Announcement PDF Immuron Ltd 0 31 DECEMBER 2025 HALF-YEAR REPORT Immuron Limited Appendix 4D Half-year report 1. Company details Name of entity: Immuron Limited ABN: 80 063 114 045 Reporting period: For the period ended 31 December 2025 Previous period: For the period ended 31 December 2024 2. Results for announcement to the market $ Revenue from ordinary activities up 4.8% 4,184,357 Loss from ordinary activities after tax attributable to the members of Immuron Limited down 22.9% to (1,919,074) Loss for the period attributable to the members of Immuron Limited down 22.9% to (1,919,074) 3. Net tangible assets Consolidated 31 December 2025 31 December 2024 Cents Cents Net tangible asset backing (per share) 3.94 4.46 The calculation of net tangible assets excludes right-of-use assets arising from AASB 16 Leases. 4. Explanation of results An explanation of the key financial elements contributing to the revenue and result above can be found in the review of operations included within the directors' report. 5. Distributions No dividends have been paid or declared by the company for the current financial period. No dividends were paid for the previous financial period. 6. Changes in controlled entities There have been no changes in controlled entities during the period ended 31 December 2025. 7. Details of associates and joint venture entities 31 December 2025 31 December 2024 Name of entity Place of business/country of incorporation % % Ateria Health Limited United Kingdom 23.61% 23.61% Immuron Limited Appendix 4D Half-year report 8. Interim review The financial statements have been reviewed by the group's independent auditor without any modified opinion, disclaimer or emphasis of matters. Immuron Limited ABN 80 063 114 045 Interim financial report Half-year ended 31 December 2025 Immuron Limited Contents 31 December 2025 1 Review of operations and activities 2 Directors' report 4 Auditor's independence declaration 6 Financial statements 7 Consolidated statement of profit or loss and other comprehensive income 8 Consolidated statement of financial position 9 Consolidated statement of changes in equity 10 Consolidated statement of cash flows 11 Notes to the consolidated financial statements 12 Directors' declaration 20 Independent auditor's review report to the members of Immuron Limited 21 This interim financial report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report should be read in conjunction with the annual report for the year ended 30 June 2025 and any public announcements made by Immuron Limited during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001. Immuron Limited Review of operations and activities 31 December 2025 2 Review of operations and activities Key highlights ● Record sales of A$4.2 million for HY26, up 5% on HY25 ● FDA approval of IMM-529 Investigational New Drug application for Phase 2 clinical trial in Clostridioides difficile infection ● New US Department of Defense award to develop two new oral therapeutics targeting Campylobacter and Shigella ● Uniformed Services University releases topline data ● Immuron launch PROIBS® for Irritable Bowel Syndrome (IBS) Financial review Immuron Limited has reported a loss for the half-year ended 31 December 2025 of A$1,919,074 (31 December 2024: A$2,488,819). The group's net assets increased to A$13,076,439 compared with A$8,069,055 at 30 June 2025, including cash reserves of A$9,995,328 (30 June 2025: A$2,830,526). Revenue from ordinary activities for the half-year ended 31 December 2025 was A$4,184,357 (31 December 2024: A$3,994,341) for Hyperimmune products. Gross profit of A$2,653,690 (31 December 2024: A$2,657,049). Operating profit from Hyperimmune products of A$984,881 (31 December 2024: A$1,064,396). Record half-yearly sales of A$4.2 million for HY26 up 5% on HY25 Australia: Sales of Travelan® increased to AUD $3.2 million in HY26, compared to AUD $2.9 million in HY25. Sales increased by $0.3 million (11%). USA: Sales of Travelan® increased to AUD $0.9 million in HY26, compared to AUD $0.7 million in HY25. Sales increased by $0.2 million (17%). Canada: Sales of Travelan® decreased to AUD $0.1 million in HY26 compared to AUD $0.4 million in HY25. FDA approval of IMM-529 IND application Immuron received U.S. Food and Drug administration (FDA) approval for IMM-529 Investigational New Drug (IND) application and to proceed the clinical study. The FDA assigned an IND number (032095) for the IMM-529 application. IND 32095 is Immuron’s Investigational new drug (IND) application for clinical development of IMM-529 as product to specifically prevent or treat Clostridioides difficile infection (CDI) and is now active. Opportunity assessment by Lumanity indicates that if efficacious, IMM-529 would be