• Underlying NPAT of $27.4m, down 8.1% (in line with guidance)
• 6.7% growth in Revenue to $271.9m
• 5.6% growth in Underlying EBITDA to $66.3m

Monash IVF Group reported its FY25 financial results, with Underlying NPAT of $27.4m, down 8.1% but in line with updated guidance provided in May 2025. Revenue grew 6.7% to $271.9m and Underlying EBITDA increased 5.6% to $66.3m. The company's domestic IVF operations saw a 5.0% decrease in stimulated cycles, offset by a 7.1% increase in frozen embryo transfer cycles. The Australian industry stimulated cycles decreased by 1.7% compared to the prior year, with Monash IVF's market share decreasing by 0.7% to 21.0%. The company's international IVF operations saw a 6.4% decrease in stimulated cycles, largely due to macroeconomic conditions and the relocation of the Singapore clinic. Monash IVF continued to invest in innovative technologies, including the roll-out of the Matcher® electronic witnessing system and progress on the mitochondrial donation clinical trial. The company outlined its key priorities for FY26, including doctor retention and acquisition, strengthening IVF fundamentals and conversion, and integrating its diagnostics strategy. Monash IVF also provided a YTD trading update, noting softer Australian ARS volumes and margin pressures, and revised its FY26 Underlying NPAT guidance to the bottom end of the $20m-$23m range.

1H26 Underlying NPAT expected to be between $10m-$10.5m. FY26 Underlying NPAT expected to be at the bottom end of the $20m-$23m range.

The company over the medium to long-term expects revenue and earnings growth to return to mid-high single digits CAGRs reflecting underlying structural demand drivers (particularly from genetics, donor and egg freezing), demographic and social changes.