Slides
Page 1
2026 Results Briefing Investor Presentation August 2026
Page 2
Page 2Monash IVF Group | FY26 Results Presentation Disclaimer The presentation has been prepared by Monash IVF Group Limited (ACN 169 302 309) (“MVF”) (including its subsidiaries, affiliates and associated companies) and provides general background information about MVF’s activities as at the date of this presentation. The information does not purport to be complete, is given in summary and may change without notice. This presentation is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. These should be considered, with or without professional advice, when deciding if an investment is appropriate. The presentation does not constitute or form part of an offer to buy or sell MVF securities. This presentation contains forward looking statements, including statements of current intention, statements of opinion and predictions as to possible future events. Such statements are not statements of fact and there can be no certainty of outcome in relation to the matters to which the statements relate. These forward-looking statements involve known and unknown risks, uncertainties, assumptions and other important factors that could cause the actual outcomes to be materially different from the events or results expressed or implied by such statements. Those risks, uncertainties, assumptions and other important factors are not all within the control of MVF and cannot be predicted by MVF and include changes in circumstances or events that may cause objectives to change as well as risks, circumstances and events specific to the industry, countries and markets in which MVF operate. They also include general economic conditions, exchange rates, interest rates, the regulatory environment, competitive pressures, selling price, market demand and conditions in the financial markets which may cause objectives to change or may cause outcomes not to be realised. None of MVF (and their respective officers, employees or agents) (the Relevant Persons) makes any representation, assurance or guarantee as to the accuracy or likelihood of fulfilment of any forward-looking statement or any outcomes expressed or implied in any forward-looking statements. The forward-looking statements in this presentation reflect views held only at the date of this presentation. Except as required by applicable law or the ASX Listing Rules, the Relevant Persons disclaim any obligation or undertaking to publicly update any forward- looking statements, whether as a result of new information or future events. Statements about past performance are not necessarily indicative of future performance. Certain jurisdictions may restrict the release, publication or distribution of this presentation. Persons in such jurisdictions should observe such restrictions. To the extent permitted by law the Relevant Persons do not accept liability for any use of this presentation, its contents or anything arising in connection thereto including any liability arising from the fault or negligence none of the Relevant Persons. This presentation includes a number of non-IFRS measures which include EBITDA, Underlying EBITDA, Underlying EBIT and Underlying NPAT. These non-IFRS measures are used by management to measure the performance of the business. These measures have not been subject to audit review.
Page 3
Page 3Monash IVF Group | FY26 Results Presentation Dr Victoria Atkinson Chief Executive Officer & Managing Director
Page 4
