Contents

A note from the chair

The 32nd year of Henry Advisory & Capital Holdings' operations has seen the organisation meet novel challenges while capitalising on opportunities for strategic advancement. We're excited to update stakeholders on our performance through the complex operating environment of the 2025–2026 financial year.

Imagining myself as a corporation wraps my sincere personal reflections in a shield of absurdist irony. How incongruous, using the impersonal, upbeat, jargonistic style of corporate language to present what is otherwise a very genuine and personally meaningful summary and analysis of a year of my life. Ha. And he's being self-effacingly self-aware about it, so he's even pre-empted the insincerity criticism oh how clever etc etc.

But there is real value in assessing oneself in the objective, quantitative manner of a corporate performance report, in stating your goals clearly and justifying how your actions aim at achieving them. By imagining shareholders deeply invested in the "strategic operations" of my own life, ready to question any decision and how it helps me hit my Key Performance Indicators, I am made to put feelings aside and justify my decisions rationally. Are there shorter paths to the goals I want to achieve? Am I wasting resources simply because I don't want admit I was wrong about something and correct my course? These are questions we should all sit down and objectively ask ourselves time to time.

Writing and publicly releasing this annual report serves the following purposes:

• It's a public declaration of my most important beliefs and an explanation of why I do what I do - it's a manifesto.
• It's an expression of my strong belief in financial transparency and accountability — I think we should all spend our time, effort and money as responsibly as we would with a Board looking over our shoulder, ready to oust us for underperformance.

• It's a chance to show off my fastidious financial record-keeping, which is a habit I'm proud of, find useful, and think others would benefit from too.
  
• This could be the first of many annual reports that might, over time, form a corpus of life summaries that make up a portrait of my life.
• It's part of a plan to do more public writing, which makes me better at writing and increases the chance of building an influential profile through it (see Strategy).

I am confident that the 2026–2027 financial year will see Henry ACH maintain forward momentum in the direction of strategic north on the company's goal-orientated compass.

In brief

AI-generated summaries of the report's contents, with different flavours depending on your disposition

How operations align with strategy

Our ongoing assessment of the ecosystem gives us continued confidence in our 2-pronged operational approach of the last several years, laid out here:

Primary operations

Henry A.C.H.'s primary revenue stream continues to be provision of healthcare services in Australia's competitive medical sector. We leverage our earlier investments made in obtaining the Doctor of Medicine certification for substantial annual dividends

I'm a doctor. This was my 5th-6th year working as a doctor. For the first half of the financial year I was locuming, filling lucrative junior doctor roles mainly at private and public hospitals in Geelong but also a 10 day stint at Katherine Hospital in the Northern Territory, where Liv was simultaneously working as a midwife. In February 2026 I started my first year of medical specialisation, becoming a registrar in the Royal College of Pathologists of Australiasia's (RCPA) Chemical Pathology training program, undertaking my first year of training at Dorevitch Pathology in Heidelberg, Melbourne. This is a five-year training program. The registrar income is a step-down from what I was making locuming, but leads to a potential consultant-level income of ≥AUD$300,000/yr at the end of training, and in a career that I feel I will find interesting and be able to continue doing for a long time without burning out.

Continuing to locum would be sensible if I had high confidence in my ability to find success through entrepreneurial pathways in med-tech or otherwise within the next 10 years. I don't have high confidence in this and I don't have the risk appetite for repeated rolls of the entrepreneurial dice without a strong backup option, hence the decision to specialise.

I suspect that in specialising in Chemical Pathology, I will identify otherwise hidden opportunities for entrepreneurship, while also gaining a niche combination of skills: technical and clinical, to execute on those opportunities better than most can. For the duration of my training, which will leave little time for side-projects, specialisation in Chemical Pathology and entrepreneuraial scheming will be at odds. But I predict that in the long term, thinking post-specialisation, these will synergise nicely.

Henry A.C.H. subsidiary venture Lister Health Pty Ltd, an AI scribe MedTech startup, moved from early phase testing to rollout in its first adopting clinic: a midwifery practice in Melbourne, yielding its first revenue. Forward projections of growth following this exponential trend predict potential EBITDA of up to ADU$20T dollars by 2030. More conservative estimates yield predicted income of AUD$0-5,000 p.a. by 2030.

My software engineer friend cofounder and myself continued work on our healthcare AI scribe called Lister (clinicians use AI scribes to record consults with patients (with consent!) and write summaries and notes of these consults). We have a small but enthusiastic user base. Its well-designed Rust-based architecture means that it requires minimal effort to maintain. Customers rarely experience any issues. Our marketing angle is that the scribe is less likely to lose clinician's than competitor scribes, due to the robust way that it stores and syncs data between the local device and remote server, which makes it robust to poor internet connections, software crashes, a phone's battery dying. It's also cheaper than competitor scribes.

Operating a software startup has been educational more than financially lucrative, which is the expected outcome in most entrepreneurial ventures, having as they do a low chance of success but a small chance of large payoffs if they do succeed. This Fischer Price My First MedTech Startup™ has given us several skills that I think will serve us well in future throws of the dart at the entrepreneurial dartboard.

I took part in the Australian Clinical Entrepreneurs Program over several months in 2025-2026. This was a program designed to take entreprenurially-minded doctors, psychologists, physiotherapists etc. and give them the tools and connections they need to bring an idea to the point where it could be pitched to investors.

