Monash IVF Group (MVF) Trading update summary

FY26 earnings outlook

• FY26 underlying NPAT is now expected to be between $17 million and $18 million.

• Lower than expected Australian ART market activity in the second half is the main driver for the revised outlook.

Market activity and share

• Australian ART market stimulated cycle volumes are down 4.7% on a rolling three-month basis to end of April compared to the prior year.

• National market share increased by 1.0% to 20.1% on a rolling three-month basis, with notable gains in some states.

• International operations have shown growth, with second half FY26 volumes expected to be materially higher than the prior year.

Operational initiatives and outlook

• Clinical network strengthened with new fertility specialists in Victoria and New South Wales after appointing a Chief Medical Officer.

• Operational and cost efficiency initiatives are underway, with limited FY26 impact but greater benefits expected in FY27.

• Further update to be provided at FY26 full year results on 24 August 2026.