One Health Group Plc · LSE:OHGR
One Health — H1 2026 Earnings Presentation
28 slides from One Health's earnings presentation, May 22, 2026
Slide 1: One Health Group: 2026 Interim Results
One Health Group: 2026 Interim Results
Slide 2: Senior management team
Senior management team • Derek founded One Health in 2004 and is • Prior to joining One Health in 2018, Adam recognised as one of the UK’s leading worked extensively in senior financial, knee surgeons. commercial and operational roles across retail, logistics and manufacturing. • Provided surgical a
Slide 3: Introduction to One Health
Introduction to One Health Profitable, growing, cash generative, dividend paying • Trading for over 21 years, One Health engages over 130 • One Health is a fundamental part of the local NHS supply NHS Consultants and anaesthetists to support the NHS chain providing services to underserved areas thou
Slide 4: One Health in numbers
One Health in numbers • In H1 261, One Health received 9,111 new patient • H1 26 turnover of £15.6m (H1 25: £13.3m), an organic increase referrals, carried out 23,927 consultations & 4,009 of 18% surgical procedures through 12 independent hospitals • FY 26 underlying EBITDA expected to be in line wi
Slide 5: 'Patient Choice'
‘Patient Choice’ • NHS patients have had a statutory right since 2009 to choose Indicative allocation of revenue received from NHS* their provider of treatment this includes independent sector providers as well as alternative NHS locations One Health • New NHS and independent sector agreement aimed
Slide 6: The One Health Model
The One Health Model Referral Appointment Investigation Treatment Discharge Patient requests to see a One The One Health Consultant Where necessary, the One If the One Health consultant The One Health Consultant Health consultant and a goes to the clinic to see the Health Consultant may recommends s
Slide 7: Why patients choose One Health
Why patients choose One Health Shorter average waiting times from GP Consultations and physiotherapy services Patients are allocated the same NHS consultant at referral to first appointment. Target wait delivered from third party community based every stage of their care pathway, from initial time o
Slide 8: Operational overview and growth drivers (1/3) Patient Demand
Operational overview and growth drivers (1/3) Patient Demand More patients • 28% year on year increase in new NHS patient referrals to 17,020 in FY 25 (FY 24: 13,266) and 9,111 in In H1 26 (H1 25: 7,857) • The Government are actively promoting ‘Patient Choice’ and the increased use of the independen
Slide 9: Operational overview and growth drivers (2/3) Surgeon Availability
Operational overview and growth drivers (2/3) Surgeon Availability • 22 new sub-contracted NHS clinicians have joined the Group More consultants since January 2025 to support growth, with 13 more NHS consultant surgeons under review in the ‘pipeline’ • Increasing numbers of surgeons approach to join
Slide 10: Operational overview and growth drivers (3/3) Operating Capacity
Operational overview and growth drivers (3/3) Operating Capacity More capacity • Operating theatre capacity being rapidly increased with a 17% increase in surgical procedures in H1 26 compared to H1 25 • Continue to add new independent hospitals to the supply network (H1 26: 20% increase compared to
Slide 11: Current and future geographic coverage
Current and future geographic Current footprint Within 3 Years coverage Within 5 Years Proposed first hub Targeted hub locations Continued organic growth focused on areas with : • Lack of local NHS or independent sector capacity • Relatively high population density • Very low private medical insuran
Slide 12: Surgical hubs
Surgical hubs The development of surgical hubs is key to One Health’s longer-term accelerated strategic growth • Supporting increasing NHS demand and providing capacity in under The Prime Ministers Office stated on resourced areas the 6 January 2025, that the NHS will also increase the number of • T
Slide 13: Surgical hub overview
