Australian Clinical Labs Ltd · ASX:ACL
Australian Clinical Labs — H1 2026 Earnings Presentation
30 slides from Australian Clinical Labs's earnings presentation, Feb 16, 2026
Slide 1: ACL 1H26 Financial Results
ASX Announcement Australian Clinical Labs Limited ABN 94 645 711 128 Registered Office: 1868-1892 Dandenong Road Clayton VIC 3168 Australia clinicallabs.com.au Monday, 16 February 2026 ACL 1H26 FINANCIAL RESULTS The following announcements to the market are attached: Appendix 4D 1H26 financial state
Slide 2: Improved Earnings Quality in Challenging Market Conditions
ASX Announcement Australian Clinical Labs Limited ABN 94 645 711 128 Registered Office: 1868-1892 Dandenong Road Clayton VIC 3168 Australia clinicallabs.com.au Monday, 16 February 2026 IMPROVED EARNINGS QUALITY IN CHALLENGING MARKET CONDITIONS GROWTH IN EBIT, MARGINS AND EPS Australian Clinical Labs
Slide 3: Underlying EPS up 12.8%; interim dividend and FY26 guidance
• Underlying EPS of 6.7 cents per share (cps) is up 12.8% on improved profitability and return of capital to shareholders via the buyback • Positive Free Cash Flow before interest, tax, and financing, but down on pcp due to softer revenues and modest negative working capital movement (expected to re
Slide 4: FY27 EBIT Initiatives
FY27 EBIT Initiatives ACL has a strong pipeline of initiatives that support a positive outlook beyond FY26, with at least $8m of EBIT expected in FY27. Various aspects of these initiatives are either now in place or being rolled out across H2. Key initiatives include: • Workforce alignment to activi
Slide 5: Investor and Analyst Results Briefing
Investor and Analyst Results Briefing ACL Chief Executive Officer and Executive Director, Melinda McGrath, and Chief Financial Officer, Matthew Cordingley, will host a webcast for investors and analysts today at 12.30pm (Melbourne time). Participants can register for the webcast by accessing this li
Slide 6: 1H26 Results Presentation
1H26 Results Presentation Melinda McGrath, CEO and Executive Director Matthew Cordingley, CFO 16 February 2026
Slide 7: Contents
Contents 1H26 Result – Financial & Operational Highlights 1H26 Result – Financials Industry Outlook & Growth Strategy Outlook & Guidance Appendix
Slide 8: Financial & Operational Highlights
3 Financial & Operational Highlights Melinda McGrath CEO & Executive Director
Slide 9: 1H26 Result – Financial Highlights
1H26 Result – Financial Highlights EBIT growth and margin expansion on pcp after restructuring in low growth market Revenue Revenue growth moderated due to ACL continuing to optimise its portfolio of ACCs Revenue ($m) $365.4m and commercial contracts to focus on margins. Market growth was lower than
Slide 10: 1H26 Result – Revenue Bridge
1H26 Result – Revenue Bridge Revenue outcomes driven by focus on disciplined growth at acceptable margins 1H25 $369.2m Revenue Unprofitable ACC ($8.2m) • Net reduction in unprofitable ACCs in this period – will only pursue growth at acceptable margins reductions • Revenue reduction was more than off
Slide 11: 1H26 Result – Operational Highlights
1H26 Result – Operational Highlights Focus on margins and profitable revenue growth to release operating leverage ACL’s ACL is the only national pathology provider with a single national Laboratory Information System (LIS) (operating system) which Competitive reduces duplication, drives cost efficie
Slide 12: ACL's Digital Journey
ACL’s Digital Journey Our digital workflow from referral to result, and the software that gets us there 1. eRequest & eResults 2. AI/OCR 3. Click to Collect 4. Workforce • eRequest now with 18% • Solution devised using AI & OCR • Route Optimisation software has • Workforce planning via digital utili
Slide 13: ESG Highlights
ESG Highlights Delivering strong performance across all areas of our ESG Mission Environmental Social Corporate Governance Carbon Emissions1 Injury reduction1 Board/management composition 1.1kg CO2 per episode – a 4.3 LTIFR reduction of 10% from FY24; Balanced diversity ratio of Cold chain logistics
Slide 14: Financials
9 Financials Matthew Cordingley CFO
Slide 15: 1H26 Profit and Loss
1H26 Profit and Loss Increased Underlying EBIT and NPAT in 1H26 (to pcp) despite challenging market Revenue growth of -1.0% due to ACL continuing to optimise its portfolio of ACCs and commercial contracts and lower market growth Underlying EBIT growth of +2.4% despite challenging market conditions.
