Half-year Financial Report

Medpal AI PLC

29 May 2026

 

29 May 2026

MedPal AI plc

("MedPal AI" or the "Company")

Interim Results for the six months ended 28 February 2026

MedPal AI (AIM: MPAL, FRA: Z1N), announces its interim results for the period ended 28 February 2026.

Chief Executive Officer's Statement

I am delighted to present MedPal AI plc's first interim results as an AIM-quoted company, covering the six months to 28 February 2026. This has been a period of rapid and disciplined execution of the Company's strategy  since our admission to AIM in August 2025.

At Admission, MedPal AI was a pre-revenue digital health business built around the MedPal app - an AI-powered consumer platform aggregating data from more than 100 wearables and health apps into a unified user profile. Our admission document set out a strategy of growing the app through direct-to-consumer, corporate wellness and B2B channels, and contemplated acquisitions of complementary businesses in the healthcare sphere, including online pharmacies and telehealth, that would operate alongside and interact with the MedPal app to provide users with extended functionality and a seamless service. The six months under review have seen us execute that strategy at pace.

The MedPal app remains the core of the Company and the front door through which consumers access our platform. During the period we have added an NHS-contracted pharmacy operation, a private GLP-1 weight-loss clinic and direct supply agreements with the world's two leading GLP-1 manufacturers. Together with the app, these complementary capabilities form what we now describe as the MedPal Health OS: a single, vertically integrated platform delivering personalised, AI-driven health support, with the MedPal app as the consumer interface.

The financial results of that execution represent a step change. From a pre-revenue position at admission, the Company has delivered £1.6 million of revenue in the period, with a gross profit of £0.37 million. By March 2026 our pharmacy operations were running at an annualised revenue run rate of over £5 million, with gross margins of more than 34%. The loss after tax of £3.27 million reflects the planned investment cycle of building the operational, clinical and regulatory infrastructure required to support the next phase of growth.

Highlights

Financial highlights

•     First revenues delivered: £1,603,943 in the period (H1 2025: £nil), achieved from a standing start

•     Gross profit of £368,550 (H1 2025: £nil). Monthly gross margin strengthened through the period as dispensing volumes scaled, exceeding 34% by March 2026.

•     Annualised pharmacy revenue run rate of over £5 million by March 2026, based on a record 41,000+ items dispensed in the month - a step change for an operation that began dispensing only five months earlier.

•     Loss for the period of £3.27 million (H1 2025: £0.06 million), reflecting planned investment in pharmacy build-out, clinical staffing, marketing and continued development of the MedPal app and Health OS technology.

•     Equity capital raised of £2.54 million (gross) during the period, with a further £4 million (gross) raised post period end through placings, subscriptions, a WRAP retail offer and the issue of fee shares.

Strategic and operational highlights

•     Universal Pharmacy acquisition  announced on 1 October 2025 - in line with the strategy set out in the Admission Document to acquire complementary businesses in the healthcare sphere. The acquisition delivered an NHS contractor registration and a Distance Selling Pharmacy (DSP) licence, together with the Swaffham dispensing facility, for a total cost of approximately £70,000 including transaction costs.

•     Direct supply agreement with Eli Lilly secured in January 2026, giving the Group direct access to Mounjaro® (tirzepatide) and complementing the Group's existing direct relationship with Novo Nordisk for Wegovy® (semaglutide).

•     Care UK B2B contract live and ramping, with MedPal supplying medicines into Care UK's portfolio of more than 200 care homes - a high-volume, high-retention channel complementing direct-to-patient prescription dispensing.

•     Secondary listing on the Frankfurt Stock Exchange (FRA: Z1N) admitted in February 2026, extending the Company's visibility to European institutional and retail investors.

•     MedPal Health OS framework articulated, bringing together the existing MedPal app, the Group's clinical and pharmacy capabilities, and AI triage running on Google's Vertex AI into a single, closed-loop platform consistent with the integrated user experience contemplated at the time of Admission.

•     Dispensing volumes accelerated every month, from zero items in October 2025 to over 41,000 items in March 2026, with substantial operational headroom remaining in the existing robotic dispensing infrastructure.

