Generally good news:

 ASX Announcement

Monday, 20 February 2023

ACL 1H23 FINANCIAL RESULTS

The following announcements to the market are attached: Appendix 4D

1H23 full year financial statements and statutory reports  1H23 financial results investor presentation

– ENDS –

This announcement was authorised for release to ASX by the Board of ACL. For further information regarding this announcement, please contact:

Company Secretary

Eleanor Padman

Company Secretary

Email: epadman@padmanadvisory.com.au Phone: +61 (0) 422 002 918

About Australian Clinical Labs

ACL is a leading Australian private provider of pathology services. Our NATA accredited laboratories perform a diverse range of pathology tests each year for a range of clients including doctors, specialists, patients, hospitals and corporate clients. ACL is one of the largest private hospital pathology businesses nationally. ACL is focused on its mission of combining talented people, and medical and scientific leadership, with innovative thinking and technologies to empower decision making that saves and improves patients’ lives.

Page 1 of 1

Australian Clinical Labs Limited ABN 94 645 711 128

Australian Clinical Labs Limited

ABN 94 645 711 128 Registered Office: 1868-1892 Dandenong Road Clayton VIC 3168 Australia

clinicallabs.com.au

 ASX Announcement

Monday, 20 February 2022

ACL FY23 First Half Results

Australian Clinical Labs Limited

ABN 62 006 823 089 Registered Office: 1868-1892 Dandenong Road Clayton VIC 3168 Australia clinicallabs.com.au

Strong performance, demonstrated flexibility and underlying business strength

Declares an interim dividend of 7cps

Australian Clinical Labs Limited (ASX: ACL) (ACL or the Company) today announced its FY23 results for the 6

months to 31 December 2022 (1H FY23).

 Key Highlights include:

• ACL margins at more sustainable EBITDA and EBIT margins of 28% and 11%, despite non-COVID revenue across the market continuing to be below trend.

• ACL continued to capture market share with 1H FY23 non-COVID Medicare revenue growth excluding acquisitions of 7%1, ahead of broader market of 5%2.

• ACLs non-COVID revenue continues to strengthen with January like-for-like revenue growth of 22% on prior year.

• Outpatient specialist revenue was up over 4% on 1H FY22 and up almost 21% on 1H FY20.

• As an Australian based business, ACL demonstrated its agility to respond to domestic demands.

• Margins consistent with historical presentations as to performance of underlying business.

• Total Revenue of $360.3m.

• 1H FY23 working day adjusted non-COVID revenue growth of 20% versus 1H FY22 (7% ex Medlab). When

compared to Pro Forma 1H FY 20, the most recent pre COVID period, non-COVID pathology revenue is up

22% (9% ex Medlab).

• EBITDA of $99.8m. EBITDA is up 97% on Pro Forma 1H FY20, being a comparable pre-COVID period.

• EBIT of $38.9m. EBIT is up 518% on Pro Forma 1H FY20 as a comparable pre-COVID period.

• NPAT of $25.5m.

• Demonstrated cost management in a subdued market revenue environment.

• Business maintained solid cash generation with free cash flow before interest, financing and tax of $25.5m.

• Medlab integration near completion, ahead of schedule, with annualised EBIT performance post synergies

exceeding $20m on a run-rate basis by the end of H1, well ahead of initial forecasts of $14.5m p.a. 1 ACL excludes Medlab, SunDoctors and non-Medicare commercial work and adjusted for working days

2 Market data based on working day adjusted Medicare statistics excluding COVID testing outlays and estimated associated PEI and BBI outlays Page 1 of 3

(previously forecast to be achieved 24 months’ post-acquisition). Now focus is on embedding changes and

benchmarking integrated service to ensure efficiency.

• ACL removed the majority of COVID related costs by Sept 2022 quarter. ACL management actively

manages costs to volume, driving a permanent project management approach that ensures integrations

and material operating changes are managed as part of BAU without the need for normalisation reporting

• Following upgrade of base LIS completed in 2H FY22, 100% uptime was achieved in 1H FY23.

demonstrating benefits from improved system reliability. Capacity to scale LIS materially going forward now in place.

Chief Executive Officer and Executive Director, Melinda McGrath, said:

“This is a really pleasing result for the company. We have demonstrated that we are disciplined, agile and have a clear pathway to continue to deliver the strong performance we have announced today. We are delivering above market growth and strong margins even in the face of a volatile macro environment in Australia.”

“It is especially pleasing to see our growth in specialist referred pathology, driven in part by our long-term relationships with the #2 and #3 private hospital groups which flows through to outpatient pathology.”

“The resilience and flexibility we have built into our business meant that as volumes declined over the last 6 months, our management teams were able to manage both BAU, and COVID related costs in particular, in line with volume. COVID testing is now performed in our collection centres, as BAU, allowing us to rebalance our footprint and remove the costs of drive-through and other pandemic related services which in Australia were significant.

