Take Ltd Management Discussions

This Management Discussion and Analysis ("MD&A") should be read together with the audited financial statements of TAKE Limited ("TAKE", "the Company") and the notes thereto for the financial year ended 31st March 2026 ("FY26"). Statements in this section that describe the Companys objectives, plans, expectations, estimates or projections may be forward-looking within the meaning of applicable securities laws. Such statements are subject to known and unknown risks and uncertainties, and actual results could differ materially from those expressed or implied. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

A. Industry Overview

The global healthcare industry continues to undergo a structural transformation, moving away from episodic, hospital-centric treatment toward continuous, data-enabled and preventive models of care. This shift is being driven by three converging forces: the maturation of artificial intelligence as a practical clinical and operational tool, the proliferation of consumer-facing digital health devices and applications, and rising demand from both governments and payors for cost-efficient, scalable healthcare delivery models.

Artificial intelligence in healthcare has moved from a research theme to a commercially deployable capability across diagnostics, clinical decision support, drug discovery, hospital operations, and patient engagement. Industry estimates place the global AI-in-healthcare opportunity at over USD 180 billion by 2030, reflecting the pace at which providers, payors and life sciences companies are embedding machine learning and generative AI into core workflows. Within this broader theme, the digital health market, encompassing telemedicine, remote patient monitoring, digital therapeutics, and health data platforms, is expanding rapidly as smartphone penetration and wearable adoption make continuous health tracking commercially viable at scale.

Preventive healthcare has emerged as a distinct and fast-growing category in its own right. As chronic, lifestyle-linked conditions account for a rising share of global disease burden and mortality, health systems are re-orienting investment away from purely curative care toward early detection, risk scoring and behavioral intervention. This is complemented by the broader health and wellness industry, which has expanded beyond fitness and nutrition into structured, science-backed offerings spanning metabolic health, sleep, cognition and biological ageing.

A related and increasingly investable sub-segment is the longevity and anti-ageing industry The global longevity market was valued at approximately USD 27.6 billion in 2025 and is projected to grow to approximately USD 67.0 billion by 2035, implying a compound annual growth rate of around 9.4%. Growth in this category is being driven by rising consumer awareness of biological versus chronological age, increasing disposable incomes among health-conscious demographics, and a growing body of clinical and consumer science around nutraceuticals, biohacking tools, and predictive digital diagnostics.

Underpinning all of these trends is the accelerating pace of digital transformation and AI adoption across the healthcare value chain, from diagnostics and pathology automation to hospital workflow management and clinical trial optimization. Healthcare providers globally are increasing technology spend as a share of operating budgets, creating durable demand for platforms that can be deployed with low friction and demonstrable return on investment.

Indias healthcare sector outlook remains particularly constructive within this global context. The domestic healthcare sector is estimated at approximately USD 370 billion, with the preventive healthcare segment alone projected to reach approximately USD 197 billion by 2030. This growth is supported by rising life expectancy, an expanding middle class, increasing awareness of lifestyle disease risk, and a policy environment that is actively encouraging the use of artificial intelligence as a tool for inclusive, affordable healthcare delivery.

B. Global Economic Overview

The global economy demonstrated resilience during 2025 despite persistent geopolitical tensions, supply chain realignments, elevated sovereign debt levels, and ongoing inflationary pressures across several major economies. According to the International Monetary Fund (IMF), global economic growth is estimated at approximately 3.3% in 2025, supported by moderating inflation, improving labor market conditions, and gradual easing of monetary policies in key developed economies.

While traditional sectors experienced mixed growth trends, technology remained one of the strongest drivers of global investment activity. Artificial Intelligence (AI) emerged as a transformative force across industries, attracting significant capital expenditure from enterprises, governments, and institutional investors. Global spending on AI is projected to exceed USD 630 billion by 2028, reflecting the increasing adoption of intelligent automation, data analytics, and AI-powered decision-making systems across industries.

The healthcare sector continued to exhibit structural resilience, supported by demographic trends, rising healthcare expenditure, increasing prevalence of chronic diseases, and growing demand for preventive healthcare solutions. Global healthcare expenditure is estimated to exceed USD 11 trillion annually, representing approximately 10% of global GDP, making healthcare one of the worlds largest and most critical industries.

