Investor Presentation

22 MAY 2025
Results presentation
for the year ended
FY25

1
Key messages
•Strategic sales focus and incentive programme provides
sales momentum
•Successful bank refinance shows support of banking
syndicate
•Unsold stock remains the largest lever to reducing debt
•Development to focus on villas in the medium-term to
retain flexibility
•Enhancement planstrengthens business before launch
of new strategy

2
Total Sales Volume
520 units
Increase of
9.2%
From 476 units in FY24
Total Comprehensive Income
$74.6m
Increase of
5.8%
from $70.5m in FY24
Financial summary
Oceania delivered a solid financial result in FY25 with an increase in underlying EBITDA and sales volumes, despite market conditions.
Delivering to strategy
1. A reconciliation to the reporting statutory figures is included in Appendix 01.
2. Restated in prior periods, this restatement increases Operating Cashflow from $85.4m in March 2024. Refer to note 1.2(ii) of financial statements.
Operating Cashflow
$110.3m
Increase of
6.7%
from $103.4m
2
in FY24
ORA Receipts
$294.5m
Increase of
30.1%
from $226.3m in FY24
Underlying EBITDA
1
$86.0m
Increase of
4.1%
from $82.6m in FY24
Dividend
The Directors have resolved not to declare a final dividend. Work is underway to review our Dividend Policy so that it better aligns
with the operating cashflows of the business. Our revised Dividend Policy will be announced at the time of the ASM in June
Total Assets
$2.9b
Increase of
5.7%
from $2.8b in FY24

3
Operational highlights
Solid progress in sales execution was demonstrated, and an operating model optimisation programme was initiated to improve investor returns.
1. Care occupancy for the entire portfolio increased to 92.3% from 91.1% FY24.
• Total new sales volumes at The Helier increased 100% from
FY24, with 24 apartments and care suites sold in FY25
• Total development cash cost recovery of The Helier expected
by FY26 (including land and finance costs)
• Awatere and Waterford developments completed in FY25 with
forecast cash recovery on first sell down in aggregate
• >90% of apartments at The Bellevue sold within 18 months of
opening, with the final 3scheduled to settle within 3 months
• Record sell down rate of new care suite development site.
Redwood 62% occupied within 12 months of opening
• Care occupancy for sites not affected by development
1
increased to 94.5% from 92.6% FY24

Business overview

5
Strong ILU and care suite sales performance
across both new and existing stock
41% total occupancy
1
at The Helier, increased from
14% at FY24
Partnership with Marketability at The Helier has
delivered an increase in 2HY25 ILU sales vs
1HY25
Sales incentives have assisted to increase new
sales volumes, up 17.2% on FY24
43 of 46 apartments at The Bellevue sold down in
18 months since opening in September 2023
Average sales prices (new sales)
NZD000s
Sales volumes
1.
Total occupancy at The Helier includes both apartment and care residents (including respite) as at 20th May 2025. Occupancy as at 31 March 2025 was 36%.
Sales update
Total sales volumes increased 9.2% from FY24, driven by the execution of selling down unsold stock.
FY25FY24FY23
Resales
New sales
Focus on sales execution
599
1,135
1,032
1,108
334
373
356
FY23FY24FY25
98
182
129
190
130
206
54
74
89
68
97
87
152
256
218
258
227
293
Average sales prices (resales)
NZD000s
Villa Apartment Care Suite
537
622
594
865
864
963
320
326
358
FY23 FY24 FY25

6
9.2%
increase in total sales
volumes YoY
17.2%
increase in new sales
volumes YoY
Awatere
28%
*Revenue recognition policy remains consistent with prior years. ORA sales are only recognised when a contract becomes unconditional and has either cooled off or the resident has occupied the unit.
Strategic sales focus
Additional tools outside of pricing adjustments to increase sales volumes.
Sales focus
Impact
Alignment: accountability, alignment and
appropriate sales incentives for the sales
team
Centralised pricing office: managed by
the finance function to increase the
frequency of unit pricing reviews and
ensure optimum pricing
Resident incentives:cash incentives,
furniture packages and moving costs have
been used in a targeted manner
The Helier
113%
Increases in new ILU sales volumes (year on year)
The Bellevue
61%
The Bayview
44%

7
Repositioning: A refined marketing approach introduced
to shift perceptions of The Helier as exclusively high end
and expensive. Messaging now emphasises ‘affordable
luxury’ in a connected community, supported by well
positioned weekly pricing
The Helier marketing
Prioritising marketing spend to drive quality leads.
The Helier
Early Performance Indicators:
190% increase in qualified leads from
31-Jan to 31-Mar vs PCP
450% increasein website traffic from
31-Jan to 31-Mar vs PCP

8
Developments completed in FY25
Completion* of all high density developments under construction, the FY26 focus is getting construction ready villa products.
A total of 224 units were delivered in FY25, made up of 106 care suites and 118 apartments.
50
Apartments
completed inDec-24
*Meadowbank dementia will welcome residents in May2025.
Elmwood,
Auckland
106
Care suites
completedin Sep-24
Build Costs c. $55m
- $4.0m units sold
- 55% of 22 units available for sale sold
- Remaining units occupied with
transferred residents
Build Costs c. $50m
- $9.5m units sold
- 16% of units sold
Waterford,
Auckland
Awatere,
Hamilton
Stage 2- Apartments
completedin May-22
63
Build Costs c. $55m
- $5.1munits sold. 7% of units sold
Build Costs c. $38m
- $33.9m units sold. 76% of units sold
68
Stage 3- Apartments
completedin Nov-24

9
$51m
$213m
$88m
• Total unsold stock (including resale stock) of $392m, vs
$396m at Mar-24
1
• $104m of development stock remaining from Awatere,
Waterford and Elmwood at FY25
• Development stock has reduced from $353m at FY24
1
to
$342m despite the addition of c. $120m of new stock
during FY25. Sales in the period totaled $131m
• The value of new stock over 12 months old increased
primarily due to aging stock at:
• The Helier ($112m of remaining stock), final stage
completed Feb-24, and
• The Bayview stage 3($40m of remaining stock), 28
apartments completed Dec-23
1. Based on CBRE Limited Valuations.
2. Units developed currently occupied by transferred residents and residents occupying care suites under a PAC.
Stock update
Sell down of new stock remains a key focus for Oceania.
Our development stock will be used to repay development debt
FY24
1
$353m
Value of unsold new
stock unavailable for
immediate sale
2
Value of unsold new
stock completed within
the last 12 months
Value of unsold new stock
completed over 12 months
ago
Key stock movements since FY24
$55m
$104m
$183m
FY25
1
$342m
c. $120m of development stock
added during FY25

