Medibank Private Ltd. · ASX:MPL
Medibank Private — Investor Presentation (February 2026)
37 slides from Medibank Private's investor presentation, Feb 19, 2026
Slide 1: Half year results
Half 2026 year results Investor presentation 19 February 2026
Slide 2: Important notice
Important notice General & Summary Information The information contained in this presentation is general information about Medibank Private Limited These factors include general economic conditions in Australia, exchange rates, the market (“MPL”) and / or its related bodies corporate (together, “MPL
Slide 3: Acknowledgment of Country
Acknowledgment of Country Medibank acknowledges Aboriginal and Torres Strait Islander peoples as the First Peoples of this nation. We proudly recognise Elders past, present and emerging as the Traditional Owners and Custodians of the lands on which we work and live. We’re committed to supporting sel
Slide 4: Highlights
Highlights David Koczkar Chief Executive Officer
Slide 5: Highlights
Highlights Our customer focus continues to drive our strategy and growth • Customer advocacy continues to be strong • Met the health and wellbeing needs of more customers – with 55% of Medibank resident policyholders engaged in health and wellbeing services, supporting them to stay healthier for lon
Slide 6: Our customer focus continues to drive our strategy and growth
Our customer focus continues to drive our strategy and growth Delivering more value to customers as we support their health needs Delivering Supporting more value 55% of Medibank resident health policyholders engaged with health and wellbeing services $22.9m 1 rewards 2.3m total claimed through Live
Slide 7: Result reflects continued growth momentum across our segments
Result reflects continued growth momentum across our segments Medibank Health contributes c.13% to group operating profit – positioned for further growth Net resident Health Insurance Medibank Health Health Insurance policyholder growth operating profit segment profit expense ratio +38.3k (+1.9 ) %
Slide 8: Making strong progress on our strategy
Making strong progress on our strategy Strong foundations and disciplined focus underpin the delivery of our strategy Deliver leading Differentiate our Continue to strengthen Expand in health experiences insurance business our foundations Empowered our teams Delivered disciplined growth Increased he
Slide 9: Evolving dynamics across health insurance
Evolving dynamics across health insurance Medibank aims to continue to grow share in a disciplined way through differentiation and value Current industry issues and opportunities Resident PHI Non-resident PHI • Industry remains buoyant: growing at a slightly slower rate, but with • Migration inflows
Slide 10: Demand growth continues to pressure a challenged health system
Demand growth continues to pressure a challenged health system Medibank continues to unlock value as we accelerate the health transition Current industry issues and opportunities Wellbeing Primary care Community and acute • Growing shift to proactive prevention: • Medicare reform supports affordabil
Slide 11: Accelerating our vision in primary care
Accelerating our vision in primary care Primary care is critical to enabling the health transition and is currently falling short of stakeholder needs Consumers Clinicians and providers System sustainability • Rising out-of-pocket costs1 • Episodic view of customer not aligned • Ageing population an
Slide 12: Financial results
Financial results Mark Rogers Group Lead – Chief Financial Officer & Group Strategy
Slide 13: Group financial summary
Group financial summary Group operating profit up 6.0% with continued earnings diversification Six months ended 31 Dec ($m) 1H25 1H26 Change Group operating profit up 6.0% Group revenue from external customers 4,270.7 4,503.5 5.5% • Solid growth in resident Health Insurance Health Insurance operatin
Slide 14: Health Insurance result
Health Insurance result Operating margin maintained at 8.5% - disciplined approach to growth and expense management Six months ended 31 Dec ($m) 1H25 1H26 Change Revenue up 4.3% to $4,263.4m 1 • Business has remained resilient despite challenging economic environment Premium revenue 4,085.7 4,263.4
Slide 15: Health Insurance – resident policyholders
Health Insurance – resident policyholders Improving momentum continues with 6-month growth double prior comparable period Six months ended 31 Dec 1H25 1H26 Change Resident health insurance market remains buoyant • Industry growth3 for the 12 months to 31 December 2025 expected to be slightly lower P
Slide 16: Health Insurance – resident claims
Health Insurance – resident claims Average claims growth per policy unit up 20bps to 2.5% Six months ended 31 Dec ($m) 1H25 1H26 Change Resident gross claims up 4.9% • Risk equalisation provided a 50bps benefit (some timing related) to Claims expense1 (3,325.6) (3,489.0) 4.9% net claims growth (1H25
Slide 17: Health Insurance – portfolio performance
Health Insurance – portfolio performance Continued strong contribution of non-resident to health insurance growth Resident Non-resident Total Six months ended 31 Dec ($m) 1H25 1H26 Change 1H25 1H26 Change 1H25 1H26 Change Premium revenue 3,936.2 4,107.1 4.3% 149.5 156.3 4.5% 4,085.7 4,263.4 4.3% Net
Slide 18: Medibank Health result
Medibank Health result Total segment profit up 28.5% to $48.3m – strong growth across all segments Total Six months ended 31 Dec ($m) 1H25 1H26 Change Revenue 228.4 291.1 27.5% Gross profit 122.5 149.0 21.6% Expenses (81.8) (95.1) 16.3% Segment expenses (0.5) (2.5) n.m. Operating profit 40.2 51.4 27
