Sonic Healthcare Ltd. (SHL.AX): Medicover 2Q Result Readthrough: German revenue accelerates

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Sonic Healthcare Ltd. (SHL.AX): Medicover 2Q Result Readthrough: German revenue accelerates

Goldman Sachs Sonic Healthcare Ltd. (SHL.AX)

Exhibit 1: German Diagnostic Revenue Growth - SHL vs. Exhibit 2: Diagnostic Services Segment EBITDA Margin -

Medicover SHL vs. Medicover (Germany ~42% of Medicover

2H26 and FY26 for SHL reflects our forecasts Diagnostic Revenue)

16.0% 20.0%

14.0%

18.0%

12.0%

10.0% 16.0%

8.0%

6.0% 14.0%

4.0%

2.0%

0.0% 10.0%

1H25 2H25 FY25 1H26 2H26 FY26 FY24 FY25 FY26

SHL Organic Revenue Growth Medicover German Diagnostics Revenue Growth SHL German EBITDA margin (GSe) Medicover Diagnostic Services EBITDA Margin

Source: Company data, Data compiled by Goldman Sachs Global Investment Note: Our estimates for SHL EBITDA Margin for FY26E is diluted by the LADR

Research acquisition.

Source: Company data, Data compiled by Goldman Sachs Global Investment

Research

Exhibit 3: German revenue: GSe is ahead of VA cons Exhibit 4: GSe is ahead of VA cons for FY27 for SHL

Visible Alpha (VA) Consensus vs. GSe - German Revenue VA Consensus vs. GSe - Group Underlying EBITDA & Underlying

EPS

8.0% 3.0%

7.0%

6.0%

5.0%

1.0%

3.0%

0.0%

1.0% -1.0%

FY26E FY27E

FY26E FY27E Underlying EBITDA Underlying EPS

Source: Visible Alpha Consensus Data, Goldman Sachs Global Investment Source: Goldman Sachs Global Investment Research, Visible Alpha Consensus

Research Data

Price Target Risks and Methodology - Sonic Healthcare

Our blended valuation reflects a 50%/50% weighting between our DCF valuation and

relative valuation. The DCF valuation is based on a WACC of 7.4% and a terminal growth

rate of 3.0%. Our 12 month forward EV/EBIT multiple for SHL is based on the stock’s

history relative to the index (ASX200) and relative to its peers, normalising for

differences in growth.