Trading and operational review

MedPal.clinic and the GLP-1 opportunity

Alongside the NHS pharmacy operation we have established MedPal.clinic, our private GLP-1 weight-loss clinic, operating in the same regulatory and operational framework as the broader pharmacy business. With direct supply relationships now in place with both Eli Lilly (Mounjaro) and Novo Nordisk (Wegovy) - the only two manufacturers of the market-leading GLP-1 medicines - we are uniquely positioned in the UK private market. AI-powered triage and a zero-cost consultation model give MedPal.clinic a meaningful competitive advantage in a category that continues to grow rapidly, and which we expect to step-change again with the anticipated UK launch of oral GLP-1 formulations during 2026.

The MedPal app and the Health OS

The MedPal app - the foundation product on which the Company was admitted to AIM - remains at the centre of the platform and continues to evolve. The app aggregates data from more than 100 wearables and health apps into a unified user profile, as described in the Admission Document. During the period, we have continued to invest in the underlying technology, with clinical-grade AI triage now running on Google's Vertex AI.

What we now describe as the MedPal Health OS is the framework that connects the app to the complementary capabilities. Data from the app informs clinical triage; triage routes the user to the right care pathway; where prescriptions are appropriate, they are filled through our own automated pharmacy infrastructure; and the resulting physiological data is fed back into the user's profile. The Board believes the MedPal app and Health OS, together providing an integrated, seamless user experience, represent the Group's most strategically valuable assets.

Care home pharmacy supply

Our B2B care home pharmacy supply business, anchored by the contract with Care UK and serving more than 100 care homes nationally, continues to grow as a stable, high-retention revenue channel. It also provides the operational template for further care home partnerships.

Financial review

Revenue for the six months ended 28 February 2026 was £1,603,943 (H1 2025: £nil), with gross profit of £368,550. Monthly gross margins improved through the period as volumes scaled, reaching over 34% in March 2026 - a level the Board considers more representative of the underlying earning power of the pharmacy operation at scale. Administrative costs of £3.36 million reflect deliberate investment in clinical and operational staffing, marketing for MedPal.clinic, and the build-out of the technology and corporate functions required to operate a UK-listed group in a regulated sector.

During the period, the Group raised gross proceeds of £2.53 million through the issue of new equity, with associated share issue costs of £0.20 million. Cash and cash equivalents at the period end were £4,189, reflecting the rapid working capital absorption associated with funding inventory and the operational ramp of the pharmacy business. As detailed below, the Group has subsequently raised a further £4 million of equity to support continued growth and working capital requirements.

Post balance sheet events

The post-period has been every bit as active as the reporting period itself, with three landmark transactions and a refresh of the Board's composition:

•     £527,000 placing (20 March 2026): issue of 21,080,000 new ordinary shares at 2.5 pence per share.

•     £3.0 million placing (17 April 2026): a transformational fundraise via OAK Securities, with strong support from existing shareholders and a number of new institutional and high-net-worth investors. The proceeds substantially fund the Group's growth plan and provide the working capital headroom needed to capitalise on rising NHS dispensing volumes, MedPal.clinic scale-up and the commercial opportunities currently under discussion.

•     Remedi (Runcorn) acquisition (29 April 2026): a further complementary acquisition consistent with the strategy set out in the Admission Document. Completion of the acquisition of the Runcorn pharmacy assets for a total announced consideration of £310,000 delivered the Group's second GPhC-registered dispensing hub, the BD Rowa robotic infrastructure installed at the site, the existing care home patient book, and a strategic Midlands / North of England operational presence. Historical NHS PharmData for the Runcorn site shows 994,366 prescription items dispensed in calendar year 2024, equivalent to annualised turnover of c.£9.94 million at current NHS average item values. We are now applying the same reactivation playbook used at Swaffham, at materially greater scale.

•     Board changes: on 9 March 2026, the Company announced that Karl Karlsson would step down as Chairman and would not be proposed for re-election at the AGM. The Board is grateful to Karl for his contribution and the search for a new Chairman whose profile reflects the next stage of MedPal's growth is well advanced. The Company is actively seeking at least one new independent non-executive director to join the board.