Financial

11
Profit and loss
Total operating profit increased by 7.8% driven by the 48% uplift in change in fair value of IP.
1
•Fair value and impairment of IP and PPE: Increased 25.1%
from FY24 to FY25 at mature and existing villages
•Finance expenses: Finance costs increased by 26.8% primarily
due to the expensing of $10.5m of interest on completed
developments during FY25 (FY24: nil). This was partially offset
by a loan modification gain as a result of the refinance
•Operating expenses:Increased 1.5%. Focused optimisation of
the operating model resulted in $5m in cost savings, to be
realised in FY26. The programme is on track to realise a further
$10-$15m in cost savings in FY27
•Business closure: With changes to the certification pathways
for overseas nurses recently introduced, a decision was made
during FY25 to close the Wesley Institute of Nursing Education,
with the final course concluding in Apr-25. Wesley contributed
EBITDA of $4.7m in FY25 and $6.8m in FY24
1. The change in fair value equates to an uplift of $29.4m or 48%. See appendix 02.
2. Includes change in fair value of IP, other revenue, rental expense in relation to ROU asset, impairment of goodwill and impairment of PPE. See appendix 02.
Var
FY24FY25NZDm
(1.8%)
265.5260.6Operating revenue
1.5%
(256.7)(260.6)Operating expenses
25.1%
55.068.8
Change in fair value of IP, impairment of
PP&E and other
2
7.8%
63.868.8Operating Profit
26.8%
(16.4)(20.8)Finance costs
12.5%
(12.8)(14.4)Depreciation (buildings)
24.2%
(6.2)
(7.7)
Depreciation and amortisation (chattels
and other)
(8.8%)
28.425.9Profit before Income tax
45.2%
3.14.5Taxation benefit
(3.5%)
31.5
30.4Reported Net Profit after Tax
13.3%
39.0
44.2Other Comprehensive Income
5.8%
70.5
74.6Total Comprehensive income

12
Trading results
Underlying EBITDA
1
increased 4.1% despite continuing to divest, driven by a 22.6% increase in capital gains.
1. This slide provides trading and underlying measures. A reconciliation to the reporting statutory figures is included in Appendix 01.
Village capital gains are strong while care costs reduce
Underlying EBITDA
1
Care premiumisation
$25.4m
12.5% increase
from FY24
Total
occupancy
(excl dev sites)
94.5%
Underlying NPAT
1
4.1% increase
from FY24
$62.1m in
FY24
22.6% increase
from FY24
Realised capital gains
1
(DMF and PAC fees)
$86.0m
$52.5m
$83.2m
2.0% increase
from FY24
Key themes
Underlying EBITDA increased 4.1% despite a reduction in
operating revenue, increased expenses and continued
divestments in the period
Underlying NPAT decreased by $9.6m. A key driver for the
reduction was the FY25 interest expense which
included $10.5m relating to interest on completed
developments (FY24 nil)
Realised capital gains have increased $15.3m since FY24,
driven by strong resale margins at Meadowbank and capital
gains from The Helier
Premium care revenue is up 12.5%, driven by our recently
completed developments at Elmwood, Lady Allum, Redwood
and The Helier
Total occupancy (not affected by development sites) is up
2.0% from FY24

13
Care segment total revenue, EBITDA and EBITDA margin (incl. capital gains) (%)
NZDm
Care dashboard
Group care occupancy continued to rise, up 1.2% since FY24. Care EBITDA per bed also increased by 2.7% YoY.
Care EBITDA per bed
NZD
Care occupancy
• Care EBITDA per bed including capital gains has increased
7.5% reflecting a modernised care portfolio
• Care suite development margin increased 7.0%, driven by
higher margin sales at The Helier
• Increase in EBITDA per bed excluding capital gains up
2.7% to $10.3k
9,044
10,106
10,374
16,639
18,033
19,385
FY23FY24FY25
Care EBITDA per bedCare EBITDA per bed including capital gains
90.4%
91.1%
92.3%
92.0%
92.6%
94.5%
FY23FY24FY25
Group OccupancyOccupancy of sites not affected by development
19.3%
18.7%
19.0%
10.5%
10.5%
10.2%
FY23FY24FY25
RevenueEBITDAEBITDA margin (cap gains incl.)EBITDA margin

14
Care business
Care business remains stable with EBITDA per bed increasing since FY24.
Var
FY24FY25NZDm
(4.0%)
181.4 174.1 Daily care fees
17.2%
6.4 7.5 PAC revenue
10.5%
16.2 17.9 Care suite DMF
(61.9%)
4.2 1.6 Other revenue
(3.4%)
208.2 201.1
Total aged care operating
revenue
(4.0%)
(146.0)(140.2)Staff and resident expenses
0.7%
(40.2)(40.5)
Occupancy and site overhead
expenses
(3.0%)
(186.2)(180.7)Total aged care expenses
(7.3%)
22.020.4Aged Care Underlying EBITDA
2.7%
10,102 10,374
EBITDA per care bed / suite
Plus: Other aged care related earnings included within the
Village Segment
1
7.0%
8.6 9.2 Care suite development margin
(1.2%)
8.6 8.5 Care suite resale gains
(2.1%)
39.0 38.2
Aged care related underlying
EBITDA
7.5%
18,033 19,395
Aged care related underlying
EBITDA per bed
•Increase in EBITDA per bed including capital gains up 7.5%
to $19.4k
•Impact of divestments: See Appendix 03 for summarised
P&Ls of sold and exited care sites in FY25 and FY24
•Lower revenue following divestments and lower gain on
divestments (recognised in FY24 as Other Revenue)
contributed to 80% of the 3.4% aged care operating revenue
decline
•Aged care expenses decreased 3.0% in totality, but were
8.1% higher than FY24 excluding divestments, partially
driven by new care suites opening at The Helier and
Redwood
•EBITDA Impact: Aged Care Underlying EBITDA increased
4.3% excluding divestments. See normalised view in
Appendix 03
1. 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.

15
•Village weekly fees are now index linked for new
ORAs, resulting in a $15m valuation gain at HY25
•Strong development margins: The value of
development margins increased 36.4%, taking the
average capital gain to 36% as a result of elevated
sales performance at The Helier, Bellevue and
Redwood
•Sales volumes: increased by 9.2% (520 vs. 476
units). Notably a large increase in new sales of 17%
•Care suite total sales increased by 13.6% from
FY24, with new care suite sales increasing by 27.9%
and resales increasing by 8.4%
Sales volumes
Our retirement villages
Total sales have increased on FY24, as we continue to execute on our sales targets.
FY25FY24FY23
Development and resale margins
ResalesNew sales
98
182
129
190
130
206
54
74
89
68
97
87
152
256
218
258
227
293
38%
31%
36%
21%
21%
20%
FY23FY24FY25
Development MarginResale Margin

