• Positive operating cashflow delivered
• Strong growth in Pain Management (+18%) mitigating soft demand in Respiratory (-10%)
• Disciplined cost management

MVP reported FY26 first half results with group revenue up 8% to $21.6 million. This was driven by strong growth in the Pain Management segment (+18% to $15.4 million), which mitigated soft demand in the Respiratory segment (-10% to $6.2 million). The company delivered positive operating cashflow of $0.3 million, an improvement of $1.0 million compared to the prior corresponding period. This was achieved through disciplined cost management, despite a $1.1 million negative impact from foreign exchange rate movements. Excluding the foreign exchange impact, EBIT improved by $0.6 million. The company made good progress on its strategic priorities, with 26% volume growth for Penthrox in the Australian hospital segment, 10% underlying demand growth in Europe, and the MAGPIE paediatric study published to support the paediatric positioning of Penthrox. A health economic study was also completed, demonstrating the cost and operational savings enabled by Penthrox use in hospital emergency departments.

Seasonally softer demand conditions in the Respiratory segment are expected to result in earnings that are lower in the second half of FY26 compared to the first half.

Accelerating volume growth is the key priority. The company expects to finalise approvals for the Penthrox paediatric indication in Europe and support the new label launch. It will also continue to execute targeted medical and commercial initiatives to expand formulary access, support protocol inclusion, and strengthen clinical engagement across the hospital segment.