positioned as early in treatment algorithm as payers will allow. It was anticipated that first-episode and recurrent patients will be recruited in the IMM-529 Phase 2 clinical trial design. Up to ~98k patients would be eligible if IMM-529 is positioned at the first recurrence. Based on the estimated market size, anticipated payer restrictions, pricing, and competition, base case yearly revenue for IMM-529 is projected at US$400M. Oral dosing of IMM-529 was viewed as a positive by infectious disease experts. C. diff is currently the most common pathogen in healthcare associated infections and was deemed an urgent threat in the Center for Disease Control and Prevention’s report on antibiotic resistance threats in the United States (CDC, 2019). CDI affects over 400,000 people in the US on a yearly basis, contributing to over 30,000 deaths in the US alone annually. This serious health threat has led to an urgent call for the development of new therapeutics to reduce or replace the use of antibiotics to treat bacterial infections. To address this need, Immuron is developing IMM-529 as an adjunctive therapy in combination with standard of care antibiotics for the prevention and/or treatment of recurrent CDI. IMM-529 antibodies targeting C. diff may help to clear CDI infection and promote a quicker re-establishment of normal gut flora, providing an attractive oral preventative for recurrent CDI. Immuron Limited Review of operations and activities 31 December 2025 3 Immuron is collaborating with Dr. Dena Lyras and her team at Monash University, Australia to develop vaccines to produce bovine colostrum-derived antibodies. Dairy cows were immunised to generate hyperimmune bovine colostrum (HBC) that contains antibodies targeting three essential C. diff virulence components. IMM-529 targets Toxin B (TcB), the spores and the surface layer proteins of the vegetative cells. This unique 3-target approach has yielded promising results in pre-clinical infection and relapse models, including (1) Prevention of primary disease (80% P =0.0052); (2) Protection of disease recurrence (67%, P 0.01) and (3) Treatment of primary disease (78.6%, P0.0001; TcB HBC). Importantly IMM-529 antibodies cross-react with whole cell lysates of many different human strains of C. diff including hypervirulent strains. To our knowledge, IMM-529 is, to date, the only investigational drug that has shown therapeutic potential in all three phases of the disease. https://doi.org/10.1038/s41598-017-03982-5. New US Department of Defense award to develop two new oral therapeutics targeting Campylobacter and Shigella As previously announced on August 16, 2024, the Naval Medical Research Command and the Walter Reed Army Institute of Research, in collaboration with Immuron, are progressing the development of novel vaccines targeting Campylobacter jejuni and Shigella sonnei. Under a recently executed collaborative research agreement with the Henry M. Jackson Foundation, new vaccine preparations against these pathogens have been developed and formulated at the military research institutes and subsequently provided to Immuron. Utilizing its proprietary technology platform, Immuron will produce two hyper-immune bovine colostrum products for pre-clinical evaluation, with the objective of advancing a combined colostrum-based therapeutic specifically designed for the US military. Uniformed Services University releases topline data The Uniformed Services University has released topline results from its clinical trial evaluating the effectiveness of a third party manufactured product containing enterotoxigenic E. coli (ETEC) hyperimmune bovine colostrum (IMM-124E) in maintaining gut health during deployment and travel. The primary endpoint did not reach statistical significance. The investigational product was manufactured by a third party and was not administered in accordance with Travelan® directions for use. Immuron will propose the established and clinically validated three times daily dosing schedule at an End-of-Phase 2 meeting with the FDA. Immuron will continue to collaborate with the Naval Medical Research Command and the Walter Reed Army Institute of Research in the development of novel vaccines targeting Campylobacter and Shigella. Immuron has also advanced discussions with AFRIMS to conduct testing of Travelan® against EAEC and EPEC strains of E.coli. Immuron launch PROIBS® for Irritable Bowel Syndrome (IBS) Immuron announced the official launch of PROIBS® into the Australian market. Immuron has already received pharmacy orders for the innovative product that treats the symptoms of medically diagnosed Irritable Bowel Syndrome (IBS). Immuron has been a leader in digestive health in Australia for many years. PROIBS® joined