ASM 2025 Presentation

1
Promisia Healthcare
Annual Shareholders’ Meeting
August 2025

2
Board
Rhonda Sherriff
Chair
Thomas Brankin
Executive Director
Standing for re-election
Tony Mortensen
Non-Independent Director
Craig Percy
Non-Independent Director
1
Jill Hatchwell
Independent Director
Standing for election
Francisco Rodriguez Ferrere
Chief Financial Officer
Graeme Dodd
Chief Operating Officer
Senior Leadership
1
Craig Percy is currently classified as a non-independent director, due to having recently supported
Promisia in an interim executive capacity. This was a short-term arrangement, and the Board will
review his independence classification in due course.

3
Agenda
Chair’s address Slides 4 – 6
Financial update Slides 7 – 11
Operations update Slides 12 – 18
Shareholder discussion Slides 19
Resolutions Slides 20 – 21
Appendices Slides 22 – 24

4
A Year of Change,
a Strategy for Growth
Rhonda Sherriff - Chair
Golden View Village, Cromwell

5
Laying the foundation for Promisia’s next chapter
A Year of Transformation
Cromwell acquisition, Eileen Mary sale, reset of strategic direction
Improved Financial Position
Capital raise, debt refinance, stronger balance sheet
Stronger Operational Foundations
Staff stability, improved occupancy, management rebuild
Thank You to Our People
Recognising the compassion, resilience and commitment shown across our
facilities and communities

6
Our Strategic Vision for a Stronger Promisia
Connected communities
where people feel cared for, included and valued
Delivery
An integrated network
meeting the
expectations of
residents and their
families with safe,
personalised and
individualised care
Growth
Focus on acquiring,
developing and
integrating medium-
large sized care
facilities in areas
offering value-
enhancement
opportunities
Diversification
Develop new revenue
streams from
independent living
options, extending the
range of services and
investing in additional
higher care beds
Our
Aspiration
Drivers
Enablers
Occupancy
Provider of choice
delivering a minimum
95% occupancy rate
across all facilities
Employment brand
of choice
A trusted and sustainable provider of quality people-care in the communities we serve
Vision
People
Expert governance;
accessible leadership;
skilled, experienced,
and engaged team
members
Efficiently run and
profitable business
operation
Disciplined use of
shareholder funds
Active reputation
and brand
management

7
Delivering Results
A Year of Execution
Francisco Rodriguez Ferrere
Chief Financial Officer
Golden View Village, Cromwell

8
Strong Financial Performance in FY25
NTA per share
$0.46
$0.63
$0.79
Mar 23 Mar 24 Mar 25
Operating revenue increased to $31.1m,
up 37% year-on-year
Underlying EBITDAF
1
lifted to $4.19m,
up 11.5% from FY24
Total assets increased to $172m, a 104%
uplift
NTA per share rose to $0.79, up 25%
year-on-year and +72% over two years
+72% over 2 years
$4.10m
$3.76m
$4.19m
Mar 23 Mar 24 Mar 25
Underlying EBITDAF
+11.5% YoY
1 EBITDAF is operating earnings before interest, tax, depreciation, amortisation and fair value adjustments and is a non-GAAP number. Underlying EBITDAF excludes transactions considered
to be non-trading in nature or size. Excluding these transactions from normalised earnings can assist users in forming a view of the underlying performance of the Group.

9
Capital Execution and Balance Sheet Reset
Refinanced second-tier debt
Senior Trust ($6.5m) and Teltower ($3.8m),
including $800k early repayment discount
Renewed and extended all existing BNZ
facilities
Established new $7.5m BNZ facility for
Cromwell care facilities
Raised $4.725m via capital raise
Broadened register; introduced strategic investor
Sold Eileen Mary facility
Proceeds used to reduce debt
All interest-bearing debt now
consolidated with BNZ
LTV improved from 55.6% → 42.9%
Interest rate
1
reduced from 9.0% → 7.1%
Improved liquidity with headroom
maintained > $1.0m
Capital structure simplified and future-
ready
Key capital and financing activity
What it delivered
1
Weighted average interest rate of drawn bank facilities across the Group – 31 March 2024 vs 31 March 2025

