Key Highlights

• Pro Medicus (ASX:PME) goes ex-dividend on Monday, 7 September 2026; shareholders on record at close of trading Friday, 4 September, are entitled to a $0.37 per share final dividend, fully franked, payable 29 September 2026, representing a 25.5% increase in total payout year-on-year.

• FY26 Revenue reached $261.7 million, up 22.9% year-on-year (28.4% in constant currency), while NPAT rose 24.1% to $144.7 million (32.5% in constant currency), with the Company beating market forecasts despite currency headwinds.

• EBIT Margin reached 74.9% in FY26, up from 74.0% in FY25 — among the highest sustained operating margins of any ASX-listed technology company — reflecting the capital-light and highly scalable nature of the Visage 7 platform business.

• The FY26 results were characterised as record full-year performance, delivered against a backdrop of an unfavourable USD Exchange Rate movement that suppressed reported Australian dollar revenue growth relative to the underlying constant-currency performance.

Pro Medicus Limited (ASX:PME), Australia's premium medical imaging software company, goes ex-dividend on Monday, 7 September 2026. Shareholders holding the stock on the register at close of trading on Friday, 4 September 2026 will be entitled to a fully franked final Dividend of $0.37 per share, payable on 29 September 2026 at a 100% payout ratio. The dividend, representing a 25.5% increase in total payout on the prior year, follows what the Company reported on 18 August 2026 as record full-year financial results for FY26. Investors acquiring shares on or after Monday, 7 September, will not be entitled to this distribution.

Record Revenue and Earnings Despite Currency Headwinds

Pro Medicus reported total revenue of $261.7 million for FY26, representing growth of 22.9% year-on-year on a reported basis. On a constant currency basis — stripping out the impact of a weakening US dollar against the Australian dollar — revenue growth was 28.4%. The divergence between reported and constant-currency growth is relevant context: a significant proportion of Pro Medicus's revenue is denominated in US dollars from its North American customer base, and the AUD appreciation against the USD during FY26 suppressed the reported Australian dollar result relative to the underlying Business momentum.

NPAT reached $144.7 million in FY26, up 24.1% on the prior year on a reported basis, and up 32.5% in constant currency. The constant-currency NPAT growth exceeding the constant-currency revenue growth indicates that Operating Leverage is being generated as the business scales — earnings are growing faster than revenue, which is the hallmark of a high-margin software business with predominantly Fixed Cost structures. Despite the currency headwind, the Company beat market forecasts, reflecting the underlying growth momentum of the Visage 7 platform.

Elite EBIT Margin: 74.9%

The most analytically distinctive feature of Pro Medicus's FY26 result is the EBIT margin of 74.9%, up from 74.0% in FY25. EBIT (Earnings Before Interest and Tax) of $196.1 million was reported for the year. A sustained EBIT margin approaching 75% is exceptional by any standard for a listed technology company — it reflects the capital-light nature of the software-as-a-service model, where incremental revenue from new contracts carries very high marginal contribution once development and infrastructure costs are covered.

The margin expansion, however modest at 0.9 percentage points, is notable because it occurs at significant scale — maintaining and marginally extending elite margins as the revenue base grows through the $260 million level is a different operational challenge from achieving such margins at a smaller revenue base. The trajectory of EBIT margin expansion will remain a closely watched metric as Pro Medicus continues to grow.

Constant Currency Growth as the Underlying Signal

The gap between reported and constant-currency growth rates — approximately 5 to 6 percentage points in FY26 — is a feature investors should contextualise when assessing the underlying health of the business. The FY26 USD/AUD exchange rate movement compressed reported results, but did not reflect a deterioration in the operating performance or competitive position of the Visage 7 platform. Future periods may see this dynamic reverse — or extend — depending on the prevailing exchange rate trajectory, making constant-currency metrics the more informative lens for assessing underlying business momentum.

Conclusion

Pro Medicus' (ASX:PME) ex-dividend date of 7 September 2026 coincides with the Company's position as one of the ASX's most closely followed technology-healthcare businesses. The $0.37 fully franked final dividend — up 25.5% in total payout terms — is supported by a record FY26 earnings base characterised by a 74.9% EBIT margin and revenue growth of 22.9% (28.4% in constant currency). The currency headwind in FY26 suppressed reported growth relative to underlying momentum, making the constant-currency metrics the more informative picture of the business's trajectory. Investors focused on the ex-dividend date will be cognisant that Pro Medicus trades at a significant premium to the broad market, and the Dividend Yield in absolute percentage terms remains modest relative to the share price.