Updating for Implementation Timelines

Research evidence excerpt

Updating for Implementation Timelines

Australia | Healthcare Information Tech.

Pro Medicus EquityMayResearch22, 2026

TARGET | ESTIMATE CHANGEUpdating for Implementation Timelines

We have updated near-term revenues reflecting updates for the phased RATING BUY

implementation from large contracts, where contract value is recognised PRICE AUD127.30^

over multiple financial periods. For FY27E+, we see a steady flow of sizeable PRICE TARGET | % TO PT AUD147.00 (AUD155.00)

contract wins, and have incorporated these into our estimates. With over | +15%

52W HIGH-LOW AUD336.00 - AUD107.75

90% recurring revenue and a capital-light model, we remain confident in

FLOAT (%) | ADV MM (USD) 50.7% | 34.82

PME’s ability to deliver sustainable revenue and margin growth over the

MARKET CAP AUD13.3B | $9.5B

medium-to-long term.

TICKER PME AU

^Prior trading day's closing price unless otherwise

Trinity contract overview: This is a previously announced A$330m, 10-year enterprise imaging noted.

contract with Trinity Health, based on a transaction-based licensing model and involving the

rollout of the Visage 7 platform to deliver a unified, cloud-based imaging environment, with a

full-stack deployment that includes Viewer (diagnostic imaging), Open Archive (data migration FY (Jun) CHANGE TO JEFe JEF vs CONS

and consolidation), and Workflow modules (enterprise integration and orchestration). 2026 2027 2026 2027

REV -10% -15% -5% -6%

The contracts in detail. These include: 1) Trinity (Nov 24) - A$330m, 10 years. Five cohorts EPS -11% -16% -44% -7%

in first tranche: 1) Cohort 1: live end-Oct 25; 2) Cohort 2: completed Jan 26; 3) Four cohorts

live by 30 June 26 - we have updated nearer-term revenues for this rollout; 4) Final cohort 2026 (AUD) 1HalfA 2Half FY