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Monash IVF Group (MVF) investor relations material
Monash IVF Group H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Underlying NPAT for 1H26 was AUD 10.4 million, down 34% year-over-year but at the upper end of guidance, with revenue at AUD 137.9 million, down 1.8% due to lower Australian IVF volumes and market share.
Operational stability returned after disruptions in late FY25 and early FY26, with a leadership transition underway and new CEO and CFO recruitment in progress.
Clinical pregnancy rates improved year-on-year, reaching 40.7% for women under 43, with strong performance in women under 35.
Major infrastructure cycle is concluding, with new Brisbane Clinic and Day Hospital opening in Q4 FY26, positioning for improved capital efficiency and organic margin growth.
Strategic focus remains on restoring core performance, margin growth, and leadership alignment.
Financial highlights
Underlying EBITDA was AUD 30.2 million with a margin of 22%, down 15.3% year-over-year, impacted by industry softness, non-recurring legal/compliance costs, and wage inflation.
Reported NPAT was AUD 7.5 million, down 56.4% year-over-year.
Free cash flow improved to AUD 5 million from negative AUD 6.2 million in the prior period.
Interim fully franked dividend of AUD 0.012 per share declared.
Net debt increased to AUD 94.9 million, with a leverage ratio of 2.0x.
Outlook and guidance
FY26 underlying NPAT guidance reaffirmed at AUD 20 million, with full-year capital expenditure expected at AUD 16–17 million as major infrastructure projects complete in Q4 FY26.
Dividend payout policy remains at 60–70% of full-year underlying earnings.
Net leverage ratio expected to remain at 2.0x, well below covenant limits.
Anticipated patient price increases and operational efficiency expected to drive earnings and margin growth in FY27.
Industry growth expected to return from FY27, with early signs of patient activity recovery and increased inquiries.
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