Nib Holdings Ltd · ASX:NHF
Nib — FY2026 Earnings Presentation
36 slides from Nib's earnings presentation, Aug 24, 2026
Slide 1: FY2026 Full Year Results
FY2026 Full Year Results 24 August 2026
Slide 2: Acknowledgement of Aboriginal and Torres Strait Islander peoples
nib acknowledges Aboriginal and Torres Strait Islander peoples as the First Australians and pays respect to Elders past and present across all the lands on which we operate. We acknowledge the rich and meaningful contribution they make to life and culture in Australia, and we aim to be a partner in
Slide 3: Disclaimer
Disclaimer The material in this presentation is a summary of the results of nib holdings limited (nib) for the 12 Whilst the forward-looking statements are based on current views, expectations and beliefs as at the date they months ended 30 June 2026 and/or its related bodies corporate (Group) and a
Slide 4: Results overview
Results overview Ed Close Chief Executive Officer & Managing Director
Slide 5: Our purpose
Our purpose Purpose: Your better health and wellbeing nib is a leader in private health insurance and support services across Australia Vision: and New Zealand, reshaping the industry through bold innovation, strategic disruption and trusted partnerships. We Protect our customers We Connect our by e
Slide 6: FY26 Highlights
FY26 Highlights Group UOP in guidance range ($257m-267m) and NPAT ahead of expectations Group UOP $260.9 million, up 9.1% supported by continued top line revenue growth and further reduced operating expense ratio. Balance sheet and cash flow strength, increased dividend payout ratio and special divi
Slide 7: Group performance metrics
Group performance metrics Group revenue1 Group UOP2 Net profit after tax Total persons covered $3.8b $260.9m $186.9m 1,952,948 ▲6.2% ▲9.1% ▲0.7% ▼5.9% 3.6 3.8 239.2 260.9 198.6 186.9 1,938,545 1,952,948 FY25 FY26 FY25 FY26 FY25 FY26 FY25 FY26 ROIC Full year dividend Operating Expense Ratio Gearing r
Slide 8: Australian residents portfolio performance
Australian residents portfolio performance Stable underlying margins managed in the 6 - 7% target range, supported by disciplined pricing, claims management and a further reduced management expense ratio. Go-to-market approach repositioning towards higher quality, sustainable long-term growth. PHI i
Slide 9: Positive momentum in adjacent businesses
Positive momentum in adjacent businesses Adjacent businesses lifted UOP to $86.1 million, up $41.9 million, and now contribute around one third of Group earnings, demonstrating the value of a more diversified earnings base and exposure to attractive adjacent growth markets. Adjacent businesses UOP (
Slide 10: Productivity, digital and AI delivering value
Productivity, digital and AI delivering value Productivity, digital and AI creating value Operating efficiency at record levels with further opportunity Cumulative productivity savings since FY24 Annual productivity savings $79m $18m $61m 7.4 4.7 6.4 4.6 6.0 4.7 5.3 4.6 Group operating expense ratio
Slide 11: Financial results
Financial results Nick Freeman Group Chief Financial Officer
Slide 12: Group financial performance
Group financial performance Financial performance ($m) FY26 FY25 Change Insurance revenue 3,685.7 3,461.4 ► UOP of $260.9m, up 9.1%, with all business segments positively ▲6.5% contributing. Other income 169.1 169.9 ▼0.5% Total income 3,854.8 3,631.3 ▲6.2% ► Continued top line revenue growth, Austra
Slide 13: Balance sheet provides capital management optionality
Balance sheet provides capital management optionality nib Group ($m) FY26 FY25 Change • Leverage and gearing ratios continue to improve driven by $71.8m Net tangible assets1 341.1 297.6 ▲14.6% reduction in debt, reflecting increased operating cash flow (with NZ Leverage ratio (debt/EBITDA)2 0.6x 0.8
Slide 14: Australian residents health insurance
Australian residents health insurance Financial performance ($m) FY26 FY25 Change Net margin within target range with focus on disciplined policyholder growth, claims management and expense productivity. Insurance revenue 3,012.7 2,832.6 ▲6.4% Insurance service costs (2,823.2) (2,622.3) • Revenue gr
Slide 15: Stable underlying net margins at 6.3%, in target range
Stable underlying net margins at 6.3%, in target range Reported and underlying margins 7.3% 6.3% 0.8% 6.3% 6.2% (1.0%) (0.1%) (0.1%) (0.3%) (0.4%) FY24 closing LIC balance was FY25 closing LIC was Pricing overstated with ~$10m impact. ~$11m impact. slightly understated as offsets claims benefit of h
Slide 16: Gross margin impacted by risk equalisation and offers
Gross margin impacted by risk equalisation and offers Reported and underlying margins 18.0% 17.0% 16.2% 16.1% (1.0%) (0.1%) (0.3%) (0.4%) (0.1%) FY24 closing LIC balance FY25 closing LIC was was overstated with benefit Pricing offsets claims inflation and mix impacts. slightly understated as of hind
Slide 17: Claims inflation moderating, despite risk equalisation impacts
Claims inflation moderating, despite risk equalisation impacts Improving claims inflation Risk equalisation impacted by gross deficit inflation Pre- 5yr • nib's claims inflation was well managed, Incl. NSW bed rate changes Gross deficit inflation FY25 FY26 moderating to 4.1% excl. NSW bed rate chang
Slide 18: International health insurance
