Slide 1: FY26 Half Year results
FY26 Half Year results February 2026
Slide 2: PRO MEDICUS (ASX:PME) – Visage Imaging
PRO MEDICUS (ASX:PME) – Visage Imaging Healthcare IT company specialising in Enterprise Imaging and Radiology Information System (RIS) software. Leading edge products, growing global presence. EU HQ/R&D Berlin GmbH U.S. HQ San Diego CA GROUP HQ Melbourne AUS
Slide 3: Pro Medicus (ASX:PME)
Pro Medicus (ASX:PME) VISAGE RIS VISAGE 7 Enterprise Imaging Platform 3
Slide 4: Results HY 2026
Results HY 2026 $124.8M $171.2M $90.7M 72.6% Revenue Profit after tax Underlying EBIT Underlying EBIT up 28.4 % up 230.9% up 29.7 % margins $221.8M $0.32 Cash & Company is Strong Interim dividend FF investments debt free balance sheet up 28.0% up 5.3%
Slide 5: Highlights - HY 2026
Highlights - HY 2026 • Record half • Seven new contracts totaling over A$280M (at minimums) • FMOL contract renewal worth A$20M • Large cardiology sale to UColorado (Full stack + 1) • Completed six cloud-based implementations • RSNA 2025 busiest to date • Significant progress with other “ologies” an
Slide 6: Highlights - HY26
Highlights - HY26 $170M/10 years New Contract & Cardiology Continues to grow JULY 2025 STRONGLY CURRENT $10M/5 years PIPELINE New Contract OCTOBER 2025 (RANT) New $44M/5 years Contract NOVEMBER 2025 x 3 3 New $29M TCV Contracts NOVEMBER 2025 $25M TCV Visage 7 Open Archive DECEMBER 2025
Slide 7: HY 2026 Revenue Split
HY 2026 Revenue Split 2 2 2 22 2 2 2 2 2 2 2 2 222 2 2 2 2 2 2 2 2 2 2 2 2
Slide 8: Operating Leverage
Operating Leverage • Highly scalable offering • No capex (HW or Cloud) – SW only model • Training & Installation – charged as professional services • Highly contained cost base • Margin continues to grow as footprint increases
Slide 9: Operational (Transaction) Model
Operational (Transaction) Model • Used in vast majority of US contracts • Delivered as SaaS model • Now used in RIS contracts in AUS • Model based on transaction minimums • Forward revenue > A$1,080M/5 years* • Upside as client examination volumes grow • Annuity style revenue stream – greater predic
Slide 10: Investment – 4DMedical (ASX:4DX)
Investment – 4DMedical (ASX:4DX) • $10M investment – hybrid debt and equity • 2-year term maturing 31 st July 2027 • Coupon rate of 12.5% PA • $20M payout if share price doubles • Equity component if share price more than doubles (> $0.48) • Unrealised gain of ~ $150M as of 31st Dec 2025
Slide 11: Largest footprint in AMC
Largest footprint in AMC 2025/2026 Top Hospitals (alphabetical order) Out of the top-rated U.S. hospitals (11 out of 20) use Visage 7 for PACS.