16
Retirement village business
Increase in sales volumes leads to a 13.7% increase in Retirement Village Underlying EBITDA.
1. This slide provides trading and underlying measures. A reconciliation to the reporting statutory figures is included in Appendix 01.
2. Other revenue in FY24 included $2.7m of insurance income relating to Lady Allum.
Var
FY24FY25NZDm
2.3%
38.6 39.5 Villa and Apartment DMF
11.3%
9.7 10.8 Retirement village service fees
(28.3%)
4.63.3 Other revenue
2
1.3%
52.9 53.6
Total retirement village
operating revenue
7.1%
32.5 34.8Realised gains on resales
36.4%
35.4 48.3 Realised development margin
11.6%
(36.1)(40.3)
Total retirement village
expenses
13.7%
84.896.4
Retirement village underlying
EBITDA
5.3%
319 336 Total resale volume
17.2%
157 184 Total new sales volume
9.2%
476 520 Total sales volume
Less: Aged care related earnings included within the Village
Segment
3.5%
(17.2)(17.8)
Care suite development margin &
resale gains
16.3%
67.6 78.6
Retirement village underlying
EBITDA (ex care)
•Resale margins grew 7.1% on pcp,driven by ILU resale
margins of $8.0m at Meadowbank
•Development margin increased 36.4%, driven by sales at
The Helier, The Bellevue and Redwood (contributing
c.$35m)
•Retirement village underlying EBITDA grew 16.3% ex
care: driven primarily by resale and capital gains
83.0
84.8
96.4
FY23FY24FY25
Retirement village underlying EBITDA
1
($m)

17
Cash flow
Cash flow from operating activities increased by 6.7%, $110.3m in FY25 compared to $103.4m for FY24.
1. Restated in prior periods, this restatement increases Operating Cashflow from $70.2m to 78.8m in March 2023 and $85.4m to $103.4 in March 2024. Refer to note 1.2(ii) of financial statements.
Var
FY24FY25NZDm
(3.3%)
207.9 201.0 Receipts from residents for village and care fees
10.1%
(241.6)(266.1)Payments to suppliers and employees
27.4%
147.5 187.9 Net occupational rights agreements
20.2%
(10.4)(12.5)Net interest, goods and services tax and other
6.7%
103.4
1
110.3 Net cash inflow from operating activities
(23.3%)
(52.0)(39.9)Payments for PPE and intangible assets
(42.6%)
(128.4)(73.7)Payments for IP and IP under development
2.2%
(18.0)(18.4)Interest paid in relation to development borrowings
64.6%
19.2 31.6 Proceeds from sale and / or disposal of PP&E and IP
(44.0%)
(179.2)
1
(100.3)Net cash outflow from investing activities
(109.9%)
84.8(8.4)Net borrowings
(28.6%)
(2.1)(1.5)Principal Payment for lease liabilities
-
(6.8)-Dividend paid
(113.0%)
75.9 (9.9)Net cash inflow from financing activities
0.0%
0.1 0.1 Net increase in cash and cash equivalents
1.4%
7.4 7.5 Cash and cash equivalents at beginning of the period
1.3%
7.5 7.6 Cash and cash equivalents at end of the period
• Development capital expenditure reduced $54.7m as
FY25 saw completion of remaining high density
developments
• Net cashflow from operating activities has increased to
$110.3m from FY24 largely attributed to a net 27.4%
increase in new occupation right agreements
Net cash flow from operating activities
1
($m)
78.8
103.4
110.3
FY23FY24FY25

18
34.9
34.4
51.9
60.4
86.8
94.8
Development debt from projects
under construction and land purchases
Value of related land assets and WIP
LandWIP
1. Development debt balance includes The Helier, Elmwood care suites, Redwood care suites, Waterford apartments and Awatere apartments (Stage 3).
2. The estimated value of 44 care suites (which are occupied by ORA transfers) at Elmwood. These units are not currently valued as unsold stock, but will be used to repay development debt once the transferred ORA resident vacates and the unit is sold.
3. The future and current development debt and associated value includes the land at Franklin, Bream Bay, Gracelands and Woodlands, plus WIP balances at Franklin and Meaadowbank. The cost of land purchased at Gracelands and Woodlands was funded by facility A/core debt.
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. In
aggregate we have $146m of asset coverage to our current development related debt.
Development debt from completed (but not yet fully repaid)
1
developments to underlying development assets (NZDm)
Development debt – future and current developments
• $8m / 1.09x coverage from land and WIP values
• Faster cash recycling from villa products in the medium term
Development debt – completed sites in sell down
• Our unsold new stock will be used to repay development debt, with
excess proceeds of $138m available to pay down working capital
borrowings or additional development borrowings
Development debt from land purchases and developments under
construction
3
to underlying development assets
3
(NZDm)
2
3
3
1
218.4
341.8
15.0
218.4
356.8
Development debt
from completed developments
Value of unsold new stock
Estimated value of 44 care suites at Elmwood

19
Balance sheet
The balance sheet has demonstrated both growth and stability, NTA per share increased 5.9% YoY.
•Covenants: All financial banking covenants met
•Gearing
1
:Gearing has decreased 5.1% to 36.3% at
FY25 from 38.3% at FY24
•Borrowings: Decrease of 2.0% reflective of sell
down of unsold stock and divestments offset by
ongoing development costs
•Asset Growth: Total assets rose $158m to $2.9b,
driven by completions of care suites at Elmwood, and
apartments at Awatere and Waterford
•Net Tangible Assets: rose by 8 cps to $1.51 cps in
FY25 from FY24
1. Gearing refers to net debt/(net debt+equity), a financial ratio that measures a reliance on debt vs equity financing.
VarFY24FY25
NZ$m
Assets
(6.9%)135.4126.1Cash and trade receivables
8.3%2,586.32,800.5Property assets
(76.8%)60.714.1Other assets
5.7%2,782.42,940.7Total assets
Liabilities
10.2%1,004.81,106.8
Refundable occupation right
agreements
(2.0%)640.5627.7 Borrowings
(5.7%)110.6 104.3 Other liabilities
4.7%1,755.91,838.8Total liabilities
Equity
0.0%716.0 716.0 Contributed Equity
(120.4%)(34.3)7.0Retained Deficit
9.9%344.8 378.8 Reserves
7.3%1,026.51,101.8Total equity
7.5%1,020.81,097.1Net tangible assets

20
125
100
500
FY26FY27FY28FY29FY30FY31
1. Oceania accounting policy, finance costs on working capital facility and in relation to completed developments recognised in NPAT. Finance costs in relation to developments under construction capitalised to WIP. Total finance costs in relation to completed developments circa $10m
for FY25.
Bank refinance - strong lender support
Successfully refinanced existing $500m debt facilities with no amendment to covenants. Effective 1 May 2025.
Split and increase in tenor provided a spread of the maturity profile of term
and retail debt
Pro-forma debt tenor profile has improved (NZDm)
Pre re-finance
125
100
50
450
FY26FY27FY28FY29FY30FY31
•Good demandfrom both existing and new lenders,
with optimal pricing, reflecting a strong market
appetite for the business
•Expanded syndicate: BNZ joined the three
incumbent lenders
•No waivers or amendments to banking covenants
sought, with confidence in current and ongoing
compliance
•No new requirements for syndicate approval of
land purchases or development commencement
•Secured line and margin fee cost savings of
estimated c.$1.0m per annum
1
Post re-finance
Retail bonds
Bank facilities

