Announcement PDF © 2026 Doctor Care Anywhere 1 Doctor Care Anywhere Group PLC (ASX: DOC) (“Doctor Care Anywhere”, “DCA” or the “Company”) ARBN: 645 163 873 Strategy and Business Model Update Investor Primer: summary 23 October 2026 © 2026 Doctor Care Anywhere 2 What is DCA? A profitable UK virtual healthcare provider, reset since January 2025 Who pays: private medical insurers, employers and healthcare providers, and, since May 2026, consumers paying direct for weight- management treatment. 4 services GP, mental health, physiotherapy and health assessments, on DCA's own platform May 2026 GLP-1 weight management, sold direct to consumers CQC Regulated by the Care Quality Commission, which rates the service “Requires Improvement”, unchanged since October 2023. CDIs trade on the ASX as DOC Strategy and Business Model Update: Section 1.1 © 2026 Doctor Care Anywhere 3 The reset is working Profit, cash and diversification Cash at 30 June 2026 £7.7m Up 60% in a year. Free cash flow £1.5m in H1 FY26, more than doubled Subscription share, H1 FY26 10.8% From 7.1% in H1 FY25, driven by the weight- management business acquired in May 2026 Strategy and Business Model Update: Sections 1.2, 7A.1, 7A.4A, 7A.5 EBITDA, twelve months to 30 June 2026 £4.9m FY2025 £4.4m, or £5.3m underlying, from £0.1m underlying in FY2024 © 2026 Doctor Care Anywhere 4 What has changed since January 2025 New leadership has rebuilt the operating model When What January 2025 Laura O'Riordan joins as Chief Executive 2025 Mental health practitioners and physiotherapists added; clinical mix moved to 60:40 GP to ACP May 2026 Weight-management business bought for £0.85m H1 FY26 Ramsay Health Care UK partnership October 2026 Lisa Barter appointed permanent Chief Financial Officer The result: labour cost down 4.9% in H1 FY26 while revenue grew 6.3%. Strategy and Business Model Update: Sections 1.3, 6.3, 9.2 © 2026 Doctor Care Anywhere 5 The opportunity DCA holds about 0.6% of a £6.3bn UK telehealth market Three routes Direct to consumer. 2.4 million UK adults use GLP-1 medication; the NHS programme reaches about one in fifteen of those eligible Employers. Demand for private virtual GP appointments is accelerating (Mercer Marsh Benefits) Insurers. A large UK insurer added a second virtual GP provider in February 2026 Strategy and Business Model Update: Sections 1.4, 3 UK telehealth market £6.3bn DCA's estimate, drawing on Grand View Research Segment growth About 8% a year DCA's estimate for the employer-funded and self-pay virtual GP segment DCA revenue, FY2025 £38.0m About 0.6% of the market © 2026 Doctor Care Anywhere 6 Where demand comes from, and who competes for it NHS waiting lists create the demand. Other providers compete for it. Insurer Virtual GP delivery DCA's largest customer relationship DCA Bupa Its own group entity Vitality Livi, with HealthHero added in February 2026 Aviva Square Health WPA A third party, not named Four of the five use an outside provider: the market is occupied, not closed. People paying for weight-management treatment choose between online providers. Strategy and Business Model Update: Sections 3.4, 5.3 The demand signal 7.3 million people on NHS waiting lists. GP access has improved for two years, but more than four in ten patients still did not find it easy to reach their practice by phone in 2026, and self-pay admissions to private hospitals are at a record © 2026 Doctor Care Anywhere 7 How DCA makes money Two revenue lines on one clinical platform Around 93% of FY2025 revenue came from one insurer relationship. Strategy and Business Model Update: Sections 4, 7A.2 Utilisation revenue Paid per consultation, most of it under insurer agreements. DCA carries no underwriting risk £18.2m in H1 FY26 Subscription revenue Paid monthly or annually by employers and by people directly. Includes weight management £2.2m in H1 FY26, 10.8% of revenue © 2026 Doctor Care Anywhere 8 How to model DCA Five lines, every one a figure we report Line H1 FY26 Consultations 354,900 × Revenue per consultation £51.4 = Utilisation revenue £18.2m + Subscription revenue £2.2m = Revenue £20.4m × Contribution margin 42.0%, less overheads EBITDA £2.6m ± Working capital, less purchases of property, plant and equipment and of intangible assets Free cash flow £1.5m Strategy and Business Model Update: Section 7A.1 Free cash flow, as we define it Net cash from operating activities less purchases of property, plant and equipment and of intangible assets, before lease payments and financing flows. The £1.5m is after paying for the weight- management business. Once a year, cross-check Customer concentration × revenue ≈ utilisation revenue. Costs Cost of sales is mainly clinicians; overheads about £6.0m in the half; platform development of £1.2m capitalised, so it sits in free cash flow, not EBITDA. © 2026 Doctor Care Anywhere 9 The model at work: a result The half year to 30 June 2026, line by line Line H1 FY25 H1 FY26 What moved it Consultations 349,900 354,900 Up 1.4% Utilisation revenue £17.9m £18.2m Volume, at a steady revenue per consultation (£51.5 in FY25, £51.4 in H1 FY26) Subscription revenue £1.3m £2.2m Weight management: £0.9m in its first 54 days Revenue £19.2m £20.4m Up 6.3%; the existing business up 1.7% Contribution margin 41.0% 42.0% Labour hours and mix EBITDA £2.1m £2.6m Up 27.1% Free cash flow £0.7m £1.5m More than doubled Strategy and Business Model Update: Sections 7A.1, 7A.2, 7A.3, 7A.5, 8.3 © 2026 Doctor Care Anywhere 10 The model at work: three more announcements Each kind of announcement moves a different line Announcement Line it moves What it showed