Nib Holdings Ltd · ASX:NHF
Nib — H1 FY2026 Earnings Presentation
35 slides from Nib's earnings presentation, Feb 23, 2026
Slide 1: FY2026 Half Year Results
FY2026 Half Year Results 23 February 2026
Slide 2: Acknowledgement of Country
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 6 Whilst the forward-looking statements are based on current views, expectations and beliefs as at the months ended 31 December 2025 and/or its related bodies corporate (Group) and an updat
Slide 4: Results overview
Results overview Ed Close Chief Executive Officer & Managing Director
Slide 5: Your better health and wellbeing
Vision: nib is a leader in private health insurance, disability support and health services across Australia and New Zealand, reshaping the industry through bold innovation, strategic disruption and trusted partnerships. We Protect our customers by ensuring healthcare is more accessible and affordab
Slide 6: 1H26 Highlights
1H26 Highlights Strong Group operating performance, positive momentum across the Group Group UOP $129.1 million, up 22.0% supported by continued top line revenue growth of 7.7%. Australian residents business delivered another consistent high quality result Disciplined policyholder growth, anticipate
Slide 7: Group performance metrics
Group performance metrics Group revenue1 Group UOP2 Net profit after tax Total persons covered $1.9b $129.1m $82.9m 1,947,045 ▲7.7% ▲22.0% ▲1.9% 1.8 1.9 105.8 129.1 82.9 82.9 1,911,217 1,947,045 1H25 1H26 1H25 1H26 1H25 1H26 1H25 1H26 ROIC Interim dividend Operating Expense Ratio Group NPS 14.7% 13.
Slide 8: Business segment highlights
Business segment highlights Australian residents International New Zealand Non-PHI businesses ► Disciplined policyholder ► Strong UOP result up ► Return to profitability ► Health Services profit growth expected to be 23.3% with stable gross of $3.9m, up $14m, delivered in line with above system marg
Slide 9: Productivity enhancing customer value proposition
Productivity enhancing customer value proposition Productivity savings Group Operating No or known gap NPS total $39m, Expense ratio down coverage for almost Australian residents +35 $18m in 1H261 100bps to 16.5% 80% of customers International +63 Operational efficiency Providing value for our custo
Slide 10: Financial results
Financial results Nick Freeman Group Chief Financial Officer
Slide 11: Group financial performance
Group financial performance Financial performance ($m) 1H26 1H251 Change ► UOP of $129.1m, up 22.0% with strong performances from Insurance revenue 1,843.6 1,712.5 ▲7.7% adjacent businesses, recovery in NZ, and Australian residents Other income 87.1 82.0 ▲6.2% margins within target range. Total inco
Slide 12: Australian residents health insurance
Australian residents health insurance Financial performance ($m) 1H26 1H25 Change Continued strong performance of core business with a focus on Insurance revenue 1,505.6 1,405.7 ▲7.1% disciplined growth, productivity and margins within target range. Insurance service costs (1,400.5) (1,304.8) ▲7.3%
Slide 13: Pricing and claims inflation aligned
Pricing and claims inflation aligned Pricing accommodating underlying claims inflation • Claims inflation of 5.3% (6.1% incl. NSW bed rate changes), impacted by increased growth in industry risk equalisation (in particular 2Q26), investment in customer gap benefits (0.8%) 1.3% (0.4%) and nib’s stron
Slide 14: Margins in target range
Margins in target range 1H26 Underlying Net Margin Reduction in management expense ratio 11.1% 6.5% 0.2% 0.4% 6.8% (0.3%) 10.5% 10.3% 9.9% Underlying LIC / Claims Workdays & Marketing Reported 1H23 1H24 1H25 1H26 Net Margin Development Claims Seasonality Seasonality Net Margin Faster claims processi
Slide 15: International health insurance
International health insurance Financial performance ($m) 1H26 1H25 Change Strong result with UOP growth of 23.3%, driven by Insurance revenue 116.8 107.4 ▲8.8% policyholder growth and expense efficiency. Insurance service costs (98.3) (92.8) ▲5.9% • UOP growth driven by policyholder growth, stable
Slide 16: New Zealand
New Zealand Financial performance ($m) 1H26 1H25 Change Pleasing 1H26 recovery with UOP up 139% and claims Insurance revenue 217.4 195.7 ▲11.1% inflation moderating. Insurance service costs (212.9) (205.4) ▲3.7% • Return to profitability of $3.9m, up $14m, driven by Incurred claims (154.3) (144.7) ▲
Slide 17: New Zealand
New Zealand Price increases now ahead of inflation Utilisation remains elevated as cost pressures ease 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Service cost inflation pressures have stabilised across the Applied increase at renewal 12% 16% 20% 22% 30% 31% 22% NZ PHI portfolio, as Hospital Services CPI con
Slide 18: nib Health Services
nib Health Services Financial performance1 ($m) 1H26 1H25 Change Profit delivered in 1H26 with value being delivered back Operating income 13.3 7.2 ▲84.7% to core PHI businesses. Operating expenses (13.2) (9.7) ▲36.1% • Consolidated businesses continue to scale with strong Share of net profit/(loss)