21
Covenants exceeded:ICR coverage of 3.5x
compared to the covenant of 2.0x. The covenants
were unchanged through the refinance process
Flexibility to repay debt: Oceania has the
flexibility to pay down core debt once a
development has been fully paid off
Fixed interest rates: We have $225 of retail
bonds with a blended interest rate of 2.7%,
expiring in FY28 and FY29. $50m of 3.4% interest
rate swaps expire FY27
Current average interest rate: (including margin
and hedging) on bank debt of 4.81%
HeadroomDrawn amount Facility limitDebt facilities
$72.9m$112.1m$185mGeneral / corporate
$16.5m$298.5m$315mDevelopment facility
-$225.0m$225.0mRetail Bonds
$89.4m$635.6m$725.0m
Total limits /
borrowings
$7.6m$7.6mn/aCash
$97.0m$628.0m
Total net debt /
headroom
Oceania holds sufficient headroom in its $725m of debt facilities, for future developments and land acquisitions, and complies with all banking
covenants.
Balance sheet management
As at
FY24
As at
FY25
Debt
covenant
Covenants
$636.5m$628.0m
n/aNet debt
38.3%36.3%
n/aNet debt / (net debt + equity)
38.8%37.8%
<50%Loan to value ratio
3.4x3.5x
≥ 2.0xICR
1

22
1. FY25 Climate-Related Disclosure to be published in early June 2025.
Sustainability and climate
Sustainability underpins Oceania’s strategic pillars, and we are committed to integrating thinking across the business.
Environment
Green star ILU developments: All new ILU developments are
continuing to be designed to NZGBC Homestar ratings
Waste target achieved in FY25: achieved a construction waste
away from landfill diversion rate of >85% for Auckland and >75%
for regional areas, exceeding targets
Reduction in absolute Scopes 1 and 2:GHG emissions by 42%
by FY2030 from a FY2022 base year: -29% (reduction against
FY2022 base year)
Social
Finalistin Sustainability Leadership Deloitte Top 200
business awards
Supported RVA sector negotiationsthat improve
transparency, enhance resident wellbeing and support the
long-term sustainability sector
Staff retention improved to 77.4% demonstrating the building
of a more supportive and stable workplace
Governance
Refresh:of FY27 – FY31 strategic plan
Climate transition plan
1
: providing strategic direction to reduce climate risks and build resilience by transitioning to a low-emissions future
Growth: Focus on growth and building new developments that align with the modernisation of the portfolio
Implementation:of new IT systems to create efficiencies in the workforce
E
S
G

Portfolio

24
Portfolio direction
The portfolio's evolution from IPO reflects a strategic shift focused on growth and modernisation.
• Since listing, the majority of the portfolio (88%) has been
significantly improved through acquisition and development
Since IPO in 2017, 88% of sites in the Oceania portfolio have been redeveloped or acquired, resulting in a new modern portfolio
% of sites developed or acquired since IPO (by valuation)FY17 vs FY25 Portfolio
• There has been a focus on modernising the existing portfolio
and increasing the number of independent living units
• 18 sites have been sold or exited since IPO
2,580
242
1,054
3,876
1,068
1,090
2,003
4,161
Care BedsCare SuitesILUsTotal
FY17FY25
88%
12%

25
Progress since March 23:
Divestment programme
Over the course of FY25, 7 sites have been sold for aggregate proceeds of ~$35m
1
. The divestment programme will continue to consider the
portfolio’s strategic direction and appropriate use of capital.
1. Woburn was under contract as at 31 March 2025, and settled 13 May 2025.
10
sites sold
1
~$55m
from divestment
programme
(past 24 months)
OtumaramaWoburn
1
Totara Park
FY25 divestments ($35.5m)
Victoria Place MiddleparkHolmwoodTakanini
FB0

Slide 26
FB0 Diff from AR as includes Woburn. Just to be aware of
Fiona Burns, 2025-05-15T11:41:47.713

26
Developments under construction - Meadowbank
The opening of the Dementia Building marks the sixth and final stage of a 15 year modernisation journey for Meadowbank Village.
Build cost c. $26m
40 Dementiabeds
Completed in May-25
• The dementia development concludes the sixth and final
stage of a key integrated Auckland site
• Innovative ORA offering for dementia suites, prices
starting from $695k
• Certification has been granted for Oceania to offer
excellent resident centered care
• The Oceania integrated enriched model of care guides
and supports residents, families, and staff
Meadowbank Offering
36Total serviced apartments
157Total apartments
64Total care suites
40Total dementia suites
>15 yearsYears to develop entire site
Meadowbank
Auckland

27
Developments under construction - Franklin
Stage one of the Franklin development is set to be completed in FY26, Oceania’s first greenfield broadacre site.
Stage one build cost including community centre c. $50m
31 villas
1
Community
Centre
Full Site Statistics inclusive of new development
132Total villas
43 (developed > 2030)Total apartments
81Total care & dementia units
7-10 YearsYears to develop entire site
c. $110mForecast peak development debt on site
c.$200m-$250mTotal cost of development
• Village and Sales manager at Franklin appointed and
commenced April 2025
• First Oceania Homestar 7
2
villas and first Green Star
community
• Residents will receive amenity from the moment they join
the village, creating an immediate community
• 3 on site showhomes are complete
Franklin
Auckland
Stage one to be
completed in FY26
1. 1 villa is currently being used as a sales office and 30 villas will be available for immediate sale.
2. The Homestar 7 rating is achieved using the new tool Version 5 (v5), which is higher specification to the previous 4.1 version.

28
High Density Developments
1.4 ha – 140 units consented
Future high density apartments
to complete the site (artistic
image shown)
The Bayview, Tauranga
1.5 ha – 120-150 units
consented
Future 20-40 dementia suites
and apartments to complete
integrated site
2.6 ha - 70 villas planned
Adjoining land was added to
this site in FY25 further
expansion of lower density
development to a mature site.
7.6 ha – 23 villas consented
Broadacre villa product with
future potential for >105villas
and 40-60 care suites on
adjacent section
Oceania landbank
Oceania’s landbank currently includes 23.5ha of development land adjoining existing villages. Providing optionality to further develop as market
conditions improve. Some key land banks are listed below.
1.8 ha – 70-100 villas
planned
Villa product with optionality
for future apartments
Bream Bay, Ruakaka
Waterford, Auckland
0.2 ha – 60-80 care units
planned
Opportunity for care suites
completing integrated offering
Lady Allum, Auckland
Villa Developments
Elmwood, Auckland
Gracelands, Hawkes Bay

Strategy

30
Strengthening the foundations: before launching the strategy
We’re focused on executing our near term Enhancement Plan, strengthening our core ahead of full strategy rollout.
Address performance and capability pain
points
Execute on operational optimisation plan -
$15 - $20m cost savings
Tighten operational execution to drive
ongoing cashflow improvements
Consolidate and enhance our foundations
FY26 Enhancement Plan

