Monash IVF Group (MVF) investor relations material

Executive summary

• Revenue grew 6.7% year-over-year to £272M, primarily driven by price increases despite lower activity volumes.

• Underlying EBITDA increased 5.6% to £66.3M, and underlying NPAT reached £27.4M, aligning with updated guidance.

• Market share declined by 70 basis points, mainly in Victoria and Queensland, due to competitive pressures and retirements.

• Two adverse clinical incidents were investigated, with recommendations implemented to enhance safety and risk management.

• Succession planning ensured leadership stability, and digital transformation initiatives are underway.

Financial highlights

• Statutory NPAT was £25.7M, a turnaround from a £5.9M loss last year, which was impacted by a class action settlement.

• Operating cash flow conversion (excluding class action) was 86%, down from 103% prior year.

• No final dividend declared for FY25; board intends to recommence dividends in FY26 if guidance is met.

• Free cash flow was negative at -$4.5M, down from $13.7M in FY24.

• $19.9M in dividends paid during FY25; no final dividend declared.

Outlook and guidance

• FY26 underlying NPAT guidance set at £20M–£23M, reflecting a 10% decline in new patient registrations and weak domestic IVF demand.

• Patient pricing increases deferred in key states, with potential for review later in the year.

• Management expects FY26 to be a base year, with mid-to-high single-digit growth anticipated from FY27.

• Industry growth in stimulated cycles projected at 2–3% p.a., with emerging drivers potentially adding 1–2% p.a.

• Board expects to resume dividends in FY26 if guidance is achieved.