July Trading Update

Group annualised recurring revenue run rate now over £8.6 million, up more than 70 per cent in two months, from a standing start of zero revenue nine months ago

MedPal AI plc (AIM: MPAL; FRA: Z1N), the AI-native digital health and pharmacy group, is pleased to provide a trading update for July 2026, the first month in which the Group's three revenue streams (NHS prescriptions, private prescriptions and SaaS software subscriptions) have all been in operation.

Highlights

• From zero to £8.6 million in nine months. The Group's dispensing operations started from zero in October 2025. The annualised run rate passed £5 million by 1 June 2026 and stands at approximately £8.6 million based on July 2026, growth achieved in just nine months from a standing start.
• NHS Prescriptions: record month. 47,223 NHS prescription items dispensed in July 2026, a new monthly record for the Group, up 11.8 per cent on the previous record of 42,250 items in May 2026, reported on 1 June 2026. The Group's NHS prescription operations are now trading at an annualised turnover run rate in excess of £5.5 million (1 June 2026: in excess of £5 million).
• Private Prescriptions: over £180,000 in July from only three weeks of marketing. New Health (new.co.uk), the Group's dedicated GLP-1 weight management clinic generated private prescription revenue annualised at over £2.2 million.
• SaaS revenue: approximately £0.843m annualised at an 82 per cent gross margin. eMARx (Solid State Technologies), acquired on 20 July 2026, generates established recurring monthly software subscription revenue from care homes and pharmacies.
• All revenue is repeat revenue. None of the Group's revenue streams is one-off in nature. NHS prescription revenues arise from repeat monthly prescriptions under long-term patient nominations, private prescription revenues arise from monthly repeat GLP-1 treatment plans and SaaS revenues arise from recurring monthly software subscriptions. The Board therefore regards the Group's revenue base as annualised recurring revenue.
• Cross-selling and upselling to accelerate growth further. The Group will cross-sell its NHS prescription service to New Health private patients, inviting them to nominate the Group's pharmacy for their everyday GP prescriptions, and will upsell the Group's wider services, including at-home blood testing, the MedPal Health OS app and Juno, its agentic AI health companion, across its entire client base. The Directors expect this to accelerate revenue growth even further, with each customer supporting multiple recurring revenue streams.

Final Settlement of eMARx acquisition

Further to the Company's announcement, on 20 July 2026, of the acquisition of eMARx, it is now anticipated that the completion accounts will be finalised by the end of August and the final consideration will be paid then. It is still expected that this will be approximately £94,000, to be settled 35 per cent in cash and 65 per cent through the issue of new ordinary shares.

Issue of Fee Shares

The Company has issued 928,570 new ordinary shares ("Fee Shares") in lieu of approximately £32,500 of cash in respect of advisory fees incurred by the Company. The Fee Shares have been valued at 3.5p per share.

The Fee Shares will, when issued, rank pari passu in all respects with the existing ordinary shares of the Company, including the right to receive all dividends and other distributions declared, made or paid after their date of issue.

Application will be made to the London Stock Exchange for the Fee Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and dealings in the Fee Shares will commence at 8.00 a.m. on 7 August 2026.

Following Admission, the Company's issued ordinary share capital will consist of 778,042,430 ordinary shares of £0.0002 each, with one voting right per share. No ordinary shares will be held in treasury. The total number of voting rights in the Company following Admission will therefore be 778,042,430, which figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

Chief Executive Officer's Commentary

Jason Drummond, Founder and Chief Executive Officer of MedPal, commented:

"We are delighted to report further growth in monthly revenues for the Group, which have gone from zero to £8.6 million of annualised revenue in nine months. July was a record month across all three of our revenue streams, and all of this represents repeat revenue: NHS prescriptions are renewed month after month, as are New Health treatment plans and eMARx software subscriptions. Nothing here is one-off.

"We commenced marketing of the New Health brand only three weeks ago and have further levers we intend to utilise; cross-selling NHS prescriptions to our private patients and upselling our wider services across the whole client base. Individual customers frequently generate multiple recurring revenue streams. We are just getting started."

The Directors of the Company are responsible for the contents of this announcement.