Annual Meeting 2025 Presentations

Oceania Healthcare

Level 26, HSBC Tower, 188 Quay Street, Auckland CBD, Auckland 1010
PO Box 9507, N ewmarket, Auckland 1149, New Zealand
P +64 9 361 0350 F + 64 9 361 0351
www.oceani ahealthcare.co.nz



ANNUAL SHAREHOLDERS MEETING – CHAIR’S ADDRESS
27 June 2025


Introduction & Thanks
I want to begin by thanking everyone who plays a part in Oceania's success-our nearly 2,700 staff, our
business partners, and you, our shareholders.
Every day, our team provides personal, high-quality support and care to over 3,900 residents across
our care homes and retirement villages. Their hard work and dedication are the foundation of
everything we do.
We also thank you, our investors, for supporting Oceania as we grow and improve for the long term.
Portfolio and Transformation
Since our share market listing in 2017, Oceania's total assets have more than tripled – growing by over
200% to nearly $3 billion.
We’ve made big changes to modernise our portfolio. Today, 88% of sites have been newly developed
or acquired. This means our Villages and Care Centres are newer, higher quality and better suited to
what residents want now and into the future.
We’re working toward a more balanced mix of Care and Independent Living with half of Care under
Occupation Right Agreements.
As a part of this transformation, we’ve exited or sold 18 sites since listing that no longer fit our long-
term strategy.
All of this reflects a clear and deliberate shift – from a legacy model to one focused on better living
environments, and a sustainable and stronger business.
Dividend & Capital Management
As you know, we didn't pay an interim dividend earlier this year, and the Board has also decided not to
pay a final dividend for FY25.
However, this doesn't mean we're moving away from rewarding shareholders. Instead, we've updated
our Dividend Policy to better reflect how and when we generate cash. The new policy gives us more
flexibility to manage our capital wisely, support future growth, and still return value to shareholders
when it makes sense to do so. We believe paying dividends is a good capital management discipline.
Our new dividend policy will be to pay out between 40% and 60% of its Free Cash Flow from
Operations (excluding development cash flows). The Board may consider a dividend above or below
this policy range, subject to Oceania’s cash flow requirements and investment opportunities.

Page 2 of 3
Oceania Healthcare
Free Cash Flow from Operations is calculated as cash flows from ongoing operations including realised
Deferred Management Fees and Capital gains from resale of ORA contracts, less maintenance capital
expenditure and finance costs on core debt (excluding development debt).
At the time of the Oceania half year result announcement, we’ll have more certainty on the operational
performance for the year and therefore be able to assess when dividend payments can resume.
We remain committed to careful financial management. As of 31 March 2025, we had $97 million in
unused debt capacity, and our gearing (a measure of financial leverage) has improved to 36.3%, down
from 38.3% last year. This progress comes from selling non-core assets, boosting sales, and making
our operations more efficient.
We also successfully refinanced our $500 million loan facility this year, keeping the same terms and
receiving strong support from new and existing lenders - a clear sign of confidence in our strategy and
financial health.
Managing Risk
The Board continues to pay close attention to managing risks in what is a constantly changing
environment.
Over the past year, we've made good progress in strengthening how we identify and manage risks-
especially in areas like clinical, health and safety, climate change, cybersecurity, regulation, and how
we fund and deliver Care.
This builds on the work we began last year, including the creation of a dedicated Board Risk
Committee, to ensure we are prepared for both new and ongoing challenges.
Sustainability and Climate Action
This year marked the second time we reported on our Climate-related risks and plans under New
Zealand's mandatory rules.
We made strong progress, including developing our first formal Climate Transition Plan. This outlines
how we'll address climate risks and opportunities over the short, medium, and long term.
We also continued making improvements in other sustainability areas like reducing emissions,
managing waste, and designing buildings that are more efficient and environmentally friendly.
Oceania was proud to be a finalist for the Sustainability Leadership award at the 2024 Deloitte Top 200
Awards - recognition of how sustainability is now a key part of our business.
Board Oversight and Engagement
Our Board has stayed closely involved with the business throughout the year. We regularly visit our
villages to speak with residents, frontline staff, and managers and as part of regular Health and Safety
and Clinical Leadership walks. These visits are critical as they help ensure that real-life experiences
shape the decisions we make at the highest level.
Looking Ahead
New Zealand's population is ageing fast. The number of people aged 75 and over is expected to
double by 2050 from just over 400,000 today to over 800,000. Current aged care capacity won't meet
that future demand.
Oceania is in a strong position to help meet this need.