31
1. Woburn proceeds received 13 May 2025.
Strengthening the foundations: progress update
At HY25, we set clear near term objectives for the business which have been achieved.
Focus for FY26FY25 PerformancePriorities
• Continue improving sales cadence at sell down sites
• Reduce stock levels
• Continued upskilling of inhouse capability
• Total sales volumes up 9% on FY24
• New sales up 17%, resales up 5% on FY24
• 24 ILU and CS sales at The Helier in FY25
Sales
• Further reduction in gearing
• Review of Dividend Policy
• Gearing reduced to 36.3% vs 38.3% in FY24
Capital
Management
• Broader business optimisation programme underway targeting
$10m to $15m of sustainable annualised savings with full
benefits to be realised during FY27
• $5.2m of cost savings have been actioned and will be realised
from 2HY26
• Investment in systems and software to increase operational
efficiency
• Right sizing programme established with
$5.0m cost savings to be realised in FY26
Cost Control
• Continued review of portfolio return on investment
• Continue broadacre villa developments
• $10.5m from divestment of 3 sites since
HY25
1
• Total FY25 divestment proceeds of $35.5m
relating to 7 sites
1
Portfolio
Alignment
• Align operating structure to strategic objectives
• Established a full executive team, that has the
expertise required for the next strategic phase
Our People

32
The programme spans a broad range of areas, focusing on both cost saving
and cash generating opportunities
Establishment of a transformation office and investment in ICT systems to
improve efficiency and productivity
Oceania has launched a company wide programme to improve both financial
and operational efficiency from FY26
Strengthening the foundations: cost out programme
An Enhancement Plan is in place to improve both operational and financial efficiency during FY26 and supporting strategic priorities.
Overview
Scope
The FY27 target savings range reflects our commitment to operational
efficiency while allowing for strategic investments that support sustainable,
long term cost optimisation
Target Savings Range
Optimisation of the operating model
Targeted cost saving benefits $15 - $20m in total
Full benefit duringAnnualised amountItem
FY26$5.0mReduction in professional service fees
FY27$5.2mRight sizing support functions
FY27$4.8m - $9.8mBusiness optimisation programme
$5.0m
$5.2m
$4.8m
$15.0m
$5.0m
$20.0m
Reduction in
professional
service fees
Right sizing
support
functions
Business
optimisation
programme
Targeted cost
saving benefits
(low)
Business
optimisation
programme
Targeted cost
saving benefits
(high)

33
Strengthening the foundations: before launching the strategy
We’re focused on executing our near term enhancement plan, strengthening our core ahead of full strategy rollout.
Address performance and capability pain
points
Execute on operational optimisation plan -
$15 - $20m cost savings
Tighten operational execution to drive
ongoing cashflow improvements
Consolidate and enhance our foundations
Our five year strategy will scale Oceania’s
integrated village model, deepen our care and
living offer, and position the business for
disciplined, long term growth.
Further detail on strategy will be provided
over the coming months
FY26 Enhancement Plan
Strategy - Scale for Growth

Appendices
Underlying earnings01
Income Statement02
Proforma group underlying earnings03
Cash flow04
Resales cash flow and capital expenditure05
Embedded value and affordability06
Balance sheet07
Future cash recycling 08
Portfolio summary09
Future development outlook10
Development pipeline11
Reconciliation of portfolio movements12
Summary of unit sales13
Definition of Underlying NPAT14
Glossary15
Important notice and disclaimer16

35
Underlying EBITDA of $86.0m for the 12 month period ended 31 March 2025, 4.1% increase on FY24.
Underlying earnings
Reconciliation of underlying adjustments Segmental underlying adjustments
01
FY23VarFY24FY25NZDm
15.4 (1.1)31.5 30.4 Reported net profit after tax
(13.4)(17.7)(46.4)(64.1)
less: Change in fair value of investment property and
impairment of PPE, ROU asset
-(5.4)-(5.4)less: Fair value of loan modification
2.3 (0.4)0.6 0.2 add: Impairment of goodwill
27.0 2.332.5 34.8 add: Realised gains on resales
32.4 12.9 35.4 48.3 add: Realised development margin
(3.4)(1.5)(3.1)(4.6)less: Deferred tax
9.0 1.5 10.3 11.8 Add: Care Suite Depreciation
0.2 ---add: Rental expenses in relation to right to use asset
(10.0)(0.2)0.4 0.2
less: Insurance income on material damage due to
weather events
(0.9)(0.1)0.9 0.9 add: Other
58.6 (9.6)62.1 52.5 Underlying NPAT
2.3 0.22.4 2.6 add: Depreciation and amortisation (buildings)
6.6 1.6 6.2 7.7
add: Depreciation and amortisation (chattels, leasehold
improvements & software)
12.6 11.211.9 23.1 add: Finance costs
80.0 3.4 82.6 86.0 Underlying EBITDA
FY23VarFY24FY25NZDm
20.5(1.6)22.020.4Aged Care
83.011.684.896.4Retirement Village
(23.5)(6.6)(24.2)(30.9)Other
80.03.482.686.0Underlying EBITDA
Oceania successfully refinanced its banking facilities which resulted in $5.4m of a
gain on loan modification. The $5.4m gain has been removed from Underlying
NPAT in line with our policy to remove fair value adjustments.

36
02
Key valuation assumptions remained largely consistent from FY24 except for moderate increases applied to incoming prices across all typologies.
Income statement
FY24FY25Drivers
Investment Property
3.50% 2.50% 3.50% 2.50% PPGR – Long Term (low-high)
3.00% -3.00% -PPGR – Short Term (low-high)
20.00% 14.00% 20.00% 14.00% Discount Rates (low-high)
$634,427$654,109Average Incoming Price - Villas
$1,023,612$1,080,126Average Incoming Price - Apartments
Property, Plant and Equipment
17.50%12.25%15.00%12.25%Cap rate (low-high)
$56.95$9.55$52,060$9,305EBITDAR per bed (low-high, $000's)
$340,241$365,620Average Incoming Price - Care Suites
FY23VarFY24FY25
NZDm
247.2(4.9)265.5260.6Operating revenue
21.429.460.890.2Change in fair value of investment property
17.4(4.3)9.24.9Other Revenue
286.020.3335.4355.7Total Income
(231.3)(3.9)(256.7)(260.6)Operating expenses
(0.2)0.00.00.0Rental expenditure in relation to ROU Asset
(2.3)0.4(0.6)(0.2)Impairment of goodwill
(8.0)(11.6)(14.4)(26.0)Impairment of property, plant and equipment
(241.7)(15.2)(271.6)(286.8)
Total Expenses
44.25.063.868.8
Operating Profit
(14.3)(4.4)(16.4)(20.8)Finance costs
(11.4)(1.6)(12.8)(14.4)Depreciation (buildings)
(6.6)(1.5)(6.2)(7.7)
Depreciation and amortisation (chattels and other)
12.0(2.5)28.425.9
Profit / (Loss) before Income tax
3.41.53.14.6Taxation benefit/(expense)
15.4(1.1)31.530.4
Reported Net Profit / (Loss) after Tax
19.15.139.044.1
Other Comprehensive Income
34.54.170.574.6
Total Comprehensive income
•
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), Totara Park (sold).
2. No adjustment has been made in relation to acquisitions or development sites..
3. Including sites in footnote 1, plus Amberwood (sold), Greenvalley Lodge (sold), Everil Orr (lease exited), Wesley (lease exited),
Otumarama (closed).
Proforma group underlying earnings for FY25 of $84.5m. Adjustments include normalising for the impact of divesting, closing and exiting several
sites from our ongoing operations.
Proforma group underlying earnings
Normalised
FY25
Divested
Sites
1
FY25NZDm
20.9(0.5)20.4Aged care operations
12.70.613.2Retirement village operations
33.51.434.8Realised gains on resales
48.3-48.3Realised development margin
(30.9)-(30.9)Corporate
84.51.586.0Group Proforma Underlying EBITDA
2
51.11.552.5Group Proforma Underlying NPAT
2
1264130Villa and apartment resales
97-97Villa and apartment new sales
206-206Care suite resales
87-87Care suite new sales
5164520Total sales volume
Group proforma Underlying EBITDA and NPAT (FY25)
Group proforma Underlying EBITDA and NPAT (FY24)
3
Normalised
FY24
Divested
Sites
3
FY24NZDm
20.01.821.9
Care
17.2(0.3)16.9
Village Operations
30.91.632.5
Resales Capital Gains
35.4-35.4
Development Margin
(24.0)-(24.0)
Corporate
79.53.182.6
Group Proforma Underlying EBITDA
2
59.13.062.1
Group Proforma Underlying NPAT
2
1254129
Villa and apartment resales
89-89
Villa and apartment new sales
1837190
Care suite resales
68-68
Care suite new sales
46511476
Total sales volume
In the last 24 months to 31 March 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.
FY24
3
FY25
1
Summarised care P&L of sold and exited sites
(NZDm)
25.5 4.4 Aged care operating revenue
(23.7) (4.9) Aged care expenses
1.8 (0.5) Underlying care EBITDA

