• Revenue up 2.9% to $1.9 billion
• Underlying EBITDA up 3.1% to $49.0 million
• 3-2-1 integration strategy on track to complete in FY26
• Executed strategic acquisitions and investments

Paragon Care Limited (ASX:PGC), a leading healthcare wholesaler, distributor, and manufacturer throughout the Asia Pacific region, announced its financial results for the half-year ended 31 December 2025 (HY26). Key highlights include revenue of $1.9 billion, up 2.9% from the previous corresponding period (pcp), and underlying EBITDA of $49.0 million, up 3.1% from pcp. The company's 3-2-1 integration strategy is on track to complete in FY26, and it has executed strategic acquisitions and investments to expand its channel and category offer. Paragon Care also commenced operations from the new purpose-built Willawong distribution centre in Brisbane and has taken full provision against the Infinity Pharmacy Group debt. The company's Wholesale channel revenue declined 2.6% to $1.5 billion, impacted by lower Infinity Group sales and a change in the supply of Covid-19 drugs. However, adjusting for these impacts, normalised revenue growth in HY26 was 6.0% on pcp. Medical Technology revenue increased 15.3% to $155.6 million, largely driven by strong performance in Asia and a solid contribution from Australia and New Zealand. Contract Logistics revenue grew 47.1% to $235.5 million, driven by the contribution from existing and new business. The company maintains a solid pipeline of opportunities in its Clinical Manufacturing business. Paragon Care confirms its FY26 full-year guidance, with revenue expected to be between $3.6 - $3.7 billion and underlying EBITDA between $97 - $107 million. The company also announced the transition of Managing Director responsibilities to Carmen Riley from 1 March 2026, with David Collins remaining in the business as Executive Director, M&A.

FY26 full-year guidance: revenue $3.6 - $3.7 billion, underlying EBITDA $97 - $107 million, net debt / underlying EBITDA (proforma) c. 2.0x (before any further acquisitions). Infinity Group debt of $48.5 million (inc. GST) fully provided 31 December 2025.

Paragon Care will continue to invest in profitable growth opportunities, including the recently awarded 5-year Australian Defence Force contract commencing Q4FY26. The company will focus on driving business excellence through the network to ensure sales growth and execution.