Page 3 of 3
Oceania Healthcare
We are focused on completing our current strategy with care and discipline. At the same time, we're
beginning the next phase of our journey under CEO Suzanne Dvorak's leadership.
Suzanne and her team have developed a five-year plan that builds on our strengths and focuses on
what matters most - improving resident outcomes, developing our workforce, and operating sustainably
over the long term.
The Board fully supports this new strategy. We believe it gives Oceania a clear, differentiated and
confident path forward.
Now, I'd like to invite Suzanne to present her report.

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Oceania Healthcare

Level 26, HSBC Tower, 188 Quay Street, Auckland CBD, Auckland 1010
PO Box 9507, N ewmarket, Auckland 1149, New Zealand
P +64 9 361 0350 F + 64 9 361 0351
www.oceani ahealthcare.co.nz

ANNUAL SHAREHOLDERS MEETING - Chief Executive Officer’s Address
27 June 2025


Thank you, Liz, and good afternoon, ladies and gentlemen.
It’s a pleasure to speak to you today at my first Annual Shareholders Meeting as
Chief Executive Officer of Oceania Healthcare.
Since joining in July last year, I’ve visited many of our villages and met with our
residents, their families, and our team across the country. These conversations
have confirmed what makes Oceania special - the deep sense of care,
responsibility and pride our people bring to their work every day in how we look
after our residents and support each other.
We’ve worked hard to streamline operations, sharpen our focus and build on our
core strengths.
Lifting Performance in FY25
When I joined, we identified two key areas to accelerate performance: improving
sales and making our operations more efficient. These efforts have made our
business more resilient and better positioned for the future.
This year, we’ve seen solid results:
• New sales volumes were up by over 17%; and
• Resales were up by 5%
• In the second half, new sales rose by 7% compared to the first half.
We achieved this through stronger leadership in sales, improved pricing and
targeted marketing.
Several villages stood out:
• The Helier in Auckland lifted occupancy from 14% at the start of the year to
41% by late May.
• Bellevue in Christchurch sold out its apartments in just two years.

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• Redwood Care Suite Centre in Blenheim opened in May 2024 and reached
62% occupancy by 31 March. Sales of Care Suites under an ORA were
25% ahead of expectations.
These results show we’re making real progress in aligning sales with our
development pipeline.
We also made headway in managing our capital. Even though we added $120
million of stock from new development, we achieved $131 million in sales, which
helped us bring our stock level down from $353 million to $342 million.
In parallel, we refinanced our banking facilities, extended debt maturities,
maintaining covenants, and securing competitive pricing with the support of
existing and new lenders.
Importantly, we’ve continued to be transparent and consistent in how we report.
• Our accounting policies and disclosures were signed off by Ernst and
Young;
• We carry out independent property valuations every six months;
• Our 30% Deferred Management Fee has not changed; and
• Weekly fee increases now align with New Zealand superannuation.
Optimising the Operating Model
We’re building a leaner and more agile business.
• A cost out programme has already saved $5 million
• A broader optimisation programme is targeting $10 to $15 million of
savings
• We’ve already identified another $5 million of savings to be realised -
starting in the second half of FY26.
Most importantly, these changes do not impact our resident experience, nor our
growth potential. They reflect a smarter way of operating – one that is focused,
consistent and set up for the future.
Portfolio Transformation
We continue to improve and modernise the quality of our portfolio.
Key milestones in FY25 include:
• 68 apartments completed at Awatere Village
• 50 apartments completed at Waterford Village
• We opened a 106 suite Care Building at Elmwood Village; and