38
04
1. Restated in prior periods, this restatement increases Operating Cashflow from $70.2m to 78.8m in March 2023 and $85.4m to $103.4 in March 2024. Refer to note 1.2(ii) of financial statements.
Operating cash flow of $110.3m for the 12 months to FY25 compared to $103.4m in relation to FY24.
Cash flow
Statement of cash flows
FY23VarFY24FY25NZDm
196.7(6.9)207.9201.0Receipts from customers
(220.3)(24.5)(241.5)(266.0)Payments to suppliers and employees
(0.2)---
Rental payments in relation to right of use investment
property
178.868.2226.3294.5Receipts from new ORA
(79.3)(27.8)(78.8)(106.6)Payments for outgoing ORA
14.61.8(3.7)(1.9)Net goods and services tax received / (paid)
1.1(4.0)8.74.7Receipts from insurance proceeds
1.8(1.4)4.53.1Interest received
(14.4)1.5(20.0)(18.5)Interest paid on general borrowings
78.86.9103.4110.3Net cash inflow from operating activities
1
0.011.720.432.1Proceeds from sale and / or disposal of PP&E and IP
(8.6)(0.5)(18.0)(18.5)Interest Paid in relation to development borrowings
(55.2)12.2(52.0)(39.8)
Payments for PPE, intangible assets and assets held
for sale
(103.6)54.7(128.4)(73.7)
Payments for investment property and investment
property under development
(0.9)0.8(1.2)(0.4)Payments for assets held for sale
(59.9)---Payment for business assets
(228.2)78.9(179.2)(100.3)Net cash outflow from investing activities
228.2(36.7)138.7102.0Proceeds from borrowings
(54.3)(56.5)(53.9)(110.4)Repayment of borrowings
(2.2)---Capitalised borrowing costs
(21.8)6.8(6.8)0.0Dividend paid
(2.8)0.6(2.1)(1.5)Principal Payment for lease liabilities
147.1(85.8)75.9(9.9)Net cash inflow from financing activities
(2.3)0.10.00.1Net increase in cash and cash equivalents
9.70.17.47.5
Cash and cash equivalents at beginning of the
period
7.40.17.57.6Cash and cash equivalents at end of the period
Net cashflows from operating activities
1
NZDm
78.8
103.4
110.3
FY23FY24FY25

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 FY25 of $50.6m, 1.4% up vs. FY24.
•
This is driven by 30% greater New ORA receipts, offset by payments for outgoing ORA’s
increasing by 35% and cash inflows for new sales also increasing by 41% YoY.
•
Buybacks include the closed building at The Oaks and at Elmwood relating to villas which have
been ear marked for redevelopment.
Breakdown of Capital Expenditure
FY24FY25NZ$m
24.58.7 Acquisitions
136.3102.2Development capital expenditure
-0.2 Care suite conversions
Maintenance capital expenditure
1.8 1.8- Care Suite refurbishment
3.9 4.1 - Other aged care
7.3 11.0 - Village refurbishment
2.2 2.6 - Other retirement village
5.5 1.8 - IT and other
20.8 21.3Total refurbishment and maintenance
181.6 132.4 Total capex per statutory cashflow statement
FY24FY25NZD $m’s
226.3
294.5
Receipts from New ORAs
(78.8)
(106.6)
less: Payments for Outgoing ORAs
(97.6)
(137.4)
less: Cash Inflow From New Sales
49.9
50.6
Net Resales Cash flow
Made up of :
32.535.4Resale Gains
28.132.2DMF Realised
(15.8)5.6Add: Net Deferred Cash Settlements
(12.3)(6.5)less: Development Buybacks
17.2(15.5)less: Net Buybacks
(1.1)(1.2)less: Resident Share of Capital Gains
1.40.5less: Other Cash amounts paid/received from resales
49.950.6Net Cash flows from Resales

40
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 14.4% since FY24 to $591.0m as at FY25 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 $591.0m, up 14.4% since FY24.
•
Embedded value includes:
•$293m of accrued DMF cash flows to be realised; and
•$298m of resale gains.
•
The growth in embedded value reflects growth in our portfolio, migration to our standard
contractual terms at existing villages and a higher price point for the sale and resale of units and
care suites.
FY23 FY24 FY25
NZ$m
1,703.5 1,861.2 2,042.7 Estimated sale / resale price of all Units
(409.0)(395.6)(392.2)less: Unsold stock
(835.8)(948.8)(1,059.4)less: Resident liabilities (contractual)
458.7 516.8 591.0 equals: Embedded value
Average CBRE affordability ratio of Oceania residences
293.0 261.1
298.0
255.7
591.0
516.8
2,366
2,280
-
700
1,400
2,100
2,800
3,500
-
100
200
300
400
500
600
FY25FY24
Accrued DMFEmbedded Resales GainsNumber of units (rhs)
73.4%
80.6%
34.6%
VillasApartmentsCare Suites