A notable trend shaping the future of healthcare is the convergence of healthcare, biotechnology, and artificial intelligence. The global AI in Healthcare market is expected to grow from approximately USD 32 billion in 2025 to over USD 180 billion by 2030, driven by adoption across diagnostics, clinical decision support systems, predictive analytics, drug discovery, and personalized medicine.

Similarly, the global digital health market is expected to surpass USD 1 trillion by 2030, supported by increasing adoption of telemedicine, remote monitoring, wearable technologies, and AI-powered healthcare platforms. The longevity and healthy-aging sector has also emerged as a significant investment theme. The global longevity market was valued at approximately USD 27.6 billion in 2025 and is projected to reach USD 67 billion by 2035, reflecting increasing consumer focus on extending healthspan, improving quality of life, and preventing age-related diseases.

Against this backdrop, organizations possessing expertise at the intersection of healthcare, life sciences, artificial intelligence, and digital technologies are increasingly positioned to benefit from long-term structural growth opportunities. TAKE believes its strategic focus on AI-driven healthcare platforms, preventive healthcare ecosystems, digital health infrastructure, and innovation-led healthcare solutions aligns well with these global growth trends.

C. Indian Economic Overview

India continued to reinforce its position as one of the fastest-growing major economies globally during FY2025-26. According to estimates by the International Monetary Fund (IMF), the Indian economy is expected to grow by approximately 6.2%-6.5%, significantly outperforming most developed and emerging economies. Indias growth continues to be supported by strong domestic consumption, expanding manufacturing activity, government infrastructure investments, rising formalization of the economy, and rapid digital adoption. The countrys nominal GDP is estimated to exceed USD 4.3 trillion, positioning India among the worlds largest economies and strengthening its long-term growth outlook.

Indias digital economy has emerged as a major growth engine and is projected to contribute approximately 20% of GDP by 2030, compared to around 12-14% currently. The country has more than 600 million smartphone users and over 950 million internet subscribers, creating one of the worlds largest digital consumer ecosystems. Healthcare remains one of Indias most significant long-term growth opportunities. The Indian healthcare market is estimated to reach approximately USD 370 billion by 2030, driven by increasing healthcare awareness, rising incomes, urbanization, ageing demographics, and growing incidence of lifestyle-related diseases.

The preventive healthcare segment is witnessing particularly strong momentum and is expected to exceed USD 197 billion by 2030. Rising prevalence of diabetes, cardiovascular disorders, obesity, sleep disorders, and metabolic conditions is encouraging consumers to adopt preventive healthcare solutions focused on early detection, continuous monitoring, and personalized wellness management.

The Indian diagnostics industry is currently valued at approximately USD 13 billion and continues to grow at a high single-digit to double-digit rate, supported by increasing health awareness and growing demand for diagnostic services. Despite improvements in healthcare infrastructure, approximately 62% of healthcare expenditure in India remains out-of-pocket, highlighting the need for affordable, technology- enabled healthcare delivery models capable of reducing healthcare costs through early intervention and preventive care. Government policy continues to play a critical role in accelerating digital transformation across the healthcare ecosystem. Initiatives such as the IndiaAI Mission, Digital India, Ayushman Bharat, and the National Digital Health Mission are creating a strong foundation for AI-driven healthcare innovation.

Indias commitment to artificial intelligence was further highlighted during the India AI Impact Summit 2026, held under the theme "Sarvajana Hitaya, Sarvajana Sukhaya" (Welfare and Happiness for All), which emphasized the role of AI in enabling inclusive development across sectors including healthcare, education, agriculture, and public services.

The Governments focus on building scalable digital public infrastructure and democratizing access to technology is expected to accelerate adoption of AI-enabled healthcare platforms, preventive healthcare solutions, and digital health ecosystems. This creates a supportive operating environment for companies such as TAKE that are investing in AI-driven healthcare infrastructure, digital health platforms, preventive healthcare technologies, and innovation-led healthcare solutions.

D. Company Overview

TAKE Limited is a global, domain-intensive technology company that has historically delivered solutions and services to the life sciences and supply chain industries, built on deep regulatory, clinical, and operational domain expertise. Over its operating history, the Company has developed capabilities in building scalable digital platforms and data-driven solutions that help enterprises improve efficiency, compliance, and decision-making.