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• We opened 40 new dementia suites at Meadowbank Village.
We are also preparing for future growth:
• At Franklin, 31 villas and a community centre are on track for delivery in
FY26;
• We bought land in Hastings, adjacent to our Gracelands site, for future
development;
• The outdated buildings at Lady Allum were demolished to make way for a
central precinct; and
• Six older sites were sold, helping to reduce debt and lifting the overall
quality of our portfolio.
Leading in Care
Care is our core – it sits at the heart of who we are. We’ve elevated clinical
leadership to the executive level, and have launched our Fundamentals of Care
framework this year. This framework is about lifting clinical practice and
delivering excellence in resident outcomes.
With demand for high-quality care expected to grow significantly, our
development strategy includes a substantial pipeline of premium care suites to
meet this growing demand.
As the sector undergoes a review of the Retirement Villages Act, we are actively
contributing and advocating for reforms that support transparency, wellbeing, and
sustainability.
Strengthening Leadership and Culture
We have simplified our structure, invested in leadership, and introduced
technology-based platforms like SafetyHub — a user-friendly mobile tool to
improve our Health and Safety system. These platforms provide better visibility
and consistency in workforce planning and safety practices.
While there is still work to do, we’re building a high performing and connected
workforce. We are supported by an experienced Chair and Board with six
independent directors, who bring a deep knowledge of aged care which is a real
strength for Oceania.
Together, we’ve sharpened our focus on disciplined execution, excellence in
care, and long term sustainability.
Our Refreshed Purpose and Pillars
Today, I’m pleased to introduce Oceania’s refreshed purpose and strategic
pillars. These have been shaped through deep engagement with the Board and

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executive team, and informed by independent research with our people, our
residents and their families.
Our new purpose is “Supporting and empowering people to live well as they
age”.
This is backed by four pillars:
• Connected Care
• Inspired Living
• Empowered People, and
• Purposeful Impact.
Each pillar will be supported by strategic priorities that will guide our work over
the next five years.
In Connected Care, we will focus on improving continuity and satisfaction across
the care and ageing journey, strengthening digital engagement, and expanding
models that support ageing in place.
For Inspired Living, we are focused on wellbeing, lifestyle and connection –
creating services and environments that foster dignity and independence and
optimising our sales strategies.
Under Empowered People, our priorities are to enhance leadership, support
professional development and foster a strong, positive employee experience.
And under Purposeful Impact, we will drive sustainable growth and innovation –
whilst embedding social and environmental value into how we plan, invest, and
measure success.
These pillars will help to guide our investment decisions and impact - for
residents, their families, our team, and shareholders alike.
Climate and Sustainability
On 5 June, we released our Climate Transition Plan outlining how we are:
• Adapting our villages and buildings
• Lowering emissions, and
• Supporting our people
as we prepare for a climate-resilient future.

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Closing
And in closing, I want to sincerely thank the executive team for their efforts over
this past year. Their work has strengthened and simplified the business and
created a strong platform for the future.
I’d also like to thank our Chair, Liz Coutts, and the Board for their leadership and
support.
There is still more to do, but I’m excited about what comes next, and am
confident that Oceania is on the right path. We are well positioned for the next
chapter, and I look forward to working with you all – residents, families,
employees and shareholders – as we continue to grow stronger, together.
Thank you.

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27 June 2025
Annual Meeting of
Shareholders

1
1Welcome
2Introduction to Directors and Executive Team
3Chair’s address
4CEO’s address
5Business of meeting
6Other business
Agenda

2
Sally Evans
Independent Director
BHSc, MSc, FAICD, GAIST
Joined 2018
Elizabeth Coutts
Chair and Independent
Director
ONZM, BMS, FCA
Joined 2014
Alan Isaac
Independent Director
CNZM, BCA, FCA
Joined 2015
Dame Kerry Prendergast
Independent Director
DNZM, CNZM,
MBA (VUW), NZRN, NZM
Joined 2016
Gregory Tomlinson
Independent Director
AME
Re-Joined 2018
Rob Hamilton
Independent Director
BSc, Bcom
Joined 2021
Skill Matrix Key:
Oceania’s Directors
Oceania has a highly experienced Board with a diverse range of skills.
Skill Matrix Key:
Core StrengthsMarkets and
Customers
Building and Maintaining
Relationships
Delivering Sustainable
Growth
Property and
Construction
Executive LeadershipAustralian ExperienceCapital Structure
& Management
Climate

