• Domestic IVF revenue declined due to soft market share performance, no price increases in some states
• International revenue grew with positive recovery in Kuala Lumpur and expansion in Singapore and Bali
• EBITDA margin declined due to cost inflation, no price increases in some markets, and lower domestic IVF volumes

Monash IVF Group reported a 1.8% decline in revenue to $137.9m and a 15.3% decrease in underlying EBITDA to $30.2m for 1H26. The domestic IVF business saw a $3.8m revenue decline driven by a 3% price increase in some states but no increases in Victoria, NSW and Queensland, as well as a 2.5% decrease in market share. International revenue grew by $1.3m due to a 7% increase in stimulated cycles, particularly in Kuala Lumpur. Ultrasound revenue declined by $0.3m due to a 3% drop in scan volumes, primarily in Sydney. Day surgery revenue was also impacted by lower IVF activity. Underlying EBITDA margin declined by 3.5% to 22% due to cost inflation, no price increases in some markets, and lower domestic IVF volumes. Capital expenditure of $10m included $6m for the new Brisbane IVF clinic and day hospital. The company expects full-year FY26 capex of $16-17m, with the major infrastructure replacement program concluding in Q4FY26.

FY26 Underlying NPAT guidance of $20.0m.