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Investor presentation 29 October 2025 2025 Health immersion For personal use only
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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 self-determination and envision a future where all Australians embrace Aboriginal and Torres Strait Islander histories, cultures and rights as a central part of our national identity. 2 For personal use only
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Setting new ambitions as we accelerate growth Today we will showcase how Medibank is positioned to lead and continue to grow as a health company This means we aim to: Grow earnings Strengthen our business Transform health enabling shareholder value creation FY30 aspirations 3 Resident PHI market share Medibank aims to grow policyholder market share each year in a disciplined way From: 26.5% (FY25) To: > 26.8% Health engagement Medibank aims to double the number of people we engage with in their health and wellbeing From: c. 5m (FY25) To: c. 10m Medibank Health earnings Medibank aims to significantly increase Medibank Health segment earnings From: $76.7m (FY25) To: > $200m Empowered by Australia’s healthiest workplace For personal use only
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Part 1 – The opportunity for transformation in Australian health Australia’s health system David Koczkar – Chief Executive Officer Global case studies in health Dr Andrew Wilson, Hub Lead – Chief Medical Officer Technology’s role in the health transition Felicia Trewin, Group Lead – Data & Technology Part 2 – Medibank Health segment deep dives Medibank: a growing and differentiated health company David Koczkar – Chief Executive Officer Wellbeing Milosh Milisavljevic, Group Lead – Chief Customer Officer Amplar Health Robert Read, Group Lead – Amplar Health Part 3 – Creating value and driving change Creating shareholder value Mark Rogers, Group Lead – CFO & Group Strategy Accelerating Australia's health transition David Koczkar – Chief Executive Officer Part 4 – Health Immersion showcases (not webcast) Corporate health and wellbeing platform demonstration Kylie Bishop, Becky Hyde, Ari Notaras Amplar Health primary care Dr Mohammed Hasan and Cameron Holland Amplar Health virtual nursing into residential care Dr Janette Randall, Margaret Adams, Janelle Taylor Amplar Health Home Hospital demonstration Sarah McRae 4 Agenda For personal use only
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David Koczkar Chief Executive Officer Australia’s health system For personal use only
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6 Public system ($142.2b)4 Private system ($71.3b)4 Overview of Australia’s healthcare system A dual model providing accessibility and choice Offers affordable and accessible healthcare to all Australians Commonwealth / State Gov Health Insurance Consumers Government-funded system (e.g., Medicare) that contributes to the cost of health services for Australian residents Private insurance that offers shorter waitlists, choice of doctor and covers items not funded by Medicare Out-of-pocket expenditure from consumers 54.9% of the Australian population have some form of private health insurance6 Funding Service coverage Model c. 23.4 million Australians are enrolled in Medicare5 • National priority: 9.9% of GDP on healthcare1 vs OECD average (9.2%)2 • Global leadership: ranked top 3 globally in 2021 by the Commonwealth Fund for health outcomes3 • Highly skilled workforce: strong medical education and training standards • Universal coverage with choice: public Medicare complements high private insurance uptake Key strengths Covers all medically necessary health services during a non-resident’s time in Australia Complementary to Medicare covering a wider range of services General practice Ancillary services Limited7 Referred outpatient care Public hospital care Private hospital care Limited8 (1) Source: AIHW, Health expenditure 2024 (2) Source: OECD, Health at a glance 2023. (3) Source: Commonwealth Fund report 202 1. (4) Source: AIHW, Health Expenditure Australia 2022-23 (5) Source: AIHW 2023. (6) Source: APRA, quarterly private health insurance statistics to Dec 2024 (7) Medicare provides only limited ancillary coverage through targeted programs such as the Child Dental Benefits Schedule and GP-led chronic disease or mental health care plans (8) If you are admitted as a private patient in a private hospital, Medicare still subsidises the physician services that are listed in the MBS Corporates Health spending funded by non-government sources Public system Residential private system Non-residential private system For personal use only
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The need for change in Australia's health system Rising consumer expectations are outpacing a system that remains slow to innovate 77 (1) Source: AIHW, Australia's health 2024 (2) Source: AIHW Chronic conditions 2024 (3) Source: ABS, National Study of Mental Health and Wellbeing 2023 (4) Source: Dept of Health: Australia’s Primary Health Care 10-Year Plan 2022 (5) Source: Grattan Institute report 2025 (6) Source: ACEM, State of Emergency: Regional, Rural, and Remote report 2024 (7) Source: AIHW, Waiting times overview 2025 (8) Source: Private Healthcare Australia, Mandala report 2025 (9) hwd.health.gov.au/resources/primary/gp-supply-and-demand-study-compendium-august-2024 1 in 2 Australians live with a chronic condition which contributes to more than 1 in 3 potentially preventable hospitalisations 2 4.3m Australians experience a mental health condition annually (1 in 5), with the highest prevalence among young adults — 39%, and anxiety alone impacting 17% 3 88% of Australians see a role for technology in managing health, and 48% of providers believe its potential remains underutilised 4 By 2053, 21% of Australians will be 65+ and 4.2% will be 85+, doubling today’s representation and significantly increasing demand for community care and health services 1 Private hospital bed utilisation has fallen from 86% in 2010 to c.64% in 20255 A 4% annual rise in out-of-pocket costs will see Australians paying $72 more than the median cost in 2023, with total costs projected to double by 2030 8 Emergency departments: 31% wait 8+ hours for a patient bed 6 Elective surgery: 265-day median wait time for knee replacement7 Ageing population Chronic disease Mental health Digital shift The shifting health demands of consumers Existing pressures impact the ability to meet consumer needs Private hospital oversupply Public system pressure Affordable care Workforce challenges Australia is short approximately 2,400 full- time equivalent (FTE) GPs as of 2025. This is projected to grow to 8,900 by 20489 For personal use only
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Australia’s health transition Four system shifts essential to drive the health transition 8 Connected and technology enabled virtual first care models, supporting face to face consults Treatment Reactive and episodic care focused on treating illness Hospital Default, high-cost setting for treatment Analogue Paper based and face to face Generic One-size-fits-all approach Prevention Proactive and preventative care Community Shift to lower cost, quality community-based care models Digital Connected and technology enabled virtual first care models, supporting face to face consults Personalised Tailored care to each person’s unique health profile Traditional model New focus For personal use only
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Andrew Wilson Chief Medical Officer Global case studies in health For personal use only
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Shift 1: from treatment to prevention South Africa redefined primary care with prevention-focused teams and integrated screening 10 (1) Source: UNICEF – Budget brief series 2022. (2) Source: Macrotrends – South Africa Life Expectancy World Bank Increased awareness and demand due to rising burden of long-term disease on public health Life expectancy rose from ~54 to 66+ years (2006–2023)2 through strong infectious disease and public health programs Primary care strengthened via 3,500+ upgraded clinics with community outreach teams providing immunisation, antenatal care, and long-term disease monitoring Case for change Shifts Health outcomes Policy: Shifted away from a hospital-centric, curative model to strengthen cost-effective primary care Funding reform: National Health Insurance (NHI) introduced a universal pool covering prevention, treatment, and rehabilitation, with funding share for primary care rising from 30% to 32% (2016–2021) 1 Technology: Leveraged digital tools (e.g. mHealth, telemedicine) for risk factor tracking and patient engagement that enables the shift toward prevention Lessons for Australia • Bridge funding for transition from hospital-centric care toward prevention and community-based services to make prevention financially sustainable • Prevention care embeds in community-based delivery model through primary health networks, primary care networks, and allied- health integration to address chronic disease prevention • Modern care delivery with multi- disciplined teams (MDT), integrated screening, and digital enablers for proactive management For personal use only