Slide 16: 1H26 Cash Flow
1H26 Cash Flow Positive operating cash flow and accretive capital management via buyback Operating CF / Cash EBITDA 120% 100% 101% 105% 95% 1H24 2H24 1H25 2H25 1H26 Free cash flow before interest, tax and financing of $21.0m, (excludes the one-off AIC settlement of $6.2m) Robust Operating CF to Cash
Slide 17: 1H26 Balance Sheet
1H26 Balance Sheet Strong Balance Sheet underpins dividends and buyback Highlights Stable cash position, $22.4m Net working capital stable, with a reduction in accounts receivable and trade and other payables due to December being a seasonally quieter trading month Net Debt (excluding lease liabilit
Slide 18: Industry Outlook & Growth Strategy
13 Industry Outlook & Growth Strategy Melinda McGrath CEO & Executive Director
Slide 19: Industry Outlook
Industry Outlook Pathology market growth is closing the gap; Green shoots with increase of GP Bulk billing incentive Pathology Episodes (ex COVID-19 for FY20 – FY241) #m, FY09 – FY26F COVID-19 Highlights 7.4% FY26F FY09 - 19: +3.3% CAGR Shortfall to Trend • Expansion of the tripled GP bulk-billing i
Slide 20: Growth Strategy
Growth Strategy Clear opportunity pipeline to drive increased shareholder returns Disciplined Operational Strategic New Strategic Revenue network Improvement & Business Acquisitions Initiatives expansion Restructuring Sustainable and profitable Enhanced focus on AU pathology acquisitions Digitised n
Slide 21: Lab of the Future
Lab of the Future Leveraging ACL’s Competitive Advantage - National Laboratory Information System • Over 50% of routine work to be processed in a highly automated Efficiency 24/7 laboratory Gain • Overall efficiency of ACL national laboratories will increase by over 20% Faster Critical • Turn around
Slide 22: National Skin Cancer Business
National Skin Cancer Business Leveraging ACL’s National LIS & boutique skin cancer business (SunDoctors) State-of- Cancer Industry Specialists Cost the-Art Expertise leading Workforce Reduction Automated Integration TAT’s Skin Lab Combining our Cost per case Creating a high- Combing the clinical Ded
Slide 23: Outlook & Guidance
18 Outlook & Guidance Melinda McGrath CEO & Executive Director
Slide 24: Gender Undervaluation Impacts
Gender Undervaluation Impacts Fair Work Commission (FWC) Decision • The FWC has confirmed that there is gender-based undervaluation in the Health Professionals and Support Services Award 2020 (covering ACL’s pathology collectors and health professionals), to be rectified by way of variation to the cl
Slide 25: Updated FY26 Guidance & FY27 Initiatives
Updated FY26 Guidance & FY27 Initiatives ACL is updating its FY26 guidance considering 1H26 financial performance and the outlook for the remainder of the financial year Revenue $735m - $745m Underlying EBIT $66m - $69m Gender Undervaluation impact ($1.8m) Underlying EBIT (including Gender FY26 Unde
Slide 26: Appendix
21 Appendix
Slide 27: Reconciliations
Reconciliations Reported & Underlying EBITDA, EBIT and NPAT Adjustments between reported and underlying reflect: AIC - A settlement was reached between ACL and the Australian Information Commissioner (AIC) to resolve the civil penalty proceeding settlement, commenced in the Federal Court in November
Slide 28: Reconciliations – AASB to pre-AASB
Reconciliations AASB 16 to pre-AASB 16 23
Slide 29: Important notice and disclaimer
Important notice and disclaimer Summary information this Presentation are subject to the effect of rounding. Accordingly, the actual calculation of these This Presentation contains summary information about Australian Clinical Labs Limited (ACN 645 figures may differ from the figures set out in this
Slide 30: Thank You
Thank You Contact Matthew Cordingley, Chief Financial Officer Matthew.Cordingley@clinicallabs.com.au
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