10
Positioned for Strong Earnings Growth in FY26
Our market guidance is grounded by five levers that are already in motion:
1. Nelson Street Dementia Wing
Conversion completed in June
Driving higher acuity revenue and occupancy uplift
2. Ranfurly Care Suite sell-down
50% sold as at March; momentum growing
Unlocking DMF revenue and high-margin occupancy
3. Full-Year Cromwell Contribution
FY25 captured only part-year; FY26 reflects full 12 months
from Golden View & Ripponburn
4. Occupancy Gains at Aldwins House
Steady improvement since 70% base
Key urban site now contributing to group margin lift
5. Bed Rate Funding Uplift of 4%
Across all care types from July 2025
Structural increase to baseline care revenue per resident
FY26 earnings guidance: underlying EBITDAF to grow in excess of 25%

11
Disciplined Capital Allocation, Investing in Long-Term Value
Advancing Ownership of Golden View Village
$180k/month interest-free payments toward full
ownership. $2.16m p.a. directed into a value-accretive,
appreciating asset
Future control expected to deliver further NTA and
cashflow uplift
Targeted Value-Add Capex
High-return investments in our facilties, e.g.
•Nelson Street dementia wing conversion
•Ranfurly care suite upgrades (light-touch cosmetic works)
Enhancing resident experience, long-term asset value and
sales momentum
Maintaining a Strong, Flexible Balance Sheet
Continued focus on healthy liquidity and balance sheet
discipline
LTV down to 42.9%, progressing toward 40%
Supporting long-term capital flexibility
Pursuing Earnings-Accretive Acquisitions
Scanning for large-scale, integrated care and village assets
Priority on cash-generative targets aligned with operating
model
Growth pathway complements long-term capital return
ambitions
We are allocating capital across four focus areas:
Capital allocation remains focused on long-term shareholder value. While a dividend policy is under
development, our priorities are high-value reinvestment and continued debt repayment.

12
Strengthening Operations,
Delivering on Strategy
Graeme Dodd
Chief Operating Officer
Ranfurly Manor, Feilding

13
Every Bed is a Promise
Why it matters
•Every time we admit a resident we also admit their family and friends to our
community. They deserve care that is personal, respectful, and dependable
•Our reputation is built one bed at a time — consistently great care across all sites is key
•A strong care culture underpins occupancy, staff morale, trust and ultimately our brand value
What we’re doing
•Confirming expectations around care and the fact that at Promisia we “care with heart”
•Exploring ways to attract, acknowledge and retain people who believe in our promise
•Developing ways to measure and better manage care
Progress so far
•Recruitment refresh to attract the right people with “heads and hearts”, not just arms and legs
•Identifying each facilities differing areas of improvement and focus when it comes to care
•Reducing admin where possible to prioritise care and relationships

14
Lift and Hold Occupancy
Why it matters
•Occupancy is the single biggest driver of care revenue and cashflow
•Small shifts in occupancy materially affect profitability and asset value
What we’re doing
•Actively marketing and promoting our sites which require an uplift in occupancy
•Focusing on bringing every site above our 95% occupancy target
•Tracking and sharing daily occupancy data
•Ensuring enquiries are seen as the highest priority task each day
Progress so far
•Aldwins has undergone an important reset and is well positioned for occupancy growth
•Nelson Street dementia conversion is now live and filling
•Ranfurly Manor care suite sales driving complementary occupancy uplift

15
Perfect the Recipe
Why it matters
•Promisia’s best-performing sites share common ingredients: strong, long-standing
leadership, good bed mix, disciplined rostering, and proactive care
•Codifying these elements helps us replicate success — not rely on chance or personalities
•Consistency supports scale and investor confidence
What we’re doing
•Developing the “Promisia Model” for success
•Identifying operational benchmarks from high-performing sites
•Looking to adjust and adapt the model depending on facility and local market conditions
Progress so far
•Completed ‘facility health check’ to identify strengths / weaknesses and opportunities
•All sites are now aligned on one time-and-attendance rostering system
•Supporting managers to recognise and also act on areas for improvement

16
Operational Excellence
Why it matters
•Sustained performance relies on the right people, systems and disciplines to deliver
consistent, replicable outcomes
•The right operational tools increase visibility, reduce risk, free up staff and leadership time
and ultimately improve resident care
•Scalable systems and know-how are essential to grow without adding overhead as we
expand the number of beds and facilities
What we’re doing
•Identifying core systems to help us achieve scalable operational excellence
•Standardising tools and training to lift performance across sites
•Embedding reporting frameworks that support data-led decision-making
Progress so far
•Rolled out upgraded policies and site-level templates for key operations
•Invested in tools like time and attendance systems to enhance consistency