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Shift 2: from hospital to community Singapore transitioned to community-based care, expanding telehealth and prevention-focused funding 11 Rapidly ageing population (1 in 4 Singaporeans will be 65+ by 2030)1 with strong preference for home-based care Reduced hospital pressure through transition care and hospital-in-the-home models, allowing more patients to be supported in the community Expanded community and preventive care with growing networks of clinics and hospitals under Healthier Singapore (>1m residents enrolled by 2025)3 Case for change Shifts Health outcomes Policy: Recognised unsustainable hospital-centric system and launched Three Beyonds reform to expand community- based care Funding reform: Shifted from fee-for-service to capitation model and A$4b committed under Age Well SG2 to expand subsidies for long-term care and ageing-in-place services Technology: Leveraged telehealth, remote patient monitoring, and integrated health IT to extend care beyond hospitals, enabling ageing-in-place and seamless provider coordination Lessons for Australia • Shift toward blended payment models that reward prevention and long-term care management • Integrated community care with transitional, community, and hospital in the home services to reduce hospital demand • Strengthen digital integration and community infrastructure to support ageing at home and proactive health engagement (1) Source: MOH – Whitepaper on Healthier SG. (2) Source: MOH – Enhancing preventative health and aged care. (3) Source: BMC - Insights into Singapore’s national strategy for primary care reform: physician attitudes, facilitators and barriers to healthier SG For personal use only
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12 Shift 3: from analogue to digital Sweden integrated virtual care into the public system to enable equitable, scalable digital access Digitally literate population (90%)1 and strong demand for convenience with COVID normalising telehealth Expanded access and convenience as digital consults more than doubled, accounting for ~11% of GP appointments1 (whilst digital-native clinic such as Kry is up to 50%)4, and delivering faster, high-satisfaction care Improved efficiency and equity with more non-urgent and follow-up cases managed online, easing in-person demand3 Case for change Shifts Health outcomes Policy: Patient choice reforms allowed private digital providers (e.g. Kry) to bill public funds at a lower flat rate Funding reform: National guidance to standardise pricing for digital consults and expanded value-based models to omni-channel digital providers Technology: Universal e-prescriptions (nearly 100%)2, and Bank ID enabled instant, secure script issuance and identity verification Lessons for Australia • Digital foundations: National roll out of e-scripts, My Health Record, and Digital ID to scale virtual care • Equitable access: Align Medicare rebates so patient costs are consistent across digital and in-person visits • Sustainable funding: Open public funding to private telehealth providers and grow value-based models that reward outcomes across care settings (1) Source: International Trade Administration (ITA) - Sweden Digital Healthcare Services Market Overview (2) Source: ITA – Sweden eHealth. (3) Source: SNS - Reimbursement models and e-health ; SKR – Digital health services (4) Kry presentation For personal use only
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13 Shift 4: from generic to personalised UK is embedding genomics, data, and innovation into the NHS to deliver more personalised care Patients increasingly expect personalised, proactive care, with nearly half wanting more involvement in decisions Sequencing as part of routine care provided actionable diagnoses in ~18.5% of rare disease cases2, guiding care and avoiding ineffective treatments ~110k people have Personal Health Budget (PHB) today3, and early evaluations showed average annual savings of ~£3,100 per person3, alongside improved quality of life and reduced unplanned care use Case for change Shifts Health outcomes Policy: The NHS Long Term Plan and Universal Personalised Care1 framework embedded personalisation across diagnostics, treatment, prevention, and care management underpinned by Integrated Neighbourhood Teams health service model Funding reform: Introduced innovation and value-based funding — from fast-tracking novel therapies to personalised care budgets that reward outcomes and patient-centred care Technology: Advances in genomics, data, and digital infrastructure enabled routine sequencing, precision drugs, and personalised care Lessons for Australia • Embed personalised care as a standard practice through team-based models and national policy integration • Align funding with outcomes via consumer-direct budgets, value-based contracts, and access to precision therapies • Invest in digital and genomic care to enable early diagnosis, tailored treatment, and better long-term care management (1) Source: NHS – Universal Personalised Care (2) Source: Genomic England – 100,000 Genomes Project (3) NHS – Personalised care – Evidence and Case Studies; Personal Health Budgets: Quarter 1 2025-26 For personal use only
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Technology’s role in the health transition Felicia Trewin Group Lead – Data & Technology For personal use only
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Shift 1: from treatment to prevention AI-driven diagnostics and predictive analytics enabling earlier risk detection and personalised insights 15 Technology themes Thematic examples1 Early risk detection: AI could help identify emerging health risks before symptoms appear, enabling timely intervention Personalised prevention: Data-driven analytics tailor programs to each patient to help prevent illness and disease progression Seamless patient experience: Continuous data sharing enables coordinated, proactive care across the continuum OpenUp and iPractice collaborate to form a continuum between preventive support and clinical care. Through this model, individuals transitioning out of treatment can often be granted (or may be eligible for) a period of OpenUp access to help maintain gains and reduce relapse risk. The partnership leverages outcome tracking, usage data, and personalised insights to inform follow-up support, enabling earlier intervention when warning signs emerge and smoothing the shift from recovery to long-term mental wellness Everlab combines advanced diagnostics with AI analysis to detect early disease markers and deliver clinician-guided prevention plans (1) All examples referenced here are thematic illustrations drawn from publicly available information sources (e.g. company websites). Medibank has no formal affiliation or commercial relationship with the entities mentioned, with the exception of Heidi, which is part of our partnership ecosystem. Medibank is not endorsing nor recommending any entity, system, or platform referenced in this slide For personal use only
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Shift 2: from hospital to community Edge computing, smart home systems, and wearable biosensors supporting real-time monitoring, early intervention, and safe ageing-in-place 16 Technology themes Thematic examples1 Personalised care: Data from home sensors and wearables create individual baselines, allowing care teams to tailor interventions and empower patients to self-manage in-home health requirements Resource efficiency: Centralised monitoring and smart alerts reduce unnecessary in-person visits, freeing hospital capacity and easing clinician workload Empowering patients to remain in home: Smart environments promote independence with remote care monitoring, shifting care delivery confidently from hospitals to the home SHINESeniors program uses smart home sensors to track seniors’ daily activity and automatically alert caregivers when risk patterns change, enabling early detection of health decline and supporting ageing-in-place through timely community intervention HartWacht is a remote cardiac monitoring program in which patients measure blood pressure, ECG, and rhythm at home via a compact device and mobile app. Data is reviewed centrally, and only flagged anomalies are escalated to cardiologists — enabling early intervention and reducing unnecessary in-clinic visits (1) All examples referenced here are thematic illustrations drawn from publicly available information sources (e.g. company websites) Medibank has no formal affiliation or commercial relationship with the entities mentioned, with the exception of Heidi, which is part of our partnership ecosystem Medibank is not endorsing nor recommending any entity, system, or platform referenced in this slide For personal use only