“We are also ahead of schedule for the integration of Medlab, exceeding the planned synergies materially. We are now focusing on maximising efficiencies and implementing our revenue initiatives into the Medlab business.”

“We have a well-defined revenue growth and operational efficiency strategy, the teams on the ground execute extremely well. This result is a credit to our people who are doing a terrific job in a challenging environment.”

Interim dividend for 1H FY23

ACL has declared an interim fully franked dividend of 7cps with a record date of 28 March and payment date of 26 April.

The pro-forma 31 December 2023 net debt position post the dividend is $63.9m which is lower than the net debt of $93m at time of IPO in May 2021 allowing headroom for growth.

Based on a share price of $2.96 as at 17 February, the 1H FY23 interim dividend implies an annualised dividend yield of 4.7%.

Outlook

We remain focused on the ongoing out-performance of the core business. While ACL expects non-COVID revenue to return to trend growth over time, the timing of this recovery is hard to forecast. The Company continues to believe low, double-digit EBIT margins are achievable into the future.

In 2H FY23, ACL will focus on:

• Ensuring that full Medlab synergies hit the bottom line. Phased synergies achieved throughout 1H with full

EBIT run rate exceeding $20m p.a. realised in 2H FY23

• Capturing growth in non-COVID revenue. Prior to COVID, the Australian pathology market grew on

average by 6% p.a. driven by population growth, ageing demographics and new tests

• ACLs non-COVID revenue continues to strengthen with January 2023 like-for-like revenue growth of 22%

on prior year

• ACL’s focus remains on capturing at or above its market share of the expected rebound in non-COVID

revenue

• Growing market share in New South Wales and Queensland following the acquisition of Sun Doctors and

Medlab

• ESG performance, including finalising its Reconciliation Action Plan

Dividend guidance remains 50-70% of FY23 NPAT.

Investor and Analyst Results Briefing

ACL Chief Executive Officer and Executive Director, Melinda McGrath, and Chief Financial Officer, James Davison,

will host a webcast for investors and analysts today at 11am (Melbourne time). Page 2 of 3

Participants can register for the webcast by accessing this link:

[new link to be provided]

An archive of the briefing will be available afterwards at: https://investors.clinicallabs.com.au/

– ENDS –

This announcement was authorised for release to ASX by the Board of Directors of ACL. For further information regarding this announcement, please contact:

 Investors

James Davison

Chief Financial Officer

Email: investors@clinicallabs.com.au Phone: +61 (0) 422 000 599

About Australian Clinical Labs

Media

Sue Cato

Media Relations

Email: cato@catoandclive.com Phone: +61 (0) 2 8306 4244

 ACL is a leading Australian private provider of pathology services. Our 76 NATA accredited laboratories perform a diverse range of pathology tests each year for a range of clients including doctors, specialists, patients, hospitals and corporate clients. ACL is one of the largest private hospital pathology businesses nationally. ACL is focused on its mission of combining talented people, and medical and scientific leadership, with innovative thinking and technologies to empower decision making that saves and improves patients’ lives.

Forward looking-statements

This announcement may contain forward-looking statements which are statements that may be identified by words such as “may”, “will”, “would”, “should”, “could”, “believes”, “estimates”, “expects”, “intends”, “plans”, “anticipates”, “predicts”, “outlook”, “forecasts”, “guidance” and other similar words that involve risks and uncertainties. The upgrade to the 1H FY22 forecast is an example of forward-looking statements. These statements are based on an assessment of present economic and operating conditions and on a number of best estimate assumptions regarding future events and actions that, at the date of this announcement, are expected to take place. No person who has made any forward-looking statements in this announcement (including the Company) has any intention to update or revise forward-looking statements, or to publish prospective financial information in the future, regardless of whether new information, future events or any other factors affect the information contained in this announcement, other than to the extent required by law. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, the directors and management of the Company. We recommend that shareholders read in conjunction with this announcement, Section 4 and Section 5, and other information in, the Prospectus. The Company cannot and do not give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements contained in this announcement will actually occur and investors are cautioned not to place undue reliance on these forward-looking statements.

Page 3 of 3

  FY23 First Half Results Presentation

Melinda McGrath CEO and Executive Director

James Davison CFO

February 2023

  0

Contents

• Overview

• 1H FY23 Financials Results

• Investment Highlights

• Outlook

• Appendix

      1

 Overview

Melinda McGrath, CEO and Executive Director

  2

 1H FY23 Results – Financial Highlights

ACL achieved EBITDA of $99.8m (28% margin) and EBIT of $38.9m (11% margin) demonstrating proactive cost management in a volatile environment. Medlab integration near complete with run rate performance of >$20m EBIT achieved by end of 1H FY23. January 2023 non-Covid revenue like-for-like growth +22%

• 1H FY23 is the first reporting period that is “post Covid” for ACL since listing. In the Dec 2022 quarter, COVID revenues of $13.4m were offset by costs of resetting the cost base of the business, and COVID contribution was broadly in line with expected ongoing financial contribution

• Key

highlights from 1H FY23 include:

 • ACL margins at more sustainable EBITDA and EBIT margins of 28% and 11%, despite non-COVID revenue across the market continuing to be below trend. Margins consistent with historical presentations as to performance of underlying business

• Total Revenue of $360.3m

• 1H FY23 working day adjusted non-COVID revenue growth of 20% versus 1H FY22 (7% ex Medlab). When compared to Pro Forma 1H FY20, a pre-COVID period, non-COVID pathology revenue is up 22% (9% ex Medlab).