3
Oceania’s Executive Management Team
Kathryn
Waugh
Chief Financial Officer
Andrew
Buckingham
Chief Property Officer
Claire
Fisher
Chief Legal Officer
Suzanne
Dvorak
Chief Executive Officer
Stephen
Lester
Chief Sales and
Marketing Officer
Shirley
Ross
Director of Clinical and
Care Services
Michelle
Baker
Chief Customer and
Services Officer

4
How to vote online
Shareholder & Proxyholder Voting
Once the voting has been opened, the resolutions
and voting options will allow voting.
To vote, simply click on the Vote tab, and select
your voting direction from the options shown
on the screen.
Your vote has been cast when the tick appears.
To change your vote, select ‘Change Your Vote’.

5
How to participate in this meeting (Q&A)
In person Questions:
If you wish to address a comment or question to the Chair,
please raise your hand and we will bring a microphone to
you. By way of introduction, please advise your name,
whether you are a shareholder, or if a proxy holder the
name of the shareholder represented.
Online Questions:
If you have a question to submit during the live meeting,
please select the Q & A tab on the right half of your
screen at any time. Type your question into the field and
press "submit". Your question will be immediately sent to
the moderator.
Help:
The Q&A tab can also be used for immediate help. If you
need assistance, please submit your query in the same
manner as typing a question and a Computershare
representative will respond directly to you.

6
Proxies
A number of shareholders have
appointed proxies to cast their vote
Further information
Minutes
Confirmed as a true and correct
record of the meeting. Available on
Oceania website
Apologies
Are there any apologies that anyone
would like to have recorded?
Notice of Meeting
The Notice of Meeting was mailed or
emailed to all shareholders
Annual Report
Available on the Oceania website
Will be circulated either electronically or in hard copy
form to all shareholders on the register at the time of
mailing
The Annual Report is considered read

Chair’s Address:
Elizabeth Coutts

8
Portfolio and Transformation
Oceania’s portfolio in FY25 reflects a clear and deliberate shift from a legacy model to one focused on better living environments, and a
sustainable and stronger business.
FY17 vs FY25 Portfolio
2,580
242
1,054
3,876
1,068
1,090
2,003
4,161
Care BedsCare SuitesILUsTotal
FY17FY25
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
Since our share market listing in 2017,
Oceania's total assets have more than tripled –
growing by over 200% to nearly $3 billion
Today, 88% of sites have been newly
developed or acquired

9
Dividend policy and capital management framework
OCA’s dividend policy is to pay out between 40% and 60% of its Free Cash Flow from
Operations (excluding development cash flows)
The Board may consider a dividend above or below this policy range, subject to the
Company's cash flow requirements and investment opportunities
Free Cash Flow from Operations is calculated as cash flows from ongoing operations
including realised Deferred Management Fees and Capital Gains from resale of ORA
contracts, less maintenance capital expenditure and finance costs on core debt (excluding
development debt)
The directors have resolved not to pay a final dividend for FY25 and have reviewed Oceania’s Dividend Policy to ensure it better reflects the timing
of operational cashflows.

10
Risk, sustainability and climate
A dedicated Board Risk Committee was
established to strengthen oversight and
ensure preparedness for emerging and
ongoing challenges.
Oceania’s first formal Climate Transition
Plan was developed to address climate risks
and opportunities across the short, medium,
and long term.
Finalist for the Sustainability Leadership
Award at the 2024 Deloitte Top 200 Awards
recognising that sustainability is now
embedded in our business strategy.
The Board continues to closely monitor and manage risks in an
increasingly complex and dynamic environment.

