Half-year Results

Strong growth across all KPIs

One Health Group plc (AIM: OHGR), the independent provider of NHS-funded surgical procedures for patients referred from the NHS through 'Patient Choice', announces it unaudited interim results for the six months to 30 September 2025 ("H1 26"), showing continued growth across all operational and financial key performance indicators, in-line with management expectations.

Key Financial Highlights

1 H1'26 Underlying EPS lower due to 43% more shares in issue following March 2025 AIM IPO

2 Includes AIM IPO proceeds payable to the Company of £5.6 million (net) and after purchasing land for development of the surgical hub

3 22 additional NHS consultants have been onboarded since January 2025

Market overview

• One Health revenue is derived from over 60 NHS commissioning bodies and contracts directly with NHS hospitals, transferring their patients from the national waiting list for faster treatment.
• NHS national waiting lists remain very high (7.39 million at the end of September), impacted by industrial action and record demand despite continued efforts to reduce them.
• 'Patient Choice' actively promoted by the UK Government with increased use of independent sector support cited as one of the key actions to reduce NHS waiting lists.
• Further planned industrial action by NHS staff and pending 'NHS Winter Pressures' likely to impact waiting lists further and increase the need for outsourced, independent capacity.
• The Government manifesto commitments on waiting times will be challenging to achieve without additional support from the independent sector.

Surgical Hub progress

• Approved planning application for the Group's first Surgical Hub in Scunthorpe, Lincolnshire. Acquisition of the land completed (in September), and a highly experienced contractor appointed to project manage the build.
• In the final phase of securing the remaining pre-commencement planning condition signoffs and progressing a wide range of design, procurement and early-stage readiness tasks to maintain an expected one year build time.
• The new surgical hub is expected to deliver significant additional surgical operating capacity on completion and has the potential to increase the profitability of the Group.
• Further geographic locations in underserved areas with high NHS demand are being explored for preliminary assessment of suitability and viability for future surgical hubs.

Outlook

• Good progress being made on sourcing additional independent hospital surgical capacity on a wider geography to support further organic growth in new geographical areas.
• Clear strategy to drive continued organic growth through increased patient referrals, a strong pipeline of new surgeons, and additional surgical capacity in existing and new independent sector hospitals to help deliver on challenging Government Waiting List reduction targets.
• The Company remains well funded to deliver further organic growth and execute the carefully planned roll-out of the first surgical hub to accelerate growth and improve profitability.
• The Board remains confident, with the Company on track to deliver growth at the revenue and underlying EBITDA levels for FY 26, in-line with market expectations3.

3Management understands market forecasts for revenue and underlying EBITDA for FY 26 to be £29.6 million and £2.3 million respectively.

Declaration of Interim Dividend

The Board of Directors has declared an interim dividend at the rate of 2.10p per share, in line with the Board's stated dividend policy, to be paid on 23 January 2026 to shareholders on the register as at close of business on 5 January 2026. The ex-dividend date will be 2 January 2026.

Adam Binns, Chief Executive Officer, commented:

"We are delighted to deliver a strong first half with impressive growth across all key performance metrics and remain on track to meet market expectations for the full year. As a long-standing and trusted provider of support to the NHS we are well-positioned to reduce pressure on the NHS and support Government initiatives to reduce waiting lists, providing free high-quality care at the point of delivery for NHS patients, across areas of the UK that need it the most.

"We continue to work constructively with the local planning department and are in the final phase of securing the remaining pre-commencement planning condition signoffs for the new Surgical Hub, all of which are close to completion, with several conditions already recommended for discharge. The remaining work relates to reaching an agreement on land contamination and remediation strategy, and ecology and biodiversity safeguards.

"To ensure the programme does not lose time while these conditions are finalised, we are progressing a wide range of design, procurement and early-stage readiness tasks and remain confident in meeting our expectation of a one-year build time, whether approval comes before the calendar year end or in early 2026."

Online investor presentation

Derek Bickerstaff, Chairman, and Adam Binns, Chief Executive Officer, will provide an overview of the Company's interim results, key achievements and outlook via a SparkLive Webcast today at 15:00 GMT (Monday, 1 December 2025). The presentation will be followed by a live Q&A where participants will be able to submit questions using the 'Ask a question' button on the webcast page.

Please click on the link below to register for the webcast:

If you wish to keep up to date on Company news please email: onehealth@walbrookpr.com

This announcement contains inside information for the purposes of the UK Market Abuse Regulation

and the Directors of the Company are responsible for the release of this announcement.

Group Statement of Comprehensive Income

For the period ended 30 September 2025

* Adjusted EBITDA refers to earnings before interest, tax, depreciation and amortisation, share-based payments, costs of admission to the AIM market, and other exceptional items.

