Third Age Health reports record Q1 FY25

Third Age Health delivers Q1 FY25 Underlying NPATA
1
of $619k up
109% and 26% on Q1 FY24 and Q4 FY24 respectively.
Q1 FY25 Business Highlights - Unaudited Financial Performance

• 81 ARC facilities contracted at the end of Q1:
o The number of ARC patients we provide care to as at Q1 has increased by 41% (to
5,305 residents) compared to the PCP
2
; 15% of total ARC population across NZ
currently supported by TAH
3
.
o Grew our combined enrolled patient population across both ARC and general
practice for Q1 by 7% (to 25,900 patients) when compared to PCP, and 4% when
compared to Q4 FY24.
• In April 2024, acquired 70% of Hub Aged Care, a Wellington-based primary care practice
specialising in aged residential care services, marking an important step in expanding our
elder care offerings in the Lower North Island, and adding an additional 10 facilities and 795
residents in our care as at 30 June 2024.

Q1 FY25 Financial Highlights (Unaudited)
• Group revenue up 27.9% over Q1 FY24 to $4,511k and 12.6% over Q4 FY24 (Q1 FY24:
$3,526k, Q4 FY24: $4,006).
• Revenue from ARC core business excluding Hub Aged Care up 31.4% over Q1 FY24 to
$2,304k and 3.1% under Q4 FY24 (Q1 FY24: $1,753k, Q4 FY24: $2,377k).
• Underlying NPBTA
4
up 116.1% over Q1 FY24 at $821k and 27.1% over Q4 FY24 (Q1 FY24:
$380k, Q4 FY24: $646k).
• Underlying NPATA (assuming tax at 28% for Q1) up 109.0% over Q1 FY24 to $619k and 26.5%
over Q4 FY24 (Q1 FY24: $296k, Q4 FY24: $489k).
• Statutory NPAT (assuming tax at 28% for Q1) up 140.1% over Q1 FY24 to $521k and 30.1%
over Q4 FY24 (Q1 FY24: $217k, Q4 FY24: $400K).
• Cash/Debt: Cash and cash equivalents decreased to $1,521k at the end of Q1 FY25 (Q4 FY24:
$1,695k) – a reduction of $174k. The loan balance increased to $1,926k at the end of the
quarter (Q4 FY24: $1,342k) with an increase of $584k owing to the purchase of Hub Aged
Care. A $325k loan repayment has been made after the Q1 FY25 reporting period.





1
Underlying NPATA is adjusted for (i) non-cash amortisation charges arising as a result of purchase accounting rules (ii) non-
cash debt revaluation arising as a result of accounting rules post a loan restructure. The loan was restructured during FY23
to fix interest rates to protect against ongoing increases in rates.
2
PCP refers to prior comparable period.
3
NZACA ARC Industry Profile 2021-22 https://berl.co.nz/our-mahi/aged-residential-care-industry-profile-2021-22
4
Underlying NPBTA is adjusted for (i) non-cash amortisation charges arising as a result of purchase accounting rules (ii) non-
cash debt revaluation arising as a result of accounting rules post a loan restructure.

Financial Highlights (unaudited) $'000
Q1 FY25 Q1 FY24 Q1
change
Q4 FY24 Q4
change`
Revenue 4,511 3,526 +27.9% 4,006 +12.6%
Underlying EBIT 915 487 +87.9% 727 +25.9%
EBIT Margin 20.3% 13.8% +6.5% 18.1% +2.1%
Underlying NPBTA 821 380 +116.1% 646 +27.1%
Underlying NPBTA% 18.2% 10.8% +7.4% 16.1% +2.1%
Underlying NPATA 619 296 +109.0% 489 +26.5%
Underlying NPATA% 13.7% 8.4% +5.3% 12.2% +1.5%













Statutory NPAT
521 217 +140.1% 400 +30.1%
Statutory NPAT%
11.6% 6.2% +5.4% 10.0% +1.6%
Statutory NPAT attributable to the parent
454 207 118.8% 409 11.1%
Return on Equity (TTM)
47.9% 27.5% +20.4% 46.8% +1.1%
Return on Capital Employed (TTM)
28.4% 17.4% +11.0% 35.5% -7.11%

Dividend Declaration
We are pleased to announce an Q1 FY25 fully imputed dividend per share of 3.28 cents. This
represents a 70% distribution of our net profit after tax attributable to shareholders of the parent
(assuming tax at 28% for Q1) and in line with gradually moving towards a dividend payout target of
50-60% as disclosed in our FY24 Annual Report.

The board of directors of Third Age Health Services Limited has approved the release of this
document to the market.

About Third Age Health (NZX:TAH)
Third Age Health provides quality health care services for older people including those living in
retirement villages, private hospitals, secure dementia units as well as in communities across New
Zealand. A dedicated Third Age Health clinical team provides onsite clinics, rostered rounds and after
hours on-call healthcare services aimed at supporting the health and wellbeing of older people to
improve quality of life. As well as providing clinical services for over 80 aged care facilities throughout
New Zealand, Third Age Health also own several general practices providing primary healthcare to
their local communities. www.thirdagehealth.co.nz