H126 Investor Presentation
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© 2026 Doctor Care Anywhere
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Doctor Care Anywhere Group plc
1H26 Results Presentation
Six months ended 30 June 2026
“Funding our own growth from operating cash”
ASX: DOC
03 September 2026
This presentation has been approved by the Board of Directors of Doctor Care Anywhere
Group plc for release to the Australian Securities Exchange (ASX).
© 2026 Doctor Care Anywhere
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Important Notice and Disclaimer
This presentation is for information purposes only and it is not
financial product or investment advice. The presentation is not
intended to be comprehensive or provide all information
required by investors to make an informed decision on any
investment in Doctor Care Anywhere Group PLC, incorporated
in England and Wales with company number 08915336 and
registered as a foreign company in Australia ARBN 645 163 873
(the "Company"). In preparing this presentation, the Company
did not take into account the investment objectives, financial
situation or particular needs of any particular reader.
Readers should obtain their own investment, legal and tax
advice before taking any action on any information dealt with in
the presentation.
Whilst this presentation is based on information from sources
which are considered reliable, no representation or warranty,
express or implied, is made or given by or on behalf of the
Company, any of its directors, or any other person about the
accuracy, completeness or fairness of the information or
opinions contained in this presentation.
No responsibility or liability is accepted by any of them for that
information or those opinions or for any errors, omissions,
misstatements (negligent or otherwise) or for any
communication written or otherwise, contained or referred to
in this presentation.
Neither the Company nor any of its directors, officers,
employees, advisors, associated persons or subsidiaries are
liable for any direct, indirect or consequential loss or damage
suffered by any person as a result of relying upon any statement
in the presentation or any document supplied with this
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with those documents and all of those losses and damages are
expressly disclaimed.
All amounts are in British pounds (£ or GBP) unless otherwise
indicated. A number of figures, amounts, percentages,
estimates, calculations of value and fractions in this
presentation are subject to the effect of rounding. Accordingly,
the actual calculation of these figures may differ from the
figures set out in this presentation.
Investors should also be aware that certain financial data
included in this presentation including EBITDA and measures
described as “pro forma”, are "non-IFRS financial information”
under ASIC Regulatory Guide 230 (Disclosing non-IFRS financial
information). The non-IFRS financial information financial
measures do not have a standardised meaning prescribed by
Australian International Financial Reporting Standards (AIFRS)
and, therefore, may not be comparable to similarly titled
measures presented by other companies, nor should they be
construed as an alternative to other financial measures
determined in accordance with AIFRS. Investors are cautioned,
therefore, not to place undue reliance on any non-IFRS financial
measures included in this presentation.
This presentation may contain forward-looking statements
regarding the Company’s intent, belief or current expectations
with respect to its business and operations, market conditions,
results of operations and financial conditions. Words such as
‘will’, ‘may’, ‘expect’, ‘indicative’, ‘plan’, ‘intend’, ‘seek’, ‘would’,
‘should’, ‘risk’, ‘forecast’ and similar expressions indicate
forward-looking statements which reflect the Company’s
current views with respect to future events and are subject to
change and involve risks, uncertainties and assumptions that
could cause actual outcomes to differ materially from the
outcomes anticipated. Accordingly, readers should not place
undue reliance on forward-looking statements.
Any opinions expressed reflect the Company’s position at the
date of this presentation and are subject to change. Subject to
applicable law, the Company assumes no obligation to update,
review or revise any information contained in this presentation,
whether as a result of new information, future events or
otherwise. Past performance cannot be relied upon as a guide
to future performance.
References to Doctor Care Anywhere in this presentation are to
the Doctor Care Anywhere Group including the Company and all
subsidiaries, unless stated otherwise.