Page 4Monash IVF Group | FY26 Results Presentation FY26: A Year of Two Halves (1) Underlying EBITDA, EBIT and NPAT are non-IFRS measures (2) Refer to page 34 for reconciliation of Reported EBITDA, EBIT and NPAT to Underlying EBITDA, EBIT and NPAT (3) NPAT including minority interest FY26 exits with momentum after challenging first half A stabilising Australian market with an attractive growth outlook Productivity and operational reset underway Nurture 2030: A clear three-year strategy driving growth, value and returns approved 2HFY • Resilient revenue $269.5m (-0.9%) • Underlying EBITDA (1)(2) of $53.4m (-19.5%) • Underlying NPAT (3) of $16.1m (41.2%) • Final dividend declared of 1.3cps (full year 2.5cps) payout ratio of 60% • Australian Assisted Reproduction Services (ARS) market broadly flat in FY26 • 13 new specialists & 3 trainees welcomed to the group • Attractive short-to-medium-term domestic growth outlook • Strong Asian market growth with accelerating outlook • Structural cost and productivity initiatives to improve margins and earnings quality • Growth engines strengthened through expanded medical capacity, with International, Diagnostics and Day Surgery investment achieving growth into FY27 and beyond • Nurture our patients — connected, personalised care • Nurture clinical excellence — through talent, science and leadership • Nurture sustainable shareholder value — growth, productivity and stronger returns 1 2 3 4
Page 5
Page 5Monash IVF Group | FY26 Results Presentation 1. FY26 Highlights and CEO Priorities Update 2. FY26 Results 3. Market Update & Outlook 4. Nurture 2030: A New 3Y Strategy 5. FY27 Priorities & Trading Outlook 6. Q&A Agenda
Page 6
Page 6Monash IVF Group | FY26 Results Presentation 1.FY26 Highlights and CEO Priorities Update
Page 7
Page 7Monash IVF Group | FY26 Results Presentation Group NPS 72.7 Representing the individualised care we strive to deliver to every patient, every day. 5,753 Clinical Pregnancies #2 in Market Share Across the Australian stimulated cycle market in FY26. 7,980 Day Surgery procedures Majority surgical volumes to be performed in house FY27 with completion of infrastructure program. > 3,000 episodes of patient care per month 1,700 IVF patients, 660 DSU and 600 scans per month. 42.1% YTD Clinical Pregnancy Rates For women under 43 years. (+1.8%) vs FY25. Women under 40 years 44.0% (+ 1.1%) vsFY25. Outperforming ANZARD benchmark FY26
Page 8
Page 8Monash IVF Group | FY26 Results Presentation 02 03 01 Deliver Sustainable Organic Growth Align Medical and Executive Leadership for Performance Revisit and Renew Strategic Priorities • Victorian Strategy Blueprint launched Foundational and transformational initiatives underway • Real-time performance dashboards deployed enterprise-wide Data now driving accountability across operations, finance, quality, people and marketing • Unified Asian leadership model established Integrating the region to unlock scale and growth • Executive leadership refreshed New Executive Leadership Team and Senior Leadership Team established, with CFO and CIO recruitment progressing • New medical leadership model established Industry-leading structure strengthening clinical governance and accountability • Nurture 2030 strategic plan launched FY27–29 strategy now providing the roadmap for sustainable growth Execution against 2HFY CEO priorities Page 8
Page 9
Page 9Monash IVF Group | FY26 Results Presentation 2. FY26 Results
Page 10
Page 10Monash IVF Group | FY26 Results Presentation FY26 Overview 1. Egg collections in Australia and International 2. Non-IFRS measures 3. MBS items 13200/1 FY26 Underlying EBITDA (2) FY26 Underlying EBITDA (2) Margin % FY26 Underlying NPAT (2) FY26 Revenue $269.5m Down 0.9% vs FY25 $53.4m Down 19.5% vs FY25 19.8% Down 460 bps vs FY25 FY26 Fully Franked Dividend FY26 Stimulated cycles (1) $16.1m Down 41.2% vs FY25 2.5 cps 60% payout ratio as per policy 11,423 Down 2.9% vs FY25 1H26 Domestic Stimulated Cycle Market Share (3) 2H26 Domestic Stimulated Cycle Market Share (3) 19% 20.2% up 120bps vs 1H26 1H26 Domestic Stimulated Cycles 2H26 Domestic Stimulated Cycles -11.7% vs pcp -1.6% vs pcp Page 10
