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6 November 2025

Company Announcements Office ASX Limited

2025 Annual General Meeting Presentation

To the Company Announcements Office,

Please find attached nib holdings limited’s 2025 Annual General Meeting Presentation.

Yours faithfully,

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Roslyn Toms Company Secretary

For further information, please contact:

nib Investor Relations

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+61 2 7208 8435 [email protected]

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This announcement has been authorised for release by Roslyn Toms, nib Company Secretary.

2025 Annual General Meeting

6 November 2025

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Disclaimer

The material in this presentation is a summary of the results of nib holdings limited (nib) for the 12 months ended 30 June 2025 and/or its related bodies corporate (Group) and an update on nib’s activities. The material in this presentation is current as at the date of preparation, being 6 November 2025. Further details are provided in nib’s 2025 Annual Report.

Not a recommendation, offer or invitation

This presentation is not a financial product, investment advice or a recommendation, offer or invitation by any person or to any person to sell or purchase securities in nib in any jurisdiction. This presentation contains general information only and does not take into account the investment objectives, financial situation and particular needs of individual investors. This presentation has been prepared to assist sophisticated investors. Investors should make their own independent assessment of the information in this presentation and obtain their own independent advice from a qualified financial adviser having regard to their objectives, financial situation and needs before taking any action.

Distribution may be restricted

The distribution of this presentation including in jurisdictions outside Australia, may be restricted by law. Any person who receives this presentation must seek advice on and observe any such restrictions. Nothing in this presentation constitutes an offer or invitation to issue or sell, or a recommendation to subscribe for or acquire securities in any jurisdiction where it is unlawful to do so.

An investment in nib securities is subject to investment and other known and unknown risks, some of which are beyond the control of nib. nib does not guarantee any particular rate of return or the performance of nib securities. Shareholders should note that past performance of nib, including the historical trading price of nib's shares, cannot be relied upon as an indicator of (and provides no guidance as to) future performance, including the future trading price of nib shares.

No representation or warranty

No representation or warranty, express or implied, is made as to the fairness, accuracy, reliability, completeness or correctness of information contained in this presentation, including the accuracy, likelihood of achievement or reasonableness, fairness, accuracy, reliability, completeness or correctness of any forecasts, prospects, returns or statements in relation to future matters contained in this presentation ( forward-looking statements ).

Whilst the forward-looking statements are based on current views, expectations and beliefs as at the date they are expressed, such forward-looking statements are by their nature subject to significant uncertainties and contingencies and are based on a number of estimates and assumptions that are subject to change (and in many cases are outside the control of nib and its Directors), which may cause the actual results or performance of nib to be materially different from any future results or performance, expressed or implied, by such forward-looking statements. Accordingly, there can be no assurance or guarantee that these forward-looking statements will be realised.

In particular, readers are cautioned not to place undue reliance on forward-looking statements, particularly in light of current economic uncertainties, disruption caused by pandemics or significant health hazards, in addition to the ongoing conflict between Russia and Ukraine, and in the Middle East and generalised geo-political uncertainty. nib is under no obligation to update any of the forwardlooking statements contained within this presentation, subject to applicable disclosure requirements.

No advice

This presentation provides information in summary form only and is not intended to be complete. It is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor.

Basis of preparation

The financial information disclosed has been prepared on a statutory basis. Due care and consideration should be undertaken when considering and analysing nib’s financial performance. All references to dollars are to Australian Dollars unless otherwise stated.

No liability

To the maximum extent permitted by law, neither nib nor its related bodies corporate, Directors, officers, employees or agents, nor any other person, accepts any liability (direct, indirect or consequential) including, without limitation, any liability arising from fault or negligence, for any loss whatsoever arising from the use of this presentation or its contents or otherwise arising in connection with it (whether foreseeable or not).

Other information

This presentation should be read in conjunction with other publicly available material. Further information including historical results and a description of the activities of nib is available on our website: nib.com.au/shareholders.

