Inspiration Healthcare Group PLC · LSE:IHC
Inspiration Healthcare — H1 FY2026 Earnings Presentation
35 slides from Inspiration Healthcare's earnings presentation, October 2025
Slide 1: FY26 Interim Results Presentation
Inspiration Healthcare Group plc FY26 Interim Results Presentation Pioneering medical technology starting with the very first breaths of life Raffi Stepanian – CEO October 2025 Alan Olby - CFO Innovate | Create | Inspire
Slide 2: Disclaimer
Disclaimer While the information contained herein has been prepared by Inspiration Healthcare Group plc (“Inspiration”) in good faith, neither it nor any of its directors, officers, agents, advisers, affiliates or employees makes any representation or warranty, express or implied, nor shall any of t
Slide 3: Agenda
Agenda 1. FY26 H1 Highlights 2. FY26 H1 Financial Review 3. Business Direction Short & Mid Term 4. Outlook and Q&A 5. Appendices 3 Innovate | Create | Inspire
Slide 4: FY26 H1 in Summary
FY26 H1 in Summary Operational Highlights Financial Highlights FY26 H1 • Completion of biggest single export order for SLE 6000 & 1500 • Revenues increased 41% to £24m (H1 FY25: £17m) for a global humanitarian organisation • Gross margin up 2.7pts to 46.2% (H1 FY25: 43.5%) • Completion of first part
Slide 5: Agenda
Agenda 1. FY26 H1 Highlights 2. FY26 H1 Financial Review 3. Business Direction Short & Mid Term 4. Outlook and Q&A 5. Appendices 5 Innovate | Create | Inspire
Slide 6: H1 FY26 Financials Summary – Improved Performance
H1 FY26 Financials Summary – Improved Performance Revenue £24.0m (H1 FY25: £17.0m) Inventory £11.0m (31 January 25: £13.1m) Gross 46.2% Margin (H1 FY25: 43.5%) Operating £3.6m Cash Flow (H1 FY25 (£2.3m)) Adjusted £1.3m EBITDA1 (H1 FY25: (£0.9m)) Net £6.7m Debt2 (31 January 25: £8.3m) Operating £0.2m
Slide 7: H1 FY26 Revenue – Growth Driven by Large Export Orders
H1 FY26 Revenue – Growth Driven by Large Export Orders UK/Ire sales grew by 2% with a growing pipeline of opportunities for H2. FY sales expected to be above FY25 Underlying International sales grew by 12% benefiting from focus on increased customer engagement demonstrating strength of the SLE brand
Slide 8: H1 FY26 Income Statement – Improved Profitability
H1 FY26 Income Statement – Improved Profitability £’000 H1 FY26 H1 FY25 Revenue 23,988 17,039 Gross Profit 11,091 7,405 • Gross margin improved due to increase in capital Gross margin 46.2% 43.5% sales and improved mix of own products and fewer distributed products (Infusion) Admin. expenses ex non-
Slide 9: H1 FY26 Underlying Profitability Improved
H1 FY26 Underlying Profitability Improved £’000orts H1 FY26 H1 FY26 H1 FY26 H1 FY25 One-off TOTAL Underlying TOTAL exports • Excluding large export contracts, underlying business showing growth in revenue, gross margin Revenue 23,988 6,529 17,459 17,039 and adjusted EBITDA • Underlying revenue growt
Slide 10: H1 Movement in Net Debt - Positive Progress
H1 Movement in Net Debt - Positive Progress • Net debt reduced by £1.6m (19%) to £6.7m • Strong operating cash generation from EBITDA profit and working capital improvement • R&D tax credits for FY23 & FY24 received • Airon final consideration paid in H1 • Liquidity headroom provided by £10m RCF and
Slide 11: Agenda
Agenda 1. FY26 H1 Highlights 2. FY26 H1 Financial Review 3. Business Direction Short & Mid Term 4. Outlook and Q&A 5. Appendices 11 Innovate | Create | Inspire
Slide 12: From 'Back to Basics' – To Growth & Leadership
From ’Back to Basics’ – To Growth & Leadership 1. Drive Sales 1. Drive Sales • Prepare US entry for neonatal segment • Improve geographic spread – AsiaPac, LatAm • Increase recurring revenues from service • Win fair share in Europe with increased Marketing & & consumables – launch own range clinical
Slide 13: Present & Future View – Focus on Profitable Growth
Present & Future View – Focus on Profitable Growth • Different businesses acquired over time Status • Lost synergies due to end-of-life of key products in last 2-3 years, impacting both Int’l and domestic sales and driving profitability down • Brand equity not maximised, while branding of the entire
Slide 14: Three Business Units With Clear Focus
Three Business Units With Clear Focus 1 2 3 Neonatal Ventilation Medtech Distribution Specialty Ventilation Brand Positioning Global innovation leader UK/Ireland medtech Global champion in neonatal ventilation distribution partner in pneumatic ventilation Portfolio Neonatal ventilators, SLE vents, o
Slide 15: Inspiration Healthcare Group History
Inspiration Healthcare Group History Build on the strong legacy of the SLE brand globally Innovate | Create | Inspire
Slide 16: Grow SLE Globally - Total Market for Neo Ventilation is ~$430m
Grow SLE Globally - Total Market for Neo Ventilation is ~$430m Neo Ventilators Neo Cons. & Access. Numbers rounded SLE: 7-8% share FY25 SLE: <3% share FY25 Global market size in value Global market size in value of ventilators sold in 2024 ~$170m of C&A sold in 2024 ~$260m Global market size in numb