17
Positioned for Growth
Why it matters
•The number of New Zealanders aged 80+ is expected to double over the next decade
•Promisia is building the people, platform, systems and financial strength to scale deliberately
•We must grow in a way that strengthens – rather than compromises our foundations
What we’re doing
•Identifying opportunities to expand in areas aligned with our operating model
•Prioritising integrated sites that combine care and independent living
•Unlocking latent value within our portfolio through targeted development
Progress so far
•Nelson Street dementia wing conversion now live
•Ranfurly Manor View care suite sales gaining momentum
•Early scoping underway for long-term development at Cromwell

18
Driving Operational Momentum

19
Shareholder discussion

20
Resolutions
Ranfurly Manor Village, Feilding

21
Resolutions
Auditor reappointment
Resolution 1:
To record the re-appointment of William Buck New Zealand as auditor of the Company and
to authorise the Directors to fix the auditor’s remuneration for the ensuing year
Director re-elections
Resolution 2:
That Jill Hatchwell, who was appointed as a Director by the Board during the year, be
elected as a Director of the Company
Resolution 3:
That Thomas Brankin, who retires by rotation and is eligible for re-election, be re-elected
as a Director of the Company

22
Appendix: Our portfolio at a glance
Feilding
Ranfurly Manor
Nelson Street
Christchurch
Aldwins House
Cromwell
Golden View
Ripponburn
FacilityCare beds
Care suites /
Apartments
Villas
Ranfurly Manor1045738
Nelson Street47--
Aldwins House144--
Golden View 6019102
Ripponburn46-16
Total40176156
Five
Communities
400+
Incredible staff
600+
Residents

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Appendix:
Cromwell Acquisition - Stage 1
Purchase price of freehold assets: $14m
•Golden View: $10m
•Ripponburn: $4m
Funded by way of:
•$7.5m of bank debt (new BNZ facility)
•$6.5m of cash from capital raise and Eileen
Mary sale
Completed August 2024
Freehold assets acquired:
•Golden View care facility
•Golden View apartments
•Ripponburn facility and village
Golden View village leased over a 4-year period
•Vendor receives 40% of ORA net proceeds
•PHL receives 60% of ORA net proceeds
•No rent payable
Gain recognised on purchase
1
:
Golden View
(freehold care facility & leasehold village)
$5.4m
Ripponburn$1.2m
Total$6.6m
1 As the fair value of net assets acquired exceeded the total purchase consideration, the
Group recognised a bargain purchase gain in FY25 within the profit or loss.

24
Appendix: Cromwell Acquisition – Stage 2
Freehold acquisition of the Golden View village and recreational facilities
Timing: To complete on 29 August 2028 – following the end of the four year lease period.
Purchase price: $19.35m
Funded by way of:
•$6m of interest-free convertible notes to vendor
•Issued in August 2024 in two tranches:
oTranche 1: $2.5m convertible at holder’s option into shares at 50 cents by 29 August 2025
oTranche 2: $3.5m convertible at holder’s option into shares at 50 cents by 29 August 2028
•Any notes not converted will be redeemed at face value in cash at maturity. Shares issued upon conversion will
rank equally with all other ordinary shares in Promisia Healthcare Limited
•$13.35m interest-free vendor loan
•$8.64m paid as $180k monthly payments from August 2024 over 4 years, effectively a deposit on consideration
•$4.71m cash payable August 2028
•As of today, $2.16m has been paid

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Disclaimer
This presentation has been prepared by Promisia Healthcare Limited (“PHL”). The information in this presentation is of a general nature only.
It is not a complete description of PHL.
This presentation is not a recommendation or offer of financial products for subscription, purchase or sale, or an invitation or solicitation for
such offers.
This presentation is not intended as investment, financial or other advice and must not be relied on by any prospective investor. It does not
take into account any particular prospective investor’s objectives, financial situation, circumstances or needs, and does not purport to
contain all the information that a prospective investor may require. Any person who is considering an investment in PHL securities should
obtain independent professional advice prior to making an investment decision, and should make any investment decision having regard to
that person’s own objectives, financial situation, circumstances and needs.
Past performance information contained in this presentation should not be relied upon (and is not) an indication of future performance.
This presentation may also contain forward looking statements with respect to the financial condition, results of operations and business,
and business strategy of PHL. Information about the future, by its nature, involves inherent risks and uncertainties. Accordingly, nothing in
this presentation is a promise or representation as to the future or a promise or representation that a transaction or outcome referred to in
this presentation will proceed or occur on the basis described in this presentation. Statements or assumptions in this presentation as to
future matters may prove to be incorrect.
A number of financial measures are used in this presentation and should not be considered in isolation from, or as a substitute for, the
information provided in PHL’s financial statements available at www.promisia.co.nz
PHL and its related companies and their respective directors, employees and representatives make no representation or warranty of any
nature (including as to accuracy or completeness) in respect of this presentation and will have no liability (including for negligence) for any
errors in or omissions from, or for any loss (whether foreseeable or not) arising in connection with the use of or reliance on, information in
this presentation.

