HEALIUS LIMITED (HLS)
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14/05/2026

3

Neutral

$0.39

4.00%

Healius has lowered FY26 EBIT guidance to $30-35m from $48m which Macquarie calculates is equivalent to a downgrade of -32% at the mid point. Weaker GDP attendances meant deteriorating pathology volumes have resulted in lower revenue growth and margins.

While margins have improved because of cost reductions the broker remains cautious. Earnings estimates are downgraded with revised FY26 EBIT at the lower end of guidance and EPS lowered by -111%. Target is reduced to $0.39 from $0.78. Neutral rating reiterated.

FORECAST
Macquarie forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -0.10 cents.
Macquarie forecasts a full year FY27 dividend of 0.00 cents and EPS of 1.30 cents.

14/05/2026

4

Underweight

$0.47

25.33%

Jarden maintains an Underweight rating for Healius with a reduced target price of $0.47 following a significant downgrade to earnings guidance.

Expectations for underlying EBIT have been reset to $30m to $35m, reflecting an over-reliance on pathology volumes the broker notes failed to recover as anticipated.

Increasing labour costs and the loss of key hospital contracts have further contributed to margin pressure, according to the report.

The potential sale of the Agilex business is being explored to restore the cash position and avoid further drawdowns of expensive debt, the broker notes.

Earnings per share forecasts for FY26 and FY27 have been revised to -1.4c and -0.5c respectively to reflect the weak trading momentum and higher risk-free rates.

FORECAST
Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -1.40 cents.
Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -0.50 cents.