Slide 12: Increasing Footprint in the IDN Space
Increasing Footprint in the IDN Space • IDNs represent the largest segment of the market • IDN clients across broad spread of opportunities from large multi-state to smaller regional • Most recent IDN sales for more than one Visage product – many “full stack” • All recent IDN opportunities Cloud dep
Slide 13: Private Market
Private Market • Previously “dormant” due to increased M&A activity • RANT (ARM) $44M 5-year deal • Adds to $70M contracted in private market in FY25 • Confirms Visage platform suited to broad range of market segments • Opens more opportunities in this market space 13
Slide 14: VISAGE RIS
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Slide 15: Long term (5 year) contracts with Lumus and I-MED
• Long term (5 year) contracts with Lumus (Primary Healthcare) and I–MED, the 2 biggest radiology providers in AUS • Upside via client organic and M&A growth • Increased market interest – new opportunities • PME undisputed market leader
Slide 16: SPEED | FUNCTIONALITY | SCALABILITY
SPEED | FUNCTIONALITY | SCALABILITY
Slide 17: Massive Data Explosion
Massive Data Explosion • High density Multi-slice CT - 10,000+ images • HD Breast Tomosynthesis - 6 GB+ • Optoacoustic breast ultrasound - 10+ GB • Total Body PET Scan - 10+ GB • 7T MRI - much larger than 3T
Slide 18: Legacy Technology
Legacy Technology “Compress & Send” PACS MODALITIES RADIOLOGIST/CLINICIAN
Slide 19: Solution
Solution “Streaming Technology” MODALITIES RADIOLOGIST/CLINICIAN
Slide 20: University of Colorado Health
University of Colorado Health • $170M – 7-year deal, 2nd largest in company’s history • “Full Stack + 1” - Includes Visage 7 Cardiology offering • Highly respected hospital system based in Aurora Colorado • University of Colorado Hospital - AMC Medical school and research center for Colorado Univers
Slide 21: EU - Heidelberg University
EU - Heidelberg University • A$10M – 5-year deal • Top German medical school and teaching hospital • Affiliated German Cancer Research Institute largest cancer research centre in Europe • Increases PME footprint in Germany/Europe
Slide 22: Visage – Proven ROI
Visage – Proven ROI Significant IT & Unparalleled increase in Greater Clinical Accuracy Infrastructure Savings Radiologist Efficiency Improved Physician Delivers Superior Engagement Value Proposition
Slide 23: Fast Track Implementation
Fast Track Implementation • All implementations on or ahead of schedule • Fast track methodology continues to deliver • Large scale projects completed in under 20% the time of industry norm • Delivers huge savings for client • Frees PME staff for other jobs • Reduces barrier to change • Highly optim
Slide 24: Visage 7 Brings Relief – Burnout – the new epidemic?
Visage 7 Brings Relief – Burnout – the new epidemic? • Acute worldwide shortage of radiologists • Reduced intake of radiology residents – fears AI would take over • Larger datasets – more images to look at • Work life balance post COVID – work from home mandatory part of the mix • Many groups strugg
Slide 25: Clinical Outcomes – Moving the Needle
Clinical Outcomes – Moving the Needle
Slide 26: Growth Strategy
Growth Strategy New product offerings Transaction Extend to new growth from geographical existing clients markets Leverage R&D capability Expand footprint to introduce next – new clients generation products
Slide 27: North American – TAM
North American – TAM • 670 Million exams performed per annum in the US • Growing by ~ 2% to 3% per year • Visage able to address 100% of TAM from a product perspective • ~ 85% of TAM addressable from commercial perspective – “full stack”, Cloud • Current market penetration is > 10% and growing • Ver
Slide 28: North American Pipeline
North American Pipeline Pipeline Robust Opportunities Network Effect Prospects In terms of quality and Increased number of Further increased from recent Progressing through quantity of opportunities inbound RFPs high-profile wins in Tier 1academic various stages of the cycle IDN and Private markets
Slide 29: Visage 7 Open Archive
Visage 7 Open Archive • Same highly scalable Visage 7 platform • Interoperable – works in complex environments • Enables choice of modular or single vendor solutions • Visage 7 Open Archive integral part of “Full Stack” solution • Pipeline - most opportunities include Visage 7 Open Archive • Key com
Slide 30: Visage 7 Workflow