Lister will continue running for its small user base. We expect a moderate chance of steady continued growth by word-of-mouth. The AI scribe ecosystem is crowded, dominated by large players Heidi and Lyrebird, but the moat around the software is small, and I think our product has legitimate advantages. The recent adoption by our first practice brings us to approximately break-even on operational costs.

We congratulate the Lister team and anticipate that this exciting and valuable Henry A.C.H. subsidiary will maintain velocity of product delivery and customer satisfaction through the 2026-2027 financial year 

International ventures

The 2025 Henry ACH corporate retreat was held across multiple sites in North America and Europe, in alignment with the company's strategic aim of Sustainibility through prevention of employee burnout and maintainence of strong operational relationships.

Liv and I circumnavigated the world across August-September, first travelling to visit friends in Pennsylvania/New York, then travelling to Europe to spend time with friends (and some extravagantly well-off and generous distant relatives) in Italy, then to the Netherlands for the wedding of some more friends.

I'm not an enthusiastic traveller.

If the goal is to experience another culture I think the experience you get from spending a few days in that place is so shallow that you could get more from reading the wikipedia page on the place.

If the goal is to eat good food then just about every cuisine you could want exists in the Melbourne and while it's not quite the same it's probably not different enough to justify the trip.

If the goal is to "get away from it all" I think you should try and adjust your life at home so you don't need to get away from it all.

If the goal is to relax and enjoy yourself, there are so many ways to do that closer to home (have a cup of tea in the sun, read a book/wikipedia page by the fire, go to the beach, go camping, spend time with friends).

If the goal is to support developing countries' tourism sector with your tourist dollar then: no it's not, be real, and also there's better ways to stimulate those economies if that's really your intention (it's likely better to fund the operations of a school or factory rather than the operations of a hotel or restaurant).

Substantial effort from multiple parties allowed a the successful execution of a corporate merger between Henry A.C.H. and Olivia Paine Pty Ltd. This was celebrated with a successful networking event in Q3.

I had the great pleasure of marrying Olivia Paine at a registry office ceremony on February 11th. We then had a second unofficial ceremony down at Point Lonsdale beach, with a reception at the Point Lonsdale Surf Life Saving Club.

Liv's brother Joe Paine was the photographer. My friend Paddy filmed in Super 8. Liv's mum Cathy grew and arranged the flowers. My brother Fin was our unofficial celebrant. My sister Rose made our cake and, with her friends, the impressive grazing table.

My dad and his his brothers and sisters sang "Let the Light from the Lighthouse Shine on Me" for us on the beach, underneath the green and white Point Lonsdale lighthouse

With the help of my friend Darcy, I made my own wedding band out of old dental gold passed down through his family and which they generously gifted to me. I made my own suit: green linen with an inner lining made from a patchwork of second-hand silk ties. I used Claude Code to make us a wedding website.

Many others assisted in various ways to make it a beautiful time.

Growing the team

Plans are in the process for review and execution of expansion of the Henry A.C.H./Olivia Paine Pty Ltd team post February's merger, with onboarding slated for Q2-Q3 of the 2026-2027 financial year.

Liv is pregnant. We waited until we were married not for the traditional reasons. Among other considerations, neither of us wanted to suddenly not fit into our wedding outfits or be unable to have bevvies at the reception. Fair enough.
All is going well. We are both very excited.

Philanthropy

Substantial investments across a portfolio of evidence-based, cost-effective charities are the cornerstone of the Henry A.C.H. approach to fulfilling the company's over-arching strategic goal of minimising suffering and making the world a better place.

I donated 32,759.08 to charity this financial year. This was approx. 16% of my pre-tax income. That's not a large percentage. It's money I can live without, but may be life-transforming or life-saving for someone else in the world, so it's a no-brainer to give it away as long as there are effective, evidence-based charities that can use it.

I continue to organise the Melbourne The Life You Can Save meetup group. We presented last year to several groups of year 9 students, presenting them with a framework to think about what are effective vs. ineffective ways to make the world a better place. We have a standard presentation that we do variations on at schools. I ran one of the sessions and thought it went well.

I was invited as a guest on to a conversational EA Australia podcast and had the great honour of sitting and chatting with 2025 Victorian of the year Noel Lam, Vegan influencer Amy Aela and EA Australia CEO Grace Adams. I described my gratitude for my birth lottery jackpot as the driver of my charitable giving. I spoke about the parallels between the medical concepts of triage and evidence-based medicine and the concepts of evidence-based, cost-effectiveness-based global charity (the fact that doctors are all aboard one and not the other is, I think, a glaring blind-spot for almost every doctor that I know). I emphasised the importance of economic growth and development as the most important determinant of health outcomes (replicating the asian miracles of South Korea, Taiwan, Singapore and Hong Kong in any other developing countries of the world would do more for that country's health outcomes than any possible intervention the WHO and the UN and DFAT and USAID (RIP) could implement in their wildest dreams).

Total philanthropic giving over the 33 years of Henry ACH operations amounts to AUD$156,275.04 demonstrating our strong committment to and robust performance in the pursuit of our strategic aim of reducing global suffering.

Financial records

Earnings and expenses by category