Meadowbank Presentation

23 June 2025
Suzanne Dvorak
Kathryn Waugh
Results presentation
for the year ended
FY25

1
Agenda
•Welcome
•Performance Overview
•Trading Results and Portfolio Outlook
•Strengthening the Foundations
•Q&A Session
•Meadowbank Introduction and Site Walkthrough
•Afternoon Tea

2
Operational highlights
Solid progress in sales execution was demonstrated, and an operating model optimisationprogrammewasinitiated toimprove 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 3 scheduled to settle within 3 months
•Record sell down rate of new care suite development site.
Redwood 62% occupied within 12 months of opening
•Care occupancyfor sites not affected by development
1

increased to 94.5% from 92.6% FY24

3
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 increasethe
frequency of unit pricing reviews and
ensureoptimum 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%

4
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%

5
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.
PrioritiesFY25 PerformanceFocus for FY26
Sales
•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
•Continue improving sales cadence at sell down sites
•Reduce stock levels
•Continued upskilling of inhouse capability
Capital
Management
•Gearing reduced to 36.3% vs 38.3% in FY24
•Further reduction in gearing
•Review of Dividend Policy
Cost Control
•Right sizing programme established with
$5.0m cost savingsto be realised in FY26
•Broader business optimisation programme underway targeting
$10m to $15m of sustainable annualised savings with full
benefits to be realised duringFY27
•$5.2m of cost savingshave been actioned and will be realised
from 2HY26
•Investment in systems and software to increase operational
efficiency
Portfolio
Alignment
•$10.5m from divestment of 3 sites since
HY25
1
•Total FY25 divestment proceeds of $35.5m
relating to 7 sites
1
•Continued review of portfolio return on investment
•Continue broadacre villa developments
Our People
•Established a full executive team, that has the
expertise required for the next strategic phase
•Align operating structure to strategic objectives

6
The programme spans a broad range of areas, focusing on both cost saving
and cash generating opportunities
Establishment ofa transformation office and investment inICT 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 priori ties.
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
ItemAnnualised amountFull benefit during
Reduction in professional service fees$5.0mFY26
Right sizing support functions$5.2mFY27
Business optimisation programme$4.8m - $9.8mFY27
$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)

7
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

8
Financial Results and Portfolio Outlook
Kathryn Waugh
Chief Financial Officer

9
Total Sales Volume
520 units
Increaseof
9.2%
From 476 units in FY24
Total Comprehensive Income
$74.6m
Increaseof
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
Increaseof
6.7%
from $103.4m
2
in FY24
ORA Receipts
$294.5m
Increaseof
30.1%
from $226.3m in FY24
UnderlyingEBITDA
1
$86.0m
Increaseof
4.1%
from $82.6m in FY24
Dividend
The Directors have resolved not to declare a final dividend. Work is underway toreviewour Dividend Policy so that it better aligns
withthe operating cashflows of the business. Our revised Dividend Policy will be announced at the time of the ASM in June
Total Assets
$2.9b
Increaseof
5.7%
from $2.8b in FY24

10
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
UnderlyingEBITDA
1
Care premiumisation
$25.4m
12.5% increase
from FY24
Total
occupancy
(excl dev sites)
94.5%
UnderlyingNPAT
1
4.1% increase
from FY24
$62.1m in
FY24
22.6% increase
from FY24
Realisedcapitalgains
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 wastheFY25 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

11
$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 stockhas reducedfrom $353m at FY24
1
to
$342m despite the addition of c. $120m ofnew stock
during FY25. Salesin 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 remainsa 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
KeystockmovementssinceFY24
$55m
$104m
$183m
FY25
1
$342m
c. $120m of development stock
added during FY25

12
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

13
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 >105 villas
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

14
1. FY25 Climate-Related Disclosure published 5June 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 bedesigned 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
Finalist in Sustainability Leadership Deloitte Top 200
business awards
Supported RVA sector negotiations that 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

15
Meadowbank Introduction and Site Walkthrough
Ross Reddy
Regional Operations Manager

16
Meadowbank’s Market & Resident Demographics
2023 Census Data:
•16% of Meadowbank’s population
is 65+
•47% are 30-64
Median property price: $1.55M
Top reason for choosing
Meadowbank: Proximity to children &
grandchildren
Meadowbank Village
Demographics:
•98 residents (43%) are over 85
•39 residents are 88+
Future demand:
•Growing need for Care services
from ILU residents
•Higher apartment turnover
expected

17
Redevelopment of Meadowbank: Then &Now
Then: Underutilised & Unsustainable
A Strategic Redevelopment
Recognising the increasing demand for premium,
integrated retirement living, Meadowbank underwent
a phased redevelopment to create a financially
sustainable, full-continuum-of-care village.
Now: A Fully Integrated Master-Planned
Community

18
Meadowbank Today
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
Completedin 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
Total serviced apartments36
Total apartments157
Total care suites64
Total dementia suites40
Years to develop entire site>15 years
Meadowbank
Auckland

19
Q&A
Suzanne Dvorak – Chief Executive Officer
Kathryn Waugh – Chief Financial Officer
Ross Reddy – Regional Operations Manager

20
Site Walkthrough
Ross Reddy
Regional Operations Manager