• Outpatient specialist revenue was up 4% on 1H FY22 and up 21% on 1H FY20

• EBITDA of $99.8m. EBITDA is up 97% on Pro Forma 1H FY20, being a comparable pre-COVID period

• EBIT of $38.9m. EBIT is up 518% on Pro Forma 1H FY20, being a comparable pre-COVID period

• NPAT of $25.5m

• Non-COVID volume remains below trend for both ACL and the market for the period. However, 1H FY23 saw a return to positive Pathology market outlay growth, up 5% 1 on 1H FY22 and up 5% 1 on pre-COVID 1H FY20

• 2H FY23 has started strongly, with ACL’s non-COVID revenue in January 2023 showing like-for-like growth of 22% on prior year

• Good cost management in a subdued revenue environment for the market

• Business maintained solid cash generation with free cash flow before interest, financing and tax of $25.5m

• Interim dividend declared of 7 cents per share, which represents 56% of 1H FY23 NPAT. Record Date of 28 March 2023 and Payment Date of 26 April 2023. Board target payout ratio retained at 50-70% of full year NPAT

Management is focused on ensuring full Medlab synergies hit the bottom line in 2H FY23, capturing growth in non-COVID revenue, growing market share in NSW and Queensland post Medlab and Sun Doctors acquisitions, and delivering ESG performance

   (1) Market data based on working day adjusted Medicare statistics excluding COVID testing outlays and estimated associated PEI and BBI outlays

3

 1H FY23 Results – Operational & Strategic Highlights

Medlab integration near complete, majority of COVID-related costs removed, major LIS upgrade completed providing material capacity to scale

• Medlab integration completed ahead of schedule, with annualised EBIT performance post synergies exceeding $20m on a run-rate basis by the end of 1H, well ahead of initial forecasts of $14.5m p.a. (previously forecast to be achieved 24 months post-acquisition). Now focus is on embedding changes and benchmarking integrated service to ensure efficiency

• ACL removed the majority of COVID related costs by Sept 2022 quarter. ACL management actively manages costs to volume, driving a permanent project management approach that ensures integrations and material operating changes are managed as part of BAU without the need for normalisation reporting

• Renewed major public hospital contract and negotiations well advanced for another

• ACL continued to capture market share with 1H FY23 non-COVID Medicare revenue growth excluding acquisitions of 7%1, ahead of broader market of 5% 2

• Following upgrade of base LIS completed in 2H FY22, 100% uptime was achieved in 1H FY23 demonstrating benefits from improved system reliability. Capacity to scale LIS materially going forward now in place

• Continued to successfully pursue strategic adjacencies, including in clinical trials where ACL is now the largest provider of pathology services for Phase 1 CROs in Australia (achieved through organic growth and customer wins)

Management is focused on ensuring full Medlab synergies hit the bottom line in 2H FY23, capturing growth in non-COVID revenue, growing market share in NSW and Queensland post Medlab and Sun Doctors acquisitions, and delivering ESG performance

(1) Excludes growth from acquisitions of Medlab, SunDoctors and non-Medicare commercial work and adjusted for working days

(2) Market data based on working day adjusted Medicare statistics excluding COVID testing outlays and estimated associated PEI and BBI outlays 4

1H FY23 Results – ESG highlights

Second year of execution of ACL’s ESG strategy continues to deliver strong performance across all areas of our ESG Mission

  Environmental

Carbon Emissions

1.06kg CO2 per episode down from 1.4kg in FY21; Cold chain logistics in 3 labs - single use plastic reduction

Couriers & Logistics

47 hybrid cars across group up from 23 in FY22; 10% reduction in km / per episode with SMART logistics

LED Conversion

1,450 LED Panels installed

Electronic Ordering

16% digital referrals up from 11% in 1H FY22

Social

Injury reduction

3.21 LTIFR

Significant improvement from 6.3 in Dec 21

Customer Service

4.67/5.0

Positive experience

Women in leadership

Phase 2 of Women in leadership training program implemented with personalised development plans

Corporate Governance

Board/management composition

Board 33% female representation - Up from 29%; Management 57.1% female

RAP

RAP Roadmap endorsed

and governance established

Internal audit function

Internal audit function established

with new outsourced partner for non-clinical risk

                 5

 Financial Results Overview James Davison, CFO

  6

1H FY23 Profit and Loss

Across 1H, ACL achieved EBITDA of $99.8M (28% margin) and NPAT of $25.5m (7% margin). ACL was able to rapidly reset its cost base and maintain industry leading margins as the pathology industry transitioned away from COVID testing