© 2026 Doctor Care Anywhere
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Who we are: One of the UK's largest private providers
of telehealth services
WHO WE SERVE
• Insurers, healthcare providers
and corporate customers
• Direct to consumer
• Patients across the United
Kingdom
WHAT WE DELIVER
• Virtual clinical consultations,
including mental health and
physiotherapy
• Weight management, added
May 2026
HOW IT WORKS
• One proprietary platform
• Digitally enabled, joined up,
evidence-based pathways
• Primary and secondary care
together through the Ramsay
partnership
A single clinical platform serving insurers, employers, direct consumers.
The Company works with insurers, healthcare providers and corporate customers to connect patients to a range of digitally enabled telehealth services on its
proprietary platform.
© 2026 Doctor Care Anywhere
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FY25 was consolidation…
FY26 is focus and diversification.
THE TURNAROUND
FY25 delivered a strategic reset
1.
THE OPPORTUNITY
The market is ready for
what we have built
2.
• Employers, insurers and the NHS are looking for what DCA delivers
• Five growth engines, a growing evidence base, and a brand built on clinical trust
• Weight management added a direct to consumer channel in May 2026
THE FOCUS
FY26 is about
disciplined execution
3.
• Strategy is set, the team is aligned, the roadmap is clear
• Deepen partnerships and integrate the acquisition across our sales channels
• Financial discipline maintained at every stage of growth
Doctor Care Anywhere. Re-imagining the future of whole of workforce health.
DCA has a proven platform, clinical credibility, and the strategic building blocks in place to lead the digital workforce health market.
• The cost base was reset and the saving has maintained
• Revenue grew 6.3% while total labour cost fell 4.9%
• The business now funds its own growth from operating cash
© 2026 Doctor Care Anywhere
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Revenue grew, labour costs fell, and free cash flow
more than doubled
Revenue
£20.4m
up 6.3%
vs £19.2m
1H26 AT A GLANCE
EBITDA
£2.6m
up 27.1%
vs £2.1m restated
FREE CASH FLOW
£1.5m
up 111%
vs £0.7m
CONSULTATIONS
354,900
up 1.4%
vs 349,900
REPEAT PATIENTS
74.0%
up 1.1ppt
of consultations, vs 72.9%
CASH
£7.7m
up 60.3%
at 30 June 2026
Notes: Percentage movements are calculated on unrounded figures. Free cash flow is a non-IFRS measure, defined on slide 10. H1 25 EBITDA of £2.1m is the restated statutory figure; the £2.9m announced in August 2025 was an underlying
figure. See appendix A1.
Six months to 30 June 2026 against the restated prior comparative period
© 2026 Doctor Care Anywhere
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A 6.3% revenue increase converted into a 111%
increase in free cash flow
Statutory, six months to 30 June 2026 against restated H1 25.
+6.3%
Revenue
£20.4m
£0.9m from DCA Medicspot.
The existing business grew 1.7%.
-4.9%
Total labour cost
£14.4m
Labour costs did not grow with
revenue.
+8.8%
Contribution
£8.6m
Margin up 0.9 points to 42.0%.
+27.1%
EBITDA
£2.6m
EBIT up 18.6%.
+111%
Free cash flow
£1.5m
After funding the £0.9m acquisition from
operating cash.
Notes: Labour cost is employee and contractor costs combined, note 6. Total labour cost in H1 25 included approximately £0.8m of redundancy cost from the prior period restructure. Around 70% of the EBITDA increase is the higher
depreciation and amortisation charge added back; capitalised development was flat at £1.2m, so the charge reflects the accumulated asset base rather than more capitalisation this half. Statutory basis, with no underlying adjustments in
either period.
The leverage shows up in cash, not only in an earnings measure.
© 2026 Doctor Care Anywhere
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Where the £1.2m increase came from
H1 25
£19.2m
H1 26
£20.4m
DCA Medicspot
£0.9m, 75%
Existing
£0.3m
Medicspot was acquired on 8 May 2026, so the half carries 54 days of
trading. The existing business grew 1.7%, in line with consultation
growth of 1.4%.