Outlook

MedPal AI enters the second half of the financial year with a strong operational, commercial and financial platform. We operate two GPhC-registered, automated NHS dispensing hubs, Swaffham and Runcorn,  on a common technology, clinical governance and commercial infrastructure, supporting the MedPal app and the wider Health OS platform. Management forecasts pharmacy-level EBITDA breakeven at a combined run rate of 80,000 items per month, expected to be achieved in Q4 2026. The Runcorn site alone dispensed in excess of that threshold throughout 2024 under previous ownership, and we are now reactivating the same customer base under MedPal AI's ownership.

Looking ahead, we expect continued strong growth in NHS dispensing volumes through the Distance Selling Pharmacy model, accelerating private GLP-1 revenues through MedPal.clinic, deeper penetration of the care home channel, and increasing engagement with the MedPal app and Health OS as the consumer platform rolls out at scale. We have a number of material commercial conversations in progress, all of which sit within the strategic framework set out at the time of Admission, and we look forward to updating shareholders in due course.

I would like to thank our shareholders, our advisers and, above all, the rapidly growing MedPal team for their continued support and disciplined execution. The first six months as a listed company have moved MedPal AI from start-up to scale-up. The next six are about converting that platform into sustained, profitable growth.

Jason Drummond

Founder and Chief Executive Officer

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 6 MONTHS ENDED 28 FEBRUARY 2026		6 months ended 28 February 2026	6 months ended 28 February 2025
		Unaudited	Unaudited
	Note	£	£
Continuing operations
Revenue		1,603,943	-
Cost of sales		(1,235,393)	-
Gross Profit		368,550	-
Administrative costs	3	(3,360,434)	(175,576)
Development costs		(378,139)	-
Depreciation & amortisation		(57,879)	-
Operating loss		(3,427,902)	(175,576)
Interest expense		(32,728)	-
Interest income		3,316	-
Loss before tax from continuing operations		(3,457,314)	(175,576)
Taxation on profit on ordinary activities		183,184	-
Loss for the period from continuing operations		(3,274,130)	(175,576)
Other comprehensive income		-	-
Total comprehensive loss for the period attributable to shareholders from continuing operations		(3,274,130)	(175,576)
Basic and dilutive earnings per share - pence	4	(0.77)	(0.380)

The accompanying notes form an integral part of the Financial Information.

STATEMENT OF FINANCIAL POSITION AS AT 28 FEBRUARY 2026		As at 28 February 2026	As at 31 August 2025
		Unaudited	Audited
	Note	£	£
NON-CURRENT ASSETS
Right of Use Asset		412,953	-
Property, plant & equipment		139,944	-
Intangibles	5	287,626	257,318
TOTAL NON-CURRENT ASSETS		840,523	257,318
CURRENT ASSETS
Inventory		215,408	-
Other current assets		969,148	-
Trade receivables		292,566	254,751
Cash and cash equivalents		4,189	1,537,124
TOTAL CURRENT ASSETS		1,481,311	1,791,875
TOTAL ASSETS		2,321,834	2,049,193
EQUITY
Share capital	7	91,030	82,616
Share premium	7	4,279,412	1,957,900
Share-based payments reserve	8	3,485,780	3,433,078
Retained earnings		(7,341,268)	(4,084,843)
TOTAL EQUITY		514,954	1,388,751
NON-CURRENT LIABILITIES
Right of use liability-Non current		377,692	-
CURRENT LIABILITIES
Right of use liability		64,304	-
Borrowings		302,408	-
Trade and other payables		1,062,476	660,442
TOTAL CURRENT LIABILITIES		1,429,188	660,442
TOTAL LIABILITIES		1,806,880	660,442
TOTAL EQUITY AND LIABILITIES		2,321,834	2,049,193