 AUD in millions

Non-COVID-19 revenue COVID-19 revenue

Clinic/Other Revenue

Total Revenue

EBIT margin

NPAT

EBITDA AASB117

EBITDA AASB117 margin

Non-COVID revenue up 22% on Pro Forma 1H FY20 ($253.1m, being a

acquisition and organic growth

Actual Actual

1H FY23 1H FY22 2H FY22

305.7 258.2 298.3 45.2 271.3 148.8

350.9 529.5 447.0

9.4 8.5 10.6

360.3 538.0 457.6

11% 36% 17%

25.4 130.2 48.0 42.6 192.1 78.6

12% 36% 17%

Actual CY22

603.9 194.0

797.9

20.0

817.9

14%

73.5 121.2

15%

Actual FY22

556.4 420.1

976.6

19.0

995.6

27%

178.2 270.7

27%

     Total Patient Revenue

comparable pre-COVID period). Driven by Medlab

   EBITDA

EBIT

99.8

38.9

239.3 133.4

191.0 75.6

233.2

114.5

372.7

266.6

• In 1H FY23, ACL generated $360.3m of Revenue, $99.8m of EBITDA, $38.9m of EBIT and $25.5m of NPAT

• Result includes phased synergy contribution for 1H from Medlab acquisition. Moving into 2H, full $20m of forecast annualised EBIT to flow through from Medlab acquisition

• ACL non-COVID Medicare revenue has continued to rebound with underlying organic growth ex contribution from Medlab of 7%1 (22% including contribution from Medlab) versus market of 5% 2

• Business has rapidly reset cost-base in response to industry decline in COVID testing, maintaining strong EBIT margin of 11%

 (1) ACL excludes Medlab, SunDoctors and non-Medicare commercial work and adjusted for working days

(2) Market data based on working day adjusted Medicare statistics excluding COVID testing outlays and estimated associated PEI and BBI outlays 7

1H FY23 Cash flow

ACL generated operating cash flow of $29.2m

AUD in millions

Non-cash items

Property related payments AASB 16

Cash EBITDA

Change in net working capital

Operating cash flow pre capex

Capital expenditure

Free cash flow before interest, tax and financing

Financing and investing activities

Interest paid (excluding AASB-16 related Interest) Income tax paid

Net cash flow

Cash EBITDA to Operating cash flow

Actual 1H FY23

(4.2) (57.2)

38.4

(9.2)

29.2

(3.6)

25.5

(17.6) (1.2) (17.0) (10.2)

76%

Actual

Actual CY22

(3.3) (112.1)

117.8

17.4

135.3

(16.5)

118.8

(77.4) (1.6) (71.1) (31.2)

115%

Actual FY22

1.3 (102.0)

272.0

(9.9)

262.1

(21.0)

241.1

(180.0) (1.1) (68.9) (8.9)

96%

 EBITDA

1H FY22

0.4 (47.1)

192.5

(36.5)

156.0

(8.2)

147.8

(120.3) (0.6) (14.8)

12.1

81%

2H FY22

0.9 (54.8)

79.5

26.6

106.1

(12.8)

93.3

(59.7) (0.5) (54.1) (21.0)

134%

 99.8

239.3 133.4

233.2

372.7

 • Negative working capital in 1H FY23 of $9.2m, in line with previous years 1H unfavourable with 2H catch-up

• Capex of $3.6m (1% of revenue) relating to replacement laboratory equipment, motor vehicles and leasehold improvements ($2.4m), IT ($0.4m) and Medlab integration ($0.9m with rebranding comprising $0.5m). ACL’s annual Capex spend excluding major growth spend has remained consistent at an average of $8m-$10m pa over the last 5 years, demonstrating sustainable level of investment

• Cash outflow for financing and investing activities primarily relating to $17m loan repayment

• Income tax paid includes $7.0m relating to FY22 and elevated instalments relating to FY23. 2H FY23 income tax paid to be materially lower (instalments adjusted in line with expected FY tax payable).

