Slide 1: Full year results
Full 2025 year results Investor presentation 28 August 2025
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 Customer focus is driving our strategy and growth • Meeting more health needs of more customers - expanding programs across wellbeing, primary, specialist and acute care • Finalised COVID-19 support package, returning over $1.7b to customers since 2020 Result reflects our resilience, disc
Slide 6: Customer focus is driving our strategy and growth
Customer focus is driving our strategy and growth We continue to deliver for our customers Giving back Announced the return of over $1.7b to our customers since 2020 as part of the COVID-19 support package1 Delivering more value to our customers $443m $408m $305m More than 10k c. $25m (+$2m)4 $195m
Slide 7: Result reflects our resilience, discipline and strategic focus
Result reflects our resilience, discipline and strategic focus Growing earnings diversification with Medibank Health contributing to c.10% of group operating profit Net resident Health Insurance Medibank Health Health Insurance policyholder growth operating profit segment profit management expense r
Slide 8: We are focused on our purpose which underpins our strategy
We are focused on our purpose which underpins our strategy Better Health for Better Lives Our vision To create the best health and wellbeing for Australia Insurance Health Our segments Resident Non-resident Wellbeing Primary care Specialist and acute care Our brands Our Continue to Deliver leading D
Slide 9: Strong fundamentals as the resident health segment evolves
Strong fundamentals as the resident health segment evolves We are navigating industry change as we pursue further growth Current industry state Emerging industry issues and opportunities Resilient segment, despite challenging economic factors Evolving opportunities amid shifting provider and competi
Slide 10: Positioned for growth in the non-resident health segment
Positioned for growth in the non-resident health segment We are unlocking growth potential through deeper customer relationships and differentiation Current industry state Emerging industry issues and opportunities Stable fundamentals with shifting migration priorities Evolving sector dynamics creat
Slide 11: Unlocking value as we accelerate Australia's health transition
Unlocking value as we accelerate Australia’s health transition Driving personalised, scalable care through reform and innovation Current industry state Emerging industry issues and opportunities The health system remains under pressure Accelerating change and reform • Primary care is strained: risin
Slide 12: Integrating AI across our business
Integrating AI across our business Simplifying our customers’ health journeys, expanding access to services and creating truly personalised experiences Our approach to AI is accelerating our strategy and unlocking future value through innovation Purpose Current example Future example Deliver leading
Slide 13: Financial results
Financial results Mark Rogers Group Lead – Chief Financial Officer & Group Strategy
Slide 14: Group financial summary
Group financial summary Underlying EPS up 8.5% to 22.5 cps Financial year ended 30 June ($m) 2024 2025 Change Group operating profit up 8.9% • Solid growth in resident Health Insurance Group revenue from external customers 8,175.8 8,604.0 5.2% • Important contribution from non-resident Health Insura
Slide 15: Health Insurance result
Health Insurance result Disciplined approach to growth supports 20bps improvement in operating margin to 9.0% Financial year ended 30 June ($m) 2024 2025 Change Revenue up 3.9% to $8,211.0m Premium revenue 1 7,903.0 8,211.0 3.9% • Business has remained resilient despite challenging economic environm
Slide 16: Health Insurance – resident policyholders
Health Insurance – resident policyholders Growth rate doubles – retention improves despite deteriorating industry trend Financial year ended 30 June ($m) 2024 2025 Change Resident health insurance market remains buoyant Policyholders (thousand): • Industry growth3 for the 12 months to June 2025 expe
Slide 17: Health Insurance – resident claims
Health Insurance – resident claims Lower extras claims growth per policy unit offsets increase in hospital Financial year ended 30 June ($m) 2024 2025 Change Resident gross claims up 3.9% • Risk equalisation provided a 70bps benefit to net claims growth Claims expense1 (6,384.1) (6,630.8) 3.9% (FY24
Slide 18: Health Insurance – portfolio performance
Health Insurance – portfolio performance Strong contribution of non-resident to Fund’s growth and gross margin Resident Non-resident Total Financial year ended 30 June ($m) 2024 2025 Change 2024 2025 Change 2024 2025 Change Premium revenue 7,636.6 7,908.8 3.6% 266.4 302.2 13.4% 7,903.0 8,211.0 3.9%
Slide 19: Health Insurance – management expenses
Health Insurance – management expenses Balancing disciplined cost management with investing in growth Financial year ended 30 June ($m) 2024 2025 Change Premium revenue 7,903.0 8,211.0 3.9% Management expenses (614.9) (654.9) 6.5% – Depreciation and amortisation (41.3) (44.7) 8.2% – Resident sales c
Slide 20: Medibank Health result
