A renewed focus on execution

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at June 2023


Results for announcement to the market
Name of issuer Oceania Healthcare Limited
Reporting Period 6 months to 30 September 2024
Previous Reporting Period 6 months to 30 September 2023
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$132,605 0.8%
Total Revenue $132,605 0.8%
Underlying earnings before
interest, tax, depreciation
and amortisation
$38,647 2.7%
Net profit/(loss) ($17,064) (148.5%)
Total Comprehensive
Income
$11,842 (80.8%)
Interim/Final Dividend
Amount per Quoted Equity
Security
Not applicable
Imputed amount per Quoted
Equity Security
Not applicable
Record Date Not applicable
Dividend Payment Date Not applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.43 $1.41 (March 24)
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please refer to attached documents (consolidated financial
statements and interim report, media release and results
presentation).
Authority for this announcement
Name of person

authorised
to make this announcement
Claire Fisher
Contact person for this
announcement
Claire Fisher
Contact phone number 0800 333 688
Contact email address Claire.Fisher@oceaniahealthcare.co.nz
Date of release through MAP

22 November 2024
Unaudited financial statements accompany this announcement.

---

1

MEDIA RELEASE
22 NOVEMBER 2024

A renewed focus on execution
Oceania Healthcare (NZX: OCA) reported underlying EBITDA
1
of $38.6m up 2.7% for the six months
ending 30 September 2024, as the company continues to focus on improving its sales capability,
modernising and rebalancing its property portfolio, and lifting earnings and profitability from care
services.
Financial Summary and Highlights
2

 Reported Total Comprehensive Income of $11.8m (1HY24, $61.7m).
 Reported NPAT loss of $(17.1)m, (1HY24, $35.2m profit).
 Underlying EBITDA rose to $38.6m, 2.7% above 1HY24.
 Underlying NPAT was $24.0m, 12.5% lower than 1HY24
 Operating Cashflow increased to $70.4m, 23.1% above 1HY24,
 Total Assets increased to $2.82b, $38.9m increase above FY24.
 Net Tangible Assets increased to $1.03bn, or $1.43 per share,
 Four non core sites divested for $25.1m.
 Debt gearing reduced to 37.5% compared with FY24 38.3%. All banking covenants have
been met.
 Realised capital gains rose to $38.2m, 34.9% higher than 1HY24.
 Premium care revenue was up 12.3% on 1HY24 to $12.4m.
 Unsold stock levels at $305m, 13.5% below FY24.
 Resales of independent living units (ILUs) (59 units sold) and care suites (110 suites sold).
 New care suite sales outperformed with 51 new care suites sales during the period.
 224 independent living units and care suites to be delivered during FY25 including 106 care
suites at Elmwood in Auckland delivered in 1HY24.
Financial Performance
Despite New Zealand’s economic downturn, Oceania achieved a solid first six months of FY25, lifting
Underlying EBITDA by 2.7%, compared to the same period last year, to $38.6m. With increased sales
volumes and prices, particularly in relation to care suite volumes, capital gains rose 34.9% period on
period to $38.2m.
Underlying Net Profit After Tax (NPAT) was down 12.5% on 1HY24 to $24.0m, largely a result of
increased interest expense in relation to completed developments.
Positive fair value movements in the care suite product are recognised in other comprehensive
income, or in equity, rather than fair value movements in investment property in total income because
of the classification of the care suite product as property, plant and equipment. Together with the
recognition of an impairment in relation to the Elmwood care site in Auckland, as we partially closed
the existing brownfield buildings and relocated residents to the newly commissioned care suite
building, this resulted in a loss of $17.1m at the reported NPAT level.

1
Underlying NPAT is a non GAAP (unaudited) financial measure and diƯers from Reported NPAT by replacing the unrealized fair
value adjustment in property values with the Boards adjustment in property values with the Boards estimate of realised
components of movements in property value and eliminate other unrealized deferred tax and one oƯ items. A reconciliation is
included within the Interim Report and the Investor Presentation.
2
All balances have been extracted from the 30 September 2024 interim financial statements and are unaudited.

2
Development stock continued to be sold down in the six months to 30 September 2024 with unsold
new stock levels reducing by 13% to $305m. This contributed to the 23.0% increase in cash from
operating activities from 1HY24, a net $70.4m cash inflow for the six months to 30 September 2024.
Portfolio Rebalancing and Modernising
Oceania has continued to make progress rebalancing its portfolio and modernising facilities to support
its premium quality care for residents. In the six months under review, 106 new care suites were
completed at Elmwood in Auckland. A further 68 apartments will be delivered at Awatere in Hamilton,
and 50 apartments at Waterford in Hobsonville Point in west Auckland by the end of 2024.
Oceania divested four sites during the period under review: Takanini (91 beds) in Auckland,
Middlepark (54 beds) and Holmwood (46 beds) in Christchurch, and Victoria Place (51 beds) in
Tokoroa. Future development and divestments will continue to rebalance the portfolio away from
standard care beds to care suites as well as delivering additional ILUs.
Focus on Execution
Chief Executive Officer Suzanne Dvorak, who joined the company in July 2024, said Oceania’s focus
for the near term will be on improving capability in sales, continuing to modernise the property
portfolio, and lifting earnings and profitability from care services.
“We are clear about near term priorities and elements of operational execution we need to fix or
improve,” she said. “The first is to lift sales, focusing on unsold stock which will support debt
reduction. The establishment of a new role at our Executive table of Chief Sales and Marketing Officer
recognises that improved performance in this area is a core issue for the business that we need to
urgently and structurally address.”
“The second priority is streamlining our development programme, completing our brownfield
developments, and undertaking broadacre greenfield development, including our Franklin
development, to support our portfolio rebalancing,” said Ms Dvorak.
“Thirdly, while care will remain a critical differentiator for Oceania, we need to get our delivery model
right so that earnings and profitability are sustainable, which is proving challenging right across the
sector. We are fortunate to have skills and experience to tackle the detail of our operations and
execution to improve efficiency.” she said.
Outlook
Oceania Chair Liz Coutts says the company is focused on improved performance and stated
“We have clear objectives for the business through FY25, including the critical focus on sales
execution to reduce gearing ratios, and improving returns on care services. As we move into the next
phase, our focus remains on a full continuum of care, as we differentiate on the quality of our care and
quality living for our residents,” she said. “Moving into the Christmas period, we are pleased with the
level of applications coming in, including a more positive response to our market reposition of The
Helier in Auckland.”

Oceania Chair, Liz Coutts advises that “The Board has decided to continue to pause dividends for the
interim period given current gearing levels. Looking ahead, the Board expects to resume dividends
when we have achieved sufficient sales to have reduced our new stock level and gearing ratio.”
ENDS
For all enquiries, please email investor@oceaniahealthcare.co.nz or phone 0800 333 688.

---

Inspiring better.
Interim Report 2025

Contents.
At a glance1
Trading results2
Letter from the Chair and CEO3
Three year summary8
Consolidated Interim Financial Statements9
Corporate governance31
OCEANIA INTERIM REPORT 2025

Delivering better.
AT A GLANCE
17
Existing sites
with future
developments
22
Existing sites with
mature operations
As at 30 September 2024
Staff
2,700
Residents
4,000
Care beds and care suites
2,209
Units
1,915
39
0
Total sitesUndeveloped
sites
Marina Cove, Picton
OCEANIA INTERIM REPORT 2025
1

Trading results.
TRADING RESULTS — SEPTEMBER 2024
Financial
six month period to
30 September 2024
Operational
six month period to
30 September 2024
Developments
six month period to
30 September 2024
Total assets
As at 30 September 2024
$
2.8bn
Consistent with 31 March 2024
total assets of $2.8bn
Units and care suites completedAdditional units and care suites expected
to be completed in FY2025
106118
Units and care suites under construction
158
• Waterford Stage One (Hobsonville, Auckland)
• Awatere Stage Three (Hamilton)
• Meadowbank Stage Six (Auckland)
• Elmwood Stage One (Manurewa, Auckland)• Awatere Stage Three (Hamilton)
• Waterford Stage One (Hobsonville, Auckland)
Underlying Earnings Before Interest,
Tax, Depreciation and Amortisation
six months to 30 September 2024
$
38.6m
Ahead of 30 September 2023 Earnings Before Interest,
Tax, Depreciation and Amortisation of $37.6m
Higher than restated six months to 30 September 2023
reported operating cashflow of $57.2m
Reported Total
Comprehensive Income
six months to 30 September 2024
$
11.8m
Compared to 30 September 2023 reported
total comprehensive income of $61.7m
Operating Cash Flow
six months to 30 September 2024
$
70.4m
Resale units
59
Resale care suites
110
Total sales
258
Higher than total sales for the six months
30 September 2023 of 255
51
38
New care suites
New units
2
OCEANIA INTERIM REPORT 1213

LETTER FROM THE CHAIR AND CEO
Welcome to our Interim Report for the first half of FY25 (1HY25),
a period that saw Oceania transition to new executive leadership
for the next phase of growth while recognising the significant progress
achieved in modernising our property portfolio and improving services
over the last five years. We are strengthening our sales capability,
rebalancing our development pipeline, and improving profitability
from care services.
Refining for
future optionality.
“On behalf of the Board and shareholders, it’s my pleasure to
welcome Suzanne Dvorak as CEO of Oceania. Suzanne joined
in July 2024 and comes with an impressive background,
including having led the single largest residential aged
care provider in Australia. She is focussed on developing
and operating villages and care centres that reimagine the
retirement living and aged care experience through a human
centred approach. We are delighted to be working with
Suzanne on the next phase of Oceania’s journey.”
Elizabeth Coutts, Chair
Elizabeth Coutts
Chair
Suzanne Dvorak
Chief Executive Officer
Half-year Highlights
1
• Underlying EBITDA rose to $38.6m,
2.7% above 1HY24.
• Underlying NPAT was $24.0m, 12.5% lower
than 1HY24 largely due to an increase in
interest expense on completed developments.
• Operating Cashflow increased to $70.4m,
23.1% above 1HY24.
• Reported Total Comprehensive Income
of $11.8m below FY24 $61.7m largely due
to movements in the fair value of properties
in the period.
• Total Assets increased to $2.8b, $38.9m
increase above FY24.
• Net Tangible Assets increased to $1.0bn,
or $1.43 per share, a 1.3% increase on FY24.
• Four non core sites divested for $25.1m.
• Debt gearing ratio reduced to 37.5%
compared with FY24 38.3%. All banking
covenants have been met.
• Realised capital gains rose to $38.2m,
34.9% higher than 1HY24, driven by strong
care suite volumes.
• Unsold stock levels at $305m, 13.5%
below FY24.
• 224 independent living units and care
suites to be delivered during FY25 including
106 care suites at Elmwood in Auckland
which were delivered in 1HY24.
1 All metrics and financial results included in this Chair and CEO letter are
extracted from the interim financial statements and are unaudited.
3
OCEANIA INTERIM REPORT 2025

Financial Performance
Despite an economic downturn in New Zealand
that has impacted consumer spending and the
property market, Oceania lifted Underlying
EBITDA to $38.6m, 2.7% above 1HY24. Underlying
Net Profit After Tax was $24.0m, 12.5% down on
1HY24 largely due to increased interest expense
in relation to completed developments. With
increased sales volumes and prices, capital gains
rose 34.9% year on year to $38.2m. Premium
care revenue was up 12.3% from 1HY24 to $12.4m.
Operational expenses increased which have since
been rightsized for the business going forward.
Care and resident expenses decreased 4.6%
from 1HY24 to $70.2m as we continue to focus
on achieving the appropriate level of profitability.
Debt gearing ratio reduced to 37.5% from the
peak at 38.3% ( FY24) reflecting the focus on
sale of unsold stock and sale of non core sites.
LETTER FROM THE CEO
Resales of independent living units (ILUs)
(59 units sold) and care suites (110 suites
sold) continued to perform well thanks to the
reputational strength of our villages and care
centres. New care suite sales outperformed
our expectations with 51 new care suites sales
during the period. This reflects our excellent
reputation for provision of care, founded on our
core principles of putting resident wellbeing and
care, and a continuum of care, at the heart of
everything we do. Continuing to improve sales
performance remains a key priority.
Our Offer
We have continued to modernise and rebalance
our property portfolio to support our premium
quality care for residents, and refine our
development plans to meet the current
market environment.
In the six months under review, 106 new care
suites were completed at Elmwood in Auckland.
In addition we are on track to deliver a further
68 apartments at Awatere in Hamilton and
50 apartments at Waterford in Auckland
by the calendar end of 2024.
We divested four sites during the period
under review: Takanini (91 beds) in Auckland,
Middlepark (54 beds) and Holmwood (46 beds)
in Christchurch, and Victoria Place (51 beds)
in Tokoroa. The net impact of the Elmwood
care suite development and the divestment
of these four sites resulted in our total number
of beds reducing during the period from 4,382
to 4,124. Future development and divestments will
continue to rebalance the portfolio from standard
care beds to care suites as well as delivering
additional ILUs.
Development stock continued to be sold down
with unsold new stock levels reducing by 13.5%
to $305m.
Our average development margin for 1HY25
was 34.4% with a development margin of 35.4%
for ILUs and 32.3% for care suites. Our approach
of maintaining a talented inhouse property team,
supported by trusted relationships with preferred
suppliers means we can adjust our development
pipeline more nimbly than many other operators,
increasingly optionality. Our divestment focus
will continue to be on geographically isolated
or hard to service locations, in favour of locations
where we can add lower density development
to mature sites that already have a strong
reputation and an existing footprint. An example
is our Gracelands site in Hawkes Bay, where
we have recently purchased adjoining land
to complement the vibrant village.
4
OCEANIA INTERIM REPORT 2025

Five-year Progress
As we near the end of our current five year
strategy, it is worth acknowledging what has
been achieved, as well as crystallising elements
we need to focus on.
Good progress has been made in modernising
and transitioning our portfolio towards our
goal of 50%/50% aged care and independent
living. In 1HY20, this ratio was 70%/30%. At the
end of our period under review, it is 54%/46%.
Development and divestment activity continue
to reweight our portfolio. We continue to divest
older stand alone aged care centres, whilst our
development delivers modern villages and centres
that enable us to offer a full continuum of care
as well as quality living for all our residents.
Since IPO, we have conducted a successful
divestment strategy and executed a portfolio
repositioning, selling or exiting 16 sites, including
206 aged care beds and 36 care suites. Since
FY2023, proceeds have been received for seven
sites, above book value in aggregate, which
supports the valuations adopted by directors.
Four of these sites were sold during the period
for an aggregate value of $25.1m.
Our development programme over the last five
years has strengthened our capabilities in both
brownfield and greenfield developments. In the
near term, we will be undertaking a broad acre
villa development at Franklin, which enables us
to reposition our property portfolio and lower
development risk.
We have invested over $600m in property
development to modernise, improve quality,
and expand our market presence. However,
we have also increased our development debt,
unsold stock and support office costs. Net debt
has increased to $629m, compared to $288m
five years ago. Our gearing today is 37.5%
compared to 31.8% at 1HY20, although this is
below the peak 31 March 2024 level of 38.3%. We
continue to work hard to reduce gearing through
continued reduction in unsold stock and sale of
non core sites.
Total assets have grown over 85% over the last
five years, from $1.5bn in 1HY20 to $2.8bn as at
30 September 2024. Net Tangible Assets (NTA)
have risen 44 cents per share to $1.43 from
$0.99 as at 30 November 2019. We believe there
is an opportunity to improve the P/NTA value
for shareholders by increasing sales, reducing
unsold stock to free up cash, improving aged
care profitability, reducing debt and as a result
interest expense. These are key focus areas for
the year ahead. We can then further leverage the
investment we have made over the last five years.
LETTER FROM THE CEO
Our development programme over
the last five years has strengthened
our capabilities in both brownfield
and greenfield developments.
In short, we have worked hard to establish
a strong market presence, as well as a
differentiation arising from the quality of
our care and boutique nature of our retirement
villages. This remains key, while we deleverage,
and right size the business and operational costs
to improve returns to shareholders.
The Sands, Browns Bay, Auckland
5
OCEANIA INTERIM REPORT 2025

Focus on Execution
The lens of new executive leadership has enabled
us to sense check our current strategy, and to
analyse key gaps and areas of focus. Overall,
this has endorsed our current strategic plan,
but also crystallised near term priorities and
elements of operational execution we need to
fix or improve. This work has provided us with
three key areas of focus as we work through
the remainder of our strategic plan that takes
us through to FY26.
The first is to lift sales, focusing on unsold
stock which will support debt reduction. The
establishment of a new role in our Executive
team of Chief Sales and Marketing Officer
recognises that improved sales performance is
a core for the business that we need to urgently
and structurally address.
Our sales focus is to increase new sales and
reduce unsold stock, including at The Helier
in Auckland. The quality of our product offering
at The Helier is reflected in the awards it has
won including “Best in Category” at this year’s
NZ Property Council Awards.
As we improve sales performance, we will reduce
unsold stock to reduce debt. Our strategic
review also identified the need for near term
cost savings, which is underway.
The second priority is streamlining our
development programme, completing our
brownfield developments to increase our care
suite capacity, and undertaking broadacre
greenfield developments, including our
Franklin development, to support our portfolio
rebalancing. Our in house development team
works with trusted partners to ensure effective
cost management and cost effectiveness
optionality when it comes to planning and
delivering our development pipeline. We will aim
to continue our portfolio rebalancing and realign
development to become more closely in tune
with customer needs in what is a very significant
total addressable market – by 2030, 25% of
New Zealanders will be 65 years old or older.
Thirdly, while care will remain a critical
differentiator for Oceania, we need to get our
delivery model right so that profitability and
returns are sustainable. In recent years, this has
been a challenge for our industry. However, with
Executive leadership that has a track record
in turning around operations in this area, we
are fortunate to have skills and experience to
tackle the detail of our operations and execution
to improve efficiency in care. This will be a
key focus in the near term, and one that has
the potential to further distinguish Oceania
from our peers. Once we have the necessary
operational efficiency in aged care provision,
with sustainable profitability and financial
returns, we can then scale to grow value.
LETTER FROM THE CEO
Sustainability and Climate
Our core commitment to sustainability as part
of our value creation, as well as risk and resilience
management, continues to be integrated into our
long term planning and reporting to stakeholders.
Earlier this year we shared our climate related
disclosures. Our commitment to reduce absolute
Scope 1 and 2 GHG emissions by 42% by 2030
from a FY22 base year was validated by the
Science Based Target Initiative (SBTi). This
target forms part of Oceania’s sustainability-
linked loan and is also a key hurdle in respect
of short term incentives for our Executives.
Our team has completed an in-depth energy
decarbonisation pathway to identify, evaluate
and prioritise opportunities for decarbonising
the energy systems at our retirement villages
and care centres. We are also seeking that 72.5%
of our suppliers by spend, covering purchased
goods and services, including capital goods, will
have science-based targets by FY27. This is our
Scope 3 supplier engagement target.
We are delighted to have received recognition
that sustainability underpins our strategic
pillars, having been selected as a finalist in the
Deloitte Top 200 Awards. We are one of three
finalists for the Sustainability Leadership Award.
From reducing our environmental footprint to
increasing our social impact, we are dedicated
to building resilient communities for our ageing
population. This recognition highlights our
commitment to creating long term environmental,
social, and economic value, so we couldn’t
be prouder. We look forward to deepening
the integration of thinking about sustainability
throughout our business.
The quality of our product offering at The Helier is reflected
in the awards it has won including “Best in Category”
at this year’s NZ Property Council Awards.
6
OCEANIA INTERIM REPORT 2025

