Medibank Private Ltd. · ASX:MPL
Medibank Private — FY2026 Earnings Presentation
37 slides from Medibank Private's earnings presentation, Aug 20, 2026
Slide 1: Full year results
Full 2026 year results Investor presentation 20 August 2026
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: Acknowledgement of Country
Acknowledgement 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 se
Slide 4: Highlights
Highlights David Koczkar Chief Executive Officer
Slide 5: Highlights
Highlights Customer value, advocacy and engagement continue to strengthen our business • Advocacy improved and continues to be at strong levels • Delivered greater value to customers across their health journeys amid ongoing cost-of-living pressures • Grew engagement in health, supporting deeper cus
Slide 6: Delivering value for customers
Delivering value for customers And supporting a sustainable health system Giving value Supporting Driving innovation and to customers better health sustainability in health • Customers claimed c. $49m in • Highly engaged Live Better members • Saved 194k hospital bed days rewards through Live Better
Slide 7: Managing through the cycle while investing for sustainable growth
Managing through the cycle while investing for sustainable growth Result reflects our resilience, discipline and increased earnings diversification Net resident Health Insurance Medibank Health Health Insurance policyholder growth operating profit segment profit expense ratio +22.1k (+1.1 ) % $769.8
Slide 8: Medibank – a diversified health company with multiple avenues for growth
Medibank – a diversified health company with multiple avenues for growth Our purpose Better Health for Better Lives Our vision To create the best health and wellbeing for Australia Our brands Resident health Non-resident Community Our segments Wellbeing Primary care insurance health insurance and ac
Slide 9: Building a stronger, more diversified health company
Building a stronger, more diversified health company Key strategic initiatives delivered during FY26 Deliver leading Differentiate our Expand Continue to strengthen experiences insurance business in health our foundations Enhanced our customer Delivered growth in resident PHI Increased health and we
Slide 10: Driving growth across resident and non-resident PHI segments
Driving growth across resident and non-resident PHI segments Consumer health spending remains largely non-discretionary Resident PHI Non-resident PHI • Continued industry growth despite cost-of-living pressures1 • Strong inflows despite visa reforms, with worker arrivals accelerating and student vol
Slide 11: Disciplined growth supports long-term sustainable returns
Disciplined growth supports long-term sustainable returns Balancing quality over quantity in resident PHI We are growing in our priority segments Prioritise retaining our Target new to industry Increase joins through Grow share in families current customers over switchers direct channels Change in r
Slide 12: Creating value and enabling growth across the care continuum
Creating value and enabling growth across the care continuum Consumer and system needs are accelerating the shift to connected, preventative and community-based care Wellbeing Primary care Community and acute care • Growing demand for personalised • Demand growth driven by evolving • Ageing populati
Slide 13: Financial results
Financial results Mark Rogers Group Lead – Chief Financial Officer & Group Strategy
Slide 14: Group financial summary
Group financial summary Group operating profit up 6.7% with continued earnings diversification Financial year ended 30 June ($m) 2025 2026 Change Group operating profit up 6.7% Group revenue from external customers 8,604.0 9,115.2 5.9% • Solid growth in resident Health Insurance • Continued strong m
Slide 15: Health Insurance result
Health Insurance result Stable margins demonstrate growth and cost discipline Financial year ended 30 June ($m) 2025 2026 Change Revenue up 4.6% to $8,585.1m 1 • Business remained resilient despite challenging economic environment Premium revenue 8,211.0 8,585.1 4.6% • Total policy unit growth of 0.
Slide 16: Health Insurance – resident policyholders
Health Insurance – resident policyholders Prioritising quality of growth, with Medibank brand growth doubling to 0.6% Financial year ended 30 June 2025 2026 Change Resident health insurance industry continues to grow, with the non-discretionary nature of healthcare underpinning future demand Policyh
Slide 17: Health Insurance – resident claims
Health Insurance – resident claims Average claims growth per policy unit up 40bps to 2.6% Financial year ended 30 June ($m) 2025 2026 Change Resident net claims growth of 4.4% 1 • 20bps benefit from risk equalisation (FY25: 70bps benefit), with 1H26 timing Claims expense (6,630.8) (6,933.1) 4.6% ben
Slide 18: Health Insurance – portfolio performance
Health Insurance – portfolio performance Solid gross profit growth of 4.6% reflects quality of growth Resident Non-resident Total Financial year ended 30 June ($m) 2025 2026 Change 2025 2026 Change 2025 2026 Change Premium revenue 7,908.8 8,267.9 4.5% 302.2 317.2 5.0% 8,211.0 8,585.1 4.6% Net hospit
Slide 19: Medibank Health result