Page 11
Page 11Monash IVF Group | FY26 Results Presentation Momentum regained in 2H26 • Stimulated cycle volumes grew with strong FETs • DSU strengthened labour management, productivity and procurement • Strong NIPT in H2, indicator of future pipeline • Strong market share growth Productivity program underway • Structural efficiency initiatives focusing on procurement, workforce efficiency and asset utilisation • Supported by digital enablement, including progressing patient management system Capital investment unlocks growth capacity • Brisbane clinic completed, Victorian volumes consolidated to Cremorne • Increased in-house surgical capacity improving scalability and revenue capture, and aligned with better patient outcomes Growth platform strengthened for FY27 • Initiatives across medical workforce, pricing, market share and patient pathways to accelerate domestic growth • Strong doctor recruitment, particularly in VIC and NSW • International and diagnostics primed as diversified growth avenues Business repositioned • Leadership, governance and strategy realigned to accelerate business priorities and sustainable growth FY26 Operational Highlights Page 11
Page 12
Page 12Monash IVF Group | FY26 Results Presentation Positioned to accelerate • 20,010 IVF patient treatments in FY26, with domestic IVF cycles easing 5% to 19,181—predominantly concentrated in 1H26 • Stimulated cycles were 7% softer at 10,057, while Frozen Embryo Transfers (FETS) remained resilient at 9,124 or -2.6% • 19% fewer cancelled cycles vs FY25 • 2H26 cost initiatives and slightly lower treatment volumes resulted in a modest reduction of 1.7% in direct variable IVF costs, while fixed clinical costs constrained further margin protection • Net increase of 10 fertility specialists & 3 trainees delivering a significant net increase in practice capacity, cycles and pipeline • Clayton IVF surgery volume transferred to Cremorne significantly uplifting patient experience and revenue capture • New Clayton clinic site secured with fit out commenced ensuring premium patient offering Australian market share 19.5% 1 Domestic IVF Overview FET market share 20.4% 1 1. Rolling 12-month average Page 12
Page 13
Page 13Monash IVF Group | FY26 Results Presentation FY26 Domestic Operational Overview Business Units WA Ultrasound acquisition ramping in-line with expectations In-house training model now yielding new sonographer pipeline to address market shortages Strong growth in referral network is increasing volumes NIPT above PCP in H2 Ultrasound Scans PGT-A, PGT-M and PGT-SR all increased >20% Clinical geneticist addition in Victoria grew volumes PGT-M Improved turnaround times enhanced service delivery for both clinicians and patients Genetics Volume Embryos Screened 21,079 Consistent with FY25 DSU cases rose 1%; case mix, consumable and utilisation optimisation underway Clayton volumes transferred to Cremorne June 26 doubling utilisation FY27 majority surgical volume & revenue will be retained in-house Brisbane DSU opened July 26 Day Surgery Cases 82,905 Down 0.94% vs FY25 7,980 Up 1% vs FY25
Page 14
Page 14Monash IVF Group | FY26 Results Presentation FY26 International Overview FY26 International Revenue FY26 International EBITDA FY26 International Stimulated Cycles 1,366 Up 8.3% vs FY25 $21.2m Up 15% vs FY25 $4.2m Up 9.6% vs FY25 Strategic business model reset delivers record performance across Asia FY26 Patient Treatments FY26 EBITDA Margin 2,554 Up 7.1% vs FY25 25.2% Down 123 bps vs FY25 Our international business continued to build local and cross -border patient pathways, supported by strong regional demand for advanced reproductive services. Revenue +73%, EBITDA +245%, on higher IVF volumes and strong PGT-A revenue from both local demand and cross-border referrals (Singapore and beyond); well positioned to grow further when the Singapore–Johor rail link opens January 2027. Kuala Lumpur hub: Singapore: Johor Bahru: Revenue +12%, EBITDA +7%—driven by IVF cycle growth, pricing and rising PGT-A demand. Revenue +9% (following a January 2026 price change) and EBITDA +82%. A successful year, achieving stronger profitability and establishing a platform for future growth.Bali: Page 14
