Australia Healthcare – FY26 Reporting Season Preview: Australia | Medical Supplies & Devices

Research evidence excerpt

Australia Healthcare – FY26 Reporting Season Preview: Australia | Medical Supplies & Devices

Australia | Medical Supplies & Devices EquityJulyResearch22, 2026

KEY STOCKS FEATURED INCLUDE:Australia Healthcare — FY26 Reporting

TICKER RATING PRICE TARGETSeason Preview

ANN AU BUY AUD38.20

This reporting season, we seek an update on: 1) potential growth rates COH AU HOLD AUD128.40

in the domestic and international healthcare markets over the near-to- CSL AU HOLD AUD119.00

medium term; 2) the effect of currency fluctuations on those companies CU6 AU BUY AUD5.60

with offshore earnings; 3) potential organic and inorganic growth options; CUV AU BUY AUD40.80

and 4) the impact of inflation on the healthcare stocks we cover.

As Australia sees ongoing pressures on healthcare services, we see several catalysts over

the medium-term. In 1QCY26, the Australian GP bulk-billing rate was 81.8% (an increase from KEY CHANGES INCLUDE:

80.0% in 4QCY25). 1QCY26 %BBR increased 450bp compared to 1QCY25. We continue to

TICKER RATING PRICE TARGET

expect %BBR to improve over the medium term. We believe increasing bulk-billing rates will

drive higher volumes of patients seeing GPs. In turn, over the medium term, any sustained ANN AU BUY AUD38.20 (AUD38.80)

increase in volumes of patients seeing GPs should drive higher rates of downstream healthcare COH AU HOLD AUD128.40 (AUD137.00)

services in Australia. That said, staffing continues to be an issue, according to industry CSL AU HOLD AUD119.00 (AUD108.00)

contacts. However, we expect this issue to continue to ease. CU6 AU BUY AUD5.60 (AUD5.20)

Updating exchange rate forecasts/other. We have updated for actual and our exchange rate CUV AU BUY AUD40.80 (AUD39.20)

forecasts.