Slide 1: FY25 Results Presentation
FY25 Results Presentation 22 August 2025
Slide 2: Disclaimer
Monash IVF Group | FY25 Results Page 2 Disclaimer The presentation has been prepared by Monash IVF Group Limited (ACN 169 302 309) (“MVF”) (including its subsidiaries, affiliates and associated companies) and provides general background information about MVF’s activities as at the date of this prese
Slide 3: Agenda
Monash IVF Group | FY25 Results Page 3 Agenda 1. FY25 Overview 2. FY25 Financial Results 3. FY25 Operational Updates 4. FY26 Priorities 5. FY26 Outlook 6. Appendices i. FY25 Earnings reconciliation ii. FY25 Cashflow iii. Balance sheet iv. Treatment mix v. Other
Slide 4: Introduction
Monash IVF Group | FY25 Results Page 4 Introduction • Monash IVF recorded FY25 Underlying EBITDA(1)(2) growth of 5.6% to $66.3m and Underlying NPAT(1)(2)(3) of $27.4m (in line with revised guidance provided in May 2025); • The Australian IVF industry stimulated cycles(4) declined by 1.7% in FY25 com
Slide 5: 1. FY25 Overview
Monash IVF Group | FY25 Results Page 5 1. FY25 Overview
Slide 6: FY25 Financial Overview
Monash IVF Group | FY25 Results Page 6 FY25 Financial Overview Despite the challenging operating conditions, MVF reported growth in revenue and Underlying EBITDA(1) • Underlying NPAT(1)(2)(3) of $27.4m, down by 8.1% (in line with updated guidance provided in May 2025); • 6.7% growth in Revenue to $2
Slide 7: FY25 Operational Overview
Monash IVF Group | FY25 Results Page 7 FY25 Operational Overview Domestic IVF • Monash IVF FY25 Australian Stimulated Cycles(1) decreased by 5.0% compared to pcp (>90% of the decline related to VIC); • Monash IVF FY25 Frozen Embryo Transfer cycles(2) increased by 7.1%; • Australian Industry Stimulat
Slide 8: Industry Volumes – ARS Australia
Monash IVF Group | FY25 Results Page 8 Industry Volumes – ARS Australia Australian ARS industry stimulated cycles decreased by 1.7% in FY25 Australian Stimulated Cycles(1) bi-annual growth vs pcp Number of Australian Stimulated Cycles(1) half on half 1H22 2H22 1H23 2H23 1H24 2H24 1H25 2H25 10.0% 5.3
Slide 9: FY25 Market Share – ARS Australia
Monash IVF Group | FY25 Results Page 9 FY25 Market Share – ARS Australia MVF Stimulated Cycles(1) market share decreased by 0.7% in FY25, but Frozen Embryo Transfer (FET)(2) market share increased by 0.8% in FY25 Stimulated Cycles FY25 Volumes FY25 Market Share • MVF Stimulated Cycles(1) decreased b
Slide 10: 2. FY25 Financial Results
Monash IVF Group | FY25 Results Page 10 2. FY25 Financial Results
Slide 11: FY25 Profit & Loss Summary
Monash IVF Group | FY25 Results Page 11 FY25 Profit & Loss Summary % • FY25 Underlying NPAT (1)(2)(3) decreased by 8.1% to $27.4m, and in line with May Underlying ($m) FY25 FY24 2025 updated guidance; change • Underlying EBITDA(1)(2) increased by 5.6% to $66.3m, predominantly due to: Group revenue 2
Slide 12: FY25 Revenue Analysis
Monash IVF Group | FY25 Results Page 12 FY25 Revenue Analysis 6.7% or $16.9m revenue growth driven by growth across all business services in Australia and International, primarily through domestic IVF acquisition, price growth, other revenue streams (day hospitals and genetics); mitigating industry
Slide 13: FY25 EBITDA Analysis
Monash IVF Group | FY25 Results Page 13 FY25 EBITDA(1) Analysis EBITDA (1) growth across domestic and international IVF businesses. Weakness in domestic IVF industry and market share partly offset by variable operational cost base alignment, price growth and Fertility North acquisition contribution
Slide 14: FY25 Capital Position and Net Debt bridge
Monash IVF Group | FY25 Results Page 14 FY25 Capital Position Net Debt bridge Cashflow FY25 FY24 % change Free Cash Flow ($4.5m) 12.4 Net operating cash flow 12.9 52.5 (75%) 4.0 Net operating cash flow 86% 103% 19.9 conversion %(4) 3.0 Free cash flow(1) (4.5) 13.7 (133%) 89.6 14.5 2.9 48.7 Net Debt
Slide 15: 3. FY25 Operational Updates
Monash IVF Group | FY25 Results Page 15 3. FY25 Operational Updates
Slide 16: Monash IVF's response to the Brisbane & Clayton Incidents
Monash IVF Group | FY25 Results Page 16 Monash IVF’s response to the Brisbane & Clayton Incidents In 2H25 Monash IVF became aware of two Incidents at its Brisbane and Clayton clinics that were unrelated, different in nature and occurred some years apart. Both cases involved non-standard IVF treatmen
Slide 17: FY25 Operational Updates: Domestic IVF
Monash IVF Group | FY25 Results Page 17 FY25 Operational Updates: Domestic IVF • Continually enhancing our doctor value proposition to retain and attract doctors; • Net increase of 3 new fertility specialists in FY25; • 11 new fertility specialists joined; 8 departures (largely retirements / trainee