Immuron’s product portfolio which includes the rapidly growing Travelan® brand building on the premium efficacy product range that will deliver better outcomes for consumers that Pharmacists will love to recommend. PROIBS® - to help patients treat IBS symptoms PROIBS® is a certified medical device for the treatment of IBS symptoms such as abdominal pain, bloating and unsettled bowel movements (diarrhoea and/or constipation). As IBS is known to affect individuals for a long period of time, it is essential to have a treatment appropriate for long-term use – as PROIBS® is. The product is safe, and no interactions with other medications are known. Science-driven innovative Calmino group AB, the developer of PROIBS®, conducted a usability study among 1,003 users. PROIBS® was helpful for 94% of them. 91% of the users experienced an improvement in daily life and 98% would recommend PROIBS® to someone else. To learn more please check: http://www.proibs.eu and www.proibs.com.au. Immuron Limited 0 Directors’ report Immuron Limited Directors' report 31 December 2025 5 The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'group') consisting of Immuron Limited (referred to hereafter as the 'company' or 'parent entity') and the entities it controlled at the end of, or during, the period ended 31 December 2025. Directors The following persons were directors of Immuron Limited during the whole of the financial period and up to the date of this report, unless otherwise stated: Mr Paul Brennan, Independent Non-Executive Chairman Mr Daniel Pollock, Independent Non-Executive Director Prof. Ravi Savarirayan, Independent Non-Executive Director Dr. Jeannette Joughin, Independent Non-Executive Director Principal activities We are a commercial and clinical-stage biopharmaceutical company with a proprietary technology platform focused on the development and commercialisation of a novel class of specifically targeted polyclonal antibodies in the treatment of diseases associated with the gastrointestinal tract. We believe that we can address this significant unmet medical need. Our polyclonal antibodies are orally active and offer localised delivery within the gastrointestinal (“GI”) tract. As our products do not cross from the gut into the bloodstream, they potentially offer much improved safety and tolerability, without sacrificing efficacy. We currently market commercial products Travelan® and ProIBS® in Australia, both products are listed medicines on the Australian Register for Therapeutic Goods. Travelan® is an over-the-counter product indicated to reduce the risk of traveller's’ diarrhoea and is sold in pharmacies throughout Australia. ProIBS® is an over-the-counter product indicated for relief of symptoms of medically diagnosed Irritable Bowel Syndrome and is sold in pharmacies throughout Australia. We also market Travelan® in Canada where it is licensed as a natural health product indicated to reduce the risk of traveller's’ diarrhoea, and presently market Travelan® in the U.S. as a dietary supplement for digestive tract protection. We believe that our lead drug candidates, currently in clinical development have the potential to transform the existing treatment paradigms for Enterotoxigenic Escherichia coli (ETEC) infections, traveller's’ diarrhoea and for Clostridioides difficile infections. Review of operations The loss for the group after providing for income tax amounted to $1,919,074 (31 December 2024: $2,488,819). Information on the financials and operations of the group and its business strategies and prospects is set out in the review of operations and activities on pages 2 to 3 of this interim financial report. Auditor's independence declaration A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after this directors' report. This report is made in accordance with a resolution of directors, pursuant to section 306(3)(a) of the Corporations Act 2001. On behalf of the directors ___________________________ Mr Paul Brennan Independent Non-Executive Chairman 25 February 2026 Grant Thornton Audit Pty Ltd Level 22 Tower 5 Collins Square 727 Collins Street Melbourne VIC 3008 GPO Box 4736 Melbourne VIC 3001 T +61 3 8320 2222 grantthornton.com.au ACN-130 913 594 Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389. Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Limited is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389 and its Australian subsidiaries and related entities. Liability limited by a scheme approved under Professional Standards Legislation. Auditor’s Independence Declaration To the Directors of Immuron Limited In accordance with the requirements of section 307C of the Corporations Act 2001, as lead auditor for the review of Immuron Limited for the half-year ended 31 December 2025. I declare that, to the best of my knowledge and belief, there have been: a no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and b no contraventions of any applicable code of professional conduct in relation to the review. Grant Thornton Audit Pty Ltd Chartered Accountants T S Jackman Partner – Audit & Assurance Melbourne, 25 February 2026 Immuron Limited 0 Financial statements Immuron Limited Consolidated statement of profit or loss and other comprehensive income For the period ended 31 December 2025 Consolidated Note 31 December 2025 31 December 2024 $ $ The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes 8 Revenue from contracts with customers 2 4,184,357 3,994,341 Cost of goods sold (1,530,667) (1,337,292) Gross profit 2,653,690 2,657,049 Other income 3 455,744 572,150 Other (losses)/gains (121,594) 74,088 334,150 646,238 Expenses General and administrative expenses (2,084,262) (2,257,765) Research and development expenses (1,179,474) (1,982,138) Selling and marketing expenses (1,697,239) (1,602,175) Operating loss (1,973,135) (2,538,791) Finance income 60,645 53,993 Finance expenses (6,584) (4,021) Loss before income tax expense (1,919,074) (2,488,819) Income tax expense - - Loss after income tax expense for the period attributable to the members of Immuron Limited (1,919,074) (2,488,819) Other comprehensive income/(loss) Items that may be reclassified subsequently to profit or loss Exchange differences on translation of foreign operations income/(expense) 7,380 (13,608) Other comprehensive income/(loss) for the period 7,380 (13,608) Total comprehensive loss for the period (1,911,694) (2,502,427) Loss per share for profit attributable to the ordinary equity holders of the company: Cents Cents Basic and diluted loss per share 13 (0.70) (1.09) Immuron Limited Consolidated statement of financial position As at 31 December 2025 Consolidated Note 31 December 2025 30 June 2025 $ $ The above consolidated statement of financial position should be read in conjunction with the accompanying notes 9 Assets Current assets Cash and cash equivalents 9,995,328 2,830,526 Trade and other receivables 4 2,524,651 1,925,593 Inventories 2,241,552 1,772,363 Other current assets 162,974 3,486,744 Total current assets 14,924,505 10,015,226 Non-current assets Property, plant and equipment 213,079 113,950 Inventories - 666 Total non-current assets 213,079 114,616 Total assets 15,137,584 10,129,842 Liabilities Current liabilities Trade and other payables 1,496,218 1,529,435 Employee benefits 330,030 391,503 Other current liabilities 29,355 45,272 Total current liabilities 1,855,603 1,966,210 Non-current liabilities Employee benefits 30,983 22,722 Other non-current liabilities 174,559 71,855 Total non-current liabilities 205,542 94,577 Total liabilities 2,061,145 2,060,787 Net assets 13,076,439 8,069,055 Equity Issued capital 5 95,874,433 88,872,756 Reserves 6 487,025 1,639,504 Accumulated losses (83,285,019) (82,443,205) Total equity 13,076,439 8,069,055 Immuron Limited Consolidated statement of changes in equity For the period ended 31 December 2025 The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes 10 Issued Accumulated capital Reserves losses Total equity Consolidated $ $ $ $ Balance at 1 July 2024 88,504,043 3,173,797 (78,968,396) 12,709,444 Loss after income tax expense for the period - - (2,488,819) (2,488,819) Other comprehensive income - (13,608) - (13,608) Total comprehensive income for the period - (13,608) (2,488,819) (2,502,427) Transactions with members in their capacity as members: Options/warrants expired - (959,867) 959,867 - Options issued/expensed - 48,303 - 48,303 Performance rights exercised 83,000 (83,000) - - Performance rights issued/expensed - 84,196 - 84,196 Balance at 31 December 2024 88,587,043 2,249,821 (80,497,348) 10,339,516 Issued Accumulated capital Reserves losses Total equity Consolidated $ $ $ $ Balance at 1 July 2025 88,872,756 1,639,504 (82,443,205) 8,069,055 Loss after income tax expense for the period - - (1,919,074) (1,919,074) Other comprehensive loss for the period - 7,380 - 7,380 Total comprehensive loss for the period - 7,380 (1,919,074) (1,911,694) Transactions with members in their capacity as members: Proceeds from issue of shares (note 5) 7,148,698 - - 7,148,698 Share issue transaction costs (note 5) (396,158) - - (396,158) Options/warrants expired (note 6) - (1,077,260) 1,077,260 - Options issued/expensed (note 6) - 33,515 - 33,515 Performance rights issued/expensed (note 6) - 161,970 - 161,970 Performance rights exercised (note 6) 249,137 (249,137) - - Performance rights forfeited (note 6) - (28,947) - (28,947) Balance at 31 December 2025 95,874,433 487,025 (83,285,019) 13,076,439 Immuron Limited