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2025 Annual Shareholders’ Meeting Speeches
26 August 2025
Rhonda Sherriff, Chair of Promisia
Introductions
Thank you for taking the time to join us today. It’s my pleasure to welcome you to the company’s
Annual Shareholders’ Meeting for 2025.

Before we formally begin, I would like to introduce you to my fellow Board members:
- Thomas Brankin – Executive Director
- Tony Mortensen – Non-independent Director
- Craig Percy – Non-independent Director
- Jill Hatchwell – Independent Director

Also joining us today from our executive team is Francisco Rodriguez Ferrere – Chief Financial
Officer, and Graeme Dodd – Chief Operating Officer.

Finally, I’d like to welcome, Richard Dey from William Buck Audit, Promisia’s external auditor, and
Matt Yates, our legal counsel from Duncan Cotterill. Duncan Cotterill will conduct the voting in
today’s meeting.

During today’s meeting, shareholders will be able to ask questions and vote. I encourage you to
do so.

We also invite you to stay around at the end of today’s meetings to join the Board and management
team for light refreshments.

Agenda
Here’s how this afternoon will run. I’ll start with a few reflections from the Board’s perspective on
what’s been a year of considerable change, and the steps we’ve taken to strengthen Promisia’s
foundation and reposition the business for the long term.
Then Francisco will speak to the company’s financial performance and capital activity how we’ve
reshaped the balance sheet, and the progress we’ve made in building financial resilience.

After that, you’ll hear from Graeme, who’ll walk through our operational progress on the ground,
including occupancy, care delivery, and key priorities across our facilities.
Graeme only joined the business in May, so , you’ll also get the benefit of a fresh set of eyes and
his early impressions of where we’re heading.

- 2 -

Once the presentations are complete, we’ll open the floor for shareholder discussion and
questions.

And finally, we’ll move into the formal business of the meeting, where I’ll take you through each of
the resolutions set out in the Notice of Meeting.

It’s fair to say the past 12 months have been another chapter of significant change for Promisia.

We’ve continued the strategic transition we began last year and we’re now starting to see the
benefits of that work come through. We’ve got a clear sense of where we’re going, and a strong
platform to build from.

Laying the foundation for Promisia’s next chapter
This past year has been about setting the business up for future growth through some significant
and deliberate decisions.

We reshaped the group’s portfolio with the acquisition of the two care facilities and villages in
Cromwell, and the sale of Eileen Mary, which no longer aligned with our strategic approach.

This was followed by a reset of our strategic vision, which I’ll talk to shortly.

One of the most important focus areas this year has been strengthening our financial position
supported by the capital raise completed last July. Francisco will speak to this in more detail, but
it’s fair to say it’s been a transformative lift - allowing us to reduce risk, improve flexibility, and set
up our balance sheet for the future.

Operationally, we’ve continued to stabilise with stronger leadership, better internal discipline, and
pleasing momentum in occupancy across the group.

We were delighted to welcome Graeme in May, who brings deep operational expertise and will be
leading the next stage of that momentum — which he’ll speak to shortly.

Finally, I want to take a moment to sincerely thank our people across every one of our facilities and
at the support office. Through all of this change, they’ve continued to care for our residents with
professionalism, empathy, and heart.

And I’d also like to acknowledge the Cromwell team, who’ve joined the Promisia group and have
made a fantastic start as part of the wider whānau.

- 3 -

Our Strategic Vision for a Stronger Promisia
As we’ve welcomed new people into the business and laid stronger foundations, it’s also been the
right time to be clearer about the direction we’re heading.

So, I want to take a moment to walk you through the strategic framework that will guide Promisia
from here.