Page 15
Page 15Monash IVF Group | FY26 Results Presentation FY26 Financial Results
Page 16
Page 16Monash IVF Group | FY26 Results Presentation Underlying ($m) FY26 FY25 % change Group revenue 269.5 271.9 (0.9%) Underlying EBITDA(1)(2) 53.4 66.3 (19.5%) Underlying EBITDA margin 19.8% 24.4% (4.6%) Underlying EBIT (1)(2) 28.4 43.0 (34.0%) Underlying NPAT(1)(2)(3) 16.1 27.4 (41.2%) Reported ($m) Reported EBITDA (1) 43.5 65.4 (33.5%) EBITDA Margin (reported) 16.1% 24.1% (7.9%) Depreciation & amortisation (23.3) (22.0) 6.0% Reported EBIT 20.2 43.4 (53.6%) Net finance costs (8.8) (7.3) 20.5% Reported Profit before tax 11.4 36.1 (68.5%) Income tax expense (3.1) (10.4) (70.6%) Reported NPAT (3) 8.3 25.7 (67.6%) 1. Non-IFRS measure 2. Refer to page 34 for reconciliation of Reported EBITDA, EBIT and NPAT to Underlying EBITDA, EBIT and NPAT 3. NPAT including minority interest • FY26 Underlying NPAT (1)(2)(3) of $16.1m, below the June 2026 updated guidance and includes the impact of the write -off of $1.4m (after tax) prepaid assets; • FY26 Underlying EBITDA (1)(2) Margin of 19.8%, 460 bp decline on FY25 (H1 -3.5%, H2 -5.7%); • H1 market share losses, H2 stabilised in a flat Domestic ARS market • IVF price increases deferred (East Coast) despite cost increases • Efficiency program underway • Depreciation & amortisation up $1.3m due to higher Right of Use lease asset • Net finance costs up $1.5m, driven by higher Capex and working capital • Effective tax rate is 26.9%; reflects higher International profits with lower tax rates FY26 Profit & Loss Summary Revenues proved resilient and margin primed for improvement
Page 17
Page 17Monash IVF Group | FY26 Results Presentation • FY26 Domestic IVF revenue decline of $9.6m driven by: • H1 Market Share (1) losses • Flat Australian ARS Sector volumes • Pricing held unchanged for East Coast, some increases elsewhere • International revenue up $2.7m driven by +8% increase in Stimulated cycles, strong in-bound International visitors; • $0.7m growth in Ultrasound revenues driven by new launch in WA and improved pricing and mix, overall volumes mildly softer; • Genetics and Ancillary income up $4.6m, driven by higher PGT and storage fees. 1. MBS items 13200/1 FY26 Revenue Analysis Page 17 269.5 (9.6) (0.9)2.7 0.7 4.6 271.9 240 250 260 270 280 FY25 Market share, Pricing and Industry International Ultrasound DSU Genetics & Other FY26 $M
Page 18
Page 18Monash IVF Group | FY26 Results Presentation 1. Underlying EBITDA and Reported EBITDA are a non-IFRS measures 2. Refer to page 34 for reconciliation of Non-regular items from Reported to Underlying 3. MBS items 13200/1 • FY26 Domestic IVF EBITDA (1) decrease driven by: • Market share (3) position • Pricing hold on east coast in 1H26 • Increased wage rates/supplier costs over 4% • Cost optimisation initiatives underway focusing on optimising labour, procurement and capital expenditure • International: +$0.4m EBITDA(1) with in-bound international patients driving higher volumes • Day Surgery: -$0.8m EBITDA(1) primarily reflects case mix margin off slightly higher volumes • Ultrasound: -$1.6m EBITDA(1) reflects 0.94% scan volume decline, ongoing sonographer shortages and startup WA service expansion EBITDA (1) decline reflects concentrated, identifiable and largely non-structural margin pressure FY26 EBITDA(1) Analysis Page 18 66.3 55.5 53.4 43.5 0.9 (3.6) (7.8) 0.6 0.4 (0.8) (1.6) (9.9) 65.4 20 30 40 50 60 70 FY25 Reported EBITDA(1) Non-regular items(2) FY25 Underlying EBITDA(1) MVF Market Share Net Price Inflation & Other Cost Base Industry Sub Total International Day Surgery Ultrasound FY26 Underlying EBITDA(1) Non-regular items(2) FY26 Reported EBITDA(1) $M
