Monash Ivf Group Ltd · ASX:MVF
Monash Ivf — H1 2026 Earnings Presentation
32 slides from Monash Ivf's earnings presentation, Feb 26, 2026
Slide 1: 1H26 Results Presentation
Science. Safety. Success. 1H26 Results Presentation 26 February 2026
Slide 2: Disclaimer
Monash IVF Group | 1H26 Results Presentation Page 2 Disclaimer The presentation has been prepared by Monash IVF Group Limited (ACN 169 302 309 ) (“MVF”) (including its subsidiaries, affiliates and associated companies) and provides general background informationabout MVF’s activities as at the date
Slide 3: Dr Victoria Atkinson, Chief Executive Officer
Monash IVF Group | 1H26 Results Presentation Page 3 Dr Victoria Atkinson Chief Executive Officer
Slide 4: 71,296 Babies Born since 1991
Monash IVF Group | 1H26 Results Presentation Page 4 71,296 Babies Born since 1991 Outperforms National Success Rates 74% of these babies brought about the In all five publicly available YourIVFSuccess.com.au creation of entirely new families, while 26% Measures were welcomed into families as sibling
Slide 5: Positive Industry Fundamentals Support Future Growth
Monash IVF Group | 1H26 Results Presentation Page 5 Positive Industry F undamentals Support Future Growth Stable ARS Sector conditions during FY26 to January 2026, with return to growth anticipated in FY27 FY26 Outlook FY27 Outlook • Australian ARS Sector conditions in 2H26 are • Traditional and new
Slide 6: CEO Initial Observations
Monash IVF Group | 1H26 Results Presentation Page 6 CEO Initial Observations Safe, quality care and strong doctor partnershipshave ensured organisational resilience. Delivering exceptional care but uneven patient experience. Significant organic and margin growth opportunities in Australia and Asia.
Slide 7: CEO Priorities
Monash IVF Group | 1H26 Results Presentation Page 7 CEO Priorities Deliver Sustainable Organic Align Medical and Executive Renew Our Strategic Priorities Growth Leadership for Performance • Q4 Delivery and commissioning new • Amplified medical leadership • Reignite volume and margin growth clinical
Slide 8: Agenda
Monash IVF Group | 1H26 Results Presentation Page 8 Agenda 1. 1H26 Overview 2. 1H26 Financial Results 3. 1H26 Operational Updates 4. FY26 Outlook 5. Appendices i. 1H26 Earnings Reconciliation ii. Treatment Mix iii. Other
Slide 9: 1H26 Overview
Monash IVF Group | 1H26 Results Presentation Page 9 1H 26 Overview
Slide 10: 1H26 Financial and Operational Outcomes
Monash IVF Group | 1H26 Results Presentation Page 10 1H26 Financial and Operational Outcomes MonashIVF operations and financial performance now stable following heavy disruption in Q4FY25 and Q1FY26 1H26 Underlying 1H26 Underlying 1H26 Underlying FY26 Interim Fully 1H26 Revenue EBITDA (2) EBITDA (2)
Slide 11: ARS Sector Volumes – ARS Australia
Monash IVF Group | 1H26 Results Presentation Page 11 ARS Sector Volumes – ARS Australia S ome stability returned to the Australian ARS market in 1H26, with Stimulated Cycles declining marginally by 0.2% Australian Stimulated Cycles(1)bi-annual growth vs pcp Number of Australian Stimulated Cycles(1)h
Slide 12: 1H26 Market Share – ARS Australia
Monash IVF Group | 1H26 Results Presentation Page 12 1H26 Market Share – ARS Australia MVF Stimulated Cycles(1) market share decreased by 2.5% in 1H26 vs. 1H25 Stimulated Cycles 1H26 Volumes 1H26 Market Share • MVF Stimulated Cycles(1)decreased by 11.7% in 1H26 compared to pcp; • MVF Stimulated Cycl
Slide 13: 1H26 Financial Results
Monash IVF Group | 1H26 Results Presentation Page 13 1H26 Financial Results
Slide 14: 1H26 Profit & Loss Summary
Monash IVF Group | 1H26 Results Presentation Page 14 1H26 Profit & Loss Summary • 1H26 Underlying NPAT (1)(2)(3) of $10.4m, at the upper end of the November 2025 guidance; • Underlying EBITDA (1)(2) decreased by 15.3% to $30.2m, predominantlydue to: % Underlying ($m) 1H26 1H25 Domestic IVF (13.0%) c
Slide 15: 1H26 Revenue Analysis
Monash IVF Group | 1H26 Results Presentation Page 15 1H26 Revenue Analysis 1.8% or $2 .5m revenue decrease largely driven by industry softness and domestic IVF market share loss; partly offset by price growth, ernational Int and other revenue stream. 145 Domestic IVF business impacted by 1H26 market
Slide 16: 1H26 EBITDA Analysis
Monash IVF Group | 1H26 Results Presentation Page 16 1H26 EBITDA (1) Analysis EBITDA (1)decline across domestic IVF and Ultrasound businesses; weakness in domestic IVF industry and market share, and deferral dexation of in related IVF patient price increases in certain markets. 40 ( 3.2 ) ( 2.8 ) (
