23 February 2026

AOTI, INC. (the "Company" or "Group" or "AOTI")

Full Year Trading Update and Notice of Results

Good progress despite US headwinds

AOTI is well positioned to re-accelerate its growth as US healthcare market headwinds abate

We continue to expect a CMS local coverage determination in the near term

AOTI, INC. (AIM: AOTI), a medical technology group focused on delivering outcomes-based care at home, by more durable healing of wounds and the prevention of amputations, announces its unaudited trading update for the year ended 31 December 2025 ("FY 2025").

Trading update

The Company expects to report FY 2025 revenue¹ and Adjusted EBITDA margin^1,2, in line with consensus³.

Arizona State Medicaid Update

The Company has intensified its efforts with the Arizona state Medicaid agency to secure a positive resolution to the ongoing reimbursement issues that have persisted for more than a year. Medicaid payments in Arizona have continued to be denied by insurers, leading to an increase in receivables. Some of the claims were submitted through the arbitration process, and all these have been paid in full ($1.1 million). However, this is a resource-intensive and laborious multi-step process. To limit further exposure until we achieve a resolution, while minimising the impact to existing patients, the Company has no alternative but to cease treating new Arizona Medicaid patients from 1 April 2026.

Arizona Medicaid is expected to have contributed approximately $9.2 million of revenue in 2025. Group revenue growth ex-Arizona for the year was c.15% (FY 2024 c.19%). Year-on-year net debt increased mainly due to the increase in receivables in Arizona where the year-end balance was $15.6 million (2024: $8.2 million). As the situation remains fluid, any resolution reached between now and the finalisation of the 2025 accounts may result in adjustments, positive or negative, to the unaudited results in this statement.

Dr. Mike Griffiths, Chief Executive Officer & President of AOTI, said: "We enter 2026 with a stronger core business and capabilities that exceed any point in our history. Despite the major challenges presented by US policy initiatives in 2025, we have proactively managed this risk through the restructuring of our commercial teams and implementing key metrics to better drive performance in all targeted market segments. The business delivered growth ahead of our peers and made meaningful operational progress for the year, and as headwinds in the US healthcare market begin to abate, AOTI is well positioned to benefit. We continue to expect a CMS local coverage determination in the near term, which we believe has the potential to be transformational for the Company."

¹ Excludes any potential adjustments in relation to Arizona.

² Adjusted EBITDA is an unaudited non-GAAP measure: Earnings before interest, taxation, depreciation, amortisation and non-underlying items.

³ Consensus expectations as at 14 January 2026 for FY 2025 are as follows: Revenue $66.1 million, Adjusted EBITDA margin 10.8% and net debt of $11.2 million.

END

ABOUT AOTI, INC.

AOTI, INC. was founded in 2006 and is based in Oceanside, California, US and Galway, Ireland, providing innovative solutions to resolve severe and chronic wounds worldwide. Its products reduce healthcare costs and improve the quality of life for patients with these debilitating conditions. The Company's patented non-invasive Topical Wound Oxygen (TWO₂^®) therapy has demonstrated in differentiating, robust, double-blinded randomized controlled trials (RCT) and real-world evidence (RWE) studies to more-durably reduce the recurrence of Diabetic Foot Ulcers (DFUs), resulting in an unprecedented 88 per cent reduction in hospitalizations and 71 per cent. reduction in amputations over 12 months. TWO₂^® therapy can be administered by the patient at home, improving access to care and enhancing treatment compliance. TWO₂^® therapy has received regulatory clearance from the US (FDA), Europe (CE Mark), UK (MHRA), Health Canada, the Chinese National Medical Products Administration, Australia (TGA) and in Saudi Arabia. TWO₂^® therapy has also recently received positive coverage recommendations from the Federal Joint Committee (G-BA) in Germany and National Institute for Health and Care Excellence (NICE) in the United Kingdom. Also see www.aotinc.net