Page 19
Page 19Monash IVF Group | FY26 Results Presentation Net Debt FY26 FY25 T otal Debt (110.0) (99.0) Cash 8.8 9.4 Net Debt (101.2) (89.6) Leverage(2) 1.9x 1.7x Interest cover(2) 9.1x 11.3x Return on equity(3) 6.4% 10.9% Return on assets(3) 3.1% 5.6% Cashflow FY26 FY25 % change Net operating cash flow 36.7 12.9 185% Net operating cash flow conversion % (4) 85.0% 84.9% Free cash flow (1) 12.9 (4.5) (387%) 1. Free cash flow excludes financing, acquisition and investment cash flows 2. Leverage ratio above is based on Underlying EBITDA divided by Net Debt. Interest Cover excludes the impacts of AASB 16 Leases and other items prepared for covenant purposes as defined in our banking agreement. EBITDA is not an IFRS measure. Both metrics well within banking covenants. FY26 Capital Position Net Debt Movement — FY26 ($m) Net debt increase for Capital Expenditure • $23.8m of Capital Expenditure for Brisbane, Equipment and IT systems • One-off costs included in the operating cashflow 3. Return on equity and Return on Assets is Underlying NPAT for the twelve-month period to 30 June 2026 and 30 June 2025 respectively divided by closing equity 4. FY26 Operating cashflow conversion excludes the impact of non-regular items ($10.4m) and FY25 excludes NiPGT settlement payments (also non-regular) Page 19
Page 20
Page 20Monash IVF Group | FY26 Results Presentation 3. Market Update and Outlook
Page 21
Page 21Monash IVF Group | FY26 Results Presentation ARS Sector Volumes softened in FY26 • 2H26 Australian industry STIMs -0.2%, in line with 1H26 performance, compared to pcp • Market fluctuation Q3 -4.4% vs Q4 +3.4% with June rebounding, however reflects economic uncertainty • Continued state variability in FY26 (2) • Strong growth in Western Australia, with modest growth in South Australia as well as in Queensland and Victoria — MVF’s two largest state operations • New South Wales market decreased 5.4%, which was an outlier vs. the industry where all other markets saw growth • ARS Sector fundamentals remain good, with volumes expected to return to growth in FY27 Australian ARS industry stimulated cycles decreased by 0.2% Number of Australian Stimulated Cycles(1) half on halfAustralian Stimulated Cycles(1) bi-annual growth vs pcp 27,431 28,229 26,483 27,821 27,227 27,184 25,189 23,467 24,721 24,606 24,312 24,268 FY21 FY22 FY23 FY24 FY25 FY26 1H 2H 2.9% -6.8% -6.2% 5.3% 5.1% -0.5% -2.1% -1.2% -0.2% -0.2% -8% -6% -4% -2% 0% 2% 4% 6% 1H22 2H22 1H23 2H23 1H24 2H24 1H25 2H25 1H26 2H26 1. Stimulated cycles are MBS items 13200/1 2. Services Australia, Medicare item statistics (MBS items 13200/1), by state, 12 months to 30 June 2026 Page 21
Page 22
Page 22Monash IVF Group | FY26 Results Presentation Structural IVF demand remains compelling Fertility patients pause rather than defer treatment STIM cycles vs. Unemployment Rate and Interest Rate • IVF demand is influenced by consumer confidence and household affordability rather than any single macroeconomic indicator • Higher interest rates and cost-of-living pressures have coincided with softer treatment volumes as patients defer treatment • Historical trends suggest demand recovers as economic conditions stabilise, rather than waiting for demonstrated uplift, with deferred patients re-entering the market Data indicates industry softness is cyclical, not structural, supporting confidence in the long-term growth outlook as economic conditions stabilise Page 22
Page 23