As referenced in this presentation, if there is a percentage increase (or decrease) between comparative periods, the change shown is the difference between those two percentages.

Any discrepancies between totals and sums of components in this presentation are due to rounding.

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Welcome to Country

Uncle Allen Madden Representative of the Metropolitan Local Aboriginal Land Council

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Image: nib Innovate Reconciliation Action Plan artwork 'The Beginning' by Michelle Kerrin, descendant of the Arrernte and Luritja clan groups from the Northern Territory, born and raised on the lands of the Larrakia people.

Board of Directors

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David Gordon

Chair

For re-election at 2025 AGM[1]

Ed Close

Chief Executive Officer & Managing Director

Donal O’Dwyer

Non-Executive Director Retires 2025 AGM

Anne Loveridge AM

Non-Executive Director

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Jacqueline Chow

Non-Executive Director

Peter Harmer

Non-Executive Director

Jill Watts

Non-Executive Director

Brad Welsh

Non-Executive Director

David Gordon is standing for re-election at the 2025 AGM. He is not required to stand for re-election until 2026, however nib is required to seek re-election of one or more directors at each AGM and Mr Gordon is standing for re-election as the longest-standing member of the Board who would otherwise be eligible for re-election in 2026.

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Senior mana ement team g

Executive KMP

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Ed Close

Managing Director & Chief Executive Officer

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Nick Freeman

Group Chief Financial Officer

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Roslyn Toms

Group Executive, Legal & Chief Risk Officer

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James Barr

Chief Executive, Australian Private Health Insurance

Other Executives

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Brendan Mills Group Chief Information Officer

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Martin Adlington Chief Executive, nib Thrive

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Lauren Daniels Group Chief People Officer

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Matt Neat

Group Executive Strategy & Development

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Skye Daniels CEO, nib NZ

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Chair’s Address

David Gordon Chairman

FY25 Themes

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Almost 2 million

PHI customers covered in Australia and New Zealand

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Hospital admissions in Australia 390,000+

▲ 5% on prior year

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3.2%

Policyholder growth in our Australian residents business vs industry average of 2.2%

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Ancillary visits in Australia 4.3 million+

▲ 5% on prior year

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22,000+ nib member enrolments in health management programs

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96%

nib Thrive claims processed within 1 day, supporting participant experience

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Su ortin our healthcare s stem pp g y

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55% of the Australian population has private health insurance

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nib paid over $1b to hospitals directly in FY25

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Health funds paid $12.4b to private hospitals in FY25, up 6.4%

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nib contributed over $240m to industry claims through risk equalisation

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Private health insurance pays for around 2 out of 3 elective surgeries

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We secured multi-year partnership agreements with several major hospital groups

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Grou Hi hli hts p g g

Net profit after tax $198.6m

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▲ 9.4%
181.6 198.6
FY24 FY25
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Full year dividend
29.0 cps
Fully franked
29.0 29.0
FY24 FY25
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Total persons covered
1,938,545
▲ 3.2%
1,878,951 1,938,545
FY24 FY25
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Group NPS
+34
▲ 1
+33 +34
FY24 FY25
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Committed to productivity and efficiency

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nib Grou overview p

Our purpose: Your better health and wellbeing

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Australian residents

4[th] largest PHI provider in AU

International visitors

46,500+ PALM customer lives supported

New Zealand

2[nd] largest PHI provider in NZ

Health Services

200,000+ Australians served by nib Health Services

nib Thrive

~10% NDIS plan management market share

nib Travel

430,000+ Travel policies sold in FY25

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Accelerate growth
in core PHI
Australian
businesses in
Residents
Australia and New
PHI Zealand International
Services Visitors
Distribution
& Partnerships
Insurance NZ Health
Partnerships High Value & Life
Customer Selection
Digital First Health
Experiences Management
Strategy
Data Driven
Expand Health Services
Personalisation
and Insurance
Partnerships
Strengthen
leadership in NDIS Providers
plan management & Payments Corporate
Health
Plan Consumer
Management Health
Public
Insurer
Health
Solutions
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Cor orate overnance framework p g