Visage 7 Workflow • Adds to Visage 7 Viewer and Open Archive modules • Based on over 30 years experience in Workflow SW • Allows PME to offer “full stack” solution • Integral part of Visage CloudPACS SaaS solution • Ability to interface with broad range of AI algorithms • Sold in majority of new con
Slide 31: Visage 7 CloudPACS
Visage 7 CloudPACS • Visage 7 – fully Cloud native • Same ultrafast performance as on-premise • Full Visage 7 functionality • Security and scale of the cloud • Suitable for all size implementations
Slide 32: Visage 7 CloudPACS
Visage 7 CloudPACS • Pipeline opportunities mandating Cloud deployment • Cloud vendor agnostic - large scale implementations in all three clouds - AWS, Azure and Google GCP • Significant strategic advantage over competitors
Slide 33: Visage 7 One Viewer - All Modalities
Visage 7 One Viewer - All Modalities • Single viewer for ALL images in the medical record (EMR) • Radiology/Cardiology/Pathology • Non-radiology– reflected light – hi-res photos & videos • Same code base as Visage 7 platform • Increases Visage value proposition • Growth opportunities within existing
Slide 34: Solution
VISAGE 7° STREAMING PLATFORM Solution O} one viewer™ FOR ALL ALL PHYSICIANS & CLINICIANS VISAGE IN THE CLOUD" ae ALL MODALITIES. ALL LOCATIONS. OQ} Visage’7 | Open Archive pro¢medicus
Slide 35: Visage | Cardiology
Visage 7 | Cardiology • Cloud-based Workflow and imaging solutions for Cardiology Imaging • Same code base as Visage 7 platform • Ultrafast, immediate access to massive Cardiology datasets • Advanced interoperability, - export measurements to Epic Cupid
Slide 36: Visage 7 | Digital Pathology
Visage 7 | Digital Pathology • Native support within the Visage 7 Enterprise Imaging Platform (WIP) • Fully Cloud-based (Visage 7 | CloudPACS) • Spatial computing support via Visage Ease VP for Apple Vision Pro (WIP) • Validation of IHE Digital Pathology Profile at the 2025 IHE-Europe Connectathon
Slide 37: AI – Disruptor or Not
AI – Disruptor or Not Software as a sinkhole “In the past few weeks, the AI platform known as Claude and owned by Anthropic has sent real intelligence into a spin. AI may revolutionise the way we live and work. But it could very well lay waste to business empires that themselves only recently overth
Slide 38: AI – Disruptor or Not
AI – Disruptor or Not • Capital light model – Software only no capex (data center) outlay • Proprietary, deeply technical, highly specialized, domain specific software • Visage solution – more than just software – systems and methods we have built around it • Healthcare highly regulated environment
Slide 39: AI – Disruptor or Not
AI – Disruptor or Not • Long term client contracts totaling > $1B over 5 years and growing • AI tools “focus on system design – rather than coding” • Use of AI tools optimized by Visage developers • In house capability to develop AI • AI predicted to allow “catchup” of backlog – not replace radiolog
Slide 40: Visage 7 | AI
Visage 7 | AI • Breast cancer detection algorithm co- developed with NYU - commercialisation pending FDA clearance • Investment in Elucid for Cardiac CT AI • Investment in 4DX – Lung AI • Research collaboration agreement with UCSF, a top AMC • Growing number of 3 rd party AI integrations
Slide 41: AI Research Leadership
AI Research Leadership Malte Westerhoff, PhD Detlev Stalling, PhD MingDe Lin, PhD Global Chief Technology Officer Head of Development Clinical Research Manager, North America
Slide 42: Visage Ease VP for Apple Vision Pro
Visage Ease VP for Apple Vision Pro “Underpins our belief that our technology is 18 to 24 months ahead of competitors, if not more.”
Slide 43: Visage Ease VP for Apple Vision Pro
Visage Ease VP for Apple Vision Pro Spotlight: Reimagining Radiology with Apple Vision Pro Apple Michigan Avenue Mon, December 16:00 p.m. – 7:00 p.m. Apple Michigan Avenue Discover how Apple Vision w ’ y. J Dr. Elias G. Kikano, Dr. Paul M. Murphy, and Dr. Andrew C. Gordon, along with Dr. Malte Weste
Slide 44: Spotlight: RSNA 2025
Spotlight: RSNA 2025 proémedicus — Visace Imacinc
Slide 45: RSNA 2025
VISAGE IMAGING © pro¢medicus
Slide 46: In Summary
In Summary • Most successful half in company’s history • Majority of sales – “full stack” • Proven implementation & support capability • Cloud – huge strategic advantage over competitors • Unparalleled value proposition both clinical and financial RoI • North American footprint and pipeline continue
Slide 47: Thank you.
| % prosmedicus — Visace IMAGING’ Thank you.