FY26 marked a defining year in the Companys evolution. Building on its foundational strengths in life sciences domain knowledge, regulatory execution, and technology platform development, TAKE undertook a deliberate strategic pivot toward artificial intelligence-led healthcare and consumer wellness. This transformation was not opportunistic but grounded in the Companys existing capabilities: its regulatory and clinical trial experience in life sciences translates directly into credibility and execution capability in AI- driven diagnostics, preventive healthcare and longevity science, while its legacy expertise in building scalable enterprise platforms underpins the technology architecture of its new healthcare initiatives.

During the year, the Company articulated and began executing a coherent strategy built around five pillars: (i) a consumer-facing AI health platform in Take.Health; (ii) enterprise healthcare infrastructure through a Unified AI Platform aligned with national policy priorities; (iii) decentralized physical healthcare access through the One Minute Clinic initiative; (iv) a dedicated Innovation Fund to participate in the broader AI, deep tech and digital health startup ecosystem; and (v) an entry into the longevity and anti-ageing consumer category. Together, these initiatives mark the Companys transition from a life sciences and supply chain technology services provider toward a diversified, AI-driven healthcare and wellness platform company.

E. Business Transformation and Strategic Initiatives

The initiatives undertaken during FY26 were not independent announcements but interlocking components of a single transformation thesis: that the convergence of artificial intelligence, healthcare data and consumer wellness represents one of the most significant value-creation opportunities available to a technology company with TAKE domain heritage. Each initiative is discussed below, along with its strategic rationale and expected contribution to the Companys medium-term positioning.

1. Launch of Take Health

In March 2026, the Company launched Take.Health (www.take.health), a unified, Al-driven health companion designed to convert eveiyday lifestyle and medical data into actionable, personalized health intelligence. The platform targets both the consumer (retail) segment and the enterprise (workplace wellness) segment, with the intent of building scalable, recurring revenue streams across both.

Take.Healths core capabilities include Al-powered lab report analysis that converts complex medical reports into accessible insights, a dynamic health dashboard tracking parameters such as cholesterol and blood sugar, predictive risk identification for early detection of potential health issues, personalized nutrition and calorie management, condition-specific support such as diabetes tracking, and integrated activity and sleep tracking. The platform is built on a technology-first, asset-light model intended to enable scalability across geographies while preserving operating leverage.

Strategically, Take.Health represents the Companys entry point into the preventive healthcare ecosystem and the foundation of a broader data-driven healthcare model. Beyond its direct subscription and data-led revenue potential, the platform is designed to build a rich, anonymized dataset on real-world lifestyle patterns over time, an asset that can inform product development, partnership opportunities and, prospectively, population health insights for institutional stakeholders. The Company views sustained user engagement, rather than one-time adoption, as the primary driver of long-term platform value, and has accordingly prioritized features that encourage continuous monitoring and repeat interaction.

2. Unified AI Healthcare Platform

In February 2026, against the backdrop of the India AI Impact Summit in New Delhi, the Company announced its strategic plan to develop a comprehensive Unified AI Platform intended to function as a one- stop digital infrastructure layer for hospitals, diagnostic laboratories, clinical trial organizations and clinics to adopt and deploy artificial intelligence solutions.

The platform is conceived as a Healthcare AI Marketplace and Integration Layer, designed to allow healthcare providers across both urban centers and underserved communities to access, deploy and manage a range of AI-powered applications through a single, unified integration, thereby reducing the technology adoption barriers, implementation complexity and upfront investment that have historically constrained AI uptake among smaller and mid-sized providers. Planned use cases span diagnostics and pathology automation, clinical decision support, hospital workflow automation, clinical trial optimization and patient data intelligence, and preventive healthcare scaling.

The initiative is explicitly aligned with the Government of Indias IndiaAI Mission and its objective of building scalable digital public infrastructure for healthcare delivery. For TAKE, the strategic rationale extends beyond alignment with public policy: by offering an integrated AI marketplace rather than point solutions, the Company aims to onboard a large base of healthcare providers and generate scalable, recurring platform revenues, while positioning itself as core infrastructure within Indias evolving AI-healthcare ecosystem rather than a single-application vendor.

3. One Minute Clinic Initiative

In February 2026, the Company announced its plans to set up "One Minute Clinic," an AI-enabled smart diagnostic and preventive healthcare unit intended to build a scalable presence in Indias preventive healthcare market. The planned initiative is designed to support Indias transition from hospital-centric care to community-based preventive healthcare, and the Company intends to import fully integrated smart health units to accelerate deployment timelines.

