• Health Insurance revenue up 4.3% to $4,263.4 million
• Resident policyholder growth of 1.9% to 38,300 new policyholders
• Medibank Health segment profit up 28.5% to $48.3 million

Medibank Private Ltd reported a 6.0% increase in group operating profit to $381.7 million for the half-year ended 31 December 2025. This was driven by solid growth in resident Health Insurance, an important contribution from non-resident Health Insurance, and continued strong momentum in Medibank Health. Profit before tax was $444.6 million, which includes a $19.6 million decrease in net investment income due to a reduction in the average RBA cash rate. Underlying net profit after tax (NPAT) decreased 0.3% to $297.8 million, while reported NPAT attributable to Medibank shareholders decreased 11.0% to $302.9 million, impacted by the timing and value of COVID-19 claims savings and customer give backs. The Health Insurance business remained resilient, with gross margin stable at 16.2% and policyholder growth of 1.9% to 38,300 new policyholders. The Medibank Health segment profit increased 28.5% to $48.3 million, with a 27.9% increase in operating profit and broadly stable losses from the portfolio of joint venture short stay hospital investments.

Medibank expects non-recurring cybercrime costs of approximately $35 million for the full year (FY26), with costs in FY27 largely related to ongoing regulatory investigations and litigation. The company's FY26 industry and policyholder growth outlook remains unchanged, with a continued focus on disciplined policyholder growth.