  8

1H FY23 Balance Sheet

Net Debt was $49.8m (0.4x of LTM EBITDA) as ACL maintained a conservative capital structure during this transition period to a post COVID environment

Comments

• Cash balance of $16.1m as at 31 December 2022

• Trade and other receivables decreased to $75.6m as the industry transitioned away from COVID-testing

• Deferred consideration of $5.0m relates to Medlab acquisition

• Net Debt position (excluding lease liability) of $49.8m. Increase in Net Debt driven by reduced cash balance from FY22 dividend and increase in Borrowings to reflect more appropriate capital structure

• Interim dividend declared of 7 cents per share, which represents 56% of 1H FY23 NPAT ($14.1m) and an annualised dividend yield of 4.7%. Record Date of 28 March 2023 and Payment Date of 26 April 2023. Board target payout ratio retained of 50-70% of NPAT based on full year NPAT

• ACL well within covenant profiles of:

• Leverage Ratio 3.5x

• Fixed Cover Charge Ratio 1.5x

   9

 Investment Highlights

Melinda McGrath, CEO and Executive Director

  10

Key Investment Highlights (1/2)

Since listing, ACL has consistently delivered above market growth and strong margin performance through a combination of disciplined capital management and the strength of its operating model

 Outperformance to prospectus: Materially outperformed prospectus forecasts across FY21 and FY22

 Underlying growth: Organic non-COVID-19 Medicare revenue growth (excluding acquisitions) from 1H FY20 to 1H FY23

of 7%1, outperforming market growth of 5%2

 Superior margins: Delivered superior EBIT margins to other listed Australian-only competitor in all periods since IPO, with usual practice of no normalisation of cost out programs

 Material distributions to shareholders: Dividend returns to shareholders in FY22 were 60% of NPAT. Dividend guidance remains 50-70% of FY23 NPAT

 Strong performance during COVID: Achieved record profitability in FY22 of $266.6m EBIT through continued focus on underlying service and rapid scale up in COVID testing enabled by best practice operating systems. Achieved leading post-AASB16 EBIT margins of 27% in FY22, compared to 21-23% achieved by ACL’s larger listed competitors

 Disciplined capital management: Strong capital management through special dividend to shareholders, consistent capital investment in the business, debt paydown and high synergy acquisition

 Resilient operating model post-COVID: Rapidly reset cost base as industry transitioned away from high levels of COVID- 19 testing, demonstrating agility and resilience of operating model. 1H FY23 EBIT margin of 11%. Non-COVID revenue increased by 22% from 1H FY20 to 1H FY23

 Strategic adjacencies: Successfully pursued strategic adjacencies, including in clinical trials and skin pathology

 Geographic expansion: Footprint expansion in NSW and Queensland, delivering market share expansion

 New Tests: New tests into Australia, including various genetic tests

 Material contract wins: Won a number of material contracts in recent years, including significant defence contract and Northern Beaches hospital contracts

 Overall Business performance & cost management

Distributions

COVID-19

Organic growth strategies

       (1) ACL excludes Medlab, SunDoctors and non-Medicare commercial work and adjusted for working days

(2) Market data based on working day adjusted Medicare statistics excluding COVID testing outlays and estimated associated PEI and BBI outlays 11

Key Investment Highlights (2/2)

Since listing, ACL has consistently delivered above market growth and strong margin performance through a combination of disciplined capital management and the strength of its operating model

 Deep experience in acquisitions: Strong acquisition track record, completing and integrating 5 acquisitions over the past 7 years. Clear consistent strategy communicated and executed

 Medlab outperformance: Most recent acquisition, Medlab, completed at 6.2x FY21 EBITDA, with integration achieved ahead of schedule and delivering EBIT exceeding $20m, well ahead of forecasts, due to high cost synergies

 Highly cash generative: Generated Free Cash Flow (after capex, interest and lease payments) of 12.2% of revenue over FY21, FY22 and 1H FY23

 Limited capitalisation : Capex averaging only 1.7% of revenue from FY2021 to 1H FY2023 due to focus on expensing costs rather than capitalising (providing investors a clear view of actual performance). Ongoing capex continues to be forecast at $8 - $10m p.a. (excluding acquisitions/growth capital)

 Limited Gearing: Strong balance sheet with a net debt position of $49.8m as at 31 December 2022, compared to 1H FY23 EBITDA of $99.8M. This compares to pro forma net debt as at 31 Dec 2020 of $93.3m. This ensures sufficient balance sheet capacity to take advantage of organic and inorganic growth opportunities and a conservative balance sheet approach during the period of transition post COVID

 Unified national system: Significant investment and upgrades completed pre and post IPO with majority of costs expensed, not capitalised. Single unified national Laboratory Information System delivering significant operational efficiencies and no major capex required for LIS improvements

 State-of-the-art equipment: All major laboratories have been upgraded in the past 6 years. Purpose-built sites in SA and Qld with significant upgrades in Vic, NSW and WA

 Acquisition strategies

Cash Flow

Balance Sheet

LIS and Laboratories

      12

Organic market growth and embedded revenue opportunities

ACL has a well-defined strategy to drive continued growth focussed on geographical expansion in NSW and Qld, strategic adjacencies such as clinical trials, major contract wins and further acquisitions

  Maximise revenue benefit of Medlab acquisition and expand footprint in NSW and QLD

 Maximise organic growth of Sun Doctors post COVID and expand nationally

 Rebound in organic growth and catch up in GP practices

 Rebound growth from public and private hospitals – we have long term contract for the #2 and #3 private hospital groups – this flows through to specialist work which is already rebounding well