Our Residents
Our offer sets itself apart in the market for
its resident centred approach, based on our
Clinical Excellence Strategy. To support this we
elevated our Director of Clinical Governance role
to the Executive table. We continue to innovate
when it comes to resident care, expanding our
care offering to a continuum of care. We have
extended our clinical excellence through the
Nurse Practitioner Model. We are refining our
development pipeline to ensure that resident
wellbeing and care is at the heart of everything
we do, delivering and planning developments
that optimise residents’ care and comfort,
including the expansion of care suites and
couples care suites.
Our People
We can only set ourselves apart through the
quality of our care thanks to the dedication,
skill and commitment of our people. We have
continued to refine our approach to foster and
develop our people and support a culture of
care and customer led behaviour.
Our internal development programme, Future
Fluent, for our senior leaders at sites represents
further investment in our human capital. All of
this is underpinned by the planning, design and
roll out of our new Human Resource Information
System (HRIS) to support our people across
the business.
We would also like to thank Peter Dufaur who
resigned from the Board on 30 September 2024
for his valued contribution particularly for his
property and construction expertise during
his tenure.
Outlook
Having executed on our current five year
strategy, we can reflect on a solid foundation
for the future. We have clear objectives for the
business through FY25, including the critical
focus on reduction of debt to strengthen our
balance sheet. As we move into the next phase,
our focus remains on a full continuum of care,
as we differentiate on the quality of our care
and quality living for our residents.
Moving into the Christmas period, we have
a pleasing number of applications coming in,
including a more positive market response to
The Helier in Auckland. At 31 October we had
21 apartments and 13 care suites occupied.
We can only set ourselves apart through
the quality of our care thanks to the dedication,
skill and commitment of our people.
Our new Sales and Marketing leadership team
will add momentum to our push for higher
sales volumes, as we continue to strengthen
the attractiveness of our offer through the
modernisation of our sites and the quality
of our care.
The Board has decided to continue to pause
dividends for the interim period given current
gearing levels. Looking ahead, the Board expects
to resume dividends when we have achieved
sufficient sales to have reduced our new stock
level and gearing ratio.
We extend our thanks to you, our shareholders,
for your ongoing support, as well as to all our
team, suppliers and wider partners for all the
hard work and commitment to excellence that
goes into continuing to ensure Oceania continues
to stand apart as the innovator and standard
setter for quality of care in New Zealand.
Elizabeth Coutts
Chair
Suzanne Dvorak
Chief Executive Officer
7
OCEANIA INTERIM REPORT 2025

Financial Metrics
$NZm
Unaudited
Sept 2024
Unaudited
Sept 2023
Unaudited
Sept 2022
Underlying Net Profit after Tax
1
24.027.427.8
Underlying EBITDA
1
38.637.638.7
Profit / (Loss) for the Period (17.1)35.211.2
Total Comprehensive Income / (Loss)11.861.727.3
Total Assets 2,821.22,689.82,450.8
Operating Cash Flow
2
70.457.234.0
Operating Metrics
Unaudited
Sept 2024
Unaudited
Sept 2023
Unaudited
Sept 2022
Units1,9151,8871,766
Care Suites1,091984972
Care Beds1,1181,3961,652
Total4,1244,2674,390
New Sales898461
Resales169171165
Total258255226
Occupancy91.6%90.3%91.0%
1 This is a non-GAAP measure, refer to note 2.1 in the consolidated interim financial statements for further details.
2 Restated in prior periods, this restatement increases Operating Cashflow from $48.0m in Sept 2023 and $31.4m in Sept 2022.
Refer to note 1.2 for details.
Three year summary.
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
8
OCEANIA INTERIM REPORT 1213

Consolidated Interim
Financial Statements.
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
Consolidated Statement of Comprehensive Income10
Consolidated Balance Sheet10
Consolidated Statement of Changes in Equity11
Consolidated Cash Flow Statement11
Notes to the Consolidated Interim Financial Statements12
Independent Auditor’s Review Report30
The Bellevue, Christchurch
9
OCEANIA INTERIM REPORT 2025

$NZ000’sNotes
Unaudited
Six months
Sept 2024
Unaudited
Six months
Sept 2023
Revenue132,605131,614
Change in fair value of investment property3.126,14047,388
Other income 3,5826,951
1
Total income162,327185,953
Employee benefits and other staff costs90,62688,338
Depreciation (buildings and care suites)3.26,9046,402
Depreciation and amortisation
(chattels, leasehold improvements and software)
3.23,4223,024
Impairment of property, plant and equipment
and right of use asset
3.225,9657,588
Impairment of held for sale assets3.3141,258
Impairment of goodwill198269
Finance costs11,8488,589
Other expenses42,85938,127
Total expenses181,836153,595
(Loss) / Profit before income tax(19,509)32,358
Income tax benefit 2,4452,793
(Loss) / Profit for the period(17,064)35,151
Other comprehensive income
Items that will not be subsequently reclassified to profit or loss
Gain on revaluation of property, plant and equipment
for the period, net of tax
3.230,13726,619
Items that may be subsequently reclassified to profit or loss
Loss on cash flow hedges, net of tax
(1,231)(120)
Other comprehensive income for the period, net of tax28,90626,499
Total comprehensive income for the period attributable
to shareholders of the parent
11,84261,650
Basic earnings per share (cents per share)4.2(2.4)4.9
Diluted earnings per share (cents per share)4.2(2.4)4.9
$NZ000’sNotes
Unaudited
Sept 2024
Audited
Mar 2024
Assets
Cash and cash equivalents
13,027 7,485
Trade and other receivables5.183,751124,864
Derivative financial instruments1,310 3,030
Assets held for sale3.32,580 44,259
Investment property3.11,896,0351,815,387
Property, plant and equipment3.2809,354770,877
Right of use assets10,30310,783
Intangible assets4,8385,663
Total assets2,821,1982,782,348
Liabilities
Trade and other payables
51,04952,057
Deferred management fee3.448,34447,337
Refundable occupation right agreements3.41,032,919997,190
Refundable occupation right agreements held for sale3.4-7,585
Lease liabilities11,29011,205
Borrowings4.3638,960640,518
Deferred tax liabilities1.1(iv)--
Total liabilities1,782,5621,755,892
Net assets1,038,6361,026,456
Equity
Contributed equity
4.1715,960715,960
Retained deficit(41,035)(34,264)
Reserves363,711344,760
Total equity1,038,6361,026,456
Consolidated Statement of Comprehensive Income
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
Consolidated Balance Sheet
AS AT 30 SEPTEMBER 2024
The Board of Directors of the Company authorised these consolidated interim financial statements
for issue on 22 November 2024.
For and on behalf of the Board
Elizabeth Coutts Alan Isaac
Chair Director
The above Consolidated Balance Sheet should be read in conjunction with the accompanying notes.
1 Other Income in the prior period includes $3.6m in relation to proceeds from insurance. Refer to note 1.3(iii).
The above Consolidated Statement of Comprehensive Income should be read in conjunction with the accompanying notes.
10
OCEANIA INTERIM REPORT 2025

$NZ000’sNotes
Contributed
equity
Retained
deficit
Asset
revaluation
reserve
Cash flow
hedge
reserveTotal equity
Balance as at 1 April 2023 (audited) 713,374(68,496)313,0294,353962,260
Profit for the period-35,151--35,151
Other comprehensive income
Revaluation of cash flow hedge
net of tax
---(120)(120)
Revaluation of assets net of tax3.2--26,619-26,619
Transfer of assets net of tax-4,629(4,629)--
Total comprehensive income-39,78021,990(120)61,650
Transactions with owners
Dividends paid
4.1-(9,348)--(9,348)
Share issue:
dividend reinvestment scheme
4.12,586---2,586
Employee share scheme4.1-165--165
Total transactions with owners2,586(9,183)--(6,597)
Balance as at 30 September 2023
(unaudited)
715,960(37,899)335,0194,2331,017,313
Balance as at 1 April 2024 (audited)715,960(34,264)342,5612,1991,026,456
Profit for the period-(17,064)--(17,064)
Other comprehensive income
Revaluation of cash flow hedge
net of tax
---(1,231)(1,231)
Revaluation of assets net of tax3.2--30,137-30,137
Transfer of assets net of tax-9,955(9,955)--
Total comprehensive income-(7,109)20,182(1,231)11,842
Transactions with owners
Employee share scheme
4.1-338--338
Total transactions with owners-338--338
Balance as at 30 September 2024
(unaudited)
715,960(41,035)362,7439681,038,636

$NZ000’sNotes
Unaudited
Six months
Sept 2024
Restated
Unaudited
Six months
Sept 2023
Cash flows from operating activities
Receipts from residents for village and care fees
106,022107,391
Payments to suppliers and employees1.2(ii)(129,433)(112,234)
Receipts from new occupation right agreements168,101105,214
Payments for outgoing occupation right agreements(70,696)(38,578)
Net goods and services tax paid148(401)
Receipts from insurance proceeds1.3(iii)4,3743,008
Interest received1,8322,600
Interest paid on general borrowings(9,603)(9,642)
Interest paid in relation to right of use assets(393)(201)
Net cash inflow from operating activities70,35257,157
Cash flows from investing activities
Payments for property, plant and equipment
and intangible assets
(29,162)(23,830)
Payments for investment property and investment
property under development
(45,645)(91,677)
Proceeds from sale of assets23,37012,892
Interest paid in relation to development borrowings
1
1.2(ii)(10,277)(9,137)
Payments for assets held for sale(439)-
Net cash outflow from investing activities(62,153)(111,752)
Cash flows from financing activities
Proceeds from borrowings
62,344101,542
Repayment of borrowings(64,395)(38,180)
Principal payments for lease liabilities(606)846
Dividends paid-(6,762)
Net cash (outflow) / inflow from financing activities(2,657)57,446
Net increase in cash and cash equivalents5,5422,851
Cash and cash equivalents at the beginning of the period7,4857,439
Cash and cash equivalents at end of period13,02710,290
Consolidated Statement of Changes in Equity
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
Consolidated Cash Flow Statement
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
1 Restated in prior periods. Refer to note 1.2(ii).
The above Consolidated Cash Flow Statement should be read in conjunction with the accompanying notes.
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.
11
OCEANIA INTERIM REPORT 2025

Notes to the Consolidated
Interim Financial Statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
1.General information12
1.1Basis of Preparation12
1.2Accounting Policies13
1.3Significant Events and Transactions14
1 .4Market Capitalisation14
2.Operating Performance14
2.1Operating Segments14
3.Property Assets19
3.1Village Assets: Investment Property20
3.2Care Assets: Property, Plant and Equipment22
3.3Held for Sale24
3.4Refundable Occupation Right Agreements24
4.Shareholder Equity and Funding25
4.1Shareholder Equity and Reserves25
4.2Earnings per Share27
4.3Borrowings27
5.Other Disclosures28
5.1Trade and Other Receivables28
5.2Contingencies and Commitments29
5.3Events After Balance Date29
1. General Information
1.1 Basis of Preparation
i) Entities Reporting
The consolidated interim financial statements of the Group are for the economic entity comprising
Oceania Healthcare Limited (the “Company”) and its subsidiaries (together “the Group”).
The consolidated interim financial statements incorporate the assets and liabilities of all subsidiaries
of Oceania Healthcare Limited as at 30 September 2024 and the results of all subsidiaries for the
six months then ended.
The Group owns and operates various care centres and retirement villages throughout New Zealand.
The Group’s registered office is Level 26, HSBC Tower, 188 Quay Street, Auckland, 1010, New Zealand.
ii) Statutory Base
Oceania Healthcare Limited is a limited liability company which is domiciled and incorporated
in New Zealand. It is registered under the Companies Act 1993 and is a FMC Reporting Entity
in terms of Part 7 of the Financial Markets Conduct Act 2013. The Company is also listed on the
NZX Main Board (“NZX”) and the Australian Securities Exchange (“ASX”) as a foreign exempt
listing. The consolidated interim financial statements have been prepared in accordance with the
requirements of the NZX and ASX listing rules, and Part 7 of the Financial Markets Conduct Act 2013.
The consolidated interim financial statements have been prepared in accordance with New Zealand
Generally Accepted Accounting Practice (“NZ GAAP”). They also comply with NZ IAS 34 – Interim
Financial Reporting, IAS 34 – Interim Financial Reporting and other applicable New Zealand
Financial Reporting Standards, as appropriate for for-profit entities. They do not include all the
notes of the type normally included in the consolidated annual financial statements. Accordingly,
these consolidated interim financial statements are to be read in conjunction with the consolidated
annual financial statements for the year ended 31 March 2024, prepared in accordance with
New Zealand Equivalents to International Financial Reporting Standards (“NZ IFRS”). The Group
is a Tier 1 for-profit entity in accordance with XRB A1.
The accounting policies that materially affect the measurement of the Consolidated Statement
of Comprehensive Income, Consolidated Balance Sheet and the Consolidated Cash Flow Statement
have been applied on a basis consistent with those used in the audited consolidated financial
statements for the year ended 31 March 2024 with the exception of the Consolidated Cash Flow
Statement, see note 1.2(ii).
The consolidated interim financial statements for the six months ended 30 September 2024 and
comparatives for the six months ended 30 September 2023 are unaudited. The consolidated annual
financial statements for the year ended 31 March 2024 were audited and form the basis for the
comparative figures for that period in these statements. They are presented in New Zealand dollars
which is the Group’s presentation currency.
The consolidated interim financial statements have been prepared in accordance with the going
concern basis of accounting, which assumes that the Group will be able to realise its assets and
discharge its liabilities in the normal course of business as they come due into the foreseeable future.
The Consolidated Balance Sheet has been prepared using a liquidity format.
12
OCEANIA INTERIM REPORT 1213

iii) Measurement Basis
These consolidated interim financial statements have been prepared under the historical cost
convention, as modified by the revaluation of certain assets and liabilities, including investment
properties, certain classes of property, plant and equipment, right of use assets and derivatives.
iv) Key Estimates and Judgements
The preparation of the consolidated interim financial statements in conformity with NZ IFRS
requires the use of certain critical accounting estimates. It also requires management to exercise
their judgement in the process of applying the Group’s accounting policies.
The Group makes estimates and assumptions concerning the future. The resulting accounting
estimates will, by definition, seldom equal the related actual results. Estimates and judgements
are continually evaluated and are based on historical experience and other factors, including
expectations of future events that are believed to be reasonable under the circumstances.
The areas involving a higher degree of judgement or complexity, or areas where assumptions
and estimates are significant to the consolidated interim financial statements are disclosed
in the following notes:
• Classification of accommodation with a care or service offering (note 3)
• Fair value of investment property and investment property under development (note 3.1)
• Fair value of freehold land and buildings (note 3.2)
• Classification and fair value of held for sale sites (note 3.3)
• Revenue recognition of deferred management fees (note 3.4)
• Recognition of deferred tax (refer below)
The Group may recognise deferred tax assets to the extent that it is probable that the Group
will generate future economic profits to utilise the deferred tax assets or to the extent that they
offset deferred tax liabilities. As at 30 September 2024 the Group recognised a deferred tax asset
of $61.0m (31 March 2024: $42.3m) representing tax losses generated in order to offset the net
deferred tax position.
After taking into consideration tax losses generated in the period to 30 September 2024, the
Group now has an estimated $308.4m (31 March 2024: $253.7m) of available tax losses as at
30 September 2024.
v) Comparatives
Where necessary, comparative figures have been adjusted to conform with changes in presentation
in the Financial Statements. Any changes to comparative figures have no impact on the prior period
Statement of Comprehensive Income.
1.2 Accounting Policies
i) New Accounting Standards
Other than as explained below, no changes to accounting policies have been made during the
period and the Group has not early adopted any standards, amendments or interpretations
to existing standards that are not yet effective.
ii) Treatment of Interest Paid in Consolidated Cash Flow Statement
The Group has amended its accounting policy regarding the presentation of interest paid in the
Consolidated Cash Flow Statement in the current period to better align with underlying drivers
of debt. Previously, all interest paid has been presented in cash flows from operating activities.
Interest paid in relation to funds drawn for use in the development of investment property
or property, plant and equipment is now presented in cash flows from investing activities.
The change in presentation of the capitalised interest cash outflows from operating activities
to investing activities provides more relevant and reliable information as this aligns with other
retirement village operators’ financial statements in the retirement village sector.
The 30 September 2023 comparative numbers have been restated to reflect these changes in
the Consolidated Cash Flow Statement. The impact of these changes to the 30 September 2023
position is as follows:
• Net cash inflow from operating activities has increased by $9.1m from $48.0m to $57.2m.
• Net cash outflows from investing activities have increased by $9.1m from $102.6m to $111.8m.
The impact on the 30 September 2024 position is as follows:
• Net cash inflow from operating activities has increased by $10.3m from $60.1m to $70.4m.
• Net cash outflows from investing activities have increased by $10.3m from $51.9m to $62.2m.
iii) Measurement of Fair Value
The Group classifies its fair value measurement using the fair value hierarchy that reflects the
significance of the inputs used in making the measurements. The fair value hierarchy has the
following levels.
Level 1: Quoted prices (unadjusted) in active markets for the identical assets or liabilities.
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the
asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3: Inputs for the asset or liability that are not based on observable market data
(unobservable inputs).
The carrying amount of all financial assets and liabilities is considered to approximate their
fair value.
1.1 Basis of Preparation (continued)
13
OCEANIA INTERIM REPORT 2025
Notes to the Consolidated Financial Statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