And what the streams are
Utilisation revenue grew 2.0% to £18.2m
• The existing core. Fee for service, charged per appointment
• Broadly tracking consultation volume growth of 1.4%
On these numbers the corporate B2B line is broadly stable. The subscription
growth is Medicspot.
The acquisition is doing the heavy lifting on growth. The core is stable and cash generative, which is what funded the acquisition.
Three quarters of the revenue increase came through
acquisition
Statutory revenue by stream, note 3. Medicspot revenue is reported within subscription
Subscription grew to £2.2m from £1.3m, and it is not one business
• Corporate B2B
• Medicspot, a genuine monthly drug subscription, at £0.9m
© 2026 Doctor Care Anywhere
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EBITDA MARGIN
12.8%
up 2.1 points
on a cost base that did
not grow with revenue
CONTRIBUTION EBITDA
£7.9m
£8.6m
H1 25 H1 26
+8.8%
£2.1m
£2.6m
H1 25 H1 26
+27.1%
The gap between the two is where the operating leverage sits
• Most of the contribution gain fell through to EBITDA rather than being absorbed by the cost base: £0.6m of the £0.7m.
Contribution grew faster than revenue; EBITDA grew faster again.
EBITDA rose 27.1% while EBIT rose 18.6%, on a 33.4% higher depreciation and amortisation charge.
Notes: H1 25 EBITDA of £2.1m is the restated statutory figure. The £2.9m announced in August 2025 was an underlying figure that excluded £0.8m of restructuring costs. See appendix A1.
Margin expanded at both the contribution
and the EBITDA line
H1 25 restated to H1 26. Contribution and gross profit are the same measure following the FY25 reclassification
CONTRIBUTION MARGIN
42.0%
up 0.9 points
on revenue growth of 6.3%
© 2026 Doctor Care Anywhere
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CASH WALK, SIX MONTHS TO 30 JUNE 2026
£6.6m
Opening
+£3.8m
Operating
£2.3m
Investing
£0.4m
Financing
£7.7m
Closing
Cash and cash equivalents, £m. Opening cash is the position at 31 December 2025.
Notes: Free cash flow is defined as net cash from operating activities less payments for property, plant and equipment and purchases of intangible assets. Net tangible liabilities were £5.7m at 30 June 2026, or 1.6p per security, down from
£6.8m and 1.8p at 30 June 2025. The £10.6m convertible loan note is interest free, carried at £9.2m, with no principal repayment required until 31 December 2027 and a conversion price of A$0.0875.
FREE CASH FLOW (excl. Financing)
£1.5m
up 111%, from £0.7m
Operating cash flow almost doubled and free cash flow
more than doubled
Six months to 30 June 2026. Free cash flow is a non-IFRS measure, defined on this slide
NET DEBT
£1.7m
on the carrying value of borrowings
£3.1m
on the £10.6m face value
CASH CONVERSION
Over 140%
of EBITDA, from under 100%
The business now funds its own growth, including the £0.9m acquisition, out of operating cash.
© 2026 Doctor Care Anywhere
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How we thrive
A clinically governed operating model that scales where others break
Clinical systems,
not individuals
Standardised pathways
designed, governed and
iterated by senior
clinicians.
Enterprise and NHS-grade
governance
CQC-regulated, audit-ready
and commissioner-
compatible by design.
Unlocks contracts others
cannot access.
Operations-embedded
technology
Workflow, triage and
supervision tools built from
live clinical delivery.
Improving consistency and
lowering unit
cost at scale.
Digitally-trained clinical
workforce
Recruitment, training,
supervision and
performance management
built for virtual care.
Creates high barriers to entry in regulated, enterprise and NHS healthcare markets
© 2026 Doctor Care Anywhere
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The Market Opportunity
DCA operates in the largest, fastest-monetising segment of UK digital health
Access to care
7.3m
On NHS waiting
lists
Structural NHS
constraints driving
a sustained shift to
digital access.