11
Looking ahead
New Zealand’s population is ageing rapidly
with the number of people aged over 75
expected to double by 2050
The current supply of aged care residential
care is not sufficient to meet this projected
demand
Oceania is well positioned to respond to this
challenge
Five year strategic plan has been developed
building on existing strengths and reflecting a
sharper focus on execution, resident outcomes,
workforce capability, and long term sustainability
2025 and beyond.

CEO’s Address:
Suzanne Dvorak

13
Driving results and sharpening execution
Strong momentum across sales, portfolio, and operating efficiency - with actions underway to lift performance and deliver long term value.
1. Total occupancy at The Helier includes both apartment and care residents (including respite) as at 20th May 2025.
•New sales volumes increased by over 17%, and resales
were up 5% during FY25
•Occupancy at The Helier rose from 14% at FY24 to 41%
b
y May 25
1
•More than 90% of apartments at The Bellevue sold within
18 months of opening, with the final three due to settle
within three months
•Record sell down rate of new care suite development site.
R
edwood 62% occupied within 12 months of opening
•Unsold stock reduced from $353 million to $342 million,
d
espite the addition of approximately $120 million of new
stock during FY25. Total sales for the year reached $131
million

14
The programme spans a broad range of areas, targeting both cost
savings and cash-generating opportunities.
Includes a transformation office and investment in ICT systems to drive
efficiency and productivity.
Oceania has launched a company wide programme to improve both
financial and operational efficiency from FY26
Optimising the operating model
An Enhancement Plan has been developed to improve operational and financial efficiency in FY26, supporting Oceania’s long-term 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
Item
Annualised
amount
Full 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)

15
Portfolio transformation - completions in last 12 months
All high-density developments are now complete. FY26 focus areas include selling Franklin Stage 1 and progressing additional villa developments.
50
Apartments
completed in
Dec-24
Elmwood, Auckland
106
Care suites
completed in
Sep-24
Waterford, Auckland
Awatere, Hamilton
68
Apartments
completed in
Nov-24
Meadowbank, Auckland
40
Dementia units
completed in
May-25

16
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
Portfolio transformation - 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

17
Outlook
Deliver measurable and meaningful results to
our residents, employees and shareholders
Complete the optimisation of the operating
model
Continue to modernise the portfolio through
accretive developments and divestments
Maintain and build our market leading presence
in care
Foster strong leadership and culture which
aligns to the refreshed pillars
We’re focused on executing our near term enhancement plan, and embedding the refreshed strategic pillars across the organisation.

18
Oceania’s Strategic Purpose and Pillars
Our refreshed purpose and four core pillars set the direction for long term value creation.
Our Purpose
Supporting and empowering people to live well as they age.
Our Pillars
Connected Care
we will focus on improving
continuity and satisfaction
across the care journey,
strengthening digital
engagement, and
expanding models that
support ageing in place.
Inspired Living
we are focused on wellbeing,
lifestyle and connection –
creating services and
environments that foster
dignity and independence
and optimising our sales
strategies to grow
occupancy.
Empowered People
our priorities are to enhance
leadership, support
professional development
and foster a strong, positive
employee experience.
Purposeful Impact
we will drive sustainable
growth and innovation –
while embedding social and
environmental value into how
we plan, invest, and measure
success.
These pillars will guide our decisions, investments and impact - for residents, staff, and shareholders alike.

19
1. FY25 Climate-Related Disclosure published 5 June 2025.
Sustainability and Climate
Sustainability underpins Oceania’s strategic pillars, and we are committed to integrating thinking across the business.
Climate Transition Plan
1
Adapt our villages and
buildings
Lower
emissions
Support
our people

Questions

Resolutions

22
Resolutions
Re-election of
Rob Hamilton:
That Rob Hamilton be re-elected as a Director of the Company.
01.

23
Resolutions
Auditor’s Remuneration
That the Directors be authorised to fix the auditor's remuneration for
the ensuing year.
02.

Voting has now closed

25
General business
Questions from
the floor and
online
Please state your name, whether you are a shareholder, or if a proxy
holder, the name of the shareholder represented.

Thank you.