Slide 19: Medibank Health – performance and key customer metrics
Medibank Health – performance and key customer metrics Business performance reflects meeting more health needs of more consumers Financial performance Wellbeing1 Primary care Community and acute Total Six months ended 31 Dec 1H25 1H26 Change 1H25 1H26 Change 1H25 1H26 Change 1H25 1H26 Change ($m) Re
Slide 20: Investment portfolio and investment income
Investment portfolio and investment income Lower earnings on cash - net investment income down $19.6m Reported performance2 Underlying performance2 Six months ended 31 Dec ($m) 1H25 1H26 Change 1H25 1H26 Change Net investment income Growth portfolio income 32.7 27.0 (17.4%) 18.8 21.1 12.2% Defensive
Slide 21: Capital and dividend
Capital and dividend Level of unallocated capital supports M&A aspirations Health Insurance business continues to be well capitalised Capital ($m) 31 Dec 2024 31 Dec 2025 • Stable Fund PCA with reduced insurance and asset risk charges largely offset by revenue growth Total equity 2,384.8 2,339.1 • F
Slide 22: Our financial focus areas and FY26 outlook
Our financial focus areas and FY26 outlook 2H26 focus areas FY26 outlook Focus on sustainable and disciplined growth Policyholder growth: aim to grow market Resident PHI • Deepen brand differentiation with investment in new products and services share in a disciplined way, including further volume g
Slide 23: Conclusion
Conclusion
Slide 24: Key points
Key points Our customer focus continues to drive our strategy and performance, with continued strong engagement The quality result shows improved momentum in our health insurance business and strong growth in Medibank Health, now contributing c. 13% of group operating profit The PHI industry remains
Slide 25: Q&A
Q&A
Slide 26: Appendix
Appendix
Slide 27: Medibank – about us
Medibank – about us Our purpose Better Health for Better Lives Our vision To create the best health and wellbeing for Australia Our brands Our segments Health insurance Wellbeing Primary care Community and acute Our difference Deepening relationships Supporting whole with customers of health needs D
Slide 28: Our strategy – positioned to lead and grow as a health company
Our strategy – positioned to lead and grow as a health company We aim to: Grow earnings Strengthen our business Transform health Supported by our strategic pillars: Deliver leading Differentiate our Expand in Continue to strengthen experiences insurance business health our foundations Create persona
Slide 29: FY26 focus areas
FY26 focus areas Deliver leading Differentiate our Expand Continue to strengthen experiences insurance business in health our foundations Aspirations Increase advocacy Grow insurance Diversify and Continuously strengthen and trust market share sustainably grow earnings our capabilities Focus Enhance
Slide 30: Strong result demonstrates our disciplined approach to growth
Strong result demonstrates our disciplined approach to growth A strong and resilient resident Making progress on our Delivering earnings and dividend private health insurance business growth potential growth for shareholders 10.8cps 10.8cps Underlying Medibank Health Underlying 15.5% 15.5% $48m resi
Slide 31: Performance scorecard
Performance scorecard 1H26 1H26 FY28 Key success measures (FY26) Measure FY25 progress Milestones (FY28) Measure FY25 progress milestone Deliver leading experiences Wellbeing New Customer satisfaction jNPS measure 23.61 Live Better rewards # participants 0.9m 1.0m >1.2m Employee experience – product
Slide 32: Medibank: a growing and differentiated health company
Medibank: a growing and differentiated health company Empowering our teams to create the best health and wellbeing for Australia Deepening relationships Supporting whole with customers of health needs • Deliver exceptional customer experience • Proactive and personalised • Personalised service via c
Slide 33: Our non-wholly owned health investments
Our non-wholly owned health investments Target Ownership segments Investments interest (%) Description Benefits to Medibank Myhealth Medical 92% • Medibank acquired a non-controlling interest in Myhealth Medical Group Support preventative health Primary Holdings Pty Ltd for c. $63m in 2021. Ownershi
Slide 34: Group financial summary – half by half
Group financial summary – half by half Change ($m) 1H25 2H25 1H26 1H26 v 1H25 1H26 v 2H25 Group revenue from external customers 4,270.7 4,333.3 4,503.5 5.5% 3.9% Health Insurance operating profit 349.2 392.3 361.5 3.5% (7.9%) Medibank Health segment profit 37.6 39.1 48.3 28.5% 23.5% Segment operatin
Slide 35: Health Insurance resident policyholders – half by half
Health Insurance resident policyholders – half by half Change 1H25 2H25 1H26 1H26 v 1H25 1H26 v 2H25 1 Policyholders (thousand): Opening balance 1,975.3 1,982.8 2,003.2 1.4% 1.0% Acquisitions 102.2 126.2 112.0 9.6% (11.3%) Lapses (94.7) (105.8) (94.1) (0.6%) (11.1%) Closing balance 1,982.8 2,003.2 2
Slide 36: Investment portfolio
Investment portfolio As at 31 Dec 2025 Target asset Portfolio Spot balance ($m) Average balance Average balance allocation composition ($m) ($m) 1H26 1H25 Australian equities 3.0% 3.4% 91.1 100.7 122.9 International equities 4.0% 3.6% 96.8 114.0 123.4 Property 5.0% 5.1% 134.7 138.2 144.5 Infrastruct
Slide 37: Glossary
Glossary Term Definition Term Definition 1H Six months ended/ending 31 December of the relevant financial year jNPS Journey net promoter score. A measure of the likelihood of an existing customer to 2H Six months ended/ending 30 June of the relevant financial year recommend the brand immediately fol
Medibank Private — Investor Presentation (February 2026) on 6ix