 Post COVID reinvigoration of Northern Beaches Hospital growth plan including Northern Sydney suburbs

 Renewed material major public hospital contracts

 Covid and Respiratory collections are now being performed in ACCs as BAU

 Clinical Trials growth in Melbourne and Queensland

 Personalised medicine – Genetics and NIPT growth above market rate

 Further acquisitions

 Revenue Opportunities

   Organic Market Growth and

Embedded revenue opportunities

  CONFIDENTIAL 13

Well-defined business improvement strategy – Operational performance

improvements and cost management

ACL continues to be focussed on driving increased operational efficiency through various levers including leveraging the benefits of its single integrated LIS, further courier optimisation and various digitisation initiatives

 • National Connectivity drives best practice – ACL’s single integrated LIS provides a structural advantage

• Continued benefit from run rate synergy realisation from Medlab acquisition

• ACL benchmarks and drives performance fortnightly based on volume and best demonstrated performance

• Labour management tool forecasts rosters in advance to optimise roster in advance of cost being incurred – particularly useful post COVID, at Christmas/New Year and unplanned Queen memorial holiday

• GPS tracking route optimisation system being applied across the country and to acquisitions to minimise kms travelled, labour costs and environmental impact

• Investment in IT and change to Oracle and digital provides more resilient performance, with reduced downtime

• Paperless pathology and e ordering to streamline process, improve accuracy and minimise manual data entry

labour.

• Consumables price well managed, volume and inventory related business improvement opportunities, inflation mainly seen in general expenses such as transport.

• Digital front end activity to streamline process, other automation opportunities

 Operational Performance Improvements

   Continuous improvement program

 Extract additional benefits from unified pathology system

 Opportunities integration of acquisitions

 National connectivity drives best practice

(1) Partners in Performance estimates.

  CONFIDENTIAL 14

Performance since listing

ACL1 N/D = Results not yet disclosed at time of

Australian-only competitor (listed)2

Australian and international competitor (listed)3

release

Since listing ACL has delivered stronger margins than its larger Australian-only listed competitor, and higher returns on capital and dividend yields, with lower capital intensity than both its larger competitors. Capex forecast to continue to be $8 - $10m p.a.

 NPAT Margin, % 17.9

13.2

15.0

13.2 15.6 FY22

7.8

9.4 7.1

H1 FY23

FY21

 N/D

 Capex / Revenue, %

4.9

6.0

1.0

H1 FY23

3.8 4.4 1.4

4.0 2.1

FY21 FY22

 N/D

Group EBIT Margin (AASB16), % 26.8

20.8 21.9 21.1 23.1

13.9 10.8

14.1

 4.5 FY21 FY22 H1 FY23

 Return on Capital Employed4, % 72

48

19 7

FY21

14 FY22

21

26

14 H1 FY23 LTM

 N/D

 Dividends declared / NPAT, %

60

33

56

51

30

FY22

H1 FY23

  N/D

 Dividend yield5, % 11.3

3.5 FY22

4.7

2.6

2.5

H1 FY23

 N/D

Note: (1) Based on Pro-Forma financials for FY21 (2) Based on Underlying financials although margin performance is lower on a statutory basis (3) EBIT AASB16 impact assumed as finance charges on capitalised leases as disclosed in the competitor’s annual report (no separable disclosure of AASB16 impact by competitor). EBIT AASB16 impact to half year results assumed as 50% of FY22 finance charges on capitalised leases. Capex calculated as payments for PP&E, investments and intangibles (4) Return on Capital Employed calculated as EBIT (AASB17) divided by capital employed (Total assets – current liabilities) (5) Dividend yield for FY22 calculated as FY22 dividend divided by FY22 VWAP; 1H FY23 calculated as interim dividend annualised divided by Share price as at 17 February 2023

  15

ACL’s relative performance and valuation metrics

ACL’s performance is still to be reflected in its valuation metrics relative to other healthcare stocks given its more recent listing and “COVID fog”, which has only lifted since July 2022

EV/NTM EBIT (AASB117)1

18.6 x

10.0 x

21.2 x

21.6 x

 15.9 x

16.2 x

16.7 x

13.7 x

  Dividend yield2

ACL (17 Feb 2023) HLS (17 Feb 2023) SHL (17 Feb 2023)

HLS (5-year pre- COVID average)

3.6%

SHL (5-year pre- COVID average)

3.7%

S&P/ASX 100 Health Care (5- year pre-COVID average)

2.1%

S&P/ASX 200 Health Care (5- year pre-COVID average)

1.9%

S&P/ASX 300 Health Care (5- year pre-COVID average)