i) Disposal of Leasehold Interest
On 31 August 2023, in the comparative period, the Group exited the Wesley Care Centre, Mt Eden,
Auckland. The site was leased from the owner Airedale Property Trust and the lease was not extended
beyond the expiry date.
ii) Disposal of Held for Sale Sites
During the six months to 30 September 2024 a total of four sites were divested for proceeds
totalling $25.1m. The sites divested were Takanini (Auckland), Holmwood (Christchurch), Middlepark
(Christchurch) and Victoria Place (Tokoroa). The aggregate gain on sale of these sites is $0.4m and
has been recognised in the Consolidated Statement of Comprehensive Income. (30 September
2023: two sites, total sales proceeds $11.2m).
As at 30 September 2024, one site, Otumarama a vacant care home in Nelson, is subject to a
conditional sale and purchase agreement. Full and final settlement in respect of this site is expected
in 2025.
While the Group still owns several sites which it intends to divest in the near term, these sites
no longer meet the accounting definition of held for sale and have been reclassified in the period
to property, plant and equipment and investment property. Refer note 3.
iii) Weather Events: Auckland Floods and Cyclone Gabrielle
A number of significant weather events occurred in New Zealand during January and February
2023. The Group owns and operates a number of sites in the Auckland and Hawkes Bay regions
which were impacted by these events. Agreement was reached with insurers during May 2024
in relation to the Auckland Floods and Cyclone Gabrielle. Refer to Notes 3.1 and 3.2 for impact
on fair value in the prior period, no impact in the current period.
1.4 Market Capitalisation
At balance date, the market capitalisation of the Group (being the 30 September 2024 closing
share price, as quoted on the NZX Main Board, multiplied by the number of shares on issue) was
below the carrying amount of the Group’s net assets and shareholders’ funds. In considering the
difference, the Group notes that over 90% of total assets at 30 September 2024 are property assets
carried at fair value as assessed by CBRE Limited. Colliers Limited were also engaged to perform
a review of the CBRE Limited valuation of certain sites in the portfolio comprising 44% of the total
value of property assets. This review supported the CBRE Limited valuation.
2. Operating Performance
2.1 Operating Segments
The Group’s chief operating decision maker is the Board of Directors.
The operating segments have been determined based on the information reviewed by the Board
of Directors for the purposes of allocating resources and assessing performance. The assets
and liabilities of the Group are reported to the chief operating decision maker in total not by
operating segment.
The Group operates in New Zealand and comprises three segments; care operations, village
operations and other.
Information regarding the operations of each reportable segment is included above. Amongst
other criteria, performance is measured based on segmental underlying earnings before interest,
tax, depreciation and amortisation (“EBITDA”), which is the most relevant measure in evaluating the
performance of segments relative to other entities that operate within the aged care and retirement
village industries.
Additional Segmental Reporting Information
Capital expenditure: Refer to note 3 for details on capital expenditure.
Goodwill: Goodwill is allocated to care cash generating units.
What is Total Comprehensive Income?
Total comprehensive income is a measure of the total performance of all segments under
NZ GAAP. It includes fair value movements relating to the Group’s care centres and cash
flow hedges.
1.3 Significant Events and Transactions
14
OCEANIA INTERIM REPORT 2025
Notes to the Consolidated Financial Statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

CareVillageOther
ProductIncludes traditional care beds and care suites.Includes independent living and rental properties.N/A
ServicesThe provision of accommodation, care and related services
to Oceania’s aged care residents.
Includes the provision of services such as meals and care
packages to independent living residents.
The provision of accommodation and related services to
independent residents in the Group’s retirement villages.
Provision of support services to the Group (includes
administration, marketing and operations).
In addition this segment includes the provision of training
by the Wesley Institute of Nursing Education.
Recognition of Operating
Revenue and Expenses
The Group derives Operating Revenue from the provision of care
and accommodation. The daily fee is set annually by the Ministry
of Health.
In relation to the provision of superior accommodation above
the Government specification the Group derives revenue from
Premium Accommodation Charges (“PACs”) or, in the case of care
suites, through Deferred Management Fees (“DMF”).
Operating Expenses primarily include staff costs, resident welfare
expenses and overheads.
The Group derives Operating Revenue from weekly service
fees and rental income. Operating Revenue also includes DMF
accrued over the expected occupancy period for the relevant
accommodation.
Operating Expenses include village property maintenance,
sales and marketing, and administration related expenses.
Includes corporate office and corporate expenses.
Finance costs relate to the cost of bank debt.
Income and expenditure relating to the Wesley Institute
of Nursing Education is recognised in this segment.
Recognition of Fair
Value movements on
New Developments
Fair value increases or decreases are recognised in other
comprehensive income (i.e. not in profit or loss) for the fair value
movement above historical cost.
Impairments below historical cost are recognised in comprehensive
income (i.e. profit or loss).
Fair value movements are recognised in comprehensive income
(i.e. profit or loss).
N/A
Recognition of Fair Value
Movements on Existing
Care Centres and
Retirement Villages
Fair value movements are treated the same as above.
When sites are decommissioned for development this results
in an impairment of the buildings and chattels which is recognised
in comprehensive income (i.e. profit or loss).
Fair value movements are recognised in comprehensive income
(i.e. profit or loss).
N/A
Recognition in Underlying
Profit (refer note 2.1 overleaf)
Fair value movements are removed.Fair value movements are removed. Realised gains on resales and
the development margins from the sale of independent living units
and care suites are included, reflective of the ownership structure
of the assets.
No material adjustments.
Asset CategorisationAssets used, or, in the case of developments, to be used,
in the provision of care are recognised as property, plant
and equipment.
Assets used for village operations are recognised as investment
property.
Corporate office assets are recognised as property, plant
and equipment. Assets include intangibles (e.g. software).
2.1 Operating Segments (continued)
15
OCEANIA INTERIM REPORT 2025
Notes to the Consolidated Financial Statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

2.1 Operating Segments (continued)
Six Months Ended 30 September 2024 (unaudited)
$NZ000’s
Care
Operations
Village
OperationsOtherTotal
Revenue 100,50026,7585,347132,605
Change in fair value of investment property - 26,140 - 26,140
Other income4271,32211,750
Total income100,92754,2205,348160,495
Operating expenses(92,358)(20,186)(20,941)(133,485)
Impairment of goodwill(198) - - (198)
Impairment of property, plant and equipment(25,965)- - (25,965)
Impairment of held for sale assets-(14)-(14)
Segment EBITDA(17,594)34,020(15,593)(833)
Interest income-3261,5061,832
Finance costs - - (11,848)(11,848)
Depreciation (buildings and care suites)(6,430)-(474)(6,904)
Depreciation and amortisation
(chattels, leasehold improvements and software)
(2,508)-(914)(3,422)
(Loss) / Profit before income tax(26,532)34,346(27,323)(19,509)
Income tax benefit / (expense)237(3,269)5,4772,445
(Loss) / Profit for the period attributable
to shareholders
(26,295)31,077(21,846)(17,064)
Other comprehensive income
Gain on revaluation of property, plant
and equipment for the period, net of tax
30,137 - - 30,137
Loss on cash flow hedges, net of tax - - (1,231)(1,231)
Total comprehensive income / (loss) for the period
attributable to shareholders of the parent
3,84231,077(23,077)11,842
Six Months Ended 30 September 2023 (unaudited)
$NZ000’s
Care
Operations
Village
OperationsOtherTotal
Revenue 102,68025,0763,858131,614
Change in fair value of investment property - 47,388 - 47,388
Other income5433,808-4,351
Total income103,22376,2723,858183,353
Operating expenses(93,291)(18,583)(14,591)(126,465)
Impairment of goodwill(269) - - (269)
Impairment of property, plant and equipment(7,588) - - (7,588)
Impairment of held for sale assets-(1,258)-(1,258)
Segment EBITDA2,07556,431(10,733)47,773
Interest income-5502,0502,600
Finance costs - - (8,589)(8,589)
Depreciation (buildings and care suites)(6,044) - (358)(6,402)
Depreciation and amortisation
(chattels, leasehold improvements and software)
(2,323)-(701)(3,024)
Profit / (Loss) before income tax(6,292)56,981(18,331)32,358
Income tax benefit3,3252,709(3,241)2,793
Profit / (Loss) for the period attributable
to shareholders
(2,967)59,690(21,572)35,151
Other comprehensive income
Gain on revaluation of property, plant
and equipment for the period, net of tax
26,619 - - 26,619
Loss on cash flow hedges, net of tax - - (120)(120)
Total comprehensive income / (loss) for the period
attributable to shareholders of the parent
23,65259,690(21,692)61,650
16
OCEANIA INTERIM REPORT 2025
Notes to the Consolidated Financial Statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

Underlying Net Profit After Tax (“Underlying Profit”)
Underlying Profit and Underlying EBITDA are non-GAAP measures of financial performance and
considered in the determination of dividends. The calculation of Underlying Profit and Underlying
EBITDA requires a number of estimates to be approved by the Directors in their preparation. Both
the methodology and the estimates may differ among companies in the retirement village sector.
Underlying Profit and Underlying EBITDA do not represent cash flow generated during the period.
The Group calculates Underlying Profit and Underlying EBITDA by making the following adjustments
to reported Net Profit after Tax:
Total comprehensive income / (loss) for the period attributable
to shareholders of the parent
RemoveFair value adjustments for investment property assets, property, plant and equipment,
held for sale assets and cashflow hedges
Add backImpairment of goodwill
Add back / removeLoss / Gain on sale, decommissioning or purchase of assets and business assets
including associated costs
Add backDepreciation (care suites)
RemoveInsurance income recognised in relation to material damage due to adverse
weather events
Add backDirectors’ estimate of realised gains on the resale of units and care suites sold under
an ORA
Add backDirectors’ estimate of realised development margin on the first sale of new ORA units
or care suites following the development of an ORA unit or care suite, conversion of
an existing care bed to a care suite or conversion of a rental unit to an ORA unit
Add backDeferred taxation component of taxation expense so that only the current tax expense
is reflected
=Underlying Profit
RemoveInterest income
Add backFinance costs (including lease interest under NZ IFRS 16 Leases but excluding
hedge ineffectiveness)
Add backDepreciation and amortisation (including right of use and property, plant and equipment)
Add backCurrent tax expense
=Underlying EBITDA
2.1 Operating Segments (continued)
Resale Gain – Underlying Profit
The Directors’ estimate of realised gains on resales of ORA units and care suites (i.e. the difference
between the incoming resident’s ORA licence payment and the ORA licence payment previously
received from the outgoing resident) is calculated as the net cash flow received, and receivable at
the point that the ORA contract becomes unconditional and has either “cooled off” (the contractual
period in which the resident can cancel the contract) or where the resident is in occupation at
balance date.
Development Margin – Underlying Profit
The Directors’ estimate of realised development margin is calculated as the ORA licence payment
received, and receivable, in relation to the first sale of new ORA units and care suites, at the point
that the ORA contract becomes unconditional and has either “cooled off” or where the resident
is in occupation at balance date, less the development costs associated with developing the ORA
units and care suites. Where the development has been acquired in a business combination the
development costs are equal to the purchase price.
The Directors’ estimate of realised development margin for conversions is calculated based on the
difference between the ORA licence payment received, and receivable, in relation to sales of newly
converted ORA units and care suites, at the point that the ORA contract becomes unconditional and
has either “cooled off” or where the resident is in occupation at balance date, and the associated
conversion costs.
17
OCEANIA INTERIM REPORT 2025
Notes to the Consolidated Financial Statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

The table below describes the composition of development and conversion costs.
IncludedNew builds:
• the construction costs directly attributable to the relevant project, including any
required infrastructure (e.g. roads) and amenities related to the units (e.g. landscaping)
as well as any demolition and site preparation costs associated with the project.
The costs are apportioned between the ORA units and care suites, in aggregate,
using estimates provided by the project quantity surveyor. The construction costs for
the individual ORA units or care suites sold are determined on a prorated basis using
gross floor areas of the ORA units and care suites;
• an apportionment of land value based on the gross floor area of the ORA units and
care suites developed. The value for Brownfield
1
development land is the estimated fair
value of land at the time a change of use occurred
2
(from operating as a care centre or
retirement village to a development site), as assessed by an external independent valuer.
Greenfield
3
development land is valued at historical cost; and
• capitalised interest costs to the date of project completion apportioned using the gross
floor area of ORA units and care suites developed.
Conversions:
• of care beds to care suites - the actual refurbishment costs incurred; and
• of rental units to ORA units - the actual refurbishment costs incurred and the
fair value of the rental unit prior to conversion.
Excluded• Construction, land (apportioned on a gross floor area basis) and interest
costs associated with common areas and amenities or any operational
or administrative areas.
2.1 Operating Segments (continued)
1 Brownfield land refers to land previously utilised by, or part of, an operational aged care centre or retirement village.
2 The timing of a change of use is a Directors’ estimate. It is based on a range of factors including evidence of steps taken to secure
a resource consent and/or building consent for a particular development or stage of a development and the decommissioning of
existing operations (either through the buy-back of existing village ORA units or decommissioning of an existing care centre).
Note the cost of buybacks is not included in the development cost as an independent fair value of the land on an unencumbered
basis is used as the value ascribed to the development land.
3 Greenfield land refers to land not previously utilised by, or as part of, an operational aged care centre or retirement village.
Greenfield land is typically bare (undeveloped) land at the time of purchase.
4 Includes adjustment for material damage insurance in relation to affected properties.
Six Months Ended 30 September 2024 (unaudited)
$NZ000’s
Care
Operations
Village
OperationsOtherTotal
Total comprehensive (loss) / income for the period
attributable to shareholders of the parent
3,84231,077(23,077)11,842
Adjusted for Underlying Profit items
Less: Fair value adjustments for investment
property assets, property, plant and equipment,
held for sale assets and cashflow hedges
4
(4,172)(26,126)1,231(29,067)
Add: Impairment of goodwill198 - - 198
Add: Depreciation (care suites)5,674 - - 5,674
Less: Gain on sale of business assets including
associated costs
- (398) - (398)
Add: Realised resale gain - 17,655 - 17,655
Add: Realised development margin - 20,519 - 20,519
Underlying net profit / (loss) before tax5,54242,727(21,846)26,423
Less: Deferred tax benefit (237)3,269(5,477)(2,445)
Underlying net profit / (loss) after tax5,30545,996(27,323)23,978
Less: Interest income - (326)(1,506)(1,832)
Add: Finance costs
(excluding hedge ineffectiveness)
- - 11,84811,848
Add: Depreciation (buildings)757-4741,231
Add: Depreciation and amortisation
(chattels, leasehold improvements and software)
2,508 - 9143,422
Underlying EBITDA8,57045,670(15,593)38,647
18
OCEANIA INTERIM REPORT 2025
Notes to the Consolidated Financial Statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

Six Months Ended 30 September 2023 (unaudited)
$NZ000’s
Care
Operations
Village
OperationsOtherTotal
Total comprehensive income / (loss) for the period
attributable to shareholders of the parent
23,65259,690(21,692)61,650
Adjusted for Underlying Profit items
Less: Fair value adjustments for investment
property assets, property, plant and equipment,
held for sale assets and cashflow hedges
(19,030)(46,130)120(65,040)
Add: Impairment of goodwill269 - - 269
Add: Depreciation (care suites)5,172 - - 5,172
Add: Loss on sale of business assets including
associated costs
- 108 - 108
Less: Change in estimate of impairment
as a result of weather events
- (270) - (270)
Add: Realised resale gain - 15,390 - 15,390
Add: Realised development margin - 12,913 - 12,913
Underlying net profit before tax10,06341,701(21,572)30,192
Less: Deferred tax benefit (3,325)(2,709)3,241(2,793)
Underlying net profit after tax6,73838,992(18,331)27,399
Less: Interest income - (550)(2,050)(2,600)
Add: Finance costs (excluding hedge ineffectiveness) - - 8,5848,584
Add: Depreciation (buildings)872 - 3581,230
Add: Depreciation and amortisation
(chattels, leasehold improvements and software)
2,323 - 7013,024
Underlying EBITDA9,93338,442(10,738)37,637
2.1 Operating Segments (continued)
3. Property Assets
The Group operates care centres and retirement villages. As outlined in section 2.1, village sites
are typically investment property and care sites are typically property, plant and equipment.
What is Investment Property?
Land and buildings are classified as investment property when they are held to generate
revenue either through capital appreciation or through rental income.
As residents occupying our retirement villages live independently, the level of services provided
is seen as secondary to the provision of accommodation. Accordingly, these buildings are
classified as investment property as they are held primarily to generate DMF income.
What is Property, Plant and Equipment?
Land, buildings and chattels are classified as property, plant and equipment when
they are used to generate revenue through the provision of goods and services or for
administration purposes.
As residents occupying our care centres, including care suites, require services including
nursing care, meals and laundry the buildings in which they live are considered to be operated
by the Group to generate this revenue and are classified as property, plant and equipment.
What is a Care Suite?
Care suites are a premium offering for a resident requiring rest home or hospital level
care. The care suite is located within a care centre. Rather than pay a daily premium
accommodation charge for the provision of the premium room the residents enter into
an ORA with a net management fee.
What is Held for Sale?
Assets are classified as held for sale when the carrying amount will be recovered principally
through a sale transaction rather than through continuing use.
19
OCEANIA INTERIM REPORT 2025
Notes to the Consolidated Financial Statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