The rationale for this initiative rests on well-documented gaps in Indias preventive healthcare access: despite a large and growing diagnostics industry, access to convenient and affordable preventive screening remains limited outside major hospital networks, even as a meaningful share of the adult population shows early signs of metabolic and cardiovascular risk. The compact, AI-powered One Minute Clinic units are designed to deliver rapid, self-service preventive screenings, including AI-assisted measurement of vital health parameters, instant digital health reports, early risk detection for lifestyle diseases, and integrated pathways for teleconsultation and diagnostic follow-up.

Given Indias population scale and density, the Company believes the model has significant multi-location deployment potential over the long term, with even a measured rollout across residential clusters, workplaces and organized public spaces capable of supporting a large volume of preventive screenings annually. If executed as planned, the initiative is expected to contribute to earlier detection of chronic disease risk, reduced long-term out-of-pocket healthcare spending for consumers, and the generation of data-driven population health insights that reinforce the Companys broader digital health ecosystem. It should be noted that this initiative remains at a planning and early deployment stage, and its ultimate scale and financial contribution will depend on execution across regulatory, logistics and go-to-market dimensions.

4. Anthropic Claude AI Integration

In February 2026, the Company announced the integration of advanced artificial intelligence capabilities powered by Anthropics Claude across its technology stack. This integration is intended to strengthen the Companys upcoming platforms, including Take.Health, the Unified AI Marketplace, and the One Minute Clinic model, as these platforms are designed to transition healthcare delivery from a reactive treatment model toward a predictive and preventive care ecosystem.

The stated objectives of embedding advanced AI capabilities across the Companys platforms include enhancing clinical decision intelligence through faster and more accurate data analysis, improving productivity across healthcare workflows and patient engagement, delivering more highly personalized health insights and preventive care recommendations, and enabling more seamless integration of third- party AI applications through the Unified AI Marketplace. From an operational standpoint, the integration is intended to strengthen the platforms ability to process complex medical, clinical, and operational data securely and at scale, supporting the Companys broader efficiency and scalability objectives as its healthcare platforms grow in usage.

5. Innovation Fund

In April 2026, the Company launched an Innovation Fund with an initial corpus commitment of Rs. 50 million (Rs. 5 crore), aimed at identifying, investing in and scaling high-potential startups operating at the convergence of artificial intelligence, deep technology and the health and wellness sector. The Fund is intended to focus on early- and growth-stage companies leveraging data, AI and scientific innovation to transform healthcare delivery, diagnostics and human health outcomes.

The Funds investment thesis is anchored in the view that the convergence of biology and technology will drive the next wave of global value creation, with chronic diseases accounting for a substantial share of global mortality and a corresponding need to extend "healthspan" through AI-led diagnostics, predictive analytics, precision medicine and digital therapeutics. Deployment is planned across four segments: AI and Data Intelligence (AI-driven diagnostics, predictive analytics and scalable SaaS solutions), Longevity and Bio-Convergence (genomics, cellular health and age-reversal technologies), Digital Health Platforms (remote monitoring, wearables and real-time health data ecosystems), and Technology Infrastructure (platforms enhancing efficiency, compliance and scalability across knowledge-led industries).

Beyond capital, the Fund is intended to offer portfolio companies access to the Companys global ecosystem, including domain expertise in life sciences and supply chain management, institutional relationships across clinical and regulatory networks, and established go-to-market channels support that is intended to accelerate commercialization and reduce time-to-market for portfolio companies. Strategically, the Innovation Fund serves two purposes for TAKE: it provides early visibility into, and potential participation in, emerging technologies and business models adjacent to the Companys core platforms, and it reinforces the Companys positioning as an active participant rather than a passive observer in the AI-and-healthcare startup ecosystem.

6. Longevity & Anti-Aging Business

In April 2026, the Company announced its strategic entry into the longevity and anti-ageing market in India, designed to leverage its established expertise in clinical research, life sciences and regulatory processes to build a scalable platform across consumer health products and digital wellness solutions. The entry strategy is centered on a dual model combining product innovation, science-backed nutraceuticals, and biohacking- focused products with technology-enabled health solutions, including predictive digital tools to help consumers track and optimize metabolic health, sleep, cognition, and biological ageing.

The category presents an attractive combination of secular growth and favorable unit economics. Within India specifically, the anti-ageing supplements market is projected to grow from approximately USD 168.6 million in 2025 to approximately USD 341.4 million by 2033, a CAGR of approximately 9.5%, while the antiageing services market was valued at approximately USD 567.5 million in 2024 and is projected to reach approximately USD 1,059.6 million by 2035, a CAGR of approximately 5.8%. These trends are supported by rising consumer awareness, an increasing lifestyle disease burden, and stronger demand for proactive health management among Indias growing health-conscious consumer base.