Surgical hub overview Overview: • Total site area 7,200 m2 building footprint 1,400 m2 • One laminar flow theatre complex • 12 single en-suite patient rooms. • Total expected cost for first hub and land of c. £8m to £9m • Reception area • Staff changing rooms & restroom • 20 employed staff • Highly
Slide 14: Surgical hub illustrative overview
Surgical hub illustrative overview 14
Slide 15: Surgical hub progress
Surgical hub progress • Grant of planning application (July 2025) for first site in Scunthorpe, an area that is underserved by both the NHS and private hospitals with significant NHS waiting lists • Funds raised, planning approved, land purchased, hoardings erected, commencement ‘post prelims’ immin
Slide 16: Financials
Financials
Slide 17: H1 26 - Highlights
H1 26 - Highlights • Revenue of £15.6m an increase of 18% on H1 25 (£13.3m) • 16% increase in new patient referrals to 9,111 (H1 25: 7,857) • Underlying EBITDA of £1.2m and cash generation ahead of H1 25 and in-line management expectations • Cash at 30 September 2025 of £10.9m (H1 24: £4.9m), includ
Slide 18: H1 26 – Significant Growth: Operational KPIs
H1 26 – Significant Growth : Operational KPIs H1 '26 H1 '25 (%) FY '25 FY '24 (%) New Patient Referrals 9,111 7,857 +16% 17,020 13,266 +28% Number of consultations 23,927 19,674 +22% 42,238 33,695 +25% Number of surgical procedures 4,009 3,427 +17% 7,043 6,169 +14% Number of consultants (excluding a
Slide 19: H1 26 – Significant Growth: Financial KPIs
H1 26 – Significant Growth : Financial KPIs H1 '26 H1 '25 (%) FY '25 FY '24 (%) Revenue (£m) 15.6 13.3 +18% 28.4 23.0 +23% Gross profit (£m) 3.12 2.32 +35% 5.4 4.0 +34% Underlying EBITDA(£m) 1.18 0.96 +23% 2.0 1.5 +33% Underlying EPS (pence)* 6.89 7.46 -8% 13.75 11.48 +20% Interim / Total dividend p
Slide 20: Outlook – Strong organic growth
Outlook – Strong organic growth “I’m not going to allow working people to wait longer than is necessary, when we • The Government is expected to have a positive effect with a continued increase can get them treated sooner in a private in the use of the independent sector cited as one of the key acti
Slide 21: Appendix
Appendix
Slide 22: One Health Board
One Health Board • Shantanu has worked with One • Jessica joined One Health Group in Health as a Consultant Orthopaedic May 2005 and holds both BA (Hons) Surgeon since 2005. He was in Business Studies and MSc in appointed Medical Director in July Leadership and Management from 2019, and later Chief
Slide 23: New NHS and Independent Sector Partnership Agreement
New NHS and Independent Sector Partnership Agreement New Agreement as part of the broader Elective Reform Plan (ERP) • New agreement between the NHS and the independent sector established to help tackle waiting lists and provide patients greater choice • Supporting the facilitation of the 18-week NH
Slide 24: A pipeline of Consultants – 'Why choose One Health?'
A pipeline of Consultants – ‘ Why choose One Health ? ’ A Simple, effective ‘platform’ for sub-contracted NHS consultants • NHS employment contract permits consultants to provide their ‘non-contact time’ within the working week to third parties • Through One Health, this enables surgeons to: • acces
Slide 25: Independent Sector Activity Continues to grow
Independent Sector Activity Continues to grow Source : Independent Healthcare Providers Network (IHPN) June 2025 25
Slide 26: Independent Sector 'Outsourced' Activity by type
Independent Sector ‘Outsourced’ Activity by type Source : Independent Healthcare Providers Network (IHPN) June 2025 26
Slide 27: Monumental challenge
Monumental challenge “It will take years to clear the backlog. The ongoing need for stringent infection prevention control measure and workforce shortages mean it will take even longer to work through as demand continues to rise” – BMA, 10 January 2025 The latest Referral to Treatment (RTT) figures
Slide 28: To join the mailing list and keep up to date on Company news, email
To join the mailing list and keep up to date on Company news, email onehealth@walbrookpr.com