At the centre of it, is our vision: to be a trusted and sustainable provider of quality, people-centred
care in the communities we serve.

That’s what we’re working towards and to get there, we’ve set out five key drivers which are now
the focus of our work as a Board and leadership team.

First, our people: strengthening governance, and making sure our leadership is visible and
accessible, while also building a skilled, experienced, and engaged team across the business. The
Board and I have taken a close look at our leadership structure, resulting in Francisco’s formal
appointment as CFO and a robust search process for our new COO, Graeme.

Second, delivery: making sure our network operates as one cohesive system providing safe,
personalised care that meets the expectations of our residents and their families.

Third, occupancy: our target is a minimum of 95% across the group, and we’ll achieve that by
becoming the provider of choice in every community we serve which is ultimately driven by the
quality of our people and our care.

Fourth, diversification: broadening what we offer by investing in independent living, expanding into
higher-acuity services, like the dementia conversion at Nelson Street, and exploring other care-
linked revenue streams.

And finally, growth: we’re continuing to look for opportunities to acquire medium-to-large care
facilities that are integrated with both care and independent living. Alongside that, we’re also
unlocking value within our existing portfolio through targeted developments.

These drivers give us a disciplined, long-term lens on where we invest, how we measure success,
and how we deliver on our commitments to residents, staff, and shareholders alike.

With Francisco, Graeme, and the wider team, we’re already embedding this into our day-to-day
business.

There’s plenty still to do - but we have a strong and highly competent senior leadership team and
a well-developed framework that’s clear, grounded, and future focused.

- 4 -

Francisco Rodriguez Ferrere, Chief Financial Officer
Strong Financial Performance in FY25
We’re really pleased with the financial performance we delivered last year. Revenue grew by 37%,
increasing to $31.1 million. That uplift was partly driven by the Cromwell acquisitions but also
reflected underlying growth across the rest of the Group.

We maintained strong cost discipline and delivered underlying EBITDAF of $4.2 million — an
increase of 11.5% on the prior year, and in line with the guidance we gave at last year’s ASM.

Our balance sheet also strengthened significantly. Total assets now stand at $172 million, more
than doubling from FY24. Net Tangible Assets per share rose again, up 72% over two years to 79
cents and we expect further growth in FY26.

We’re building a consistent track record - lifting earnings and growing shareholder value. As
Rhonda said, the foundations are in place, and we’re confident this momentum continues into
FY26.

Capital Execution and Balance Sheet Reset
I want to pause briefly to reflect on the scale of what we achieved last year in terms of financing
and capital activity. This was a significant reset period arguably the most transformative phase for
Promisia’s financial foundations since the company was listed.

On the left-hand side of the slide, we’ve outlined five key capital initiatives completed over the past
12 months:

First, we refinanced and removed two second-tier loans, one with Senior Trust and the other with
Teltower. In the case of Teltower, through strategic negotiation we were able to exit early and
recognise an $800,000 gain.

Second, we renewed and extended all of our existing BNZ facilities. This extended and improved
terms with more flexible covenant requirements.

Third, we secured a new $7.5 million BNZ facility to fund the Golden View Care and Ripponburn
acquisitions.

Fourth, we completed a $4.7 million capital raise in July 2024, which introduced several new
shareholders and broadened our investor base.

And finally,
as Rhonda mentioned, we sold Eileen Mary, a facility that no longer met out long term
strategic direction enabling us to recycle capital into Cromwell and reduce group debt

- 5 -

Together, these moves consolidated our funding structure, reduced our financing costs, and
positioned the company for the next phase of growth.

The right-hand side of the slide shows the impact: We now operate under a single senior lender,
Our loan-to-value ratio has dropped to 42.9% down from 55.6% as at March 2024. Our weighted
average interest rate fell from 9.0% to 7.1% over the same period. We maintain a balance of fixed
and floating rate debt which helps manage interest rate risk while allowing us to benefit from falling
rates, as we’re currently seeing.

These outcomes materially strengthened our financial position, improved flexibility, lowered our
cost of capital, and ensure we have a more investable platform moving forward.

Positioned for Strong Earnings Growth in FY26

For FY26, we’re very confident in our outlook.

We’ve issued market guidance for at least 25% growth in underlying EBITDAF, which would take
us to over $5.2 million by year end and that’s not based on aspiration, it’s grounded in five clear
drivers, all of which are now underway.

