Sonic Healthcare Limited · ASX:SHL
Sonic Healthcare — FY2026 Earnings Presentation
35 slides from Sonic Healthcare's earnings presentation, Aug 20, 2026
Slide 1: Financial and Operational Review – Year Ended 30 June 2026
20 August 2026 The Manager – Listings Australian Securities Exchange Limited Level 27 39 Martin Place SYDNEY NSW 2000 Via electronic lodgement Dear Sir / Madam FINANCIAL AND OPERATIONAL REVIEW – YEAR ENDED 30 JUNE 2026 At 10:00am AEST today, Dr Jim Newcombe, Chief Executive Officer, and Chris Wilks,
Slide 2: Financial and Operational Review
Financial and Operational Review Year ended 30 June 2026
Slide 3: Disclaimer
Disclaimer Forward Looking Statements Actual future events, results and outcomes may vary materially from the forward-looking statements and the assumptions on which the forward-looking statements are based . Given This presentation may include forward-looking statements about Sonic Healthcare’s fin
Slide 4: FY2026 Financial Results
FY2026 Financial Results Revenue Net Profit Key Highlights ▪ $10,867m $621m ▪ EBITDA guidance achieved (underlying) Strong revenue and EBITDA growth 13% year -on -year 17% year -on -year ▪ Completed major German acquisition – LADR EBITDA Earnings Per Share ▪ Synergy capture on track from acquisition
Slide 5: Key Differentiators
Key Differentiators Our investment proposition We deliver high -value medicine at scale, driving growth and financial performance Scale and Medical Operational Diversification Leadership Culture Excellence Sonic Healthcare FY2026 Financial and Operational Review 4
Slide 6: Scale and Diversification
KEY DIFFERENTIATOR Scale and Diversification Sonic 9 11 #1 144m 3,200 Healthcare is Countries Markets In 6 markets FY2026 Patient Access Patient Points one of the Consultations world’s leading medical diagnostics 330 47,000 2,200 $10.9b $1.9b companies Laboratories Employees Pathologists & FY2026 FY
Slide 7: Medical Leadership Value Cycle
KEY DIFFERENTIATOR Medical Leadership Value Cycle Medical Leadership drives medical excellence and efficiency Quality FY2026 Highlights Medicine ▪ Strong group organic growth 5% ▪ Exceptional growth in advanced diagnostics, e.g. Sonic Genetics (Australia) and Biovis (Germany) delivering 15% and 12%
Slide 8: Operational Excellence
KEY DIFFERENTIATOR Operational Excellence Comprehensive hub and spoke diagnostics networks Proprietary diagnostic Industry -leading information systems expert teams Best -in -class equipment, Global procurement systems and facilities program Sophisticated logistics management Sonic Healthcare FY2026
Slide 9: Digital and AI Transformation
Digital and AI Transformation Commenced strategic initiatives in FY2026 to modernise Sonic’s global digital infrastructure, improving productivity and creating a foundation for responsible use of AI Modernising finance, supply chain and HR systems to leverage scale and drive efficiencies, Back Offic
Slide 10: Operational Overview
Operational Overview Sonic Healthcare FY2026 Financial and Operational Review 9
Slide 11: Revenue
Revenue SCS/Other 2 A$499m 5% NZ A$29 m ▪ Total revenue A$10,867m, up 13% year -on -year 3 Poland <1% A$67 m ▪ Strong organic revenue growth 5% <1% Radiology Belgium A$1,037 m ▪ Established industry leader across key markets A$160 m 10% Germany 1% A$2,729 m ▪ Ongoing growth supported by ageing popul
Slide 12: FY2026 EBITDA Margin Movements
FY2026 EBITDA Margin Movements Market Key Drivers Strong margin expansion, driven by: Germany (excl. LADR) ▪ Operating leverage from organic growth, driven by market leadership Switzerland ▪ Advanced diagnostics growth (e.g. highly specialised testing and genetics ) Sonic Clinical Services ▪ Synergy
Slide 13: Germany
Germany Revenue ▪ Growth 43% (statutory), including organic growth 5% (constant currency) Operations ▪ Strong organic growth and cost control measures driving margin expansion (excluding LADR acquisition) ▪ Advanced diagnostics including genetics, specialised biochemistry and personalised Germany pr
Slide 14: Germany: LADR Integration
Germany LADR Group integration well advanced following 1 July 2025 acquisition; synergy realisation on track ▪ Achievement in year one of >40% of total expected synergies with the balance to be realised over the next two years ▪ Successful migration to Sonic procurement contracts, including platform
Slide 15: Australian Pathology
Australian Revenue Pathology ▪ Organic growth 5%, enhanced by growth in specialist referrals and private billing Operations ▪ Annual indexation 2.4% from 1 July 2025 on ~30% of Medicare fees (2.6% for FY2027) ▪ North Shore Private Hospital (Sydney) and Hollywood Private Hospital (Perth) contracts co
Slide 16: USA
USA Revenue ▪ Growth (3)% (statutory) ▪ Flat organic growth (constant currency); underlying organic growth 2% (adjusted for Alabama major payor contract loss in January 2025 and restructuring of anatomical pathology operations) Operations ▪ Operating review ongoing ( refer next slide ) ▪ National ex
Slide 17: US Operating Review