Medibank Health result Total segment profit up 31.3% to $100.7m – strong organic growth across all segments Total Financial year ended 30 June ($m) 2025 2026 Change Revenue 485.2 634.8 30.8% Gross profit 258.7 327.2 26.5% Expenses (173.4) (215.5) 24.3% Segment expenses (1.1) (4.4) n.m. Operating pro
Slide 20: Medibank Health – performance and key metrics
Medibank Health – performance and key metrics Increasing scale while meeting more health needs of more consumers Financial performance Wellbeing1 Primary care Community and acute Total Financial year ended 30 June ($m) 2025 2026 Change 2025 2026 Change 2025 2026 Change 2025 2026 Change Revenue 144.9
Slide 21: Investment portfolio and investment income
Investment portfolio and investment income Lower earnings on cash - net investment income down $28.9m Reported performance2 Underlying performance2 Financial year ended 30 June ($m) 2025 2026 Change 2025 2026 Change Net investment income Growth portfolio income 54.8 47.8 (12.8%) 39.5 42.4 7.3% Defen
Slide 22: Capital and dividend
Capital and dividend Strong balance sheet supports growth and capital flexibility Business continues to be well capitalised Capital ($m) 30 Jun 2025 30 Jun 2026 • Fund PCA coverage ratio increased to 1.9x Total equity 2,336.1 2,410.7 • Unallocated capital decreased $69.0m to $182.9m Determined but u
Slide 23: FY27 outlook and our financial focus areas
FY27 outlook and our financial focus areas FY27 outlook FY27 focus areas Aim to grow market share in a disciplined Focus on sustainable and disciplined growth Resident way, including improved volume • Continue brand and proposition differentiation policyholder momentum in the Medibank brand • Target
Slide 24: Conclusion
Conclusion
Slide 25: FY27 focus areas
FY27 focus areas Unlocking greater value for our stakeholders Deliver leading Differentiate our Expand Continue to strengthen experiences insurance business in health our foundations Aspirations Increase advocacy and trust Drive growth and differentiation Diversify and grow earnings Build on our res
Slide 26: Growing earnings, strengthening our core and transforming health
Growing earnings, strengthening our core and transforming health We aim to grow and diversify group earnings Private Health Insurance Medibank Health • Grow customers in a disciplined way • Meet more health needs of more customers • Maintain market leading proactive claims • Increase the breadth and
Slide 27: Key points
Key points Customer advocacy, health engagement and differentiation continue to support sustainable growth Disciplined execution delivered resilient earnings despite a more competitive environment Medibank Health is diversifying earnings while strengthening our core business Medibank is well positio
Slide 28: Q&A
Q&A
Slide 29: Appendix
Appendix
Slide 30: Strong result demonstrates our disciplined approach to growth
Strong result demonstrates our disciplined approach to growth A strong and resilient resident Making progress on Delivering earnings and dividend private health insurance business our growth potential growth for shareholders 23.1cps Underlying Medibank Health Underlying 22.5cps 16.3% resident health
Slide 31: FY26 performance scorecard
FY26 performance scorecard FY26 FY26 FY28 Key success measures (FY26) Measure FY25 outcome Milestones (FY28) Measure FY25 progress milestone Deliver leading experiences Wellbeing New Customer satisfaction1 jNPS measure 21.9 Live Better rewards # participants 0.9m 1.0m >1.2m New Customer health engag
Slide 32: 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 33: Our non-wholly owned health investments
Our non-wholly owned health investments Target Ownership segments Investments interest (%) Description Benefits to Medibank Myhealth Medical 92.7% • Medibank acquired a non-controlling interest in Myhealth Medical Group Support preventative health Primary Holdings Pty Ltd for c. $63m in 2021. Owners
Slide 34: Group financial summary – half by half
Group financial summary – half by half Change ($m) 1H25 2H25 1H26 2H26 2H26 v 2H25 2H26 v 1H26 1H26 v 1H25 Group revenue from external customers 4,270.7 4,333.3 4,503.5 4,611.7 6.4% 2.4% 5.5% Health Insurance operating profit 349.2 392.3 361.5 408.3 4.1% 12.9% 3.5% Medibank Health segment profit 37.
Slide 35: Health Insurance resident policyholders – half by half
Health Insurance resident policyholders – half by half Change 1H25 2H25 1H26 2H26 2H26 v 2H25 2H26 v 1H26 1H26 v 1H25 Policyholders1 (thousand): Opening balance 1,975.3 1,982.8 2,003.2 2,021.1 1.9% 0.9% 1.4% Acquisitions 102.2 126.2 112.0 121.6 (3.6%) 8.6% 9.6% Lapses (94.7) (105.8) (94.1) (117.4) 1
Slide 36: Investment portfolio
Investment portfolio As at 30 June 2026 Target asset Portfolio Spot balance ($m) Average balance Average balance allocation composition ($m) ($m) FY26 FY25 Australian equities 3.0% 2.5% 75.6 97.7 107.6 International equities 4.0% 3.8% 116.4 106.5 120.5 Property 5.0% 4.3% 131.8 136.1 141.7 Infrastruc
Slide 37: Glossary
Glossary Term Definition Term Definition 1H Six months ended/ending 31 December of the relevant financial year Live Better or A Medibank program to inspire people to lead a healthier and happier lifestyle, 2H Six months ended/ending 30 June of the relevant financial year Live Better with tools and r