Consolidated statement of cash flows For the period ended 31 December 2025 Consolidated 31 December 2025 31 December 2024 $ $ The above consolidated statement of cash flows should be read in conjunction with the accompanying notes 11 Cash flows from operating activities Receipts from customers (inclusive of GST) 4,317,485 3,678,705 Payments to suppliers (inclusive of GST) (6,870,733) (7,980,132) Grants received from government and non-government sources - 308,043 Net cash used in operating activities (2,553,248) (3,993,384) Cash flows from investing activities Payment for property, plant and equipment (4,752) - Proceeds from maturity of term deposit 3,036,278 - Interest received 84,333 53,993 Net cash from investing activities 3,115,859 53,993 Cash flows from financing activities Proceeds from issue of shares 7,148,698 - Share issue transaction costs (396,158) - Principal elements of lease payments (29,552) (37,880) Interest and other costs of finance paid (6,584) (4,021) Net cash from/(used in) financing activities 6,716,404 (41,901) Net increase/(decrease) in cash and cash equivalents 7,279,015 (3,981,292) Cash and cash equivalents at the beginning of the financial period 2,830,526 11,657,315 Effects of exchange rate changes on cash and cash equivalents (114,213) 60,375 Cash and cash equivalents at the end of the financial period 9,995,328 7,736,398 Immuron Limited Notes to the consolidated financial statements 31 December 2025 12 1. Segment and revenue information Description of segments and principle activities The group has identified its operating segments based on the internal reports that are reviewed and used by the executive management team in assessing performance and determining the allocation of resources. Management considers the business from both a product and a geographic perspective and has identified two reportable segments: ● Research and development (R&D): income and expense directly attributable to the group’s R&D projects performed in Australia and United States. ● Hyperimmune products: income and expenses directly attributable to Travelan and ProIBS activities which occur predominantly in Australia, the United States and Canada. Segment results Consolidated Research and Hyperimmune 31 December 2025 development products Corporate Total $ $ $ $ Hyperimmune products revenue - 4,184,357 - 4,184,357 Cost of sales of goods - (1,530,667) - (1,530,667) Gross profit - 2,653,690 - 2,653,690 Other income 427,314 28,430 - 455,744 Other gains/(losses) – net - - (121,594) (121,594) General and administrative expenses/adjustments - - (2,084,262) (2,084,262) Research and development expenses (1,179,474) - - (1,179,474) Selling and marketing expenses - (1,697,239) - (1,697,239) Operating profit/(loss) (752,160) 984,881 (2,205,856) (1,973,135) Finance income - - 60,645 60,645 Finance costs - - (6,584) (6,584) Profit/(loss) for the period (752,160) 984,881 (2,151,795) (1,919,074) Assets Segment assets 1,537,828 3,228,375 10,371,381 15,137,584 Total assets 1,537,828 3,228,375 10,371,381 15,137,584 Liabilities Segment liabilities 179,462 1,139,927 741,756 2,061,145 Total liabilities 179,462 1,139,927 741,756 2,061,145 Immuron Limited Notes to the consolidated financial statements 31 December 2025 1. Segment and revenue information (continued) 13 Consolidated Research and Hyperimmune 31 December 2024 development products Corporate Total $ $ $ $ Hyperimmune products revenue - 3,994,341 - 3,994,341 Cost of sales of goods - (1,337,292) - (1,337,292) Gross profit - 2,657,049 - 2,657,049 Other income 562,628 9,522 - 572,150 Other gains/(losses) – net - - 74,088 74,088 General and administrative expenses/adjustments - - (2,257,765) (2,257,765) Research and development expenses (1,982,138) - - (1,982,138) Selling and marketing expenses - (1,602,175) - (1,602,175) Operating profit/(loss) (1,419,510) 1,064,396 (2,183,677) (2,538,791) Finance income - - 53,993 53,993 Finance costs - - (4,021) (4,021) Profit/(loss) for the period (1,419,510) 1,064,396 (2,133,705) (2,488,819) Assets Segment assets 1,060,582 2,944,262 8,164,910 12,169,754 Total assets 1,060,582 2,944,262 8,164,910 12,169,754 Liabilities Segment liabilities 772,144 358,880 699,214 1,830,238 Total liabilities 772,144 358,880 699,214 1,830,238 2. Revenue from contracts with customers The group derives revenue from the transfer of hyperimmune products at a point in time in the following major product lines and geographical regions: Travelan Travelan Travelan Protectyn ProIBS Consolidated Australia United States Canada Australia Australia Total 31 December 2025 $ $ $ $ $ $ Segment revenue 3,186,304 854,737 55,925 15,620 71,771 4,184,357 Revenue from external customers 3,186,304 854,737 55,925 15,620 71,771 4,184,357 31 