Management believes the Companys existing capabilities in healthcare operations, regulatory support, and life sciences can be extended into this category to accelerate development, validation, and commercialization of new offerings, with the objective of building a diversified, long-term revenue mix across consumer products, services, and digital platforms that is both scalable and clinically credible.

F. Business Outlook

TAKE enters the coming financial year with a materially reshaped business mix and a coherent strategic thesis centered on AI-led healthcare transformation. The Companys outlook is anchored in five interrelated growth drivers.

• Healthcare digitization and AI-led transformation: continued investment in the Unified AI Platform is expected to position the Company as enabling infrastructure for healthcare providers seeking to adopt AI without significant upfront capital commitment.

• Preventive healthcare adoption: the planned One Minute Clinic rollout, if executed as envisaged, offers a pathway to decentralized, high-frequency touchpoints with consumers across India, supporting both screening volumes and downstream platform engagement.

• Wellness and longevity opportunities: the Companys entry into longevity and anti-ageing products and services is expected to diversify revenue toward higher-margin, repeat-purchase consumer categories.

• Data-driven healthcare ecosystems: as Take.Health and the Unified AI Platform scale in usage, the Company expects to build a proprietary data intelligence layer that can support recurring, subscription and data-led revenue streams over time.

• Innovation-led growth: the Innovation Fund is expected to provide the Company with early access to complementary technologies and business models, supporting long-term strategic optionality beyond organically built platforms.

Taken together, management believes these initiatives position the Company to participate in Indias structural shift toward preventive, technology-enabled healthcare, while diversifying the Companys revenue base across enterprise platform, consumer subscription, and consumer product lines. The pace and scale of revenue realization from several of these initiatives, particularly One Minute Clinic and the longevity business, will depend on execution, regulatory approvals, and market adoption, and should be viewed as medium-to-long-term opportunities rather than near-term revenue contributors.

G. Financial Performance Review

FY26 represented a significant operational turnaround for TAKE, with the Companys newly launched AI- driven healthcare and digital wellness initiatives beginning to translate into revenue generation for the first time.

On a consolidated basis, the Company reported Total Income of Rs. 6,087.26 lakhs for FY26, compared to Rs. 1,021.90 lakhs in FY25, representing growth of approximately 495.68% year-on-year. Revenue from Operations stood at Rs. 5,418.53 lakhs, compared to nil operational revenue in the previous financial year, marking the commencement of a new operational growth phase for the Company. Profit from Continuing

Operations increased to Rs. 425.61 lakhs during FY26, compared to Rs. 73.80 lakhs in FY25, an increase of approximately 476.71%, supported by improving operational execution, cost optimization measures and focused business restructuring initiatives. The Company reported consolidated Net Profit of Rs. 1,084.91 lakhs for FY26, with earnings per share of Rs. 0.74.

Quarterly performance reflected a marked acceleration through the year. Consolidated Total Income for the fourth quarter of FY26 stood at Rs. 5,937.02 lakhs, compared to Rs. 169.60 lakhs in the corresponding quarter of the previous year, and compared to Rs. 146.14 lakhs in the third quarter of FY26, a sequential increase of approximately 3,962.6%. Consolidated Net Profit for the fourth quarter stood at Rs. 435.99 lakhs, compared to a net loss in the corresponding quarter of the previous year, and compared to Rs. 110.91 lakhs in the preceding quarter, an increase of approximately 293.1% quarter-on-quarter. This pattern indicates that the Companys newly launched initiatives began contributing meaningfully to revenue and profitability predominantly in the final quarter of the financial year, and that the full-year results should be read with this back-loaded contribution in mind when assessing run-rate performance.

On a standalone basis, the Company reported Total Income of Rs. 661.75 lakhs during FY26, with standalone Net Profit of Rs. 271.91 lakhs, compared to a net loss of Rs. 6,973.56 lakhs in FY25, reflecting a significant recovery in the Companys standalone financial position following the prior years losses. Standalone Total Income for the fourth quarter stood at Rs. 518.49 lakhs, with standalone Net Profit of Rs. 439.18 lakhs, compared to Rs. 477.70 lakhs in the corresponding quarter of FY25. Sequentially, standalone Total Income increased from Rs. 146.14 lakhs in the third quarter to Rs. 518.49 lakhs in the fourth quarter, a growth of approximately 255%, while standalone Net Profit increased from Rs. 110.96 lakhs to Rs. 439.18 lakhs over the same period, an increase of approximately 296%.