Classification of Serviced Apartments and Care Suites
Where services are provided to residents who occupy accommodation under an ORA, it is the
Group’s policy to assess their level of significance in the context of the overall income derived from
the serviced apartment or care suite in ascertaining whether the serviced apartment or care suite is
freehold land and buildings (referred to as property, plant and equipment) or investment property.
The Group applies the following principles when ascertaining the appropriate accounting treatment
to be applied:
3. Property Assets (continued)
CLASSIFICATION
CONSIDERATION OF SIGNIFICANCE OF CASH FLOWS
SCENARIO
Additional services
are optional.
Services are
compulsory but an
insignificant portion
of total revenue
from the unit.
Services are
compulsory and a
significant portion
of the total revenue
from the unit.
Full ARRC
1
funded
care is compulsory
for that unit/bed.
Independent living
(villa or apartment)
Care suiteServiced apartmentTraditional care bedPrivate care
Qualitatively the
business model is the
provision of retirement
accommodation.
Quantitatively
insignificant
(a guideline of
under 20% of total
revenue is adopted)
and qualitatively
the business model
is the provision
of retirement
accommodation.
Quantitatively
significant.
Qualitatively the
business model is
the provision of care.
Qualitatively the
business model is
the provision of
care. Quantitative
assessment not
relevant as price
of accommodation
does not change
overall purpose of
the accommodation.
Investment Property
Village Assets
Property, Plant and
Equipment Care Assets
Operating
outside the ARRC
1

with services set
by the operator.
Qualitatively the
business model is
the provision of
care. Quantitative
assessment not
relevant as price
of accommodation
does not change
overall purpose of
the accommodation.
1 ARRC refers to age-related residential care.
2 Relates to GST claimed on land purchased in a prior period subject to a change in use adjustment in the current period.
3.1 Village Assets: Investment Property
$NZ000’sNotes
Unaudited
Sept 2024
Audited
Mar 2024
Investment property under development at fair value
Opening balance
181,968141,738
Impact of change to GST taxable supplies
2
-(1,500)
Capitalised expenditure32,45061,539
Capitalised interest and line fees5,099 13,626
Transfer from / (to) completed investment property345(27,475)
Transfer to property, plant and equipment3.2(1,750)-
Transfer from held for sale3.3 1,340-
Change in fair value during the period (975)(5,960)
Closing balance218,477 181,968
Completed investment property at fair value
Opening balance
1,633,4191,455,983
Impact of change to GST taxable supplies
2
(429)(1,372)
Transfer (to) / from investment property under development(345)27,475
Transfer from property, plant and equipment3.2-80
Transfer from held for sale3.3 7,330 21,608
Capitalised expenditure9,71360,003
Capitalised interest and line fees7552,903
Change in fair value during the period 27,11566,739
Closing balance1,677,5581,633,419
Total investment property1,896,0351,815,387
20
OCEANIA INTERIM REPORT 2025
Notes to the Consolidated Financial Statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

Change in Fair Value Recognised in the Consolidated Statement of Comprehensive Income
$NZ000’s
Unaudited
Sept 2024
Unaudited
Sept 2023
Increase in fair value of investment property80,648130,454
Less: Transfers to property, plant and equipment, right of use assets
and held for sale during the period
(6,920) (80)
Less: Capitalised expenditure including capitalised interest(47,588)(82,986)
Change in fair value recognised in Consolidated Statement
of Comprehensive Income
26,14047,388
A reconciliation between the valuation and the amount recognised as investment property
is as follows:
$NZ000’s
Unaudited
Sept 2024
Audited
Mar 2024
Investment Property under development
Valuation
218,477181,968
218,477181,968
Completed Investment Property
Valuation820,938812,698
Add: Refundable occupation licence payments1,033,8381,003,945
Add: Residents’ share of resale gains5,1105,730
Less: Management fee receivable(178,243)(170,638)
Less: Resident obligations for units not included in valuation (4,085)(18,316)
1,677,5581,633,419

Total investment property at fair value1,896,0351,815,387
Where an incoming resident has an unconditional ORA in respect of a retirement village unit and
the corresponding outgoing resident for that same accommodation has not yet been refunded, the
independent valuation is adjusted for the incoming resident balances only. In certain circumstances
accommodation under an ORA is valued as development land. In these situations the independent
valuation is not adjusted for the refundable amounts and consequently no offsetting “gross up”
is required. An adjustment of $4.1m (31 March 2024: $18.3m) is included in the above reconciliation
to reflect this.
The valuation of investment property is adjusted for cash flows relating to refundable occupation
licence payments, residents’ share of resale gains and management fee receivable recognised
separately on the Consolidated Balance Sheet and also reflected in the valuation model.
3.1 Village Assets: Investment Property (continued)
Why do we adjust for the liability to residents?
In the external valuation the fair value of investment property includes an allowance for the
amount that is payable by the Group to residents already in occupation within the property.
However, this liability to existing residents is recognised in the Group’s Consolidated Balance
Sheet (referred to as refundable occupation right agreements – refer to note 3.4). Accordingly,
the Group adds this net liability to residents to the external valuation to “gross up” the fair
value of investment property and avoid double counting the liability to residents.
Valuation Process and Key Inputs
Investment Property under Development
CBRE Limited provided a desktop review of development land in respect of investment property
under development as at 30 September 2024 (31 March 2024: CBRE Limited full valuation).
The fair value of investment property is determined by the Directors having taken into consideration
the valuation conducted by the external valuers as independent registered valuers and the cost
of work undertaken in relation to investment property under development.
The Group has applied the following methodology in relation to the measurement of investment
property under development, including any associated capitalised interest costs during the
development period.
Practical Completion not Achieved
Where the development still requires substantial work such that practical completion is not going
to be achieved, and a reliable estimate of fair value cannot be made, at or close to balance date,
the fair value recognised is the fair value of the development land per the Directors’ valuation
plus the cost of any work in progress. Work in progress includes any interest costs on debt drawn
to fund the development during the development period. A work in progress amount of $119.0m
as at 30 September 2024 (31 March 2024: $85.9m) has been recognised in relation to these
development sites.
Where an individual development is of both investment property and freehold buildings in nature,
the fair value of land and work in progress is apportioned between investment property under
development and freehold land and buildings under development, by applying the estimated gross
floor area for these respective areas of the development based on information obtained from the
project quantity surveyors at the planning and design stages.
Practical Completion Achieved
Where a development is practically completed, or likely to be completed at, or close to, balance
date the investment property is measured at its completed fair value per the Directors’ valuation
with an adjustment made for any estimated costs, in accordance with the project budget, to be
incurred to complete the development, and is then transferred to completed investment property.
21
OCEANIA INTERIM REPORT 2025
Notes to the Consolidated Financial Statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

Completed Investment Property
CBRE Limited provided a desktop review of investment property as at 30 September 2024
(31 March 2024: CBRE Limited full valuation).
As required by NZ IAS 40 Investment Property, the valuation of investment property is adjusted for
cash flows relating to refundable occupation licence payments, residents’ share of resale gains and
management fees receivable recognised separately on the Consolidated Balance Sheet and also
reflected in the valuation model.
Any interest costs incurred on outstanding development debt balances after the completion of
that development are recognised through the Statement of Comprehensive Income, an amount
of $3.0m in the period (30 Sept 2023: nil).
The Group's interest in all completed investment property was valued on 30 September 2024
by CBRE Limited at a total of $820.9m (31 March 2024: $812.7m).
Property Specific Assumptions
Seismic Assessments
The fair value of investment property incorporates an allowance in relation to remediation
to properties where seismic strength testing has been carried out.
Weather Events: Auckland Floods and Cyclone Gabrielle
In the prior period the fair value of completed investment property was adjusted downwards for
the cost of future works to be undertaken to remediate damage caused by the Auckland Floods,
by an amount of $5.2m.
Significant Unobservable Inputs
The significant unobservable input used in the fair value measurement of the Group’s development
land is the value per m
2
assumption. Increases in the value per m
2
rate result in the corresponding
increases in the total valuation.
The significant unobservable inputs used in the fair value measurement of the Group’s portfolio
of completed investment property are the discount rate and property price growth rate. There are
no interdependencies or interplays between unobservable inputs.
3.1 Village Assets: Investment Property (continued)3.2 Care Assets: Property, Plant and Equipment
$NZ000’sNotes
Freehold Land
and Buildings
Under
DevelopmentFreehold Land
Freehold
Buildings
Chattels and
Leasehold
ImprovementsTotal
Period ended 30 September 2024
(unaudited)
Opening net book amount
78,608116,111554,70321,455770,877
Additions22,005 - 1,7575,42529,187
Capitalised interest and line fees1,105 - 1,960 - 3,065
Disposals - - - --
Depreciation
1
- - (6,383)(2,445)(8,828)
Transfer from investment property3.1 1,750 - - - 1,750
Transfer from held for sale3.3 48 2,800 2,797 552 6,197
Reclassification within
Property, Plant and Equipment
(47,784)6,74037,5033,541 -
Revaluation surplus
Change in fair value recognised
in comprehensive income
2
(10,243)(340)(15,382) - (25,965)
Change in fair value recognised
in other comprehensive income
3
836,52026,468 - 33,071
Closing net book amount 45,572131,831603,42328,528809,354
At 30 September 2024
Cost
-- - 60,77260,772
Valuation 45,572131,831603,423 - 780,826
Accumulated depreciation - - - (32,244)(32,244)
Net book amount45,572131,831603,42328,528809,354
1 The amounts on the face of the Statement of Comprehensive Income in relation to depreciation includes $1.5m in relation to right
of use assets and software amortisation not included in this note.
2 One site, Elmwood, has just completed a brownfield care development. This development required the closure of the existing care
suites and a number of residents were relocated to the newly developed care suite building. Impairments of $25.8m and $2.4m are
recognised in Comprehensive Income and Other Comprehensive Income respectively.
3 The revaluation noted in the Statement of Comprehensive Income differs from the above due to deferred tax.
22
OCEANIA INTERIM REPORT 2025
Notes to the Consolidated Financial Statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

$NZ000’sNotes
Freehold Land
and Buildings
Under
DevelopmentFreehold Land
Freehold
Buildings
Chattels and
Leasehold
ImprovementsTotal
Year ended 31 March 2024
(audited)
Opening net book amount
89,098109,071496,44817,552712,169
Additions33,509-8,24710,13051,886
Impact of change to GST
taxable supplies
1
(280)---(280)
Capitalised interest and line fees6,015-1,213-7,228
Disposals---(1,299)(1,299)
Depreciation--(11,914)(4,406)(16,320)
Transfer from investment property3.1-- (80)-(80)
Transfer from intangible assets---363363
Transfer to held for sale3.3-(4,895)(12,834)(885)(18,614)
Reclassification within Property,
Plant and Equipment
(45,391)-45,391--
Revaluation surplus
Change in fair value recognised
in comprehensive income
(3,922)280(5,627)-(9,269)
Change in fair value recognised
in other comprehensive income
2
(421)11,65533,859-45,093
Closing net book amount78,608116,111554,70321,455770,877
At 31 March 2024
Cost
---54,89654,896
Valuation78,608116,111554,703-749,422
Accumulated depreciation---(33,441)(33,441)
Net book amount78,608116,111554,70321,455770,877
3.2 Care Assets: Property, Plant and Equipment (continued)
1 Relates to GST claimed on land purchased in a prior period subject to a change in use adjustment in the current period.
2 The revaluation noted in the Statement of Comprehensive Income differs from the above due to deferred tax.
Land and Buildings Under Development
A desktop review in respect of development land was provided by CBRE Limited as at
30 September 2024 (31 Mar 2024: full valuation).
Any costs incurred to 30 September 2024 on the developments are included in arriving at the
fair value as at 30 September 2024.
The Group has applied the following methodology in relation to the measurement of land and
buildings under development:
Practical Completion not Achieved
Where the development still requires substantial work such that practical completion is not going
to be achieved, and a reliable estimate of fair value cannot be made, at or close to balance date,
the fair value recognised is the fair value of the development land per the Directors’ valuation
plus the cost of any work in progress. Work in progress includes any interest costs on debt drawn
to fund the development during the development period. A work in progress amount of $30.6m
as at 30 September 2024 (31 March 2024: $61.4m) has been recognised in relation to these
development sites.
Where an individual development is of both investment property and freehold buildings in nature,
the fair value of land and work in progress is apportioned between investment property under
development and freehold land and buildings under development, by applying the estimated gross
floor area for these respective areas of the development based on information obtained from the
project quantity surveyors at the planning and design stages.
Practical Completion Achieved
Where a development is practically completed, or likely to be completed at, or close to, balance
date the land and buildings are measured at its completed fair value per the Directors’ valuation
with an adjustment made for any estimated costs, in accordance with the project budget, to be
incurred to complete the development, and is then transferred to completed land and buildings.
Completed Land and Buildings
A desktop review in respect of completed land and buildings was provided by CBRE Limited as
at 30 September 2024 (31 Mar 2024: full valuation).
Any interest costs incurred on outstanding development debt balances after the completion of
that development are recognised through the Statement of Comprehensive Income, an amount
of $1.4m in the period (30 Sept 2023: nil).
The valuation of the Group’s care centres was apportioned to land, buildings, chattels and goodwill.
The fair value of land and buildings as calculated by CBRE Limited is based on the level of rent
able to be generated from the maintainable net cash flow of the site subject to average efficient
management. The fair value of the Group’s land and buildings as determined by the Directors is
based on these apportionments. However, chattels are carried at historic cost less depreciation
and the amount apportioned to goodwill by CBRE Limited is not recorded in the consolidated
financial statements.
23
OCEANIA INTERIM REPORT 2025
Notes to the Consolidated Financial Statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

Care Suites and Serviced Apartments
As discussed earlier in note 3, where services are provided to residents who occupy accommodation
under an ORA, it is the Group’s policy to look at the significance of these services in the context
of the overall revenue derived from the care suite or serviced apartment in ascertaining whether
the care suite or serviced apartment is property, plant and equipment or investment property.
Care suite residents occupying accommodation under an ORA receive a significant level of services.
Hence, they are included in property, plant and equipment. Care suite land and buildings are held
at fair value.
Property Specific Assumptions
Weather Events: Auckland Floods and Cyclone Gabrielle
In the prior period the fair value of completed freehold buildings was adjusted downwards for
the cost of future works to be undertaken to remediate damage caused by the Auckland Floods,
an amount of $1.8m.
Key Accounting Estimates and Judgements
All land and buildings have been determined to be Level 3 (31 March 2024: Level 3) in the fair value
hierarchy as the fair value is determined using inputs that are unobservable.
Significant Unobservable Inputs
The significant unobservable input used in the fair value measurement of the Group’s development
land is the value per m
2
assumption. Increases in the value per m
2
rate result in the corresponding
increases in the total valuation.
The significant unobservable inputs used in the fair value measurement of the Group’s portfolio
of completed land and buildings is the capitalisation rate applied to earnings. A significant
decrease/ (increase) in the capitalisation rate would result in significantly higher / (lower) fair
value measurement.
3.3 Held for Sale
Assets are classified as held for sale when their carrying amount is to be recovered principally
through a sale transactions and a sale is considered highly probable. They are stated at the lower
of carrying amount and fair value less costs to sell, except for investment property assets held for
sale which are carried at fair value.
As at 30 September 2024 one site is held under contract, and as such continues to meet the
definition of held for sale (31 March 2024: 7 sites). This site and its respective land, building and
plant and equipment has been reclassified for reporting purposes.
Assets previously classed as Investment Properties are held on the Consolidated Balance Sheet
at their fair value, assets previously classed as Property, Plant and Equipment are held on the
Consolidated Balance Sheet at current valuation, which is the lower of fair value less costs to
sell and the carrying amount.
Changes in fair value from the date of classification to held for sale are recognised in
comprehensive income. See note 3.4 for resident liabilities associated with held for sale assets
in the prior period.
During the period to 30 September 2024, four sites were disposed of. Refer to Note 1.3(ii) and (iii)
for further details. While there are several sites which the Group continues to market these sites
no longer meet the accounting definition of held for sale. Two of these sites were reclassified to
Investment Property in the six months to 31 March 2024 and a further two sites classified as held
for sale as at 31 March 2024 have been transferred back to Investment Property and Property,
Plant and Equipment during the period.
$NZ000’sNotes
Unaudited
Sept 2024
Audited
Mar 2024
Opening balance44,259 101,652
Transfer to investment property3.1(8,670)(21,608)
Transfer (to) / from property, plant and equipment3.2(6,197)18,614
Additions4361,168
Disposals1.3(i),(ii)(27,234) (50,479)
Change in fair value during the period(14)(5,088)
Closing balance2,58044,259
3.4 Refundable Occupation Right Agreements
What is an ORA?
An ORA is a contract which sets out the terms and conditions of occupation of an independent
living unit or care suite. A new resident is charged a refundable occupation licence payment
in consideration for the right to occupy one of the Group’s units, apartments or care suites.
On termination of the ORA the occupation licence payment is repaid to the exiting resident.
What is DMF?
An amount equal to a capped percentage of the occupation licence payment is charged by
the Group as a management fee for the right of use of the unit and enjoyment of the common
areas of the village. The deferred management fee is payable by the resident on termination
of the ORA.
3.2 Care Assets: Property, Plant and Equipment (continued)
24
OCEANIA INTERIM REPORT 2025
Notes to the Consolidated Financial Statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