Group Statement of Financial Position

As at 30 September 2025

Notes to the Interim Statements

For the period ended 30 September 2025

General information

One Health Group Plc is a public company limited by shares incorporated in England and Wales. The registered address of the Company is 131 Psalter Lane, Sheffield, South Yorks, S11 8UX. The consolidated financial statements (or "financial statements") incorporate the financial statements of the Company and entities (its subsidiaries) controlled by the Company (collectively comprising the "Group").

The principal activity of the Group is that of the provision of surgical facilities and associated healthcare.

Accounting policies

2.1 Basis of preparation

The financial information set out in these interim consolidated financial statements for the six months ended 30 September 2025 is unaudited. The financial information presented are not statutory accounts prepared in accordance with the Companies Act 2006, and are prepared only to comply with AIM requirements for interim reporting. Statutory accounts for the year ended 31 March 2025, on which the auditors gave an audit report which was unqualified and did not contain a statement under Section 498(2) or (3) of the Companies Act 2006, have been filed with the Registrar of Companies.

These financial statements have been prepared in accordance with international accounting standards ("IFRS") as adopted by the United Kingdom ("UK") insofar as these apply to interim financial statements.

The interim consolidated financial statements have been prepared using consistent accounting policies as those adopted in the financial statements for the year ended 31 March 2025.

The interim consolidated financial statements are prepared in sterling, which is the functional currency of the group. Monetary amounts in these interim consolidated financial statements are rounded to the nearest £1.

2.2 Basis of consolidation

The Group financial statements consolidates those of the parent company and the subsidiaries of which the parent has control, together with the Employee Benefit Trust. Control is established when the parent is exposed, or has rights, to variable returns from its involvement with the subsidiary and has the ability to affect those returns through its power over the subsidiary.

Where a subsidiary undertaking is acquired/disposed of during the year, the consolidated profits or losses are recognised from/until the effective date of the acquisition/disposal, being the date on which control is obtained or lost.

All inter-company balances and transactions between group companies have been eliminated on consolidation.

2.3 Going concern

The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. The Directors have tested their cash flow analysis to take into account the impact on their business of possible scenarios, alongside the measures that they can take to mitigate the impact of possible downside scenarios. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

2.4 Revenue

Revenue

One Health Group applies IFRS 15 'Revenue from contracts with customers'. Under IFRS 15, One Health Group applies the 5-step method to identify contracts with its customers, determine performance obligations arising under those contracts, set an expected transaction price, allocate that price to the performance obligations, and then recognises revenues as and when those obligations are satisfied.

Provision of medical and clinical services, specialist treatments and diagnostics

Service revenue is recognised in accordance with the discharge of performance obligations to the customer by each treatment, consultation or operation. Value and control are transferred when surgery, consultation or other medical procedures are performed, which means that revenue is recognised at a point in time on the day in which the treatment, consultation or operation occurs.

Sale of medical implants

Knee replacements are supplied to surgeons under contracts where the key performance criteria for One Health Group are the provision of such implants for the provision of their services. The fair value of the revenue, being the price per unit net of volume discounts and sales taxes, is recognised as revenue at the point of transfer of control to the customer. Control transfers at the point of physical delivery to the medical facility. As can be seen in the revenue note, this not a numerically large element of the business.

Private practice

Other partners in the LLPs also provide private medical services to their own patients. These are arranged through the LLPs as agent, so only the Group's commission is included in revenue.

Adjusted EBITDA

The consolidated income statement has presented adjusted earnings before interest, tax, depreciation, and amortisation, and the revaluation of investment property ("EBITDA"). It further presents "Adjusted EBITDA" which is EBITDA but further removing additional non-cash and non-recurring items including share-based payments, discretionary bonus payments by the EBT to employees and directors, and other non-recurring costs as a group, which are not relevant to the underlying cash generation of the business.

The EBT-settled employee bonuses are shown separately on the grounds that these are paid from restricted cash, subject to approval by the EBT trustees as opposed to the Group itself, and are paid based on the performance of the Group by reference to EBITDA.

Earnings per share

The calculation of the basic and diluted earnings per share is based on the following data:

Adjusted Earnings per share

The Directors use adjusted earnings as a key measure, as detailed in note 3. The calculated adjusted earnings per share is shown above on this basis.

In the period, one apartment at Psalter Lane that had been held as investment property was renovated into office space for company use. The valuation of property transferred was calculated using a percentage of floor space and weighted accordingly.

Within additions to assets under construction is a purchase of land totalling £682,263 and construction costs of £262,069 for the Scunthorpe surgical facility. Land will not be depreciated, whilst other construction costs will not be depreciated until the facility is brought into use.