USA US Operating Review Operating review ongoing, with multiple initiatives completed or underway to improve profitability and return on investment, including: ▪ Rationalised nine anatomical pathology practices, improving profitability through lab closures and test portfolio optimisation ▪ Contracte
Slide 18: Switzerland
Switzerland Revenue ▪ Growth 9% (statutory) ▪ Organic growth 4% (constant currency), strengthened to 6% in H2 Operations ▪ National operating model delivered substantial margin expansion ▪ Revenue added through Synlab Suisse and Dr. Risch acquisitions now delivering significant incremental profit fo
Slide 19: UK
UK Revenue ▪ Growth 16% (statutory), with organic growth 17% (constant currency) Operations ▪ First full year of Hertfordshire and West Essex (HWE) NHS outsourced contract, margin dilutive ▪ Watford hub lab to serve the HWE contract ready for go -live as planned, however, transfer of testing volumes
Slide 20: Radiology
Radiology Revenue & Earnings ▪ Organic growth 7% Radiology ▪ Underlying EBITDA growth 5% A$1,037 m 10% Operations ▪ Annual Medicare fee indexation 2.4% from 1 July 2025 (2.6% for FY2027) ▪ Ongoing strong growth in higher value modalities (CT, MRI, PET CT) ▪ Ten greenfield sites opened in the last tw
Slide 21: Sonic Clinical Services
Sonic Clinical Revenue & Earnings Services ▪ Growth 5%, organic growth 1% (strengthening in H2) SCS/Other ▪ EBITDA growth 25%, off low base and including acquisition of National Skin Cancer A$499 m Clinics (NSCC), with significant margin expansion 5% Operations ▪ GP consultations per working day inc
Slide 22: Sonic’s Global People
Sonic’s Global People Caring for our communities Sonic Healthcare FY2026 Financial and Operational Review 21
Slide 23: Financial Results
Financial Results Sonic Healthcare FY2026 Financial and Operational Review 22
Slide 24: FY2026 Financial Results
FY2026 Financial Results A$m FY2026 FY2025 % Change Other line items (statutory) Revenue 10,867 9,645 13% ▪ Depreciation – A$771m * Underlying EBITDA 1,933 1,747 11% ▪ Amortisation – A$98m Non -recurring items, net (51) (22) - ▪ Interest expense – A$188m Statutory EBITDA 1,882 1,725 9% ▪ Minority in
Slide 25: Non-Recurring Items
Non -Recurring Items FY2026 results have been adjusted to exclude the following non -recurring items: A$m EBITDA Impact Tax Effect NPAT Impact Gain on sale and leaseback of Brisbane hub lab 106.7 19.9 126.6 (completed June 2026) US debtors adjustment (related to revenue recognised in (33.0) 8.4 (24.
Slide 26: Capital Management Priorities
Capital Management Priorities Maintain investment grade balance sheet Maintain progressive dividend with medium -term target dividend payout ratio of 70 -80% of net profit Selective synergistic acquisitions Share buy -backs using surplus capital under regular consideration Sonic Healthcare FY2026 Fi
Slide 27: Credit Metrics
Credit Metrics 30 June 30 June Credit Metrics 2026 2025 Debt Cover History Net interest-bearing debt A$m 3,069 2,818 3.5 Equity A$m 8,493 8,473 3.0 Debt cover X 2.2 2.1 2.5 Pre-pandemic average Gearing ratio % 25.9 24.7 Ratio (X) 2.0 Interest cover X 10.0 10.1 1.5 ▪ Increase in net debt largely rela
Slide 28: Dividends
Dividends ▪ Final dividend franked to 60% A$ FY2026 FY2025 Growth ▪ Record Date 3 September 2026 Interim Dividend $0.45 $0.44 2.3% ▪ Payment Date 17 September 2026 Final Dividend $0.63 $0.63 0% ▪ Expect future earnings growth to Total Dividends $1.08 $1.07 0.9% support achievement of the target divi
Slide 29: Capital Management – Property Transactions
Capital Management – Property Transactions Artist’s rendering Sale and Leaseback Completed Conditional Contract Signed Bowen Hills, Brisbane 95 Epping Rd, Macquarie Park, Sydney ▪ Completed sale and leaseback to Charter Hall for a purchase ▪ Sale of surplus property price of $445m ▪ Contract signed
Slide 30: Capital Management – Future Property Transactions
Capital Management – Future Property Transactions TBU Artist’s rendering Artist’s rendering Potential Sale and Leaseback Potential Sale and Leaseback Docklands, Melbourne 14 &16 Giffnock Ave, Macquarie Park, Sydney ▪ Property acquired in July 2025 for ~A$100m ▪ 14 Giffnock Ave is an existing hub lab
Slide 31: Outlook
Outlook ▪ Fundamental growth drivers to continue into FY2027 and beyond ▪ Continued strong organic growth across key markets, supported by industry tailwinds and Sonic’s key differentiators of scale and diversification, Medical Leadership and operational excellence ▪ Expansion of advanced diagnostic
Slide 32: FY2027 Guidance
FY2027 Guidance FY2027 EBITDA guidance Key guidance ▪ EBITDA A$1,950 – A$2,030 million (constant currency), excluding considerations back -office IT systems transformation costs of ~A$30 million ▪ Excludes any gains from sale of properties Other guidance ▪ Includes completed acquisitions only ▪ Depr
Slide 33: Sonic’s Investment Proposition
Sonic’s Investment Proposition We deliver high -value medicine at scale, driving growth and financial performance Sonic Healthcare FY2026 Financial and Operational Review 32
Slide 34: Thank you.
Thank you. SONIC HEALTHCARE 7=F
Slide 35: Q&A
Q&A SONIC HEALTHCARE 7=F