A new service: mental health practitioners and physiotherapists, 2025 Margin first, then volume Contribution margin 43.5% in FY2025 from 38.3%, both underlying, attributed to price, clinical mix and efficiency A new partner: Ramsay Health Care UK, H1 FY26 Names a new channel No revenue or volume yet. Will show in consultations and revenue An acquisition: weight management, May 2026 Subscription revenue, and cash £0.85m price from cash; £0.9m of revenue in 54 days at approximately breakeven Strategy and Business Model Update: Section 8.3 A result moves every line. A new service moves margin, then volume. A new partner names a channel. An acquisition adds one. © 2026 Doctor Care Anywhere 11 How to evaluate DCA Three numbers, eight levers Consultations, total revenue, subscription revenue and cash at bank are reported every quarter, and together give subscription share. Customer concentration is reported once a year. Strategy and Business Model Update: Sections 8, 8.1 Consultations Revenue Subscription share 1 2 3 4 Insurer volume Consultations Insurer price and mix Revenue per consultation A second insurer Revenue; concentration falling, once a year Employer subscriptions Subscription share 5 6 7 8 Weight management, direct to consumer Weight-management revenue; subscription share The provider channel Revenue Clinical mix Contribution margin Labour productivity Contribution margin © 2026 Doctor Care Anywhere 12 What you can expect from us The same figures, every quarter Figure Each quarter Each half year Each full year Consultations Yes Yes Yes Revenue Yes Yes Yes Subscription revenue, including weight management Yes Yes Yes Cash at period end, and what moved it Yes Yes Yes Weight-management revenue Yes Yes Free cash flow Yes Yes Contribution margin Yes Yes EBITDA, with underlying alongside where used Yes Yes Customer concentration Yes Strategy and Business Model Update: Section 9.5 And every announcement says which line of the model it moves A customer or partner: who pays, which revenue line, paid per consultation or by subscription A new service: who pays, and what it does to the clinical mix An acquisition: price and funding, the business's revenue and profitability, the line it joins Every announcement: a pointer to the Strategy and Business Model Update © 2026 Doctor Care Anywhere 13 Where DCA is going The Company's vision, and what would show it is off course Five areas of growth, in order: direct to consumer; employer benefits; insurers and corporates; NHS demand, a longer-term route; technology and clinical AI. For the vision to hold The figure that would show it is not Patients keep choosing the service Consultations falling Revenue broadens Subscription share flat or falling Weight management grows Weight-management revenue flat or falling Margin holds Contribution margin falling The business funds itself Free cash flow turning negative Strategy and Business Model Update: Sections 9.1, 9.3, 9.6 “DCA has built a trusted digital clinical infrastructure and distribution at scale, and can use that platform to keep people well, deliver rapid care, and add new pathways efficiently.” © 2026 Doctor Care Anywhere 14 Who runs it A new leadership team, with the founder on the board Role Who Background Chair John Stier Formerly Group CFO of Northgate Information Solutions and Equiniti Chief Executive Laura O'Riordan Formerly President of eMed Healthcare UK; joined January 2025 Chief Financial Officer Lisa Barter Formerly CFO of Totally plc for seven years Founder director David Ravech Co-founder of DCA; co-founder and Chair of Rapid Health Strategy and Business Model Update: Sections 1.5, 10 © 2026 Doctor Care Anywhere 15 Three Hard Facts Set out in full, so progress can be measured against them Strategy and Business Model Update: Sections 1.6, 2.3, 4.3, 5.3, 6.6, 6.7, 7A.5, 11.3, 11.3A The convertible notes £10.6m Interest-free, just over half held within that relationship. Full conversion would be about 38.7% of the enlarged capital The maturity 31 Dec 2027 The notes convert, are repaid, or a mix of the two; up to about £10.6m is repaid, against £7.7m of cash at 30 June 2026 Customer concentration 89% of H1 FY26 revenue from insurance, reducing from 93% in FY2025. Around 93% of FY2025 revenue came from a single insurer relationship, reported once a year Net debt at 30 June 2026: about £1.7m with the notes at carrying value, £3.1m at face value Also set out in full: the CQC rating of “Requires Improvement”, unchanged since October 2023; every insurer-scale virtual GP position occupied, so a new insurer means displacing an incumbent or being added as a second provider; the weight-management business's short record under DCA ownership © 2026 Doctor Care Anywhere 16 One set, updated every quarter • The full Strategy and Business Model Update: every lodged input, sourced, and the complete model. • The short version: the business and the model in six pages. • This presentation. All three are updated after every quarterly update, half-year and full-year result, so each announcement can be read against the same three numbers and the same model. https://investors.doctorcareanywhere.com/link/PlVARe Investor and media enquiries Matthew Pearson, Investor Relations, investorenquiries@doctorcareanywhere.com This presentation contains no new financial information. This document is provided for information only. It is not a prospectus or other offer document, and it is not an offer or invitation to subscribe for or buy any security in the Company. This document has been authorised for release by the Board of Doctor Care Anywhere Group PLC.