Sonic Healthcare Limited · ASX:SHL

Sonic Healthcare — H1 FY2026 Earnings Presentation

19 slides from Sonic Healthcare's earnings presentation, Feb 19, 2026

  1. Slide 1: CEO Presentation – Half Year Results to 31 December 2025

    19 February 2026 The Manager – Listings Australian Securities Exchange Limited Exchange Centre 20 Bridge Street SYDNEY NSW 2000 Via electronic lodgement Dear Sir / Madam CEO PRESENTATION – HALF YEAR RESULTS TO 31 DECEMBER 2025 At 10:00am AEST today, Dr Jim Newcombe, Chief Executive Officer, will hos

  2. Slide 2: Financial and Operational Review

    Financial and Operational Review Half-year ended 31 December 2025 SONIC Dr Jim Newcombe Cl Healthcare HEALTHCARE

  3. Slide 3: Forward-looking Statements

    Forward-looking Statements This presentation may include forward-looking statements about our financial In particular, no representation, warranty or assurance (express or implied) is results, guidance and business prospects that may involve risks and given in relation to any underlying assumption o

  4. Slide 4: Headlines

    Headlines A$M H1 FY 2026 H1 FY 2025 Change (Statutory) Revenue 5,445 4,669 17% EBITDA 907 827 10% Net profit 262 237 11% Cash generated from operations 682 620 10% Earnings per share (A$ cents) 53.1 49.2 8%  On track to achieve full-year earnings guidance  Strong revenue growth including organic g

  5. Slide 5: FY 2026 Guidance Maintained

    FY 2026 Guidance Maintained EBITDA guidance maintained (issued August 2025; reaffirmed November)  EBITDA A$1.87 – A$1.95 billion (constant currency) Other guidance  Depreciation expense (including on leased assets) forecast to be A$770 - $780 million (constant currency) – reduced from previous gui

  6. Slide 6: Adjusted EBITDA Margins

    Adjusted EBITDA Margins H1 FY 2026 H1 FY 2025 Margin Change Reported EBITDA margins 16.7% 17.7% Acquisition costs 0.2% 0.1% German KV quota change 0.3% - LADR acquisition 0.2% - Hertfordshire & West Essex contract 0.1% - USA 0.6% - Adjusted EBITDA margins 18.1% 17.8% 30 bps  Operating leverage and

  7. Slide 7: Capital Management Priorities

    Capital Management Priorities  Maintain investment grade balance sheet Debt Cover History  Maintain progressive dividend with medium-term 3.5 target dividend payout ratio of 70-80% of net profit 3.0  Selective synergistic acquisitions 2.5 2.0  Share buy-backs using surplus capital (e.g. sale and

  8. Slide 8: Dividend and Credit Metrics

    Dividend and Credit Metrics 31 December 30 June Interim dividend Credit Metrics 2025 2025 $0.45 Net interest-bearing debt A$M 3,600 2,818 Equity A$M 8,723 8,473 2.3% vs FY 2025 Debt cover X 2.5 2.1 Gearing ratio % 29.0 24.7  Progressive dividend maintained Interest cover X 9.5 10.1  Interim divide

  9. Slide 9: Capital Management Initiatives

    Capital Management Initiatives Sale and leaseback transactions  Process underway for sale and leaseback of Brisbane hub laboratory  Estimated sale proceeds A$450 – A$500 million  Targeting June 2026 completion  Expect significant gain on sale, with potential tax capital gain partially sheltered

  10. Slide 10: H1 FY 2026 Revenue

    H1 FY 2026 Revenue  Diverse global portfolio of medical practices  Leading positions in stable and growing markets  Attractive growth opportunities in existing markets Total Revenue A$5,445 million (including A$8 million interest) SCS / Other = Sonic Clinical Services (IPN Medical Centres, Sonic

  11. Slide 11: Germany

    Germany Revenue  Growth 52% (statutory), 40% (constant currency)  Organic growth 5% (constant currency)  Organic growth impacted by change to minimum KV quota for statutory insurance fee (EBM) schedule, effective 1 January 2025, ~1% revenue impact as expected Operations  LADR laboratory group ac

  12. Slide 12: Australian Pathology

    Australian Pathology Revenue  Organic growth 5% Operations  Annual indexation 2.4% from 1 July 2025 on ~30% of Medicare fees  Ongoing implementation of private billing for selected tests  Strong growth in specialist and hospital segments, with commencement of services at Hollywood Private Hospit

  13. Slide 13: USA

    USA Revenue  Growth 3% (statutory)  Organic growth 0% (constant currency); underlying organic growth 2% (adjusted for Alabama major payor contract loss and restructuring of anatomical pathology operations) Operations  Operating review with multiple improvement initiatives underway across all US o

  14. Slide 14: Switzerland

    Switzerland Revenue  Growth 12% (statutory)  Organic growth 2% (constant currency) Operations  Synergy realisation proceeding to plan with margin expansion achieved following acquisitions of Synlab Suisse (July 2023) and Dr. Risch group (March 2024)  Laboratory mergers completed in Geneva, Lausa

  15. Slide 15: UK

    UK Revenue  Growth 30% (statutory)  Organic growth 24% (constant currency) Operations  Hertfordshire and West Essex (HWE) NHS outsource contract commenced March 2025, integration proceeding to plan  New hub lab in Watford expected to go live July 2026, servicing the HWE contract and creating cap

  16. Slide 16: Radiology

    Radiology Revenue and earnings  Organic revenue growth 7%  EBITDA growth 5% (normalised for IT cost reallocation – refer Appendix 4D) Operations  Annual Medicare fee indexation 2.4% from 1 July 2025  Ongoing focus on higher value modalities (CT, MRI, PET CT)  Seven greenfield sites opened in FY

  17. Slide 17: Sonic Clinical Services

    Sonic Clinical Services Revenue and earnings  Revenue growth 5% (organic growth flat)  EBITDA growth 20%, off low base and including acquisition of National Skin Cancer Clinics (NSCC) Operations  NSCC (acquired April 2025) now integrated with existing skin business and performing well  Increased

  18. Slide 18: Sonic Healthcare's Value Proposition

    Sonic Healthcare’s Value Proposition Sonic Healthcare Results H1 FY 2026 17

  19. Slide 19: Thank you

    Thank you. © SONIC HEALTHCARE 7) ES led SS [LD a = C4

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