• FY25 revenue growth of 6.7% to $271.9m and FY25 Underlying EBITDA growth of 5.6% to $66.3m
• FY25 Underlying NPAT of $27.4m, down 8.1% (in line with updated guidance)
• Domestic Stimulated Cycles decreased by 5.0% in FY25, compared to a 1.7% decrease in Australian industry Stimulated Cycles

Monash IVF Group Limited (ASX: MVF) has announced its FY25 results, with the company delivering revenue growth of 6.7% to $271.9m and Underlying EBITDA growth of 5.6% to $66.3m. The company's FY25 Underlying NPAT was $27.4m, down 8.1% compared to the prior year, but in line with the updated guidance provided in May 2025. From a strategic and operational perspective, Monash IVF's leading success rates increased by 0.2% to 40.3% in CY25 (Jan-April) compared to CY24, and the company added 11 new domestic fertility specialists through organic recruitment. However, Monash IVF's domestic Stimulated Cycles decreased by 5.0% in FY25, compared to a 1.7% decrease in the Australian industry. The major infrastructure transformation is almost complete, with the new Brisbane Clinic scheduled for completion in 2H26. FY25 Ultrasound scan volumes decreased by 0.4% compared to the prior corresponding period, and FY25 International Stimulated Cycles decreased by 6.4% compared to the prior corresponding period largely due to macro conditions. The company's Board renewal process will continue in 2025 and 2026, and the Board has appointed a search firm to conduct an international search for a new permanent CEO following the resignation of Michael Knaap earlier this year.

FY26 Underlying NPAT is expected to be between $20-23m, reflecting the continuation of lower 2H25 domestic IVF NPRs (down 10.1%) vs. prior corresponding period coupled with deferral of indexation related IVF patient price increases in Australian East Coast markets, partially offset by targeted cost efficiencies. Also reflects higher D&A and interest charges on infrastructure investment and higher average debt levels.

Over the medium to long term, Monash IVF expects revenue and earnings growth to return to mid- high single digit CAGRs reflecting underlying structural demand drivers (particularly from genetics, donor and egg freezing), demographic and social changes. The company is confident about its growth prospects beyond FY26, as it expects the industry to return to growth in Australia and Southeast Asia, and Monash IVF is well positioned to capitalize on this growth through its leading doctors, science and patient experience, combined with increasing returns from its recent investment in clinic infrastructure.