$NZ000’s
Unaudited
Sept 2024
Audited
Mar 2024
Village
Refundable occupation licence payments
1,033,8381,003,945
Residents’ share of resale gains5,1105,730
Less: Management fee receivable (per contract)(225,899)(217,412)
813,049792,263
Care Suites
Refundable occupation licence payments
262,810246,529
Accommodation rebate-95
Less: Management fee receivable (per contract)(42,940)(41,697)
219,870204,927
Total refundable occupation right agreements1,032,919997,190
Held for Sale
1
Refundable occupation licence payments-9,034
Less: Management fee receivable (per contract)-(1,955)
-7,079
Reconciliation of Management Fees recognised under NZ IFRS and per ORA
$NZ000’s
Unaudited
Sept 2024
Audited
Mar 2024
Village
Management fee receivable (per contract)
(225,899)(217,412)
Deferred management fee47,65546,774
Management fee receivable (per NZ IFRS)(178,244)(170,638)
Care Suites
Management fee receivable (per contract)
(42,940)(41,697)
Deferred management fee689563
Management fee receivable (per NZ IFRS)(42,251)(41,134)
Held for Sale
1
Management fee receivable (per contract)-(1,955)
Deferred management fee-506
Management fee receivable (per NZ IFRS)-(1,449)
4. Shareholder Equity and Funding
4.1 Shareholder Equity and Reserves
Unaudited
Sept 2024
Shares
Audited
Mar 2024
Shares
Unaudited
Sept 2024
$NZ000’s
Audited
Mar 2024
$NZ000’s
Share capital
Issued and fully paid up capital
724,231,030724,154,779715,960715,960
Total contributed equity724,231,030724,154,779715,960715,960
Movements
Opening balance of ordinary shares issued
724,154,779720,555,185715,960713,374
Shares issued for employee share scheme53,761--
Shares issued for Long Term Incentive Scheme76,251212,894--
Shares issued for dividend reinvestment plan-3,332,939-2,586
Closing balance of ordinary shares issued724,231,030724,154,779715,960715,960
All ordinary shares rank equally with one vote attached to each fully paid ordinary share. The
shares have no par value. The Company incurred no transaction costs issuing shares during the
period (31 March 2024: nil).
Dividend Reinvestment Plan (“DRP”)
In 2019, the Board approved the implementation of a dividend reinvestment plan for New Zealand
and Australian shareholders. This plan has been effective for all subsequent dividends.
Unaudited
Sept 2024
value per
share
Unaudited
Sept 2024
number of
shares
Audited
Mar 2024
value per
share
Audited
Mar 2024
number of
shares
Reinvestment of final dividend for the prior period --$0.77543,332,939
Reinvestment of interim dividend for the period ----
Long Term Incentive (“LTI”)
On 15 September 2020 the Board approved a Long Term Incentive Scheme for its senior executives
(“LTI Scheme”). The LTI Scheme was established to:
a) provide an incentive to key executives to commit to Oceania for the long term; and
b) align these executives’ interests with the interests of Oceania’s shareholders.
Participants in the Scheme were granted Share Rights from time to time which, subject to meeting
certain performance hurdles and the vesting criteria, convert into an entitlement to receive
ordinary shares. The performance hurdles relate to Oceania’s total shareholder return relative to
the NZX50 Group and, for certain schemes, Oceania’s performance against underlying earnings
per share targets.
3.4 Refundable Occupation Right Agreements (continued)
1 The amount on the face of the Balance Sheet in relation to refundable occupation right agreements held for sale in the comparative
period includes an amount of $0.5m in relation to deferred management fees detailed further in this note.
25
OCEANIA INTERIM REPORT 2025
Notes to the Consolidated Financial Statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

Share Rights became exercisable if the performance hurdles were met over the period from the
commencement date to the measurement date and the holder remained employed on the vesting
date, and in certain other exceptional circumstances. On becoming exercisable, each Share Right
entitled the holder to receive one fully paid ordinary share in Oceania Healthcare Limited, less an
adjustment for tax paid on the holder’s behalf for the benefit received under the Scheme. The Share
Rights had a nil exercise price.
Performance Hurdles
The Share Rights in the 2020 scheme (vesting date March 2023) and the 2021 scheme (vesting date
March 2024) grant were divided into two equal allotments each with its own performance hurdle.
• For the first allotment, the proportion of Share Rights satisfying the performance hurdle was
determined on a straight-line basis, from 0%, where the total shareholder return (TSR) from the
commencement date to the measurement date is equal to or less than the 35th percentile of the
NZX50 Group, up to 100% where the TSR is equal to or greater than the 75th percentile of the
NZX50 Group; and
• For the second allotment, the Share Rights satisfied the performance hurdle if the Group’s annual
growth in underlying earnings (before interest, tax, depreciation and amortisation) per share
(UEPS) from the commencement date to the measurement date was equal to or greater than
10% per annum growth in UEPS for the relevant period.
The Share Rights in the 2022 scheme (vesting date March 2025) are subject to one performance
hurdle. The proportion of Share Rights satisfying the performance hurdle is determined on a straight
line basis, from 0% where the TSR from the commencement date to the measurement date is equal
to or less than the 25th percentile of the NZX50 Group, up to 100% where the TSR is equal to or
greater than the 75th percentile of the NZX Group.
Lapse
Share Rights lapse where the performance hurdles are not met on a relevant measurement date
or, in general, where the participant ceases to be employed by the Group on the vesting date.
SchemeIssue DateShare Rights issuedShare Rights lapsedShare Rights vested
2020 LTI20 September 20201,948,0611,599,054349,007
2021 LTI10 September 20211,078,125984,87593,250
2022 LTI18 November 20221,430,1501,002,574Test date not reached
On 11 September 2023 the Board approved a new Share Option Plan. The option plan has been
established to:
a) Reward and retain key employees;
b) Drive longer-term performance and alignment of incentives of participants with the interests
of Oceania’s shareholders; and
c) Encourage longer term decision-making by participants.
4.1 Shareholder Equity and Reserves (continued)
Participants in the Option Plan are granted options to acquire ordinary shares from time to time.
These options are exercisable by participants subject to those participants’ continued employment
by Oceania, during specified exercise periods for a set exercise price. On exercise of the options, the
Group will facilitate a cashless (net settled) exercise by issuing such number of shares as is equal
to the difference between the then current market value of Oceania’s shares and the exercise price
(less an adjustment for tax paid on the holder’s behalf for the benefit received), multiplied by the
number of options being exercised, divided by the then current market value of Oceania’s shares.
SchemeIssue Date
Exercise
Date
Participants as
at 30 Sept 2024
Share Options
issued
Share Options
forfeited
Exercise
price
2023 Option Plan11 September 2023May 2026316,666,66710,714,286
1
$0.82
2023 Option Plan30 April 2024May 202624,761,904N/A$0.82
2023 Option Plan
2
15 October 2024May 202695,476,195N/A$0.82
2024 Option Plan
3
15 October 2024May 20271775,385N/A$0.71
Dividends
Unaudited
Sept 2024
cents per
share
Unaudited
Sept 2024
$NZ000’s
Audited
Mar 2024
cents per
share
Audited
Mar 2024
$NZ000’s
Final dividend for the prior period --1.39,348
Interim dividend for the period ----
Total dividends declared during the period
4
--1.39,348
The Directors have resolved not to pay an interim dividend given current gearing levels. The Directors
expect to resume dividends when Oceania has achieved sufficient sales to have reduced our new
stock level and gearing ratio.
Asset Revaluation Reserve
The asset revaluation reserve is used to record the revaluation of freehold land and buildings and
land and buildings under development. The amounts are recognised in the Consolidated Statement
of Comprehensive Income when it affects profit or loss. Refer to note 3.2.
Cash Flow Hedge Reserve
The cash flow hedge reserve is used to record gains or losses on instruments used as cash flow
hedges. The amounts are recognised in the Consolidated Statement of Comprehensive Income
when the hedged transaction affects profit or loss. Refer to note 5.6 of the 31 March 2024
consolidated financial statements.
1 Amended from 31 March 2024 Annual Report. 7,142,856 share options previously granted to former Chief Executive Officer were noted
as having lapsed on resignation however 3,571,428 share options were subsequently agreed to be retained on exit.
2 Share Options issued post 30 September 2024 to selected Senior Leaders.
3 Share options issued post 30 September 2024 to the new Chief Executive Officer.
4 Total dividends declared during each period differs to dividends paid per the Consolidated Statement of Changes in Equity as a result
of dividends payable on shares held within the Group.
26
OCEANIA INTERIM REPORT 2025
Notes to the Consolidated Financial Statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

4.2 Earnings per share
Basic
Basic earnings per share is calculated by dividing the profit after tax of the Group by the weighted
average number of ordinary shares outstanding during the period.
Unaudited
Sept 2024
Unaudited
Sept 2023
Profit / (Loss) after tax ($’000)(17,064)35,151
Weighted average number of ordinary shares outstanding ('000s)724,204722,486
Basic earnings per share (cents per share)(2.4)4.9
Diluted
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary
shares outstanding to assume conversion of all dilutive potential ordinary shares. As at
30 September 2024 there were no shares with a dilutive effect (30 September 2023: 349,007).
Unaudited
Sept 2024
Unaudited
Sept 2023
Profit / (Loss) after tax ($’000)(17,064)35,151
Weighted average number of ordinary shares outstanding ('000s)724,204722,835
Diluted earnings per share (cents per share)(2.4)4.9
4.3 Borrowings
$NZ000’s
Unaudited
Sept 2024
Audited
Mar 2024
Secured
Bank loans
416,903418,955
Capitalised loan costs(1,261)(1,504)
Retail Bond – OCA010125,000125,000
Retail Bond – OCA020100,000100,000
Capitalised bond costs(1,682)(1,933)
Total borrowings638,960640,518
Current--
Non current641,903643,955
Total borrowings excluding capitalised costs641,903643,955
Recognition and Measurement
Bank Loans
Interest is charged using the BKBM Bill rate plus a margin and line fee. Interest rates applicable
in the six month period to 30 September 2024 ranged from 6.2% to 7.1% (year to 31 March 2024:
6.4% to 7.15%).
Retail Bond
NZDX IDIssue DateNo. of bonds$NZ000’sMaturityFixed Interest
Unaudited
Trading
Interest at
Sept 2024
Audited
Trading
Interest at
Mar 2024
OCAO1019 Oct 20125.0m$125,00019 Oct 272.3%7.26%7.55%
OCA02013 Sept 21 100.0m$100,00013 Sept 283.3%7.14%7.3%
The bonds are quoted on the NZX Debt Market and their fair value at balance date is based on their
listed market price as at balance date. Interest on OCA010 is payable quarterly in January, April,
July and October in equal instalments.
Interest on OCA020 is payable quarterly in March, June, September and December in equal
instalments.
Debt Financing
On 9 May 2022 it was announced an agreement was entered into with the banking syndicate
to increase total debt facility limits from $350m to $500m for a tenure of five years as follows:
i) General Corporate Facility limit increased to $235m (formerly $85m); and
ii) Development Facility limit remains at $265m.
The facilities are held by a banking syndicate comprising ANZ, ASB and ICBC.
The entire debt facility is sustainability-linked for the entire five year period with a penalty in the
event of the Group not satisfying certain ESG targets and an interest discount in the event that
certain targets are met. For the period to 31 March 2024, all three targets were met and a discount
was received.
Effective 17 August 2023, the company executed a limit switch. This transferred $50m of available
commitments from the General Corporate Facility to the Development Facility.
27
OCEANIA INTERIM REPORT 2025
Notes to the Consolidated Financial Statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

Financing Arrangements
At 30 September 2024, the Group held committed bank facilities with drawings as follows:
$NZ000’s
Unaudited
Sept 2024
Audited
Mar 2024
CommittedDrawnCommittedDrawn
General Corporate Facility185,000104,000185,000110,000
Development Facility315,000312,903315,000308,955
Total500,000416,903500,000418,955
The Group’s revolving Development Facility is utilised to cover costs associated with current
development projects. The revolving General Corporate Facility is used for general corporate
purposes as well as for development land and initial costs for projects not currently funded
by the Development Facility.
Interest on the General Corporate Facility is typically payable quarterly. Interest on the
Development Facility is capitalised and repaid together with principal using the ORA licence
proceeds received upon settlement of initial sales of newly developed units and care suites. Line
fees are payable quarterly on the committed General Corporate Facility and the Committed
Development Facility.
The financial covenants in the Group’s debt facilities, with which the Group must comply include:
a) Interest Cover Ratio - the ratio of Adjusted EBITDA to Net Interest Charges, where interest
charges relates to the interest and commitment fees in relation to the General Corporate
Facility, is not less than 2.0x;
b) Loan to Value Ratio – the ratio of total bank indebtedness shall not exceed 50% of the total
property value of all Group’s properties (including the “as-complete” valuations for projects
funded under the Development Facility);
c) Guarantor Group Coverage – at all times the adjusted EBITDA of the Guaranteeing Group
must be at least 90% of the Adjusted EBITDA of the total tangible assets of the Group; and
d) Development – at all times the outstanding principal amount under the Development
Facility shall not exceed the Development Value. Development Value (per the most recent
valuation excluding any settled stock) is the aggregate value of all Residential Facilities in all
Developments that are being funded by the Development Facility less their cost to complete.
The covenants are tested half yearly. All covenants have been complied with during the period.
The Group has agreed with its banks that the calculation of Adjusted EBITDA and Net Interest, for
the purposes of the financial covenants, shall continue to be based on the accounting treatment
in use before the introduction of NZ IFRS 16 Leases.
4.3 Borrowings (continued)
Assets Pledged as Security
The bank loans and bonds of the Group are secured by mortgages over the Group’s care centre
freehold land and buildings and rank second behind the Statutory Supervisors where the land
and buildings are classified as investment property and investment property under development.
As at 30 September 2024 the balance of the bank loans over which the properties are held
as security is $417m (31 March 2024: $419m).
5. Other Disclosures
5.1 Trade and Other Receivables
$NZ000’s
Unaudited
Sept 2024
Audited
Mar 2024
Net trade and other receivables
Trade receivables
20,69421,632
Less: Loss allowance (270)(299)
20,42421,333
Occupation licence payment receivable
1
58,98693,788
Prepayments and Other Receivables
2
4,3419,743
Trade and other receivables83,751124,864
Recognition, Measurement and Judgements in Applying Accounting Policies
The Group applies the simplified approach to measuring expected credit losses which uses a lifetime
expected loss allowance for all trade receivables and requires recognition from initial recognition of
the trade receivable. To measure expected credit losses, trade receivables have been grouped and
reviewed on the basis of the number of days since resident departure and the funding stream and
type of debtor. Judgement is used in selecting the inputs to the impairment calculation and is based
on past history and forward looking assumptions.
The Group has the following financial assets subject to the application of the expected credit
loss model:
• Trade receivables from care operations for the provision of care fees revenue for rest home and
hospital fees. These are split between private amounts owed by residents and amounts due from
agencies such as the Ministry of Health and ACC.
• Trade receivables from village operations for the provision of weekly service fees and occupation
licence payment receivables. These are receivable from residents.
The Group has applied a simplified approach to calculating the expected loss rate expected by
applying a 1.5% allowance to trade receivables from care operations (31 March 2024: 1.5%) and
0% from village operations (31 March 2024: 0%), adjusted for any other known factors with respect
to individual debts.
There is no significant concentration of credit risk as trade receivables relate to individual residents
and government agencies.
1 Occupation licence receivable includes an amount of $34.1m in relation to short term occupation licence receivables expected
to be recovered in less than 12 months. (31 March 2024: $74.0m).
2 Prepayments and Other Receivables includes insurance receivables of $4.9m in the prior period in relation to flooding events.
See note 1.3(iii).
28
OCEANIA INTERIM REPORT 2025
Notes to the Consolidated Financial Statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

5.2 Contingencies and Commitments
At 30 September 2024, the Group had no contingent liabilities (31 March 2024: nil).
At 30 September 2024, the Group has a number of commitments to develop and construct certain
development sites totalling $60.5m (31 March 2024: $45.3m).
There are no significant unrecognised contractual obligations entered into for future repairs
and maintenance at balance date.
5.3 Events After Balance Date
Land Acquisition
On 1 October 2024 two sale and purchase agreements were entered into to acquire two parcels
of land with a combined size of 2.6 hectares adjacent to the Graceland’s village in Hastings for
a combined purchase price of $4.8m. One parcel of land settled in October 2024 and the second
parcel is expected to settle in 2025.
There have been no other significant events after balance date.
29
OCEANIA INTERIM REPORT 2025
Notes to the Consolidated Financial Statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

Independent Auditor’s Review Report

IInnddeeppeennddeenntt aauuddiittoorr’’ss rreevviieeww rreeppoorrtt ttoo tthhee sshhaarreehhoollddeerrss
ooff OOcceeaanniiaa HHeeaalltthhccaarree LLiimmiitteedd
CCoonncclluussiioonn
We have reviewed the consolidated interim financial statements of Oceania Healthcare Limited and its subsidiaries (together “the
Group”) on pages 10 to 29 which comprise the consolidated balance sheet as at 30 September 2024, and the consolidated
statement of comprehensive income, consolidated statement of changes in equity and consolidated cash flow statement for the six
months ended on that date, and explanatory notes. Based on our review, nothing has come to our attention that causes us to believe
that the accompanying consolidated interim financial statements of the Group on pages 10 to 29 do not present fairly, in all material
respects, the financial position of the Group as at 30 September 2024, and its financial performance and its cash flows for the six
months ended on that date, in accordance with New Zealand Equivalent to International Accounting Standard 34:
Interim Financial
Reporting (NZ IAS 34)
and International Accounting Standard 34: Interim Financial Reporting (IAS 34)

.
This report is made solely to the Company’s shareholders, as a body. Our review has been undertaken so that we might state to the
Company’s shareholders those matters we are required to state to them in a review report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s
shareholders as a body, for our review procedures, for this report, or for the conclusion we have formed.
BBaassiiss ffoorr ccoonncclluussiioonn
We conducted our review in accordance with NZ SRE 2410 (Revised) Review of Financial Statements Performed by the Independent
Auditor of the Entity
. Our responsibilities are further described in the Auditor’s responsibilities for the review of the financial
statements
section of our report. We are independent of the Group in accordance with the relevant ethical requirements in New
Zealand relating to the audit of the annual financial statements, and we have fulfilled our other ethical responsibilities in accordance
with these ethical requirements.
Ernst & Young provides remuneration benchmarking services to the Group. Partners and employees of our firm may deal with the
Group on normal terms within the ordinary course of trading activities of the business of the Group. We have no other relationship with,
or interest in, the Group.
DDiirreeccttoorrss’’ rreessppoonnssiibbiilliittyy ffoorr tthhee iinntteerriimm ffiinnaanncciiaall ssttaatteemmeennttss
The directors are responsible, on behalf of the Entity, for the preparation and fair presentation of the consolidated interim financial
statements in accordance with NZ IAS 34 and IAS 34 and for such internal control as the directors determine is necessary to enable
the preparation and fair presentation of the consolidated interim financial statements that are free from material misstatement,
whether due to fraud or error.
AAuuddiittoorr’’ss rreessppoonnssi ibbiilliittiieess ffoorr tthhee rreevviieeww ooff tthhee iinntteerriimm ffiinnaanncci iaall sst taatteemme ennttss
Our responsibility is to express a conclusion on the consolidated interim financial statements based on our review. NZ SRE 2410
(Revised) requires us to conclude whether anything has come to our attention that causes us to believe that the consolidated interim
financial statements, taken as a whole, are not prepared in all material respects, in accordance with NZ IAS 34 and IAS 34.
A review of consolidated interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited assurance engagement.
We perform procedures, consisting of making enquiries, primarily of persons responsible for financial and accounting matters, and
applying analytical and other review procedures. The procedures performed in a review are substantially less than those performed in
an audit conducted in accordance with International Standards on Auditing (New Zealand) and consequently do not enable us to
obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not
express an audit opinion on those consolidated interim financial statements. The engagement partner on the review resulting in this
independent auditor’s review report is Brent Penrose.