The accompanying notes form an integral part of the Financial Information

STATEMENT OF CHANGES IN EQUITY AS AT 28 FEBRUARY 2026	Share capital	Share premium	Share based payments reserve	Retained earnings	Total equity
	£	£	£	£	£
Balance at 31 August 2024	4,620	66,330	-	(82,931)	(11,981)
Loss for the year	-	-	-	(4,001,912)	(4,001,912)
Total comprehensive income for the year	-	-	-	(4,001,912)	(4,001,912)
Transactions with owners in own capacity
Ordinary Shares issued in the year	77,996	3,135,694	-	-	3,213,690
Share issue costs	-	(1,244,124)	-	-	(1,244,124)
Warrants and options issued in the current year	-	-	3,433,078		3,433,078
Transactions with owners in own capacity	77,996	1,891,570	3,433,078	-	5,402,644
Balance at 31 August 2025	82,616	1,957,900	3,433,078	(4,084,843)	1,388,751

Loss for the period	-	-	-	(3,274,130)	(3,274,130)
Total comprehensive income for the period	-	-	-	(3,274,130)	(3,274,130)
Transactions with owners in own capacity
Ordinary Shares issued in the period	8,414	2,529,990	-	-	2,538,404
Share issue costs	-	(208,478)	-	-	(208,478)
Warrants and options issued in the current period	-	-	70,405	-	70,405
Warrants and options cancelled during the current period	-	-	(17,705)	17,705	-
Transactions with owners in own capacity	8,414	2,321,512	52,700	17,705	2,400,331
Balance at 28 February 2026	91,030	4,279,412	3,485,778	(7,341,268)	514,952

The accompanying notes form an integral part of the Financial Information.

STATEMENT OF CASH FLOWS AS AT 28 FEBRUARY 2026		6 month  period ended 28 February  2026	6 month period ended 28 February  2025
	Notes	£	£
Cash flow from operating activities
Loss for the period		(3,274,130)	(175,576)
Adjustments for:
Depreciation & Amortisation		57,879	-
Interest		10,360	-
Share based payments		70,407	-
Changes in working capital:
(Increase)/decrease in other receivables (including inventory)		(955,997)	(35,902)
Increase/(decrease) in trade and other payables		385,662	2,997
Net cash used in operating activities		(3,705,819)	(208,481)
Cash flows from investing activities
Purchase of intangible assets		(56,040)	-
Purchase of property, plant and equipment		(153,410)	-
Net cash used in investing activities		(209,450)	-
Cash flows from financing activities
Share capital in advance		-	320,101
Proceeds from issuance of ordinary shares		2,329,926	-
Proceeds from borrowings		52,408	-
Net cash generated from financing activities		2,382,334	320,101
Net decrease in cash and cash equivalents		(1,532,935)	111,620
Cash and cash equivalents at beginning of period		1,537,124	253
Cash and cash equivalents at the end of the period		4,189	111,873

There was the following material non-cash  movements during the period:

·      Assumption of £250,000 working capital liability as part of the acqusition of the NHS contract.

NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION

AS AT 28 FEBRUARY 2026

General information

The Company was incorporated on 23 August 2021 in England and Wales with Registered Number 13578804 under the Companies Act 2006. The principal activity of the Company is the development of artificial intelligence (AI) technologies within the healthcare sector.

The address of its registered office is Floor 8 71 Queen Victoria Street, London, England, EC4V 4AY.

The Directors of the Company are responsible for the Financial Information in the interim report.

1.   Accounting Policies

IAS 8 requires that management shall use its judgement in developing and applying accounting policies that result in information which is relevant to the economic decision-making needs of users, that are reliable, free from bias, prudent, complete and represent faithfully the financial position, financial performance and cash flows of the entity.

2. Basis of preparation

The Interim Financial Information has been prepared in accordance with the UK adopted International Accounting Standards and the Companies Act 2006 applicable to companies reporting under IFRS. The Condensed Interim Financial Information has not been prepared in accordance with IAS 34 "Interim Financial Information."

The Interim Financial Information does not include all disclosures that would otherwise be required in a complete set of Financial Statements but has been prepared in accordance with the existing accounting policies of the Company.

The Interim Financial Information for the period ended 28 February 2026 is unaudited.

Medpal AI Plc's Interim Financial Information has been prepared using the measurement bases specified by IFRS for each type of asset, liability, income and expense.

The Interim Financial Information does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006.

The Interim Financial Information is presented in £ unless otherwise stated, which is Medpal AI's presentational currency.

2.1        Going concern

The Directors have made an assessment of the Company's ability to continue as a going concern and are satisfied that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company, therefore, continues to adopt the going concern basis in preparing its Interim Financial Information.