41
Net adjusted value (“NAV”)
Balance sheet
FY24FY25
NZ$m
Assets
135.4126.1Cash and trade receivables
770.9828.5Property, plant and equipment
1,815.41,972.0Investment properties
44.3(0.0)Assets held for sale
5.74.7Intangible assets
10.69.4Right of use assets
2,782.32,940.7Total assets
Liabilities
52.136.4Trade, other payables and provisions
47.357.3Deferred management fees
1,004.81,106.8Refundable occupation right agreements
640.5627.7Borrowings
11.210.6Lease liabilities
1,755.91,838.8Total liabilities
Equity
716.0716.0Contributed Equity
(34.3)7.0Retained Deficit
344.8378.8Reserves
1,026.51,101.8Total equity
1,020.81,097.1Net tangible assets
07
Total assets increased by $158m from 31 March 2024. Oceania’s net adjusted value is $1.43 per share as at 31 March 2025.
Balance sheet
•
Current headroom in bank facilities (plus cash) of $97m.
•
The NAV reflects the value of existing sites, plus the land and WIP at development sites. As
such, the present value of net development cash flows and future earnings at development sites
are excluded.
FY24FY25
NZ$m
770.9828.5PP&E (inc WIP)
1,826.21,981.4IP & ROU Assets (incl WIP)
44.3(0.0)Held for Sale
2,641.32,809.9Sub Total
(820.7)(913.1)less ORA Gross Up
(168.3)(197.3)add: Adj for CBRE –Care Suites
38.4(33.6)add: Other
1,690.61,665.8CBRE plus WIP
(636.5)(628.0)less: Net Debt
1,054.21,037.8Net Adjusted Value
724.2724.2Shares on Issue
1.461.43Net Adjusted Value per Share

42
08
225.0
341.8
102.7
271.9
122.6
496.9
567.1
Development Related DebtUnderlying Development Assets
BondsUnsold StockWIPDevelopment debtDevelopment Land Total
1. Development debt excludes Oceania’s general / corporate facility but includes corporate bonds and accrued
capitalised interest. The cost of constructing 44 care suites (which are occupied by ORA transfers) at Elmwood has
been removed as they are not included as development assets. $15m has also been reduced to reflect the proceeds
from new sales which were used to repay facility A/core debt during FY25.
2. The WIP balance has been adjusted to include GST, capitalised interest and chattels as per prior reporting periods.
Oceania’s debt is primarily development related, supported by current and future new sales stock, providing a clear path to debt repayment.
Development debt
1
to underlying development assets
2
(NZDm)
• Our development assets remain at 114% of development debt
1,2
at Mar-
25, compared to 115% at Mar-24
• 100% of bonds included as ‘development debt’ although $25m was used
to paydown facility A in Oct-21
• No change to value of unsold stock at The Helier
• Higher density, lower development margin completions in recent years
has contributed to reduced asset to debt coverage
• The value of development debt has been adjusted to exclude the
development cost of 44 ORA residents at Elmwood, and $15m of
proceeds from new sales which were used to repay facility A since Mar-
24
• The value of development land is like for like with FY24, including
divested land bank
• The WIP balance has been grossed up to include GST on the Awatere
and Waterford developments which have been removed following the
change of use to serviced apartments
12
Future cash recycling

43
TotalVillage unitsCare suitesCare bedsRegionSite
NORTH ISLAND
83 83 --RuakakaBream Bay
108 64 44 -North ShoreThe Sands
242 129 113 -North ShoreLady Allum
46 --46 North ShoreTe Mana
150 150 --WaitakereWaterford
111 79 32 -St HeliersThe Helier
70 58 -12 RemueraRemuera Rise
154 89 65 -Mt EdenEden
256 193 63 -MeadowbankMeadowbank
250 129 106 15 ManukauElmwood
1
18 18 --ManukauSt Johns Auckland
44 --44 FranklinFranklin
261 171 90 -HamiltonAwatere
63 10 -53 WhitiangaWhitianga
38 --38 TaurangaElmswood
243 162 81 -TaurangaThe BayView
76 8 -68 PaeroaOhinemuri
84 6 40 38 TaupoSt Johns Wood
68 21 -47 TaupoWharerangi
66 --66 HastingsDuart
56 6 -50 HastingsEversley
207 119 11 77 HastingsGracelands
129 46 28 55 NapierAtawhai
33 --33 Hawke's BayWoburn
2
95 -15 80 ParaparaumuEldon
136 12 22 102 Upper HuttElderslea
58 -20 38 Upper HuttHeretaunga
46 46 --Upper HuttHutt Gables
TotalVillage unitsCare suitesCare bedsRegionSite
SOUTH ISLAND
26 26 --PictonMarina Cove
101 40 61 -NelsonGreen Gables
124 124 --NelsonStoke
136 46 73 17 BlenheimRedwood
93 36 34 23 TasmanWoodlands
117 32 57 28 ChristchurchPalm Grove
137 32 36 69 ChristchurchThe Oaks
139 68 71 -ChristchurchThe Bellevue
97 -28 69 ChristchurchAddington
4161200310901068
TOTAL (NORTH AND SOUTH ISLANDS)
09
As at 31 March 2025.
Portfolio summary
1. 15 beds in the old care building remain occupied as at 31 March 2025.
2. Woburn settled 13 May 2025.

44
TotalILUsCare suitesCare beds
3,1911,599730862North Island
970404360206South Island
4,1612,0031,0901,068Total Existing
1284766518-Development Pipeline
(163)(52)-(111)
Less Decommissions
----
Care Suite Conversions
1121714518(111)
Net Development Pipeline
5,2822,7171,608957
Total Post Development
10
1. As at 31 March 2025.
68% 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 & future portfolio composition
1
Existing portfolio
Development pipeline
Post development portfolio
26%
26%
48%
2,003
RV units
1,068
Care
Beds
1,090
Care
Suites
40%
60%
766
RV Units
518
Care
Suites
5%
43%
52%
663
Planned
550
Consented
71 Under
Construction
32%
68%
2,821
Premium
1,340
Standard
18%
31%
51%
2,717
RV units
957
Care Beds
1,608
Care
Suites
22%
78%
4,105
Premium
1,177
Standard

45
Status as at 31 March 2025.
Net unitsGross unitsCare suitesILUsStatusStageSites
40
4040
Under Construction
Stage 6
Meadowbank
31
3131
Under Construction
Stage 1
Franklin
179
22681145
Consented
Stage 2-6
69
6969
Consented
Stage 2
Lady Allum
68
6868
Consented
Stage 3
107
107107
Consented
Stages 4-6
The BayView
52
5858
ConsentedEversley
23
2222
Consented
Stage 1
Bream Bay
16716760107Planned
Stage 2
60
6060
Planned
Stage 2
Waterford
62
1508070
PlannedGracelands
28
2828
Planned
Stage 2-3
Elmwood
76
7676
Planned
Stage 4+
72
724626
PlannedDuart
Other
31
5353
PlannedEldon
171717PlannedStoke
404040PlannedBayview
568621179442
Total Consented / under construction
11211284518766Total Pipeline
11
Development pipeline