Slide 17: Grow SLE Globally - Opportunity: US Market Expansion
Grow SLE Globally - Opportunity: US Market Expansion If consumables, accessories and service are included, • Market is dominated by pure Pure neonatal ventilators ICU derivative ventilators ~10% market size is ~$120m. neonatal ventilators i.e., Draeger & Getinge. It is also served by ICU vents and J
Slide 18: Grow SLE Globally - Longer term: Total Solution in Neo Ventilation
Grow SLE Globally - Longer term: Total Solution in Neo Ventilation Devices Consumables Decision Tools Education Services Current offerings Future goal Innovate | Create | Inspire
Slide 19: Grow SLE Globally - Total Solution Provision in Neonatal Ventilation
Grow SLE Globally - Total Solution Provision in Neonatal Ventilation 1 2 3 4 Back to Basics Sales & Operational Supply Chain, Organisational Customer focus Marketing Efficiency Inventory efficiency Excellence 1 2 3 4 US market Expansion in EU Own consumables Strengthen Growth & Mid-term Profitabilit
Slide 20: Agenda
Agenda 1. FY26 H1 Highlights 2. FY26 H1 Financial Review 3. Business Direction Short & Mid Term 4. Outlook and Q&A 5. Appendices 20 Innovate | Create | Inspire
Slide 21: Outlook FY26 – Positive Performance Providing Basis For Growth
Outlook FY26 – Positive Performance Providing Basis For Growth Positive outlook following strong H1 - Second part of Middle Eastern contract on track for completion - Backlog and opportunity pipeline provide confidence in meeting full-year market expectations - Working Capital improvement with inven
Slide 22: Questions ?
Questions ? 22 Innovate | Create | Inspire
Slide 23: APPENDIX
APPENDIX 23 Innovate | Create | Inspire
Slide 24: Balance Sheet - Improving
Balance Sheet - Improving £’000 31 July 25 31 Jan 25 Intangible assets Non-current assets 16,119 15,931 Inventories 11,009 13,083 • £2.1m (16%) reduction in inventory Trade and other receivables 8,961 11,336 • Receivables reduced by £2.4m due to phasing of sales, credit control activity and R&D tax
Slide 25: Inspiration Healthcare Group - Serving Three Distinct Markets
Inspiration Healthcare Group - Serving Three Distinct Markets Inspiration Healthcare designs, manufactures and markets pioneering medical technology that saves lives and improves the outcomes of patients starting with the very first breath of life • Own Brand capital and consumable products with IP
Slide 26: Broad Portfolio of Innovative, Specialist Products
Broad Portfolio of Innovative, Specialist Products Key Neonatal Products Key Infusion Products Key Airon Products Breathing Circuits SLE Ventilators Rythmic Serena Rythmic Ultima pNeuton Model A pNeuton Mini First BreathTM nCPAP Parenteral Nutrition PCA Pain Inspire nCPAPTM Management Inspire rPAPTM
Slide 27: Neonatal Care
Neonatal Care Innovate | Create | Inspire
Slide 28: Neonatal Intensive Care: A Growing Core Market Despite Changing Dynamics
Neonatal Intensive Care: A Growing Core Market Despite Changing Dynamics Global Growth Drivers Changing Market Dynamics • Saturation in adult ventilation market driving new entrants resulting in more aggressive Increase in healthcare Increase in premature competition in neonatal segment infrastructu
Slide 29: Neonatal ICU Environment
Neonatal ICU Environment Monitoring system Nutrition support Warmer / Phototherapy Neonatal (SLE) ventilator ECG Incubator Thermoregulatory mattresses Humidifier Source for the photo: Neonest Hospital, India Innovate | Create | Inspire
Slide 30: Competitive Landscape in Neonatal Space
Competitive Landscape in Neonatal Space Not exhaustive, work in progress Premium provider Value provider Niche market player Diversified portfolio provider Ventilation Other NICU Innovate | Create | Inspire
Slide 31: Inspiration Healthcare
Inspiration Healthcare UK&I Distribution Partner Innovate | Create | Inspire
Slide 32: Inspiration Healthcare - Infusion Therapies
Inspiration Healthcare - Infusion Therapies UK and Ireland Market Growth Market Opportunities Drivers NHS desire to get patients home New products with superior features earlier - including remote monitoring Technology advancements – remote monitoring of equipment Expansion into new therapy areas –
Slide 33: Inspiration Healthcare - Other products
Inspiration Healthcare - Other products Distributed Products Own products Monsoon Jet Ventilator – LifeStart – enabling delayed cord specialised surgeries clamping in delivery rooms Gas Blenders rPAP generator – resuscitation support Consumables Thermoregulation consumables Sucrose 33 Innovate | Cre
Slide 34: Specialty Ventilation
Specialty Ventilation Airon Pneumatic Ventilators Innovate | Create | Inspire
Slide 35: Specialty Ventilators - Airon
Specialty Ventilators - Airon Global Growth Drivers Market Opportunities Unique pneumatic technology ideal Leverage IHC global distribution for transport and MRI network to increase footprint Synergies with core neonatal Expansion into new therapy areas: ventilation segment Transport, Emergency Serv
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