2.2     Critical accounting estimates and judgments

In preparing the Interim Financial Information, the directors must make judgments on how to apply the Company's accounting policies and make estimates about the future. Estimates and judgements are continuously evaluated based on experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may deviate from these estimates and assumptions.

During the period it was determined that there were no key accounting estimates or judgements.

3.   Administrative expenses

		6 month period ended  28 Feb 2026	6 month      period ended   28 Feb 2025
		£	£
Staff costs		1,547,593	85,000
Advertising & marketing		1,070,433	-
Premises costs		195,713	15,000
Professional services		281,738	41,840
Travel & entertainment		42,234	2,333
IPO Costs		(20,550)	27,794
IT software and consumables		72,388	2,969
Legal		118,517
Regulatory costs		46,640	-
Other expenses		5,728	640
		3,360,434	175,576

4.   Earnings per share

The calculation of the basic and diluted earnings per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period.

		6 month period ended 28 Feb  2026	6 month period ended 28 Feb 2025
Loss attributable to equity holders of the Company		(3,274,130)	(175,576)
Weighted number of ordinary shares in issue		424,235,948	46,200,000
Basic & dilutive earnings per share from continuing operations - pence		(0.77)	(0.38)

There is no difference between the diluted loss per share and the basic loss per share presented as there are no dilutive financial instruments.

5.   Acquisition of Universal Pharmacy

On 1 October 2025, Medpal Limited announced the conditional acquisition of the pharmacy assets of Universal Pharmacy Ltd (in administration) , pursuant to a Business Purchase Agreement. The pharmacy operates in Swaffham, Norfolk.

The transaction has been accounted for as an asset purchase, as the assets acquired did not constitute a business for the purposes of IFRS 3. The total cost, including directly attributable transaction costs capitalised in accordance with IAS 38, has been allocated across the identifiable assets on the basis of their relative fair values at the acquisition date.

BPA consideration - NHS and DSP licence	29,999
BPA consideration - plant and machinery	15,000
BPA consideration - other	1
Total BPA consideration		45,000
Directly attributable transaction costs (legal and professional)		25,646
Total cost of assets acquired		70,646
Allocated to:
Intangible asset - NHS and DSP licence (indefinite useful life)		55,645
Plant and machinery		15,000
Other fixed assets		1
Total		70,646

The initial exchange payment of £15,000 was funded by Medpal AI Plc via intercompany loan. The deferred consideration of £30,000 was settled in February 2026 on completion of the formal transfer of the NHS dispensing contractor registration.

Intangible asset - NHS and DSP licence

The primary asset acquired is the NHS community pharmacy contractor registration and distance selling pharmacy (DSP) licence. The Directors have assessed this intangible asset as having an indefinite useful life on the basis that the licence is not subject to a fixed contractual term, is renewable by the Group subject to ongoing regulatory compliance, and there is no foreseeable limit to the period over which the asset is expected to generate net cash inflows for the Group.

Accordingly, the asset is not amortised. In accordance with IAS 36, it is subject to impairment testing at least annually and whenever there is an indication that it may be impaired. No impairment indicators were identified at 28 February 2026. The carrying amount at the period end was £55,645.

6.   Trade and other receivables

		28 February  2026	31 August 2025
		£	£
Prepayments		487,618	390,743
Other current assets		150,955	-
VAT		330,576	114,008
		969,149	504,751

 

7.   Share capital

	Number of shares	Ordinary shares	Share premium	Total
	Number	£	£	£
Balance at 31 August 2024	46,200,000	4,620	66,330	70,950
Founder round  2	56,900,000	5,690	-	5,690
Series A Capital Raise 3	43,450,000	4,345	£430,155	434,500
Consideration 4	192,500,000	19,250	173,250	192,500
Pre IPO 5	5,033,334	503	150,497	151,000
Fee shares 6	2,000,000	200	19,800	20,000
Share consolidation 7	-	34,608	(34,608)	-
Pre-IPO share issue 8	17,000,001	3,400	406,600	410,000
IPO raise  9	50,000,000	10,000	1,990,000	2,000,000
Share issue costs	-	-	(1,244,124)	(1,244,124)
As at 31 August 2025	413,083,335	82,616	1,957,900	2,040,516
Share issue 10	6,816,305	1,363	543,941	545,304
Share issue 11	7,500,000	1,500	496,725	498,225
Share issue 12	6,200,000	1,240	377,630	378,870
Share issue 13	6,500,000	1,300	338,260	339,560
Share issue 14	9,000,000	1,800	465,840	467,640
Share issue 15	6,055,000	1,211	307,594	308,805
Share issue costs			(208,478)	(208,478)
As at 28 February 2026	455,154,640	91,030	4,279,412	4,370,442