International health insurance Financial performance ($m) FY26 FY25 Change A standout result with UOP growth of 15.1%, driven by Insurance revenue 236.9 220.5 ▲7.4% policyholder growth and stable claims inflation. Insurance service costs (197.5) (185.3) ▲6.6% • Revenue growth 7.4% driven by 4.4% pol
Slide 19: New Zealand
New Zealand Financial performance ($m) FY26 FY25 Change Strong turnaround delivered through deliberate pricing Insurance revenue 429.4 401.4 ▲7.0% and claims recovery actions. Insurance service costs (400.5) (403.7) ▼0.8% • UOP improved from -$2.9m to +$27.5m, reflecting pricing Incurred claims (280
Slide 20: New Zealand
New Zealand Pricing normalising as claims inflation moderates Claims recovery actions driving decrease in utilisation Insurance revenue (NZD) 20% FY25 $436.0m 25.5% 15% Premium increases Policyholder growth (6.7%) 12% Mix/Downgrading (5.5%) 10% 8% FY26 $493.9m Change ▲13.2% 5% 4% Significant 0% 40%
Slide 21: nib Health Services
nib Health Services Financial performance ($m) FY26 FY25 Change Positive momentum driving full year profitability as both Operating income 25.4 17.4 ▲46.0% Honeysuckle Health and ItsMyGroup grow relationships. Operating expenses (24.3) (23.2) ▲4.7% • Operating income increased 46.0% driven by transi
Slide 22: nib Thrive Plan Management
nib Thrive Plan Management Financial performance ($m) FY26 FY25 Change Business benefiting from Group capability, nib Thrive well Fee income 55.0 57.1 ▼3.7% positioned to respond to reforms and pursue growth. Operating expenses (38.7) (40.2) ▼3.7% Underlying operating profit (UOP) 16.3 16.9 ▼3.6% •
Slide 23: nib Travel
nib Travel Financial performance ($m) FY26 FY25 Change Strategic review delivered successful outcome with full sale of Underwriting result 0.5 0.6 ▼16.7% Travel business expected to complete in coming months. Operating income 80.8 88.1 ▼8.3% • Geopolitical conditions impacted UOP with lower income p
Slide 24: Cash flow
Cash flow Consolidated cash flow ($m) FY26 FY25 Change • Strong net operating cash flow driven by New Zealand Operating cash inflows 4,013.8 3,769.5 ▲6.5% recovery and Group productivity initiatives. Operating cash outflows (3,814.7) (3,603.8) ▲5.9% • Positive free cash flow driven by growth in oper
Slide 25: Outlook
Outlook Ed Close Chief Executive Officer & Managing Director
Slide 26: Our strategy
Our strategy Mission: We deliver great value private health insurance and support services to protect, connect and empower you to access healthcare when and where you need. Grow and strengthen our core PHI businesses Scale Health & Insurance Services Australian residents · International · New Zealan
Slide 27: FY27 focus areas and outlook
FY27 focus areas and outlook FOCUS FY27 OUTLOOK • Deliver further productivity gains through simplification, digital-first • Group UOP growth expected, with FY27 guidance of $265m - $285m excl. execution and AI-program acceleration. nib Travel, subject to risk equalisation outcomes. • Complete the n
Slide 28: Questions & Answers
Questions & Answers 28
Slide 29: Appendix
Appendix 29
Slide 30: Key trends
Key trends PHI participation rate (AU)1 Student visas in country (AU)2 Workers visas in country (AU)2 46% 600,000 400,000 45% 300,000 500,000 44% 200,000 400,000 43% 100,000 42% 300,000 0 FY20 FY21 FY22 FY23 FY24 FY25 Mar-26 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 Jun-26 Jun-23 Dec-23 Jun-24 Dec-2
Slide 31: Policyholder data
Policyholder data nib Group policyholders (#) FY26 1H26 FY25 1H25 FY24 1H24 Total persons covered 1,952,948 1,947,045 1,938,545 1,911,217 1,878,951 1,842,925 Australian residents health insurance 1,427,301 1,418,518 1,400,908 1,380,286 1,349,587 1,331,565 International health insurance1 261,150 252,
Slide 32: Other information
Other information nib Group Statutory P&L incl Travel1 ($m) FY26 FY25 Change nib Group Statutory Balance Sheet incl Travel1 ($m) FY26 FY25 Change Insurance revenue 3,664.5 3,461.4 ▲5.9% Cash and financial assets 1,337.8 1,363.4 ▼1.9% Insurance service costs (3,422.8) (3,220.5) ▲6.3% Insurance contra
Slide 33: Other information
Other information Other income ($m) FY26 FY25 Change One-offs, M&A and amort of acq intangibles ($m) FY26 FY25 Change Australian residents 3.1 2.9 ▲6.9% nib Thrive (12.3) (21.6) ▼43.1% International health insurance 1.6 2.1 ▼23.8% Amortisation of acquired intangibles (7.9) (8.3) ▼4.8% New Zealand (0
Slide 34: Segment reporting
Segment reporting ($m) Australian residents International New Zealand Health Services Thrive Travel Other Total Insurance revenue 3,012.7 236.9 429.4 - - 6.7 - 3,685.7 Incurred claims (2,526.1) (138.2) (280.7) - - (2.3) - (2,947.3) Other insurance expenses – marketing (139.4) (18.9) (59.2) - - (2.0)
Slide 35: Investment portfolio
Investment portfolio Investments1 ($m) Reported performance Underlying performance Average monthly balance Net investment income Investment return (%) Net investment income Investment return (%) FY26 FY25 Change FY26 FY25 Change FY26 FY25 Change FY26 FY25 Change FY26 FY25 Change Australian investmen
Slide 36: Glossary
Glossary Term Definition Term Definition 1H Six months ended/ending 31 December of the relevant financial year Lapse is the number of policy lapses divided by the average of the opening and closing Lapse 2H Six months ended/ending 30 June of the relevant financial year policyholder counts Lge Percen