Integral Diagnostics (IDX) investor relations material

Executive summary

• Completed the largest merger in the radiology industry, creating the second largest provider in Australia with 145 clinics and expanded presence in New Zealand.

• Revenue grew 33.7% to $628M, with standalone growth of 6.7% year-over-year and a six-month contribution from the Capitol merger.

• Achieved significant merger synergies, now expected at $14M annually, with $7M realised in FY25, exceeding initial estimates.

• Operating EBITDA increased 38.3% to $126.5M, with margin up to 20.1%.

• Strong patient and referrer engagement, with an NPS score of 82 and 1.8M patients served.

Financial highlights

• Operating EBITDA margin improved to 20.1% (up 0.6pp year-over-year), with pro forma margin at 20.4%.

• Diluted EPS increased by 32.9% to 10.2 cps; dividend up 21.2% to 4.0 cps.

• Operating NPAT rose 74.4% to $31.6M year-over-year.

• Free cash flow up 42.9% to $80M, with conversion rate at 85.4%.

• Net debt at $298M, leverage at 2.6x EBITDA (2.4x pro forma for synergies).

Outlook and guidance

• Revenue and EBITDA margin expected to expand further, driven by full realization of $14M synergies, new clinics, and industry tailwinds.

• FY26 CapEx guidance set at $45M–$55M, lower than prior year due to better asset utilization.

• Anticipates continued above-trend Medicare revenue growth, especially in high-value modalities.

• Expects ongoing labor cost pressures but sees moderation as overseas recruitment ramps up.

• July FY26 revenue grew 7.0% like-for-like, adjusted for closed/sold clinics.