1.8%

4.7%

1H FY23 Dividend annualised

N/D 2.5%

Note: (1) ACL, HLS and SHL NTM EBIT estimates as at 17 February 2023 based on Refinitiv consensus data. Current ACL and HLS NTM EBIT estimates adjusted for AASB17 using the FY22 EBIT AASB16 impact disclosed by each company in public filings. Current SHL NTM EBIT estimate adjusted for AASB17 with EBIT AASB16 impact assumed as FY22 finance charges on capitalised leases disclosed in SHL’s 2022 Annual Report (no separable disclosure of AASB16 impact by the company). 5-year pre-COVID average calculated for the period from 11 March 2015 to 11 March 2020 based on Refinitiv data (2) Dividend yield for ACL and Sonic based on 1H FY23 dividend annualized divided by Share price on 17 February 2023

  16

ACL Operating Model

ACL believes its strong financial performance is underpinned by an operating model driven by the strength of its clinical service, management culture and its internal systems and processes

 4

 Disciplined capital management

• Strong capital management processes that focus on ensuring the business is positioned to grow and returning cash flow to ACL shareholders

• Level of Capex reflects ACL’s disciplined focus on capital allocation and preference to expense costs rather than capitalising to ensure appropriate expense controls and ROIC

 3

 Robust internal processes

• Internal benchmarking and processes, focused on business improvement, efficiency, integrations and strategic projects

• ACL’s internal project team has a focus on continuous improvement and flexibility, as demonstrated by its ability to manage the uncertainty and variability of the COVID-19 pandemic effectively

 2

 Single, unified LIS

• Integrated Laboratory Information System, which allows ACL to operate as a single laboratory and dynamically reallocate work and capacity through its network minimising duplication and cost

• This allows for dynamic cost control and ACL to achieve the economies of scale of a larger pathology operator

 1

 Strong management culture

• Management culture, which is performance driven and focused on excellence in clinical and customer service, cash flow, shareholder outcomes and strong ESG performance

• Highly experienced and stable management team and Board, with extensive pedigree in the pathology industry

  17

 Outlook

Melinda McGrath, CEO and Executive Director

  18

 Outlook for 2H FY23

In 2H FY23, ACL will continue to focus on ensuring Medlab synergies hit the bottom line, capturing growth in non- COVID revenue, growing market share in NSW and Queensland post Medlab and Sun Doctors acquisitions and delivering ESG performance

• In 2H •

•

• • • •

FY23, ACL will focus on:

Ensuring that full Medlab synergies hit the bottom line. Phased synergies achieved throughout 1H with full EBIT run rate exceeding $20m pa realised in 2H FY23

Capturing growth in non-COVID revenue. Prior to COVID, the Australian pathology market grew on average by 6% driven by population growth, ageing demographics and new tests.

ACLs non-COVID revenue continues to strengthen with January 2023 like-for-like revenue growth of 22% on prior year ACL’s focus remains on capturing at or above its market share of the expected rebound in non-COVID revenue Growing market share in New South Wales and Queensland following the acquisition of Sun Doctors and Medlab. ESG performance, including finalising its Reconciliation Action Plan

• Revenue for H2 will be dependent on the pace of recovery in underlying volumes. While ACL expects non-COVID revenue to return to trend growth over time, the timing of this recovery is hard to forecast

• The Company continues to believe low, double-digit EBIT margins are achievable into the future

While revenue for the business in 2H FY23 remains uncertain and subject to market conditions, ACL believes it is well placed to maintain margins that are consistent or superior to 1H FY23, driven by continued operational performance including efficiencies which continue to be realised from its single operating system

  19

 Appendix

  20

1H FY23 indebtedness

Conservative net leverage provides significant headroom and financial flexibility

AUD in millions

Non-current borrowings

Redrawable Term Facility ($100m)

Current Borrowings

Working Capital Facility ($20m)

Total debt excluding lease liabilities

Cash and cash equivalents

Total net debt excluding lease liabilities

Lease liabilities

Net debt

Keymetrics

Net debt (excl lease liab.)/LTM EBITDA (AASB 117, excl. Non Cash) Net debt/LTM EBITDA (post AASB 16)

Key terms of banking facilities:

- Margin of 1.5% (when < 1.5x EBITDA)

- Net leverage covenant < 3.5x

- Fixed charge cover ratio > 1.5x

Dec-23 Jun-22 Actual Actual

(65.9) -

M'ment

  --

(65.9) -

16.1 26.4

(49.8) 26.4

(257.2) (262.4)

(306.9) (236.0)

(65.9)

(76.1)

(70.9)

   0.4 - 1.3 0.6

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Reconciliation AASB 16 to AASB 117 AUD in millions

Less: Operating lease rentals (AASB 117)

Add: Depn of Right of Use Asset (AASB 16) Less: Operating lease rentals (AASB 117)

Add: Depn of Right of Use Asset (AASB 16) Add: Int. exp. on Lease liabilities (AASB 16) Less: Operating lease rentals (AASB 117)

Pre tax impact Pro forma NPAT (AASB 117)

Income tax impact

Pro forma NPAT (AASB 117)