December 2024 Segment revenue 2,858,265 731,213 376,406 28,457 - 3,994,341 Revenue from external customers 2,858,265 731,213 376,406 28,457 - 3,994,341 Immuron Limited Notes to the consolidated financial statements 31 December 2025 14 3. Other income Consolidated 31 December 2025 31 December 2024 $ $ Australian R&D tax incentive refund 427,314 292,212 MTEC R&D grant - 146,252 HJF R&D grant - 124,164 Other income 28,430 9,522 455,744 572,150 4. Trade and other receivables Consolidated 31 December 2025 30 June 2025 $ $ Current assets Trade receivables 1,021,099 826,857 Less: Allowance for expected credit losses (34,276) (35,466) 986,823 791,391 Accrued income - Australian R&D tax incentive refund 1,537,828 1,110,514 Other receivables - 23,688 Total trade and other receivables 2,524,651 1,925,593 Classification as trade receivables Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 30 days and therefore are all classified as current. Trade receivables are recognised initially at the amount of consideration that is unconditional unless they contain significant financing components, when they are recognised at fair value. The group holds the trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method. Immuron Limited Notes to the consolidated financial statements 31 December 2025 15 5. Equity securities issued Consolidated 31 December 2025 30 June 2025 31 December 2025 30 June 2025 Shares Shares $ $ Ordinary shares - fully paid 326,653,609 233,959,013 105,979,782 98,581,947 Transaction costs arising on ordinary share issues - - (10,105,349) (9,709,191) 326,653,609 233,959,013 95,874,433 88,872,756 Movements in ordinary shares: Shares $ Opening balance 1 July 2025 233,959,013 88,872,756 Issue at US$1.8939 pursuant to At the Market facility (2025-07-17) 877,440 63,351 Issue at US$1.8782 pursuant to At the Market facility (2025-07-18) 473,880 34,072 Issue at US$2.1374 pursuant to At the Market facility (2025-07-21) 32,909,640 2,711,754 Issue at US$2.3008 pursuant to At the Market facility (2025-10-20) 1,133,840 100,458 Issue at US$1.9631 pursuant to At the Market facility (2025-11-07) 8,495,080 642,228 Issue at US$2.0809 pursuant to At the Market facility (2025-12-05) 45,472,000 3,596,835 Exercise of performance rights 3,332,716 249,137 Less: Transaction costs arising on share issue - (396,158) Balance at 31 December 2025 326,653,609 95,874,433 Rights of each type of share Ordinary shares entitle the holder to participate in dividends and the proceeds on winding up of the company in proportion to the number of shares held. On a show of hands every holder of ordinary shares present at a meeting or by proxy, is entitled to one vote upon a poll every holder is entitled to one vote per share held. The ordinary shares have no par value. 6. Reserves Consolidated 31 December 2025 30 June 2025 $ $ Foreign currency reserve 120,498 113,118 Share-based payments reserve 366,527 1,526,386 487,025 1,639,504 Immuron Limited Notes to the consolidated financial statements 31 December 2025 6. Reserves (continued) 16 Movements in reserves Movements in each class of reserve during the current financial period are set out below: Share-based Foreign currency payments translation Total Consolidated $ $ $ Balance at 1 July 2025 1,526,386 113,118 1,639,504 Currency Translation Differences - 7,380 7,380 Transactions with owners in their capacity as owners Options/warrants expired (1,077,260) - (1,077,260) Options issued/expensed 33,515 - 33,515 Performance rights issued/expensed (note 7) 161,970 - 161,970 Performance rights exercised (249,137) - (249,137) Performance rights forfeited (28,947) - (28,947) Balance at 31 December 2025 366,527 120,498 487,025 (i) Nature and purpose of reserves Share-based payments: The share-based payment reserve records items recognised as expenses on valuation of share options, warrants and performance rights issued to key management personnel, other employees and eligible contractors. Foreign currency translation: Exchange differences arising on translation of foreign controlled entities are recognised in other comprehensive income as described in note and accumulated in a separate reserve within equity. Movements in options, warrants and performance rights Number of Details options and rights $ Balance as at 1 July 2025 13,953,161 1,526,386 Warrants expired (2,560,000) (1,032,960) Options expired (500,000) (44,300) Options issued in the period (note 7) 4,000,000 16,150 Expense for options previously issued - 17,365 Performance rights issued in the period 2,147,154 137,418 Exercise of performance rights (3,332,716) (249,137) Performance rights forfeited (510,108) (28,947) Expense for performance rights previously issued - 24,552 Balance as at 31 December 2025 13,197,491 3