^{1-         700,000 shares at £0.01 were issued on the 19th January 2024 for total proceeds of £7,000}

^{2-         Issue of 56,900,000 shares at nominal value for total proceeds £5,690}

^{3-         Issue of 43,450,000 shares at £0.01 per share for total proceeds of £434,500}

^{4-         Issue of 192,500,000 shares to founder Jason Drummond for the purchase of the Medpal AI IP}

^{5-         Issue of 5,033,334 shares at £.03 per share for total proceeds of £151,000}

^{6-         Issue of 2,000,000 fee shares for £0.01 per share in lieu of fees}

^{7-         On 1 August 2025 , the Company consolidated its ordinary shares on a 2-for-1 basis. the issued share capital was reduced from 692,166,668 ordinary shares of £0.0001 each to 346,083,334 ordinary shares of £0.0002 each. The consolidation did not affect the aggregate nominal value of the issued share capital, which remained £69,216.67}

^{8-         Issue of 12,000,001 and 5,000,000 shares at £0.03 and £0.01 per share raising £410,000}

^{9-         Issue of 50,000,000 shares at £0.04p per share as part of the Company's IPO}

^{10-       Issue of 6,816,305 shares at £0.08 per share}

^{11-       Issue of  7,500,000 shares at £.066 per share} 

^{12-       Issue of  6,200,000 shares at £0.061 per share}

^{13-       Issue of 6,500,000 shares at £0.052 per share}

^{14-       Issue of 9,000,000 shares at £0.052 per share}

^{15-       Issue of 6,055,000 shares at £0.051 per share}

The share premium represents the difference between the nominal value of the shares issued and the actual amount subscribed less; the cost of issue of the shares, the value of the bonus share issue, or any bonus warrant issue.

Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the Company in proportion to the number of and amounts paid on the shares held. The fully paid ordinary shares have a par value of £0.0002 and the Company's  authorised capital is not limitedl.

On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote.

All issued shares are fully paid.

8.   Options and warrants

Options

	28 February 2026			31 August 2025
	Weighted average exercise price	Number of options		Weighted average exercise price	Number of options
Opening balance	-	40,308,331		-	-
Options issued during the year				4p	40,308,331
Options cancelled during the year	4p	(6,000,000)			-
Outstanding at the end of the year	4p	34,308,331		4p	40,308,331
Exercisable at the end of the year	-	-		-	-

Warrants

	28 February 2026			31 August 2025
	Weighted average exercise price	Number of warrants		Weighted average exercise price	Number of warrants
Opening balance	2p	135,746,667		-	-
Issued during the year	-	-		2p	135,746,667
Outstanding at the end of the year	2p	135,746,667		2p	135,746,667
Exercisable at the end of the year	4p	60,746,667		4p	60,746,667

The fair value of the services received in return for the options and warrants granted are measured by reference to the fair value of the instrument granted. The estimate of the fair value of the instrument granted is measured based on the Black-Scholes valuations model and Barrier valuations model. The weighted average time to expiry of the warrants and options is 5.51 years.

9.   Related party transactions

NHS Revenue

The Runcorn acquisition was classified as a related party transaction under AIM Rules as the acquisition rights were originally secured by Jason Drummond in his personal capacity. As part of the agreement all NHS prescription income arising at the Runcorn site is beneficially owned by Medpal Limited, and Mr Drummond holds any amounts received solely as bare trustee with an obligation to remit promptly. No commercial benefit accrues to Mr Drummond under this arrangement. During the period a total of £1.4m of revenue was attributable to this arrangement. Subsequent to the year end Medpal Limited acquired the assets from Jason Drummond. Refer to Note 12 for further information.