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Shift 3: from analogue to digital Digital identity, interoperable health data, virtual assistants, and ambient AI enabling secure, intelligent, and connected care 17 Technology themes Thematic examples1 Seamless data flow: Unified digital identity and Fast Healthcare Interoperability Resources (FHIR) -enabled interoperability give clinicians instant, secure access to patient histories - improving care coordination and reducing duplication Connected care: Real-time data sharing and augmented reality/ virtual reality consultations enable coordinated, continuous care across hospitals and community settings Streamlined automation: Real-time transcription and documentation reduce clinician workload, cut administrative errors, and allow more face- to-face care, improving both clinical accuracy and patient experience Rhapsody provides a platform that connects different healthcare systems so patient data can flow seamlessly between hospitals, clinics, and digital apps, enabling faster, safer, and more coordinated care Heidi Health provides AI tools that automate clinical documentation and streamline workflows for clinicians – reducing admin burden and freeing up time for patient care (1) All examples referenced here are thematic illustrations drawn from publicly available information sources (e.g. company websites). Medibank has no formal affiliation or commercial relationship with the entities mentioned, with the exception of Heidi, which is part of our partnership ecosystem. Medibank is not endorsing nor recommending any entity, system, or platform referenced in this slide For personal use only
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Shift 4: from generic to personalised Advances in genomics, pharmacogenomics, and digital triage enabling precision medicine and orchestrated, individualised interventions 18 Technology themes Thematic examples1 Data-driven precision care: Digital triage and orchestration tools integrate clinical and genetic data to guide patients to the right care early and enable truly personalised treatment pathways Proactive risk prevention: Gene testing identifies inherited risks, supporting earlier screening and targeted lifestyle or medical interventions Personalised prescribing: Pharmacogenomic insights match the right drug and dose to each patient, improving efficacy and reducing adverse reactions Clinical Architecture together with ProgressRx (developed under the NHS) translates genetic testing into actionable prescribing guidance. It helps general practitioners tailor medications based on patients’ individual genetic profiles, with the goal of reducing adverse drug reactions and improving treatment safety and efficacy Ochre Bio uses genomics and AI to develop precision RNA therapies that aim to improve liver health and prevent disease progression before transplantation is needed (1) All examples referenced here are thematic illustrations drawn from publicly available information sources (e.g. company websites). Medibank has no formal affiliation or commercial relationship with the entities mentioned, with the exception of Heidi, which is part of our partnership ecosystem. Medibank is not endorsing nor recommending any entity, system, or platform referenced in this slide For personal use only
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Medibank: a growing and differentiated health company David Koczkar Chief Executive Officer For personal use only
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20 Medibank – about us Purpose Better Health for Better Lives Vision To create the best health and wellbeing for Australia Our brands Supports the health and wellbeing of customers with a range of personalised health programs, services and products in addition to health cover and other insurance Offers straightforward health cover and multi-category insurance options, focused on cutting out the complexity and making things simple and affordable Delivers innovative healthcare at scale across Australia through primary care and community and acute care Strategic priorities Health insurance Wellbeing Primary care Community and acute care Segments Deliver leading experiences Differentiate our insurance business Expand in health Continue to strengthen our foundations For personal use only
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We’ve invested over $300m over the last decade to grow as a health company 21 Community and acute care3 Wellbeing1 Primary care2 Minority Investment Majority Investment JV with Calvary Acquisition of Calvary Interest (1) Medibank acquired Pinnacle Health Group. (2) Medibank increased its shareholding in Myhealth Medical Group from 49% to 91% in January 2024 and increased its holding in Medinet to 100% in February 2025 (3) Medibank acquired Healthstrong and HSS (now named Amplar Home Health) and acquired minority interests in Western Hospital (Henley Beach, SA), East Sydney Pr ivate Hospital and Adeney Private Hospital. Medibank and a group of orthopaedic surgeons have supported MQ Health to establish a surgical facility at Macquarie University Hospital. Medibank acquired a 50% interest in iMH. My Home Hospital is a service delivered by Amplar Health Home Hospital Pty Ltd for SA Health 2017 2018 2019 2020 2021 2022 2023 2024 2025 Minority Investment 100% ownership 21 Medibank / ahm Amplar For personal use only
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We support consumers across the entire care journey Segments Service categories Preventative health Key strengths Multidisciplinary, localised workforce Supporting team-based care involving different disciplines Data, digital & technology Integrating in-clinic, home and virtual settings with streamlined experience Community care HighLow Wellbeing Primary care Community and acute care Care acuity continuum Everyday wellbeing Corporate health Financial wellbeing General practice Virtual primary care Acute home health Ambulatory care Source of funds PHI customers with growing non-PHI cohort Be better Stay better Get better Customer relationships +4.2m health insurance customers and growing non-PHI customers nationwide Consumers | corporates | private funders Consumers | private funders | governments Consumers Supporting both private and public consumers For personal use only
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Australia’s health system is world leading but under pressure • Rising demand from ageing population, chronic disease, and mental health needs • Misaligned capacity and lack of innovation drives inefficiencies and rising costs Four system shifts that are essential to drive the health transition • From treatment to prevention, hospital to community, analogue to digital, and generic to personalised care • Shifts unlock opportunities for growth of lower-cost, technology-enabled quality health and wellbeing services Global evidence indicates these shifts deliver results • South Africa, Singapore, Sweden, and the UK demonstrate measurable outcomes • Funding reforms and integrated models underpin success internationally Technology is an accelerator of change • AI, remote patient monitoring, and end-to-end digital health platforms enable scalable, connected care • Virtual-first models improve access, efficiency, and clinician productivity Medibank is positioned to lead and continue to grow as a health company • Focused on four health segments that support each other to deliver greater customer value and long-term growth • Established capability and clinical expertise create a foundation for growth • Aiming to create customer and shareholder value, strengthen our business and drive meaningful change in health Key points 23 For personal use only
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Wellbeing Milosh Milisavljevic Group Lead – Chief Customer Officer For personal use only
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1.7 2.1 Wellbeing overview We are well positioned across multiple high potential segments 25 Segment opportunity (1) Calculated from IBISWorld reports and internal analysis (2) Source: ABS, National Health Survey 2023. (3) Opportunity size = portion of the total segment that can be served by our products and services, adjusted to reflect MPL’s projected customer reach, calculated from IBISWorld reports and internal analysis (4) The Everyday Wellbeing opportunity size only includes verticals where MPL actively participates: H&W products, Wellbeing Guidance and primary prevention. Exclude fitness, gym and lifestyle (5) Financial wellbeing opportunity size only considers commission revenues, estimated using individual product commission rates weighted by market product mix Our strengths Strategic fit Drives retention through greater value to PHI and corporate customers Proactively addresses rising health care costs Creates new earnings streams and synergy- driven growth Strengthens differentiation through multi-category offerings Builds frequent, meaningful engagement across our customers' health journey • Total FY25 segment size: $113b ($31b in Everyday Wellbeing, $1.3b in Corporate Health and $80b in Financial Wellbeing)1 • Segment opportunity increasing due to growing demand for: – Health and wellbeing solutions (inc. everyday wellbeing) driven by rising prevalence of chronic conditions2 – Tailored workplace health solutions, driven by productivity pressures and new psychosocial safety requirements – Multi-category insurers driven by customers seeking greater convenience, simplicity, and value (e.g. bundles and discounts) Large and engaged PHI customer base Large corporate base Strong and trusted brands Demonstrated ability to launch and scale rapidly Track record of delivering leading customer value propositions in multiple wellbeing categories Estimated opportunity size in wellbeing3 $b 1.6 2.4 8% 1.3 1.6 FY25 FY30 5% FY25 FY30 4% Everyday Wellbeing4 Corporate Health Financial Wellbeing5 Estimated FY25-30 CAGR% FY25 FY30 For personal use only
