Medibank Private (MPL) H1 2026 earnings summary

Executive summary

• Group operating profit rose 6% to AUD 381.7 million, driven by growth in health insurance and Medibank Health segments.

• Medibank Health segment profit increased 28.5% to AUD 48.3 million, contributing 13% of group operating profit.

• Interim fully franked dividend increased 6.4% to AUD 0.083 per share, with a payout ratio of 76.8%.

• Resident policyholder growth of 1.9% year-over-year, with Medibank and ahm brands up 0.8% and 4.9% respectively.

• Strategic focus on disciplined growth, digital care expansion, and M&A, including the Better Medical acquisition.

Financial highlights

• Group revenue from external customers increased 5.5% to AUD 4,503.5 million.

• Health Insurance operating profit up 3.5% to AUD 361.5 million; Medibank Health segment profit up 28.5% to AUD 48.3 million.

• Underlying NPAT was stable at AUD 297.8 million; reported NPAT fell 11% to AUD 302.9 million.

• Net investment income declined 17.1% to AUD 94.9 million due to lower RBA cash rates.

• Gross profit in health insurance up 4.4% with 4.3% revenue growth; gross margin stable at 16.2%.

Outlook and guidance

• On track to deliver FY26 outlook, with performance in line with expectations.

• Resident claims per policy unit growth expected between 2.6% and 2.9% for FY26.

• Medibank Health organic operating profit growth for FY26 expected to match 1H26, plus AUD 6 million from Better Medical.

• FY26 expense guidance set at AUD 690–695 million, targeting AUD 10 million in productivity savings.

• Continued appetite and financial capacity for further M&A.