Page 23Monash IVF Group | FY26 Results Presentation Demographic tailwinds support long-term demand Infertility prevalence projected to sustain demand, according to latest analysis from The Lancet Obstetrics & Gynaecology July 2026 Four global jump-points • Female infertility prevalence has increased steadily over the past three decades, particularly in women aged 35–49 • Global infertility cases in 35-49 age group are projected to increase by approximately 50% to 80 million by 2036 • These demographic trends are expected to underpin sustained long-term demand for fertility services • South-East Asia is expected to experience the strongest growth, driven by delayed parenthood, greater treatment awareness, improved access and rising disposable incomes Du, Yuanyuan, Furong Wang, Wei Zhou, et al. 2026. “Epidemiological Trends, Disparities, and Developmental Correlates of Infertility in Women of Advanced Maternal Age, 1990–2023: A Comprehensive Analysis within the GBD Framework.” The Lancet Obstetrics, Gynaecology, & Women’s Health 2 (7): e597–612. Combining projected ABS population growth and historical prevalence growth, Australian stimulated cycles should be expected to increase more than 30% over the next 15 years, with Asian growth predicted to be 40-60% Page 23
Page 24
Page 24Monash IVF Group | FY26 Results Presentation Regulatory reform in sector welcomed by MVF MVF is engaged with governments and regulators, and contributing to industry reform Monash IVF welcomes the regulatory reforms announced by Health Ministers and currently the subject of a national review by ACSQHC • Australian Commission on Safety and Quality in Health Care (ACSQHC) appointed to lead implementation of a set of National ARS Standards similar to those already in use in hospitals • Monash IVF has already established the governance, quality and reporting capability required to adapt to the elevated regulatory framework, enabling implementation within existing infrastructure Monash IVF is a key contributor to the industry consultation, and will engage with governments and regulators across the implementation timeline: • Draft Standards now available for piloting from January 2027 • All ARS providers to be transitioned to new scheme by December 2028 with dissolution of current regulator RTAC MVF well placed for reform: • Transparent safety and quality for all patients • Highest calibre clinical quality becomes a visible differentiator, reinforcing the value of MVF with established governance frameworks, data systems and demonstrated patient outcomes • Greater transparency, strengthening patient confidence, supporting long-term demand for high-quality providers • Experience and scale means MVF is perfectly placed to assist clinicians and providers across the sector Page 24
Page 25
Page 25Monash IVF Group | FY26 Results Presentation 4. Nurture 2030: A New 3Y Strategy
Page 26
Page 26Monash IVF Group | FY26 Results Presentation The new strategy builds on foundations set in our previous plan The investments made through the Vision 2026 Strategy provided the launchpad for Nurture 2030, including: • Strategic investment in international growth • Investment in integrated surgical infrastructure • Enterprise-wide scientific leadership structure leading to world class outcomes • Key doctor partnerships driving regional growth strategies • Delivered measurable improvement in outcomes Page 26
Page 27
Page 27Monash IVF Group | FY26 Results Presentation Purpose Nurturing possibility for every reproductive health journey Strategic Pillars Connected Patient Ecosystem Clinical Excellence and Safety Industry- Leading Talent Science, Research and Technology Sustainable Growth and Performance Enablement Layer Data, Digital and AI Progressive Leadership Service Domains Fertility Care Diagnostics Reproductive Health Page 27
Page 28
Page 28Monash IVF Group | FY26 Results Presentation 5. FY27 Plan and Priorities