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Sustainabilit y

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Health management programs defined as programs that intend to improve health outcomes for a specific disease, injury or condition, which can be sub-classified as a Chronic Disease Management Program. e.g. Healthy Weight for Life and Cardihab programs.
Health assessment and screening defined as programs or services that intend to assess health and wellbeing, risk factors or screen for disease, injury or clinical condition. e.g. Health Check, Molemap.
General health interaction defined as interactions or services that intend to provide targeted prevention, education, wellbeing and health literacy activities. e.g. Wellbeing coaching, telehealth GP.
All Australian locations where nib controls electricity arrangements transitioned to renewable electricity arrangements. Both New Zealand locations that nib leases have Renewable Electricity Certificate (REC) arrangements in contract.

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nib in the communit y

Invested $34.2 million in more than 200 community health and wellbeing initiatives since 2008

Better Health Partners:

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Working together with our Better Health Partners to help people reduce their risk of the most common chronic diseases.

Supporting health and medical research with:

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Launching our new Partners for Health Equity partnerships with leaders and ambassadors from the disability sector.

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Thank you

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CEO’s Address

Ed Close Chief Executive Officer & Managing Director

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Deliverin value for our customers g

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Prioritising population health

Providing value for our customers

121,000+ general health interactions via health and wellbeing programs and telehealth consultations.
No Gap preventative dental and optical networks expanded to 500+ providers, saving members over $40m in out-of-pocket costs.
22,000+ members enrolled in health management programs, delivered in partnership with Honeysuckle Health.
Known Gap introduced to reduce medical out-ofpocket costs and provide greater certainty for customers across 40,000+ medical specialists.
Health prevention and in-home care initiatives saved 24,000 hospital bed days in FY25[1] .
Customer-first, digital-led strategy with over 70% of Australian PHI policies connecting digitally in FY25.

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Inpatient bed days that did not occur, as a result of hospital minimisation, avoidance, or substitution programs.

Grou Performance Hi hli hts p g g

Strong performance across the Group in line with guidance

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Group UOP [2]
$239.2m
▼7.1%
257.5 239.2
FY24 FY25
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Group revenue[1] $3.6b

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▲ 7.8%
3.3 3.6
FY24 FY25
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Net investment income Full year dividend
$79.0m 29.0 cps
Fully franked
▲ 28.9%
61.3 79.0 29.0 29.0
FY24 FY25 FY24 FY25
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Net profit after tax $198.6m

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▲ 9.4%
181.6 198.6
FY24 FY25
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Operating Expense Ratio
17.7%
▼ 50bps
18.2 17.7
FY24 FY25
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Total persons covered
1,938,545
▲ 3.2%
1,878,951 1,938,545
FY24 FY25
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Group NPS

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+34
▲ 1
+33 +34
FY24 FY25
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Total Group revenue includes insurance revenue net of reinsurance expense, other underwriting revenue and other income. Includes nib Travel discontinued operations. 2. Includes nib Travel discontinued operations.

Stron arhi erformance g p

FY25 delivered best ever sales result (up 13% vs FY24) driven by high-performing, multi-channel distribution capability targeted at high value segments.
Continued market outperformance in net policyholder growth (+3.2%).
In FY25 nib attracted 52,000 new customers to the PHI industry who did not previously hold cover, and continues to be a net gainer of industry switching behaviour.

Strength vs Major Competitors1

Long track record of nib outgrowing system

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10%
8.2%
nib
6%
Industry average
4.7% 4.7%
4.2%
3.8% 3.8%
3.2% 3.2%
2.5%
2.1%
2% 1.9%
0% 2% 4%
FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
-2% nib Industry [2]
Policy Growth CAGR
Net Margin
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Source: APRA data from FY14-FY24.
Industry growth for FY25 sourced from APRA reporting for 12 months to March 2025.