IInnddeeppeennddeenntt aauuddiittoorr’’ss rreevvi ieeww rreeppoorrtt ttoo tthhee sshhaarreehhoollddeerrss
ooff OOc ceeaanniiaa HHe eaalltthhccaarree LLi immiitteedd
CCoonnccl luussi ioonn
We have reviewed the consolidated interim financial statements of Oceania Healthcare Limited and its subsidiaries (together “the
Group”) on pages 10 to 29 which comprise the consolidated balance sheet as at 30 September 2024, and the consolidated
statement of comprehensive income, consolidated statement of changes in equity and consolidated cash flow statement for the six
months ended on that date, and explanatory notes. Based on our review, nothing has come to our attention that causes us to believe
that the accompanying consolidated interim financial statements of the Group on pages 10 to 29 do not present fairly, in all material
respects, the financial position of the Group as at 30 September 2024, and its financial performance and its cash flows for the six
months ended on that date, in accordance with New Zealand Equivalent to International Accounting Standard 34: Interim Financial
Reporting (NZ IAS 34) and International Accounting Standard 34: Interim Financial Reporting (IAS 34)

.
This report is made solely to the Company’s shareholders, as a body. Our review has been undertaken so that we might state to the
Company’s shareholders those matters we are required to state to them in a review report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s
shareholders as a body, for our review procedures, for this report, or for the conclusion we have formed.
BBaassi iss ffoorr ccoonnccl luussi ioonn
We conducted our review in accordance with NZ SRE 2410 (Revised) Review of Financial Statements Performed by the Independent
Auditor of the Entity. Our responsibilities are further described in the Auditor’s responsibilities for the review of the financial
statements section of our report. We are independent of the Group in accordance with the relevant ethical requirements in New
Zealand relating to the audit of the annual financial statements, and we have fulfilled our other ethical responsibilities in accordance
with these ethical requirements.
Ernst & Young provides remuneration benchmarking services to the Group. Partners and employees of our firm may deal with the
Group on normal terms within the ordinary course of trading activities of the business of the Group. We have no other relationship with,
or interest in, the Group.
DDiirreecct toor rss’’ rreessppoonnssi ibbiilliittyy ffoorr tthhee iinntteerriimm ffiinnaanncci iaall sst taatteemme ennttss
The directors are responsible, on behalf of the Entity, for the preparation and fair presentation of the consolidated interim financial
statements in accordance with NZ IAS 34 and IAS 34 and for such internal control as the directors determine is necessary to enable
the preparation and fair presentation of the consolidated interim financial statements that are free from material misstatement,
whether due to fraud or error.
AAuuddiittoorr’’ss rreessppoonnssiibbiilliittiieess ffoorr tthhee rreevviieeww ooff tthhee iinntteerriimm ffiinnaanncciiaall ssttaatteemmeennttss
Our responsibility is to express a conclusion on the consolidated interim financial statements based on our review. NZ SRE 2410
(Revised) requires us to conclude whether anything has come to our attention that causes us to believe that the consolidated interim
financial statements, taken as a whole, are not prepared in all material respects, in accordance with NZ IAS 34 and IAS 34.
A review of consolidated interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited assurance engagement.
We perform procedures, consisting of making enquiries, primarily of persons responsible for financial and accounting matters, and
applying analytical and other review procedures. The procedures performed in a review are substantially less than those performed in
an audit conducted in accordance with International Standards on Auditing (New Zealand) and consequently do not enable us to
obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not
express an audit opinion on those consolidated interim financial statements. The engagement partner on the review resulting in this
independent auditor’s review report is Brent Penrose.




Chartered Accountants
Auckland
22 November 2024






30
OCEANIA INTERIM REPORT 1213

Chief Executive Remuneration
Ms Dvorak commenced as Chief Executive Officer on 22 July 2024. The key terms of Ms Dvorak’s
employment contract and remuneration structure are provided below:
1. CEO Contract Key Terms
Contract durationNotice periodPost employment restraintNon solicitation period
Ongoing until terminated
by either party
6 months6 months12 months
2. CEO Remuneration Structure
The table below sets out the components and various weightings of Ms Dvorak’s remuneration.
Target
%
Target
$
Stretch Target
(150% of Target) %
Stretch Target
$
Annual Fixed Remuneration
840,000840,000
Short Term Incentive
(as % of Annual Fixed Remuneration)
62.5%525,00093.75%787,500
Long Term incentive
(as % of Annual Fixed Remuneration)
60%504,000504,000
Total
1,869,0002,131,500
STI Plan and Outcome
For the year ended 31 March 2025, the STI Outcome will be based on:
Entry Hurdles (both of which must be met)1. Health and Safety improvements
2. GHG emission reduction targets
Performance Targets (each of which has a 50% weighting
and a minimum threshold, plus the ability to achieve
a stretch outcome of up to 150% of target)
1. Underlying EBITDA growth
2. Net Debt reduction
The STI Outcome has both a cash and deferred component with 80% of the STI Outcome paid
in cash and 20% deferred in the form of Restricted Share Rights, which provide Ms Dvorak the
opportunity to acquire fully paid ordinary shares. Restricted Share Rights vest with reference
to the STI Payment Date (Grant Date):
• One third of the Restricted Share Rights will vest on the date which is 12 months from the Grant Date;
• One third of the Restricted Share Rights will vest on the date which is 24 months from the Grant Date;
• One third of the Restricted Share Rights will vest on the date which is 36 months from the Grant Date.
The STI Targets and STI Outcome will be reported in the Annual Report for the year ended
31 March 2025. Any cash payments will be made subsequent to balance date.
LTI Option Plan
Ms Dvorak has been invited to participate in Oceania’s share option plan for the executive team
(“Option Plan”). During the half year ended 30 September 2024, Ms Dvorak received long term
incentive benefits (comprised of share options granted under the Option Plan) of $504k value
at the time of the grant.
The table below sets out the key terms for the grant of share options made to Ms Dvorak under
the Option Plan during the half year ended 30 September 2024:
FeatureApproach
InstrumentThe share options will vest to Ms Dvorak, subject to her continued employment by
Oceania, 10 business days after Oceania’s final results for the 2027 financial year
(or such other date as determined by the Board) and be exercisable from that date.
On exercise of the share options, Oceania will facilitate a cashless (net settled) exercise
by issuing such number of shares as is equal to the difference between the then current
market value of Oceania’s shares and the exercise price of $0.76, multiplied by the
number of share options being exercised, divided by the then current market value
of Oceania’s shares.
Oceania will pay tax on Ms Dvorak’s behalf for the taxable benefit received by Ms Dvorak
under the plan, and there will be a reduction in the number of shares to be issued on
exercise to the extent the amount of such tax is greater than the tax savings available
to Oceania (or a subsidiary) in relation to the share options.
Vesting periodApproximately three years, being 10 business days after the announcement of Oceania’s
final results for the 2027 financial year (or such other date as determined by the Board).
Exercise periodMs Dvorak has 90 days from the date the share options vest to exercise the share options.
Dividends and
voting rights
The share options do not have voting rights or entitlement to dividends.
Cessation of
employment
• If Ms Dvorak ceases to be employed due to an “involuntary event” (such as death,
redundancy or total permanent illness or injury), the Board may, in its absolute
discretion determine whether Ms Dvorak’s share options may be retained by the
participant as if she remained employed by Oceania, or whether the vesting of the
share options may be accelerated. Any share options that are not retained or vested
will lapse.
• If Ms Dvorak ceases to be employed for any other reason, all her share options
will lapse.
3. CEO Transition Allowance
Ms Dvorak is paid a taxable transition allowance of $175,000, in equal monthly instalments,
over the first 18 months of employment, to assist her to relocate to New Zealand.
31
OCEANIA INTERIM REPORT 2025
Corporate Governance

4. CEO Remuneration for the Six Months ended 30 September 2024
The remuneration of the respective Chief Executive Officers for the six-month period ended
30 September 2024 is as follows.
Total fixed remuneration
Base SalaryOther BenefitsSTISubtotalLTIP PAYE
Remuneration
Total
Mr Pattison
1
525,06257,402579,3321,161,79614,1381,175,934
Ms Dvorak
2
161,53932,373-193,912-193,912
Other benefits in the above table represent a vehicle allowance and superannuation payments
in the case of Mr Pattison and represent the transition allowance and superannuation in the case
of Ms Dvorak.
The Base Salary paid to Mr Pattison includes an annual leave payment of $203,970.
During the period to 30 September 2024, 62,500 share options held by Mr Pattison vested.
Of the remaining share options held at the time his employment ceased, 3,571,428 were forfeited
and 3,571,428 were retained.
During the half year ended 30 September 2024, Ms Dvorak received remuneration of $193,912.
This includes the fixed remuneration and the transition allowance. Given Ms Dvorak commenced
on 22 July 2024, Ms Dvorak did not receive an STI payment during the half year ended
30 September 2024.
1 Mr Pattison’s employment as Chief Executive Officer ended on 21 July 2024.
2 Ms Dvorak commenced employment as Chief Executive Officer on 22 July 2024.
32
OCEANIA INTERIM REPORT 2025
Corporate Governance

oceaniahealthcare.co.nz

---

Believe
in better.
RESULTS PRESENTATION FOR THE INTERIM PERIOD ENDED HY25

1
Impressions from the CEO
Suzanne Dvorak appointed as CEO in July 2024, having previously led Bupa Australia and Levande.
Oceania must continue to sell down unsold stock, and reduce leverage
•Recognised for clinical excellence, a market leader of
integrated villages, with a full continuum of care
•Divestments and the completion of brownfield care
developments have modernised and rebalanced the portfolio
•Sales is a core issue for the business that we need to urgently
and structurally address
•A focus on debt reduction and right sizing project
•Near term transition to villa product development deliveries
provides development optionality

2
Key messages
Focus on execution, with clear goals for the remainder of FY25.
•Underlying earnings and operational cashflow growth:
driven by an increase in new ORA receipts
•Portfolio rebalancing continues: through development and
divestment with a focus on modernising and moving the
portfolio toward a full continuum of care
•Clear objectives for the business in FY25: Strategic sales
efforts with a focus on selling down stock, remains key to
reducing gearing
•Improve sales cadence of current stock: Chief Sales and
Marketing Officer appointed
•Focus on Execution: The fundamentals of our model are
strong. New executive management team

3
Total Assets
$2.82b
In HY25, from $2.78b FY24
Total Sales Volume
258
In HY25, from 255 in HY24
Total Comprehensive Income
$11.8m
In HY25, from $61.7m in HY24
Financial summary
We has continued to deliver to strategy with favourable results for the 6 months to 30 September 2024.
Delivering to strategy
1. A reconciliation to the reporting statutory figures is included in Appendix One
Operating Cashflow
$70.4m
Increaseof
23.1%
from $57.2m in HY24
ORA Receipts
$168.1m
Increaseof
59.8%
from $105.2m in HY24
Underlying EBITDA
1
$38.6m
Increase of
2.7%
from $37.6m in HY24
Dividend
The Board has decided to continue to pause dividends for the interim period given current gearing levels. Looking ahead, the Board
expects to resume dividends when we have received sufficient sales to have reduced new stock level and gearing ratio

4
Operational summary
HY25 was focused on creating alignment with strategy for future growth.
224 units and care suites on track to
be delivered during FY25
4 care sites divested
and 1 closed site under contract
106 care suites delivered in HY25
All banking covenants and
requirements met
Climate Related Disclosures
released in June 2024

5
Business
overview

6
What has been achieved over the last five years
Substantial growth in assets and clear repositioning of our offering towards a full continuum of care.
27%
27%
46%
Village
Units
1915
1118
Care
Beds
1091
Care
Suites
CleartransitionofportfolioSubstantialgrowthintotalassets
HY25
Moving toward 50% care / 50% retirement
HY20
51%
17%
32%
1029
Village
1940
Care
Beds
655
Care
Suites
$608m
$1,034m
HY20HY25
NTATotal Assets
$1,497m
$2,821m

7
What has changed over the last five years
Oceania continues to modernise its portfolio through divestment of older care assets and expansion of its development capabilities.
HY20HY25ChangeComment
Development
100 units106 units
6.0%Cumulative 771 care and 717 ILU units over the last 5 years
Divestments
-242 units
242 unitsCumulative 11 sites sold or exited / 708 beds & units over last 5 years
Care units
68%54%
(-14.7%)Divestments and developments have reweighted the portfolio
Independent living units
32%46%
+14.7%Optimal portfolio mix will maintain the continuum of care offering
Development capex
$61.3m$73.3m
19.5%Cumulative >$600m development capex over the last 5 years
Total assets
$1.5b$2.8b
88.5%Total assets have grown above CAPEX deployed
NTA per share
$0.99$1.43
44cps
New sales
84 units89 units
6.0%New sales cadence needs improvement to reduce unsold new stock
Total unsold stock (inc resales)
$211m$361m
70.8%
Focus on stock sell down remains key to reducing debt and gearing
Total debt
$288m$642m
$354m
Gearing
31.8%37.5%
5.7%
Share price
1
$1.08$0.78
2
(-30cps)
P/NTA
1
1.1x0.5x
2
(-0.6x)Below 5 year average of 0.8x P/NTA
1. As at 29 November 2019
2. As at 19 November 2024

8
What we have achieved – our residents
Oceania has been innovative in care, expanding the care offering, and centering objectives around resident welfare.
Personalised
and flexible
care
Care that
empowers
residents
Resident Centred Approach
based on Clinical Excellence Strategy
A whole
person
approach
Resident wellbeing and care is the heart of Oceania
Expansion of care to a continuum of Care
Developments are optimal for resident’s care and comfort
Introduction of care suites and couples care suites
Extension of clinical excellence – introduction of the Nurse
Practitioner Model
Roll out of Fundamentals of Care Framework
ResidentCentredApproach

9
Resales across ILU and care suites continue to perform
due to the reputational strength of our mature villages
Average sales prices (new sales)
NZD000s
Sales volumes
Sales update
Both new sales and resales have increased on 2HY24, driven by robust care suite volumes.
HY252HY24HY24
Resales
New sales
Care suite sales across new and resale product outperform,
reflective of our reputation for excellent care
New sales of ILUs remain difficult, with volumes down on
the last comparison period
Oceania has strengthened the sales function with the
Executive Level appointment of a Chief Sales and Marketing
Officer
Focus on sales expansion
Unit pricing is being reviewed and adjusted where necessary.
Village weekly fees are now index linked
599
600
867
1,119
1,088
361
386
358
HY242HY24HY25
VillaApartmentCare Suite
55
117
74
73
59
110
47
36
42
32
38
51
102
153
116
105
97
161

10
The Helier
We maintain our belief in the product offering, but a revised sales and marketing strategy is required.
Premium care offeringMoving Forward with The Helier
•Key development: The Helier is Oceania’s flagship 111
unit development, pricing from $1.5m to $5.0m+
•Moving forward with The Helier: We believe in the
product and the service. Our focus is to execute on the
sales strategy
•Award Winning: The Helier won “Best in Category” at the
NZ Property Council Awards
•Occupancy: 21 apartment residences and 13 private care
residences occupied, 31% total occupancy
1
•The Helier is one of Oceania’s newest builds and a key
pillar in Oceania’s property portfolio
1.As at 31 October 2024

11
$63m
$106m
$136m
$51m
$213m
$88m
•Stock levels decreased $48m (13%) to $305m
•Completion of 106 new care suites at Elmwood,
reflected in September 2024
1
position
•Stage One at The Helier is now included in the over
12 months ageing category
•68 apartments at Awatere completed post balance
date and 50 apartments at Waterford on track for
December 2024 delivery
•Total unsold stock (including resale stock) of $361m,
compared to $396m at Mar-24
4
1.Of the 106, 38 of these units are shown in unavailable for immediate sale as they are occupied transferred care residents, 22 units are
available for sale and are shown in the value of unsold stock completed within the last 12 months. The remaining units are occupied by
care suite residents from the original care building.
2.As at 31 October 2024. Units not included in unsold stock balances, will be added at March 2025.
3.Units developed currently occupied by transferred residents and residents occupying care suites under a PAC.
4.Based on CBRE Limited Valuations.
Stock update
Sell down of existing stock is a key focus for Oceania.
Our development stock will be used to repay development debt
Value of new stock
coming online in next 6
months
~$100m
Mar 2024
4
$353m
Value of unsold new stock unavailable for immediate sale
3
Value of unsold new stock completed within the last 12 months
Value of unsold new stock completed over 12 months ago
Sept 2024
4
$305m
KeystockmovementsinHY25
Average value of
available unsold new
stock
$910k

12
CBRE Limited valuation as at 30 September 2024 including land is c. $60m for the 106 care suites.
DevelopmentcompletedinHY25
106 care suites completed at Elmwood, located in Manurewa, Auckland.
The opening of the new care development at Elmwood allows for future development of the existing site into villas or apartments.
Elmwood
Manurewa, Auckland
completedinSep-24
106
Care Suites
c.$55m
build cost