Page 29
Page 29Monash IVF Group | FY26 Results Presentation Reignite organic growth • Strengthen market share, patient demand and conversion • Focus on Victoria & NSW • Restore standard pricing policy FY27 Priorities & Trading Outlook A series of operational focal points in the context of a positive trading outlook Trading Outlook MVF is positioned to convert volume growth into stronger earnings through operating leverage and strategic execution • Structural industry demand remains compelling • FY27 growth expected to strengthen through the year, supported by improving market conditions and disciplined execution. • Market share growth through doctor attraction, practice development and enhanced patient experience. • Structural productivity focus on cost optimisation, asset utilisation and disciplined capital allocation expected to improve operating leverage and margins. • MVF is well positioned to successfully implement evolving regulatory standards through established governance capability. • Capital expenditure to reduce by 50% on FY25 Unlock our network • Leverage completed capital investments • Embed productivity, cost efficiency Connect the patient journey • Embed data, digital across the patient journey • Real-time insights to improve patient experience Grow the reproductive journey • Deepen the clinical specialty matrix • Extend patient contact, improve outcomes and increase lifetime value Amplify medical workforce • Value growth across doctor lifecycle, • Strengthen doctor value proposition and leadership Lead the future of reproductive care • Progress readiness for ARS reform • Advance precision pathways, research, science and innovation Page 29
Page 30
Page 30Monash IVF Group | FY26 Results Presentation "It is nice to know that there’s hundreds and thousands of babies around the world related to something that I helped to create.” — Professor Carl Wood, IVF pioneer, Founder Monash IVF. Australian Story, ABC, 2001 6. Q&A
Page 31
Page 31Monash IVF Group | FY26 Results Presentation Appendix
Page 32
Page 32Monash IVF Group | FY26 Results Presentation Cashflow ($m) FY26 FY25 % change Reported EBITDA(1) 43.5 65.4 (33.5%) Movement in working capital (4.8) (49.6) (90.3%) Income taxes paid (2.0) (2.9) (30.9%) Net operating cash flow (post-tax) 36.7 12.9 184.4% Capital expenditure (23.8) (14.4) 64.8% Payments for businesses - (3.0) (100%) Cash flow from investing activities (23.8) (17.4) 36.4% Free Cash flow(2) 12.9 (4.5) (385.5%) Dividends paid (5.4) (19.9) (72.8%) Interest on borrowings (6.5) (4.0) 61.7% Lease incentives received 1.8 - - Payments of lease liabilities (14.2) (12.4) 14.4% Net proceeds of borrowings 11.0 39.0 (71.8%) Cash flow from financing activities (13.3) 2.7 (600.7%) Net cash flow movement (0.4) (1.9) (77.5%) Closing cash balance 8.8 9.4 (6.2%) 1. Non-IFRS measure 2. Free cash flow is a non-IFRS measure used by the Group as a key indicator of cash generated from operating and investing activities and is not subject to audit or review. Calculated as Net cash flow generated from operating activities less Net cash flows used in investing activities. FY26 Cashflow • Working capital year on year improved • FY26 outflow of $4.8m driven by timing of GST and higher inventory • Majority of $23.8m capital expenditure comprised: o Brisbane fertility clinic and day hospital o Laboratory and theatre (clinical) assets • FY27 capital expenditure reduction of circa 50% • Interest payments up $2.5m, reflecting higher borrowings and brought forward timing of interest coupon on facility extension; • Dividends paid - $4.7m for 1.2 cps FY26 interim dividend; • $11.0m of net debt drawn to fund capex and working capital. Page 32
Page 33