Slide 17: 1H26 Cashflow
Monash IVF Group | 1H26 Results Presentation Page 17 1H26 Cashflow • 1H26 positive movement in working capital due to NiPGT Class Action settlement in 1H25. 1H26 EBITDA conversion to pre-tax Cashflow ($m) 1H26 1H25 % change operating cash flows negatively impacted due to reduction in Reported EBITDA
Slide 18: 31 December 2025 Balance Sheet
Monash IVF Group | 1H26 Results Presentation Page 18 31 December 2025 Balance Sheet Balance Sheet ($m) 31 Dec 2025 30 Jun 2025 % Change Cash and cash equivalents 8.1 9.4 (13.6%) • Net leverage ratio is 2.0x as at 31 December 2025. NLR is Other current assets 35.8 32.3 11.0% expected to remain flat a
Slide 19: 1H26 Operational Updates
Monash IVF Group | 1H26 Results Presentation Page 19 1H26 Operational Updates
Slide 20: 1H26 Operational Updates: Domestic IVF
Monash IVF Group | 1H26 Results Presentation Page 20 1H26 Operational Updates: Domestic IVF • FertilitySpecialists retaineddespitethe challengesof last 12months– demonstrates theirloyalty,commitmentand alignmentto MonashIVF; Total # of Monash IVF Fertility Specialists (Australia) • Doctor value prop
Slide 21: Leading Science and Technology Driving Pregnancy Rates to >40%
Monash IVF Group | 1H26 Results Presentation Page 21 Leading Science and Technology Driving Pregnancy Rates to >40% Examples of current investments in innovative technology to 40.7% Clinical pregnancy rate per embryo transferred drive success rates and improve patient outcome (women aged <43 years)
Slide 22: Research and Development Supported by Strong Governance Framework
Monash IVF Group | 1H26 Results Presentation Page 22 Research and Development S upporte d by Strong G overnance F ramework Monash IVF has a pioneering history in research and development spanning 50+ years Research spans laboratory science, clinical practice, genetics Research and genetic counsellin
Slide 23: 1H26 Operational Updates: Diagnostics (Ultrasound)
Monash IVF Group | 1H26 Results Presentation Page 23 1H26 Operational Updates: Diagnostics Ultrasound • 1H26 scan volumes decreased by 3.1% on pcp; • Melbourne scans down by 1.1%, Sydney scans down by 4.1%; • Performance driven by competitive price pressures and sonographer capacity constraints; • D
Slide 24: 1H26 Operational Updates: Diagnostics (Genetics)
Monash IVF Group | 1H26 Results Presentation Page 24 1H26 Operational Updates: Diagnostics Genetics • Growth in PGT-M cycles suggests increased uptake of carrier screening may be starting to flow through to IVF cycles (with PGT -M): o PGT-M cycles were up by 26% in in 1H26 comparedpcp to o PGT-M fea
Slide 25: 1H26 Operational Updates: International IVF
Monash IVF Group | 1H26 Results Presentation Page 25 1H26 Operational Updates: International IVF Strategy tooptimiseexisting operations in Malaysia, Singapore and Indonesia: • Focused on greater collaboration and synergies across SE Asia clinics; • Gaining market share across key sites and positive
Slide 26: FY26 Outlook
Monash IVF Group | 1H26 Results Presentation Page 26 FY26 Outlook
Slide 27: FY26 Outlook
Monash IVF Group | 1H26 Results Presentation Page 27 FY26 Outlook The Company is expecting FY 26 Underlying NPAT(1) of $20.0m. This remains consistent with profitguidance announcedin November2025 • Capital expenditurefor the fullyear is anticipated to be $16-17m noting the completionof the new clini
Slide 28: Appendices
Monash IVF Group | 1H26 Results Presentation Page 28 Appendices
Slide 29: 1H26 Earnings Reconciliation
Monash IVF Group | 1H26 Results Presentation Page 29 1H26 Earnings Reconciliation Statutory earnings adjusted for certain non -regular items $m EBITDA (1) EBIT Non-cash 1H26 NPAT 1H25 NPAT Interest Reported Statutory 27.0 14.9 - 7.5 17.3 Commissioning costs 0.8 0.8 - 0.5 0.2 Class Action, Restructur
Slide 30: Treatment Mix
Monash IVF Group | 1H26 Results Presentation Page 30 Treatment Mix IVF Treatment numbers 1H26 1H25 % change Monash IVF Group– Australia Stimulated cycles(1) 5,163 5,850 -11.7% Cancelled cycles 438 562 -22.1% Frozen embryo transfers 4,760 4,815 -1.1% Total Australian Patient Treatments 10,361 11,227
Slide 31: Overview of Monash IVF Group
Monash IVF Group | 1H26 Results Presentation Page 31 Overview of Monash IVF Group Monash IVF Group is amarket leader in reproductive care Domestic IVF International IVF Ultrasound Genetics & Pathology 24 clinics & 4 services centres 4 clinics 17 clinics 1 GeneticsLaboratory (SA) 131Fertility Special
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