46
As at
FY25
Changes in
pipeline –
decommissions
Changes in
pipeline – gross
units added
New units
deliveredNew units acquired
Conversion
of units to
care suites
Conversion
of beds to
care suites
Changes
in existing
capacity
As at
FY24
Existing
1068
(328)1,396Care beds
1090
106(87)1,071Care suites
2003
118(30)1,915Units
Pipeline
(111)
53(164)Care beds
518
28101(106)495Care suites
714
9(144)(118)967Units
5282
90(43)----(445)5,680Total
12
Totals as at 31 March 2025 reconcile to both the total existing and future post development portfolios at appendix 09.
Reconciliation of portfolio movements
Movements in gross pipeline since FY24
1,571
1,284
150 Units
52 Units
(106) Units
(68) Units
(50) Units
(206) Units
(18) Units
(41) Units
FY2024Gracelands - additional
land
Bream Bay
masterplanning update
Elmwood- CompletedAwatere -
completed
Waterford-
completed
Elmwood
masterplanning update
DivestmentsOther net
movements
FY2025

47
FY25FY24FY23FY22FY21
Resales
6782535554
Villa
6347453734
Apartment
206190182174124
Care suite
336319280266212
Total
20.3%21.2%21.5%21.2%22.0%
Average resale margin
FY25FY24FY23FY22FY21
New Sales
0802640
Villa
9781549267
Apartment
87687466115
Care suite
184157128184222
Total
35.5%31.1%37.6%28.0%26.1%
Average development margin
FY25FY24FY23FY22FY21
Average resale gain per unit / care suite
217,075200,335199,455184,245140,398
Villa
195,079159,340179,644142,662132,824
Apartment
41,35945,02645,80546,43555,331
Care suite
105,220101,79296,39988,31589,427
Average resale gain
13
Summary of unit sales

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14
Definition of Underlying NPAT
Underlying Profit (or Underlying NPAT)
Underlying Profit is a non-GAAP measure used by the Group to monitor financial performance and is a
consideration in determining dividend distributions. Underlying profit measures require a methodology
and a number of estimates to be approved by Directors in their preparation. Both the methodology and
the estimates may differ among companies in the retirement village sector that report underlying
financial measures. Underlying profit is a measure of financial performance and does not represent
business cash flow generated during the period.
Oceania calculates Underlying Profit by making the following adjustments to Net Profit after Tax:
•Removing the change in fair value of investment properties (including right of use investment
property assets) and any impairment or reversal of impairment of property, plant and equipment;
•Removing any impairment of goodwill;
•Removing any gains or loses from the sale or decommissioning of assets;
•Removing any rental expenditure in relation to right of use investment property assets;
•Adding back the Directors’ estimate of realised gains on resale of occupation right agreement units
and care suites;
•Adding back the Directors’ estimate of realised development margin on first sale of new ORA units or
care suites following the development, or conversion of an existing care bed to a care site or
conversion of a rental unit to an ORA Unit;
•Adding back depreciation on care suites; and
•Adding back the deferred taxation component of taxation expense so that only current tax expense is
reflected.
Resale Gain
Directors’ estimate of realised gains on resales of ORA units and care suites (i.e. the difference
between the incoming residents 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’ or where the resident is in
occupation at balance date.
Development Margin
The Directors’ estimate of realised development margin is calculated as the cash 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.
•Construction costs directly attributable to the relevant project, including any required infrastructure
(e.g. roading) 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 pro-rated basis using gross
floor areas of the ORA units and care suites;
•An apportionment of land valued based on the gross floor area of the ORA units and care suites
developed. The value for Brownfield development land is the estimated fair value of land at the time
a change of use occurred (from operating as a care facility or retirement village to a development
site), as assessed by an external independent valuer. Greenfield 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.
Development costs do not include:
•Construction, land (apportioned on a gross floor area basis) and interest costs associated with
common areas and amenities or any operational or administrative areas.
The Directors’ estimate of development margin for conversions of care beds to care suites and rental
units to ORAs is calculated based on the difference between the ORA licence payment received on the
settlement of sales of newly converted ORA units and care suites and the associated conversion costs.
Conversion costs comprise:
•In the case of conversion of care beds to care suites, the actual refurbishment costs incurred; and
•In the case of conversions of rental units to ORA units, the actual refurbishment costs incurred and
the fair value of the rental unit prior to conversion.

49
15
Glossary
ARCC
Aged Residential Care Contract
Care suite
A room or studio certified for the provision of care by the Ministry of Health which has been licensed
under an ORA.
DMF
Deferred Management Fees, charged under an ORA, of a maximum of 30% of the Occupation Licence
Payment, which are deducted from the refund paid to the departing resident upon resale of the unit or
care suite. These are in consideration for the right to use communal facilities etc over the entire length
of stay.
EBITDA
Earnings Before Interest, Tax, Depreciation and Amortisation
FYXX
12 month audited financial year.
ILU
Independent living units (villas and apartments) licensed under an ORA.
IP
Investment Property.
IPO
Initial Public Offering (of shares in Oceania).
NPAT
Net Profit After Tax.
ORA
An occupation right agreement that confers on a resident the right to occupy a unit or care suite subject
to certain terms and conditions set out in the agreement.
PAC
Premium accommodation charge on a care bed for accommodation provided above the mandated
minimum.
pcp20XX
Prior corresponding periods.
PPE
Property, Plant and Equipment.
PPGR
Property Price Growth Rate.
Resale Margin
Resale gain, as included in the definition of underlying profit, divided by the ORA licence payment
previously received from the outgoing resident.
Unit
Includes independent villas and apartments.
WIP
Work in progress.

50
16
Important notice and disclaimer
This presentation has been prepared solely by Oceania Healthcare Limited ("Oceania"). You
must read this disclaimer before making any use of this presentation and the accompanying
material or any information contained in it ("Document").
The presentation includes non-GAAP financial measures for development sales and resales
which assist the reader with understanding the volumes of units settled during the period and
the impact that development sales and resales during the period had on occupancy as at the
end of the period.
The addition of totals and subtotal within tables and percentage movements may differ due to
rounding.
The information set out in this Document is an overview and does not contain all information
necessary to make an investment decision. It is intended to constitute a summary of certain
information relating to the performance of Oceania for the period ending 31 March 2025.
Please refer to the Interim Financial Statements for the period ended 31 March 2025 that
have been released along with this presentation.
The information in this presentation does not purport to be a complete description of Oceania.
In making investment decisions, investors must rely on their own examination of Oceania,
including the merits and risks involved. Investors should consult their own legal, tax and/or
financial advisors in connection with any acquisition of financial products.
The information contained in this presentation has been prepared in good faith by Oceania.
No representation or warranty, expressed or implied, is made to the accuracy, adequacy or
reliability of any statements, estimates or opinions or other information contained in this
presentation, any of which may change without notice. To the maximum extent permitted by
law, Oceania, its directors, officers, employees and agents disclaim all liability and
responsibility (including without limitation any liability arising from fault or negligence on the
part of Oceania, its directors, officers, employees and agents) for any direct or indirect loss or
damage which may be suffered by any person through the use of or reliance on anything
contained in, or omitted from, this presentation.
This presentation is not a product disclosure statement, prospectus, investment statement or
disclosure document, or an offer of shares for subscription, or sale, in any jurisdiction.
Receipt of this Document and/or attendance at this presentation constitutes acceptance of the
terms set out above in this disclaimer.