13
DevelopmentsunderconstructioninFY25
FY25 sees completion of all high density developments under construction before commencing new villa products at Franklin.
The dementia bed development at Meadowbank concludes the sixth and final stage of a key Central Auckland integrated development.
Waterford
Hobsonville, Auckland
50
Apartments
tobecompletedinDec-24
Meadowbank
Auckland
Dementiabeds
tobecompletedinFY26
40
Awatere
Hamilton
68
Apartments
completedinNov-24
c.$25m
build cost
c.$50m
build cost
c.$50m
build cost

14
Franklin development
Near term transition from apartment to villa product development deliveries will improve sell down periods and the ability to recycle capital.
•Franklin, will be Oceania’s flagship villa product,
expanding on the modernisation of our portfolio and
our quality living offering, with 111 villas
•First Oceania Homestar 7 villas and first Greenstar
community
•Transition of development completions to villa product,
offering optionality during uncertain macroeconomic
conditions
•Construction of 30 stage one villas and the
community centre has commenced. Residents will
receive amenity from the moment they join the village
•Standalone care and dementia buildings (81 units) will
be developed in a later stage
Key Highlights

15
Divestment programme
Over the course of HY25, four divestments have settled for an aggregate proceeds of ~$25m.
1. Otumarama is under contract as at 30 September 2024, expected to settle in FY25
7 assets
sold
1 asset
under
contract
1
~$45m from
divestment
programme
(past 18 months)
HY25 (c.$25m ofproceeds)
FY24 (c.$20mofproceeds)
Victoria Place
Middlepark
Holmwood
Takanini
Whareama
Amberwood
Greenvalley
ProgresssinceMarch23:

16
Portfolio management
We are rebalancing the mix of care and retirement as well as a focus on quality sites as part of the modernisation of the portfolio.
•The total number of beds reduced from 4,382 at FY24
to 4,124 as we continue to divest our older legacy care
beds
•Development completions continue to modernise the
portfolio, expanding our full continuum of care to our
residents
•The opening of 106 care suites at Elmwood added a
net 58 care suites to the site
•Future development and divestments will reduce
standard care beds, add care suites or continue
rebalancing the portfolio with ILU deliveries to reach
50% ILU 50% care
PortfolioMovementsSummary
4,382
(91)
(54)
(46)
(51)
(16)
4,124
118
4,242

17
Remaining for FY25
As we progress through the year, we have some clear objectives for the business.
PrioritiesFocus for FY25Current Performance HY25
Sales
•Increase new sales
•Reduce stock levels
•Accelerate sales at The Helier
•89 new sales (38 ILU and 51 care)
•Total sales volumes up 17% on 2HY24
•$305m of new stock available
Capital Management
•Further reduction in gearing•Subdued sales continue to delay the reduction in
gearing, improvement expected by FY25
Cost Control
•$5m right sizing program with benefit to be
realised in FY26
•A strategic review has commenced for longer term
savings
Portfolio Alignment
•Complete the divestment of planned sites
•Complete remaining high density developments
and commence broadacre villa developments
•Proceeds received from divestments since FY24 are
equal to book value
•Rebalancing portfolio mix towards 50% care/50% ILU
Our People
•Organisational review of Executive Leadership
Team
•Right sizing of support costs
•Director of Clinical brought up to executive level
•Chief Sales and Marketing Officer appointed

18
Focus on execution
We need to deliver on our promise to our residents, our investors and our people.
Deliver on Our Promise: The fundamentals of our model are strong.
We know what needs to be done and are focused on execution
Improve Sales and Reduce Debt: Sales cadence needs to be
improved with a focus on stock (especially at the Helier). Provides a
clear pathway to reduce debt and gearing
Development Realignment: Diverting focus to broadacre through
Franklin development, offers development optionality, supporting capital
recycling, rebalancing and modernising of the portfolio
Care as a Differentiator: Offering the full continuum of care remains
essential, with a disciplined focus on cost efficient delivery of Care
Customer Centric Approach: Shift towards better understanding
customer needs to drive both occupancy and sales

19
Financial

20
Profit and loss
Total operating revenue of $132.6m in HY25 increased from $131.6m in HY24 despite the impact of divestments.
•Operating Revenue has increased 1% from $131.6m to
$132.6m in HY25
•Fair Value movements decreased 54% from HY24 largely
due to a one off impairment at Elmwood, our last care
brownfield development
•Operating expenses are up 5.6% from HY24 due to the
implementation of LTIP
1
and increased upfront spend for
marketing which will reduce over the next 12 – 24 months
•Finance Costs were impacted by additional interest costs in
relation to completed but not sold down developments (HY25
- $4.3m, HY24 - $nil)
1. Long term incentive plan
NZDmHY25HY24
Operating revenue132.6131.6
Operating expenses (133.5)(126.5)
Change in fair value of IP, impairment of PP&E
and other
3.545.2
Operating Profit2.750.4
Finance costs(11.8)(8.6)
Depreciation (buildings)(6.9)(6.4)
Depreciation and amortisation (chattels and other)
(3.4)(3.0)
Profit before Income tax(19.5)32.4
Taxation benefit2.42.8
Reported Net Profit after Tax
(17.1)35.2
Other Comprehensive Income
28.9
26.5
Total Comprehensive income
11.861.6

21
Trading results
Underlying NPAT and EBITDA
1
remain solid, driven by a 34.9% increase in capital gains.
Premium care revenue is up 12.3%, and care expenses have decreased from HY24.
1. This slide provides trading and underlying measures. A reconciliation to the reporting statutory figures is included in Appendix One
Village capital gains are strong while care costs reduce
UnderlyingEBITDA
1
Care Revenue
$12.4m
12.3% increase
from HY24
Total
Occupancy
(excl dev sites)
94.0%
UnderlyingNPAT
1
2.7% increase
from HY24
12.5% decrease
From HY24
34.9% increase
from HY24
RealisedCapitalGains
1
(DMF and PAC fees)
$38.6m
$24.0m
$38.2m
1.8% increase
from HY24
Village
Care
Corporate
•In aggregate, sales volumes grew 1.2%, driven by robust
care suite volumes
•Capital and resale gains grew $9.9m to $38.2m for HY25,
largely driven by sales at The Helier
•DMF and PAC fees continue to grow, alongside care suite
pricing
•Care occupancy at sites not impacted by developments
increased to 94.0% in HY25, up 1.8% from HY24
•Additional costs in the period in relation to implementation
of an Executive Long Term Incentive Scheme
•One off costs in HY25 in relation to the change of CEO

22
Care segment total revenue, EBITDA and EBITDA margin
Adjusted earnings per bed continue to grow as a result of modernisation and portfolio rebalancing
Our care business
An increase in premium revenue streams has enabled us to maintain care EBITDA margins despite lack of industry funding.
Annualised care EBITDA and resale gains per bed (not adjusted for divestments)
NZD
Care occupancy
90.3%
92.0%
91.6%
92.2%
93.0%
94.0%
HY242HY24HY25
Group OccupancyOccupancy of sites not affected by development
•Annualised care earnings (including resale gains) are
steady, despite upfront costs this period
103.2
104.9
100.9
9.9 11.9 8.6
9.6%
11.4%
8.5%
HY242HY24HY25
RevenueEBITDA
13,620
14,423
14,288
HY242HY24HY25

23
Care Business
Total aged care related Underlying EBITDA
1
per bed has gone up from $17.1k to $20.2k in HY25.
Our care earnings per bed continue to grow demonstrating the success of our care strategy and the growing demand for the care suite product.
1.This slide provides trading and underlying measures. A reconciliation to the reporting statutory figures is included in Appendix One.
2.Adjusted for divestments in the period.
3.Development margin & resale gains on care suites are included within the Village Segment for underlying profit and statutory reporting purposes as the ORAs are issued by Oceania Village Company Limited. As these margins are in lieu of daily premium charges under the
traditional model, these earnings are aggregated above to present a more complete picture for the Care segment.
NZDmHY25HY24
Daily care fees86.2 88.4
PAC revenue3.7 3.1
Care suite DMF8.6 7.9
Other revenue2.3 3.8
Total aged care operating revenue100.9 103.2
Staff and resident expenses(70.2)(73.4)
Occupancy and site overhead expenses(22.2)(19.9)
Total aged care expenses(92.4)(93.3)
Aged Care Underlying EBITDA8.6 9.9
Annualised EBITDA per care bed / suite
8.5k 9.0k
Annualised adjusted EBITDA per care
bed / suite
2
10.0kn/a
Plus: Other aged care related earnings included within the Village Segment
3
Care suite development margin5.9 3.9
Care suite resale gains5.8 5.1
Aged care related underlying EBITDA20.2 18.9
Annualised aged care related underlying
EBITDA per bed
20.2k17.1k
•Increased occupancy from 90.3% in HY24 to 91.6% in
HY25, (92.2% to 94.0% adjusted for development sites)
•Adjusted EBITDA per bed of $10k excluding divested
sites. Four divestments (which in aggregate contributed
to negative earnings for HY25) settled in the period
•Capital gains and resale gains for care suites grew
29.3%, highlighting the continued consumer demand
and contributing to Underlying EBITDA per bed of $20.2k
•Staff costs have stabilised following inflationary wage
growth periods, decreasing from $73.4m in HY24 to
$70.2m in HY25
•Stabilised Workforce, reducing the reliance on agency
staff

24
Average sales prices (new sales)
NZD000s
Sales volumes
Our retirement village
Total sales and have increased on HY24, despite operating in a slower residential property market.
HY252HY24HY24
Development and resale margins
ResalesNew sales
Average sales prices (resales)
NZD000s
55
117
74
73
59
110
47
36
42
32
38
51
102
153
116
105
97
161
599
600
867
1,1191,088
361
386
358
HY242HY24HY25
VillaApartmentCare Suite
639
609
582
806
1,037
914
329
322
363
HY242HY24HY25
23.1%
38.9%
34.4%
21.0%
21.3%
21.5%
HY242HY24HY25
Development MarginResale Margin

25
Retirement village business
Total sales volumes of 258 in HY25, marginally higher than total HY24 of 255.
1.This slide provides trading and underlying measures. A reconciliation to the reporting statutory figures is included in Appendix One
2.Other revenue in HY24 included $2.7m of insurance income relating to Lady Allum.
NZDmHY25HY24
Villa and Apartment DMF20.7 19.5
Retirement village service fees5.3 4.8
Other revenue
2
1.6 4.6
Total retirement village operating
revenue
27.6 28.9
Realised gains on resales17.7 15.4
Realised development margin20.5 12.9
Total retirement village expenses(20.1)(18.9)
Retirement village underlying EBITDA45.738.4
Total resale volume169171
Total new sales volume89 84
Total sales volume258255
Less: Aged care related earnings included within the Village Segment
Care suite development margin & resale
gains
(11.7)(9.0)
Retirement village underlying EBITDA
(ex care)
36.029.3
•Village EBITDA has increased 19% driven by growth
in capital gains compared to PCP
•Continued growth in villa and apartment DMF
reflective of the higher sales prices achieved, up 6%
on HY24
•New sales increased from HY24 to HY25 by 7%
despite the subdued residential property market
•Resales were broadly in line with HY24, driven by an
outperformance in villas and apartment sales

26
Cash flow
Cash flow from operating activities increased by 23.1%, $70.4m in HY25 compared to $57.2m for HY24.
NZDmHY25
Restated
HY24
Receipts from residents for village and care fees106.0107.4
Payments to suppliers and employees(129.4)(112.2)
Net occupational right agreements97.466.6
Net interest, goods and services tax and other(3.6)(4.6)
Net cash inflow from operating activities70.457.2
Payments for property, plant and equipment and intangible assets(29.2)(23.8)
Payments for investment property and investment property under
development
(45.6)(91.7)
Proceeds from sale and / or disposal of property, plant and equipment
and investment property
23.412.9
Capitalised interest paid and payments for assets held for sale(10.7)(9.1)
Net cash outflow from investing activities(62.2)(111.8)
Net borrowings(2.1)63.4
Principal payments for lease liabilities and right of use assets(0.6)0.8
Dividends paid0.0(6.8)
Net cash inflow from financing activities (2.7)57.4
Net increase in cash and cash equivalents5.52.9
Cash and cash equivalents at beginning of the period7.57.4
Cash and cash equivalents at end of the period13.010.3
•Cashflows from operating activities has increased
23.1% from HY24 to HY25 largely attributed to a 59.8%
increase in receipts from new occupation right
agreements
Net cash flow from operating activities
($m)
31.4
57.2
70.4
HY23HY24 HY25

27
1. Development debt excludes Oceania’s general / corporate facility but includes corporate bonds and accrued capitalised interest.
2. 158 units were under construction as at 30 September 2024. An additional 30 villas at Franklin commenced development during October 2024.
3. CBRE Limited value of unsold new stock.
4. Units developed currently occupied by transferred residents and residents occupying care suites under a PAC.
Future cash recycling
Oceania’s debt is primarily development related, supported by current and future new sales stock, providing a clear path to debt repayment.
Development debt to underlying development assets (NZDm)
1
$51m
$213m
$88m
Our development stock will be used to repay development debt
Value of new
stock completing
in next 6 months
~$100m
Mar 2024
3
$353m
Value of unsold new stock unavailable for immediate sale
4
Value of unsold new stock completed within the last 12 months
Value of unsold new stock completed over 12 months ago
Sept 2024
3
$305m
$63m
$106m
$136m
537.9
120.9
154.7
305.1
580.7
Development Debt HY25Development assets HY25
Development debtUndeveloped landWIPUnsold StockTotal
Average value of
available unsold
new stock
$910k
Additional units
currently under
construction
158
2

28
Balance sheet
There has been an increase in Total Asset Growth from FY24 to HY25 of 1.4%.
•All financial banking covenants met
•Gearing has decreased in HY25 to 37.5%, for the
first time since March 2021 due to a decrease in net
debt
•The value of other assets has decreased due to the
continued divestment programme, and two assets no
longer meeting the definition of held for sale
•Net debt headroom (including cash) is $96m as at 30
September
•Receivables have decreased since March as a result
of fewer short term ORA receivables
NZ$m
HY25FY24
Assets
Cash and trade receivables96.8 132.3
Property assets2,705.4 2,586.3
Other assets19.0 63.7
Total assets2,821.22,782.3
Liabilities
Refundable occupation right agreements1,032.9 997.2
Borrowings639.0 640.5
Other liabilities110.7 110.6
Total liabilities1,782.61,748.3
Equity
Contributed Equity716.0 716.0
Retained Deficit(41.0)(34.3)
Reserves363.7 344.8
Total equity1,038.61,026.5
Net tangible assets1,033.81,020.8

29
Debt facilities
(as at 30 Sep 24)
Facility limitDrawn amount Headroom
General / corporate$185.0m$104.0m$81.0m
Development facility$315.0m$312.9m$2.1m
Retail Bonds$225.0m$225.0m-
Total limits / borrowings$725.0m$641.9m$83.1m
Cashn/a$13.0m$13.0m
Total net debt / headroom$628.9m$96.1m
1. Net Interest Charges exclude interest costs from the Development Facility.
Oceania holds sufficient headroom in its $725m of debt facilities, to be used for future developments and land acquisitions, and complies with all
banking covenants.
Balance Sheet Management
Pro-forma debt tenor profile
(NZDm)
Cost of debt
Current average interest rate (including
margin and hedging) on bank debt of
5.90%.
Two retail bonds (total of $225m) issued in
2020 and 2021 with a blended interest rate
of 2.7%.
Interest coverage
Our ICR covenant requires a ratio of
Adjusted EBITDA to Net Interest Charges
1

of ≥ 2.0x.
Oceania has flexibility to switch facility
limits between each of the general and
development facility provided the total limit
does not exceed $500m. In FY24, $50m
was switched from the general facility to
the development facility.
We maintain ~$96m in net debt headroom
(including cash) as at 30 Sept 2024.
Tenor of debt
Our bonds, as well as our $500m
syndicated loan facility are long dated with
the next refinancing date scheduled for
FY2028.
Hedging
Interest rate swaps in place with a range
of tenors through to FY2027 covering
$50m of bank debt
These swaps ensure an average fixed
interest rate of 3.4% for covered
principal each period.
Dividend
The Board has decided to continue to
pause dividends for the interim period
given current gearing levels.
Covenants
Debt
covenant
As at
HY25
Net debtn/a$628.9m
Net debt / (net debt + equity)n/a37.5%
Loan to value ratio<50%39.1%
ICR
1
≥ 2.0x4.2x
125
100
500
FY2025FY2026FY2027FY2028FY2029FY2030
Retail BondsBank Facilities

30
Sustainability

31
Sustainability and Climate
Sustainability underpins Oceania’s strategic pillars, and we are committed to integrating thinking across the business.
Environment
Energy decarbonisation projects in
progress to meet Scope 1 and Scope
2 emissions reduction (target SBTi
verified)
Two environmental KPIs for SLL
Designing for the future higher
Homestar standards, and introducing
Greenstar
Social
Three key nationwide community
partnerships established
Development program for Business
and Care Managers
Finalist in Sustainability Leadership
Deloitte Top 200 business awards
Governance
Executive Team Refresh
Risk and compliance function established
Senior Leadership Team created to promote internal growth
A fit for future operating model to promote sustainability and efficiencies
E
S
G

32
Summary

33
Summary
•Improve sales cadence of current stock
•Portfolio rebalancing continues
•We have clear objectives for the remainder of FY25
•Focus on execution with new executive team
•The Board has decided to continue to pause
dividends for the interim period given current
gearing levels
Focus on execution, with clear goals for the remainder of FY25.