Slide 18: Leading science and technology driving pregnancy rates to >40%
Monash IVF Group | FY25 Results Page 18 Leading science and technology driving pregnancy rates to >40% 40.3% Clinical pregnancy rate per embryo Examples of current investments in innovative technology transferred to drive success rates and improve patient outcome (women aged <43 years) in CY25 (Jan-
Slide 19: Matcher Electronic Witnessing System roll-out complete
Monash IVF Group | FY25 Results Page 19 Matcher® Electronic Witnessing System roll-out compete Roll-out of Matcher® Electronic Witnessing across all Australian Monash IVF Group laboratories was completed during FY25 • Matcher® is a proven electronic witnessing system used by IVF clinics worldwide, u
Slide 20: FY25 Operational Updates: Diagnostics (Ultrasound)
Monash IVF Group | FY25 Results Page 20 FY25 Operational Updates: Diagnostics Ultrasound • FY25 scan volumes decreased by 0.4% on pcp; • Strong scan volume growth in MUFW (Melbourne) offset by decrease in scan volumes in SUFW (Sydney); • MUFW scan growth of 5.2% driven by new sonographers aiding cap
Slide 21: FY25 Operational Updates: Diagnostics (Genetics)
Monash IVF Group | FY25 Results Page 21 FY25 Operational Updates: Diagnostics Genetics • FY25 PGT-M cycles were down by 9% in FY25 (noting 2H25 PGT-M cycles were up 23%); • MVF carrier screening tests up 15% in FY25; • FY25 industry carrier screen test volumes averaged 10,900 tests a month; • Propor
Slide 22: FY25 Operational Updates: International IVF
Monash IVF Group | FY25 Results Page 22 FY25 Operational Updates: International IVF • Soft 2H25 volume performances across KL Fertility, Johor Bahru and Singapore; offsetting the 8% volume growth in 1H25; • International Stimulated cycles decreased by 6.4% in FY25; • FY25 International Segment Under
Slide 23: 4. FY26 Priorities
Monash IVF Group | FY25 Results Page 23 4. FY26 Priorities
Slide 24: FY26 Priorities
Monash IVF Group | FY25 Results Page 24 FY26 Priorities Integrated Doctor Retention IVF Fundamentals Consolidate Asia Diagnostics and Acquisition and Conversion Focus Strategy Ultrasound, Genetics & Pathology Risk and Drive High Digital Vision 2030 Governance Performance Transformation Strategy Enha
Slide 25: 5. FY26 outlook
Monash IVF Group | FY25 Results Page 25 5. FY26 outlook
Slide 26: Industry Outlook
Monash IVF Group | FY25 Results Page 26 Industry Outlook Short-term industry weakness is overshadowing the compelling long-term growth drivers underpinning demand for IVF FY26 outlook • Q4 FY25 industry stimulated cycle volumes and NPRs suggest that weak industry demand will continue in 1H26; • As w
Slide 27: FY26 Guidance & Beyond
Monash IVF Group | FY25 Results Page 27 FY26 Guidance & Beyond • FY26 Underlying NPAT(1)(2) is expected to be between $20-23m: o Reflects continuation of lower 2H25 domestic IVF NPRs (down 10.1%) vs. prior corresponding period coupled with deferral of indexation related IVF patient price increases i
Slide 28: Appendices
Monash IVF Group | FY25 Results Page 28 Appendices
Slide 29: FY25 Earnings Reconciliation
Monash IVF Group | FY25 Results Page 29 FY25 Earnings Reconciliation Statutory earnings adjusted for certain non-regular items $m EBITDA(1) EBIT Non-cash Interest FY25 NPAT FY24 NPAT Reported Statutory 65.4 43.4 - 25.7 (5.9) Acquisition transaction costs - - - - 0.5 Commissioning costs 0.5 0.5 - 0.4
Slide 30: FY25 Cashflow
Monash IVF Group | FY25 Results Page 30 FY25 Cashflow • Movement in Working Capital includes NiPGT Class Action instalment payments Cashflow ($m) FY25 FY24 % change and non-cash Profit & Loss benefit from the settlement of proceedings against the Company’s NiPGT Class Action insurer; Reported EBITDA
Slide 31: 30 June 2025 Balance Sheet
Monash IVF Group | FY25 Results Page 31 30 June 2025 Balance Sheet Balance Sheet ($m) 30 June 2025 30 Jun 2024 % change • Net leverage ratio is 1.7x as at 30 June 2025 after net $39.0m of Class Action payments and insurance recoveries in FY25. NLR is expected to Cash and cash equivalents 9.4 11.3 (1
Slide 32: Treatment Mix
Monash IVF Group | FY25 Results Page 32 Treatment Mix IVF Treatment numbers FY25 FY24 % change Monash IVF Group – Australia Stimulated cycles (1) 10,824 11,401 -5.0% Cancelled cycles 1,021 1,165 -12.4% Frozen embryo transfers 9,373 8,752 +7.1% Total Australian Patient Treatments 21,218 21,318 -0.5%
Slide 33: Overview of Monash IVF Group
Monash IVF Group | FY25 Results Page 33 Overview of Monash IVF Group Monash IVF Group is a market leader in reproductive care Domestic IVF International IVF Ultrasound Genetics & Pathology 24 clinics & 4 services centres 4 clinics 17 clinics 1 Genetics Laboratory (SA) 132 Fertility Specialists 18 Fe
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