Medibank Health result Segment profit up 27.0% to $76.7m – includes strong organic growth and 12-month Myhealth contribution Medibank Health (excl. Myhealth) Myhealth2,3 Total Financial year ended 30 June ($m) 2024 2025 Change 2024 2025 Change 2024 2025 Change Revenue 290.4 339.1 16.8% 69.7 146.1 10
Slide 21: Investment portfolio and investment income
Investment portfolio and investment income Net investment income up $25.6m with improvement in both the growth and defensive portfolios Reported performance2 Underlying performance2 Financial year ended 30 June ($m) 2024 2025 Change 2024 2025 Change Net investment income Growth portfolio income 36.9
Slide 22: Capital and dividend
Capital and dividend Level of unallocated capital supports M&A aspirations Capital ($m) 30 Jun 2024 30 Jun 2025 Business continues to be well capitalised • Fund PCA increased to $764.6m with impact of revenue growth partially offset Total equity 2,305.1 2,336.1 by a reduced insurance risk capital ch
Slide 23: Our FY26 financial focus areas and outlook
Our FY26 financial focus areas and outlook FY26 financial focus areas FY26 outlook Focus on sustainable and disciplined growth Industry growth: anticipate moderating Resident PHI • Further improve retention, particularly in ahm through further digital investment industry growth relative to FY25 and
Slide 24: Conclusion
Conclusion
Slide 25: FY26 focus areas and aspirations
FY26 focus areas and aspirations Differentiate Continue to Deliver leading our insurance Expand strengthen our experiences business in health foundations Aspirations Increase advocacy and trust Grow insurance Diversify and grow earnings Continuously strengthen market share sustainably our capabiliti
Slide 26: 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 27: Q&A
Q&A
Slide 28: Appendix
Appendix
Slide 29: Our strategy – growing as a health company
Our strategy – growing as a health company Deliver leading Differentiate our Expand in Continue to strengthen experiences insurance business health our foundations Create personalised and Deliver more value, choice, Accelerate growth in prevention, Embed a purpose-led risk culture connected customer
Slide 30: Result demonstrates our disciplined approach to growth
Result demonstrates our disciplined approach to growth A strong and resilient resident Making progress on our growth Delivering earnings and dividend private health insurance business potential growth for shareholders Underlying 16.4% $77m Underlying 22.5cps resident health 16.2% Medibank Health 20.
Slide 31: FY25 milestones scorecard
FY25 milestones scorecard FY26 targets will be set in Q2FY26 Deliver leading experiences Differentiate our insurance business Expand in health Customer advocacy Resident policyholder market share Medibank Health FY25 March FY24 - FY26 target FY24 FY27 aspiration FY25 benchmark FY25 Organic $64.7m Ta
Slide 32: Delivering on our sustainability commitments
Delivering on our sustainability commitments Material focus area FY25 achievements Material topics Refer to slides 6 & 8 for further achievements Affordable, innovative and personalised 177k hospital bed days Customer health saved through homecare1 health and wellbeing programs and Supporting our cu
Slide 33: Our journey as a health company
Our journey as a health company Expanding our network through new products and services, partnerships and investments Pre-2017 2017 2018 2019 2020 2021 2022 2023 2024 2025 Contracted Launched Partnerships Suite of Wellbeing1 Prevention Programs Primary care2 Minority Investment Minority Investment M
Slide 34: Our health investments
Our health investments Target Ownership segments Investments interest (%) Description Benefits to Medibank Myhealth Medical 91% • Medibank acquired a non-controlling interest in Myhealth Medical Group Support preventative health Holdings Pty Ltd for c. $63m in 2021. Ownership interest increased to 9
Slide 35: Group financial summary – half by half
Group financial summary – half by half Change ($m) 1H24 2H24 1H25 2H25 2H25 v 2H24 2H25 v 1H25 1H25 v 1H24 Group revenue from external customers 4,024.0 4,151.8 4,270.7 4,333.3 4.4% 1.5% 6.1% Health Insurance operating profit 317.0 375.3 349.2 392.3 4.5% 12.3% 10.2% Medibank Health segment profit 26
Slide 36: Health Insurance resident policyholders – half by half
Health Insurance resident policyholders – half by half Change 1H24 2H24 1H25 2H25 2H25 v 2H24 2H25 v 1H25 1H25 v 1H24 1 Policyholders (thousand): Opening balance 1,960.9 1,964.3 1,975.3 1,982.8 0.9% 0.4% 0.7% Acquisitions 103.2 114.2 102.2 126.2 10.5% 23.5% (1.0%) Lapses (99.8) (103.2) (94.7) (105.8
Slide 37: Investment portfolio
Investment portfolio As at 30 June 2025 Target asset Portfolio Spot balance ($m) Average balance Average balance allocation composition ($m) ($m) FY25 FY24 Australian equities 3.0% 3.4% 101.7 107.6 129.4 International equities 4.0% 4.2% 123.6 120.5 106.1 Property 5.0% 4.7% 141.0 141.7 165.1 Infrastr
Slide 38: Glossary
Glossary Term Definition Term Definition 1H Six months ended/ending 31 December of the relevant financial year LLM Large language models 2H Six months ended/ending 30 June of the relevant financial year MBS Medicare benefits schedule Adult Dependent Reform that allows adult dependents to remain on t