34
Appendices
01Underlying earnings
02Income Statement
03Proforma group underlying earnings
04Cash flow
05Resales cash flow and capital expenditure
06Embedded value and affordability
07Balance sheet
08Portfolio summary
09Future development outlook
10Development pipeline
11Reconciliation of portfolio movements
12Summary of unit sales
13Definition of Underlying NPAT
14Glossary
15Important notice and disclaimer

35
NZDmHY25HY24VarFY24
Reported Net profit after tax(17.1)35.2 (52.2)31.5
Less: Change in fair value of investment property,
right of use assets and cash flow hedges
(26.1)(46.1)20.0 (60.8)
Add: Impairment of goodwill0.2 0.3 (0.1)0.6
Add: Impairment of property, plant and equipment26.0 7.6 18.4 14.4
Less/Add: (Gain)/Loss on purchase of business
assets including associated costs
(0.4)0.1 (0.5)0.9
Add: Realised resale gain17.7 15.4 2.3 32.5
Add: Realised development margin20.5 12.9 7.6 35.4
Less: Deferred tax benefit (2.4)(2.8)0.3 (3.1)
Add: Care suite depreciation5.7 5.2 0.5 10.3
Less: Insurance income on material damage due
to weather events
0.0(0.3)0.3 0.4
Proforma Underlying NPAT24.0 27.4 (3.4)62.1
Add: Depreciation and amortisation (buildings)1.2 1.2 0.0 2.4
Add: Depreciation and amortisation (chattels,
leasehold improvements & software)
3.4 3.0 0.4 6.2
Add: Finance costs10.0 6.0 4.0 11.9
Proforma Underlying EBITDA38.6 37.6 1.0 82.6
Underlying EBITDA of $38.6m for the 12 month period ended 30 Sept 2024, 2.7% increase on HY24.
Underlying earnings
Reconciliation of underlying adjustments Segmental underlying adjustments
NZDm
HY25HY24VarFY24
Aged Care (ex. care suite margins)8.79.9(1.2)21.9
Retirement Village (incl. care suite margins)45.838.47.384.8
Other(15.9)(10.7)(5.1)(24.0)
Underlying EBITDA 38.637.61.082.6
01

36
02
Key valuation assumptions remained largely consistent from FY24 except for moderate increases applied to incoming prices.
Income statement
DriversHY25FY24
Investment Property
PPGR – Long Term (low-high)2.50% 3.50% 2.50% 3.50%
PPGR – Short Term (low-high)- 3.00% - 3.00%
Discount Rates (low-high)14.00% 20.00% 14.00% 20.00%
Average Incoming Price - Villas$642,184$634,427
Average Incoming Price - Apartments$1,070,806$1,023,612
Property, Plant and Equipment
Cap rate (low-high)12.25%17.50%12.25%17.50%
EBITDAR per bed (low-high, $000's)$9.46$52.19$9.55$56.95
Average Incoming Price - Care Suites$360,631$340,241
NZDmHY25HY24VarFY24
Operating revenue132.6131.61.0265.5
Change in fair value of investment property26.147.4(21.2)60.8
1
Other Revenue3.67.0(3.4)9.2
Total Income162.3186.0(23.6)335.4
Operating expenses (133.5)(126.5)(7.0)(256.7)
Impairment of goodwill(0.2)(1.5)1.3(0.6)
Impairment of property, plant and equipment(26.0)(7.6)(18.4)(14.4)
Total Expenses
(159.7)(135.6)(24.1)(271.6)
Operating Profit
2.750.4(47.7)63.8
Finance costs(11.8)(8.6)(3.3)(16.4)
Depreciation (buildings)(6.9)(6.4)(0.5)(12.8)
Depreciation and amortisation (chattels and other)
(3.4)(3.0)(0.4)(6.2)
Profit / (Loss) before Income tax
(19.5)32.4(51.9)28.4
Taxation benefit/(expense)2.42.8(0.3)3.1
Reported Net Profit / (Loss) after Tax
(17.1)35.2(52.2)31.5
Other Comprehensive Income
28.9
26.52.4
39.0
Total Comprehensive income
11.861.6(49.8)70.5
•Discount rate assumptions are unchanged from FY24.
•Continued moderate increases on average in incoming price assumptions adopted by CBRE for
villas, apartments and care suites
Summary of income statement Key IP and PP&E CBRE valuation assumption changes

37
03
1.Including: Takanini (sold), Holmwood (sold), Middlepark (sold), Victoria Place (sold).
2.No adjustment has been made in relation to acquisitions or development sites.
3.Amberwood (sold), Greenvalley Lodge (sold), Everil Orr (lease exited), Wesley (lease exited), Otumarama (closed).
Proforma group underlying earnings for HY25 of $39.1m. Adjustments include normalising for the impact of divesting, closing and exiting several
sites from our ongoing operations.
Proforma group underlying earnings
NZDmHY25
Divested
Sites
1
Normalised
HY25
Aged care operations8.70.59.2
Retirement village operations7.60.07.6
Realised gains on resales17.7-17.7
Realised development margin20.5-20.5
Corporate(15.9)-(15.9)
Group Proforma Underlying EBITDA
2
38.60.539.1
Group Proforma Underlying NPAT
2
24.00.624.6
Villa and apartment resales 59-59.0
Villa and apartment new sales38-38.0
Care suite resales110-110.0
Care suite new sales51-51.0
Total sales volume258-258
Group proforma Underlying EBITDA and NPAT (HY25)
Group proforma Underlying EBITDA and NPAT (HY24)
3
NZDmHY24
Divested
Sites
3
Normalised
FY24
Aged care operations9.9(0.7)9.3
Retirement village operations10.1(0.3)9.8
Realised gains on resales15.4(0.1)15.3
Realised development margin12.9-12.9
Corporate(10.7)-(10.7)
Group Proforma Underlying EBITDA
2
37.6(1.1)36.6
Group Proforma Underlying NPAT
2
27.4(0.9)26.5
Villa and apartment resales 54-54
Villa and apartment new sales48-48
Care suite resales117(5)112
Care suite new sales36-36
Total sales volume255(5)250
In the last 18 months to 30 September 2025 several sites have been exited, closed and divested
1,3
. We show here the unaudited Underlying Earnings attributed to these sites over the current and
prior comparative period. We present unaudited Proforma Underlying Earnings Before Interest, Tax, Depreciation and Amortisation, and Proforma Underlying Net Profit After Tax for both periods,
normalising for the impact of closing, exiting and divesting of these sites from our ongoing operations. Both of these measures are Non-GAAP and unaudited.

38
04
Operating cash flow of $70.4m for the six months to HY25 compared to $57.2m in relation to HY24.
Cash flow
Statement of cash flows
NZDmHY25HY24VarFY24
Receipts from residents for village and care fees106.0107.4(1.4)207.9
Payments to suppliers and employees(129.4)(112.2)(17.2)(259.6)
Receipts from new occupation right agreements168.1105.262.9226.3
Payments for outgoing occupation right agreements(70.7)(38.6)(32.1)(78.8)
Net goods and services tax received / (paid)0.1(0.4)0.5(3.7)
Interest received1.82.6(0.8)4.5
Interest paid(9.6)(9.6)0.0(20.0)
Interest paid in relation to right of use assets(0.4)(0.2)(0.2)-
Receipts from insurance proceeds4.43.01.48.7
Net cash inflow from operating activities70.457.213.285.4
Payments for property, plant and equipment and
intangible assets
(29.2)(23.8)(5.3)(46.8)
Payments for investment property and investment
property under development
(45.6)(91.7)46.0(133.6)
Proceeds from sale and / or disposal of property,
plant and equipment and investment property
23.412.910.520.3
Capitalised Interest Paid(10.3)(9.1)(1.1)(1.2)
Payments for assets held for sale(0.4)0.0(0.4)
Net cash outflow from investing activities(62.2)(111.8)49.6(161.2)
Proceeds from borrowings62.3101.5(39.2)138.7
Repayment of borrowings(64.4)(38.2)(26.2)(56.0)
Principal payments for lease liabilities(0.6)0.8(1.5)-
Dividends paid-(6.8)6.8(6.8)
Net cash inflow from financing activities (2.7)57.4(60.1)75.9
Net increase in cash and cash equivalents5.52.92.70.0
Cash and cash equivalents at beginning of the
period
7.57.40.07.4
Cash and cash equivalents at end of the period13.010.292.77.5
Net cashflows from operating activities
NZDm
31.4
57.2
70.4
HY23HY24 HY25

39
05
1. Net Buybacks is the difference between the gross ORA payments made in relation to units bought back (and not resold) during the year and the gross ORA receipts from units resold during the year that were bought back in prior financial years.
Growth in resales cash flows as Oceania’s portfolio matures and resells at higher price points.
Reconciliation of resales cash flow and capital expenditure
Reconciliation of resales cash flow
•Net resales cashflow for HY25 of $22.0m, 7.0% up vs. HY24.
•This is driven by greater resale gains, DMF realised, offset by negative net buybacks vs. the
prior period due to development buybacks across Elmwood and The Oaks.
•The decrease in deferred cash settlements is due to decreased long dated settlements/ORA
receivables
Breakdown of Capital Expenditure
NZDmHY25HY24
Acquisitions- 22.3
Disposals(23.4)(12.9)
Development capital expenditure73.386.1
Care conversion & premium room upgrades0.0 0.0
Maintenance capital expenditure
- Care suite refurbishment 1.0 0.0
- Other aged care2.4 2.3
- Retirement village refurbishment6.8 2.9
- Other retirement village1.3 1.2
- IT and other0.8 0.6
Total refurbishment and maintenance12.2 7.1
Total capex per statutory cashflow statement62.2 102.6
NZDmHY25
Restated
HY24
Receipts from new ORAs
168.1
105.2
less: Payments for outgoing ORAs
(70.7)
(38.6)
less: Cash inflow from new sales
(75.4)
(46.0)
Net resales cash flow
22.0
20.6
Made up of :
Resale gains17.715.4
DMF realised22.713.9
Add: Net deferred cash settlements8.0(2.3)
less: Development buybacks(5.9)(7.4)
less: Net buybacks
1
(17.7)3.2
less: Resident share of capital gains (0.9)(0.4)
less: Other cash amounts paid/received from resales(1.9)(1.8)
Net Cash flows from resales 22.020.6

40
72.3%
70.4%
34.1%
ApartmentsVillasCare Suites
06
1. Calculated as the current / estimated sale or resale price of all units / care suites as determined by CBRE.
2. Value of unsold stock represents the sales prices of units / care suites which are not under contract, as they are either newly constructed or have been bought back from the previous outgoing residents.
The embedded value in our portfolio has increased 14.9% since HY24 to $551.6m as at HY25 and will underpin the future realisation of cash flows
from deferred management fees and resale gains.
CBRE embedded value and affordability ratio
Summary of Embedded Value Calculation
Embedded Value
NZDm
•Embedded value in Oceania’s portfolio is $551.6m, up 14.9% since HY24.
•Embedded value includes:
•$220.5m of accrued DMF cash flows to be realised; and
•$331.1m of resale gains.
•The growth in embedded value reflects growth in our portfolio, migration to our standard
contractual terms at existing villages and a higher price point for the sale and resale of units and
care suites.
NZDm
As at HY25As at HY24As at FY24
Estimated sale/resale price of all units
1
1,909.3 1,823.6 1,861.2
less: Unsold stock
2
(360.6)(461.0)(395.6)
less: Resident liabilities (contractual)
(997.1)(882.4)(948.8)
equals: Embedded value
551.6 480.2 516.8
220.5 246.2
331.1
234.0
551.6
480.2
2,483
2,077
-
600
1,200
1,800
2,400
3,000
-
100
200
300
400
500
600
HY25HY24
Accrued DMFEmbedded Resales GainsTotal number of units (rhs)
Average CBRE affordability ratio of Oceania residences

41
Net adjusted value (“NAV”)
Balance sheet
NZDm
HY25FY24
Assets
Cash and trade receivables96.8132.3
Property, plant and equipment809.4770.9
Investment properties1,896.01,815.4
Assets held for sale2.644.3
Derivative financial instruments1.33.0
Intangible assets4.85.7
Right to use assets10.310.8
Total assets2,821.22,782.3
Liabilities
Refundable occupation right agreements1,032.9 1,004.8
Borrowings639.0 640.5
Other liabilities
1
110.7 110.6
Total liabilities1,782.61,755.9
Equity
Contributed equity716.0716.0
Retained deficit(41.0)(34.3)
Reserves363.7344.8
Total equity1,038.61,026.5
Net tangible assets1,033.81,020.8
07
1. Includes lease liabilities of $11.3m as at 30 September 2024 ($11.2m as at FY24).
Total assets increased by $38.9m from 31 March 2024. Oceania’s net adjusted value is $1.42 per share as at 30 September 2024.
Balance sheet
•Current headroom in bank facilities (plus cash) of $96.1m.
•NAV of $1.42 per share as at HY25.
•The NAV reflects the value of existing sites, plus the land and WIP at development sites. As
such, the present value of net development cash flows and future earnings at development sites
are excluded.
NZDm
HY25FY24
Property, plant and equipment (including WIP)809.4770.9
Investment property (including WIP)1,906.31,826.2
Held for Sale2.644.3
Sub Total2,718.32,641.3
less: Investment property ORA Gross Up(856.6)(820.7)
less: Adjustment for CBRE – care suites(184.9)(168.3)
add: Other(22.8)42.8
CBRE plus WIP1,653.91,690.6
less: Net Debt(628.9)(636.5)
Net Adjusted Value1,025.11,054.2
Shares on Issue724.2724.2
Net Adjusted Value per Share1.421.46

42
SiteRegionCare bedsCare suitesVillage unitsTotal
NORTH ISLAND
Bream BayRuakaka- - 83 83
Totara ParkRodney- - 30 30
The SandsNorth Shore- 44 64 108
Lady AllumNorth Shore- 113 129 242
Te ManaNorth Shore46 - - 46
WaterfordWaitakere- - 100 100
The HelierSt Heliers- 32 79 111
Remuera RiseRemuera12 - 58 70
EdenMt Eden- 65 89 154
MeadowbankMeadowbank- 63 193 256
Elmwood
1
Manukau37 106129 272
St Johns AucklandManukau- - 18 18
FranklinFranklin44 - - 44
AwatereHamilton- 90 103 193
WhitiangaWhitianga53 - 10 63
ElmswoodTauranga38 - - 38
The BayViewTauranga- 81 162 243
OhinemuriPaeroa68 - 8 76
St Johns WoodTaupo37 40 6 83
WharerangiTaupo47 - 21 68
DuartHastings66 - - 66
EversleyHastings50 - 6 56
GracelandsHastings81 11 119 211
AtawhaiNapier55 28 46 129
WoburnHawke's Bay33 - - 33
EldonParaparaumu80 15 - 95
EldersleaUpper Hutt102 22 12 136
HeretaungaUpper Hutt38 20 - 58
Hutt GablesUpper Hutt- - 46 46
SiteRegionCare bedsCare suitesVillage unitsTotal
SOUTH ISLAND
Marina CovePicton- - 26 26
Green GablesNelson- 61 40 101
StokeNelson- - 124 124
RedwoodBlenheim42 74 46 162
WoodlandsTasman23 34 36 93
Palm GroveChristchurch28 57 32 117
The OaksChristchurch69 36 32 137
The BellevueChristchurch- 71 68 139
Addington LifestyleChristchurch69 28 - 97
TOTAL (NORTH AND SOUTH ISLANDS)
1,1181,0911,9154,124
08
Asat30 September2024.
Portfolio summary
1. 37 beds in the old care building remain occupied as at 30 September 2024.

43
Care bedsCare suitesILUsTotal
North Island
8877301,5113,128
South Island
231361404996
Total Existing
1,1181,0911,9154,124
Development Pipeline
-3821,0571,439
Less Decommissions
(111)-(61)(172)
Care Suite Conversions
----
Net Development Pipeline
(111)3829961,267
Total Post Development
1,0071,4732,9115,319
09
1.As at 30 September 2024.
66% of our existing portfolio is now premium units and care suites as we progress to ~75% premium / ~25% standard at the end of our current
pipeline.
Future development outlook
Current& futureportfoliocomposition
1
Consented
Care suites
Care
beds
Units
Planned
Under
Construction
Standard
units &
Care beds
Premium
units &
Care suites
Existingportfolio
Development pipeline
Postdevelopmentportfolio
11%
61%
28%
409
872
158
19%
27%
54%
2,911
1,007
1,473
23%
77%
4,193
1,248
27%
27%
46%
1,915
ILU
1,118
Care
Beds
1,091
Care
Suites
34%
66%
2,704
Premium
1,420
Standard
27%
73%
1,057
ILU
382 Care
Suites

44
SitesStageStatusILUsCare suitesGross unitsNet unitsNotes
Meadowbank
Stage 6Under Construction-404040Scheduled for completion FY26
Awatere(formerly Trevellyn)
Stage 3Under Construction68-6868Scheduled for completion FY25
Waterford
Stage 1Under Construction505050Scheduled for completion FY25
Franklin
Stage 1Consented303030Commenced October 2024
Stage 2-6Consented14581226182
Lady Allum
Stage 2Consented696969
Stage 3Consented686868
The BayView (formerly Melrose)
Stages 4-6Consented107-107107
Woodlands
Consented44(4)
Eversley
Consented585852
Elmwood
Stage 2-3Consented229229192
Stage 4Consented818170
Other
Hawkes BayPlanned26467272
NelsonPlanned17-172
AucklandPlanned-626262
VariousPlanned16791258207
Total Consented / under construction8471831,030924
Total Pipeline1,0573821,4391,267
10
Status as at 30 September 2024.
Development pipeline

45
As at
FY24
Changes
in existing
capacity
Conversion
of beds to
care suites
Conversion
of units to
care suitesNew units acquired
New units
delivered
Changes in
pipeline – gross
units added
Changes in
pipeline –
decommissions
As at
HY25
Existing
Care beds
1,396(278)1139
Care suites
1,071(86)1061139
Units
1,9151915
Pipeline
Care beds
(164)2231(111)
Care suites
495(10)(106)(25)28382
Units
967(1)30996
Total5,680(364)12-(26)895,391
11
Totals as at 30 September 2024 reconcile to both the total existing and future post development portfolios at appendix 09.
Reconciliation of portfolio movements
Movements in gross pipeline since FY24
5,680
(364)
12
(26)
895,391
Mar 24
Changes in existing capacity
Conversion of units to care suites
ipeline changes gross units added
ipeline changes decommissions
Sep 24