UK Telehealth
£6.3bn
Opportunity to
seize - growing
at ~8% per year
Market growth driven by
structural access
constraints, institutional
payors, and increasing
utilisation over time.
Self-pay Consumers
50m
70% willing to pay
out of pocket
Rapid shift to
employer-funded
access, increasing
recurring and retained
revenue.
Virtual GP Services
Most Used
Employer provided
health benefits
Virtual GP is now
institutionalised,
not experimental.
Addressable Employees
34m
UK working age adults 18 to 65
Usage rises after adoption, expanding
value per member.
NHS UK
340m+
GP appointments annually
High and repeat utilisation shows healthcare demand
is behavioural and recurring, not discretionary.
Notes: Sources: Grand View Research, UK Telehealth Market Outlook; NHS England Referral to Treatment Waiting Times Statistics; NHS Digital, Appointments in General Practice; Office for National Statistics, Population Estimates; Mercer
Marsh Benefits, The Changing Landscape of Virtual GP Services. The 8% growth rate is a Doctor Care Anywhere management estimate for the employer-funded and self-pay virtual GP segment, informed by Gartner and Mercer analysis,
and is not a published market forecast.
© 2026 Doctor Care Anywhere
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GLP-1 is already a mainstream treatment, and the NHS
can reach only a fraction of the demand
Medicspot was acquired on 8 May 2026. The market it operates in, and the two channels that reach it.
MEDICSPOT | THE MARKET IT OPENS
GLP-1 USERS, UK
2.4m
up from 0.5m
at the end of 2024
CONSIDERING STARTING
3.3m
within 12 months
in addition to current users
NHS ROLLOUT
0.22m
of 3.4m eligible
over three years
DCA is building for both channels, on one clinical platform.
Notes: The Health Foundation with Voy, February 2026; Jackson et al., BMC Medicine, January 2026; NICE TA1026 and NHS England interim commissioning guidance; NICE NG246; Howden Employee Benefits. Medicspot figures from DCA's
announcement of 11 May 2026 and the Appendix 4D lodged 17 August 2026.
DIRECT TO CONSUMER
Medicspot, acquired 8 May 2026
• Trailing twelve-month revenue of £5.3m to March 2026
• Customer base built through search rather than paid acquisition
• Cross-sell into DCA's virtual GP, mental health, physiotherapy and
health assessment services
EMPLOYER AND WHOLE OF WORKFORCE
A benefit category forming now
• Obesity is now clinically defined as a chronic condition
• 41% of employees think their employer should offer support, and 44%
of employers are reassessing their plans
• The established UK model is facilitated discounted access, not
employer funding
© 2026 Doctor Care Anywhere
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Contact details
Matthew Pearson
Investor Relations
investorenquiries@doctorcareanywhere.com
Doctor Care Anywhere Group plc
19-21 Great Portland Street
London W1W 8QB
United Kingdom
Company number 08915336
ARBN 645 163 873
ASX: DOC
© 2026 Doctor Care Anywhere
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H1 25 MEASURE ANNOUNCED AUG 2025 RESTATED REASON
Gross profit margin 63.3% 41.0% £4.3m reclassified from administrative expenses to cost of sales
Contribution margin 50.9% 41.0% Same reclassification. Contribution and gross profit are now one measure
EBITDA £2.9m underlying £2.1m August 2025 was an underlying figure (ex £0.8m of restructuring costs).
Activated Lives 1,242,800 not restated Measure under review. A restated series will be provided with the FY26 annual report
Notes: Every restatement is set out here so that the comparison in this deck can be checked against what was previously reported.
Announced figures are as reported in the half year results announcement and Appendix 4D, both lodged with ASX on 28 August 2025.
APPENDIX:
How the H1 25 comparatives differ from what was
reported in August 2025
All changes are presentational. None affects cash, profit or net assets in either period
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