10.  Capital Commitments

There were no capital commitments at 28 February 2026 (28 February 2025: nil).

11.  Contingent Liabilities

There were no contingent liabilities at 28 February 2026 (29 February 2025: nil).

12.  Events subsequent to period end

Board changes

On 9 March 2026, the Company announced that at the AGM, on 30 March 2026, Karl Karlsson would step down as Chairman and accordingly, would not be proposed for re-election.

Equity fundraisings and issue of fee shares

On 20 March 2026, the Company announced that it had conditionally raised approximately £527,000 through the issue of 21,080,000 new ordinary shares at 2.5 pence per share.

On 25 March 2026, the Company announced that it had raised approximately £405,160 through a subscription and retail offer, issuing 16,206,396 new ordinary shares at 2.5p per share.

On 17 April 2026, the Company announced a further placing to raise gross proceeds of £3.0 million through the issue of 120,000,000 new ordinary shares at 2.5 pence per share.  As part of the raise warrants over 7,200,000 new ordinary shares were granted, exercisable at 2.5 pence for 36 months from admission.

On 20 April 2026, the Company issued 3,600,000 new ordinary shares in lieu of £90,000 of advisory fees. Following admission of these shares, the Company's issued ordinary share capital comprised 616,041,036 ordinary shares.

Remedi acquisition

On 29 April 2026, Medpal Limited completed the acquisition of the Runcorn pharmacy assets through its wholly owned subsidiary, in a transaction with a total consideration of £310,000. This is a non-adjusting post balance sheet event. On completion, prepaid transaction costs will be reclassified as an intangible asset, being the NHS and DSP licences, with an assessed indefinite useful life, consistent with the accounting policy applied to the Swaffham licence. The final payment to the administrators of £30,000 was payable on completion of the novation agreement between Jason Drummond and Medpal Limited.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018). The Directors of the Company are responsible for the contents of this announcement.

Enquiries:

MedPal AI plc Jason Drummond, Chief Executive Officer	Via Square1 Consulting
Cairn Financial Advisers LLP          Louise O'Driscoll/Jo Turner	[phone]
Oak Securities (a trading name of Merlin Partners LLP) Tim Dainton/Calvin Man [phone]	[phone]
Clear Capital Markets Limited Bob Roberts	[phone]
Square1 Consulting David Bick	[phone] [phone]

About MedPal AI

MedPal AI is a UK-based digital health company building the MedPal Health OS - a vertically integrated, closed-loop platform spanning AI wellness, clinical services, and automated pharmacy fulfilment. Its core app aggregates data from over 100 wearable devices and health apps (including Apple Health, Fitbit, Garmin, and Whoop) into a unified health profile, offering personalised, non-clinical lifestyle guidance through its AI wellness coach and acting as the consumer front door to the Company's clinical and pharmacy services.

Through its wholly owned subsidiary MedPal Limited, the Company operates a 24/7 AI-powered automated pharmacy distribution centre, providing nationwide NHS and private prescription services. The facility leverages BD Rowa VMAX robotic dispensing technology integrated with AI triage to deliver rapid, cost-effective medication fulfilment with same-day and next-day delivery capabilities.

MedPal AI has a partnership agreement with Epassi UK Limited, which will, for a limited time, grant exclusive, zero-cost access to the MedPal AI app across Epassi's network of 11M+ employees at major firms. The Company's LEI is 984500EDP8B0A14CBA61.

Forward Looking Statements

This announcement contains forward-looking statements, which are based on the Company's current expectations, intentions and projections regarding its future performance, anticipated events or trends and other matters that are not historical facts. Forward-looking statements are often identified by words such as "believes", "expects", "intends", "may", "will", "should", "could", "plans", "targets", "aims" or similar expressions. Such statements are subject to risks, assumptions and uncertainties and actual results, performance or events may differ materially from those expressed or implied by them. The Company undertakes no obligation to update any forward-looking statements, except as required by applicable law, the AIM Rules for Companies, the UK Market Abuse Regulation or other applicable regulation.

 

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