First, the dementia wing conversion at Nelson Street is now complete and we’re steadily building
occupancy. Dementia care attracts higher funding per bed and only modest additional staffing
costs which means stronger margins on the same footprint.

Second, we’re focused on reselling vacant care suites at Ranfurly Manor. As of March 2025,
occupancy was at 50%. Since then, demand has accelerated we reached 65% in our July
update, and as of today, we’re sitting at 70%. Each resale brings in upfront ORA cashflows, lifts
our deferred management fee base, and generates ongoing care and assisted living revenue.

Third, with the Cromwell acquisition now fully embedded, we’ll see a full 12 months of earnings in
FY26. We also expect greater cost efficiencies across both Ripponburn and Golden View.

Fourth, we are continuing to lift occupancy across our core facilities, particularly at Aldwins
House. Graeme will cover the reset and recent momentum shortly.

And Fifth, following our annual negotiations, care fee rates increased by 4% — a sector-wide
uplift, effective from the 1st of July. This helps mitigate the significant cost pressures we’ve seen
in recent years and supports the sustainability of quality care.

These five drivers are already in motion. They give us confidence not just in achieving our FY26
earnings target but in the strength and sustainability of those earnings. And as we continue to
grow earnings and repay debt, we expect to see that reflected in our balance sheet and asset
values.

Disciplined Capital Allocation, Investing in Long-Term Value

As we look ahead, I want to outline how we’re thinking about capital allocation because how we
reinvest back into the business is central to delivering long-term value for shareholders.

- 6 -

One of the key examples is our staged acquisition of the Golden View Village. We’re currently
directing a large share of monthly free cash flow toward advancing future ownership of the
village. This is the $13.35 million interest-free vendor loan that formed part of the Cromwell
acquisition. We’re repaying this through $180,000 monthly instalments, and once complete in
August 2028, we’ll own the village outright.

Importantly, we expect to unlock meaningful uplift in value over this period creating value steadily
over time, not just at the end. It’s a long-term investment, and Golden View is a cornerstone
asset for the group.

For those interested in the transaction details, further information is available in the appendices.

We’re also focused on targeted, value-add capital expenditure. This includes the now-completed
dementia conversion at Nelson Street and light facade works at Ranfurly Manor to support care
suite sales.

These are small but high-impact investments they enhance asset quality, support occupancy,
and improve long-term returns. We remain disciplined, and every dollar invested must be tied to
clear operational or financial benefit.

At the same time, we’re continuing to strengthen the balance sheet. Our loan-to-value ratio has
improved to 42.9%, and we’re maintaining a healthy liquidity buffer. We’re keeping leverage in
check — not just to manage risk, but to ensure long-term flexibility as opportunities arise.

And we’re actively scanning the market for future growth. Our priority is medium to large-scale
care facilities that are earnings-accretive, generate strong cash flows, and have integrated
assisted living components — such as villas, care suites or apartments.

We’re also identifying opportunities to unlock further value from within our existing portfolio,
through targeted developments that don’t add unnecessary complexity.


This is a balanced and deliberate approach focused on long-term growth, value creation, and
positioning Promisia for scale. We believe reinvesting in these four areas represents the most
effective use of shareholder capital today.

A dividend policy is currently being developed, and while no distributions are planned in the
immediate future, as reinvestment obligations reduce, we will remain mindful of shareholder
expectations around capital returns.

- 7 -

Graeme Dodd, Chief Operating Officer
Every Bed is a Promise
Today I’ll go through five practical priorities from care on the floor to occupancy and how we
systemise what works then where that positions us for growth.

The first key area of focus is what I’ve called “Every Bed is a Promise”. No great business is built
on a mediocre or average product and in our case, our product is care. For this reason, every
bed for us is a Promise.

If we want to stand out in aged care, we must stand out when it comes to the care we deliver, set
the highest standards for ourselves, and be the very best in care, consistently, across all our
communities.

Every time we welcome a resident, we make a promise to them - and to their family. They
deserve care that is personal, respectful, and dependable.

Our reputation is built one bed at a time — consistent, great care across every one of our sites is
key. A strong care culture underpins occupancy, morale, trust, and our brand.

So, our promise to residents and their families is simple:
1. We will keep them safe.
2. We will care for them.
3. And we will support them to live the very best life possible.

We care with heart - that’s not marketing; that’s our promise. On the ground, that means clear
expectations, attracting people with “heads and hearts,” and wherever possible removing admin
and complexity so care can come first.

