Integral Diagnostics (IDX) H1 2026 earnings summary

Executive summary

• Revenue grew 55.6% year-over-year to AUD 393.5 million for 1H FY26, driven by the Capitol merger and organic growth in patient volumes and Medicare indexation.

• Operating EBITDA margin improved by 230 basis points to 20.6%, with Operating EBITDA up 75.6% to AUD 81.1 million.

• Operating NPAT rose 154.6% to AUD 22.3 million; Operating diluted EPS up 66.2% to 5.9 cps.

• Interim dividend per share increased 32% to 3.3 cents, with a payout ratio of 55.2% of Operating NPAT.

• Annual synergies from the Capitol merger exceeded AUD 14 million, above initial estimates.

Financial highlights

• Revenue up 55.6% year-over-year to AUD 393.5 million, including Capitol's six-month contribution.

• Operating EBITDA up 75.6% to AUD 81.1 million; margin increased to 20.6% from 18.3% in the prior half.

• Operating NPAT up 154.6% to AUD 22.3 million; Operating free cash flow up 64.5% to AUD 35.8 million.

• Interim dividend per share up 32% to AUD 0.033.

• Net debt to EBITDA reduced to 2.5x from 2.8x year-over-year.

Outlook and guidance

• FY26 operating EBITDA margin forecasted around 21%, with further margin expansion expected.

• Revenue growth expected to continue, supported by new greenfield sites, brownfield investments, and industry programs.

• Group CapEx for FY26 expected between AUD 45 million and AUD 55 million.

• Net debt to EBITDA projected to trend down further over time.

• Focus on organic earnings growth, radiologist recruitment, operational efficiency, and digital/AI adoption.