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Everyday wellbeing Corporate health Financial wellbeing Live Better is one of the largest health and wellbeing rewards programs in Australia Using the Live Better app, Medibank customers can: • Gain personalised health insights via assessments that identify individual health needs and risk factors • Track daily healthy habits like movement, nutrition, and mindfulness • Earn Live Better points by staying engaged in wellbeing activities (incl. engaging with partners) • Redeem points for rewards to encourage lasting healthy behaviour (incl. through a marketplace of partners) • Access everyday prevention programs for a range of issues (e.g. back pain, sleep, stress problems, gut health) We offer personal insurance solutions, helping customers protect what matters most while enhancing our differentiation Available across both PHI brands, customers and non-customers can access: • Life insurance and income protection • Travel insurance • Pet insurance • Car insurance • Home insurance Medibank Workplace Wellbeing complements our corporate PHI offerings with integrated and tailored health and wellbeing solutions for organisations Through Medibank Workplace Wellbeing, organisations can access: • Data led insights to inform tailored health and wellbeing strategies and programs delivery • Health services and programs including EAP, virtual GP, and workforce health insights • Preventative services such as onsite and virtual health checks, skin checks, flu vaccinations, and expert-led sessions Our current wellbeing offering Supporting healthier lives through everyday wellbeing, workplace solutions and financial wellbeing 26 For personal use only
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Established wellbeing foundations driving sustained momentum Deepening customer relationships and accelerating new opportunities 27 Delivering customer value • PHI premium saving opportunities through Live Better rewards • Potential to improve health outcomes through clinically-backed prevention programs • Inspire lasting healthy behaviors through health challenges and education • Discounted personal insurance premiums for Medibank/ahm customers • Personal insurance premium saving opportunities through Live Better rewards (e.g. travel insurance) • Aim to improve workforce health via digital and on-site health and wellbeing services (e.g. Online Doctor, health checks, Mental Health Support Line) • Boost workforce connectivity through group challenges (e.g. step challenge) FY25 key results Everyday wellbeing Corporate health Financial wellbeing 0.9m Live Better rewards participants 270k everyday prevention enrolments1 16% 118% FY23-25 CAGR Synergies • Supports PHI acquisition through differentiation, greater brand awareness, and join offers • Drives PHI retention through amplified health engagement and enhanced propositions (c. 20% lapse rate improvement in FY25 forcustomers who hold multiple products) • Supports proactively addressing rising health care costs through increased health awareness and engagement across end-to-end health journeys • Creates new revenues and margin streams through workplace health and wellbeing solutions, Live Better reward store, and diversified insurance offerings • Increases customer lifetime value by extending cover touchpoints beyond PHI 14% corporate accounts engaged in health and wellbeing services 23% FY23-25 CAGR 340k financial wellbeing policies 12% FY23-25 CAGR (1) Everyday prevention enrolments: Enrolments in self-paced digital health programs supporting prevention, recovery, and wellbeing across physical, mental, and chronic health needs For personal use only
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Everyday wellbeing Corporate health Financial wellbeing Opportunities to accelerate growth We have a clear strategy to deliver greater customer value and long-term growth Grow core portfolios and boost acquisition through differentiation and loyalty Expand health and wellbeing leadership while driving growth and marginObjective Opportunities Strategy pillars Scale workplace health solutions and accelerate growth through innovation • Unify workplace health services – prevention to crisis – with integrated, personalised digital experiences • Reimagine EAP to deliver holistic support across physical, mental, financial, and social wellbeing • Accelerate growth through data-driven workforce insights, inorganic opportunities, and longevity partnerships • Drive deeper customer engagement by enhancing integration of prevention and proactive models of care into Live Better • Expand our role into health insights and advice to enable more personalised, holistic and relevant customer recommendations • Expand access beyond PHI customers through standalone propositions and virtual health services • Evolve into a health and wellbeing marketplace with pay + points capability and higher-margin redemptions • Activate corporate clients with bespoke B2C offers and group life & income protection solutions • Reposition ahm as the single brand for end-to-end personal insurance, with simplicity and value at its core to drive acquisition beyond PHI customers • Enhance adoption and loyalty through a centralised digital hub, embedded propositions, and rewards for tenure and breadth 28 FY25-28 milestones >1.2mLive Better members From To 0.9m >380k Everyday Prevention enrolments 1 270k >20%Corporate accounts engaged in H&W services From To 14% Financial Wellbeing policies From To 340k >440k (1) Everyday prevention enrolments: Enrolments in self-paced digital health programs supporting prevention, recovery, and wellbeing across physical, mental, and chronic health needs For personal use only
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29 Key points We’re building a connected wellbeing ecosystem that not only strengthens our core business, but is a major platform for growth • Extends relevance beyond PHI through everyday wellbeing, workplace solutions, and financial wellbeing • Strong foundations already driving engagement, retention, and new revenue streams • Demonstrates value of our core platforms, beyond traditional wellbeing and loyalty Wellbeing is a large and growing segment where Medibank has demonstrated strong foundations and growth, with upside both in the customer base and beyond this • Large and growing segment, with the prevalence of chronic conditions, workplace health expectations and consumer preference for choice and convenience driving demand • Our trusted brand, scale, and proven capability to launch and scale rapidly underpin our ability to win Clear roadmap to amplify growth and deepen customer value • Evolve Live Better into a full marketplace and expand access beyond PHI customers • Scale workplace health solutions through integrated propositions and reimagined EAP • Activate corporate clients with bespoke B2C financial wellbeing offers and reposition ahm as a multi-category provider of insurance products We aim to transform how Australians experience and engage with health and wellbeing • Create simpler, more connected experiences that make health and wellbeing part of everyday life • Enable personalised, proactive support that meets people where they are — at home, at work, and in the community For personal use only
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Robert Read Group Lead – Amplar Health Amplar Health For personal use only
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Robert Read Group Lead – Amplar Health Primary care For personal use only
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Primary care overview Large segment with growing demand for prevention and proactive, personalised care 32 Segment opportunity (1) Estimated expenditure, using sources: AIHW, General practice, allied health and other primary care services, 2022-2023. (2) Source: RACGP - Health of the Nation report 2025. (3) Estimated expenditure, using sources: AIHW: Health expenditure Australia, 2022-2023. (4) Estimated expenditure, using sources: AIHW: Health expenditure Australia, 2022-2023; National Preventative Health Strategy 2021-2030 Our strengths Strategic fit Preference for 24/7 virtual access from trusted provider High volume of consumers engaged in health Focus on proactive and preventative health Scale to shape the gateway into the health system • FY25 primary care segment size: c.$70b1 • Strong segment opportunity due to growing demand for: – General practice, the most utilised primary care service. c.84% population saw a GP in FY24; $12.2b spent on 163m Medicare consults in FY25 1 – GP services skewed towards older demographic 85+ average 17 visits per annum versus 3.5 average visits per annum for teens1 – Out-of-pockets increased 4.6% in the last 12 months2 – Consumer trends driving demand for prevention and convenient access outside of the clinic – Government reforms will expand access, promote multidisciplinary care teams and develop health data infrastructure Established national clinic footprint 2,000+ multidisciplinary health professionals Trusted brands Virtual care coordination and delivery Estimated opportunity size in primary care ($b) Creates new earnings streams Trusted partnerships in health General practice3 Clinical prevention4 12.2 16.0 FY25 FY30 6% 2.4 4.7 FY25 FY30 14% Estimated FY25-30 CAGR% For personal use only