Slide 19: nib Thrive
nib Thrive Financial performance ($m) 1H26 1H25 Change Operational efficiencies strengthening result and return Fee income 29.3 27.0 ▲8.5% to positive organic growth in Jan 26. Operating expenses (20.5) (18.6) ▲10.2% • Fee income increased vs 1H25 due to acquisition of Underlying operating profit (U
Slide 20: nib Travel
nib Travel Financial performance ($m) 1H26 1H25 Change Announced the sale of World Nomads with sales momentum Underwriting result 0.3 0.1 ▲200.0% building into 2H26. Operating income 40.6 44.0 ▼7.7% • Market demand and heightened competition impacted Acquisition costs (20.3) (20.4) ▼0.5% 1H26 sales
Slide 21: Capital management
Capital management nib Group ($m) 1H26 1H25 Change Net tangible assets1 312.3 285.8 ▲9.3% • Improved gearing ratio and stable leverage ratio Leverage ratio (debt/EBITDA)2 driven by a reduction in borrowings. 0.8x 0.9x n/a Gearing ratio (%) 18.7 20.8 ▼210bps • EPS of 17.0 with the strong underlying o
Slide 22: Cash flow
Cash flow Consolidated cash flow ($m) 1H26 1H251 Change Operating cash inflows 1,976.5 1,831.4 ▲7.9% • 1H26 operating cash flow positive and improved by $31.6m, assisted by NZ return to profitability. Operating cash outflows (1,959.4) (1,845.9) ▲6.1% Net cash inflow from operating activities 17.1 (1
Slide 23: Outlook
Outlook Ed Close Chief Executive Officer & Managing Director
Slide 24: Our strategy
Our strategy Grow our core PHI businesses in Australia and New Zealand • Continued investment in customer proposition and experiences to support value and affordability • Deliver above system multi-brand, multi-channel policy growth in target segments • Expand health management & claims optimisation
Slide 25: Investment thesis
Investment thesis With positive industry fundamentals1 We are well positioned for growth • PHI has been a cornerstone of the healthcare system for over 50 years, funding 40% of hospital episodes and 2 out of 3 elective surgeries. • High quality Australian PHI business and healthy balance sheet provi
Slide 26: FY26 outlook and guidance
FY26 outlook and guidance ► FY26 Group UOP performance continues to track to expectations. nib expects FY26 Group UOP in a range of $257m - $267m (1H26: $129m). This outlook assumes a full year UOP contribution from nib Travel. ► Amortisation/impairment of acquired intangibles in FY26 expected to be
Slide 27: Questions & Answers
Questions & Answers
Slide 28: Appendix
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Slide 29: Key trends
Key trends PHI participation rate (AU)1 Student visas in country (AU)2 Workers visas in country (AU)2 600,000 400,000 46% 45% 300,000 400,000 44% 200,000 200,000 43% 100,000 42% 0 0 FY20 FY21 FY22 FY23 FY24 FY25 Sep-25 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 Dec-22 Jun-23 Dec-23 Jun-24 Dec-
Slide 30: Policyholder data
Policyholder data nib Group policyholders (#) 1H26 FY25 1H25 Total persons covered 1,947,045 1,938,545 1,911,217 Australian residents health insurance 1,418,518 1,400,908 1,380,286 International health insurance1 252,486 248,038 246,212 New Zealand1 276,041 289,599 284,719 Total policyholders 1,126,
Slide 31: Other information
Other information nib Group P&L incl Travel1 – Statutory view ($m) 1H26 1H25 Change nib Group Balance Sheet incl Travel1 – Statutory view ($m) 1H26 1H25 Change Insurance revenue 1,824.3 1,712.5 ▲6.5% Cash and financial assets 1,271.1 1,264.8 ▲0.5% Insurance service costs (1,705.4) (1,607.9) ▲6.1% In
Slide 32: Other information
Other information Other income ($m) 1H26 1H25 Change One-offs, M&A and amort of acq intangibles ($m) 1H26 1H251 Change Australian residents 1.8 1.6 ▲12.5% nib Thrive (8.8) (14.0) ▼37.1% International health insurance 0.8 1.3 ▼38.5% Amortisation of acquired intangibles (4.4) (3.9) ▲12.8% New Zealand
Slide 33: Segment reporting
Segment reporting ($m) Australian residents International New Zealand Health Services Thrive Travel Other Total Insurance revenue 1,505.6 116.8 217.4 - - 3.8 - 1,843.6 Incurred claims (1,252.5) (70.5) (154.3) - - (1.9) - (1,479.2) Other insurance expenses – marketing (61.3) (8.7) (31.6) - - (1.2) -
Slide 34: Investments and financial metrics
Investments and financial metrics Financial metrics ($m) 1H26 1H25 Change Funds invested3 ($m) 1H26 1H251 Net finance costs (7.6) (9.3) ▼18.3% Defensive Net investment income 16.9 28.9 Finance costs (6.9) (8.4) ▼17.9% Net investment return % 1.5 2.6 Interest on lease liabilities (0.8) (1.0) ▼20.0% F
Slide 35: Glossary
Glossary Term Definition Term Definition 1H Six months ended/ending 31 December of the relevant financial year Liability for incurred claims is an entity's obligation to investigate and pay valid claims 2H Six months ended/ending 30 June of the relevant financial year LIC for insured events that hav