50 right now, so we have around 50% market share. I think the big news here that just last week the CDC has highlighted, there has been a significant increase in U.S. rabies exposure and AAT utilization. We, Kamada, are equipped to supply this expansion, this increased demand for our product. The second product I would like to mention is GLASSIA. It is alpha-1 antitrypsin for a disease called alpha-1 antitrypsin deficiency, which is a chronic genetic disorder. People that their body does not produce sufficient levels of the protein. Usually, the complications manifest as a severe lung disease, COPD-like.

We have licensed the product in the U.S. and Canada to Takeda, and Takeda is paying us royalties. In 2025, this amounts to $16 million. Outside of the U.S. and Canada, outside of North America, we work directly with a network of distributors, primarily in LATAM, CIS, Israel, and Switzerland. This has been a $19 million business in 2025, a 27% growth compared to 2024. We expect continued double-digit growth in the year to come. We are working with our distributors on better diagnosis, identifying new patients. In many of those countries, we are the sole supplier of an AAT product, and we are growing significantly. Last but not least, a product called CYTOGAM, which is a CMV immunoglobulin, CMV antibodies. This is used as part of solid organ transplantation. CMV is the leading cause for organ rejection post-transplant. We sold $17 million of the product in 2025.

We are doing significant clinical work post-marketing. The product is already in the market. In order to strengthen the medical and clinical data to support product utilization, the main study is called the SHIELD Study, conducted by leading experts in CareWell in CMV and organ transplantation, focusing on investigating the benefits of CYTOGAM in reducing the risk of late CMV flare after a few months in kidney transplant recipients. The data is supposed to be available late 2028, and we expect that with strong data from that study, we can grow the product sales significantly in the U.S. market. As mentioned, in addition to our own portfolio, we are also a partner distributor for international companies that are basically licensing the products to us primarily for Israel and the MENA region. This is over a $30 million business for us.

It's growing significantly, primarily through our licensing and launch of biosimilar products. We've already launched two in 2024 and 2025. Two additional products are being launched this quarter. An additional two to three products are expected to be launched next year. We expect this business to generate incremental sales between $15 million to $20 million within the next four to five years in those markets. Plasma sales, as mentioned, three plasma collection centers in Texas, Houston, San Antonio, and Beaumont. We're collecting specialty plasma for our own production, anti-rabies, anti-D, hepatitis. In July, just two months ago, we announced that we've signed a three-year, $50 million sales agreement to supply plasma to a leading biopharmaceutical company that is focused on plasma-derived products. On the M&A side and BD side, we are screening for opportunities to acquire or license additional products.

We are focused on our areas of activity, either transplantation, plasma-derived, distribution, infectious disease, and we are expecting to be able to close on this type of deal within the next few months. To summarize, a global biopharmaceutical company in a highly regulated niche biopharmaceutical market where there are significant entry barriers for newcomers. We are leading in most markets with our products, growing significantly, guided the market for over $200 million this year, and between $50 million to $53 million EBITDA, cash positive, $18 million cash from operation generated in the first six months of the year, paying dividends to our shareholders, and expecting to continue growing in a similar double-digit pace moving forward in the years to come. Thank you very much for your attention.

We've experienced a greater demand for our product in other markets where we sell KedRAB. It's called KedRAB in the U.S. and KAMRAB in other countries. This is true for Australia, Canada, Israel, some Latin American countries, some European countries. I think it's beyond the U.S. There is data which has been published, so this supports the high utilization and demand for the product that we have seen over the last few months.