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Our progress and our strengths Having established strong foundations, we are moving at pace to scale our differentiation 33(1) Clinical prevention services include clinician-led health checks and preventative programs (e.g. Better Knee, Better Me, Better Hip). (2) Virtual health interactions include health concierge and 24/7 nursing and mental health triage Delivering customer value • Proactive health checks and prevention programs to identify risks early and help keep people well • Eases pressure on government and the health system through earlier identification and better health experiences • Embedded in general practice and community services to build a resilient, proactive system • One of Australia’s largest networks across GPs, nurses, psychologists, physiotherapists and allied health • National scale with +2,000 health professionals across 105 clinics • Allows health professionals to work to their top of scope of practice, improving care delivery and workforce satisfaction • 24/7 access for eligible customers via channels that match their preferences • Multi-channel offerings including virtual and in-clinic health interactions, enabling consumers to maintain contact with their GP • Continuity of care is vital for managing chronic conditions and preventing hospitalisations FY25 key results Clinical prevention Multi-channel offerings Multidisciplinary teams 33k clinical prevention services1 71% FY23-25 CAGR Synergies • Supports customer retention by offering comprehensive healthcare services that go beyond traditional PHI • Grows lifetime customer value by extending cover touchpoints beyond PHI into integrated primary care delivered in the community • Aim to deliver better health experiences and reduce avoidable hospital admissions – keeping customers well at lower costs 24% FY23-25 CAGR 25% FY23-25 CAGR 108k virtual health interactions with PHI customers2 +2k health professionals For personal use only
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Clinical prevention Multi-channel offerings Multidisciplinary teams Opportunities to accelerate growth We have a clear strategy to deliver greater customer value and long-term growth Localise capability across the care continuumGrow proactive healthObjective Opportunities Strategy pillars Increase proportion of virtual consults • Implement integrated care pathways combining digital, in-clinic and in-home services • Continuity of customer experience across triage, navigation, and virtual consults • Deploy workflow tools and analytics to enable data-driven decision-making for clinicians working at top of scope of practice • Integrate digital and physical channels to enable connected care across longitudinal relationships • Strengthen customer health navigation and coordination for better patient journeys • Launch personalised programs and services for prevention and mental health • Design and roll out integrated propositions to attract and retain Medibank and ahm customers and non-customers • Scale national network through organic and inorganic growth • With GP as a gateway, scale treatment pathways across the care continuum, delivering physical and mental healthcare virtually and in-person, in the convenience of the consumer’s home • Expand access to programs for health promotion, disease prevention, and proactive, personalised care models supported by multidisciplinary Amplar Health Locals teams • Build trust through local presence making care more accessible and relevant 34 FY25-28 milestones 45kClinical prevention services 1 From To 33k 7mGeneral practice consults From To c. 3.2m • From: traditional, siloed workforce • To: multidisciplinary teams that are localised and foster seamless transitions and early intervention for at-risk individualsc. 30%% virtual consults c. 20% (1) Clinical prevention services include clinician-led health checks and preventative programs (e.g. Better Knee, Better Me, Better Hip) For personal use only
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35 Key points ‘Staying better’ starts with accessible, affordable and proactive primary care • Building Australia’s leading multi-channel, multidisciplinary primary care network, targeting 7m GP consults per annum in FY28 • Accelerating the shift from episodic, condition-focused care to personalised interventions in clinical prevention, delivered in-clinic, in-home and 24/7 from virtual / digital channels Connecting multi-channels to a continuum of care across acuity • Meeting customer preference for choice and control with access, advice and support across channels • With general practice as a gateway, establishing multidisciplinary pathways from prevention to palliation, delivered virtually or in-person, across physical and mental programs, in-clinic and in-home National scale delivering a localised experience • Designing digital capabilities for a seamless, localised consumer experience and more efficient clinical workflows and systems • Embedding multidisciplinary teams within local communities (Amplar Health Locals) to make care feel more familiar, accessible and relevant Driving system reform • Funding innovative pilots and personalised models of care, with robust evaluation • Partnering with funders and governments to help shape the future of general practice and primary care For personal use only
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Morning tea break For personal use only
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Robert Read Group Lead – Amplar Health Community and acute For personal use only
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Community and acute overview The chronic disease burden is accelerating demand beyond the health system’s scalable capacity 38 Segment opportunity (1) Estimated expenditure using sources: Portfolio budget statements 2025-26 (clinical service funding), Support at home program handbook 2024; AIHW: Private hospital spending by funding source and internal analysis. (2) Estimated expenditure using sources: Support at home program handbook 2024; Medical Journal of Australia, Hospital in the home 2020; AIHW: Private hospital spending by funding source. (3) Estimated expenditure using sources: Australian Bureau of Statistics, Private Hospitals Australia report (2016-17). (4) Source: Australian Government, Intergenerational Report 2023 Our strengths Strategic fit Creates new earnings streams across public commissioning and PHI Focus on preventative health to reduce avoidable admissions Differentiated value proposition for 65+ population National platform to accelerate health transition (virtual, in-home) • Total FY25 segment size: $0.4b community1, $1.3b acute home health2, $3.3b ambulatory care3 • Demand drivers: – High growth cohorts: 60k-80k Australians turning 80 each year for the next two decades – 3x historic average4 – Chronic disease and ageing: c.40% of health spend by Australians 65+, projected to reach $270b by 20354 – Capacity pressure: Hospital and aged care bed constraints create opportunity for safe, higher acuity care at home, aligned to consumers preference – Funding models under reform supporting out-of-hospital care National network of allied nurses Innovation and incubation of new health services Established credibility in delivering government services Virtual delivery platform Trusted partnerships in health Estimated opportunity size in community and acute $b Estimated FY25-30 CAGR% Community care1 Ambulatory care3Acute home health2 0.4 2.8 FY25 FY30 48% 1.3 2.5 FY25 FY30 14% FY25 FY30 3.3 5.0 9% For personal use only