From a key ratio perspective, consolidated Net Profit margin for FY26 stood at approximately 17.8% of Total Income, while Profit from Continuing Operations represented approximately 7.0% of Total Income, reflecting a business still in the early stages of operating leverage as new platforms scale. Consolidated EPS of Rs. 0.74 for FY26 compares against a loss-making prior year and should be read in the context of the sharply back-loaded nature of quarterly performance described above, rather than as a stable, annualized run-rate. Investors and readers of these financial statements should note that FY26 was the first full year in which the Companys new AI-healthcare initiatives generated operating revenue, and that historical comparisons across FY25 and FY26 accordingly reflect a business in transition rather than like-for-like continuity of operations.

H. Opportunities

The Company believes it is positioned to participate in several large and structurally growing opportunities:

• AI in healthcare: a global market opportunity expected to exceed USD 180 billion by 2030, with Indias own healthcare sector estimated at approximately USD 370 billion and preventive healthcare at approximately USD 197 billion.

• Digital health platforms: rising smartphone and digital adoption in India, with over 600 million smartphone users, supports rapid scaling of consumer-facing platforms such as Take.Health.

• Preventive healthcare: significant under-penetration of affordable, convenient screening outside major hospital networks creates a large addressable opportunity for decentralized models such as One Minute Clinic.

• Healthcare analytics and data intelligence: the ability to build proprietary, anonymized datasets across lifestyle and clinical parameters offers potential for differentiated, data-led products and partnerships over time.

• Longevity market: a global category growing at approximately 9.4% CAGR, with India-specific antiageing supplements and services sub-segments each exhibiting strong secular growth.

• Strategic investments: the Innovation Fund provides structured exposure to adjacent, high-growth startups across AI, deep tech and digital health.

• Innovation ecosystem participation: partnerships such as the integration of Anthropics Claude AI capabilities strengthen the Companys technology stack and support faster, more capital-efficient platform development.

I. Risks and Concerns

The Companys transformation into an AI-driven healthcare and wellness platform business introduces a distinct risk profile that differs from its legacy operations, and the Board and management have sought to identify these risks explicitly as part of ongoing governance and oversight.

• Technology risks: the Companys platforms depend on the continued availability, performance and reliability of third-party AI infrastructure, including its integration with Anthropics Claude, and any disruption, cost escalation or change in terms of such partnerships could affect platform performance or economics.

• Regulatory risks: healthcare, diagnostics, digital health and nutraceutical businesses in India operate under evolving regulatory regimes; changes in data protection, medical device, diagnostics or health-claims regulation could affect the pace or cost of rollout of initiatives such as One Minute Clinic and the longevity business.

• Healthcare compliance risks: as the Company moves into direct-to-consumer diagnostics and health products, it will need to build and maintain robust clinical, quality and compliance frameworks appropriate to regulated health offerings.

• Data privacy and cybersecurity risks: platforms such as Take. Health and the Unified AI Platform will process sensitive personal and medical data; any data breach, unauthorized access, or noncompliance with applicable data protection requirements could result in reputational, financial, or legal exposure.

• Competition risks: the Company is entering categories AI-enabled diagnostics, digital health, longevity and wellness that are attracting significant capital and competitive intensity from both established healthcare players and well-funded startups, which could affect pricing, customer acquisition costs and market share.

• Talent acquisition risks: execution of the Companys AI and healthcare strategy requires specialized technical, clinical and regulatory talent in a competitive hiring environment.

• Execution risks: several of the Companys key initiatives, including One Minute Clinic and the Unified AI Platform, remain at early or planning stages; the ultimate scale, timeline and financial contribution of these initiatives will depend on the Companys ability to execute across product development, partnerships, regulatory approval and go-to-market functions.

• Market adoption risks: the pace at which healthcare providers and consumers adopt new AI-enabled platforms and preventive healthcare models is inherently uncertain, and slower-than-expected adoption could delay the revenue contribution anticipated from these initiatives.