Page 33Monash IVF Group | FY26 Results Presentation Balance Sheet ($m) 30 Jun 2026 30 Jun 2025 % Change Cash and cash equivalents 8.8 9.4 (6.2%) Other current assets 35.3 32.3 9.4% Current lease liabilities (11.2) (9.7) 14.9% Contingent consideration (4.8) (4.4) 9.1% Other current liabilities (49.8) (47.3) 5.3% Net working capital (21.6) (19.7) 9.7% Non-current borrowings (109.4) (98.5) 11.0% Goodwill & Intangibles 295.6 297.2 (0.6%) Right of use assets 81.5 76.4 6.7% Lease liabilities (79.1) (71.8) 10.1% Plant & Equipment 84.2 69.6 21.0% Contingent consideration (3.3) (4.5) (27.2%) Other assets/(liabilities) 5.5 1.7 228.5% Net assets 253.5 250.4 1.2% Capital Metrics 30 Jun 2026 30 Jun 2025 +/- Net Debt1 ($m) $101.2 $89.6 +$11.6 Leverage Ratio (Net Debt / EBITDA2) 1.9x 1.7x +0.2x Interest Cover (EBITDA2/ Interest) 9.1x 11.3x (2.2x) Net Debt to Equity Ratio3 39.9% 35.8% +4.1% Return on Equity 6.4% 10.9% (4.5%) Return on Assets 3.1% 5.6% (2.5%) 1. Net Debt is cash less borrowings and excludes capitalised bank fees 2. EBITDA is based on normalised EBITDA excluding AASB16 Lease impact for covenant purposes as defined in the Syndicated Debt Facility Agreement. EBITDA is a non-IFRS measure 3. Net debt divided by equity at the balance date • Net Debt increased to $101.2m; capital projects and working capital • Net leverage Ratio is 1.9x • Debt Facility increased $20m to $130m, 3-year extension secured to support growth; • Other Current Assets - Inventory up to mitigate supply disruption, timing of GST recoverable • Plant and equipment up 21% reflecting higher Capex; • Final dividend of 1.3 cents per share (record date: 4 September 2026; payment date: 15 October 2026) • Full year dividend of 2.5 cents per share (FY25 5.1 cents per share) 30 June 2026 Balance Sheet Page 33
Page 34
Page 34Monash IVF Group | FY26 Results Presentation • Commissioning costs ($1.1m) related to pre-opening occupancy and other related expenditure for new facilities including Brisbane; • Legal costs including Class Action and Acquisition costs ($0.1m); • SaaS and other related costs ($1.7m) relating to the enhanced IVF patient management information system; • Professional Service costs ($3.1m) relates to legal and ancillary costs relating to incidents. Anticipated insurance recovery of up to $2.8m in FY27 - contingent asset, not recognised; • Restructuring ($0.8m) largely due to changeover of C-Suite and other members of the leadership team. • $0.8m non-cash lease expenditure and right-of-use asset depreciation under AASB 16 lease accounting is being adjusted from Reported to Underlying due to its non-cash nature; $m EBITDA(1) EBIT Non-cash Interest FY26 NPAT FY25 NPAT Reported Statutory 43.5 20.2 - 8.3 25.7 Commissioning costs 1.6 1.6 - 1.1 0.4 Class Action and Acquisition costs 0.2 0.2 - 0.1 (2.6) SaaS Expenses and Other Related Costs 2.4 2.4 - 1.7 1.1 Professional Service Costs and Additional Measures 4.5 4.5 - 3.2 0.9 Impairment - - - - 0.8 Restructuring 1.2 1.2 - 0.8 0.4 Adjusted 53.4 30.1 - 15.3 26.5 AASB 16 Lease Accounting - (1.7) 2.0 0.8 0.9 Underlying (1) 53.4 28.4 2.0 16.1 27.4 Statutory earnings adjusted for non-regular items to derive Underlying Results (1) Non-IFRS measure FY26 Earnings Reconciliation Page 34
Page 35
Page 35Monash IVF Group | FY26 Results Presentation Monash IVF Group is a market leader in reproductive care Domestic IVF 24 clinics & 4 services centres 7 Australian States / Territories 4 Day hospitals (SA, NSW, QLD, VIC) International IVF 4 clinics 4 international cities 3 Day hospitals (Malaysia & Singapore) Ultrasound 18 clinics 19 Sonologists 6 Australian states Overview of Monash IVF Group 1100 Staff and Doctors (1) 1. Employee numbers represents the full -time equivalents as at August 2026 and includes recent acquisitions Genetics & Pathology 1 Genetics Laboratory (SA) 5 Endocrine Laboratories (SA, VIC, NSW, WA and QLD) 11 Andrology Laboratories (SA, NT, VIC, NSW, WA and QLD)