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Our progress and our strengths Easing persistent hospital capacity constraints on beds and workforce with personalised care models delivered closer to home 39(1) Community care visits include nursing and allied health visits in the home. (2) Acute home health admissions includes private and publicly funded hospital and rehab in the home services. (3) Bed days saved through Medibank clinician-led homecare programs delivered by or for Medibank and Amplar Health. (4) as at 30 June 2025 Delivering customer value • Delivering 24/7 virtual nursing for early intervention, advice, care planning and prescribing by virtual nurse practitioners • Establishing high acuity homecare delivered in consumer’s home and funded by Commonwealth • Early intervention via remote patient monitoring and virtual nurse access, reducing unplanned hospital admissions • Supporting preventative models— medication management, chronic conditions, e.g. COPD, diabetes, and heart failure • Enabling consumers to return home sooner – short stay mental health and surgical models of care to catalyse adoption of these models by other hospitals • Providing choice for consumers and a better patient experience compared with traditional in-hospital feedback • Demonstrating innovative no out-of-pocket cost models where applicable • Hospital-level care at home with 24/7 remote patient monitoring, a virtual control centre and in-home specialised clinical teams • First of its kind standalone healthcare service to achieve national accreditation under National Safety and Quality Health Service (NSQHS) Standards • Transitioning from high acuity settings into hotels (24/7 transition care) or directly to home to alleviate public hospital bed block FY25 key results Community care Acute home health Ambulatory care 107k visits1 17% FY23-25 CAGR Synergies • 177,000 hospital bed days saved3 in FY25 • National footprint expansion via three new Ambulatory care centres, accelerating the shift towards innovative models of care • Reduction in emergency department presentations and unplanned hospital admissions through bedside point of care solutions for residents in residential aged care homes 13% FY23-25 CAGR 24k admissions2 FY23-25 +57 operational ambulatory care centres4 For personal use only
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Opportunities to accelerate growth Accelerating funder, patient and specialist preferences toward care delivered in the community and the home 40 Community care Acute home health Ambulatory care Shorten length of hospital stays1Improve proactive and personalised care into the homeObjective Opportunities Strategy pillars Increase the volume of high acuity care delivered outside hospitals • Continue to expand beyond the current 200+ DRGs/ conditions delivered under the Amplar Health Home Hospital • Enhance interoperability between hospital, primary care, and community systems • Deploy real-time patient monitoring with AI alerts, and secure communication platforms • Create flexible staffing models for mobile care teams and virtual consults • Work with State governments to permanently fund new models of care delivered closer to home • Integrate wearable devices and sensors with predictive analytics to trigger tailored interventions • Segment populations by location, condition, risk level, and social determinants to personalise care pathways and align in-home workforce capacity • Upskill community health workers, nurses, and allied health professionals in chronic disease management and digital tools • Support flexible roles and career pathways to retain talent in community settings • Scale clinical homecare nationally with local teams • Tailor care pathways based on acuity, comorbidities, and social support • Shift suitable acute care episodes (e.g. infusions, wound care, diagnostics) from inpatient to ambulatory settings • Equip consumers with education and digital tools to self-manage outside of hospital • Use patient reported outcomes to personalise ambulatory plans FY25-28 milestones 155kCommunity care visits c. 45% growth in the number of visits across Amplar Health network From To >27kAcute home health admissions 2 c. 12% increase in number of admissions, not including opportunities with other funders From To Joint venture hospital investments to break even in FY28 3 107k 24k (1) Where clinically appropriate. (2) Acute home health admissions includes private and publicly funded hospital and rehab in the home services. (3) This milestone refers to joint venture hospital investments held at 29 October 2025 For personal use only
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41 Key points ‘Getting better’ starts with our personalised models of care delivered virtually and in people’s home • Acute care delivered virtually in a hotel or the customer’s home, with high NPS and a reduction in public hospital bed block • In-patient mental health and surgical care, that support patients in the community, improving patient experiences and reducing readmissions Scaling across the continuum of care • Expanding multi-channel referral pathways and multidisciplinary treatment pathways across the acuity continuum • Rapidly scaling acute care in the home, as public hospitals have increasingly insufficient capacity to meet demand from the chronic disease profile of an ageing population Integrated data flows and analytics to enable clinical care at home • Building our health data and digital capabilities to support improved clinical decision making, quality and consistency • Deploying remote patient monitoring to enable our clinicians to monitor patients at home remotely, in real time Demonstrating pathways to blend funding models • Partnering across Federal, State and private health insurance funders to accelerate the health transition with innovative models of care at scale Investing in this segment is accelerating the health transition to more sustainable community-based models of care at scale For personal use only
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Mark Rogers Group Lead – Chief Financial Officer and Group Strategy Creating shareholder value For personal use only
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Grow Medibank health earnings Strengthen our business Transform health • Strong growth prospects across all segments • Provide more services to meet more needs of Medibank customers • Participation in segments with typically less government and regulatory intervention than PHI • Capital light organic growth Value creation opportunity We see value creation opportunities across three separate, but interconnected lenses 43 + + = Value creation • Drive our differentiation strategy – supporting PHI customer growth • Proactively address rising health costs by supporting: – Reduced claims incidence due to better chronic disease management – Manages claims complexity by reducing disease progression – Lower healthcare costs through a shift to lower cost, personalised care settings • Enable health services across the continuum of care • Drive change to strengthen Australia’s public and private systems • Change results in broader opportunities for services to the public • Support a resource constrained system For personal use only
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Value drivers of Medibank Health Amplar Health Wellbeing Primary care Community and acute care TotalEveryday wellbeing, corporate health, financial wellbeing General practice, preventative health, virtual primary health Community care, acute home health, ambulatory care Funders consumers, corporate, private funders consumers, private funders, government FY25 financials Revenue $144.9m $244.3m $96.0m $485.2m Gross profit $116.4m1 $132.8m $27.3m $276.5m FY25 key metrics • Live Better rewards participants: 931k • Corporate accounts engaged in health and wellbeing services: 14% • Financial products policies:+340k • Prevention enrolments: +270k2 • Clinical prevention services: 33k3 • Virtual health interactions with PHI customers: 108k4 • Health professionals: +2k • Visits: 107k5 • Admissions: 24k6 Value drivers Volume and revenue • Customer growth • Meeting the health needs of more of our customers • Broadening services and sources of funding Gross margin • Efficiency benefits from increasing scale, utilisation and employee productivity • Customer and channel mix (e.g. multi-channel, virtual, homecare etc) • Benefits of digital investments, technology and innovation Cost management • Already invested in the fixed costs required to grow the business • Opportunity for improvement in operating expense ratio with increasing scale and efficiency Grow earnings + Strengthen our business + Transform health = Value creation 44 Earnings growth are driven by customer growth with cost benefits from scale, efficiency and innovation (1) Wellbeing includes Financial Wellbeing commissions which have a 100% gross margin. (2) Everyday prevention enrolments: Enrolments in self-paced digital health programs supporting prevention, recovery, and wellbeing across physical, mental, and chronic health needs (3) Clinical prevention services include clinician-led health checks and preventative programs (e.g. Better Knee, Better Me, Better Hip). (4) Virtual health interactions include health concierge and 24/7 nursing and mental health triage. (5) Community care visits include nursing and allied health visits in the home. 6) Acute home health admissions includes private and publicly funded hospital and rehab in the home services. (6) MPL customers receiving no gap total joint replacements procedures as a proportion of all total joint replacement procedures For personal use only