The Company seeks to mitigate these risks through phased rollout of new initiatives, continued investment in compliance and data security infrastructure, diversification across multiple platforms and revenue streams, and disciplined capital allocation, including through the structured, portfolio-based approach adopted for the Innovation Fund.

J. Internal Control Systems and Their Adequacy

The Company maintains an internal control framework designed to be commensurate with the size, scale and complexity of its operations, and to provide reasonable assurance regarding the reliability of financial reporting, the safeguarding of assets, and compliance with applicable laws and regulations.

The framework encompasses documented policies and procedures across key operating and financial processes, a structured approvals and authorization matrix, and periodic internal audit coverage designed to test the design and operating effectiveness of controls. The Audit Committee of the Board reviews internal audit findings, significant accounting policies and areas of judgement, and monitors the implementation of corrective actions arising from internal and statutory audits.

As the Company has expanded into new business lines during FY26, including consumer digital health, planned diagnostic services and consumer wellness products, management has correspondingly extended its risk management framework to cover emerging risk areas specific to these businesses, including data privacy and platform security, third-party AI vendor governance, and regulatory compliance applicable to diagnostics and health-related consumer products. The Company continues to strengthen its governance mechanisms and compliance systems in line with the scale and nature of its evolving operations, and the Board continues to oversee this process as the newer businesses mature from planning and pilot stages toward broader deployment.

K. Human Resources

The Companys strategic transformation during FY26 has placed renewed emphasis on building and retaining talent capable of executing across artificial intelligence, healthcare, data science, and consumer product domains, a materially different talent mix from the Companys traditional life sciences and supply chain technology services base.

Talent development efforts during the year have focused on building internal capability in AI platform development, healthcare data analytics, and regulatory affairs relevant to the Companys new business lines, complemented by selective external hiring in specialized functions. The Company continues to invest in fostering an innovation-oriented culture, reflecting the entrepreneurial, fast-paced nature of the new platforms it is building, while seeking to retain the domain depth and execution discipline that has historically characterized its life sciences and supply chain businesses.

Employee engagement remains a priority as the Company integrates newer, technology-first teams supporting Take.

Health, the Unified AI Platform, and the Innovation Fund with its existing workforce. Management believes that building a genuinely technology-driven workforce comfortable operating across AI tooling, healthcare domain knowledge, and consumer product development will be a key determinant of the Companys ability to execute its multi-year transformation strategy.

L. Outlook and Future Strategy

Looking ahead, TAKE strategic priorities are centered on converting the platforms and initiatives launched during FY26 from early-stage announcements into scaled, revenue-generating businesses. The Companys AI-led healthcare vision rests on building an integrated digital health ecosystem in which Take.Health, the Unified AI Platform, and One Minute Clinic function as complementary, mutually reinforcing components: a consumer engagement layer, an enterprise infrastructure layer, and a physical access layer, respectively, all underpinned by a common AI and data foundation strengthened through the Companys technology partnership with Anthropic.

The Companys scalable platform strategy is deliberately asset-light where possible, prioritizing technology- first, high-margin business models that can be extended across geographies with limited incremental capital intensity. At the same time, management recognizes that certain initiatives, particularly One Minute Clinic and the longevity and anti-ageing product business, will require disciplined, phased capital deployment and rigorous milestone-based execution to translate planning-stage announcements into operating scale.

Over the medium to long term, the Companys roadmap for value creation is built around four pillars: deepening consumer engagement and monetization on Take.Health; expanding the provider base on the Unified AI Platform in alignment with national digital health infrastructure priorities; executing a measured, evidence-based rollout of the One Minute Clinic model; and building a diversified, higher-margin consumer revenue stream through the longevity and wellness business, supported where relevant by portfolio companies emerging from the Innovation Fund. Management believes that disciplined execution across these pillars, combined with continued investment in compliance, data security and talent, provides a credible pathway to sustainable, long-term shareholder value creation as the Company completes its transition into a diversified AI-driven healthcare and wellness platform company.

The Board and management remain mindful that FY26s results, while representing a meaningful operational turnaround, reflect the early stages of a multi-year strategic transformation. Several of the initiatives described in this MD&A, most notably One Minute Clinic and the longevity and anti-ageing business, remain at planning or early execution stages, and their eventual contribution to the Companys financial performance will depend on continued disciplined execution, regulatory clearances, and market adoption over the coming years. The Company intends to provide regular updates to shareholders on the progress of each initiative as it moves from announcement to operational scale, consistent with its disclosure obligations under applicable securities regulations.