• Group revenue increased 6.7% to $271.9M, underlying EBITDA up 5.6% to $66.3M
• Challenges in H2 FY25 including softening fertility sector and adverse incidents
• Implemented enhanced protocols and independent review, findings provided to regulators

Monash IVF Group Limited (ASX:MVF) Chairman Mr. Richard Davis addressed the company's 2025 Annual General Meeting, providing a brief overview of FY25 from both a financial and operational perspective. Despite the challenges facing the Group in FY25, Monash IVF delivered revenue and underlying EBITDA growth - a solid outcome given the difficult operating environment. Group revenue increased by 6.7% to $271.9 million, and underlying EBITDA rose by 5.6% to $66.3 million. However, the second half of FY25 was not without its challenges, with the broader fertility sector softening across both Australia and South-East Asia, combined with Monash IVF's announcement of two adverse incidents at its Brisbane and Clayton clinics. The Board and management took these events extremely seriously, implementing enhanced protocols around patient safety and risk management that goes beyond industry standards, and commissioning an independent review led by Fiona McLeod AO SC. All recommendations from that review have been implemented or are underway, and findings have been provided to the relevant regulators. In light of the softer trading conditions in the second half, and the significant settlement payments made in relation to the NiPGT class action, the Board made the prudent decision not to declare a final dividend for FY25. The company is pleased to announce the appointment of Dr. Victoria Atkinson as Managing Director and Chief Executive Officer (CEO) effective from 18 May 2026, bringing a unique combination of clinical, operational and financial experience to the role. The Board's renewal process is also progressing well, with the appointment of Dr Dwayne Crombie as an Independent Non-Executive Director effective 24 November 2025.

For the six months to 31 December 2025, the company anticipates Underlying net profit after tax to be between $10m and $10.5m. For the full year, underlying net profit after tax is now expected to be at the bottom end of the $20m and $23m range.

Over the medium to long-term, the company expects revenue and earnings growth to return to mid-high single digits CAGR growth, reflecting underlying structural demand drivers along with demographic and social changes.