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Aiming to grow Medibank Health earnings to at least $200m by FY30 Growth potential Organic • Focus on volume growth, new products and services • Diversifying sources of funding including across private and public funders Inorganic (M&A and partnerships) • Target investment that add scale, capability and expand geographic coverage • Accelerate and reduce risk in execution • Current areas of focus include expanding primary care footprint and virtual capabilities ,and broadening participation in corporate health Synergies • Support customer growth and address claims costs • Meet more customer health needs and deliver diversified and new earnings streams Capital discipline • Deliver an appropriate standalone return on capital and synergies to the business • Capital employed of c.$450m expected to grow to c.$700m1 by FY30 • Capacity and willingness to deploy additional unallocated and Tier 2 capital • Further investment to accelerate delivery and uplift aspirations ROIC • Current Medibank Health ROIC of c.10% (vs. 8.5% cost of capital)2 • Significant ROIC uplift opportunity from achieving Medibank Health earnings aspirations Grow earnings + Strengthen our business + Transform health = Value creation We expect to grow organically and inorganically and execute with strong capital discipline 45(1) Includes $150m - $250m FY24-26 M&A target. (2) ROIC and cost of capital are presented on a post-tax basis and net of non-controlling interests For personal use only
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Wellbeing Everyday wellbeing Corporate health Financial wellbeing Primary care General practice Clinical prevention Virtual primary care Community and acute care Community care Acute home health Ambulatory care Synergies create a stronger and more resilient business Bi-directional opportunities between health and private health insurance1 Grow earnings + Strengthen our business + Transform health = Value creation + 4.2 million insurance customers 46 Support customer growth Value-added opportunities Proactive and preventative care Lower cost personalised care settings Proactively address claims costs Differentiated offerings and health engagement2 3 Meet more health needs of more customers Customer needs 1 Health engagement Acute care Referrals Deliver new and diversified earnings streams across public and private sectors Referrals (1) Referrals by health practitioners are based on clinical judgment. Amplar Health services a range of customers and funders. Medibank also engages with a broad network of healthcare providers For personal use only
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Examples of value creation opportunities Supporting the delivery incremental PHI value of c. 5% of current PHI operating profit by FY30 (1) For engaged Live Better members. (2) Redemptions value our 10k highest redeeming members. (3) All homecare enrolments which include Medibank, ahm and other funders. Average for RITH and HITH. Overall savings are only realised if it is a substitutive visit (as in it replaces existing hospital care). (4) A portion of these admissions are additive vs substitutive reducing the overall saving. (5) Based on hospital out of pockets saved plus travel costs. (6) Subset of prevention programs used for illustrative impact: CareFirst, Care Point, Better Knee Better Me, Type 2 Diabetes. (7) Includes costs of prevention services and avoided surgery out of pockets Live Better Homecare Prevention FY25 - FY28 Milestone Live Better rewards participants increasing from 0.9m to 1.2m Acute Home Health3 enrolments increasing from 24k to 27k Clinical prevention services increasing from 33k to 45k Time horizon Current (FY25+) Emerging (FY27+) Long-term (FY30+) Synergy benefits – today’s examples PHI lapse rate reduction: c25% improvement in lapse rate1 PHI joins increase: 6% annual increase in overall Medibank joins Cost per admission reduction: $5.2k saved per enrolment (average in- hospital care costs $9k compared to $3.8k for homecare)4 Bed days saved: 86k bed days saved Reduced hospital admissions and elective surgeries decreasing hospital benefit outlay by $2k per person (net savings are then lower based on the cost to deliver the program) 6 Bed days saved: 57k bed days saved FY30 incremental earnings benefit c. $6.2m c. $8.7m c. $6m - $7.5m Customer value Redemption value of our highly engaged redeemers: $650 2 Customer savings from at home care: $520 5 Value of prevention services and avoided out of pockets: $4.6K 7 47 Grow earnings + Strengthen our business + Transform health = Value creation For personal use only
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Our ambitions in health play a key role as we aspire to grow PHI market share to at least 26.8% by FY30 and we are prepared to invest further in our PHI business to increase this aspiration where this makes commercial sense We see value creation opportunities in health across three separate, but connected lenses We aim to grow Medibank Health earnings to at least $200m by FY30 through a combination of organic and inorganic growth We remain disciplined in capital allocation, with capital employed in Medibank Health expected to increase to c. $700m, and we have the willingness and capacity to invest further to increase our earnings aspiration We are focused on differentiation by increasing our role in our customers’ health and driving the health transition, positioning us to deliver incremental PHI value of c. 5% of current PHI operating profit by FY30 Key points 48 For personal use only
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Accelerating Australia’s health transition David Koczkar Chief Executive Officer For personal use only
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Strategic shifts for better health From treatment to prevention From hospital to community From analogue to digital From generic to personalised Health transition Grow earnings + Strengthen our business + Transform health = Value creation Shared ambition Customer health outcomes Increased health productivity Improved health equity Better patient experiences Better provider experience 50 For personal use only
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Sustainable growth Medibank: a growing and differentiated health company Empowering our teams to create the best health and wellbeing for Australia Supporting whole of health needs Deepening relationships with customers Driving change in the health systemDelivering more value, choice and control • Deliver exceptional customer experience • Personalised service via community hubs • Technology and AI enablement • Strong risk management and governance • Proactive and personalised • Platform connecting consumer needs with health services • Tailored across the customer lifecycle • Focus on better ways of providing care • Investments catalyse change • Partnerships foster innovation and drive wide uptake • Advocate for reform to sustain the system • Differentiated products and services • Empower customers to manage their health • Greater options for when and where customers receive care Better Health for Better Lives 51 Drives shareholder value by: Supporting customer growth Proactively addressing claims costs Meeting more health needs of more customers Delivering new and diversified earnings streams Creating a stronger and more resilient business For personal use only
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Setting new ambitions as we accelerate growth Medibank is positioned to lead and continue to grow as a health company This means we aim to: Grow earnings Strengthen our business Transform health enabling shareholder value creation FY30 aspirations 52 Resident PHI market share Medibank aims to grow policyholder market share each year in a disciplined way From: 26.5% (FY25) To: > 26.8% Health engagement Medibank aims to double the number of people we engage with in their health and wellbeing From: c. 5m (FY25) To: c. 10m Medibank Health earnings Medibank aims to significantly increase Medibank Health segment earnings From: $76.7m (FY25) To: > $200m Empowered by Australia’s healthiest workplace For personal use only
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53 Key points Australia’s health system faces growing complexity which requires meaningfulsystem-wide transformation We’re well positioned to lead this transition — backed by a clear strategy, deep capability, and a strong capital position We have strong foundations across growing segments in health Our strategy delivers value creation by growing earnings, strengthening our core business and transforming health We have a shared ambition to deliver customer health outcomes by focusing on four key pillars — increased health productivity, improved health equity, better provider experience, and better patient experiences For personal use only
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Q&A For personal use only
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Appendix For personal use only
