Sonic Healthcare (SHL) investor relations material

Executive summary

• Revenue for H1 FY2026 reached A$5.445 billion, up 16.6–17% year-over-year, with organic growth of 5% and further uplift from acquisitions.

• EBITDA was A$907 million, up 9.7–10%, and net profit rose 10.9–11% to A$262 million; EPS improved to 53.1 cents.

• Management reaffirmed full-year EBITDA guidance of A$1.87–1.95 billion (constant currency), with cost control and operating leverage as key priorities.

• Interim dividend increased by 2.3% to 45 cents per share, 60% franked.

• US business undergoing operational review and rationalisation of anatomical pathology operations.

Financial highlights

• Adjusted EBITDA margin increased by 30 basis points year-over-year to 18.1%, reflecting synergy realisation and cost control.

• Depreciation expense guidance reduced to A$770–780 million; interest expense expected to rise ~15% year-over-year.

• Net interest-bearing debt increased to A$3.6 billion due to acquisitions; debt cover at 2.5x, gearing ratio at 29.0%.

• Interim dividend of 45 cents per share (60% franked), up 2.3% from prior year.

• Available headroom of ~A$1 billion before interim dividend payment.

Outlook and guidance

• EBITDA guidance for FY2026 maintained at A$1.87–1.95 billion (constant currency).

• Depreciation and interest expense guidance provided; effective tax rate expected at ~27%.

• Guidance excludes property sale gains, future acquisitions, and assumes no regulatory changes.

• Organic growth is the key variable for achieving the upper end of guidance.

• Restructuring costs in the US expected to be minimal in H2.