Solid contribution from adjacent businesses

Adjacent businesses contributing $45.3m to Group UOP with momentum building

International NZ
► Over 46,500 PALM ► Recovery plan customer lives gaining traction supported and with price increases outlook remains now in line with positive. inflation.
Commission reforms present growth opportunities.
New nib NZ CEO, Skye Daniels, in place from Aug 25.

2H25 profitable with signs inflation stabilising

Revenue growth +14.4% and UOP growth +23.0%

Health Services
► Honeysuckle Health & Midnight Health moved to 100% ownership and consolidated within nib’s Health Services division.

Health Services tracking towards FY26 profitability

Thrive
► UOP of $16.9m, an increase of 10.5%.
Stable service levels with 85% of calls answered within 90 seconds.

96% of claims now being processed within 1 day

Travel

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Cost discipline with operating expenses down 6.7%.
All three Australian and New Zealand brands won a 2025 WeMoney award.

Strategic review well progressed

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Grou roductivit & efficienc p p y y

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Productivity agenda saved $18m in FY25[1]

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Group Operating Expense ratio down 50bps to 17.7%

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Non-marketing expenses contained to +3.4% in an inflationary environment

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Customers per FTE up 7.7%

Continued momentum in AI and digital-first

►A number of AI initiatives in production across the Group, covering growth opportunities, risk selection and productivity.

►nibGPT & AI summaries utilised by 500+ call centre agents; reduced after call work by 60% and improved onboarding.

►nibby (AI customer chatbot) handled over 5 million interactions, delivering 65% chat and 15% voice deflection.

►Achieved straight-through processing of over 45% of claims in nib Thrive, with expansion underway to arhi and NZ.

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21 1.

Productivity savings are calculated based on the reduction in the Group operating expense ratio.

Our strate gy

Accelerate growth in core PHI businesses in Australia and New Zealand

Above system multi-brand, multi-channel policy growth
Scale health management strategy & claims efficiency program
- Pricing, product & provider innovation

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Expand Health Services and Insurance Partnerships

Strengthen leadership in NDIS plan management

Scale Health Services in Consumer, Corporate, Insurer & Public Health
Organic growth through multi-brand expansion
Deepen insurance partnerships & extend distribution reach
Service excellence powered by automation
Drive operating leverage via consolidated operations
Leverage PHI capabilities & scale benefits

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Unlock Group productivity, powered by Digital and AI

AI powered and Digital First customer and operational journeys
- Empowered, productive and high performing teams
Simplified business model and disciplined capital allocation

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FY26 Outlook on track

Positive Group UOP uplift expected, supported by continued strong Australian PHI performance, NZ expected return to full year profitability and solid momentum in adjacent businesses.

PHI:

Australian residents targeting above system policyholder growth of ~3% and stable full year underlying net margin in 6-7% range.
International students and workers to continue its ongoing strong contribution to Group UOP.
NZ expected to achieve full year profitability, while remaining cautious in 1H26 due to working day impact and uncertain claims environment. Claims recovery action plan well progressed.

- Non PHI:

nib Health Services targeting full year profitability in FY26.
nib Thrive revenue impacted by the removal of set-up fees. Focus on organic growth and further operating efficiencies.
nib Travel strategic review well progressed and anticipate outcome during the year.

Productivity & Performance

Disciplined productivity program will continue to support strong Group performance, delivering ongoing reductions in the Group operating expense ratio.
Focus on disciplined capital allocation and maximising value from current investments, expect capital expenditure and one-off costs to reduce materially in FY26.

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Thank you

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AI assistant

NIB HOLDINGS LIMITED — AGM Information 2025

65424_rns_2025-11-05_7ddad762-e51b-4c20-82cd-55a865c77f89.pdf