EBITDA margin AASB 16 EBITDA margin AASB 117

EBIT margin AASB 16 EBIT margin AASB 117

Actual 1H FY23

(57.2)

53.2 (57.2)

53.2 5.0

(57.2)

26.4

(0.3)

26.1

28% 12%

11% 10%

Actual

Actual Actual CY22 FY22

372.7

(112.0) (102.0)

104.4 93.7 (112.3) (102.3)

104.4 93.7 10.0 10.3

(112.0) (102.0)

75.8 180.3

(0.7) (0.6)

75.1 179.7

29% 37% 15% 27%

14% 27% 13% 26%

Pro forma EBITDA (AASB 16)

99.8

1H FY22

(47.1)

42.6 (47.1)

42.6 5.3

(47.1)

130.9

(0.2)

130.7

44% 36%

36% 35%

2H FY22

(54.8)

51.2 (55.1)

51.2 5.0

(54.8)

49.4

(0.4)

49.0

29% 17%

17% 16%

  239.3 133.4

233.2

Pro forma EBITDA (AASB 117)

Pro forma EBIT (AASB 16)

42.6

38.9

192.1 78.6

191.0 75.6

121.2

114.5

270.7

266.6

Pro forma EBIT (AASB 117)

Pro forma NPAT (AASB 16)

35.0

25.4

186.4 71.6

130.2 48.0

106.6

73.5

258.0

178.2

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Important notice and disclaimer

Summary information

This Presentation contains summary information about Australian Clinical Labs Limited (ACN 645 711 128) (ACL) and its activities which is current only as at the date of this Presentation (unless specified otherwise). The material in this Presentation is general background information and does not purport to be complete. It does not purport to summarise all information that an investor should consider when making an investment decision. It should be read in conjunction with ACL's other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange (ASX), which are available at www.asx.com.au.

No representation or warranty, expressed or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this Presentation. To the maximum extent permitted by law, ACL, its related bodies corporate and their respective directors, officers, employees, agents and advisers disclaim all liability and responsibility for any direct or indirect loss, costs or damage which may be suffered by any recipient through use of or reliance on anything contained in, implied by or omitted from this Presentation. Reliance should not be placed on information or opinions contained in this Presentation and, subject only to any legal obligation to do so, ACL does not have any obligation to correct or update the content of this Presentation. The information in this Presentation remains subject to change without notice.

Financial information

Certain financial measures included in this Presentation are ‘non-IFRS financial information’ under ASIC Regulatory Guide 230: ‘Disclosing non-IFRS financial information’ published by ASIC and also ‘non-GAAP financial measures’ within the meaning of Regulation G under the U.S. Securities Act and are not recognised under AAS and International Financial Reporting Standards (IFRS). Such non-IFRS financial information/non-GAAP financial measures do not have a standardised meaning prescribed by AAS or IFRS. Therefore, the non-IFRS financial information may not be comparable to similarly titled measures presented by other entities, and should not be construed as an alternative to other financial measures determined in accordance with AAS or IFRS. Although ACL believes these non-IFRS financial measures provide useful information to investors in measuring the financial performance and condition of its business, investors are cautioned not to place undue reliance on any non-IFRS financial information/non-GAAP financial measures included in this Presentation.

Certain figures, amounts, percentages, estimates, calculations of value and fractions provided in this Presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this Presentation. All financial information in this Presentation is in Australian dollars ($ or A$) unless otherwise stated.

Forward-looking information

This Presentation and any related materials and cross-referenced information contain forward-looking statements, which may be identified by the use of terminology including ‘may’, ‘will’, ‘would’, ‘could’, ‘should’, ‘expects’, ‘believes’, ‘targets’, ‘likely’, ‘plans’, ‘intends’, ‘aims’, ‘anticipates’, ‘estimates’, ‘continue’, ‘objectives’, ‘forecasts’, ‘guidance’, ‘outlook’ or similar expressions. Indicators of, and guidance on, future earnings and financial position are also forward-looking statements. These statements are based on an assessment of present economic and operating conditions and on a number of best estimate assumptions regarding future events and actions that, at the date of this Presentation, are expected to take place. These forward-looking statements are not guarantees or predictions of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of ACL or any of its related entities (especially during the global COVID-19 pandemic), and which may cause actual results to differ materially from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from these statements. Readers are cautioned not to place undue reliance on forward-looking statements.

Past performance

The past performance and position of ACL reflected in this Presentation is given for illustrative purposes only. Past performance of ACL cannot be relied upon as an indicator of (and provides no guidance as to) the future performance or condition of ACL, including future share price performance.

No offer of securities

Nothing in this Presentation should be construed as either an offer or a solicitation of an offer to buy or sell ACL securities. Information in this Presentation is not intended to be relied upon as advice to investors or potential investors and does not take into account the financial situation, investment objectives or needs of any particular investor. Before making any investment or other decision, investors should consider these factors, and consult with their own legal, tax, business and/or financial advisors.

  23