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General & Summary Information The information contained in this presentation is general information about Medibank Private Limited (“MPL”) and / or its related bodies corporate (together, “MPL Group”) and their activities current as at the date of the presentation. The information is given in summary form and does not purport to be complete. It is intended to be read in conjunction with the verbal presentation delivered on the date of the presentation and MPL’s other periodic and continuous disclosure announcements lodged with the ASX or released on MPL's website, including without limitation its Appendix 4E and Financial Report for the financial year ended 30 June 2025 and its Annual Report 2025, which are available at www.medibank.com.au. Not advice The information contained in this presentation is not investment, legal, tax or other advice and has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person. You should make your own assessment and seek independent professional advice in connection with any investment decision. Past performance information in this presentation is given for illustrative purposes only. It is not, and should not be relied upon as, an indication of future performance. To the extent permitted by law, no responsibility for any loss arising in any way from anyone acting or refraining from acting as a result of this information is accepted by MPL or any of its related bodies corporate. No representation or warranty, express or implied, is made by any person, including MPL, and its related bodies corporate, their respective directors, officers, employees, professional advisors and agents (“Related Parties”) as to the fairness, accuracy, completeness, reliability or correctness of the information, opinions and conclusions contained in this presentation, including any forward-looking statements. Forward-looking statements This presentation contains certain forward‐looking statements with respect to the financial condition, results of operations and business of the MPL Group and certain plans and objectives of the management of MPL. Forward‐looking statements can be identified by the use of forward‐looking terminology, including without limitation the terms “believes”, “estimates”, “anticipates”, “expects”, “predicts”, “intends”, “plans”, “goals”, “targets”, “aims”, “outlook”, “aspiration”, “guidance”, “forecasts”, “continue”, “may”, “will”, “would”, “could” or “should” or, in each case, their negative or other variations or comparable terminology. Statements about market and industry trends are also forward-looking statements. These forward‐looking statements are provided as a general guide only and are not guarantees or predictions of future performance. They are based on information, expectations and assumptions known to MPL as at the date of this presentation regarding MPL’s present and future business strategies and the future political, regulatory and economic environment in which MPL will operate. MPL believes the expectations reflected in these forward‐looking statements are reasonable as at the date of this presentation, but acknowledge they involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of MPL, which may cause the actual results or performance of MPL to be materially different from the results or performance expressed or implied by such forward‐looking statements. These factors include general economic conditions in Australia, exchange rates, the market environment in which MPL operates and inherent regulatory risks in MPL’s business, and those set out on slides 3, 7, 25, 28, 32, 34, 35, 38, 40, 43-48 and 52. You are therefore cautioned not to place undue reliance on any forward-looking statements regarding our belief, intent or expectations with respect to the MPL Group’s businesses, market conditions and/or results of operations. No representation or warranty is made by any legal or natural person in relation to the accuracy, likelihood of achievement or reasonableness of any of these forward-looking statements, forecasts, prospects or results (express or implied). MPL and its Related Parties assume no obligation to update any forward-looking statement and to the full extent permitted by law, MPL and its Related Parties disclaim any obligation or undertaking to release any updates or revisions to information to reflect any change in any of the information contained in this presentation (including but not limited to any assumptions or expectations set out in the presentation). Financial data and rounding Unless stated otherwise, all figures in the presentation are in Australian dollars. Some figures, amounts, percentages, estimates, calculations of value and fractions are subject to rounding. Accordingly, the actual calculations of these figures may differ from figures set out in this presentation. Further, some balances subject to rounding may not add consistently throughout this presentation. No offer or sale The distribution of this presentation, including in jurisdictions outside Australia, may be restricted by law. Any person who receives this presentation must seek advice on and observe any such restrictions. Nothing in this presentation constitutes an offer or invitation to issue or sell securities, or a recommendation to subscribe for or acquire securities, by or on behalf of MPL, its related bodies corporate or any other person in any jurisdiction including where it is unlawful to do so. This presentation is not and does not constitute an offer to sell or the solicitation, invitation or recommendation to purchase any securities in the United States and neither this presentation nor anything contained herein shall form the basis of any contract or commitment. This presentation may not be distributed or released, directly or indirectly, in the United States. Abbreviations and acronyms used throughout the presentation may be found in the glossary. Important notice 56 For personal use only
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Term Definition JV Joint venture Live Better or Live Better rewards program A Medibank program to inspire people to lead a healthier and happier lifestyle, with tools and rewards (for eligible members) to motivate people MBS Medicare benefits schedule MER Management expense ratio. Calculated as management expenses divided by revenue Multidisciplinary care Coordinated healthcare delivery approach involving professionals from multiple clinical disciplines who collectively contribute to the assessment, planning, and management of patient care PHI Private health insurance M&A Mergers and acquisitions Non-resident PHI Overseas visitor, working visa and student health covers OECD Organisation for Economic Co-operation and Development Policyholder The primary person who is insured under a private health insurance policy (other than in relation to overseas students or visitors), who is not a dependent child, and who is responsible for paying the premium Resident PHI Hospital and/or extras cover under a complying health insurance product ROIC Return on invested capital Virtual health interactions Includes health concierge and 24/7 nursing and mental health triage provided by the Amplar Health network 57 Glossary Term Definition Acute home health Short-term clinical care delivered at or closer to home under medical or clinical governance (e.g. hospital in the home), including monitoring, nursing, allied health, with defined escalation pathways AI Artificial intelligence Ambulatory care Same-day clinical services delivered in outpatient or community settings (including telehealth), like specialist consultations, diagnostics, infusions, and minor procedures Amplar Health network Network of services provided by either Amplar Health or Myhealth. Includes primary care, prevention, virtual health, homecare and hospital services APRA Australian Prudential Regulation Authority Bed days saved The number of treatments delivered during an episode of care, representing days that would otherwise require a hospital bed. Applies to eligible patients, regardless of Medibank membership bps Basis points (1.0% = 100 bps) CAGR Compound annual growth rate Clinical prevention services Clinician-led services designed to help assess risk and manage health conditions. Includes health checks, screening, immunisation, risk -factor management and evidence-based preventative programs. Excludes acute care services. Eligibility criteria may apply. Community Care Non-hospital health and support services delivered in community settings (home, clinic, local facilities), to maintain health and independence and prevent hospitalisation, including nursing, allied health, personal care and coordination Everyday prevention enrolments Self-paced digital health programs supporting prevention, recovery, and wellbeing across physical, mental, and chronic health needs Financial wellbeing policies Financial Wellbeing policies include car and home insurance, income protection and life insurance, pet insurance and travel insurance FY Financial year ended/ending 30 June Health engagement Health engagement includes services such as Live Better rewards and health services such as homecare, no gap, clinician -led prevention programs and virtual health Health Insurance Includes both resident and non -resident For personal use only