Lift and Hold Occupancy
Our next key area of Focus is lifting and holding occupancy

Occupancy is the oxygen for our business, without it, nothing else works well. Small shifts make
a big difference to our profitability, cash flow and our asset value. At the start of the current
financial year, we had 81 beds unoccupied. We’re now down to 62. Because our fixed-cost base
doesn’t move much when a bed fills, every extra resident we welcome drops strongly to the
bottom line.

For context, a 1% lift in occupancy across the group adds about $262,000 to our bottom line
annually. That’s why it is such a key focus for our teams.

We’re actively marketing the sites that need an uplift, treating every enquiry as the day’s top
priority, and tracking daily occupancy with the team so momentum sticks. Our target is clear: get
every site to at least 95% and hold it there.

At Ranfurly, we’ve focused on care suites and as Francisco outlined earlier, that’s a clear
earnings lever. Since 1 April, 17 care suites are now either sold or under contract. That’s cash
today through ORA resales, and ongoing daily income from care fees as those suites fill.

At Aldwins, after a reset of expectations and support for the team in May and June, occupancy
has lifted materially from 81% to 88% as of last week. We’re pushing hard to break through 95%
in the short term.

- 8 -

I’ll talk more about the “recipe” behind that on the next slide. Every empty bed is a lost
opportunity. Every filled bed equals more oxygen. If we lift and hold that oxygen level, every part
of our business will certainly breathe easier and perform better.

Perfect the Recipe
Our next area of focus is Perfecting the Recipe

Each of our communities is unique, but the recipe for success generally has some key
ingredients. We’re identified the key drivers of great performance and we’re measuring them,
benchmarking them, and sharing them openly across the group so everyone can see what great
looks like.

This means setting clear, measurable standards for care, quality, occupancy, and costs. Creating
a culture of continuous improvement. And, learning from each other so we can all grow stronger.

Aldwins shows the recipe in action: we undertook a strategic reset we communicated our
standards, and expectations of acceptable behaviour for residents and families. A small number
of residents subsequently exited in May and June - very hard in the short term - but it clarified
expectations, lifted the tone, and rebuilt trust on the floor.

The response from residents and families has been strongly positive, staff confidence has lifted,
and we’ve laid the foundations for sustainable occupancy growth.

In short: set the standard, protect the culture, and performance follows. We’ll document what
good looks like and coach it, so each site can adopt the same simple recipe quickly and
consistently.

That’s perfecting the recipe - take what works, make it simple, then run it the same way, every
day. We don’t just want to be randomly good we want to be consistently and predictably great.

Operational Excellence
Our next area of focus is around supporting our recipe for success, something we’ve called
Operational Excellence. Because through our systems, processes and people at support office
we want to help our sites to be consistently great.

Promisia has a unique opportunity, we don’t have to be a smaller version of the big six operators.
We can do things our way, better, faster, and smarter.

That means sharpening our brand, philosophy, and systems. Ensuring we support and expect
our managers to raise the bar and being very particular around hiring people with “heads and
hearts” not just arms and legs.

We’re standardising core tools and training to lift performance across sites and embedding
reporting frameworks so decisions are data-led.

Building processes that work in one community and can be rolled out to all our communities. In
short, we’re hard-wiring our recipe and the secret ingredients, into our systems, processes,
people and communities.

- 9 -

Well Positioned for Growth
All of these operational initiatives are so that we can establish a solid foundation and position
Promisia for growth. Every 17 minutes, another New Zealander turns 65. The number of people
aged 85+ will double in the next 20 years from around 100,000 today to more than 200,000. By
2040, 1 in every 4 New Zealanders will be over 65.

That’s not just a statistic it’s our future customer base, and it’s growing whether the economy is
booming or not. Once the fundamentals are in place, our focus will be maximising the value and
performance of our existing assets and defining our future growth lanes - creating a repeatable,
scalable model we can roll out again and again.

We are not chasing the market – the market is racing towards us.

Driving Operational Momentum
In FY26, we will keep the recipe simple:
- lift and hold occupancy — keep the oxygen high
- identify the key ingredients for success
- make them repeatable — via. tools, training, clear expectations and support
- and then grow deliberately — back what works and scale at the right pace.

With this foundation, we’re positioned not just to compete – but to lead. The best care. The best
culture. The best results.

That’s Promisia – Care with Heart.